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Jul 25, 2007 11:20 am

Being new in the industry and coming in as a career changer, I have read and posted some questions about how to get started.


It occurs to me that successful people succeed anywhere. I have read that the wirehouse attrition rate is 85-95% within 2-3 years. I bet that you could put the same 100 people in an independent model and the same ones who failed in the wirehouse would fail as an independent. From what I read, banks seem to provide a structure where you can have an easier time of marketing, but I bet the same percentage are in the top tier of bank producers.


I guessthe question is; How much of success is because of the system and how much is just because the person is willing to do whatever it takes?

Jul 25, 2007 12:06 pm

That reminds me of that Will Smith movie, where he's a stock broker.  Pursuit of Happyness(?).  He decided to make it, and went for it.  I have a feeling the real story is much different, though.  I was dissappointed to hear that the Rubik's Cube part didn't really happen. 


But I would agree that a lot of the problems that failures have are ones they made for themselves, and the "barriers" they've run into are barriers they build in their minds.


Just me rambling.

Jul 25, 2007 12:12 pm
Big Taco:

That reminds me of that Will Smith movie, where he's a stock broker.  Pursuit of Happyness(?).  He decided to make it, and went for it.  I have a feeling the real story is much different, though.  I was dissappointed to hear that the Rubik's Cube part didn't really happen. 


But I would agree that a lot of the problems that failures have are ones they made for themselves, and the "barriers" they've run into are barriers they build in their minds.


Just me rambling.



Well even if the Rubik's Cube part didn't happen, Chris Gardner (Will Smith) bought a Ferrari off of Michael Jordan.  He decided it was too sporty for him and traded it in for the Bentley.  So he didn't do too badly I suppose. 


When I'm in that position, don't worry, I'll still post on this forum for fun, but I'll be on a beach for part of the year!

Jul 25, 2007 12:49 pm

snuggle-T, if you keep spending all your time on this forum, you'll never leave your mommy's basement.

Jul 25, 2007 1:28 pm
apprentice:

snuggle-T, if you keep spending all your time on this forum, you'll never leave your mommy's basement.


 

Jul 25, 2007 3:24 pm
apprentice:

snuggle-T, if you keep spending all your time on this forum, you'll never leave your mommy's basement.


Dude what are you talking about?  I've been busy with appointments all day......it's amazing, my success ratio on booking appointments with mutual fund wholesalers is 100%!!!!!!



But seriously, point taken, it's just so hard to get off of here...it's like a bad addiction.

Jul 25, 2007 3:35 pm

Snaggs - become the $2 million producer, then you can work the chat room circut all you want.  In fact - I'm thinking that this forum should combine with youtube and create a video broker forum.

Jul 25, 2007 4:24 pm
snaggletooth:
apprentice:

snuggle-T, if you keep spending all your time on this forum, you'll never leave your mommy's basement.


Dude what are you talking about?  I've been busy with appointments all day......it's amazing, my success ratio on booking appointments with mutual fund wholesalers is 100%!!!!!!



But seriously, point taken, it's just so hard to get off of here...it's like a bad addiction.



I thought you're supposed to be cold calling.  Shame on you.

Jul 25, 2007 4:38 pm
snaggletooth:
apprentice:

snuggle-T, if you keep spending all your time on this forum, you'll never leave your mommy's basement.


Dude what are you talking about?  I've been busy with appointments all day......it's amazing, my success ratio on booking appointments with mutual fund wholesalers is 100%!!!!!!



But seriously, point taken, it's just so hard to get off of here...it's like a bad addiction.




Jul 25, 2007 8:23 pm
snaggletooth:

When I'm in that position, don't worry, I'll still post on this forum for fun, but I'll be on a beach for part of the year!



i hear that. don't forget to get your grille fixed, too, snaggle. chicks dig the wheels, along with a good grill, too..

Jul 25, 2007 10:52 pm
ShoreDog:

It occurs to me that successful people succeed anywhere. I have read that the wirehouse attrition rate is 85-95% within 2-3 years.

I guess the question is; How much of success is because of the system and how much is just because the person is willing to do whatever it takes?


Second point first - the system has almost nothing to do with whether an individual succeeds in this business.


First point -- you're wrong.  I'm going to define successful as someone who was extremely successful in a previous career (drug rep or other type of sales, CPA, attorney, small business owner) as opposed to someone who was successful in school/academics.


I have seen many very successful people get their butts kicked by this industry.  Not everybody can do this -- no matter how hard they work (or as you say, doing whatever it takes). 

Jul 25, 2007 11:04 pm
OldLady:
ShoreDog:

It occurs to me that successful people succeed anywhere. I have read that the wirehouse attrition rate is 85-95% within 2-3 years.

I guess the question is; How much of success is because of the system and how much is just because the person is willing to do whatever it takes?


Second point first - the system has almost nothing to do with whether an individual succeeds in this business.


First point -- you're wrong.  I'm going to define successful as someone who was extremely successful in a previous career (drug rep or other type of sales, CPA, attorney, small business owner) as opposed to someone who was successful in school/academics.


I have seen many very successful people get their butts kicked by this industry.  Not everybody can do this -- no matter how hard they work (or as you say, doing whatever it takes). 


How does everyone define being successful in this industry?   Seems quite subjective.


scrim

Jul 25, 2007 11:37 pm
scrim67:

How does everyone define being successful in this industry?   Seems quite subjective.


I'm just defining it as still working in the business five years in.  Survival is success

Jul 26, 2007 2:43 pm
OldLady:

Second point first - the system has almost nothing to do with whether an individual succeeds in this business.


First point -- you're wrong.  I'm going to define successful as someone who was extremely successful in a previous career (drug rep or other type of sales, CPA, attorney, small business owner) as opposed to someone who was successful in school/academics.


I have seen many very successful people get their butts kicked by this industry.  Not everybody can do this -- no matter how hard they work (or as you say, doing whatever it takes). 



What is the common trait that allows the ones who do succeed?


If the system does not help one succeed or fail then why are the ML or SB programs considered among the best? Maybe I am asking the wrong question. 


Would you agree that those who are unsuccessful in other areas have little chance of success in the industry?


I would define success as someone who does more than survive in the business, but makes the living they desire.