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Senior FAs: are you satisfied with life?

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Jul 20, 2006 1:53 am

Rightway



Care to share your thoughts on the bank you worked at vs. Merrill ( I realize they are night and day in terms of offerings) looking more for day to day differences and how the transition was for you. It crosses my mind every now and then. I tried to PM you but you’re full.

Jul 20, 2006 3:12 am

[quote=bankrep1]BrothaK



The answer is NO. In 5-10 years as an FA you might build a 50-70 million dollar book and be making say 150K if your good to great.



Honestly in 5-10 years you could build a strong service oriented business and sell it for 500K - 1 million and walk away. You won’t be able to do that as an FA. I swear.[/quote]

Not as an EMPLOYEE of a bank or wirehouse…
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Jul 20, 2006 3:25 am

with a 50-70 million dollar book that is YOURS i am sure you can sell it for more than a million 

Jul 20, 2006 3:49 am

Rightway,

Thought you cashed out your millions and bought an island chain somewhere. Good to hear from you. How bout those 2Q numbers eh?????

Jul 20, 2006 12:06 pm

[quote=joedabrkr]

[quote=bankrep1]BrothaK



The answer is NO. In 5-10 years as an FA you might build a 50-70 million dollar book and be making say 150K if your good to great.



Honestly in 5-10 years you could build a strong service oriented business and sell it for 500K - 1 million and walk away. You won’t be able to do that as an FA. I swear.[/quote]Not as an EMPLOYEE of a bank or wirehouse…



Joe,



You and I both know your not building a book of 50 -70 million in 5 or 10 years as an indy right out of college.





[/quote]

Jul 20, 2006 12:38 pm

[quote=bankrep1]Rightway



Care to share your thoughts on the bank you worked at vs. Merrill (
I realize they are night and day in terms of offerings) looking more
for day to day differences and how the transition was for you. It
crosses my mind every now and then. I tried to PM you but you’re
full.[/quote]



I like the bank I worked for and I owe them alot in that they jump
started my career.  My experience was that management was too
disconnected to the realities of the business and client related
issues.  Annuity and insurance product revenue was like a drug to
them.  They found a need to never stop tweeking, tinkering, and
moving everything from teritories, compensation, and product to
management structure and general direction.  It was a disaster and
the clients and larger reps suffered needlesly for it for years. 
Looking back it was a bunch of managers that really did not know the
business trying to make a go of it…and they failed.



Merrill is not without its problems, but they certainly know the
business and really let the reps run the business as they see fit, and
work very hard to support their efforts.  They were/are on the
oposite of the end in regards to annuities and insurance…its a brand
new product and the operations around it is horrible.  I was
surprised that it is not the terrible place so many reps and clients
depict…Mother Merrill is really pretty nice to me.



All in all Merrill is a great place for me vs the bank.  I wanted
to be more of an advocate of the client, fee based, and focus on larger
relationships…all of which Merrill supports.  I do miss the
closeness I had at the bank (the CEO was a client of mone for a small
amount of his families money).  I have yet to get that call from
Stan.



My business has quadrupled since I left the bank 7 years ago, although I share that as I created a team a while back. 

Jul 20, 2006 12:41 pm

[quote=blarmston]

Rightway,

Thought you cashed out your millions and bought an island chain somewhere. Good to hear from you. How bout those 2Q numbers eh?????

[/quote]

Good.  I shake my head at the numbers.  We had a great year and to think the firm is up as a whole like that given what we went through amazes me.  I will clear out my PM and shoot you a note.
Jul 20, 2006 3:10 pm

bankrep

Not going to quote you because the post is a mess already.  You’re are right in that it’s highly unlikely in 5 years.  Possible maybe in 10 years if you’re talented and dedicated.
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Jul 20, 2006 3:13 pm

Joe,

Correct that sentence!

Your friend,

Mr. Newbie

Jul 20, 2006 3:18 pm

[quote=NASD Newbie]

Joe,

Correct that sentence!

Your friend,

Mr. Newbie

[/quote]

ooh that's ugly!

"You're are"=You're


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Jul 20, 2006 3:59 pm

Age 27



9 Million AUM



MDRT 3 past years



Registered in 2002



IAR

Jul 20, 2006 6:23 pm

Age - 38

AUM - 45MM

licensed -  2000

Jul 20, 2006 6:25 pm

exEJ where are you working now?

Jul 20, 2006 8:42 pm

work as an RIA now