Burned Out, Other Opportunities?

or Register to post new content in the forum

21 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Dec 13, 2006 11:41 pm

Hello everyone. I've been a long time lurker on here. I've been in the business 5 years now with Edward Jones and am netting around $65,000. I live in the midwest and if I could find a job in the industry making about the same along with my wife's 50,000 salary that goes a long way.  I'm tired of the struggle starting every month with very little (trails) and would be content in the right situation. My question is what do some of these other positions in the industry pay for somebody with 5 years experience and 4 yr Bachelors?


Assistant, BOA, etc?


Compliance Manager?


Auditor?


Salaried Jobs at Credit Union?


Retirement Account Reps (thought this might be a new field with the Pension Act)?


Trust Officers? 


Any help would be greatly appreciated.


Dec 14, 2006 10:10 am

You should be able to find similar pay with a bank. I've known some guys that left wirehouses to go be portfolio managers at banks and they seem to like it. I was a trust administrator before I became a broker. It's not bad work but it has its negatives just like anything else. You might also look and see if there are any foundations in your area.

Dec 14, 2006 5:43 pm

I was a successful IR at EJ, but went through the same things you are talking about.  I am a registered CA at ML with a great salary, bonuses, and benefits.  I wouldn't go back to EJ for anything!

Dec 14, 2006 5:46 pm

I was in a similar situation with EDJ, and went to a regional bank recently.  Through combination of salary, bonus and commission, reps in my program who have been there at least a year are making $65k at the low end, half are over $100k, and none are working nearly as hard as you are.  Also, between office expenses and health insurance, there is another $1-2k in my pocket every month, my net is really net now.


If you get in the right situation, it's a pretty easy life compared to what you are used to.  I don't do much prospecting, because I spend most of my time serving clients and prospects that are dropped in my lap.  Also, because I can now do wrap accounts and L Share annuities, my recurring income is already higher that it was at Jones (very few clients followed me, because I did a geographical relocation).  I anticipate my recurring income to grow significantly in the next few years, the starting at zero every month is a difficult thing for me so I am focusing on building recurring income, which is MUCH easier to do pretty much anywhere other than EDJ.


There is room to grow a big business if that is what you are interested in.  And if you are content making less than $100k, it's a way to stay in the business with a lot less stress.  Every month I know my salary will pay the mortgage, whether I have a good sales month or not.  I also know that 1-2 good clients are going to fall into my lap from bank referrals.


Every program is different, but at least in mine if you work half as hard as you did at Jones (which is about what I am doing), you will rise to the top, I'm in the middle of the pack and have been here less than a year, most of these guys have been around at least 5 years. 


My bank is in the midwest and is looking for people in a couple of areas, I don't get anything other than an atta boy for making a referral, but you can pm me for more info if you are interested.

Dec 14, 2006 11:59 pm

Ilovedogs,



This is crazy, b/c I love dogs too. However, unfortunately my
personality type would never let me work for anyone else. Basically,
meaning that I could never be anybody's assistant. I have to be the man
running things. This is great that you are happy though. What kind of
dog or dogs do you have?



Burnedout,



What are your AUM? I figure if your AUM are good then you could go into the fee-based at a wirehouse and do great.

Dec 15, 2006 1:20 pm

What are your thoughts on property & casualty insurance and/or employee benefits?

Dec 15, 2006 2:02 pm

Hey burned, I went through an exercise, looking at other broker dealer options, Registered Investment Advisor, etc.


Decided to stay put.


You have worked so hard. You DO have trails, and you can get referrals from your clients. Your life is right on the verge of getting easier. Don't be swayed too easily, don't immerse yourself too much in other people's point of view. Consider not handing over a big part of your book to the person who takes your place.


Have you seriously tried to rejuvenate your point-of-view. One thing we all learn, you have to constantly reinvent yourself in this business. Refresh yourself. I'm sure your firm would love to keep you, and there may not be as much pressure as the pressure you put on yourself.


Have you done anything for your development lately - golf lessons, extra sports channel cable package and season tickets, music lessons, etc. Give it a shot before you jump over to that greener grass. Your broker dealer has some special strengths, and it is always about the bottom line, which is starting to look pretty good for you.


Remember, as you outrun the fixed costs of your business, the rest is profit! The is a known quantity right now.


Do what is best, just thought I would share my experience.

Dec 15, 2006 2:11 pm
rook4123:

Ilovedogs,

This is crazy, b/c I love dogs too. However, unfortunately my personality type would never let me work for anyone else. Basically, meaning that I could never be anybody's assistant. I have to be the man running things. This is great that you are happy though. What kind of dog or dogs do you have?

Burnedout,

What are your AUM? I figure if your AUM are good then you could go into the fee-based at a wirehouse and do great.



NO WAY.  All he has is a bunch of A share trails.  Too bad.


I would approach Raymond James about being a Branch manager.  You can keep your book and still manage.  Sweet salary.

Dec 15, 2006 6:25 pm

Lets see:



100,000 at .0025 that is 250 and EDJ keeps what 60% you get $100 in service fees for every $100,000 you have under management or $1000 for every million then pay for toilet paper, etc.

Dec 16, 2006 12:32 am

I wonder if GPs get free tp?

Dec 16, 2006 4:59 pm

I forgot to make my point, the guy is probably making around $1500 a month in trails on average how is life getting any easier? In 5 more years he will be bringing in an easy $3 or 4k a month still working his ars off! EDJ is the biggest crock , if you want to stay in the biz go to a bank, you will do very little prospecting and bring in 2-3 times the amount of money. If you want to build a business from scratch go indy and take a 90% payout.



You can go work for vanguard or fidelity and make between 50-90K as a sales rep.

Dec 16, 2006 7:09 pm

Thank you all for your posts. I didn't expect such a response.


1) Banks- a lot of people have mentioned banks. I've been reading the BAC board in the forums and it sure seems like a bureacracy just like Jones. Are all the large banks essentially like that? It seems like a wirehouse. Not many referrals, crap payouts, etc. Are regional banks a different atmosphere, comp structure?


2) 401k/403b/Benefit Plan Rep-- I know almost nothing about career options in this field. I would figure the role as a sales rep or account rep for the large 401k plans FIDELITY and VANGUARD manage would have some opportunities. I don't know how much travel are in these jobs. I would think with their reputation as no load companies there would be more of a salary atmosphere.



3)Discount Brokerage--- Schwab,TDAmeri, Scotttrad, I would think that would be an 8-5 job, with salary and if you want to make more they would allow you to prospect for mgd money.



4)Branch ManagerCompliance--- sounds like a thankless job even with Jones compliance in St.Louis I've always got that impression.


5) Sales Assistant/ Service Rep for independent firm etc I know that could encompass a lot of different roles. I have a small enough ego that it would not bother me to perform that role for another guy more than likely. Also would seem like an 8-5 job.



I guess I'm looking for the best opportunity to stay around my current pay without the sales quotas etc. I think I'm realizing more that my passion is being a father and will never be my job, even though I work hard while I'm there. So I don't know if any of these jobs allow flexibility of schedule that I have now. I definetly don't want to work more hours than I am now. I

Dec 17, 2006 1:46 pm
Burnedout:

Thank you all for your posts. I didn't expect such a response.



1) Banks- a lot of people have mentioned banks. I've been reading the BAC board in the forums and it sure seems like a bureacracy just like Jones. Are all the large banks essentially like that? It seems like a wirehouse. Not many referrals, crap payouts, etc. Are regional banks a different atmosphere, comp structure?



2) 401k/403b/Benefit Plan Rep-- I know almost nothing about career options in this field. I would figure the role as a sales rep or account rep for the large 401k plans FIDELITY and VANGUARD manage would have some opportunities. I don't know how much travel are in these jobs. I would think with their reputation as no load companies there would be more of a salary atmosphere.





3)Discount Brokerage--- Schwab,TDAmeri, Scotttrad, I would think that would be an 8-5 job, with salary and if you want to make more they would allow you to prospect for mgd money.





4)Branch ManagerCompliance--- sounds like a thankless job even with Jones compliance in St.Louis I've always got that impression.



5) Sales Assistant/ Service Rep for independent firm etc I know that could encompass a lot of different roles. I have a small enough ego that it would not bother me to perform that role for another guy more than likely. Also would seem like an 8-5 job.





I guess I'm looking for the best opportunity to stay around my current pay without the sales quotas etc. I think I'm realizing more that my passion is being a father and will never be my job, even though I work hard while I'm there. So I don't know if any of these jobs allow flexibility of schedule that I have now. I definetly don't want to work more hours than I am now. I





If your passion is being a dad don't you think you owe it to your child to be somewhat successful and offer them the opportunities money can buy like a good education, private schools, tutors, and the such? Sounds to me like you're a slacker and using the "dad" role as an excuse to be a slacker, it's not OK

Dec 17, 2006 6:52 pm

Look into Premier at BAC.  Starting salary is around what you are talking about - make your bogies and you are in the 70-85k range.  They don't work very hard - pretty much 9-5 and they love brokerage firm experience.  Yes, there is a lot of BS to deal with but Premier has it pretty good if you are happy in that pay range.

Dec 17, 2006 9:31 pm
bankrep1:



If your passion is being a dad don't you think you owe it to your child
to be somewhat successful and offer them the opportunities money can
buy like a good education, private schools, tutors, and the such?
Sounds to me like you're a slacker and using the "dad" role as an
excuse to be a slacker, it's not OK





I'm inclined to think that time with Dad is much more valuable than almost anything dad can buy for the kid.

Dec 17, 2006 10:33 pm
AllREIT:
bankrep1:


If your passion is being a dad don't you think you owe it to your child

to be somewhat successful and offer them the opportunities money can

buy like a good education, private schools, tutors, and the such?

Sounds to me like you're a slacker and using the "dad" role as an

excuse to be a slacker, it's not OK




I'm inclined to think that time with Dad is much more valuable than almost anything dad can buy for the kid.





I agree balance is important, this guy is so lazy he is using the kid as an out

Dec 18, 2006 11:41 am

[/quote]

If your passion is being a dad don't you think you owe it to your child to be somewhat successful and offer them the opportunities money can buy like a good education, private schools, tutors, and the such? Sounds to me like you're a slacker and using the "dad" role as an excuse to be a slacker, it's not OK[/quote]



This business is not a 9 to 5 job. To succeed takes a total, focused commitment. Thus it's a business that steals us from our family and friends. It's easy to get caught up in making the President's Council or some other exclusive rewards club. The price for doing so however, is very high. It's tough to know your kids when you leave for the office before they're awake and get home after they've gone to bed. Your kids are only young once, they don't stay kids forever. The little people running around your house today will be gone in heartbeat, as will your opportunity to enjoy this part of your life and theirs. And spending time going for the President's Council at the expense of time with your kids is truly an opportunity missed. So in my book burnedout has his/her priorities right.


That said, it's normal to question whether you are doing the right thing with your life. Let's face it, in forth grade when the teacher went around the room asking what we wanted to be when we grew up none of us said Financial Advisor. Yet, here we sit. Maybe it's time to think like a forth grader and ask "What would I do if I could do anything I wanted?" In forth grade the world was full of possibilitites. Guess what? It still is. It's all a matter of what we want and what we are willing to do to get it.


We all are familiar with the drive to financial and professional success. It's what all business including ours is built on. This is not what I'm talking about here. Lets' say for example you've always wanted to be a bicycle mechanic, but life got in the way. Doing so would mean making about 30 to 40k a year tops unless you own your own shop. Are you willing to live the lifestye that 30k would require? What would you have to do to make this work?  It's doable as long as you are willing to do what's necessary to make it happen. 


The happiest person I've ever met was a guy named Frank. He lived in a small house with his wife and daughter. He worked on an assembly line in a small factory welding gas tanks together for Mack Trucks. His last car was a then 12 year old beat up T Bird that he raved about. This man told everyone he could about how lucky he was. How happy he was. He always had presents for people. Once I came over to his house and he handed me a pair of new sneakers. He said" I heard you took up racketball, I thought you could use these." They were good sneakers and they fit. He did this constantly, out of nowhere, for everybody he knew. He died young, at age 57. Today at age 54, my financial net worth is many times what Frank's was. Yet, when it comes to wealth, I've got a long way to go to catch this great man.

Dec 18, 2006 12:00 pm

Great stuff, tj...I'm all for balance even if it costs me income.  I'll make about $150K this year and I expect to eventually double that and then level off somewhat going forward since I don't want to work 70-80 hours a week and miss watching my daughter grow up.  Since you repeated it, I'm passing along a spelling tip for future reference...it's foUrth grade...


My daughter is in fourth grade and all she can talk about is being a fashion designer...she sketches and colors and it's all very cute...I'm just working on breaking it to her how difficult it is to be the next Gianni Versace...and how the life sucks when you get there...


...here's hoping she takes an interst in Dad's business some day...I'd love to pass it on to her...

Dec 18, 2006 12:05 pm
Indyone:

Great stuff, tj...I'm all for balance even if it costs me income.  I'll make about $150K this year and I expect to eventually double that and then level off somewhat going forward since I don't want to work 70-80 hours a week and miss watching my daughter grow up.  Since you repeated it, I'm passing along a spelling tip for future reference...it's foUrth grade...


My daughter is in fourth grade and all she can talk about is being a fashion designer...she sketches and colors and it's all very cute...I'm just working on breaking it to her how difficult it is to be the next Gianni Versace...and how the life sucks when you get there...


...here's hoping she takes an interst in Dad's business some day...I'd love to pass it on to her...



Forth is wrong. Yeah, I hear you. It didn't look right so I hit spell check and it passed. I''ll put forth a better effort next time.

Dec 18, 2006 12:14 pm
BondGuy:
Indyone:

Great stuff, tj...I'm all for balance even if it costs me income.  I'll make about $150K this year and I expect to eventually double that and then level off somewhat going forward since I don't want to work 70-80 hours a week and miss watching my daughter grow up.  Since you repeated it, I'm passing along a spelling tip for future reference...it's foUrth grade...


My daughter is in fourth grade and all she can talk about is being a fashion designer...she sketches and colors and it's all very cute...I'm just working on breaking it to her how difficult it is to be the next Gianni Versace...and how the life sucks when you get there...


...here's hoping she takes an interst in Dad's business some day...I'd love to pass it on to her...


Forth is wrong. Yeah, I hear you. It didn't look right so I hit spell check and it passed. I''ll put forth a better effort next time.



lol....guys I've been trying to resist the urge to nitpick lately...

a tip?  download firefox 2.0 from mozilla.org.  It's a well-regarded alternative to Internet Explorer, runs faster on most websites, has tabbed browsing, and is less vulnerable to viruses.  Best of all....it has a built in spell checker....