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Jan 9, 2007 9:07 pm

Since most of you are rookies and looking for advice on the forums, I am going to give you some.



Your co-workers are probably idiots, more than likely, you are gong to fail in your current wirehouse environment unless you're really really lucky. You do not have to fail in the industry, you just have to accept that it is jacked up at the moment. Your mentors are lying to you. If you were going to be successful you would see your income rising fast.



I wasted to much time prior to becoming successful listening to people tell me how successful I was going to be. My favorite line - Show me the money!

Jan 9, 2007 9:10 pm

Bankrep, no offense, but your post is very jumbled and it is unclear as to what your message is...I dont know what you are trying to say.

Jan 9, 2007 9:58 pm

lefty



Do you know how to read?

Jan 9, 2007 11:17 pm

If you want to be a smartass I can play too...Reread your paragraph and tell us your level of education.


Your co-workers are probably idiots, more than likely, you are gong to fail in your current wirehouse environment unless you're really really lucky.


If you had correct grammar it might make more sense. Are co-workers more than likely idiots? Or are we more than likely going to fail? What do idiot co-workers have to do with the probability of one of us failing? You don't make any correlation between the two or even attempt to create one.


You do not have to fail in the industry, you just have to accept that it is jacked up at the moment.


What does this mean? This is an 8th grade writing level. It doesn't make any sense


Your mentors are lying to you. If you were going to be successful you would see your income rising fast.


This makes just enough sense but you don't say what mentors are lying about, and I would have to infer that mentors are saying "you are going to be great"


You start a thread suggesting you are going to give us advice but it is a bunch of fragmented thoughts with little explanation and no transition between them.

Jan 9, 2007 11:21 pm

I wasted to much time prior to becoming successful listening to people tell me how successful I was going to be. My favorite line - Show me the money!


It might help to elaborate somewhat, or atleast explain why it was waste of time and how you would have done things differently. Is your favorite quote somehow connected to the previous sentence? You just put it out there.


I hope your writing style isn't indicative of your verbal communication skills.

Jan 10, 2007 8:43 pm

This carreer is a long long race, and sometimes it is a slow walk,
other times it is a sprint; it is important to understand that the good
and bad that happends in the short run should not be given too much
weight.



Making more money now without a sound long term plan to sustain a
business model will eventually flame out.  T the same time,
starting a race at a slow walk will not work either.  Find the
balance.



As for mentors and listening to others?  We make this way too
complicated.  Find good people that you respect and listen to
them.  Find several with different approaches and take what you
can from them.




Jan 10, 2007 11:39 pm

Dude or lefty that was black and white.



Even if your current position sucks, since one is surrounded by a bunch of unsuportive selfcentered a..holes you can make it, but this will not happen until you move!



Now if your lucky and you have a successful caring person/RR, who sees good in you for what ever reason then they may guide you to improve your chances, without that its 99% that you will fail. With them its 70% probable you will fail.

Jan 11, 2007 8:40 am

My writing skills become worse with every drink and when I worte that I had a few.



What I meant to say is the wirewhores bring in all these trainees with big dreams and they know most of them will fail. It is not they that the people they hired aren't ambitous and well rounded, why would they of hired them in the first place if they were all smucks? The training systems are outdated and they haven't found anyone bright enough to devise a plan where the majority of ambitous, well rounded trainees they hired are successful instead of the high dropout rate they have now.



Here is my story..



Started in a wire, was trained to smile and dial. Sat at a table cold calling with a about ten other trainees until there was just me at the table (they all left, everyone of them), after 6 months I had about 2 mil AUM (which some were house accounts I converted because they did business with me) and the branch manager decided because he liked me he gave me another 8 mil from someone who left. I worked hard and built my book up to about 12 mil after a year. Meanwhile, I had a friend who was in the bank channel for several years. His first year he had made 60K, his second 85K and then 120K etc etc. Today he makes well over 200K, I decided I was going nowhere being that I wasn't making as much as he did in his first year.



I started in the bank environment with about 20 others not rookies, but mostly newbies. Wirehouse failures and insurance guys etc. Today I think just about everyone of them are still in the business all making decent money. So people on these boards say the bank sucks, I laugh. I could take a huge check to go to any wirehouse I wanted, not going. I will add the megabanks are not a good place to work not just as an FA, but in any position they tend to change things to often and when you work on commission that is tough. So if you're failing and passionate about the business it's not your fault your not cutting it look elsewhere for a position.

Jan 12, 2007 8:31 am

Geesh - Just accept that fact that you didn't make it in the wirehouse environment. That's not bad, it's just that you are not the right type of person to succeed in a wirehouse environment.


It takes a certain type of entrepreneur, with a flair for rainmaking to tramslate personal/business relationships into wealth management relationships. Some people are good at it, some are good at other things.


Of course we all enter the business with high expectations. Of course the managers and companies that hire us have high expectations. Who would put tens of thousands of dollars into training for someone they expected to fail? It's a crapshoot on the part of the rep, and the company that hires them. But, maybe 3 in 10 stick, and become gazillion-dollar producers.


I'm glad that you're happy at the bank. I don't think that I would thrive in that environment, because I like knowing that the sky is the limit, and there's no ceiling to earning.


Good Luck. Nothing wrong with telling your experiences, please don't try to poison the water because you didn't fit. That is just your story-not necessarily what anyone else would experience.

Jan 12, 2007 9:52 am
bankrep1:

My writing skills become worse with every drink and when I worte that I had a few.





I sorta guessed as much.  I hope you weren't at the office.

Jan 12, 2007 12:32 pm

Actually, most of what he is saying is true.  But, hopefully the firm was honest with you about the failure rate before they hired you.


There is nothing wrong with the bank, as long as they don't make you push product.  Or put quotas on you.  If you are doing the right thing for the client, it does not matter where you are.


I think what some of these large firms do to young people and their families is disgusting.  Ameriprise is one of the biggest offenders.

Jan 12, 2007 6:52 pm
DaDonald:

Geesh - Just accept that fact that you didn't make it in the wirehouse environment. That's not bad, it's just that you are not the right type of person to succeed in a wirehouse environment.



It takes a certain type of entrepreneur, with a flair for rainmaking to tramslate personal/business relationships into wealth management relationships. Some people are good at it, some are good at other things.



Of course we all enter the business with high expectations. Of course the managers and companies that hire us have high expectations. Who would put tens of thousands of dollars into training for someone they expected to fail? It's a crapshoot on the part of the rep, and the company that hires them. But, maybe 3 in 10 stick, and become gazillion-dollar producers.



I'm glad that you're happy at the bank. I don't think that I would thrive in that environment, because I like knowing that the sky is the limit, and there's no ceiling to earning.



Good Luck. Nothing wrong with telling your experiences, please don't try to poison the water because you didn't fit. That is just your story-not necessarily what anyone else would experience.





DADON,



Your not getting it I was the successful one out of my group. The manager gave me clients to entice me to stay, I still left.



I can go to any wirehouse now, now that I have built a book and prosper, but why would I go to an environment that doesn't feed me new leads? If I was going to do all the work I would start my own firm.



There is no cieling at the bank if you're at the right one. I agree with the post saying what they do to young people is disgusting. If someone who is 40 can't make then well OK, but a 23 year old doesn't have what it takes to start on his own. There is no career path and that is wrong.

Jan 13, 2007 12:38 pm

I tell ya I woked at a spinoff of Ameriprise here .. where I am the guy left and took over a billion with him from American Express .. then he went on to replicate the system.. hires the kids right out of school so they know no different then its get your friends ..parents relatives ect involved..then go and phone for 12 hours a day and then make only $22k a year cause your are coming up .. oh and the work day is 6 days a week.. and they have a huge failure rate.. instead taking in a couple of good propsects...they hire in mass to fail ... sad .really sad..

Jan 13, 2007 7:32 pm

This bank rep character is a complete a$$


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 You don’t leave Merrill after about a year having 10 mil AUM just because you are not making enough- give me a break.  There are other reasons why you failed.  Period! 



Your also hammered at 8 pm typing on an internet forum about how much it sucks to work at a wire house- what a joke! 



      


Jan 14, 2007 9:00 am

Who said I worked at Merrill? I have not been "hammered" in awhile. You must be 23.

Jan 14, 2007 12:04 pm

Actually, you told me you worked at Merrill. 


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You openly admit the fact that when you wrote your original post you were intoxicated, hence the use of the word “hammered”.   


 


I am 27, at a wire, and doing fairly well…..     



   



Jan 14, 2007 3:08 pm

Having some drinks and hammered are hardly the same. I guessed as much, fairly well to a 27 yr. old means making more than his friend who works at enterprise rent-a-car.

Jan 14, 2007 5:06 pm

No, actually I am making SPIT now. 


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When I say I am doing well, I mean that I am getting out in front of people and they are starting to trust me.  To me, doing well means opening accounts and exceeding my numbers. 



Monetary compensation is mot my main concern now.  If I prospect, open accounts, build trust, and do the best thing for my clients; there is no question the money will come in a few years…..    


DirtyDeltaBro 
Jan 14, 2007 5:51 pm

When you break six figures you can start giving your opinion as of right now you should take my advice and dig deep into whether your on track to make any money ever.

Jan 14, 2007 6:06 pm

Hey I have a few in me and write some funny stuff on this, but I am far from drunk.



Success in this business may be surviving through a bear market. Don't think we have had one of those in a bit.