Starting out as an advisor
Starting up as a new advisor (with basically no contacts) how long would it take to get to 200,000 in production? I am thinking that 100 - 200,000 accounts would give me 20 M under managment which should produce somthing like that, is that a realistic one year goal?
Do people mostly just cold call to build up an initial client base? Or are seminars a good idea?
Also, what do you guys think about joining a team? I figure I would be able to get bigger clients, but then I woudn't make as much because it would have to be split right? Normally you would get a percent of the profits, depending on how much you bring in, but if you don't have any business to bring in how would it work?
Well, you could average 100,000 per account and you would need 200 accounts. It really depends on what company you are at. The big wirehouses may have some problems if your average client is 100,000.
About the team thing, if you join or partner up with a team, they will want some kind of split, so you would need to double what you are thinking of doing. (with a 50/50 split setup)
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Thanks guys. I did a search and that helped. As far as the team thing goes, would you usually start out making a salary and then any comissions you made would be split 50/50? Is that the way it ususaly works? Would you ever start getting a split of some of their comissions? What about starting out as an 'investmnet analyst' I know that JP Morgan Private Bank, Lehman, and a few others have formal traning programs but just being an analyst for a large group at Smith Barney or ML? Are those usually strickly salary postions, or are you expected to sell as well?