Success Stories needed!

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Aug 1, 2007 9:57 am

As a newbie, I know that many new FAs fail.  I would love to hear stories about the ones who succeeded.  I know you are out there!


Forgive me, I don't know all of the proper terminology and if you don't mind sharing....


What was your final take home pay each year, starting with your first year? 


How old were you when you first started?


Did you start at an indy or a major wirehouse?  How many years have you been there?


What aspect most contributed to your success?  (ie - personal network? cold calling - how many calls did you make a day? seminars? excellent branch manager/mentor?)


Thank you for your time and insight! 

Aug 1, 2007 1:19 pm
wadsworth:

As a newbie, I know that many new FAs fail.  I would love to hear stories about the ones who succeeded.  I know you are out there!


Forgive me, I don't know all of the proper terminology and if you don't mind sharing....


What was your final take home pay each year, starting with your first year? 


How old were you when you first started?


Did you start at an indy or a major wirehouse?  How many years have you been there?


What aspect most contributed to your success?  (ie - personal network? cold calling - how many calls did you make a day? seminars? excellent branch manager/mentor?)


Thank you for your time and insight! 



Probably 85-90% of all new brokers fail for one reason: FEAR................


Aug 1, 2007 1:33 pm

Wads- Not to be blunt, but none of our responses really matter. It is entirely up to you to make it happen. You are the ONLY one who can do the things that will better ensure your chance of survival at first, and success after that.


Your managers will help you, but they have their own things going on and will only provide enough support. Your fellow trainees want you to fail to a certain degree- makes them look better and may help with gaining your accounts if you leave...


Just hunker down and focus on daily activities to get you where want want to be. Set realistic goals and adhere to them. Whether its daily contacts, weekly meetings, monthly new assets, etc- just zero in on those... Good luck...

Aug 1, 2007 5:55 pm

What aspect most contributed to your success?  (ie - personal network? cold calling - how many calls did you make a day? seminars? excellent branch manager/mentor?)


A huge factor was teaming up with someone who already knew the business, and later going solo.


Most paths in life have some pretty decent shortcuts. If you hook a whale, don't be afraid to do a split with an experienced pro in your office.


Half a whale in the boat...

Aug 2, 2007 10:21 am

As already posted how much you make and how fast you make it is entirely up to you. If it's a range you are looking for let me help you out; income ranges from failure time to find another career, to the sky is the limit.


Most of the people who entire this business fail. I suspect most fail because they are ill prepared for just how much effort it takes to be successful. In the begining 70 hour weeks are the min, with everyday filled with non-stop work. Most of that time is spent contacting prospects. Another reason for the high dropout rate is the clueless nature of many who enter the biz. The job is primarily a sales task very heavy on contact. Selling tangible products is a tough enough gig, especially for those who have never sold before. The financial services product is intangible. Clients and prospects can't touch, hold or see what we are selling. Selling intangibles is much more difficult than selling tangibles. Many trainees don't realize that until they entire production.


There is no set rule regarding age, however, generally speaking older is better. 30 somethings, as well as 40 plus career changers seem to do better than newly minted college grads.


Lastly, any of the reputable firms will pay you a salary for the first two or three years.

Aug 2, 2007 10:22 am
BondGuy:

As already posted how much you make and how fast you make it is entirely up to you. If it's a range you are looking for let me help you out; income ranges from failure time to find another career, to the sky is the limit.


Most of the people who entire this business fail. I suspect most fail because they are ill prepared for just how much effort it takes to be successful. In the begining 70 hour weeks are the min, with everyday filled with non-stop work. Most of that time is spent contacting prospects. Another reason for the high dropout rate is the clueless nature of many who enter the biz. The job is primarily a sales task very heavy on contact. Selling tangible products is a tough enough gig, especially for those who have never sold before. The financial services product is intangible. Clients and prospects can't touch, hold or see what we are selling. Selling intangibles is much more difficult than selling tangibles. Many trainees don't realize that until they entire production.


There is no set rule regarding age, however, generally speaking older is better. 30 somethings, as well as 40 plus career changers seem to do better than newly minted college grads.


Lastly, any of the reputable firms will pay you a salary for the first two or three years.



Make that: Most of those who enter this business fail.


Aug 2, 2007 10:40 am
Aug 2, 2007 10:44 am
Aug 2, 2007 10:59 am

Lastly, any of the reputable firms will pay you a salary for the first two or three years.


This is not true for the insurance companies.  That is because a salary is not needed with the insurance companies.  The do pay new guys much higher commission rates.  50K + is very reasonable for someone in their first year with a quality agency. 

Aug 2, 2007 7:02 pm

WTF? It's amazing any of you made it in this business. Such negativity! Always making with the negative waves!


Wadsworth, you're doing a good thing, you're looking for some positive reinforcements for your day. We all know the negatives, we all know your BOM and SM think that a motivational speech is "Work or be fired, loser!". We all know that every pretender around you wants you to fail so that they can say of the manager "This guy's too stupid to manage MOI! He thought that lame brain was going to make it!" and TO the manager "Dude, I don't know what happened, you gave him every advantage  and he just threw it back in your face, and I'd say the same thing to regional if they asked me too!"


Everybody likes to tell stories of the worst they ever saw, it starts out with one guy almost getting a dent in his fender when he was cut off on the way into work, then the next guy tells the story of when he DID get a bent fender, then the next guy talks about the time his car flipped over from being sideswipped, then before it's over there are the stories of the school bus filled with little children being rammed by a van filled with flaming nuns who  had been sideswipped by a gas tanker that had swerved to miss the baby that came flying out of the car that just got hit by the derailed train!


It's the same with rookies failing stories.


I don't have a great success story, I slid by the first year minimum, and the second the third was put on hold because of the bear market, the fifth year the BOM said, "you don't do some nums by December, you're out in January" and so I blew past his number and never really looked back.


I'm nobody special, I didn't come up rich, I wasn't a great student, I give good phone and I always have either an idea or a reason for not having one.


I have seen more people go in this business than stay. But I have never seen  someone who put his head down and kept dialing the telelphone, and sending information and following up and repeating the process again and again and again and then againagain fail.


"Luck come to those with calloused hands." was a saying that was part of a handout from the Limited Partnership department. I cut it out and put it where I could see it every minute of everyday. Over time it got surrounded with positive affirmation fortunes from the chinese delivery that I ate at my desk.


Make youself a positive affirmation that you will tell yourself several times an hour. Remind yourself that you are at least good enough to be here, that you have the skills to be the broker that you envision yourself to be. (Don't do the "I'll be the biggest in this office" because then when you look at the biggest guy, you'll be daunted by the task ahead of you instead of encouraged by the steps you'll be taking to get there.)


Don't listen to negativity, identify it and get away from it. Don't forget that someone else being "Positive" can also be negativity, don't let the guy build himself up by standing on your back.


And that especially includes this place. Forget you ever saw this place, do not cruise the internet for anything that takes more than 30 seconds! Do not come back here, it will ruin your chances at a great career.


You can do it, just do so.  

Aug 2, 2007 7:56 pm

Whomit... Very good stuff right there...