If you don't do 15m in 2 years
Are you canned? Or do they just take away your salary and let you stay at it?
[quote=leftykickserve]Are you canned? Or do they just take away your salary and let you stay at it?[/quote]
Who are you talking about? Every firm has different production goals. These goals are AUM, production, and number of clients. A low number in one area may be overlooked if you're exceptional in another area. For example: you only brought in 5 million but opened 200 accounts year one. The suits know they've got a winner who needs to be redirected to a wealthier market or who needs to penetrate the book. They'll usually give that type of person more time.
That said, usually, if you haven't made goal after two years you don't need anyone to tell you that this isn't the biz for you. The slow learners will be given walking papers. Taining programs serve two purposes: first to train new FAs and second to raise assets for the firm. The firm really doesn't care who services those assets once they're in house. And better if they're serviced by a proven vet who can maximize that realtionship. So, yeah, after two years and you're not cutting it? The firm will help you with your future career direction. It starts with not letting the door hit you on the way out.
Salary is reduced steadily through year two to non existant by the end of that year. There may be a small salary into year three, but nothing to pay the bills with.
If you are looking for a salaried position this is the wrong place to look.
Does this rule also apply if your dad is senior VP of said office?
How could you possibly fail with your father in that position?
If you did fail, he'd have to quit in shame.
OK, it happens. All fathers are blind to the faults of their children. All fathers will pull punches and not push a child as hard as they would another. These are handicaps for the child to overcome. Easier said than done.
If DAD is a successful FA it's time to have a heart to heart with him. Know this; by going to work with him you are putting his well being on the line as well as your own.
My wife entered the biz about ten years ago. Of course the natural thing to do would have been to have her work with me. For the reasons mentioned above I directed her to one of my biggest competitors, Smith Barney. Using my connections in the biz she breezed through the hiring process. Using a business plan I developed and tailored to her she went on to open over 700 new accounts in her first three years in production. SB was happy. My wife was happy. I was happy. And the money wasn't bad either. The nice thing about doing it this way, at seperate firms, is even though I helped guide her, she owns her success. No she got a big leg up bullsh*t. I may have shown her the way, but she's the one who executed the plan. She's the one who invested the sweat equity into the a successful business. She owns it.
Your father can do the same for you. It would take more intestinal fortitude to tell dad thanks but no thank as for working with him. But ask for his help to build your own business away from his. There is no reason for this not to work. This way, you own it. Down the road, if there is reason to do so, you can join your businesses with a move.
If you succeed, you do so on your own terms. If you fail, you won't take dad with you.
Or you can always be known as so and so's kid, who didn't earn a seat, and is only here because of dad. Expect no respect from fellow RRs and don't compare yourself to anyone in the training program who doesn't have a Senior VP parent at the firm. Tough choice huh?