Newbie Wirehouse Schedule

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Jun 29, 2006 3:22 pm

What is a typical day like during the first four months for wirehouse newbies?  I know studying for exams is part of the deal, but what else? 

Jun 29, 2006 3:27 pm

Lots of pocket pool followed by words of wisdom from some of your new colleagues...sorry, couldn't resist. 

Jun 29, 2006 3:36 pm

Month one hope you survive to see month two.


Month two hope you survive  to see month three!


Month three hope and pray you see month four!


Month four look for a new job! You and all your new friends ( rookies)have been fired and ushered to the door! 


So goes the life of a wire house rookie!


Sorry!

Jun 29, 2006 4:07 pm

opie, <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />


I am not sure why people scour these message boards and think it is really fun to post stupid sh#t. I hope you get good feedback on your question because I am interested too.


From what I have been told, you usually take the first 2 to 4 months to get all the licenses you need. Some places mix in product training, some don’t. I heard the veterans aren’t nice to you and that gets old too.


Good luck getting informative replies.

Jun 29, 2006 4:11 pm

Thanks for response, Mac42. 


I had heard that some newbies end up cold calling for leads for other agents... didn't know if that was some sort of common hazing ritual or what.

Jun 29, 2006 4:42 pm

We studied for the 7


Had sales training


Did some calls for other brokers


Just a few trainee stuff, like answering phones.  Don't let ANYONE have you answer the phones full time while you study for the 7.  You won't be able to concentrate.


Work schedule was 8 to 6 M thru F.  No Sats.  One work night till 8.


If you have a family, don't be afraid to tell them realistic hours you can work upfront.  Then stick to your guns and LEAVE from day one at the hour they agreed to.


Good luck.

Jun 29, 2006 5:07 pm
maybeeeeeeee:

We studied for the 7


Had sales training


Did some calls for other brokers


Just a few trainee stuff, like answering phones.  Don't let ANYONE have you answer the phones full time while you study for the 7.  You won't be able to concentrate.


Work schedule was 8 to 6 M thru F.  No Sats.  One work night till 8.


If you have a family, don't be afraid to tell them realistic hours you can work upfront.  Then stick to your guns and LEAVE from day one at the hour they agreed to.


Good luck.



The most important thing is to watch the clock.  Don't do more than is expected of you at any point.

Jun 29, 2006 5:15 pm
Mac42:

opie,


I am not sure why people scour these message boards and think it is really fun to post stupid sh#t. I hope you get good feedback on your question because I am interested too.


From what I have been told, you usually take the first 2 to 4 months to get all the licenses you need. Some places mix in product training, some don’t. I heard the veterans aren’t nice to you and that gets old too.


Good luck getting informative replies.



I suggest if you're going into the business you attempt to develop a sense of humor....!!!

Jun 29, 2006 6:00 pm

Here's a test of your sense of humor:


Q: What's the difference between a pregnant woman and a lightbulb?











A: You can unscrew a lightbulb!


I know, i know, it was funnier when Steve Martin said it in "My Blue Heaven".

Jun 29, 2006 8:19 pm

all of these replies were either stupid or so vague they were not useful. The reason is because the question was too vague. Be more specific to the firm(s) when you ask next time or be more specific about the exact function or you will get more responses like the ones you just got.



Jun 29, 2006 9:18 pm

I mean the first four months for a wirehouse newby in an FA training program.  Maybeeee got it.  I assumed that the first four months at all wirehouses were similiar, since the "training" programs are all about the same length of time.  But I would be disappointed if I had to find leads for other people to follow up during this time, since I'll need every lead I can get as a new FA.  I was also wondering what kind of calling we could legally do before passing the series 7.

Jun 29, 2006 11:33 pm

study, study, bs with others, study, study, go to office lunch meetings with a fund company reps, study, almost fall asleep studying, study...and that's just the first week! :)


Jun 30, 2006 9:39 am
opie:

I mean the first four months for a wirehouse newby in an FA training program.  Maybeeee got it.  I assumed that the first four months at all wirehouses were similiar, since the "training" programs are all about the same length of time.  But I would be disappointed if I had to find leads for other people to follow up during this time, since I'll need every lead I can get as a new FA.  I was also wondering what kind of calling we could legally do before passing the series 7.


Why thank you.  I assume by now you can determine which people here are serious about helping others and which are just a**holes.  DO NOT WASTE ANY TIME RESPONDING TO THOSE PEOPLE.  THEY FEED ON TRYING TO STIR UP RESPONSES.  IGNORE THEM.


Also during your first four months, you start to develop your leads.  I kept an binder with dividers for every letter in the alphabet.  So, as you meet Mr. Jones, you track down his address and phone (checking to make sure he is not on the Do Not Call list) and you write down other things about him.  Such as, income, marital status, needs, etc.


The point here is that you don't want to be doing this kind of stuff AFTER you have your license.


Hopefully, after your training, you will have a well organized lead list that you can now start prospecting.


One more thing, during your training you will probably be subjected to wholesaler presentations.  These are representatives from mutual fund or annuity companies who are selling their product.  It will all seem like a fog to you--don't worry.  You will understand things better every day, especially after you are finished studying for your 7.  There is only so much a human brain can absorb.


Opie, from your posts, it seems like you are sincere about this business.  If you want to make a run at it, just make sure you are with a good, reputable company.  Everyone knows I am at RJA and I would recommend their training program.


Good luck.

Jun 30, 2006 10:58 am

Thanks maybeeeeeeee.  I've been doing a lot of soul searching recently, as I now have family in a nearby city that my household and I would like to live closer to.  Moving would also allow me to afford more house, as my current area's market has bubbled to absurd proportions (mid-atlantic). 


Anyway, I'm very seriously considering changing careers and going into financial advising, and I'm interviewing with three wirehouses right now.  But I am also considering financial analyst roles supporting portfolio managers with small investment firms.  I realize there is huge difference between these roles, the advisor role being about finding the money, versus an entirely analytical role.  I feel like I have a personality that could be successful in either, but it also seems that long term earnings are stronger as an FA - unless an analyst role turns into a portfolio manager someday.

Jun 30, 2006 11:03 am
opie:

I now have family in a nearby city that my household and I would like to live closer to.  



Do you suppose he's talking about a wife and kids?  When you refer to your family as your household it makes one think that he considers himself very close to his Lazy Boy and remote control.

Jun 30, 2006 11:09 am
maybeeeeeeee:

Also during your first four months, you start to develop your leads.  I kept an binder with dividers for every letter in the alphabet.  So, as you meet Mr. Jones, you track down his address and phone (checking to make sure he is not on the Do Not Call list) and you write down other things about him.  Such as, income, marital status, needs, etc.


The point here is that you don't want to be doing this kind of stuff AFTER you have your license.



That's right. After you get your license you don't have to work on prospecting lists any longer--and if you do you certainly don't need to be sure they're not on DNC lists and things like that.

Jun 30, 2006 11:37 am
opie:

Thanks maybeeeeeeee.  I've been doing a lot of soul searching recently, as I now have family in a nearby city that my household and I would like to live closer to.  Moving would also allow me to afford more house, as my current area's market has bubbled to absurd proportions (mid-atlantic). 


Anyway, I'm very seriously considering changing careers and going into financial advising, and I'm interviewing with three wirehouses right now.  But I am also considering financial analyst roles supporting portfolio managers with small investment firms.  I realize there is huge difference between these roles, the advisor role being about finding the money, versus an entirely analytical role.  I feel like I have a personality that could be successful in either, but it also seems that long term earnings are stronger as an FA - unless an analyst role turns into a portfolio manager someday.



Well, here is the ideal position.  Getting a salary as an analyst or assistant to a big producer- - -and still being allowed to build a book and collect some of the revenue off of it.  Starting as an FA, even at a great company, is a long hard struggle.  At least three years to generate an income over $100k.  You are on track.  Keep at it.

Jun 30, 2006 11:39 am
maybeeeeeeee:

Starting as an FA, even at a great company, is a long hard struggle.  At least three years to generate an income over $100k.  You are on track.  Keep at it.


And that is based on her vast experience.  Why she's been in the business long enough to have sent Christmas cards to her client, once.

Jun 30, 2006 3:19 pm
maybeeeeeeee:

Starting as an FA, even at a great company, is a long hard struggle.  At least three years to generate an income over $100k.  You are on track.  Keep at it.


Thanks maybeeeeee.  I appreciate the realistic expectations setting!

Jun 30, 2006 3:42 pm

Why don't some of you tell these young people who many dollars worth of assets need to be gathered every day--on average of course?


Choose a number--say $5 million per year.  Choose the number of working days in a year--most people figure 230 (365 minus 104 for weekends minus 10 for holidays minus 5 for "extra holidays" like this coming Monday minus 10 for vacation minus five or six more for unexpected things, being sick and so forth.)


That means that you need to "uncover" an average of about $22,000 each and every day.  I know, I know--it comes in chunks, say $100,000 at time.  OK fine--you have to find a $100,000 account every week.


How many people do you even know who have $100,000 to invest?  How many do you know well enough to get them to invest it with you?


Can you see why so many people try this for awhile then move on to something else.


Everytime I think of how hard it is I marvel at how many actually do make it.  Studly boys and girls who work their buns off for a great many years--only to live in fear that their clients are talking to somebody else.


A reality is that the idea of an "annuitized book" has not been around long enough to be really tested.  Clients are fickle, they get divorced, they move away, they meet somebody new--there are as many reasons to leave you as there are clients.


Then there's the idea of selling your book.  Suppose I am about to retire so I offer you my book, for a price.  How much are you going to pay?  What if my biggest accounts are good friends of mine and don't like the idea that I sold them to you so they pull their accounts?


My point is that there is no easy way to do this.


If I were starting today I'd buy a bucket of golf balls and put them somewhere were I could see them--and every time I got discouraged I'd look at them and think of Tiger Woods out there at 5 in the morniing, and noon, and two in the afternoon and six at night and just as dusk falls.  And I'd remember that that was what he was doing when he was 16 or 17.


Dues, it's all about paying your dues.