Any young FA's out there? under 23

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Jun 11, 2006 4:18 am

Where do you work?
When did you get started?
How much AUM?
any tips for starting young?
how do you like your job? what are the cons?
where do you see yourself in five years? how about 10?

Jun 11, 2006 9:54 am

I know of a guy that got hired at 21 at jones, other than that most of the ones I know of are 25 or so.

Jun 12, 2006 8:18 pm

there has to be some young fa out there. please give your insight in the career for starting young.

Jun 12, 2006 8:32 pm

It makes your job that much harder.

Jun 12, 2006 8:52 pm

I'm 22, got offered a position at a wirehouse but decided not to take
it.  Being young and straight out of school you really don't have
any credibility with the older crowd.  My dad even told me he
wouldn't let me manage his money until I'd proven myself. 
Speaking with the Sales Manager however I think was a great
opportunity.  He was brutally honest with me, unlike some other
firms were, on how hard the business is, what works and what
doesn't.  I had the opportunity to develop a business plan, and
even though it was no where near complete, it was a start, I had a
professional go over it with me, and now I have at least 3-5 years to
go become involved with the organizations I want to be involved with
and fine tune my business plan, how I want to prospect, who I want to
prospect, etc.  As someone in your age group my advice would be to
go get experience someplace else and come back in a few years with more
life experience, and a strong network to prospect.

Jun 12, 2006 10:59 pm

Sorry about that.... Machinehead- sound slike you made a prudent decision... Good luck and come on back in 3-5 years and make it happen...

Jun 12, 2006 11:28 pm
blarmston:

Sorry about that.... Machinehead- sound slike you made
a prudent decision... Good luck and come on back in 3-5 years and make
it happen...





Thanks, I didn't want to blow my chance at my dream job when I know I
can come back in a few years and have a much higher probability of
success.

Jun 13, 2006 12:23 am

then where should one at this young of an age begin?
just take the job that pays the most?

Jun 13, 2006 9:43 am

I wouldn't say pay should be your only criteria for your first job. My first job was a research job with a major bank, which was paying slightly below some of the other jobs that I had reviewed.  After two years of hard work and progress towards the CFA (which my employer had encouraged), I was making double what I started at.  I would look for decent pay and career growth/learning potential.


Wealth Managment departments of major banks are not a bad place to start.  You would learn to work with very high net worth individuals, work with some experienced individuals, would have stable employment, and an organization that usually is willing to pay for some designations (CFA, CFP).  Then make the jump.  You will be much more attractive to firms and clients.


Jun 13, 2006 12:51 pm

WFL1 that was a great post that I was waiting for.

any more ideas? I'm 21 and going to be graduating from a good school in socal with a degree in math and management.

Jun 13, 2006 1:39 pm

Good question....great responses.


Youth is one of the major obstacles in this business.  If you have a chance to be a junior partner with a successful broker it may be of help but I agree with the patient approach.....build some sales skills and successes before you try to embark on this career path.

Jun 13, 2006 3:31 pm

I would say definitely have some sales skills or develop some. Some kid
straight out of college with no relevant skills probably has little or
no chance. Ask yourself this. How do you carry yourself? How mature do
you act? If you became an FA you can forget about acting like a
kid  in public. 

Jun 13, 2006 6:45 pm

I would say get the CFP and start in a support position in a fee based firm within 2 years you'll be a junior planner and wiithin 5 you'll start to pick up your own clients by year 10 your account minimum will be 500,000 - 1,000,000.


If I had to do it all over again that is what I would do.  Instead I worked at a wirehouse, busted my ars making 20-40K for a few years then went to a bank made 150K, 100K, 80K (Got the CFP) notice the decline, went to somewhere I could build a real career made 65K, 85K and will be over 100K forever and building.  Good luck

Jun 13, 2006 8:08 pm

I am in the same boat. Recent college grad, and I have interviewed at all the wirehouses. I got offered by SB, but in talking with the ML manager, I came to the conclusion that taking a support role of some kind will greatly benefit me for a few years. I am looking at investment analyst roles on larger teams in the private baking divisions. I agree with you...get some good experience and make the jump when you feel you are ready.

Jun 13, 2006 11:23 pm

I am 23 and recently started. I have not had problems with old clients. A

few ask how old I am, but those have all done business with me. No

clients or prospects have walked from the table because I am young. In

fact I am able to close on most of the appts.   I think being young as an

advantage. The older, 40+ crowd or retired realize that they dont know

jack about investing. THe ones that think they do, you dont want as

clients anywayz. They realize im a young go getter, educated and that i

know my sh*t. You have to project confidence. Age is no factor sitting

accross from clients. That being said. You have to need to succeed. Not

just want. I was in the corporate world prior and I know what I dont want

to do. That motivates me to succeed here. I had the oppurtunity to join

EDJ earlier but passed to go corporate. I knew I wasnt ready yet and knew

I could come back later. It was the smartest decision for me.

Jun 13, 2006 11:45 pm

EDJ,


What is your average account size?  I am 31 and have trouble with my age.  If your prospecting the acounts I do your age will be an issue until your in your late 30's unless you look like that guy from american idol.  If your taking 40K accounts your age probably won't be to much of an issue.   I target assets of 250K - 1 million.


EDJIR2005:

I am 23 and recently started. I have not had problems with old clients. A
few ask how old I am, but those have all done business with me. No
clients or prospects have walked from the table because I am young. In
fact I am able to close on most of the appts.   I think being young as an
advantage. The older, 40+ crowd or retired realize that they dont know
jack about investing. THe ones that think they do, you dont want as
clients anywayz. They realize im a young go getter, educated and that i
know my sh*t. You have to project confidence. Age is no factor sitting
accross from clients. That being said. You have to need to succeed. Not
just want. I was in the corporate world prior and I know what I dont want
to do. That motivates me to succeed here. I had the oppurtunity to join
EDJ earlier but passed to go corporate. I knew I wasnt ready yet and knew
I could come back later. It was the smartest decision for me.

Jun 13, 2006 11:52 pm

I have clients from all ranges. Yes since Im fairly new to the industry I

have had a lot of 50-100k size accts. Some with nearly nothing. Ive had

several clients w/ 300-500 range and 1 about 750k. So far Ive dont

about 1.5MM In SMA's. I obviously would like the big accts, but so far I

havent run into any problems. So far so good!! Just cross my fingers. I

might have a problem later. I dont know. But no I do not look like Taylor

Hicks. I look like im 18 sometimes, but I just dont let it get in my.

NOthing I can do about it anywayz.

Jun 14, 2006 12:16 am

I am younger than you bankrep, and I really don't let age become a factor.  I have 4 relationships greater than a million dollars, and PLENTY of folks with million dollar net worth.


My avg account size is 96K (just looked at it on my rep report yesterday).


What issues specifically do you run into that brings your age into question???

Jun 14, 2006 7:48 am

I ignore my age but alot of potential customers do not. I have gotten this feedback from customers, another older rep, people are always asking my age how long I have been doing this telling me I look young etc.  It does not deter me from success, however, a little gray can go a long way.

Jun 14, 2006 7:27 pm

I started at a national firm when I was 23.  Age was a serious problem at the beginning.  Rightfully so.  There is no way in the world I would have given money to some kid to invest but some people did take that gamble with me.  I very quickly moved to an independent and took over a book of business from two old guys who retired - best move possible.  I basically supported the President with his clients also and it gave me great experience.

Do what you want.  Age can be overcome.  Best piece of advice ever given to me was that if you don't know the answer to something, tell them so and tell them you'll get back to them with the correct answer.  People always respect that and will automatically believe everything else you told them.