I can handle “constructive” criticism, but I guess really wasn’t asking everybody for answers to what I was doing wrong but what I should be doing in the future to better myself.  I have taken 4 securities licenses in the last 3 months and am taking the 65 in two weeks.  I haven’t even had time to prospect.  Plus with the very little time I have prospected my “unknown” firm hasn’t appealed to prospective clients, which is why I brought up finding a new firm in the first place.

While I understand that having a track record of success would be the best way to prove I am worthy, I haven’t even tried to prove that yet.  I have been reading books, studying for tests, and making very few cold calls.  I have been on a few appointments and one was with a poker player who won $1.4 million.  It was a tough situation because of tax implications, divorce issues, and overall trust issues since I was new.  I was still able to give him some great advice but didn’t get him into any retirement plan. 

So yes I didn’t and have still not “closed a sale”. 

Another appointment I had involved a IRA rollover but when the client requested to move the funds, there existing IRA holder gave them the run around so I am still in the process of that.  So in my short time of prospecting I wouldn’t say it has been a complete failure. 

Basically, if the firm I work for could end up being the main cause for many hardships, I would like to know.  Other than that I know that I will be extremely successful, but maybe not in the time frame I would hope for.

Teke, I hope that you choose to listen, because, thus far, you appear to be a guy who doesn’t really want to hear the truth.

Clients don't do business with the firm.  They do business with you.  You're looking for an excuse.  It doesn't hold water.  Nobody knows the name of my firm.  I don't even have a telephone book listing.

From an employer's perspective, this makes you about as desireable as a McDonald's fry cook.   You are proving that you can't do the job.

I love reading posts from Anonymous and Morphius.  They are the best at giving time-tested advice and at disillusioning newbies.  Newbies should be disillusioned.  All of their illusions about success or worth need to be dissed and replaced with proper perspective.  I have had my fair share of disillusionment sessions (here recently and elsewhere over the past decade). So thank you wise men (or women) for expending the time and energy to correct us young bulls.  Please keep it up!

Teke,



It sounds like you are a lot like any of us if we had started at a firm that did not provide training. I am not sure what training you were given, but based on your responses, it appears to be very little. If this is true, you need to go to a firm that will train you. If I had not done this, I would be just as clueless (well, almost) as you apparently are.



It sounds to me like you WANT to succeed, you just don’t really know HOW to succeed, or WHAT to be doing. You need to go to a firm that will teach you that. If it doesn’t work at that point, then the issue is you. It’s tough to have confidence when you don’t know what you are doing.

I think you hit the nail on the head Broker24.

I have already admitted I am clueless but have always had the passion and drive to be successful in whatever I do.  I feel that I have been wasting time with my current firm due to lack of training and need to figure what my best options are.  So far I have chosen to get all my securities licenses so that I will have more credibility with prospects and clients or I can more easily find a firm that will take me on and train me so they have less risk by not having to license train me as much.

I have spoken with my cousin and he told me he had a summer internship with AG Edwards.  I really liked all the positive aspects he had for the company, and will probably be looking into what I could do to become part of their firm.  Does anyone know some positives about AGE and what parts of California (if any) they are looking to expand in?

Thanks in Advance

AGE is no more.  It was bought by Wachovia. 

Still amazed that you insist on focusing on changing everything around you, but apparently unwilling to consider trying the one immediate thing that is entirely under your control and will reap the biggest results: prospect for business now.  You’re not failing because you are clueless.  You’re failing because you are not ACTING.

Your continued comments about licenses or firms or training offering credibility and doing stuff for potential future employers is simply rationalization.  The only thing that matters is getting and servicing clients. 

Those aren’t really what is holding you back.  What is holding you back is you. 

Morph, honestly, I think he has learned more on this forum than he has at his firm. If he is at a Primerica-type firm, he has had NO training. You can do all the prospecting in the world, but if you don’t know what the he!! you’re doing, you aren’t going to close anything. It just seems based on his posts that he is (a) lacking training, (b) lacking confidence, and © has no idea what to DO with a prospect. He needs people around him that can help guide him, as most of us got when we started. It would be like me going to a dentist’s blog and asking why I can’t seem to get anyone’s teeth clean, even though I am working really hard at it.

[quote=Broker24]Morph, honestly, I think he has learned more on this forum than he has at his firm. If he is at a Primerica-type firm, he has had NO training. You can do all the prospecting in the world, but if you don’t know what the he!! you’re doing, you aren’t going to close anything. It just seems based on his posts that he is (a) lacking training, (b) lacking confidence, and © has no idea what to DO with a prospect. He needs people around him that can help guide him, as most of us got when we started. It would be like me going to a dentist’s blog and asking why I can’t seem to get anyone’s teeth clean, even though I am working really hard at it.[/quote]
Teke - the guy who by his own admission is “going to be the best RR in the world” - is lacking confidence?!   You lost me on that turn, broker24!

I’ll agree he has little idea what to do with a prospect, based on what he’s posted here.  But who does starting out? 

But the lack of training is questionable, and an often cited excuse by so many.  Who couldn’t use better training?  Everyone feels poorly prepared, even those of us who got trained in so-called “good” wirehouse programs. 

My point is that this complaint is usually a convenient excuse, and one that distracts far too many from doing something about what they can actually control.  There will always be reasons why now may not be the best time to prospect.  But until you get past all those and just do it, nothing else matters.

How many baby eagles would learn to fly if their mother didn’t kick them out of the nest when she knew the time was at hand?  They may not fly perfectly, but the only way to really learn and improve is by doing it.  Is their mother mean for pushing them out?

I’m trying to say to teke: it’s time for you to fly.

I’m going to add my 2 cents worth because I can relate to some of what you are saying.

I’m actually a successful CPA that has added RIA business because of client needs. I started at a firm, HD Vest,that caters to CPA’s entering the financial services market.

Initially I had a lot of feelings similar to yours - I didn’t actively market the financial services as I wanted to be sure that my advice was all GREAT. I researched endlessly, and spent far more time worrying about the nuts and bolts of the business then standing back and saying "Am I improving my clients financial position, am I guiding them in the right direction?"

I also soon learned that I was not going to make any money working with my chosen broker.  It was not that there was anything specifically bad about them, it was simply a case of their offerings and fees did not match my visions for my clients.  Coming from a CPA background, I found commissions a bit offensive and much preferred a fee only structure.  I  opted to develop the AUM side of my business but ran into another stonewall.  Vest’s % of the AUM didn’t leave me much room to make any money and still be competitive.

After about a year of being licensed I finally made the decision to form an independent RIA. It was mind boggling at first to venture out  on  my own so quickly but I soon realized that I have contacts at my custodian, mutual fund companies, peers etc to lean on for advice.  I can now put my clients into investments that are best suited to them.  I’m a whole lot more comfortable with the practice now. 

So to make a long story short -yes get out from where you are! It sounds like you are very restricted in what you can offer your potential clients. Take a good hard look at what you want to be and then go affiliate yourself with a business that offers what you want to offer.  I don’t think you’ll grow where you are because you already have misgivings -obviously you are not convinced about the company and don’t want to represent it. Move on.

Intrigued,

Thanks for chipping in with your experience.  If teke had another income stream to live off of while he developed fee business - as you did/do with your CPA practice - it would be more realistic for him.  But it’s tough to build a fee-only practice from the ground up if you have to have income today.

But it’s instructive that you didn’t let lack of formal investment training (which obviously is not the same as CPA training) be an obstacle to you.  Kudos.

Hey everyone,

Everyone has been very helpful with their replies.  I have realized more and more that I do just need to be out getting names and contacts.  Reading over the boards has been my best training tool over the last 6 months.  I guess it’s hard to understand because when you don’t even get basic training for meeting with clients, it makes it very difficult just to go out and start producing. 

Well, I’m up early for a meeting and then will be on the phones all day.  My goal is to set and go to at least two quality appointments this week.  I’ll keep everybody updated!

Thanks again.

Good for you, teke.  And here’s the best part about it: once you start gaining clients and momentum, all those other options you mentioned about other firms become more easily obtainable, because you will be more desirable as a recruit with clients than without.

< Warning: poor analogy ahead! >

It’s kind of like downhill skiing: it’s very hard to change direction while you’re standing still, but once you point your skis downhill and pick up speed, all it takes is a slight shift of your weight to make a big change.

Good luck, teke.