Should I leap?

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Jan 7, 2010 3:41 pm

Hi gang:

I'm exploring the wealth management business. Some background- I'm a Harvard MBA who spent 10 years at Goldman in institutional equities advising big institutional clients. I retired 8 years ago to raise my 4 kids while immersing myself in the local community. I'm VP of the local school board as the financial expert and founded and ran a local charity with over 200 active women volunteers.  There is a MSSB office down the street from my house in suburbia. I sent in my resume on Monday and immediately got a call back, passed the on line test, and have an interview next week. I've spent the afternoon reading this forum. Now, I'm sure they'll hire me, but want to make sure I understand what I'm getting into. On the positive side - I know financial markets cold, have a great deal of experience with client relationships and am incredibly organized, self motivated, and commercial. I've got a lot of wealthy friends who know I know my stuff. I like the flexibility the job provides and I love explaining the market to people and helping them achieve their goals. Having said that, most new brokers don't make it. What do you think? Do I go for it? Kids are now 11, 9, 7, and 7.
Jan 7, 2010 4:03 pm

Your resume sounds like you should be running one of these firms, not wondering if you'd make it at one fo them.  I think the bigger question should be with all of your past experience would you be able to stomach the amount of people you talk to on a daily basis that you know don't know 2+2 yet tell you they aren't interested in your help.  There are 22 year old idiots that started with me that became successful at my firm, so with your background I think you'll be fine.

Jan 7, 2010 5:05 pm

Thanks for the vote of confidence! Life is a trade off. To stay in the suburbs(and avoid 10 hrs per week of commuting), build a tangible asset, and be my own boss I would need to trade off "the idiot factor" and the prestige of my former job. Sounds fair.

Jan 7, 2010 5:15 pm
Your posts, your grammar, your attitude... so clean and so fresh.

You'll become a stressed out, crass, cynical, misanthropist in all but a few months.
Jan 7, 2010 5:30 pm
Shark:

Hi gang:

I'm exploring the wealth management business. Some background- I'm a Harvard MBA who spent 10 years at Goldman in institutional equities advising big institutional clients. I retired 8 years ago to raise my 4 kids while immersing myself in the local community. I'm VP of the local school board as the financial expert and founded and ran a local charity with over 200 active women volunteers.  There is a MSSB office down the street from my house in suburbia. I sent in my resume on Monday and immediately got a call back, passed the on line test, and have an interview next week. I've spent the afternoon reading this forum. Now, I'm sure they'll hire me, but want to make sure I understand what I'm getting into. On the positive side - I know financial markets cold, have a great deal of experience with client relationships and am incredibly organized, self motivated, and commercial. I've got a lot of wealthy friends who know I know my stuff. I like the flexibility the job provides and I love explaining the market to people and helping them achieve their goals. Having said that, most new brokers don't make it. What do you think? Do I go for it? Kids are now 11, 9, 7, and 7.

Shark-

 
You have a MBA from Harvard and with 10 years experience working at Goldman on the institutional side. You can basically write your own ticket and go anywhere. You are more than qualified to be an advisor. Why subject yourself to the rejection of this business when you could be a CEO, COO, Financial Analyst, Strategic Analyst, ect. This might not be what you want to hear...I say don't go for it. Why subject yourself to the rejection of this business. I'm not saying that you can't make it in this business. This is a difficult business even with connectons. You said flexibilty the job provides. I don't think it's flexible. It's 60+ hours week.
 
If you heart is set on becoming an advisor...I would contact all my connections before I took the position. Tell them what your plans are and see if they will in fact give you their business. Make sure that they are honest with you on this. This will tell you what connections you truely have. If those connections don't work out then you are cold calling. Are you willing to do that?
 
Also I would run the numbers. You need to get $50 mill from your connections wrapped at 1%. At a 40% payout that is only a $200k income. Is getting $50 Mill from you connections possible? That's why I would talk to my connections first. If you can't get enough assets from your connections I would not get into the business.
Jan 7, 2010 5:39 pm
Shark:

Thanks for the vote of confidence! Life is a trade off. To stay in the suburbs(and avoid 10 hrs per week of commuting), build a tangible asset, and be my own boss I would need to trade off "the idiot factor" and the prestige of my former job. Sounds fair.

Shark-

 
Not trying to be confrontational...If they give you a salary....your not your own boss. I know this from first hand experience.
If you work for MSSB it's not a tangible asset...it's MSMB's asset...
Why...You will sign a contract saying the assets you bring in are the property of MSMB.
 
If you succeed in the business and go indy they willl slap cease and desist on you. 
 
In my opinion it's only a tangible asset if you are indy.
 
Jan 7, 2010 5:39 pm

... "only" $200K income? Tough life.


I joke. But once again, on your own is right on. Consider this, Shark ... your eldest is 11; the next eldest is 9. By time you are done establishing your business, it will be three years, may be four. Three years you won't see them, not if you're committed.
 
How does it sound, to miss your eldest childs entry into adolescence, and the next eldest's entry into puberty? Can you absorb that kind of lifestyle shock?
Jan 7, 2010 5:47 pm
LockEDJ:

... "only" $200K income? Tough life.


I joke. But once again, on your own is right on. Consider this, Shark ... your eldest is 11; the next eldest is 9. By time you are done establishing your business, it will be three years, may be four. Three years you won't see them, not if you're committed.
 
How does it sound, to miss your eldest childs entry into adolescence, and the next eldest's entry into puberty? Can you absorb that kind of lifestyle shock?

I know your joking...I said "only $200k a year" because if he retired 10 years ago he was probably making alot more than that.

Jan 7, 2010 6:15 pm
on my own:
LockEDJ:

... "only" $200K income? Tough life.


I joke. But once again, on your own is right on. Consider this, Shark ... your eldest is 11; the next eldest is 9. By time you are done establishing your business, it will be three years, may be four. Three years you won't see them, not if you're committed.
 
How does it sound, to miss your eldest childs entry into adolescence, and the next eldest's entry into puberty? Can you absorb that kind of lifestyle shock?

I know your joking...I said "only $200k a year" because if he retired 10 years ago he was probably making alot more than that.

 
If my reading comprehension is correct...i would say SHE was probably making alot more than that!!!!
Jan 7, 2010 6:17 pm
Shark:

Hi gang:

I'm a Harvard MBA who spent 10 years at Goldman in institutional equities advising big institutional clients.. I'm VP of the local school board as the financial expert and founded and ran a local charity with over 200 active women volunteers. 
 
I stayed at a Holiday Inn last night.
Jan 7, 2010 7:06 pm
Shark:

Hi gang:

I'm exploring the wealth management business. Some background- I'm a Harvard MBA who spent 10 years at Goldman in institutional equities advising big institutional clients. I retired 8 years ago to raise my 4 kids while immersing myself in the local community. I'm VP of the local school board as the financial expert and founded and ran a local charity with over 200 active women volunteers.  There is a MSSB office down the street from my house in suburbia. I sent in my resume on Monday and immediately got a call back, passed the on line test, and have an interview next week. I've spent the afternoon reading this forum. Now, I'm sure they'll hire me, but want to make sure I understand what I'm getting into. On the positive side - I know financial markets cold, have a great deal of experience with client relationships and am incredibly organized, self motivated, and commercial. I've got a lot of wealthy friends who know I know my stuff. I like the flexibility the job provides and I love explaining the market to people and helping them achieve their goals. Having said that, most new brokers don't make it. What do you think? Do I go for it? Kids are now 11, 9, 7, and 7.

Sit down with a pen and paper and REALLY take a look at how you can make the Asset and Revenue Goals.  They must be somewhere around 6 million year one and 12 million year two.
Can you get there?  For sure?  Because the last thing you want to do is prospect ALL your FRIENDS, FAMILy , COWORKERs and bomb out.  There is no place to hide.
 
If you have not done a sales job before, you may want to look at a support position first.
 
Good luck.
Jan 7, 2010 7:07 pm
on my own:
Shark:

Thanks for the vote of confidence! Life is a trade off. To stay in the suburbs(and avoid 10 hrs per week of commuting), build a tangible asset, and be my own boss I would need to trade off "the idiot factor" and the prestige of my former job. Sounds fair.

Shark-

 
Not trying to be confrontational...If they give you a salary....your not your own boss. I know this from first hand experience.
If you work for MSSB it's not a tangible asset...it's MSMB's asset...
Why...You will sign a contract saying the assets you bring in are the property of MSMB.
 
If you succeed in the business and go indy they willl slap cease and desist on you. 
 
In my opinion it's only a tangible asset if you are indy.
 
True That!!!  Thing about where you are taking your friends and family and what you will be asked to sell them.
Jan 7, 2010 10:29 pm
Gaddock:
Shark:

Hi gang:

I'm a Harvard MBA who spent 10 years at Goldman in institutional equities advising big institutional clients.. I'm VP of the local school board as the financial expert and founded and ran a local charity with over 200 active women volunteers.


I stayed at a Holiday Inn last night.





Well i'm Wind.....

Jan 7, 2010 11:04 pm

That's like an NFL linebacker asking a group of kids in a playground, "Can I play touch football with you guys?"

Jan 8, 2010 8:00 am

Shark,



Your credentials are very impressive. However, they actually may not be applicable to being an FA. What you need to ask yourself is, “Can I sell?” This is a sales position. If you can utilize your knowledge, education and experience as a tool to get others to buy from you, you’ll do great!



Especially, if you can utilize contacts from your past experiences, etc, and sell to these folks, as well as to their friends, then you are onto something.



Best of luck to you with whatever decision you make.



OP

Jan 8, 2010 8:11 am
Shark:

Hi gang:

I'm exploring the wealth management business. Some background- I'm a Harvard MBA who spent 10 years at Goldman in institutional equities advising big institutional clients. I retired 8 years ago to raise my 4 kids while immersing myself in the local community. I'm VP of the local school board as the financial expert and founded and ran a local charity with over 200 active women volunteers.  There is a MSSB office down the street from my house in suburbia. I sent in my resume on Monday and immediately got a call back, passed the on line test, and have an interview next week. I've spent the afternoon reading this forum. Now, I'm sure they'll hire me, but want to make sure I understand what I'm getting into. On the positive side - I know financial markets cold, have a great deal of experience with client relationships and am incredibly organized, self motivated, and commercial. I've got a lot of wealthy friends who know I know my stuff. I like the flexibility the job provides and I love explaining the market to people and helping them achieve their goals. Having said that, most new brokers don't make it. What do you think? Do I go for it? Kids are now 11, 9, 7, and 7.



Mrs. Shark - It sounds to me as if you should start your own firm.  There are plenty of people who can advise you on how to open one up.  Your bio will draw clients to you and gives you instant credibility. 

Like someone said, I would contact your wealthy friends, see if they will indeed do business with you and make sure you tell them that you are starting your own firm and that you are doing so because you believe there is a better way to provide financial services to individual clients.  You feel that the financial services industry has failed the consumer and you are here to save the day.

That plus your credentials will allow you to do quite well.


Jan 8, 2010 11:39 am

  But once again, on your own is right on. Consider this, Shark ... your eldest is 11; the next eldest is 9. By time you are done establishing your business, it will be three years, may be four. Three years you won't see them, not if you're committed.

 
How does it sound, to miss your eldest childs entry into adolescence, and the next eldest's entry into puberty? Can you absorb that kind of lifestyle shock?[/quote]
 
 
These are good questions to ask yourself! Is it worth it not to be with your kids!
 
MSSB will not give a crap about them or you!
 
Consider INDY! With a rep already up and running.    
Jan 8, 2010 7:05 pm

Shark, don't do it.

Feb 17, 2010 10:31 pm

(Resurrection)



Shark -



Did you decide on MSSB? How is the whole advisory idea coming along?

Feb 18, 2010 9:50 am
Moraen:
Shark:

Hi gang:

I'm exploring the wealth management business. Some background- I'm a Harvard MBA who spent 10 years at Goldman in institutional equities advising big institutional clients. I retired 8 years ago to raise my 4 kids while immersing myself in the local community. I'm VP of the local school board as the financial expert and founded and ran a local charity with over 200 active women volunteers.  There is a MSSB office down the street from my house in suburbia. I sent in my resume on Monday and immediately got a call back, passed the on line test, and have an interview next week. I've spent the afternoon reading this forum. Now, I'm sure they'll hire me, but want to make sure I understand what I'm getting into. On the positive side - I know financial markets cold, have a great deal of experience with client relationships and am incredibly organized, self motivated, and commercial. I've got a lot of wealthy friends who know I know my stuff. I like the flexibility the job provides and I love explaining the market to people and helping them achieve their goals. Having said that, most new brokers don't make it. What do you think? Do I go for it? Kids are now 11, 9, 7, and 7.



Mrs. Shark - It sounds to me as if you should start your own firm.  There are plenty of people who can advise you on how to open one up.  Your bio will draw clients to you and gives you instant credibility. 

Like someone said, I would contact your wealthy friends, see if they will indeed do business with you and make sure you tell them that you are starting your own firm and that you are doing so because you believe there is a better way to provide financial services to individual clients.  You feel that the financial services industry has failed the consumer and you are here to save the day.

That plus your credentials will allow you to do quite well.


+1 if you have the resources