Junior broker

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Nov 7, 2007 3:19 pm

If things do not work out in that Schwab interview next week, one of the things I'm looking to do is move from a sales assistant to a junior broker. I've checked and no one in my office wants to take a on a junior broker which I think is short sighted. But besides that, any suggestions on how to find out if other offices are looking for a Jr. advisor. Anyone have experience coming up this way?

Nov 7, 2007 4:38 pm

Help us understand your environment.  What would you be doing as a junior broker that you don't do as a sales assistant?

Nov 7, 2007 7:38 pm

much more involved in the planning/wealth management process including meetings/prospecting. Actually being comp'd based on production. The attractive thing about such a position is having a lower end existing book of business to work while developing outside client relationships.

Nov 7, 2007 9:32 pm

I've had thoughts of taking on a jr broker. What I cant get past, is the fact, and its a fact, that most newbies fail in the buseinss, even with great coaching. What would be different about a jr broker working on a team, that would help him succeed, and what would a jr broker like yourself bring to the table.?

Nov 9, 2007 9:33 am

I think you're right in that a lot of rookies fail. Its amazing to me that wirehouses keep hiring rookies only to watch the same results repeat. I think the brokerage biz is the only one that still abides by this model. CPA's and Law Firms don't even do this. They're using the Jr. Partner model more and more.


Here's the benefits as I see it.
For the current FA:
Revenue is generated from a segment of your book that you otherwise wouldn't likely have explored.
New business/clients are brought in (at least I would work to bring in new biz)
Eventually have someone to buy your business
Allow you SA to focus solely on administrative issues, and a Jr. FA can focus on mgmt of the book, allowing more free time for the FA to work the top tier of the book.
 
There's more but you get the idea.
For the Jr. Broker - the benefits as I see them are endless. Include everything mentioned above but also include the fact that the pressure to associated with trying to convince a $750K account to be your first client is removed. The pressure to just get started is significantly lessened. You have a mentor who has a VESTED interest in seeing you succeed. Not like some of the BM's who view you as much as an incovenience as a positive.
 
There's more but I have to go
Dec 4, 2007 4:43 pm

You are not working hard enough plain and simple! If you work harder than anyone else in your office you will have brokers beating down your door to team up guaranteed. Stop chatting with your co workers and go to work. 

Dec 7, 2007 12:06 am
12345:

You are not working hard enough plain and simple! If you work harder than anyone else in your office you will have brokers beating down your door to team up guaranteed. Stop chatting with your co workers and go to work. 

you have no idea
Dec 7, 2007 9:37 am
707SE:
12345:

You are not working hard enough plain and simple! If you work harder than anyone else in your office you will have brokers beating down your door to team up guaranteed. Stop chatting with your co workers and go to work. 

you have no idea
 
Ok buddy, you're already making excuses why you can't do it in your existing office. If I had walked around and asked everyone in my office when I first started they would have all said no! I have since worked my tail off, proven my worth and could probably team up with every single one of them if I wanted to. Stop acting like an employee and start acting like a business owner. Employees find reasons why things can't be done, business owners get them done.
Dec 9, 2007 6:03 pm
12345:
707SE:
12345:

You are not working hard enough plain and simple! If you work harder than anyone else in your office you will have brokers beating down your door to team up guaranteed. Stop chatting with your co workers and go to work. 

you have no idea
 
Ok buddy, you're already making excuses why you can't do it in your existing office. If I had walked around and asked everyone in my office when I first started they would have all said no! I have since worked my tail off, proven my worth and could probably team up with every single one of them if I wanted to. Stop acting like an employee and start acting like a business owner. Employees find reasons why things can't be done, business owners get them done.
 
707SE,
That might sound a bit harsh but it's a HARSH HARSH TASK to get this thing off the ground.
 
That's the best advice you'll get & I hope you can take it to heart and make it your own.
 
Good luck & succcess
Dec 12, 2007 8:21 pm

Thanks Buddy, good information!


But still, you have no idea... at all it seems. But I like how you felt so definitively that you did!
 
I'm not even going to begin to tell you when my day begins and ends, and all the ground I cover EVERYDAY day.
 
Every advisor I worked with has had a significant increase in their revenue. 3 of the 6 advisors I work with will recieve new titles to begin 08. Overall branch revenue was up 37%. # of Fee accounts are up again, new assets are up and although I couldn't prove it, I wouldn't be suprised if we measured client satisfaction that it wouldn't be up as well.
 
Working hard? Act like a business owner? You mean like getting in early, leaving late? Working Sundays? Not reporting that shit for OT? Skipping lunch? Oh okay - I thought so.
 
You're not talking to some kid looking for a free lunch. I'm putting in the time and have discussed the possibility with 3 of the 6 advisors I work with. I can appreciate their rationale - Why make me a Jr. FA/FC and split revenue with me when the firm can pay my salary and I'm still doing the work of a Jr. advisor?
 
They have no motivation to do that.
 
Again I appreciate your "suggestion", but you're a joke and a fucking idiot to automatically assume I'm a lazy ass, picking up a paycheck every couple weeks. I'd hope you have better advice than that but if not, just keep it to yourself.
Dec 12, 2007 8:24 pm
707SE:

Thanks Buddy, good information!

But still, you have no idea... at all it seems. But I like how you felt so definitively that you did!
 
I'm not even going to begin to tell you when my day begins and ends, and all the ground I cover EVERYDAY day.
 
Every advisor I worked with has had a significant increase in their revenue. 3 of the 6 advisors I work with will recieve new titles to begin 08. Overall branch revenue was up 37%. # of Fee accounts are up again, new assets are up and although I couldn't prove it, I wouldn't be suprised if we measured client satisfaction that it wouldn't be up as well.
 
Working hard? Act like a business owner? You mean like getting in early, leaving late? Working Sundays? Not reporting that shit for OT? Skipping lunch? Oh okay - I thought so.
 
You're not talking to some kid looking for a free lunch. I'm putting in the time and have discussed the possibility with 3 of the 6 advisors I work with. I can appreciate their rationale - Why make me a Jr. FA/FC and split revenue with me when the firm can pay my salary and I'm still doing the work of a Jr. advisor?
 
They have no motivation to do that.
 
Again I appreciate your "suggestion", but you're a joke and a fucking idiot to automatically assume I'm a lazy ass, picking up a paycheck every couple weeks. I'd hope you have better advice than that but if not, just keep it to yourself.



You go girl........!

Dec 13, 2007 9:00 am
707SE:

Thanks Buddy, good information!


But still, you have no idea... at all it seems. But I like how you felt so definitively that you did!
 
I'm not even going to begin to tell you when my day begins and ends, and all the ground I cover EVERYDAY day.
 
Every advisor I worked with has had a significant increase in their revenue. 3 of the 6 advisors I work with will recieve new titles to begin 08. Overall branch revenue was up 37%. # of Fee accounts are up again, new assets are up and although I couldn't prove it, I wouldn't be suprised if we measured client satisfaction that it wouldn't be up as well.
 
Working hard? Act like a business owner? You mean like getting in early, leaving late? Working Sundays? Not reporting that shit for OT? Skipping lunch? Oh okay - I thought so.
 
You're not talking to some kid looking for a free lunch. I'm putting in the time and have discussed the possibility with 3 of the 6 advisors I work with. I can appreciate their rationale - Why make me a Jr. FA/FC and split revenue with me when the firm can pay my salary and I'm still doing the work of a Jr. advisor?
 
They have no motivation to do that.
 
Again I appreciate your "suggestion", but you're a joke and a fucking idiot to automatically assume I'm a lazy ass, picking up a paycheck every couple weeks. I'd hope you have better advice than that but if not, just keep it to yourself.
 
 
If you work as hard as you claim why be a junior broker? If I can get you this flustered with an internet post prospects will have a field day with you but you seem to know everything so I'm sure you'll do just fine.
Dec 13, 2007 9:30 am

Take a breath, for goodness sakes.

Back to your original question, try taking a different perspective.  You have briefly outlined what you see as the benefits to YOU of becoming a jr. broker and teaming with a sr.  That part is fairly obvious. 

A prospective sr. partner isn't interested in that.  He needs to be convinced how such an arrangement would benefit HIM.  In other words, what's in it for him?

Do you homework, figure out who really could benefit from adding you and why/how, and then make a serious pitch.  Prepare well.  Ask him if you can schedule an appointment with him to discuss a  business idea you had.  Show him by the way you present this you are serious and have done your homework, and why you believe this would be a win/win for you both.  A big part of this job is being persuasive and selling.  Show him you have some abilities in this area.

If he says no, ask him what benefits WOULD compel him to partner with someone like you.  Push for specifics.  You may not get any, but you might just learn enough so the next attempt - with him or someone else - IS successful.

Wost case scenario is you're still where you started but now have at least one prospective partner who has perhaps started thinking of you in an entirely different way.

Dec 13, 2007 7:31 pm

Thanks Morphius. See 12345 - that wasn't too difficult now was it. Answer the question, don't try to be a hard ass and assume you know my work ethic is inadequate.

 
And if I thought I knew everything, I wouldn't have come to the board with my question. I just think clowns like you should be called out when you pull crap like that.
 
Thanks again Morphius and Gaddock.
Dec 16, 2007 6:21 pm
707SE:

Thanks Morphius. See 12345 - that wasn't too difficult now was it. Answer the question, don't try to be a hard ass and assume you know my work ethic is inadequate.

 
And if I thought I knew everything, I wouldn't have come to the board with my question. I just think clowns like you should be called out when you pull crap like that.
 
Thanks again Morphius and Gaddock.
 
Maybe your right, maybe I was being a hard ass and maybe I deserved to be called out.  I should not have made an assumption regarding your work ethic, If you work as hard as you say you do then you have a leg up to begin with. I work late every night and watch many of the trainess along with support staff file out at 5:00 sharp and it's pretty clear that they treat it like a job and not a business. I do not socialize with my fellow workers and keep my head glued to a phone all day. As a result I have been approached by many senior fa's about the possibility of a junior partnership.  I have not approached any of them and they have all sought me out.  People have seen me working at 9:30 on Friday nights when most of my peers are at home or out with friends. Word spreads and I now have options.
 
I should have phrased it better when I made the suggestion to you about working hard. This is simply what I have done and am now in the position that your are trying to get to.  Offer to do some cold calling on nights and Saturdays for a senior FA, try pitching fixed income products to locate qualified leads to feed them, in doing so they will see what a junior partner can bring to the table and offer you what you are looking for.
 
Best of luck and Happy Holidays to you and your family.