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Jul 13, 2006 10:50 pm

For someone new in the industry, if they work hard and do what it takes to succeed, how much can someone excpect to have under management in 1 year?

Jul 13, 2006 11:14 pm

Depends on where you work. Most wires expect say 6 million first year. This is very difficult 80% of people fail, if your under 30 I would say 98% of people under 30 fail.

Jul 14, 2006 1:17 pm
newkid:

For someone new in the industry, if they work hard and do what it takes to succeed, how much can someone excpect to have under management in 1 year?



Depends on the firm.  BankRep is correct that most wires expect about $6M in the first year.  At a tier three firm you'll be lucky to have $600,000.

Note that some firms exclude certain kinds of production from your goals, so read the small print before doing apples-to-apples comparisons.


bankrep1:

Depends on where you work. Most wires expect say 6
million first year. This is very difficult 80% of people fail,





Bankrep's right in saying that the failure rate is high.  However, I think his numbers are somewhat exaggerated.

I've been interviewing sales managers lately, and this is one of my favorite interview questions.  I've heard pretty consistent numbers from everybody.  They say that the industry wide success rate is 20%.  The wirehouse success rate is between 50% and 65% depending on the firm.  It may be temporarily lower if the firm is undergoing lots of changes (one particular firm comes to mind).

The success rate of trainees placed by my firm is significantly higher,
but that's not a surprise since BMs pay headhunters to find the "most
likely to succeed".

bankrep1:

I would say 98% of people under 30 fail.



The success rate goes up dramatically if the candidate has maturity and previous sales experience.  Apparent physical age is definitely a huge factor in winning client trust, but a mature, determined kid can still succeed with the right personality and sales approach.

Success rates also rise and fall with market performance.  This is especially true at tier two and three firms where your clients may be less experienced with the bull-bear cycle.




Jul 18, 2006 4:07 pm

remember, a good hitter bats in the 300s.  that means ~7 times he is standing next to the plate, he FAILS.  only remember success, not failure. 

Jul 18, 2006 6:30 pm

I will admit my #'s are exaggerated. If your under 30 you have maybe a 90% chance of failing

Jul 19, 2006 3:01 pm

i am under 23 and I will WIN

Jul 19, 2006 3:33 pm

Special K I salute you! What events are you entering in this years' olympics?

Jul 19, 2006 5:22 pm
JCadieux:


Success rates also rise and fall with market performance.  This is especially true at tier two and three firms where your clients may be less experienced with the bull-bear cycle.


Begs the question: what are the tier 1, 2, and 3 firms, in your opinion?

Jul 19, 2006 6:51 pm

OK... I bet you will, Call me in a year my brother is regional for enterprise rent a car I will get you a job

Jul 19, 2006 6:54 pm
opie:
JCadieux:


Success rates also rise and fall with market performance.  This is especially true at tier two and three firms where your clients may be less experienced with the bull-bear cycle.


Begs the question: what are the tier 1, 2, and 3 firms, in your opinion?



That's an excellent question, Opie.  I've been asked to share my opinions on this topic on several occasions.



But I've always declined to do so since that's a good way to start a
fight on this board.  Next thing you know, they'll be name calling and
finger pointing and Kool-Aid splattered on the walls.


The relative standing of individual firms is a highly debatable subject.


In this context it's safe to say that some firms are better than others
when it comes to client retention in an uncertain market.  I think most of us would agree that a poor firm reputation, narrow product platform or unresponsive back office would be a big handicap.



Jul 20, 2006 4:52 pm

i am in 5 years, i am 31.


EVERYONE else I have seen since me has since left/fired/starving if still here.

Jul 20, 2006 9:35 pm

frumhere,
what are the three main things that you think got you here?

Jul 21, 2006 11:32 am

I as brought up lower middle class, had no money and had a family, therefore I had no choice but to succeed.  I worked with an FA that really screwed me at the end of our partnership, but decided to take away the good (marketing, etc) and not focus on the bad.  I HAD to succeed.  I also read a ton of sales books and listen to tapes.  I also wrote down my long term goals and check them frequently.  Read Brian Tracy material, Zig Ziglar material, JD Edwards tapes Think and Grow Rich (don't remember author).  This business is great because you don't have a base salary so there is no limit of how much or how little you make and when you chose to make that money. Make it work.

Jul 21, 2006 11:40 am

Good post, frum.

Jul 21, 2006 11:54 am

anything to help a brotha  

Jul 21, 2006 12:28 pm
frumhere:

I as brought up lower middle class, had no money and had a family, therefore I had no choice but to succeed.  I worked with an FA that really screwed me at the end of our partnership, but decided to take away the good (marketing, etc) and not focus on the bad.  I HAD to succeed.  I also read a ton of sales books and listen to tapes.  I also wrote down my long term goals and check them frequently.  Read Brian Tracy material, Zig Ziglar material, JD Edwards tapes Think and Grow Rich (don't remember author).  This business is great because you don't have a base salary so there is no limit of how much or how little you make and when you chose to make that money. Make it work.



"Think and Grow Rich" was written by Napolenon Hill.  Great book.

Jul 21, 2006 1:50 pm

5 years later, it is still in my bathroom where is read it a bit each day!

Jul 21, 2006 1:57 pm

thanks frumhere for the insight. I am really glad I have been on this site for a while now, because before hand I thought it should be a piece of cake being an FA and now i'm scared sh*tless, which I think is a good thing since now I am expecting the hardship and will go at it with full throttle. Currently I am working parttime in IT sales trying to build my sales skills, I have a list of about 20 books that I am going to read. Currently I am on millionaire next door. I can not wait to graduate to start my life

Jul 27, 2006 10:21 pm

I did not have an ounce of sales experience prior to joining MS. The only similarity to selling IT and selling investments is that you will hear NO alot.  If it hurts, don't become an FA.

Jul 28, 2006 2:04 am

Jeff,


No offense, but you are supposedly one of the people on this board with your hand to the "pulse" of the industry so why won't you share with us how you see the firms stacking up.  I'm sure the people that are always negative will bash you, but that is all they do all day long.  Everyone else will certainly get some value from your insight into the industry.  I think we would all agree that we would be interested to hear how you feel the different firms stack up in the different venues, ie. wirehouse, regional, insurance, independent and then also how they stack up overall. 


Otherwise, it is starting to feel that you and some of the other recruiters here are just looking for opps. to help yourselves and not add value to the discussion.


Your viewpoint on the industry is different than most of ours, so please share your opinions.