Good Time To Start
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Well I think it is when ok to take $100,000 - $1,000,000 accounts when your at 0. Can always trim the fat down the road as you star to pick up larger accounts.
Don't do any prospecting... I'm an analyst. The team prospects through client referals, CPA and personal networking. I have been building a personal network to prepare. It's not as a big as I would like but a decent start. I have no problem working my ass off so I should be ok.The reason i ask is because the hardest part of this job is the prospecting.. the daily grind.. I am all for personal networks, but would think you would have to add some other methods.
Yes, I believe so. I have been successful in sales in the past. It's challenging and has it's ups and downs but I miss it and find it exciting!
We all did until that month hits and you wonder "WTF am I doing here’…
Have you made the move yet?Are you certain you will be able to inherit this family members book in 5-7 years if they are in a different geographical area? And if so, why would you think the clients would want to work with you if your in a totally different state and you have no relationship with them? I would try to move there sooner rather than later to form the relationships. I know that was not your question but I’m sorry…it doesn’t seem to make any sense to me and you’re looking at it as your plan for the future. To answer your other question, its a good time to build a business
Most of the good advisors in this business started in '73-74, I think this is a similar period of time. I just think it’s harder to build a book now, so if you have an opp to take over a family members business you want to make sure you can do it. I’d move there, work for free to meet the clients, and have a side job working at dunkin donuts. Tfs.
[quote=MSSB Analyst]
Becoming an advisor was my initial goal with the team however it is not looking like it is going to happen. I also forgot to mention I am going to inherit a significant book of business from a family member at MSSB in aprox 5-7 years which is why it would be advantageous for me to stay with this firm. I would like to build something up in the next 5-7 rather than tread water and make others $$$ with my hard work and knowledge. The Indy office is an idea but I would rather stay put since I am more well versed on our systems and products than many of the advisors here. Really think I need to reach out and find another team that would allow me to develop my own relationships or just start from scratch on my own.
[/quote] Be very careful. My father worked at MS in one office, I worked at MS at another office. When my father retired his BOM would not allow him to transfer most of his book to me. I got less then 2% of his book. 98% was given to other brokers at my father's branch. My father's BM did not want the assets to leave the branch, so he would not sign off on the asset transfers.I would have had your father gone indy before he retired, and then transfer the book to you. But hindsight is 20/20.
Agree. Way back when, I worked in an office with a father and son team. Big producers. Son was brought in right out of college and spent the next 5yrs learning the bus and the client book. Then they moved to another firm for a very large check. Dad works a few days a week and his son runs the business day to day. Key is they retained control over what happened. If you have an agreement with a family member to receive his book, be sure of 2 things- 1) that MSSB will let you do this 2) if not, have a proactive plan in place to protect your interests.
What the h*ll is the matter with you? Things are so bad out there even the lifers are complaining, but not you. No. You’re pulling in big money. So what’s the score huh…
Pain motivates this is the greatest time to start in decades. If you know how to make money in the market new accounts are lining up from those brokers that went deer in the headlights during the crash. I was truly starting to dig having the VIX above 90. I asked a senior big producer a year ago about margin requirement on a short against the box hedge, he looked at me with a dazed look and told me he never remembered ever being short in a clients account. I can count the brokers I’ve spoken with that use stops on one hand, unreal.
I’m not complaining either. Lifers are upset because people no longer trust their firms (although Gaddock seems to be doing quite well). Being RIA is great. Most of the business we’ve gotten recently has been from people who don’t trust the big firms anymore. They are tired of being told theory and to wait.
They want action.
Did you watch the trades on the list I sent you (was you right?).I’m not complaining either. Lifers are upset because people no longer trust their firms (although Gaddock seems to be doing quite well). Being RIA is great. Most of the business we’ve gotten recently has been from people who don’t trust the big firms anymore. They are tired of being told theory and to wait.
They want action.