Statistics of an average Financial Adviso

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Dec 12, 2006 10:11 pm

What do you think the average AGE of a successful FA is?

What about.... gender... mainly men?



What do you think the chance of a women doing well are as a Broker or FA.... compared to men?

And, do you think older people have a better chance to succeed in this business?

Is it best to start from ground level and work your way up within one company?

Dec 12, 2006 10:20 pm

Yes

Dec 12, 2006 10:31 pm
Cowboy93:

Yes



what do you think the average FA age is?

And, why do you say yes to those questions? more explanations would be great.

thanks.

Dec 12, 2006 10:38 pm
youyoume:
Cowboy93:

Yes



what do you think the average FA age is?

And, why do you say yes to those questions? more explanations would be great.

thanks.



58

Dec 12, 2006 10:45 pm
joedabrkr:
youyoume:
Cowboy93:

Yes



what do you think the average FA age is?

And, why do you say yes to those questions? more explanations would be great.

thanks.



58




Damn... what kind of jobs/ careers did they have before being a broker/ FA?

Why venture into this tough industry at 58?

Dec 13, 2006 1:20 am

Age doesn't really matter, I've seen successful FA's who were 27 or 57.  The industry is mostly men, but I think there is a tremendous opportunity for women.

Dec 13, 2006 9:17 am
youyoume:

What do you think the average AGE of a successful FA is?

What about.... gender... mainly men?



What do you think the chance of a women doing well are as a Broker or FA.... compared to men?

And, do you think older people have a better chance to succeed in this business?

Is it best to start from ground level and work your way up within one company?


Generally speaking age does matter. However, it is up to the individual. I've seen very young people excel in this biz. Yet, it is the exception, not the rule.


My take on the age question is that many young people are attracted to the "Glamorous Image" of the business. Once on the inside they realize that there is a mountain of very unglamorous work seperating them from their first BMW. This rose colored view of the business can be attributed to inexperience, thus age. From there, a few grab the bull by the horns and get it done. Most walk away after what can only be described as half hearted attempts.


 This business will take at least five years of 60 to 70 hour no bullsh*t work weeks to get off the ground. It's no different than law or medicine in that respect. Still, most young trainees aren't willing to do it.


Older trainees have a more realistic view of the task at hand giving them an advantage.


This is a relationship business with the primary task being sales, marketing, and self promotion. Indivduals with experience in these fields excel. Those who are a quick study in the art of selling intangibles also excel. Age and gender don't matter.


The business is primarily male, not that it matters because it doesn't. Success or failure is not gender specific. To find the responsible party regarding success or failure I suggest using the mirror test. That is, look in a mirror. The face you see belongs to the person directly responsible for your success or failure.


Dec 13, 2006 11:10 am

Bondguy:This business will take at least five years of 60 to 70 hour no bullsh*t work weeks to get off the ground.


The no BS work is key in that line. 60 hrs fly. If you don't have enough on your plate where you are not in the office (or out) for 60 hrs there's something wrong. 60 hrs is not a scary number. Honestly there might be a day every other 3 weeks where I'll cut out at 4-5 when my brain feels like it's going to collapse.

Dec 13, 2006 4:55 pm
anabuhabkuss:

Bondguy:This business will take at least five years of 60 to 70 hour no bullsh*t work weeks to get off the ground. 


 Honestly there might be a day every other 3 weeks where I'll cut out at 4-5 when my brain feels like it's going to collapse.



Pacing yourself is absolutely essential to success. For those who have made the commitment to succeed taking time off every now and then isn't a problem. It's a critical mass thing. Once you've reached critical mass with regard to filling the pipeline momentum starts to take over. This is where you can steal some mental vacation time and you'd be smart to do so.

Dec 13, 2006 7:30 pm

Nice posts BG.

Dec 13, 2006 8:38 pm

I want to say that I read the avg. age of a broker is 44 but, that was
probably for one specific firm. Most people will say get some very good
sales experience and then make the jump to be an FA in your 30s.
Hundreds have failed at a young age. However, the ones that have made
it usually are top dogs. I know one guy, that got hired right out of
college, at the age of 22 or so, and is producing 400k+ now. He is only
about 5 or 6 yrs out. While 400k, is hardly a big dog, it is very good
for his time out. And I think he is making great money for him and his
family.

Now, if he continues to work hard, ideally at 40 or even earlier he
could be a million dollar producer. Bondguy, great post, very well put.

Dec 14, 2006 10:35 am
rook4123:

I know one guy, that got hired right out of college, at the age of 22 or so, and is producing 400k+ now. He is only about 5 or 6 yrs out. While 400k, is hardly a big dog, it is very good for his time out.


So let's see, this guy is now 27 or 28 years old making in the neighborhood of $160K. That's big dog in my book.

Dec 14, 2006 7:21 pm

Wow, 160k... IF he were only indy it would be 320k. Without the support he may have not made it.

Dec 14, 2006 8:18 pm

Bondguy



This forum is flooded with people who talk a really big game.  More and more hot air…..


 


Tell me rook how long have you been in this business and what kind of production are you doing


Dec 15, 2006 7:08 am

I'm not going to comment too much on myself. I type a lot on here, but
I read far more than I type. I'm very young so lets leave it at that.
And DDBro yes, I'm sure your far more knowledgable than I am. I'm just
entitled to my own opinions.(GS to me is better than MS PWD) I failed
to mention that this guy got a pretty good head start. He took over a
book with about 10 AUM of good clients. I am honestly not making him
up, and yes I think that he is doing great for 27 or 28. I will say
that he did very well with what he was handed. He is living exactly the
life I would like to.

Dec 15, 2006 9:13 am
rook4123:

I'm not going to comment too much on myself. I type a lot on here, but
I read far more than I type. I'm very young so lets leave it at that.
And DDBro yes, I'm sure your far more knowledgable than I am. I'm just
entitled to my own opinions.(GS to me is better than MS PWD) I failed
to mention that this guy got a pretty good head start. He took over a
book with about 10 AUM of good clients. I am honestly not making him
up, and yes I think that he is doing great for 27 or 28. I will say
that he did very well with what he was handed. He is living exactly the
life I would like to.



OH yeah...and one last detail I forgot to mention...he was handed a book of 10m in client assets....

Don't you think that detail is pretty material to the overall story?  What other "details" have you left out?  Who is this boy's daddy?

Dec 16, 2006 2:59 am

And Joe sinks a 3 from the top of the key….      

Dec 16, 2006 4:43 am
BondGuy:

Older trainees have a more realistic view of the task at hand giving them an advantage.





Having been around the block greatly helps with attitude, which is probably the most important thing in the game.

Dec 16, 2006 7:51 am

No way is attitude the most important thing.  The most important element of success is day to day activity.

Dec 16, 2006 5:07 pm
BondGuy:
rook4123:

I know one guy, that got hired right out of college, at the age of 22 or so, and is producing 400k+ now. He is only about 5 or 6 yrs out. While 400k, is hardly a big dog, it is very good for his time out.



So let's see, this guy is now 27 or 28 years old making in the neighborhood of $160K. That's big dog in my book.





Really?



You might want to read on wall street this month there are a couple of guys around 30 making 500K by my estimates. While 160K is good, it's not great and if he is doing the right kind of biz he will probably be a big swingin d*ck in the future, but if he is just slinging VA's you could get to 400K pretty easily. By the way I made 150K when I was 25 and made less than that for the following 5 years