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Nov 19, 2006 11:32 am

There are several firms hiring IR's in my area and I am leaning toward EJ (yes I've read all the negatives) but there is one other firm that I can't find any info on M.L. Stern has anyone heard of this one?  The others are AIG, EJ, and Ameriprise, I have read tons on EJ and AMP but not much on AIG, any opinions on this firm?

Nov 19, 2006 12:48 pm

Why would anyone share an opinion with you if you're going to ignore it, like you have with EJ? Go start your little EJ job and let the good times roll.

Nov 19, 2006 1:01 pm
My Inner Child:

Why would anyone share an opinion with you if you're going to ignore it, like you have with EJ? Go start your little EJ job and let the good times roll.


Wow that's a very nice response, maybe if you would actually READ you would see I said I was leaning toward EJ, not "I've decided on EJ and I'm going to ignore everything you say." I realize I'm the new guy here but maybe you're "inner child" is more an "external childish".  Thanks anyway.

Nov 19, 2006 6:29 pm

   Don't listen to My Inner Child. Anyone who has spent more than 5 minutes on this board knows he has self-esteem issues with himself as a broker and with his firm.  Or he wouldn't be on the Rookie board trying to pick on all the guys just trying to get started.  This is a place for advise not ridicule. 

Nov 19, 2006 6:57 pm
WADRED:

   Don't listen to My Inner Child. Anyone who has spent more than 5 minutes on this board knows he has self-esteem issues with himself as a broker and with his firm.  Or he wouldn't be on the Rookie board trying to pick on all the guys just trying to get started.  This is a place for advise not ridicule. 



Thanks, I kinda assumed that, maybe if he spent more time working and less time pickin on the newbies he would't have so many self-esteem issues.

Nov 20, 2006 5:54 am

Don't bother trying this biz. It is virtually impossible to start from scratch in this biz today. You will just be wasting much time and money only to drop out 3-5 yrs from now. Don't put yourself or your family through it.

Nov 20, 2006 12:21 pm

This is an EXTREMELY important point. Do you think you should OWN your book?  Do you think all of your hard work and practice should belong to YOU.  The only two firms I know of that say outright that you own your practice are Raymond James and Wachovia.


Personally, I would never work anywhere else.

Nov 20, 2006 12:48 pm
vbrainy:

This is an EXTREMELY important point. Do you think you should OWN your book?  Do you think all of your hard work and practice should belong to YOU.  The only two firms I know of that say outright that you own your practice are Raymond James and Wachovia.


Personally, I would never work anywhere else.



and LPL, and most other indy firms...

Nov 20, 2006 1:08 pm
joedabrkr:
vbrainy:

This is an EXTREMELY important point. Do you think you should OWN your book?  Do you think all of your hard work and practice should belong to YOU.  The only two firms I know of that say outright that you own your practice are Raymond James and Wachovia.


Personally, I would never work anywhere else.




and LPL, and most other indy firms...


Also, RayJay has a number of different arms, and RJFS is the only one of those where you truly own your book.  Same deal with Wachovia, and you only own it if you're in FiNet.

Nov 20, 2006 1:12 pm
FreedomLvr:
joedabrkr:
vbrainy:

This is an EXTREMELY important point. Do you think you should OWN your book?  Do you think all of your hard work and practice should belong to YOU.  The only two firms I know of that say outright that you own your practice are Raymond James and Wachovia.


Personally, I would never work anywhere else.



and LPL, and most other indy firms...


Also, RayJay has a number of different arms, and RJFS is the only one of those where you truly own your book.  Same deal with Wachovia, and you only own it if you're in FiNet.



True as regards Wachovia.  Acutally, I think even the employee arm of RayJay acknowledges that the advisor owns the book.  I'm sure there's folks on this board who can confirm that.

Nov 20, 2006 1:18 pm
joedabrkr:
FreedomLvr:
joedabrkr:
vbrainy:

This is an EXTREMELY important point. Do you think you should OWN your book?  Do you think all of your hard work and practice should belong to YOU.  The only two firms I know of that say outright that you own your practice are Raymond James and Wachovia.


Personally, I would never work anywhere else.




and LPL, and most other indy firms...


Also, RayJay has a number of different arms, and RJFS is the only one of those where you truly own your book.  Same deal with Wachovia, and you only own it if you're in FiNet.




True as regards Wachovia.  Acutally, I think even the employee arm of RayJay acknowledges that the advisor owns the book.  I'm sure there's folks on this board who can confirm that.


Only after the training contract is satisfied (RJFA)

Nov 20, 2006 2:50 pm
$$$$$:

Don't bother trying this biz. It is virtually impossible to start from scratch in this biz today. You will just be wasting much time and money only to drop out 3-5 yrs from now. Don't put yourself or your family through it.


What has changed that it is impossible to start from scratch?  I know it is extremely difficult but the first year salary is almost $20k more than I'm making now so it isn't like I'd be giving up a huge amount with my current job.  Right now it's just me and the wife (no kids) and I figure if I can put in 60 hours or so a week (I've done more) that I have at least a chance.  What am I missing here?

Nov 20, 2006 3:13 pm
ExPropTrader:
$$$$$:

Don't bother trying this biz. It is virtually impossible to start from scratch in this biz today. You will just be wasting much time and money only to drop out 3-5 yrs from now. Don't put yourself or your family through it.


What has changed that it is impossible to start from scratch?  I know it is extremely difficult but the first year salary is almost $20k more than I'm making now so it isn't like I'd be giving up a huge amount with my current job.  Right now it's just me and the wife (no kids) and I figure if I can put in 60 hours or so a week (I've done more) that I have at least a chance.  What am I missing here?



Statistics. 



But don't let me discourage you.  There are many threads discussing the chances of success ( I stand by the 10% ultimately make it figure).  9 out of 10 are out within 5 years, others claim it's lower but I think they are using 2 year figures....the 2 year mark is where the chopping block starts to really set in because that's where the salary starts running out and if critical mass hasn't been reached (I say about $15 million in assets mostly paying fees) then the heat starts to get unbearable for most...at that point you'd be earning around $40,000 on fees (gross income to broker) yet would be putting in the schedule and shouldering the stress of someone who should be earning $150,000 a year.  Give yourself another 2 to 3 years and you're probably flirting with $80,000 to $100,000 and probably at $150,000 by year 5 to 7.  There are a select few who do much better than this, but most are close to the previous numbers.


Can you work for 7 years like a $150,000 earning executive but be paid like an Administrative Assistant for most of those years?


I couldn't, but I have kids....and they change the equation drastically. 


Good luck.

Nov 20, 2006 3:44 pm

Thanks Dude, that is the best answer and advice I have seen so far.  I am willing to put in the hours, the only reason I am considering it is because right now we don't have kids and I think I'm at a point in my life where, if I want to try something new it's "now or never".  I've seen the figures on Edward Jones site but you put it in a way that is probably closer to real life.  Thanks again.