Does anyone in the industry love their job?

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Jun 1, 2010 2:24 pm

A lot of days I spend really hating almost everything that has to do with my current situation career/firm/industry,business model, etc. It certainly has detoriated since October 2006, not in money made by me personally but in attitude and pure self fulfillment.  Sometimes I think that I am a hard working, lucky individual to have made it through the "Great Repression" however sometimes I wish I would have failed since for the majority of the time since I have not been enjoying myself....

Seriously though, spare me the comments about my self deprication and let me know who and how in this industry you have been finding joy in your career?

Jun 1, 2010 2:34 pm

Your job is a means of earning money. And while it is certainly better to feel that one is doing some kind of greater good, it doesn't bring happiness in any real sense. Happiness comes from within. It is a choice you make. If you are waiting for your emotions to change in order to be happy, you are putting the cart in front of the horse. Life's purpose has nothing to do with earning money or accumulating wealth. If you are earning a good living, be greatful. Then pursue spiritual growth on your own terms in your own timeframe.

Jun 1, 2010 2:35 pm

That sucks.  The only thing that has kept me going through some rough patches is the fact that I LOVE this business.  I know most of my colleagues feel the same way.  I never would have stayed in this business if I didn't love it.  Why do you stay in it if you hate it so bad?  And what is it that you hate (I know, you said "everything", but seriously).? 

Did you think you would love it before you started, or was it more of an independance/income thing?  See, I have always loved investments, personal finance, etc.  Always knew I wanted to do it.  Not that my "love" of it or the amount of time spent studying it made me "better" than anyone else, but it kept me going while my income was a pittance and the market was falling apart.

Jun 1, 2010 5:31 pm

No. I hate my job.

My boss is a d**k, my hours are horrible, I have a 30-minute lunch, only 1.5 weeks of vacation, and I'm compensated the same as my peers regardless of how hard I work.

Jun 1, 2010 6:20 pm

Things have just changed. I always was a huge finance buff, but as time has gone on - I have learned to resent the current occupation.

I think it is the 3 headed monster of having a performance chart, having 368 households, and having the job of coming in everyday to gather new clients or assets.

I constantly feel like these 3 tug at me on a regular basis and I am worn out. I guess I was reaching out to see what others thought or if they have been through some interesting times in the field and found ways to get through the tough times. B24- you really can't love everything about the job can you?

Navet- good post

Jun 1, 2010 6:54 pm

Look on careerbuilder.com and look at your options

Jun 1, 2010 7:06 pm

If you hate it, find another place to do it!  Seriously, this is too good a gig to just throw it in if you are truly working it.  Find another place...seriously!

Jun 1, 2010 7:20 pm

[quote=navet]

Your job is a means of earning money. And while it is certainly better to feel that one is doing some kind of greater good, it doesn't bring happiness in any real sense. Happiness comes from within. It is a choice you make. If you are waiting for your emotions to change in order to be happy, you are putting the cart in front of the horse. Life's purpose has nothing to do with earning money or accumulating wealth. If you are earning a good living, be greatful. Then pursue spiritual growth on your own terms in your own timeframe.

[/quote]

Well said, Navet.

Jun 1, 2010 7:48 pm

1. I love the markets

2. i love when clients tell me to do what i think is right because i have always done right by them and they trust me

3. i love owning my own business

4. i love making my own hours

5. I love having how much i make dependent on how hard i am willing to work

Anyone who doesnt love this business should find something else to do. Its too hard to do if you dont like it and you will never make a really good living over a long period of time if you don't enjoy it.

Jun 1, 2010 8:10 pm

It's still true that once you are established, Bob's list is applies.

And, I enjoy doing some kind of greater good.

Life will probably become more miserable for hacks who are just making it:

http://www.investmentnews.com/article/20100530/REG/305309967

Jun 2, 2010 10:08 am

[quote=RealWorld]

Things have just changed. I always was a huge finance buff, but as time has gone on - I have learned to resent the current occupation.

I think it is the 3 headed monster of having a performance chart, having 368 households, and having the job of coming in everyday to gather new clients or assets.

I constantly feel like these 3 tug at me on a regular basis and I am worn out. I guess I was reaching out to see what others thought or if they have been through some interesting times in the field and found ways to get through the tough times. B24- you really can't love everything about the job can you?

Navet- good post

[/quote]

RW,

You are right, I don't love EVERYTHING about it.  I don't love prospecting (or even like it), but it is sort of the thrill of the chase.  I know that prospecting is the hardest part about the job, and that eventually, once I am at critical mass, I can refine my prospecting and not be so "needy".  And along with being new-ish is that lack of adequate income (compared to my previous career).  But honestly, I love virtually everything else.  And if you knew the type of stress and hours involved with my previous career, you would understand why.  It is so much nicer to be in control of so much of my job.  I can constantly refine my process, redefine my work.  In other careers, 95% of your job is dictated to you (even in leadership roles). 

One of the things I have found that helps with the pressure is to really focus on your busienss plan.  And not the goofy Jones business plan, but more the numbers.  Focus on what recurring income you need to be "settled" for right now (enough for an adequate income and always hit your performance requirements).  Then figure out how much you need to add in assets to get there, and how long it will take.  Start writing down the clients to get new assets from, and the prospects that are strong potentials, etc.  Put as much larger stuff into fee-based investments as possible.  Let the smaller stuff fill in to hit your numbers while you build your fees.  Scan your book and see if any clients make sense to convert to fees (again, where appropriate).  This should typically be your larger clients, closer to, or in retirement, that you are servicing regularly and providing ongoing advice to - not clients that you ignore.

Focus on what you want your book to look like.  With 368 clients and a lot of stress, I am guessing you have a lot of small clients, or lots of non-performing assets.  With that many households, you SHOULD be able to build a  sustainable book.  Try to identify the top 50-100 clients that are "ideal", and start focusing attention on them....find more of their assets, try to get referrals, give them a higher level of service, look for added services (i.e. insurance), convert them to fees, etc.  What is the makeup of your book?  How many assets in the top 100 clients?  I am guessing you have $23-27mm AUM?  If you could just get $10mm in Advisory/C shares/MAP, that would get you probably halfway to your goal every month.  Then with a few commissions, some insurance, etc. and you are doing well with a lot less stress.

Also, automate your prospecting.  Find recurring activities you can do....# of calls, # of networking events, # of lunches or seminars, etc.

Jun 2, 2010 10:34 am

If you came through the last decade (I did) and still love this job, that's as good a confirmation as you'll ever get that you are in the right place.  Like B24 says, I don't love all aspects of the job every day, but I know that this is where I'm supposed to be and I sincerely hope I'm still able to do the job when I'm Marty Whitman's age.

RW, I'm guessing that the hate you feel is more about who you are working for than what you are doing.  You have the power to change that and if I were in your shoes, I would.

Jun 2, 2010 3:36 pm

You may find that the things that you hate often follow you wherever you go. We all have friends who have been in multiple marriages or relationships that claim there is always something wrong with the other person. As to your job, I think it's a mistake to think that it will make you happy. Happiness is your responsibility. And yes, I know that even though I am responsible for my own happiness, other people seem to be very much able to make me miserable. Well, the truth is that we are also responsible for our own misery. We can learn to recognize and control our own emotions. In the process of doing so we become happy. Adding compassion for all others gives our life purpose. We are alive. We are human. We are living in a great country. We have freedom. We have decent health. We have opportunity. We have enough to eat and a warm place to sleep. We probably are getting some nookie every now and then. Do you all realize that most of the people alive on this planet now and in all of history would gladly trade places with us? Count your blessings. Deal with your emotions. Change what truly needs to be changed. Choose to be happy.

Jun 2, 2010 4:34 pm

Seriously though, spare me the comments about my self deprication and let me know who and how in this industry you have been finding joy in your career?

I think even the markets and finance stuff and tasks are pretty boring, so you have to reinvent yourself. I always have a theme.

Right now, it is simplicity. Three things: Service, Social, and CFP (continuing ed. , reading journals). I have a little sticky with three circles. I like the social part (golf networking), but frankly, even golf can become a little tiresome.

Simplicity helps deal with a complex world. You might find some joy and career motivation reading some old Nick Murray stuff, if you have not already.

As for the stress of peddling equites, it is our job to give people courage, plain and simple. Our job is to be courageous.

So in that sense, loving your job can be tough love. Like, St. Paul's love, for your clients.

Love is patient, love is kind. It is not jealous, is not pompous,
it is not inflated, it is not rude,
it does not seek its own interests,
it is not quick-tempered,
it does not brood over injury,
it does not rejoice over wrongdoing but rejoices with the truth.
It bears all things, believes all things, hopes all things, endures all things.
Love never fails.

I believe that Nick Murray believes that we are doing spiritual work here. I'm just saying, he's the guy that turned me on to that idea.

Quitting or even being bummed out is like bailing on yourself, your family, your clients. IF you're supposed to be doing this kind of work. Is it your gift?

Jun 3, 2010 12:50 pm

Dude, get yourself a Porsche and a girlfriend on the side, don't sweat the small stuff, get back on the phone !!!

Jun 3, 2010 2:19 pm

Hah, well said BondGuy.

Jun 3, 2010 4:09 pm

Yeah, be cool like lefty and run out and buy a Porsche.