Success in today's market?
I'm about to enter the market as a FA with EDJ. Been in commissioned
sales for around 6 years, have no issue with putting in 60+ hours a
week, and understand for the most part output will equal effort. With
that said, am I setting myself up for failure with the current market
conditions? Can someone make it today without a bunch of luck?
Yep it’s actually a better time than a bull market. Who wants to talk to you when every month their account goes up like clock work? Cold calling in a bull market is TOUGH TOUGH TOUGH!!! whan things are coming apart people will listen. Fear is twenty times more powerfull than greed.
Have a strong point of view about what is going on with the economy and the markets and have a plan to help your clients deal with this landscape. It IS different this time. … One more thing, do NOT listen to anything Alan Sranka writes.
In good times everyone loves their current broker/advisor. In bad times everyone hates their current broker/advisor. On the other hand, many people are much more reluctant (whether for good or bad reasons) to move money while its already down. Many people will consider selling crappy investments to purchase better investments as “selling low”. Some people, usually your older folks have too much pride to get rid of their American funds or 1987 Metlife annuity that has treated them so well the past decade plus when the account looks like it currently does.
If you think you are going to fail you are already done.
Thanks Gaddock … Any other thoughts out there?
Not sure I said I thought I was going to fail… but I understand your point. I’m confident in my skills and abilities but even the best mortgage broker is starving right now. Was wondering if the same applied to incoming FA given the market.
(and yes, I do expect to starve for the first couple of years)
[quote=buyandhold]Have a strong point of view about what is going on with the economy and the markets and have a plan to help your clients deal with this landscape. It IS different this time. … One more thing, do NOT listen to anything Alan Sranka writes.