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Jan 24, 2007 9:45 pm

If you had the option to become a Financial Advisor in Boca Raton, FL (of course has easy access to the south FL market)

or

Mclean, VA (which of course has easy access to the suburbs of DC which appear to be near the wealthiest overall in the country)

If you guys have a minute to give an opinion that would be great! Thanks.

Jan 24, 2007 9:58 pm
TrueWealth:

If you had the option to become a Financial Advisor in Boca Raton, FL (of course has easy access to the south FL market)

or

Mclean, VA (which of course has easy access to the suburbs of DC which appear to be near the wealthiest overall in the country)

If you guys have a minute to give an opinion that would be great! Thanks.


You could be equally successful in either location. Where do you want to live? My guess is that Boca would be cheaper, but the better schools would be in VA. Of course the best schools are located a bit further north from NJ thru New England. So if you've got kids? Back to Boca, SE FL is crowded. In season it takes forever to get around. Not sure how seasonal Boca is these days, but a bit further up the coast in Stuart it's definately seasonal. Then there's the summers. Hot an humid. I mean really hot and humid. I like hot and humid, but even for me it's a work out if I'm in Stuart or Cape Coral in July. Va is horsey country. Lots of dough for year round prospecting. Good recreation not far off in any direction.

Jan 24, 2007 10:38 pm

Bondguy,
Thanks greatly for the quick response. I grew up in the DC area and am in south Fl for college which I will be done with this year. My main concern would be the potential client base, not the cost of living. In your opinion in terms book building potential, prospecting and overall wealth comparing the two areas what would be your recommendation? I have lived in both areas, and I know there are lots of people down here in south fl that pretend they have money and act obnoxious etc that you may have come accross also (although im not sure how prevelant that is in stuart), but comparing it where I grew up and to areas like Bethesda, Mclean, Chevy Chase, Oakton, Great Falls, N. Arlington, Georgetown etc...it just seems like the dc area is much wealthier/classy and it's almost a joke comparing a place like Boca to up there, but I dont know?. I mean I know the statistics basically will show a land slide supporting my case for better potential where I grew up in VA; I guess I am just searching for reassurance of this from you experts and industry veterans. Thanks again

Jan 24, 2007 11:45 pm

Loads of potential all over the place.  Go with the place you prefer to live.

Jan 25, 2007 12:32 am
BondGuy:

You could be equally successful in either location. Where do you want to live? My guess is that Boca would be cheaper,





Boca Raton as cheaper than McLean VA? Once you factor in sky high property taxes and hurricane insurance, its not good.

Jan 25, 2007 2:42 am

Go where you want to live -- there is plenty of business either way.  I've got a second home in SW Florida.  You have to be happy where you live and work.  That's the consideration -- then create the business.  I'm not even working my second home area and I end up with business, even in an overworked market.

Jan 25, 2007 8:26 am

TrueWealth - this is why you will NOT make it in this business.  The question is not if you should live in VA or FL - the question is, which city would you prefer to have your second home?



Give a man a fish and you feed him for the day - Teach the man to fish, and he'll sit in a boat and drink beer all day!!

Jan 25, 2007 8:47 am

Apprentice,
I was looking for specific opinions from experienced people to compare the two areas.
But cute little response there. I am in a fotrunate enough position to assure you that my first 15 clients will amount to more than you're whole book of business. Have a nice day.

On another note- Thank you everyone else for giving their input thus far.

Jan 25, 2007 9:21 am

One more reason you will not be successful:  You're over confidence and your, "all about me" syndrome.  Also the fact that you cannot even decide which city to live in.


Ooops - that was more than 'one more reason'.  Anyway - good luck, we'll all be interested in watching you bloom as a top producer.

Jan 25, 2007 11:39 am

"One more reason you will not be successful: You're over confidence and your, "all about me" syndrome. Also the fact that you cannot even decide which city to live in."


This is not all about me, and this is not over confidence. I was providing you with a fact based response to your unessecary attempt at an insult. And me contemplating on where to live is something every individual has done; including 'successful' ones.


I'm not sure where you think you can get off coming on these forums attacking people for no good reason. I know I should have taken the high road and not responded to such an insecure individual to begin with but I took the bait and appoligize to others who are reading this extra garbage.


And if you feel the need to respond again, do everyone a favor and discuss the advantages/disadvantages of the DC area vs. South FL.

Jan 25, 2007 12:19 pm

Another reason you won't be successful:  You're too defensive and your skin is not thick enough.  Chill.


On the other note - I would use Florida as my primary residence.  The DC area is a tough place to do business - lots of politics and lots of short term investors.  From my experience (which is vast) - many people in the DC area live by the media and the, 'world's coming to an end' mentality.  They will not be able to stick to one recommendation very long.  Floridians tend to be more of the 'snowbird' or 'slow down' mentality and will be very loyal.  Even if your clients are not from either of these areas - it will have an effect on your psychology.

Jan 25, 2007 12:51 pm

Again, start in the biz in the area in which you wish to live. Success resides within you, not at the address of your office.


Jan 25, 2007 1:08 pm

apprentice, no reason to be a dick.

Jan 25, 2007 5:21 pm
apprentice:

On the other note - I would use Florida as my primary residence.  The DC area is a tough place to do business - lots of politics and lots of short term investors.  From my experience (which is vast) - many people in the DC area live by the media and the, 'world's coming to an end' mentality.  They will not be able to stick to one recommendation very long.  Floridians tend to be more of the 'snowbird' or 'slow down' mentality and will be very loyal.  Even if your clients are not from either of these areas - it will have an effect on your psychology.



I agree.  Too many Democrats too!

Jan 25, 2007 9:23 pm

As many have said - live where you are most comfortable. The key is that

you need to "fit in". Me, personally, I could not fit in in Boca. I COULD fit

in in the Mid-Atlantic area (more similar to where I grew up). This is

where you are going to make residence, get to know people, have friends,

family, etc. Make sure you can see yourself in that picture in the place

you choose.

Jan 26, 2007 5:49 pm

TW, The apprentice guy is of course joking with you; Unless he just likes being an a-hole. Don't ever let someone discourage you especially someone who is still in the process of achieving success not to mention hounding a massive list of mgmt. His business is by no means on auto pilot.

You named two places that just may be the near the top in terms of potential for this business. I guess it worked out well for you because you now have networks in both of these places.

Now you really want my opinion? Ok well you are getting it anyways - I know this wasn't a choice of yours but If you can be happy living in NYC and succeed there for 10-15 years you will be a level above of anyone in this business. Not only that, as many top business people have once said "If you can make it in NYC, you can make it anywhere." Networks in that city grow faster than one can imagine; go hang out and visit Manhattan for a week, you will see what I mean. So a recap of my opinion? go put in a good 15 years in NYC and relocate with a healthy book.

But Broker24 is right, you need to be happy where you end up working it will make a world of difference.

All rookies need to keep the good questions coming. I have been mean to
one so far but it was nothing personal, I just really dislike EJ and
how they have ruined some careers of the very hard workers they mold.

Jan 26, 2007 8:26 pm

TW- if you have 15 clients who will be larger than many people's book, does it matter where you live? I agree with everyone else, live where you want to.

Jan 27, 2007 7:43 am

Also another thing to consider about Florida is the high concentration of "snow birds" .. (living in Michigan .. I have many clients down in the Boca area that go there for 2-3 months a year) .. I would reccommend you be ready with an Estate Plannersr specialty to your investment knowledge as that is one of the big things there due to demographics .. IMHO


Jan 31, 2007 2:46 pm

Thanks to everyone

Jan 31, 2007 3:04 pm

Do a broker search.  Boca seems to be OVER brokered.