How to locate a team?
I've been in production for over 1 year at one of the top wirehouses and after time as a sole practitioner I've come to realize that I would benefit more as a team associate or junior partner starting out rather than on my own.
Currently, I am ranked well amoungst my peers (although that could certainly change in the ensuing months) and expect to be "safe" for at least another 6 months if I did nothing. I believe that I could add to the growth aspect for a current book of business of a team or a partnership and help unproductive assets become more productive.
The reason I am considering such a thing is b/c I don't see a sustainable business for the next two years by solely prospecting and adding clients by myself. I can, however, see a sustainable career if I could focus on an established book of business while adding my own clients along the way (plus learn more under the tutalige of experienced advisors.)
With this said, how can I locate a team internally or externally who is open to adding a junior advisor? (I'm willing to look at other wirehouses too). I don't know how to go about this unless I cold call all the branches around my area and ask. My branch does not seem to have such oppurtunities and I am willing to relocate for the right oppurtunity. Lets say that I do locate one, what type of value could a new and young guy to the biz bring to them? What would they want to hear?
Thanks for all your help.
What would they want to hear?
Uhhhh, they would not want to hear that "I don't see a sustainable business for the next two years by solely prospecting and adding clients by myself."
Having been with yor firm only 1 year, I would suggest wiating it out until you have proved yourself (maybe 3 years?). At this point, you would be starting over (what clients would move with you?).
With that being said, your best bet is to start networking with other advisors/firms. Get to know some people in the biz, and maybe develop a relationship with a team or another senior advisor that wants to build a team. But sending out random feelers seems pointless.
Can anyone add their two cents on an approach to locate a team internally or externally? I've met people that have been hired directly as team associates, but not people who were sole practitioners who who found oppurtunities outside their existing branch. Any advice will be appreciated.
And to respond Broker24, my basic conviction is that I believe that I have the ability to add to the growth of an established book of business and really create a mutually rewarding relationship by servicing the underserviced accounts. That's how I would be able to add value
I am looking to join a team now which is the purpose of this post and not to wait 3 years w/ the company. Im willing to sacrifice a drop of income or self management in the short term to survive and develop professionally for a long term career.
If you are in a reasonably decent size branch, the best thing you can do, is get friendly with the established advisors, and at the same time keep your head down and work your ass off. Get known as the young guy in the office that works his ass off and gets results. If you do that its only a matter of time before you get approached.
Also, it wouldnt hurt to let your BM know that you are interested in teaming up.
But remember, any established broker who brings you on is going to expect that a major part of your job is to prospect. He'll close, but you will need to get him in front of people.
Lastly, be careful of guys who talk team but just want a cold caller.
Not a lot of people want to add team members just to service their underserviced accounts. They are generally underserviced for a reason. People want to add team members who will prospect and bring in new valuable accounts. You need to be that person and then you'll get opportunities.
This whole concept of "teams" has been a bit curious to me in my office since I have started. I am not really sure what to make of them because I am having a hard time seeing how they will benefit me in the long run.
It does seem kind of like selling your soul to the devil in exchange for the team making it easy for you to get to your quotas when you are a trainee. Everything I have read on this forum suggest being leary of joining a team so that you can maintain control of the relationships with the decision makers. I can see having a relationship with other brokers for certain specific transactions/clients where I can use their expertise in a product I am not familiar with where we can share commission, but I am not so sure about fomalizing this arrangment permanently.
My concern would be becoming dependent on another broker and becoming his junior partner or a de facto employee where he maintains all the strategic relationships and I depend on him for a salary. After all what can a new broker really provide to an established broker except for being a cold caller? After the prospects are found, wouldn't the senior broker really be the one who is establishing the relationship?
I think I am going to be friendly and try to meet everyone in my office but I am going to try to keep everything at arm's length until I really get the lay of the land.
Am I off base on this?
Since you are at a wirehouse, I assume you are under some type of contract for training costs, etc. should you leave the firm. Unless you are a real superstar, I have trouble seeing a team at another firm wanting to incur that cost to bring you on board -- it would be simpler for them to just find their own trainee/new broker within their firm. I mean, as you say, you don't have a real book of business to bring to them. For the same reason, you also won't be attractive to indys.
I think you are limited to your firm. Your branch manager is NOT going to be interested in you moving to another branch -- he's the one who's budget has taken a hit to carry you during training & start-up. So, I would only let him know you would be interested in teaming up within your branch. Sure you could cold-call other branches in your firm and inquire about team possibilities, but word could get back to your branch manager.
I guess I agree with the others, your only salvation is to work your tail off and hope, either you succeed on your own faster than you anticipate (things do get easier as you go along!) or that you catch someone's eye and they approach you.