Isn't an Internet message board an interesting place.

Each of us can be whatever we want to be.  We can be what we think we would be if we were not what we are.

But when you're going to pretend to be a big deal it's best to not be writing book length comments about what a stud you are right at the time the real studs are out on a Saturday night.

[quote=Big Easy Flood]

Isn’t an Internet message board an interesting place.

Each of us can be whatever we want to be. We can be what we think we would be if we were not what we are

There are those who do know it all.

Take advantage of them when you can.

[quote=san fran broker]

[quote=Big Easy Flood] <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

[quote=san fran broker]

Regardless, Prof. Hill, of your perspective, I think we should turn this discussion back to this rookie's very legitimate question. Do you have any observations on the points I made that aren't linguistic?

[/quote]

Yep, it sounds to this old guy that you are not only lazy in your use of the language but that you're starting to look for the easy way out from the very get go.

I wouldn't hire you on a bet, and don't suppose you'll make it for more than a few months.

You really ought to give something else serious consideration.  This is not a business that rookies who choose it because of the potential for an easy lifestyle.

[/quote]

Big: What I'm about to write is for the benefit of those rookies who read this forum - not you. I have decided to sink to your level for the benefit of revealing to the audience (what audience there is, anyway) the difference between people like me and you.

Big, I don't know what would lead you to the conclusion that I have no work ethic, but I suspect that this is your canned response to anyone who challenges you and to whom you cannot marshal a competent response (I would think you use it frequently.)

About me: I am a 5th year broker at a major firm with 1st quintile production and assets. I actually lead my class in percentage of gross that's fee-based, my average client is 42, a pre-IPO exec and my average account size is over a million dollars. I have (for my level of experience) a fabulous book. Consequently, my branch MD loves me and I am very well treated. If I wanted to, I could go just about anywhere (ok, probably not Goldman or MS PWM) for a T12 check (or guaranteed income for a few years). I represent the Vanguard of this profession in business model and business structure.

Big, my decision to challenge your statement that this young person should not seek out a position in this industry was because you said "This is a sales career, and "With highest honors" from one of the country's top schools types should not settle for sales," was based on my desire to defend this profession from those who degrade it – like YOU.

In fact, I graduated with "Highest Honors" and "Highest Distinction" from one of <?:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />America's most prestigious and competitive universities and I hold a graduate degree in economics (with Distinction) from a similar caliber institution. I have several family members who work in banking and VC and I had entry-level offers from industry, the top management consultancies and investment banks when I left grad school. I caught a lot of crap for going retail from my family and friends. Ironically, my education was not much of a benefit from the perspective of the retail sales managers that interviewed me because they thought I wouldn't have the willingness to get hung up on and sell product. The only reason that I was hired was that (at the time), my educational background really impressed the branch MD (wouldn’t anymore – thanks bear market). I built my business through a combination of cold calling, networking in a specific industry and seminars for accountants. When I met with an elephant, I brought in the branch MD (manager). My first year was great, my second and third pretty mediocre and my 4th and 5th have been very strong.

I chose to do retail because I liked the lifestyle and because I thought that I could leverage my contacts into clients (I was more or less wrong about that until the last year or so). I probably make slightly less than the average person with the same educational background as I do, but I have an infinitely better lifestyle. Additionally, I expect that my income will increase dramatically over the next few years.

My office has some very big producers. My experience with those persons who work at the highest levels of our profession - who are true financial advisors to CEOs and the like (and granted, they are rare) - is that THIS IS NOT A SALES JOB to them. Sure, like all jobs, there is sales involved, but like an attorney, or a plastic surgeon or an investment banker, the job is about ability and competence first and salesmanship second or third. For a registered rep, your competence at financial planning, trusts & estates, credit & lending and investment management will be what largely determines your success. After you've built a core base of wealthy clients (however you do that - its tough), how good you are at your job will determine how many other people come through your door. I have only been doing this for about 5 years, but I now close $800k in fee-based business a month - all off referrals. I don’t have the time to cold call (although I do, admittedly seem to have the time to write to message boards and study for the CFA).

What success I am enjoying (and I would regard it as limited) is attributable to being good at what I do and because my company has a strong brand. I am now asked to handle company benefits plans because I've served the founders and executives well and they know that if they endorse me, I will make them look good (or, at least, not disappoint them) and because my company is highly regarded in this region. They all know that I am fairly junior at my office, but they also know that I'm different from the most brokers and they like and trust me.

Big, if you think that this is a "sales job" that only the second tier of college graduates should seek out, IT IS YOU THAT SHOULD CONSIDER ANOTHER PROFESSION. If you held this position in the esteem that it should be and recognized the value that a good advisor provides to their clients, you would not be discouraging promising young people from seeking out this career. How can you do this job and have so little respect for it? Because you are a moral reprobate, that’s how.

I suspect that success has been elusive to you. I think that the rudeness you’ve evidenced and the lack of empathy that it indicates are responsible for your limited results. You and your kind - who see this as pure sales represent the embarrassing old guard that gives us a bad name and your departure from our profession will represent an increase in the average quality AND ETHICS of those who remain. You are the old guy that is still doing $450k of transactional & annuity business (and who still has to cold call) after 25 years in the profession. Well, I say - GET THEE OUT! You make the rest of us look bad.

To those who actually are reading this forum to get some insight on this profession, understand that the views expressed by "this old guy" are not representative of the views of all of us. His perspective is slowly being driven out of the profession by the regulators and the firms themselves. Ironically, these guys are the ones who actually don't want to work hard. They want the job to be "just a sales position" so that their lack of credentials and dedication don't reveal their true nature. They are the lazy ones. It is harder to build a book these days because you STILL have to go through the “Rejection Olympics” only now you also have get your CFP and become an expert at investment management as well. They don’t want you here because you make them look bad. They want to return to the days when any idiot could get on the phone and sell themselves as a financial advisor.

They are dinosaurs who don't want to get their CFP and who still want to sell annuities in IRAs. I take accounts away from these guys all the time by emphasizing planning, relationship and my educational background. They are my prey. They can be your prey too. Bring your superior education, brains and dedication to the industry. Help me drive these sleazy, embarrassing salesmen into interior offices and, eventually, the "franchise protection programs."

Undoubtedly, Big, you will have some kind of off point, irrelevant insult to respond to my statements and observations. I am confident that you will suggest that I'm lying or something. Ultimately, I think that anyone who reads this discourse (whose opinion matters, anyway) will understand what kind of a person you are and treat any comments you make with the respect they deserve.

This message board has been like an addictive drug. I started looking at it a few months to get some insight about moving firms (a decision I've decided not to make) and got caught up in this and other discussions. Whatever the outcome of this dialogue, I won't be responding to Big again. I don't know if I've kicked the message board habit, but right now I have to get back to work. So do you, rookies!

[/quote]

Thanks for this response. Messages like this is what an "informational mesage board"  is supposed to be like. Thanks for taking the time to truly respond with a thought out response, not just some agitated mumblings...

Boomer, what did you find in that piece that taught you something you didn't know?

Does it occur to you that it could actually be 100% fiction?

San.. bold..

Hey man you sound like someone I would like on my team! Maybe I am 5 years from that point, but good attitude!

This message board does stress sales... Yes, selling is a huge part of this business, but so is trust, knowledge and networking.

The ones who are kicking some a$$ are those with referral after referral coming in. How is that sales? They have a proven track record and content clients who reffer friends, associates and family. Then when they are in the office or lunch the PFA or RR uses his knowledge base, communication and listening skills to design a plan to meet the customers needs.

Ten, twenty or thirty years ago a degree was not required... Now a days I think most people in this business (RR or PFA) require a solid foundation including experience, education and communication skills.

So maybe the stress on sales is only part of the equation. This is coming from a soon to be rookie.... MBA... 300 credit... future monster producer... :)

The first thing you need to do 7GOD is to see if your enthusiasm can translate into a job offer.

Everybody is a potential moster producer and you've done a masterful job of demonstrating how easy it is to procrastinate till the cows come home.

Boomer.. What is your degree in? I ask this since I personally believe having a background in business is a good start for this industry.

Some may say its no big deal what the degree is in, but for a new college grad with a sociology degree it may be challenging.

Good luck...

Go flood.. True dat.. hey man if I cant keep an optimistic attitude before I start then I will fail.

Sorry for being extreme visionary....

I think I see pigs flying...

Flood hope I did not strike a nerve. Since you are where I want to be I can only thank you and others for providing me guidance..

Also I did get multiple job offers, but I am working on something unique.... Might never happen, but unique.

[quote=7GOD63]

Flood hope I did not strike a nerve. Since you are where I want to be I can only thank you and others for providing me guidance..

Also I did get multiple job offers, but I am working on something unique.... Might never happen, but unique.

[/quote]

There was a guy in my training class who spent the first year in production "working on a whale."

When they fired him he walked out screaming, "I'm working on a whale, it will take time......"

There comes a time when you have to schidt or get off the pot.

Degree is in Business Management/Finance. I do think that will help me in that I know how to speak in business terms as opposed to some history major who can only speak about world war II. You would be naive to think that a business degree offers no help, even if just in your interview.

[quote=Boomer]Degree is in Business Management/Finance. I do think that will help me in that I know how to speak in business terms as opposed to some history major who can only speak about world war II. You would be naive to think that a business degree offers no help, even if just in your interview.[/quote]

A guy with a history degree can learn to say PE Ratio, Earnings Per Share, Yield to Maturity and so forth.

Do you think a guy with a history degree would capitalize the phrase, World War II?

[quote=Boomer]You would be naive to think that a business degree offers no help, even if just in your interview.[/quote]

What if the guy doing the interview was a history major?

The bottom line is this - much of the analytical info and logistics can be learned and acquired.  However, the foundations for leadership and selling are something that you either have or don’t.  You can usually teach a “good” salesman to be great, but you can’t teach a “poor” salesman to be as good as the great one can be.  A degree is a piece of paper.  It’s what you do with it that matters.

Big Easy Flood...Get A Life...You Are Such A Waste! Quit Wasting Your Time On This Board. Go Get A Life.!? You Are A Total Joke.

[quote=Big Easy Flood]

The first thing you need to do 7GOD is to see if your enthusiasm can translate into a job offer.

Everybody is a potential moster producer and you've done a masterful job of demonstrating how easy it is to procrastinate till the cows come home.

[/quote]

Before you ridicule the next post on the grounds of grammar or language-usage, you should probably learn how to spell monster.

You are the internet message-board version of Simon Cowell from American Idol . . . But there are two distinctions: 1. Simon's job is to judge others (you just like to do it because it makes you feel good), and 2. I like Simon.

LloydHarry wrote:

(you just like to do it because it makes you feel good),

There are some others here who have way too much time on their hands.

Wonder what their children think about them? I can hear it now!!!

[quote=LloydHarry]

Before you ridicule the next post on the grounds of grammar or language-usage, you should probably learn how to spell monster.

You are the internet message-board version of Simon Cowell from American Idol . . . But there are two distinctions: 1. Simon's job is to judge others (you just like to do it because it makes you feel good), and 2. I like Simon.

[/quote]

Am I supposed to care if you like me or not?

As for the typo with monster, do you suppose there is a difference between what is obviously a typo and entire paragraphs without a single capitalized letter?

San Fran… cheers on that post…