Breaking into the Industry
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[quote=Starka]
Yup.
Put a quarter in the slot and play "ClerkBoy".
We own you, chump.
[/quote]In your world, where lies are truths, down is up, wrong is right.
But in the world of decent human beings there will never be room for those of your ilk.
I'll cast my lot with the decent folks who I encounter in the real world and continue to point to those of your ilk as everything the rest of us never want to become.
Those of us who have self respect, a moral compass, and an actual career don't get those of you who are 180 degrees out of synch with our reality but we do know you exist.
He’s certainly submerged without any guidance. The pressure on the hull
has got to be worthy of an opera. Something Teutonic. Wagoner? (O2
notes: German name for documentary - Das Put)
I’ll give you some ammo Putsy. I am off to see Tower of Power open up for the one and only Herr Tom Jones.
[quote=Mojo]
I am off to see Tower of Power open up for the one and only Herr Tom Jones.
[/quote]
That’s one of the bad things about living in New York, you never get to
see somebody of Tom Jone’s stature–or to go to such nice places as
downtown Oakland.
It’s worth it to not have to share space with someone as contemptible as yourself.
[quote=Starka]It’s worth it to not have to share space with someone as contemptible as yourself.[/quote]
One wonders what you find to be contemptible?
No doubt you resent my success–but that’s not a good definition of contemptible.
No doubt you resent my “outing” you as a penny stock whore–but that makes you contemptible, not me.
The truth be told, there’s not a single thing about me that’s
contemptible. Instead I’m exceptionally experienced, relatively
accomplished and wonderfully articulate.
Lots of adjectives apply to me, but contemptible is not one of them.
Go to Edward Jones, they have THE BEST TRAINING, learn everything you can!
When you can produce atleast 250K GROSS, then head out to an INDY Firm as fast as you can............
Why would anyone that can produce, stay for a 38% payout, when as an INDY you can get 60% or more payout ? But to start out go to Edward Jones
Contemptible, despicable, failure-prone, racist, sexist, narcissistic, delusional, incompetent, oh the list goes on concerning adjectives applicable to you, ClerkBoy. You're nothing, and you just can't stand it. So you must make pathetic attempts to demean your betters.
Tragic. Very sad. To think with all of your supposed connections you could have risen to the level of mediocre, given your intelligence. All wasted. Very sad.
Oh, by the way. I still own you.
[quote=Player]
Go to Edward Jones, they have THE BEST TRAINING, learn everything you can!
When you can produce atleast 250K GROSS, then head out to an INDY Firm as fast as you can............
Why would anyone that can produce, stay for a 38% payout, when as an INDY you can get 60% or more payout ? But to start out go to Edward Jones
[/quote]Let's see if I have this right.
If I'm doing $250,000 at Merrill I can earn 38% or $95,000 but if I go to an "Indy" firm I can earn $150,000. Why that's $55,000 more than I would make at Merrill!
But I have to pay the other half of my FICA; I don't have a 401(k) match; I have to pay my own phone bill; I have to pay for my own lease; I have to pay for my own health insurance; I have to pay for my own office; and I have to pay for my own assistant.
And that's just what I could think of at this early moment. I may be wrong--but it would be fun to read how I'm going to pay for all of those things without reducing my share of the $150,000 to less than $95,000.
You know--even if I kept 100% of the $250,000 I think there's a good chance that I'd spend more than $150,000 per year on all those things.
[quote=Starka]Pig headed and misinformed as usual, ClerkBoy.[/quote]
Poor Starka, he can only muster monosylabic words, and very few of them at a time.
If he had an IQ higher than the room temperature he’d be able to debunk
what I have to say instead of simply sneering that I am wrong.
If you keep your room at 151 degrees F, you’re right. If not, ~sigh~, ignorant and misinformed, as usual, ClerkBoy.
[quote=Starka]If you keep your room at 151 degrees F, you’re
right. If not, ~sigh~, ignorant and misinformed, as usual,
ClerkBoy.[/quote]
Ooh, you know how to use that funky key in the upper left hand corner of a keyboard, the ~ key.
That’s very impressive–pretty soon you’ll be able to walk and chew gum at the same time.
Now, why not attempt to incorporate that as you debunk what I have to say?
OK.
ClerkBoy, if it cost you more than $150,000.00 to run an office with revenues of $250,000, you're either a liar (a strong possibility) or a complete moron (a strong fact), and complete morons are rare.
Therein endeth the lesson.
[quote=Starka]
OK.
ClerkBoy, if it cost you more than $150,000.00 to run an office with revenues of $250,000, you're either a liar (a strong possibility) or a complete moron (a strong fact), and complete morons are rare.
Therein endeth the lesson.
[/quote]I have never done it, so it's impossible that I'm a liar. I am also anything but a moron.
What I said was that I believe it is possible to spend $150,000 to keep an office, with an employee, open. There is rent, utilitiies, salary, supplies, FICA, insurances, the list is quite long.
Try again Starka--you're proving yourself to be a lightweight with nothing but sneering comments. Give me an idea of how I can run an office for an entire year for less than $150,000.
Yes, you are a moron. The problem from your perspective is that you’re the only one that doesn’t know it.
Give me an idea of how I can run an office for an entire year for less than $150,000.
Not everyone lives in expensive urban areas with their corresponding expensive rents,wages and cost of living. Many successful advisors choose to live and work in more rural/suburban retirement destinations. Granted my clienetele is somewhat short in the age 20 to 35 demographics, but I think I make up for it with the age 45 to 80+ affluent retirees. The thinking that there are more opportunities in the "cities" merely because there are more people is not always true. (Digressing briefly into political area here...sorry) Many advisors from the Blue enclaves look at "rednecks" and "red states" as nuckle dragging neanderthals and a vast cultural wasteland. Too bad. Many of my best clients are ranchers and farmers, who to look at, you wouldn't think have two cents to rub together, however they are mutli millionaires and loyal clients.
I listed in another post my bare bones overhead (without employee at this time) as approximately 18K a year. Even if I pad it out by 100% to 36K and add an employee, who at current wages in this area would be thrilled to have a salary of 24K a year, I am still far below your 150K mark. Sure I could spend 150K to have an office, but it would be overkill. Granted I am not a million dollar producer, but I don't need to be to live a million dollar lifestyle. It is all relevant to your circumstances and level of need/greed. I am happy with mine.
[quote=Put Trader]
But I have to pay the other half of my FICA; I don’t have a 401(k)
match; I have to pay my own phone bill; I have to pay for my own lease;
I have to pay for my own health insurance; I have to pay for my own
office; and I have to pay for my own assistant.
[/quote]
Pu+sy, there’s something strange about this comment.
I am going to be in NYC next week P-boy. Three stops and a show (I can
still get an extra ticket, unfortunately ~cough~ it’ll most likely be o
solo mio for you). I’ll be hanging out at a “Long House” on the
westside (go go gadget…good look house-dick even the kids from Carmen
San Diego would solve this one).
Put, as Babbling L points out there are a lot of variables in costs in running an office, with the biggest two being rent and staff. But, regardless, the ecomomics for someone doing $200k gross do work out as an indy, unless they're throwing money out the window (or perhaps are in a high rent/cost area like NYC).
While I personally feel (and I know many indies can rightly disagree based on their personal experiences) that a $200k solo indy producer is not going to net meaningfully more than being at Merrill (assuming they're "doing it right" by having a good office and an assistant and they're not in a lower cost of living area - but that's a personal choice), there's at least two things you're missing.
One is that one beauty of our business is that costs are relatively fixed regardless of production. So for sake of example/argument, let's say that that $200k producer goes indy and his/her net is a wash with being at Merrill. The very next dollar of payout above $200k is pure pre-tax incremental profit in their pocket. So, as that rep goes to $250k, $350k, etc., the margins widen considerably because their costs are fixed. So, if they were break-even vs Merrill at $200k, when they grow to $300k they're making a net of $80k/yr more than at Merrill (assuming 80% indy payout after ticket charges). And the numbers keep growing from there.
Secondly, you're missing that for many indies the business economics are not the sole driving point. As an indy, I'm running my own show. I don't have a Branch Manager or other corporate types trying to impose his will on how I do my business. I don't have silly mandatory weekly sales meetings. I can hire an assistant of my choosing who is solely dedicated to my business (instead of that poor Merrill rep who's sharing an assistant with 2 or 3 other guys). The moment I became indy I have an asset on my balance sheet (my book) that I didn't have at Merrill. I can design a retirement/benefits program that is tailored to my needs, rather than being stuck with a shoehorn into what Merrill provides. I can hire & supervise other reps & get an override. The list goes on.
Merrill will continue to take 60% of my production and I have no control over that, even for larger producers (do you really think the $600k Merrill might keep on a $1mm producer is giving that rep $600k of value?). Yes, some of that goes to my benefit (an office, assistant help, phone, etc.), but the lion's share of that is paying for overhead that doesn't directly benefit me (branch manager's salary/bonus, regional manager salary/bonus, training programs for rookies, up-front deals to recruit other reps, etc., etc.). As an indy, I control what I do with my money, instead of Merrill arbitrarily keeping 60%. I can make my own business decisions on what and how I choose to spend my money. If I want an office in a class A high-rise furnished with antiques, that's my choice. If I want to buy my own office building/condo as an investment, that's my choice. If I want to rent an executive suite or storefront, that's my choice.
In sum, Put, you're being myopic in your analysis.
[quote=Duke#1]
In sum, Put, you’re being myopic in your analysis.
[/quote]Or maybe I know exactly what it’s all about and am simply acting as the ringmaster.
The boys and girls should note that Duke actually wrote many words in a
coherent format–unlike Mojo who has yet to form a meaningful sentence
or Starka who cannot seem to get past sneering.