Whats the turnover in Registered Rep business?
How bad is turnover in this business and is it worse at certain Broker/Dealers?
100% every 6 months…
It’s only 100% for everwhere Still@Jones works.
I think I should of written the question different. What is the turnover for NEW Registered Reps?
Is this a general question or are you asking about your chances for success.
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 that it’s worse than that, but I also think it is a meaningless stat.
I’ve heard around 80% but it depends on situation and firm you are with.
Like anonymous said, it’s a meaningless stat.
My guess is well over 90%
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.
Latest statistic I heard was 3% make it to five years. Good luck!
I’ve read the same. That’s why you are considered rookie until year five.
3% do you really think its that low, how can firms run these big turn and burn operations and make money on trainees
Keep in mind that they lose the trainee, but keep the assets.
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.
This doesn’t sound at all thrilling…
If you only look at the people who do what needs to be done on a daily basis, I'm convinced that almost 100% of them will succeed. Those without natural sales skills or a great market will need to make sure that they learn what they are doing before they run out of cash.This doesn’t sound at all thrilling…
Its a job Yum, do it and don’t overthink it, you will be fine. Keep trucking along. I’ve seen the biggest idiots turned super successful advisors. It all lies with being to stupid to quit. Just do what Jones tells you to do and do it 110% if you suck or do it 15% if you are a natural and have a bit of luck (ie volt) and you will be just fine and end up making more than you could ever need. But the bottom line is suck your lower lip back in and just get out there and talk to people and help them. Pretty simple, easy and dare I say fun if you make it such. All lies with the 6 inches between your ears and what you are telling yourself.
It’s totally anecdotal but I am past Eval/Grad for a couple of months more than a year now and here’s how our class has done so far:
* 14 in class at Eval Grad (100% had returned from KYC and I’m told that’s better than avg.)
* 1 dropped out pre-PDP, and a couple were delayed coming back in. So 11 made it to PDP without a delay.
* At the one-year mark, 3 of the 14 have made it to Seg 2, 5 are now gone, 6 still in Seg 1.
So we had a 36% fail rate in a year, 21% up to Seg 2 (is that the 80/20 rule at work?), and a group still up in the air.
My KYC class was in early 2009…more than 50% are gone now.
It will get worse
Most of my Eval/Grad class (my specific training group of like 10) is still in (4+ years). However, most of them either took over offices or did Goodknights.
Several dropped out between failing the exam and Eval/Grad. One of them left the industry after Eval/Grad when he realized how hard it would be (his words...we became pretty good friends). None of them have left for other firms (yet ).[quote=LockEDJ]
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.[/quote] I have looked at my entire "class" as well. Numbers are about the same after 4 years. It's hard to tell how many did Goodknights or took over offices though (other than the guys in my specific training group). If it's anything like the people in my class, then the majority of the "survivors" got Goodknights or took over an office (or were transfers from within the industry).Including you!! lolMy KYC class was in early 2009…more than 50% are gone now.
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