I have not been in production very long. I feel I have made a critical error in the company I chose to join. I sell 403-B's to teachers. Problem is, most of them only put away less than $100 bucks per pay period which comes out to about 3K-4K a year per client. I am independent and have no salary. I have a book of about 2.5 Million (mostly in annuity's).
Although firms/banks are likely to look down on my miniscule book, its actually decent for the 403-B market, and I am smoking my goals, and enjoy prospecting. Regardless, I won't make a livable salary for about 5 years doing this, and if I do stick it out (I will if I have no choice), its impossible to transfer accounts. (few firms have agreements w/ schools)
I am looking into some bank programs right now.
1. What should I look for concerning salary/payout? What other questions should I ask or things should I look for.
2. Do you think I will be stonewalled because of my small book (which isn't really transferable?)
3. Anyone have info on specific banks, good or bad?
Note: I will stick it out with 403-B's and my "Will Work For Food" sign if I must. I don't mention a wirehouse not because I'm afraid to prospect, but from what I have researched, I think I would fail.
I used to spend 10 hour days hooked up to a phone at a discount brokerage firm as a trader. I can't stand being on the phone that long. I prefer to be out and about prospecting and setting up accounts. I like my new job selling 403-B's much better. Just can't make a living off of it for a heck of a long time.
I used to spend 10 hour days hooked up to a phone
at a discount brokerage firm as a trader. I can’t stand
being on the phone that long. I prefer to be out and about
prospecting and setting up accounts. I like my new job selling
403-B’s much better. Just can’t make a living off of it for a
heck of a long time.
You see working as a financial advisor at a wirehouse–say UBS–as
being the same as being hooked to a phone at a discount broker?
When you say you were a “trader” what do you mean? Who was on the
other end of the phone you were hooked to for ten hours per day?
Essentially, people who were too stupid to figure out they could save money by trading online. Also lots of service (address changes, distributions, etc.) An order taker.Being on the phone all day drove me insane. I couldn't wait to quit. I understand that a wirehouse is completely different in that you are making cold calls all day instead of receiving trade orders. Regardless, I would be attached to a headset all day on the phone. I wouldn't survive 2 years of that.
Essentially, people who were too stupid to figure
out they could save money by trading online. Also lots of service
(address changes, distributions, etc.) An order taker.
That's not what is commonly known as a trader in Wall Street--you need to avoid using the term trader to describe a phone clerk job. Knowiing that I have a reputation for being less than polite I mean that to be polite--you could put that on a resume, get a call, and end up being embarassed.
I completely understand being driven insane by being on the phone all day. I believe you could find a wirehouse manager who would be willing to play along with whatever you have in mind as long as you're producing results. It's not cast in concrete that you must spend your life smiling and dialing--but the experience of so many of us is that it really does work.
When I was a rookie--way back about the time they invented fire--I so hated the phone that I started doing seminars. Seminars are no longer that interesting to the average investor--but I'd be willing to wager the value of my house that I could gather a full house at almost any Public Library for a seminar with the theme, "Using Options to Increase Your Investment Returns."
And by the end of the night I'd have them eating out of my hands just like LeRoy Gross could do. I taught him everything he knew--or maybe it was the other way around.