Thanks to all

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Dec 11, 2006 8:01 pm

I sincerely want to thank everybody on here for their honest insights into this business.  I have been perusing the board for a while trying to determine if this job is for me.  I don't think it is.  As much as I think I wanted to succeed in this endeavor, I am now realizing that I'd be risking a tremendous amount to go forward.  I came at this whole thing not necessarily wanting to be a broker, but to be a financial planner.  I am friends with some fee-only CFPs and I figured that's what I would do.  Then I started thinking to myself that the really big money is going after the AUM business and the "easiest" way to do it is to join a firm with a ready made system.  Then I started thinking that I could get a piece of product sales like insurance and mutual fund loads and why should I turn over my clients to somebody else to service them and capture that income?  Then I talked to my neighbor who just retired and turned over his life savings to a wirehouse broker and I started thinking how easy is that?  Then I filled out some applications, went on some interviews and started using this forum to educate myself about the business.  Then I began to realize that it ain't so easy, then I started to think about things like "do I really want to start over and put in those hours and feel the pain of not succeeding even if that failure is only temporary?"  Then I came to a full fleged realization- I am scared $#!%less to make phone calls.  I fear rejection really badly, I guess.  But the hard part about this realization is that what if after making a few dozen cold calls I'm not so nervous or fearful anymore and I've just thrown away the possibility of a great career because of the doubt I've inflicted ion myself?  I know I sound like a loser right now, but I am airing my feelings and it's pretty sobering.  Maybe I'll become a registered client associate.  God bless all you guys and gals in the trenches.  And hats off to those of you who have climed the mountain. 

Dec 12, 2006 12:38 am

I think that you have made a wise decision. Phonecalls are such a daily part of the life of a broker that if you have call reluctance before you are knee deep in the industry you will no doubt struggle with that aspect. Far from sounding like a loser, you sound like a winner to me......

Dec 12, 2006 4:44 pm

I appreciate the kind words Noggin.  You never know what you're gonna get when you post on the internet, but there are some true pros out there who truly understand this biz.  In the end I think I'll be a winner because I came to terms with my shortcomings before quitting my job and putting family through hell.  However, I know I'm never gonna make the big money that could give them a much better life.  But we're OK for now and, in the end, I was probably thinking about doing this job more for me than I was for them- the excitement and challenge, etc.  Thanks to all and good luck to everyone.      

Dec 12, 2006 8:06 pm
barharbor1:

I appreciate the kind words Noggin.  You never know what you're gonna get when you post on the internet, but there are some true pros out there who truly understand this biz.  In the end I think I'll be a winner because I came to terms with my shortcomings before quitting my job and putting family through hell.  However, I know I'm never gonna make the big money that could give them a much better life.  But we're OK for now and, in the end, I was probably thinking about doing this job more for me than I was for them- the excitement and challenge, etc.  Thanks to all and good luck to everyone.      


A better life financially is not always a better life.  You may have the better life now and not realize it. 

Dec 13, 2006 4:51 pm

Just because you aren't going to move forward with a FA job, it doesn't mean you can't make great money. 


You're already on the path to being really successful by realizing you don't love the nuts and bolts of this business.  The key is to find something that you really enjoy and the money will follow.


People can tell when you really love something (ie, your profession) and the accolades/money will follow. 


I would, however, suggest trying to find a career that is somewhat self directed rather than relying on someone else to determine your worth (via salary/raises and subjective bonuses). 


Dec 13, 2006 5:17 pm

I came at this whole thing not necessarily wanting to be a broker, but to be a financial planner.  I am friends with some fee-only CFPs and I figured that's what I would do. 


It's a wonderful career, and there are ton of choices on how to work here. Once you start helping real clients have a better life, you'll be hooked.