Slow market make it tougher or easier?
Im doing some research for an upcoming story about what effect the current market conditions have on trainees or brokers just starting out.
Youd think it would be a lot harder to start building your book these days…but actually alot of recruiters and consultants are telling me that this is in fact the best time to build your book.
They say money is in motion and investors are willing to get a 2nd opinion.
Okay, sure, but who wants the opinion of a 20 something college grad just starting out? right?
Well, apparently trainees are not what they used to be…most wirehouses are looking for “2nd career advisors” with a nice network of established friends and collegues.
What say you?
Current market: an opportunity or dead end?
I would agree. People are a little uneasy and looking for advice. Many are getting no direction from their advisor and welcome some input. Also, when you are newer, you tend to have the time to spend with people, teaching them, proving feedback, etc. So you give the impression that you will always give this level of attention (in defense of some advisors, they simply have too many clients to service them all adequately).
One other thing - this market can actually work to a new FA’s advantage in the long run. When you bring someone on during a bear market, it is fairly certain that their portfolio is going to go up fairly soon (even if it takes some time). That Bull run following the bear can often last years, so your client thinks you are a hero. On the flipside, bring someone on during an overheated Bull run (think 1999/2000 or Summer 2007), it is fairly certain that at some point your accounts are going to go down (soon). So you look like a heel.
Clients are moved by fear or greed. When times are good, they don’t want to rock the applecart. During times like these, people are more receptive to new ideas.
They will at least talk to you on the phone. They may not move their money immediately, but you at least get the shot to talk to them. They want to hear if what you have to say is anything different than what their current advisor is telling them. That is if they are hearing anything at all from their advisor. I haven't seen the "Talk to Chuck" commercials recently. I wonder how often his clients hear from him?
People are willing to talk. Currently I am mentioning aution rate secuities and how well the wire house’s are managing there own money.