1st Year Options

or Register to post new content in the forum

20 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.
Apr 10, 2009 2:01 pm

I'm a first year advisor at Waddell & Reed. I've got a decent book of business for about a year in the business - 14 clients & 1.1 million. However,  I'm not receiving any of the training that was promised, and we can only sell prop funds.

I've already lost some decent clients because they don't want only one fund family and pretty high expenses.

Here's my problem. I can't move firms with my book because it's all locked up with hefty CDCS's. No firms will take me w/o a book. Should I go RIA as a trainee again - or just keep building my business at a mediocore firm but with a decent income?

Apr 10, 2009 2:05 pm

How can you earn a decent income with 14 clients and 1mm AUM?  I hope to get that in under three months on the VERY conservative side.

Apr 10, 2009 2:07 pm

Insurance.

Apr 10, 2009 2:23 pm

Anyway, I'm not looking for smarmy replies, I'm looking for advice. 

Apr 10, 2009 2:45 pm

If you want training...Jones....

Apr 10, 2009 2:56 pm

Don't know much abour W&R(but don't they do Ivy Funds, those aren't prop)..

You don't bring in enough assets to do a RIA, no offense but $1.1M in a year is bad..
It sounds like everything you do is insurance, try AXA(i think they have advisors).. Or try building more assets (like $500K/month).. Or try Jones..
 
But you have to have more than 14 accts in the first 3 months at Jones..

I think the question that needs to be answered is why do you only have 14 accounts(run of of family members? )...
 
 
Apr 10, 2009 3:58 pm
1stYear:

Anyway, I'm not looking for smarmy replies, I'm looking for advice. 



What you are looking for and what you get are two different things.

You want to sell insurance take your pick of any major insurance company.  You want investments Jones seems to take people from all types of backgrounds.

Apr 10, 2009 4:00 pm

Jones or a big bank program might be an option.

Apr 10, 2009 4:13 pm
voltmoie:
1stYear:

Anyway, I'm not looking for smarmy replies, I'm looking for advice. 



What you are looking for and what you get are two different things.

 
So true Volt, so true.
Apr 10, 2009 4:53 pm
1stYear:

Anyway, I'm not looking for smarmy replies, I'm looking for advice. 




My advice is to go get a job. Your numbers suck and you probably don't have what it takes to make it. This business ain't for everyone. Also, you started at the sh*ttiest firm that there is.

Apr 10, 2009 5:13 pm

I should clarify, I've only been taking on clients since October.



Last March through October was testing and classes. (We didn't learn much)



Not a whole lot better, but that's 7 months instead of 12.



Appreciate the feedback.

Apr 10, 2009 6:23 pm

Select wirehouse firms are hiring even in this environment.  For the most part I heard that UBS, Morgan and Smith Barney are only bringing on trainees as part of a team.  Once again very little training, but you are pretty much going to get that everywhere.  I run a training program for a major wirehouse that is hiring a very select few individuals(not the ones listed...so you figure it out) and I would say that in this environment and starting from zero including no securities licenses...you are doing pretty well.  The only people that have been successful in my firm that I've trained in the last three years are the ones who had just gotten their licenses and been somewhere else for about a year or so.  They know what not to do this time around and if given a clean slate with a great platform(which you will have at any major firm...no matter what is going on in the news) they know how to hit the ground running and know what it takes.  Here's information for you, despite what other people on this forum will tell you(and FA's are notorious for saying higher numbers than the actual number they produce) numbers are way down in our industry.  I'm a fourth year guy with $3.82mm net new money year to date and it shows that I'm number 7 out of 519 in my peer group of fellow fourth years and number 719 out of 11,907 in the firm year to date.  You don't receive training from firms...you receive an environment with people in the similar situation and you learn from experience.  Everything I learned and everything I teach today comes from one book "The Million Dollar Financial Services Practice" by David Mullen, Jr..  That's the best advice you'll receive on here.

Apr 10, 2009 6:50 pm

I would get out of there ASAP. They own your clients. The more work you do the more of your work is theirs.

Apr 12, 2009 11:16 am

Training is something you must seek. It will not be handed to you (with the exception of maybe at Jones). As I am sure you have already noticed, this business requires "drive". That means in prospecting as well as gathering pertinent information on the industry. You must read, go watch others in action, attend conferences, network, ask for advice from senior advisors.

Most of all, you have to commit to this..............you cannot expect anyone to "hand you the keys".
Apr 13, 2009 9:42 am
1stYear:

I should clarify, I've only been taking on clients since October.

Last March through October was testing and classes. (We didn't learn much)

Not a whole lot better, but that's 7 months instead of 12.

Appreciate the feedback.

 
If you cant hit 10 new accounts per month, EJ may not even take you.
Apr 16, 2009 9:23 pm

Thanks for the advice. 

Apr 16, 2009 10:31 pm

1st yr -

Dont let the jag offs on this site bash you. Everyone starts at a different pace. Jones is a great place to start if you are looking for training. A bank program can also work, but I dont know how many of those actually offer good training like Jones would.
Apr 17, 2009 9:58 am

I know a guy at Jones that came from W&R. I would count the clients as a loss and start over. $1mm and 14 clients is easily replicated with a little work.

Apr 20, 2009 4:10 pm
Ron 14:

1st yr -

Dont let the jag offs on this site bash you. Everyone starts at a different pace. Jones is a great place to start if you are looking for training. A bank program can also work, but I dont know how many of those actually offer good training like Jones would.



Thanks,
I knew something was fishy when everyone was encouraging me to quit because "not everyone can make it." I've earned 22k this year, (in 4 months) which puts me on pace to earn way more then some other crappy profession straight out of college - I'm not considering quitting, only where I should build my business.

Apr 20, 2009 4:36 pm

You should decide on securities or insurance (yes their is a difference) because currently you look like an insurance guy(AXA sent me a letter today saying there are looking for people in my area) but if you want to build a securities practice you will have to bring in more(better maybe) clients and assets than you are now.


Insurance income isn't bad. My dad's friend runs an indy insurance office and spends most of his time in florida, while his secretary takes care of the office.