The big leap from CSA to Financial Advisor Trainee

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Oct 1, 2010 3:34 am

I've been with my broker about 6 years now, and he has now asked me to partner with him. Being a financial advisor is something that I have always wanted to pursue - I've completed my B.S. in Finance and I will be inheriting the "B" clients in our book.

My concern is that the firm I work with is telling me that I still have to meet a requirement of three new clients per month, at my FA's minimum ....which is $1M per new relationship. Eventually I will be closing business at this level, but to expect it out of the gates is a bit over the top.

I have a network of leads and prospects to work from. However, I don't know that I'm going to land 3 big fish a month.

Any suggestions?

Oct 1, 2010 8:00 am

I think of it this way... Look over the list of "B" clients and find the average household size. I would think this would make a more appropriate target and your "preferred minimum". By acquiring new clients above the average, you will increase the average.

Oct 1, 2010 11:16 am

A newbie opening 3 1m+ relations per month? Ha, yeah right... 

A typical rep that I know, with say a 100m book, has something like 20 hhlds that are 1m+.

If you can open 3 1m new households per month, please contact me. I'll either hire you with a generous pay package, or you can teach my 19 yr veteran sorry butt how to prospect.

Oct 7, 2010 12:05 am

Thank you both for the comments...N.D., I've been reviewing the book and you have given me great advice. We're in the process of segmenting, so I stand to acquire clients out of the gate! BigFirePower, I agree with you as well...I thought my manager was insane to even suggest I could consistently close $1M business being so "green". However, if I am fortunate enough to accomplish this ....I a will take you up on your offer.

Oct 10, 2010 1:36 am

I doubt your Sr. "partner" is nailing 3 $1mil relationships per month. Goals should be a stretch, but attainable at the same time.

Oct 17, 2010 9:45 pm

I'm a CSA at JPMorgan PWM and cannot stand it.  I want to move into a producer role, but am not sure about the best approach.  Should I a) try to advance into the investor (associate) role with JPM PWM? b) go work for as an FA at Chase c) become a CSA or finacial advisor trainee with a wirehouse?  Any help is greatly appreciated.

Nov 6, 2010 1:30 am

Bigred if you had a decent manager she/he could give you some career advice. Ask the FA you support if you can sit in on some of the meetings - do you have sales experience?

Nov 7, 2010 8:26 pm

If you really want to be an FA and build a business don't partner up and work for someone.  Go to Wells Fargo Bank Platform and build for yourself.  You will be able to close 1 million Net new assets a month working in the branches using the existing clients of the bank.  Swallow your pride.   If you do decide to work for your FA, than congrats, you will make mediocre money for the next 15yrs or you will be out of the biz in two, and your FA will keep everything you work for.   You literally are falling into the biggest rap all wirehouses allow and should be arrested for.   The wirehouse model is broken, look around, there is a reason why ther are 2-3 big producers in each office and 20 bull shit FA's barely scrapping by.  Its called a pyramid scheme. 

Nov 7, 2010 8:28 pm

Oh yeah, your degree in finance means nothing, and B clients are B clients for a reason.  If there was money to be made off them your than your talented succesful FA would have allready done it. 

Suntrust

First Republic

US BANK

Chase

Wells

They may not be the best platfors to manage money, but since you have no clients who cares, but they are the best platforms to build 15-20 million a year. 

Nov 7, 2010 8:28 pm

Oh yeah, your degree in finance means nothing, and B clients are B clients for a reason.  If there was money to be made off them your than your talented succesful FA would have allready done it. 

Suntrust

First Republic

US BANK

Chase

Wells

They may not be the best platfors to manage money, but since you have no clients who cares, but they are the best platforms to build 15-20 million a year. 

Nov 7, 2010 11:35 pm

TickTock...I appreciate your insight...there is the problem, management.  I don't support an FA, I support bankers.  CSAs are managed by service managers/market administrative officers.  Investors are supported by investor associates and investor sales assistants who are managed by market managers--who also manager bankers and are the equivalent of wire house branch managers.  There is a huge disconnect between the service and sales disciplines at JPM, and it kills people like me.  Yes, I sold for NMFN for a while before a I came to JPM.  Basically, service side management wants to be a silo from sales and I feel they don't even want someone to cross over.  Its almost like I am in the bermuda triangle.