Thanks for the input everyone I agree with alot of what has been said here and also have been following many of your post esp paranoid android for sometime now.

So to update just quit my current starting boiler room firm where I started my career. Been there full-time for a bit over a year where I started off as an intern/broker trainee, put my hours, opened up some accounts via cold call, gained some sales skills and confidence on the phones and got licensed a while ago. Been interviewing with alot of firms (big wirehouses) and got turned down by most of them or others want me to work strictly commission (work for free) which I don’t want to do.

Although I could of stayed with this firm and continued to open accounts and get paid the “broker” salary plus commission over there for the first 2 years (which would prob equal with commission 30-40k). The business model over there really is a boiler room down to the definition and I feel bad for the people opening accounts there because in the long run they are being churned and losing money. To many regulations are not being followed and although I can be opening multiple accounts while putting in work its only a matter of time until this firm get shut down and I don’t want my licenses and work being associated with that firm when the time comes. Ultimately my decision for leaving was based on a few things. From speaking with past FA’ who left that firm and other FA’s from other firms who’ve I who are working on Wallstreet or in the big Wirehouses they’ve stated that they really do f*** you over there and its not a place you want to stick around for a long time. Since day 1 they’ve lied to me about minor things and even in some instances not paid me commision for accounts that ive opened so, I really don’t want to open any more accounts for them. So I left and couldn’t be happier about the situation not working for them.

The big Wirehouses (J.P., MSSB, Merril,UBS) I imagine really want someone with an existing book (vets), or extremely wealthy network (daddy is the CEO for his trust fund-FA son and knows alot of $$$ clients). I can’t blame them because I can’t see myself realistically bringing in 12 million in first year assets without an existing book, obviously its not impossible but the statistics for someone fairly new is extremely low.

I interviewed twice with Wells Fargo I really liked there presentation of the company and hurdles for new FA’s but ultimately was turned down from them as well which kinda pissed me off lol oh well. I imagine they want someone more established as well with assets.

Currently interviewing with and met with Edward Jones guys, and a few other small indy firms. Ive read alot on here about the notoriety that is Edward Jones and interviewed with them. Im currently still in the interview process with them. From my observations they like hiring career changers and military vets, i don’t know what the logic behind that is considering the reality of how tough this industry and sales is in general, people come into this without knowing the reality of what being a broker actually is. I also don’t understand the logic of having a branch with 1 FA and BOA working while 5 miles away is another branch with 1 FA, what a waste of overhead in my opinion. Why do they want there advisors going after the small accounts? some of the stuff at EJ just seems so absurd. But also there are some good points of this firm, great place to start out in, ok salary and…I think thats it. the door to door sales I imagine isnt for everyone or every location but obviously just like cold calling its a numbers game and as long as your putting in work you should be able to sell. This is obviously an advantage compared to the wirehouses which dont do any door to door prospecting. Where i live the majority of households are working with someone and have disposable income, so it really comes down to whether they are open to hiring another broker (and from my experiences, the wealthier someone is the more open they are to hiring another broker, and throwing you a couple thousand your way if they like the idea)

Regardless of what firm i end up going to, they all have there pros and cons, and you gotta drink that kool-aid and be about that life. Although Im still fairly new ive been doing this for some time now to know the stress and sacrifice put into this career and spoken with enough people in the industry to know that you have to put in work to succeed and not everyone in this industry will succeed. So im just looking forward to whichever company I end up going with.

Also I agree that there are also alot of scummy guys and good guys at every firm. its just a matter of how you want to do your business and whether you want to risk your name, liscense, and reputation in being a typical broker scum and IMO its not worth it in the long run

my recommendation is to go somewhere you own the book. Edward Jones is a good place to start, but remember they OWN your book and you work for THEM.

most likely, your best bet is to find a small independent practice and start as a junior advisor - taking over a small portion of a veteran advisor’s book and servicing them.

I disagree the wires want someone with an existing book or wealthy family. They just want someone they feel will be successful, because with 50% drop rate…they don’t want to eat that cash. I know a few wirehouses are starting trainees in specialized roles like Financial planning or lending, doing that training for a year or year and a half or whatever and then sending them into the FA program…makes it much easier to A. Find a vet to partner with B. get acclimated to the system and C. Have a specialization that you KNOW like the back of your hand, making you extra dangerous when prospecting instead of just being the next new kid calling to pitch Tesla stock.

When it comes down to it, don’t count any companies out and find the situation that you feel will not only be teh best for you, but that you’ll be actually learning in. The biggest key to the beginning of your career is to be a sponge.