Location, location, location
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Guys - at the risk of sounding ignorant and new, (of which I am both), all
other things being equal, what’s the best way to assess if it would be
better for a new broker to:
A) Start in his own community of 35 years (small blue-collar’ish town
that’s on the rise), with a moderate network of referrals and less
competition but with aging population and somewhat less per-capita
income)
or
B) In a more affluent college area 35 miles away with more business
growth, but with no referral network and more competition.
Over…
If you have what it takes, you will succeed wherever you happen to be. Where do you want to live?
Understand, annymous. Maybe it “just don’t matter”. I don’t wish to relocate.
Would like to stay put if I could make it work, but not against commuting to
alternate community if it increases odds of success.
I think you’ll do better in your home town. You just have to get past the “Timmy-the-paperboy” stuff.
I think your hometown is the best option.
I work for one of the major firms and you might be surprised at the number of big producers located in small towns. Also, towns that don't seem very affluent can actually have relatively concentrated wealth, which is a good thing if you can find that money.
The odds are so stacked against success in this business that I suggest you use any advantage you can find.
Go to www.fdic.gov and pull-up the deposit balances for the banks in the area. That will give you an idea of the potential business opportunities that might be available there.
For example, if the deposits of all the banks in your area total $100 million, maybe figure 5%-10% of that figure could become your AUM. (Note: there's no basis for the percentages I used. It's just the way I "ballpark" the potential of a town before I market it.)
Thanks guys - much appreciated. doberman - thanks! I didn’t know one
could get this info! I spent some time on the fdic site but didn’t find a
method to list all banks in a particular town (came close doing a search on
County but the list was not complete) I’m sure I didn’t have a setting right.
Would you mind tossing me a bone bone and post the link to the
aforementioned web page within fdic.gov…?
Thanks in advance…
[quote=Andre017]Thanks guys - much appreciated. doberman - thanks! I didn't know one
could get this info! I spent some time on the fdic site but didn't find a
method to list all banks in a particular town (came close doing a search on
County but the list was not complete) I'm sure I didn't have a setting right.
Would you mind tossing me a bone bone and post the link to the
aforementioned web page within fdic.gov...?
Thanks in advance...[/quote]
You could start here: http://www2.fdic.gov/sod/sodMarketBank2.asp
If that link fails you, try starting here:
http://www2.fdic.gov/sod/sodMarketBank.asp?barItem=2