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Jul 20, 2007 9:24 pm

I have been in production with a large wirehouse for just over 2 years. Assets $20,000,000. & production $200,000. Just went off salary, and with a majority of my production coming from quarterly billing, earned a June paycheck of $500. Not complaining, I know what I got myself into. Question is; why would I NOT transition my business to Morgan Stanley's rising star program, or an applicable package at SB/UBS/ML, etc. I could really use a different perspective because all signs point to go! Also, please do not waste you time with the bank/indy/regional speeches, I like certain aspects of all of them, and may move in that direction one day, but for now a well known wirehouse serves my niches well. Thanks in advance.













































Jul 20, 2007 9:39 pm
MakeItRainVick7:

I have been in production with a large wirehouse for just over 2 years. Assets $20,000,000. & production $200,000. Just went off salary, and with a majority of my production coming from quarterly billing, earned a June paycheck of $500. Not complaining, I know what I got myself into. Question is; why would I NOT transition my business to Morgan Stanley's rising star program, or an applicable package at SB/UBS/ML, etc. I could really use a different perspective because all signs point to go! Also, please do not waste you time with the bank/indy/regional speeches, I like certain aspects of all of them, and may move in that direction one day, but for now a well known wirehouse serves my niches well. Thanks in advance.























Smartass, if you know so much, why do you have to come here to ask your stupid question?

Jul 20, 2007 9:42 pm

I assume that what you mean is that because you are annuitized you have one good month per quarter and the rest of the months suck, i.e. $500?


If so, what do you expect will change from one wirehouse to another? They are more or less all the same - some better technology, some better platforms, some better grid, but more ticket charges, etc. bUT more or less all the same - the idfference is the local branch, not the firm.


With that said, if I read your problem correcty, you ought to look at SB - they smooth fees. So if a client is billed say, 1500 for the quarter, you will see 500 hit your grid each month for the quarter. Frankly tho, seems to me six of one, half dozen of the other.

Jul 20, 2007 9:47 pm


Because I don't know so much. Just looking for perspective, like I said, and maybe need a bit of confirmation. Either way, I have scanned these boards for my 2+ years in the business, never posted because I don't know %$^$, and knew I'd get crappy replies from douche-bags like you. Seriously, what kind of loser wastes their time replying like you did, instead of either giving real advice or just continuing to surf free porn sites? If anyone, from experience, can give me feedback on any of the large wirehouse, or reasons to stay put, I'd really appreciate it.

Jul 20, 2007 9:47 pm

Why would you move from one wirehouse to another?  Almost certainly not every client will move with you.  It would seem to me you should continue to build the book and move to a different channel when you're ready in a few more years.  There will be attrition with every move you make.

Jul 20, 2007 9:51 pm

Thanks Pratoman, good perspective. I guess my point is that if SB, etc will give me 225k up front, and a chance to at least match that over a few years, why would I stay? Seems to me that if I can bring over most of my book, than it is a no-brainer because they are all so similar in terms of platforms. Thanks again, as I will admit I don't know crap about this whole deal.

Jul 20, 2007 9:57 pm

The more I read "Bobby Hulls" stupid reply the more I ask who the $%^$ would let this guy manage their investments? No, they wouldn't! So, he slings VA's, B shares, new issue closed end funds, etc. What a joke, go ahead and brag about your big tickets. I laugh my ass off at guys like you in the office. Auctioneers that do 400k with 10+ years in. Sorry piece of crap. "no it all, why ask your stupid questions here?' Douche.

Jul 20, 2007 9:58 pm

BH, I'd give my left arm to have 5 minutes with you, douche.

Jul 20, 2007 10:21 pm
MakeItRainVick7:

BH, I'd give my left arm to have 5 minutes with you, douche.


If you need a douche so bad, why don't you just go to Walgreens and buy one?  No need to give your left arm.

Jul 20, 2007 10:51 pm

Seriously tho, he's right. Bobby is a douche, and thats being nice!

Jul 20, 2007 11:01 pm
MakeItRainVick7:

BH, I'd give my left arm to have 5 minutes with you, douche.


You mean in a sexual way?  I think you're looking for the San Fran Booty Bandit.  He probably won't have time for you though, he's very busy figuring out real-time historical data.

Jul 20, 2007 11:02 pm
MakeItRainVick7:

...if SB, etc will give me 225k up front, and a chance to at least match that over a few years, why would I stay? Seems to me that if I can bring over most of my book, than it is a no-brainer because they are all so similar in terms of platforms.


Because with two years in, you will lose a lot of your book.  You don't have a solid relationship with your clients (yeah, I know you think you do).  You also haven't had any experience with a market downturn.  What happens if there's a 20% drop in the market as you're making you're taking your up front cash?  You've already survived the worst two years of your career.  Are you really ready to start completely over? 


Now know two months will be slim, take your good month income, divide it in thirds, only spend one-third and use one-third in each of the following two months.  This isn't rocket science. 


The other option is to do some transactional business during the off months to have some commission income -- maybe some bond ladders, etc.

Jul 20, 2007 11:06 pm
OldLady:
MakeItRainVick7:

...if SB, etc will give me 225k up front, and a chance to at least match that over a few years, why would I stay? Seems to me that if I can bring over most of my book, than it is a no-brainer because they are all so similar in terms of platforms.


Because with two years in, you will lose a lot of your book.  You don't have a solid relationship with your clients (yeah, I know you think you do).  You also haven't had any experience with a market downturn.  What happens if there's a 20% drop in the market as you're making you're taking your up front cash?  You've already survived the worst two years of your career.  Are you really ready to start completely over? 


Now know two months will be slim, take your good month income, divide it in thirds, only spend one-third and use one-third in each of the following two months.  This isn't rocket science. 


The other option is to do some transactional business during the off months to have some commission income -- maybe some bond ladders, etc.



Maybe he should hire a financial advisor to help figure out this income matter.


In all seriousness, good job on $20MM in 2 years.  Don't be stupid now though; I would agree with OldLady on this one.

Jul 20, 2007 11:38 pm
snaggletooth:

Maybe he should hire a financial advisor to help figure out this income matter.


I think I've made a pretty good play for that job

Jul 21, 2007 8:12 pm

Old Lady/Snaggletooth, Thanks for the advice, I'll definately take it to heart. Truth is that I feel very confident I'll bring over 70% of my assets, but absolutely know I'll have drop off. Thanks also for the good advice re: saving some cash. Tough thing where I'm at, I'm finding, is that year 3 seems to be the toughest to earn a living, which is the only reason I've considered moving this early. BTW, this is my second career, after a mostly successful and long first one, and I really enjoy what I'm doing. Finally, this site has been a big asset, although I have only been an infrequent visitor.

Jul 21, 2007 11:42 pm
Jul 22, 2007 12:38 am
skbroker:


hmmmm.. Either you are right and there is a conspiracy (call cnn) OR you are an idiot.  Given your previous posts, I'm going with the "you're an idiot" theory.

Jul 22, 2007 8:26 am

ML pays the production pro-rata monthly...the billing hits in January,
they divide that by 3 and that is what you get for Jan, Feb, and
March...so as not to have the dilema you are facing as a new rep. 
The downside is obviously ML keeps your money for 2 months instead of
paying it all to you in January.  Pro's and con's.  

Jul 22, 2007 2:03 pm

My only response is to confirm that you've received excellent advice here. Stay where you're at for awhile before you consider any move. It's a short-term sacrifice that will probably be better for your long-term career.



...and by the way...well done. It appears that you're part of the small minority that has what it takes to make it in this business.

Jul 22, 2007 2:28 pm