Time to brag (or tell tales of woe). First 3 years

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May 15, 2008 2:52 am

During a recent interview the Branch manager at the wire house said his bad rookies pull in ~5m in assets during their first year, and his best do 10-15m.  He also said they try to do almost exclusively wrap accounts.

According to what little I know about the actual workings of the pay system, that means by the end of the second year the ~5m guys are making 50k if they are lucky, and if the 15m folks get that 2 years straight they are pulling about 150k by the end of year two.

Seeing as how the bulk on the people on this board have probably made it well enough to not get canned, where were you at your first two years?

...bonus question give a word of advice to the n00bs...

May 15, 2008 12:19 pm

Well here is a tale of woe. I am approaching the two year mark and I have only brought in 5 mil of new money. Yeah I am ticked off and angry. On the bright side I am leaving in about an hour for a long weekend. Hope my tale makes everyone feel better.

May 15, 2008 1:26 pm
GT Key:

Well here is a tale of woe. I am approaching the two year mark and I have only brought in 5 mil of new money. Yeah I am ticked off and angry. On the bright side I am leaving in about an hour for a long weekend. Hope my tale makes everyone feel better.

 
Your experience doesn't make me feel better or worse.  It is all your doing. 

You are ticked off and angry about your lack of results?  Well, maybe a long weekend isn't what the doctor ordered. 
May 15, 2008 4:03 pm

Wow. That is a great idea. I will cancel my trip and dial the phone all weekend. You are brilliant!

 
 
May 15, 2008 11:05 pm

10-15 million in each of your first 2 years?  Only if you're really, really good--and really, really lucky.  Or you have an unbelievable natural market.  The Branch Manger sounds to me like a guy who never got his first 10.  I see smoke.  Lots of cool, blue smoke.  Don't look now, but there's lots of it in your bunghole.

May 15, 2008 11:32 pm

I hear of people like that occassionally, even at Jones.  But there is ALWAYS a story behind it.  It's never "I cold called relentlessly" or "I worked 7 days a week".  It's usually that the guy's father was a prominent attorney, or his brother is a CPA, or whatever.   


But, I guess those are the type of people they try to hire.  The one's with great natural markets or connections.
 
The only exception I know of personally: Guy in my former region spent 25 years hanging power lines in Boston.  He got to 150mm in assets in about 7 years.  Granted, there is money in his area, but most of his clients (and he has tons of em) are blue-collar types that he knew from his old days, that were retiring.  He worked like an animal and he's still building it, doing Goodknights, the whole deal.  He should do $1mm in production this year.  I bet he hits 2mm in 5 more years.
May 16, 2008 12:51 am

I didn't do anything special, have rich family, or work 7 days a week and had about 18 mil in assets after my first 2 years.  Most of it was just stupid stuff, thousands of small accounts (not really thousands, but it seemed like it).  When I went Indy I left all of the small stuff behind for the next guy/gal, especially the headaches...

May 16, 2008 9:57 am

How does a person become a BOM at a wirehouse? Are they top producers? Do they still produce after the promotion?

May 16, 2008 10:43 am

broker 24 . i know timothy. He not only works hard but also has a magnetic personality. His success is due to both plus he is very active in his community and joined civic organizations he believed in what they stood for and not just as a networking tool.

May 16, 2008 1:30 pm
jamesbond:

broker 24 . i know timothy. He not only works hard but also has a magnetic personality. His success is due to both plus he is very active in his community and joined civic organizations he believed in what they stood for and not just as a networking tool.

 
Well, didn't want to use his name.  But yeah, he's "got it".  And his profile is the type of person everyone on thos board makes fun of Jones for hiring.  Blue collar guy, used to hang power lines for a living.  Still out less than 10 years and he is quickly marching to 200mm AUM.  And he does it RIGHT.  And he's a great guy.  It's hard to try and emulate someone that just gets business because of who he is.
May 16, 2008 1:39 pm
Broker24:
jamesbond:

broker 24 . i know timothy. He not only works hard but also has a magnetic personality. His success is due to both plus he is very active in his community and joined civic organizations he believed in what they stood for and not just as a networking tool.

 
Well, didn't want to use his name.  But yeah, he's "got it".  And his profile is the type of person everyone on thos board makes fun of Jones for hiring.  Blue collar guy, used to hang power lines for a living.  Still out less than 10 years and he is quickly marching to 200mm AUM.  And he does it RIGHT.  And he's a great guy.  It's hard to try and emulate someone that just gets business because of who he is.
 
Those kind of people are successful no matter what they do whether they are financial advisors, business owners, politicians, etc.  I am a little jealous of those that are naturally that way...although, I don't think that they feel they are anything special.
 
As an example, one of my best friends who happens to be a client, is big into politics.  He will start running for offices in his home state in the next few years with his eye on the national level after some experience.  He has "it" more than anyone I've ever seen and has built a very, very strong support system already for his political future.  It's a lot of fun to watch.  The guy also has the uncanny ability to get in to very private functions, the White House Christmas party and the State of the Union address are two clear examples.
 
He called me from his cell phone during the State of the Union and just let me listen for a couple of minutes to the president live...I thought it was pretty cool.