Whats the turnover in Registered Rep business?
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How bad is turnover in this business and is it worse at certain Broker/Dealers?
I think I should of written the question different. What is the turnover for NEW Registered Reps?
Not to discourage you, but I’ve been told New/New reps drop out 80-85% over the first two years. Based on my own limited experience I’d say that’s just about right.
Any older vets want to confirm this?
I think its retarded to base your success off others. If thats the case, you might as well committ suicide , cause you have no confidence in yourself.
I was just wondering from a purely informative position. I hadn’t heard anything other than the acceptance rate. I know that its alot of hard work and you either work hard or you fail and quit or get fired.
3% do you really think its that low, how can firms run these big turn and burn operations and make money on trainees
Holy crap that's awesome.I think its retarded to base your success off others. If thats the case, you might as well committ suicide , cause you have no confidence in yourself.
I've actually done a little (very) limited research into this; there's a way in which I can keep track my former classmates. (Boy, that sounds creepy!!!)
Anyway - I'd say that about 60% of those brokers that passed their 7/66 and were allowed to sell are no longer with my firm. But from what I know about 30% of those no longer with us still are in the business and that's over a relatively good time frame (2007) and with a large starting group. That's nearly 55% that "made it" to a 3rd year. Don't believe the hype. This isn't nearly as hard a business as you think.The "Merrill" model. My class started with 78 people in it. I was probably the lowest qualified of the bunch. Lawyers and MBA's left and right. It is now the end of month 27 and there was just over 20 still alive as of last months report. I would be very surprised if many have not dropped since. Out of firm confidentiality I'll not give the exact figure but the average production/take home for those of us still remaining was just above the poverty level. We have no salary left and it's starve out time. Very sad report. If I wasn't number one in production, seeing it would be depressing.3% do you really think its that low, how can firms run these big turn and burn operations and make money on trainees
[quote=millionairemind]3% do you really think its that low, how can firms run these big turn and burn operations and make money on trainees
The “Merrill” model.
My class started with 78 people in it. I was probably the lowest qualified of the bunch. Lawyers and MBA’s left and right.
It is now the end of month 27 and there was just over 20 still alive as of last months report. I would be very surprised if many have not dropped since. Out of firm confidentiality I’ll not give the exact figure but the average production/take home for those of us still remaining was just above the poverty level. We have no salary left and it’s starve out time. Very sad report. If I wasn’t number one in production, seeing it would be depressing.[/quote]
There is no model or system for success. You would imagine after being in business for nearly a gazillion decades they would have figured something out and given you a path of moderate success.