Making it Rain - Newbies
Some of us in our office had this discussion, without a really solid answer. So I thought we'd take it to the board to find out.
For someone new to this field (i.e not bringing over existing book from previous firm), what is considered "knocking it out of the park" for bringing in new AUM for years 1, 3 and 5? I.e what would someone really doing well in that situation be bringing in AUM wise in year 3? And what would their book be at end of year 5?
Seems like with so much competition and the lack of talent coming into the industry, and the fact people are going towards fees instead of commissions (20 yrs ago you could make $100k in commission on a $3mil account if you traded alot), what would those numbers look like?
A million a month after six months to get rolling would be doing very well, imo.
If you can do that in years 2 and 3 you would set yourself up for a great career.