Escape from the brokerage business

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Dec 15, 2008 8:54 pm

Hey Guys,



I respect you all here on this board.



THIS JOB IS CRAZY. THERE LITERALLY IS NO MIDDLE GROUND. IT'S EITHER GREAT OR IT SUCKS DONKEY BALLS.



I've been grinding for about 7 years as a broker. I almost got my branch over the top last year. It felt as if we had finally "made it". I had a firm switch that set me back in year 2. Spent the last five years at Jones. I'm in a small isolated town. My town is about 30 miles away from a larger city that the Wall Street Journal called "The Poster Child" of the foreclosure crisis.



Business starting getting bad here about a year ago. I've tried to stay positive. I've tried to stay upbeat. I know all the sales jargon and techniques. My branch is surrounded by asset inheritors. They all have it bad too but at least their seats are secure.



I hate to admit this, guys, but I'm thinking about leaving the business. Too be honest, I'm not really sure I enjoy it anymore. It's strange. The only thing my loyalty has done is push me to the brink in the worst job market in 20 years.



I'm noticing my branch office assistant is practicing this strange ice cold detachment with me. for some reason that pisses me off as well. I know she;'s just looking out for her own seat.



QUESTION : IS THERE A GOOD WAY TO LEAVE THIS BUSINESS??



It seems like the firms want to beat you down before you go. I understand business and I know firms as standard practice have to "blame the broker" when things go wrong. I take my share of the blame. On the other hand, the worst market since 1931 also has a bit to do with it.



I feel like I got to push till I "get fired" because I will need the unemployment. I have a sneaking suspicion the firm will try to jockey me out of the unemployment.



I have an MBA. After 7 years am I pigeon holed into sales?? I'm burned out on sales and chasing people around.



ANY THOUGHTS FROM OTHER PEOPLE THAT "ESCAPED FROM NY" ?????





Thanks, if I sound crazy I am.



Sword

Dec 15, 2008 9:08 pm

KC, first off, I think jerking around just to get fired is sort of a stupid thing to do. I just couldn't do it out of self-respect. But, I think you need to think about what you WANT to do with your life. Figure that out first, then figure out your exit strategy. Your best bet is to come clean with your Regional Leader. Tell him what you plan to do, and tell him you will make the transition smooth for the person replacing him. Maybe if you agree to stay on until a replacement is identified (this is all assuming you are leaving the business), the transition will go better. But that's just me.



I assume this is the West Coast? Las Vegas? Miami? I don't think you were suggesting it was near NY, right?

Dec 15, 2008 9:11 pm
B24:

KC, first off, I think jerking around just to get fired is sort of a stupid thing to do. I just couldn't do it out of self-respect. But, I think you need to think about what you WANT to do with your life. Figure that out first, then figure out your exit strategy. Your best bet is to come clean with your Regional Leader. Tell him what you plan to do, and tell him you will make the transition smooth for the person replacing him. Maybe if you agree to stay on until a replacement is identified (this is all assuming you are leaving the business), the transition will go better. But that's just me.



I assume this is the West Coast? Las Vegas? Miami? I don't think you were suggesting it was near NY, right?



Granada Hills, Calif.

I think.




Dec 15, 2008 9:15 pm

Thanks.



I got to do some soul searching. Also, I never really stop working. I called a boat load of people today. I've felt over the last two months my "hope" of digging this branch out evaporate. I've been trying to employ a "work while I'm at work and look for another job on the side" type philosophy.

Dec 15, 2008 11:21 pm


QUESTION : IS THERE A GOOD WAY TO LEAVE THIS BUSINESS??

It seems like the firms want to beat you down before you go. I understand business and I know firms as standard practice have to "blame the broker" when things go wrong. I take my share of the blame. On the other hand, the worst market since 1931 also has a bit to do with it.

I feel like I got to push till I "get fired" because I will need the unemployment. I have a sneaking suspicion the firm will try to jockey me out of the unemployment.

I have an MBA. After 7 years am I pigeon holed into sales?? I'm burned out on sales and chasing people around.

ANY THOUGHTS FROM OTHER PEOPLE THAT "ESCAPED FROM NY" ?????


Thanks, if I sound crazy I am.

Sword

 
Dude, this may not be the route you want to take, but right when I was starting in the biz in '98, there was a guy in my office that sounded a lot like you do right now.  He had jacked his longterm disability coverage way up, totally smoked his book jamming everybody into B share Putnam Hartford VA's, posted his best year ever, then (and this is the tricky part) he burned out 70% of his respiratory capacity cleaning some crack den rental property he had with a mix of bleach and ammonia.  Not pretty, but he got out of the business and is collecting some nice tax free disability. 
 
As always, consult a physician before committing to any strenuous or potentially life threatening behavior. 
Dec 16, 2008 12:24 am
2wheeledbeemer:
Dude, this may not be the route you want to take, but right when I was starting in the biz in '98, there was a guy in my office that sounded a lot like you do right now.  He had jacked his longterm disability coverage way up, totally smoked his book jamming everybody into B share Putnam Hartford VA's, posted his best year ever, then (and this is the tricky part) he burned out 70% of his respiratory capacity cleaning some crack den rental property he had with a mix of bleach and ammonia.  Not pretty, but he got out of the business and is collecting some nice tax free disability. 
 
As always, consult a physician before committing to any strenuous or potentially life threatening behavior. 
 

 
That's some funny shit. 
Dec 16, 2008 2:08 am

Sword,

    Just quit.  Not everyone has the resolve that is needed to push through a nasty bear market.  No one will blame you, I've seen plenty over the years wash out.  Even if you stick it out through this one, another bear will hit on average every 4-5 years.  If you positioned assets too aggressively in your client portfolios, let the next guy deal with your mistakes.
Dec 16, 2008 9:57 am

I respect your tenure but that sounds like a total company man answer.

 
Just quit without unemployment.  I suggest you try a couple months of with zero cash coming in.
 
Sure, it takes resolve to get through a bear market - we all know that.  Some of these new guys have works in a flat decade.  The old timers were all told to idolize got started suring the idealic 90s. 
 
Also, I don't want to hear any more about the speedbump called the crash of 87.  It doesn't apply to what were going through now.
 
Sword.  Keep your head up.  Work when your at work.  Look for something on the side.  Take a few days off over the holiday and get your head together.
 
Glass Man
Dec 16, 2008 4:26 pm
rankstocks:

If you positioned assets too aggressively in your client portfolios, let the next guy deal with your mistakes.

 
Was this an attempt to kick the guy while he's down? I'm dumbfounded how you came up with a thought like this considering every portfolio, be it aggressive, moderate or conservatively managed, has taken huge hits this year.
 
Sword, best of luck to you.
Dec 16, 2008 5:55 pm

Dude,

 
Life is TOO short to feel like you feel.  I understand your thought process, but you've got to find another path.  As all Tony Robbinses out there will tell you, you need to find something you enjoy doing.  You're in a tight spot with the economy and the job market right now.  You are not pigeon holed into sales, you have the opportunity to go out and find somehting you enjoy doing.  Reach out to your contacts, surely you have some (friends, family, clients), and visit with them, maybe they can offer you something in the interim.  Try a job site like career builder, find something you can do until you find something you want to do. 
 
Best of luck to you man!