Started at Indy and looking at wirehouse HELP!

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Sep 4, 2008 8:58 pm


I interned at an indy firm my last year of college and they offered me a position after I graduated.  I took the position not knowing that the company would split up a year after I started. 

One of the partners asked me to start up another indy firm with him and so I jumped at the opportunity. 

My partner had an idea to go after institutional clients and endowments to try to put them together with a real estate sponsor and get paid a placement agent fee.

Well after all was said and done we spent about a year going after this new business idea and have yet to see a deal close.  We have about 3 good ones in the pipe (Who doesn't say that right  ) 

Well I have decided that selling real estate is not something I would like to do and would like to build my practice the way I would like to with some guidance.

I never had formal training since the firm was a startup and then it split up.  So I'm seriously considering starting again at a wirehouse.  I would love to relocate to new york and build my practice there.

What firms would you guys recommend I look after and would any firms seriously consider me since I have only been in the industry about 2 years and not much of a book to show for it.
 ( Can take about 2 mm of family accounts with me so pretty much starting from scratch)

I'm willing to do 300 calls a day and whatever they tell me to do to be successful.  Rejection does not bother me and I feel I have a better understanding of the industry then any other rookie.

Any serious advice?

Sep 4, 2008 10:42 pm

I'm curious...what are you living on now?

Sep 5, 2008 1:17 am

I live in southern Cali....

After a couple years at a firm here can is it easy to transfer to there ny office.

Sep 5, 2008 7:44 am

Strange move - Southern Cal to NYC.  You have BEEN there, right??  I hope so.  I lived there for 7 years.  It ain't SoCA.  Just don't get enamoured by the allure of "Wall Street".  You'd likely be more successful in the suburbs of Toledo.

Sep 5, 2008 1:11 pm

Talk about saturation of the market with FA's - B24 is correct, stay away from NYC if you want to prosper.  There are a number of successful brokers who will live, and work in small town America - but have a second home (or apartment) in Midtown Manhattan.

Sep 5, 2008 5:55 pm

I love the new york atmosphere and yes I have been there.  I'm not in a small town at all but at the same time I feel I can prosper at whatever location I'm at.

Can anyone recently hired at SB or Morgan Stanley please detail there training.  I've narrowed down my search to those two firms for various reasons.

Also can anyone explain the production hurdles for a rookie at these two firms.

Thanks

Sep 5, 2008 11:04 pm
apprentice:

Talk about saturation of the market with FA's - B24 is correct, stay away from NYC if you want to prosper.  There are a number of successful brokers who will live, and work in small town America - but have a second home (or apartment) in Midtown Manhattan.

 
Why would someone stay away from New York? What makes it so hard that you dont find in other markets?