First year expectation with a head start
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I have to agree with Spud. When starting out, the worse thing you can do (almost) is to bring your family members and close friend's money under you. When you are just starting out, how much "industry knowledge" do you really have - besides the older broker hanging over your head waiting to pounce on your accounts when you fail! Once you have established yourself in the business, then you won't even need them - so it is a moot point. Definitely use family and friends for referrals, though. Even that shouldn't stop your cold calling/door knocking/cold walking/or whatever you prefer to do to.[/quote] So don't screw your family... but stick it to their friends and coworkers??[quote=CORR] [quote=Spud34] If you are going to become an FA, you need to learn how to build your own business, not live off of your Mommy’s money. As a newbie, DO NOT make family members or friends your clients - you might end up losing both, as well as their money.[/quote]
At first, I had a problem with asking my family to be clients, but that feeling went away. It went away because I realized that they don’t have industry knowledge to guide their finances, and I owe it to them to give free advice.
Now - friends are different. Friends are a great source of referrals; and I do charge them.
You may want to consider a turn key deal with First Variable UIT’s you can get paid and not destroy your mothers future. The reality is, having a BA in Econ myself, it is less than zero when it comes to making money in th market. You best let somebody else do the trading.
[quote=Squash1]So don’t screw your family… but stick it to their friends and coworkers??[/quote]