Failed as a FA - What's Next?

or Register to post new content in the forum

10 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.
Aug 15, 2010 9:19 pm

I did a search and did not find anything.

I am curious to know for those 85% that failed in their first 3 years, what opportunities came up?

I am considering the career - while I do not think I will fail, statistics show there's a good chance and I want to think of all the senarios and opportunities for people who failed in this career.

Thank you for all your inputs.

Aug 15, 2010 11:25 pm

Those 85% did not think they would fail neither.  Fortunately,  the world still needs ditch diggers, insurance salesman, Wal-Mart greeters, oh, and of course,  Edward Jones financial professional trainers.  Yeah, just ask the person that hires you if you can transfer to their training dept if you can't handle the 70 hour weeks, hundreds of    thousands of cold-calls,  the mass-mailings, and the 95% rejection rate of everything you try the first couple years. Oh, and don't forget the minimum wage income for  the first year or so to boot. Or so it feels for the blood, sweat, and tears you put in.

More seriously though, some of our failed rookies from WFA went over to NY Life, MML, and New England Sec.  A couple also went over to be bank brokers.  I never could really understand how they could make it there if they couldn't make it here.  Maybe the standards are lower?

Aug 16, 2010 8:37 am

I gotta say, what a ridiculous question!

This business is a life point check off. You always wanted to do this -check!

Doing this and failing leaves no lingering woulda-coulda- shoulda questions down the road. You gave it your best shot time to move on. Next up - hauling frozen chicken coast to coast for Stevens Transport. And, if that makes you happy-go for it!  If you fail at that - check! Time to move on to towing banners over Miami Beach - Check!  And on it goes until you find something that makes you happy. Doesn't matter whether that's mowing the grass down at town hall or becoming  a nurosurgeon.

Like the TV show Myth busters, failure in career choice is an option. Most fail because the career chosen isn't up to the expectations.Discussing the market while wearing expensive clothes while sitting in a perfectly appointed office that you drove to in your $100,000 car doesn't quite jibe with sitting at a grungy desk with a headset and cold calling for 12 hours a day. The reality doesn't fit the preconcieved dream and the foundation of failure mode sets in. This isn't how you want to spend your life, and the final nail is pounded into the coffin of your new career. Time to find something else.

The only opportunities are the ones you create. if you really want to be successful you will be.

Aug 16, 2010 9:08 am

There is a tunnel in this business.... you need night vision at first, but then you can see the light without it.

Go to the light..........

Aug 16, 2010 3:28 pm

Ask Navet

Aug 16, 2010 4:18 pm

As Bond Guy says, you must create opportunity.

Do you know how many licensed FA wannabees have called my solo office in the last year looking for work? Zero.

First you have to decide what you want. If you want this business, learn it any way you can. Be  creative and persistant. From my point of view, people are really stupid or lazy about how to get established in a profession where you can own your biz, work part time with a well-paid assistant, and easily net over six figures once you are in orbit.

What is the definitiion of failure?

Aug 17, 2010 12:55 pm

God damn some of these threads get me so f**ing motivated to get into production. Thank You.

Aug 17, 2010 1:28 pm

[quote=tenthtee]

As Bond Guy says, you must create opportunity.

Do you know how many licensed FA wannabees have called my solo office in the last year looking for work? Zero.

First you have to decide what you want. If you want this business, learn it any way you can. Be  creative and persistant. From my point of view, people are really stupid or lazy about how to get established in a profession where you can own your biz, work part time with a well-paid assistant, and easily net over six figures once you are in orbit.

What is the definitiion of failure?

[/quote]

Same here... zero.

I do a little bit of prospecting, but the only way it seems to get people to stick around is to motivate the hell out of them everyday.

Funny thing is, every Thurs. I do interviews... every guy/girl knows what they want out of the industry, but none knows what they have to put in.

Is everyone really this disconnected...?

Its not our industry but what people think our industry is...

Aug 17, 2010 6:12 pm

Interesting - just go the new FA mag, Roy Dilberto is talking about how our profession is misunderstood by the public.

And then you have an ad for Nick Murray's "new" $40 book, " The Game of Numbers ".

I think you could get started by cold calling or doing leads, but things have changed, too. If I had to start over, first I would learn the business by servicing the bottom of someone's book, (working as an employee assistant small account servicer and event marketer to conduct events for the owner's clients and their friends)  and then I would use my knowledge, experience and saving to start my own RIA or hybrid.

There is a huge disconnect between perceptions and reality, but remember, being a trusted advisor is more like being a doctor or spiritual advisor (your mental health, your physical health,  your money).

Looks like things are about to get better - regulations are getting tougher for the schmucks, and most Americans are getting serious about being frugal and saving.

Sep 2, 2010 4:20 pm

[quote=gethardgetraw]

Ask Navet

[/quote]

+1