Sales Assistant to Financial Consultant
38 RepliesJump to last post
I have been a registered sales assistant for a senior vice president a little over a year now and want to progress to FC. The SVP has told me to come up with a plan and he will help me get started by trying to get rollovers from the 401k and DB accounts he has, but this is while I am doing admin work for him still and these accounts will not be very big - I suppose a good place to start though. Although I have learned a lot from him I want to grow even more. What is your opinion on staying with the FC and getting as much experience I can with him or go full force on my own? I realize there are pros and cons to both decisions. Also, should I try and stay with the firm or look elsewhere altogether.
Not to be rude, but all of these decisions are personal decisions. Simply do a Ben Franklin close. Take a piece of paper and draw a line down the middle that separates the paper into halves. On one half write "Pro", on the other half write "con". Title each page with your alternatives: 1) stay a registered sales assistant and do the DB rollovers; 2) stay with the firm and jump directly to FC; 3) explore other options outside the firm.
Total up your responses and add additional weight to greater factors.
This should help you make your own decision.
Oh great! Thanks! I never heard how to do that before.(sarcasm)
I know it is a personal decision. Even when you make a personal decision you ask someone for advice. Especially someone in the same field as you or possoibly someone has been in the same situation. Despite what they say, the good thing about advice is you can take it or leave it and when it comes down to it the decision is mine, but advice is nice to hear to help you weigh out the pros and cons.
[quote=rokgurl]I have been a registered sales assistant for a
senior vice president a little over a year now and want to progress to
FC. The SVP has told me to come up with a plan and he will help
me get started by trying to get rollovers from the 401k and
DB accounts he has, but this is while I am doing admin work for
him still and these accounts will not be very big - I suppose a
good place to start though. Although I have learned a lot from
him I want to grow even more. What is your opinion on staying
with the FC and getting as much experience I can with him or go full
force on my own? I realize there are pros and cons to both
decisions. Also, should I try and stay with the firm or look
elsewhere altogether. [/quote]
How old are you? What is your marital/children status? What is your education level?
What size city do you work in? How big a branch are you in now?
Assuming you have a good working relationship with your FC now, and it
sounds like you do, I say stay where you are. I’m assuming that
you’ve discussed this with your branch manager, as the decision will
ultimately be his.
This is a very difficult business to succeed in, as I’m sure you
noticed. IF you can get a headstart by joining him in a
partnership, at least on some accounts, then do it. Why start
from scratch if you don’t have to?
Also, if he’s anywhere near retiring in the next ten years, that could be a huge windfall for you.
Be warned that a lot of junior partners often stay in junior status for
a long time. Sometimes even after the senior partner has ceased
day-to-day activities and effectively retired without officially doing
so.
You didn’t give enough information to give much of an evaluation.
While you may not be his partner on everything, you could partner on
some smaller accounts, which is what this sounds like. Again,
that’s a head start you wouldn’t be getting anywhere else. Even
if you partner on a few smaller accounts, you still can grow on your
own. Right?
Sounds like a great opportunity to hit the ground running.
If you are happy with the company you’re at, there is no reason to go somewhere else when you could do it there.
I’ve always thought that being a sales assistant is a good way to get
started in the business. Why more don’t make the jump, especially
considering the lack of females, I don’t know.
Good luck.
inquisitive -That is what I was leaning towards.
Put Trader - 26 - married, no kids, bachelors in economics minor business management, los angeles, medium to small size branch (about 30 brokers)
[quote=rokgurl]
Oh great! Thanks! I never heard how to do that before.(sarcasm)
I know it is a personal decision. Even when you make a personal decision you ask someone for advice. Especially someone in the same field as you or possoibly someone has been in the same situation. Despite what they say, the good thing about advice is you can take it or leave it and when it comes down to it the decision is mine, but advice is nice to hear to help you weigh out the pros and cons.
[/quote]
The inability to make a simple decision regarding your life will not benefit you in dealing with others.
Nothing is more difficult, and therefore more precious, than to be able to decide.
Author: Napoleon Bonaparte
[quote=rokgurl]
Put Trader - 26 - married, no kids, bachelors in
economics minor business management, los angeles, medium to small size
branch (about 30 brokers)
Stay put and ease into production. Moving from one firm to
another AFTER building a practice is a great way of compensating
yourself for having spent time toiling in the vinyards.
You’re a known entity around the office so others will be more willing to help and all that stuff.
Your clients–and your broker’s clients–know you already and have no reason to “worry” about your changing firms.
You’re still young–as you know I think you’re too young–and there will be plenty of time to capitalize later.
Your husband (I"m assuming the gurl part of your ID means female) will
help keep the family afloat for a year or two while you learn the ropes
and build a book.
In a few years you’ll have a track record that you can sell to another
firm for an attractive “transition package” and be rewarded for having
done it slowly.
Right now you have virtually nothing to offer another firm, but in a few years you very well may.
rokgul. Just some advice from another woman. You might want to take a look at what the numbers would be at a firm you would go to. For example I am at RJ. First year is $4 million in assets and $50,000 income. Second year $10 million in assets and $150,000 income. Not easy. Roughly 25% of the advisors make it. Oh, you don't make your goals . . . .you are fired. Just some things to consider. Do you have a business plan that could meet these goals? Can you devote a ton of time at this time in your life to building your business? If not, you may not want to leave the position you are at.
Set a timetable with this FC. Be good to him. But state that in 2 years time you would like to be an advisor with at least a $10m book and $150,000 in income. Ask if he thinks he could help you to build that. Be specific.
Good luck. Don't pay attention to the self serving arrogant people in this chat.
“You should learn not to make personal remarks” Alice said with some severity; “it’s very rude.”
(whispered, “Who’s making personal remarks now?” the Hatter asked triumphantly.)
[quote=Mojo]"You should learn not to make personal remarks" Alice said with some severity; "it's very rude."
(whispered, "Who's making personal remarks now?" the Hatter asked triumphantly.) [/quote]
*grinning like a Cheshire cat*
“The question is not what you look at but what you see.” -Thoreau
"Canis timidus vehementius latrat quam mordet." - Curtius Rufus
[quote=rokgurl]I have been a registered sales assistant for a senior vice president a little over a year now and want to progress to FC. The SVP has told me to come up with a plan and he will help me get started by trying to get rollovers from the 401k and DB accounts he has, but this is while I am doing admin work for him still and these accounts will not be very big [/quote]
We had a similar situation in our office. SVP took in a junior broker to handle the accounts he couldn't be bothered with. Like you the rookie was a former sales assistant looking for a leg up. About a year into this the SVP walked in and announced that he was moving his family and business to another state. He did not extend an invitation to join him to the JB. When it became apparent that all the accounts were going with the SVP the JB protested. That got nowhere, which is how it goes when trainees go up against big producers. So she threatened a lawsuit to which the manager replied "See ya in court and don't let the door hit you on the way out." With that she was gone.
Realize you are putting your career in the hands of the SVP. What kind of business does he run? How clean is his U-4/5? What's his status within the firm? Is he in the 4th year of a 5 year deal with a history firm jumping? How about is home life? Things OK at home? Etc etc etc.... How well do you know this guy? Anything that is an issue in his life will become an issue in your life.
There is nothing wrong with getting a leg up to get started in this business but perhaps going out on your own is the best way to go. As harsh as this will sound it's true and that is if you can't make it on your own you don't belong in this business. Today there are trainees who are in their first day of production who will become million dollar producers and they will do it on their own. Are you less talented than they? I doubt it. If you do it yourself you own it and noone other than you can decide your future.
[quote=tjc45]
Are you less talented than they? I doubt it. If you do it yourself you own it and noone other than you can decide your future.
[/quote]First of all, that story is akin to claiming that it rained once in Timbuktu, therefore you're crazy to go there on vacation without rain gear. Schidt happens--but doing silly things for fear that you might get hit by a meteor is not good mental health.
Starting out as a member of a team is a very efficent way to enter the business--oh sure, you may or may not inherit part (or all) of a huge book but at least you might.
The whine about every issue in your senior partner's life affecting your life is not really true--in fact if he is screwed up in his personal life it's probably more likely that he'll turn business over to a junior partner. Even if you just get to handle some of his accounts, at least you're talking to people who might decide that you're who they want to stay with if the jerk you're working for decides to walk out on his wife and marry a chipmunk.
When you're under thirty your best bet is to find a mentor to guide you--be satisfied with being a junior in a junior/senior dynamic. I realize that when you're not yet fully grown it seems like "forever" till Santa comes again--but spending five years as a junior broker can come back and reward you many fold when you're old enough that a year is no longer a significant portion of your entire life.
[quote=Put Trader]
[quote=tjc45]
Are you less talented than they? I doubt it. If you do it yourself you own it and noone other than you can decide your future.
[/quote]First of all, that story is akin to claiming that it rained once in Timbuktu, therefore you're crazy to go there on vacation without rain gear. Schidt happens--but doing silly things for fear that you might get hit by a meteor is not good mental health.
Starting out as a member of a team is a very efficent way to enter the business--oh sure, you may or may not inherit part (or all) of a huge book but at least you might.
The whine about every issue in your senior partner's life affecting your life is not really true--in fact if he is screwed up in his personal life it's probably more likely that he'll turn business over to a junior partner. Even if you just get to handle some of his accounts, at least you're talking to people who might decide that you're who they want to stay with if the jerk you're working for decides to walk out on his wife and marry a chipmunk.
When you're under thirty your best bet is to find a mentor to guide you--be satisfied with being a junior in a junior/senior dynamic. I realize that when you're not yet fully grown it seems like "forever" till Santa comes again--but spending five years as a junior broker can come back and reward you many fold when you're old enough that a year is no longer a significant portion of your entire life.
[/quote]
Having done it the hard way, Put, and succeeded but with much strain and learning from experience, I tend to agree with you completely on this one.
How is it that to become an electician, say in Local 1 working on Broadway, one must first start as an apprentice, then become a journeyman electrician, and so forth, spending years learning from mentors and gaining experience before eventually becoming a Master Electrician.
Meanwhile, in our business, you can interview and get a job, study for 90 days, get your series 7, maybe attend 6 weeks of offsite training, and then be ready to go out and destroy someone's net worth? I've always wondered why we continue(as an industry) to do things that way.
[quote=joedabrkr]
Having done it the hard way, Put, and succeeded but with much strain
and learning from experience, I tend to agree with you completely on
this one.
How is it that to become an electician, say in Local 1 working on
Broadway, one must first start as an apprentice, then become a
journeyman electrician, and so forth, spending years learning from
mentors and gaining experience before eventually becoming a Master
Electrician.
Meanwhile, in our business, you can interview and get a job, study for
90 days, get your series 7, maybe attend 6 weeks of offsite training,
and then be ready to go out and destroy someone’s net worth? I’ve
always wondered why we continue(as an industry) to do things that way.
[/quote]
The ability to completely wipe out a client is very, very, real–and
those of us who are paid to do everything except hold hands with the
clients worry about it a lot.
Cretins who use signature lines such as “Fist Full of Forex” are sociopathic types who have no problem with scewing somebody.
They take the attitude that when a poor soul is screwed it’s the poor
soul’s fault, and since somebody was going to financially rape them it
might as well be the sociopath.
Damn scary point of view and all too common among those who stumbled
into this business in spite of their criminal records, piss poor
education, do “only enough to get by” philosophy, and all the other
signs of a compliance problem waiting to happen.
Management struggles with ways to defuse the loose cannons.
Focusing on asset gathering rather than transactions has done a lot to
reduce the industry’s role as defendant–but when morons are wandering
around with Series 7 licenses it’s only a matter of time.