Attrition Rates in this business
I have an interview with Raymond James coming up and needless to say I'm rather scared about what I've heard about this industry. What are the atrition rates of people in this business. Not so much the rate of people building business at one firm and moving it to another, what is the sucess rate of people who enter into this business?
I've heard it's as little as 15% of people actually stay with it and make money.
I'm especially scared since I don't have a large social circle of people that would invest with me I'm 25 years old and people my age aren't exactly looking around for financial advice.
The success rate is very low...I'd be surprised if it were even as high as 15%. That said, it can be done. I started when I was 21, first job out of college. It's been an amazing career and once established, gives you so much flexibility to do whatever you want with your time.
There is an old saying in the industry:
Hire them in masses,
Put the in classes
Then fire their asses.
This is a pretty accurate picture of the hiring pracitces in this business. 15% is way too high.