Should I become a Financial Advisor?
A very succesful FA once told me that this job is only worth it if you are making serious coin.
At Jones, you see FAs who can’t wait to make general partner and go to St. Louis so they never again have to do another own-loan presentation to some high school dropout with a rollover.
How many 65-year-old FAs do you know – most of them quit or die before then.
Lastly, who cares if you let your clients down. The industry dropout rate is 40 percent – you think the firms care about all the clients who get stiffed by the dropouts.
[quote=BoilerRoom]Let’s take arrogance out of the equation. I will do well - I already have AUM if I decide to join and I can take several previous (very wealthy) clients I had and that I still keep in touch with (i have a trading background and worked for a prestigious firm).
So let’s take whether or not I would do well out of the equation.
I know perhaps this is more a philosophical question and I don't intend to flame you guys for what you guys do.
I am simply asking if I should try it for a few months and then decide if I like it. It seems quite meaningless to call and get AUM. Not really doing much for the world or creating something new. I believe we have the next Nobel prize winner in economics here. He may change the world without ever making a phone call or gathering assets. His book will change the financial services industry forever. Put me down for the first edition. I want to know if it's worth it just for the money? How many hours a week? Do you dread going in the office in the morning? Do you LOVE your job? Why? Why did you choose to do this over the million other things you could do? Is this something you wanted to do or just fell in your lap? The answers to these questions is what I'm interested in. It is not the money!! Most of us put in trades pro bono. We just want to make our clients happy...making a living is not important. Remember that those wealthy clients will pay your bills. I love coming in to the office. My wife wont make me coffee but my secretary will ( and she makes sure I have a warm danish next to my call list). I wanted to do something that benefitted humanity and thought that I was. I guess, according to you, I am just waiting to become worm food. That's all I got??
Why haven’t you worked in 2 years? And if you have “several previous(very wealthy) clients” why the hell would they go with you after you have been doing nothing for 2 years.I think your "prospective clients" may be dumber than you
Well, I got the call back for Round #2. Here’s my problem. I was basically told prior to coming in for a second interview (if I was selected for one), I needed to have a specific target market with specific prospecting methods I would use to get in front of those people.I haven't heard anything in a week, and didn't really "do my homework" to try to figure that part out. I either decline and move on, or try to hustle and come up with something quick to give me a shot at getting an offer. Helpful Thoughts?
this is the greatest post ive ever seen. “smokescreen agent” your comments are hilarious…“jt marlen” and as for boiler room. you said earlier that you were planning on getting into financial services so how would you already have aum and have worked for a prestigous firm? by the way,…knowing wealthy people and getting wealthy people to trust you with their money is completely different. you have completely disrespected everyone who actually bust their ass to make money. this is a tough industry even when your really good and know a lot of high net worth clients, your making it seem cuz your a good salesperson then you will kill it. thats not how it works. how did you get by the last couple years if you havent had a job for 2 years. considering that most compensation structures are changing now a days along with the fact that todays market has made most clients very jumpy when it comes to their dwindling portfolios, you think your going to be able to just come in and kill it cuz ur a good salesperson? if you can, then great, but stop talking about something you obviously have no idea about. you are going to have to work at least 50 hours a week and have some sort of idea on how to attract clients after you burn through friends and family. good luck lol