Whats the turnover in Registered Rep business?

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Oct 25, 2009 9:18 pm

How bad is turnover in this business and is it worse at certain Broker/Dealers?

Oct 25, 2009 9:23 pm

100% every 6 months...

Oct 26, 2009 12:14 am

It's only 100% for everwhere [email protected] works.

Oct 26, 2009 12:30 am

I think I should of written the question different.  What is the turnover for NEW Registered Reps?

Oct 26, 2009 7:22 am

Is this a general question or are you asking about your chances for success.

Oct 26, 2009 7:30 am

Not to discourage you, but I've been told New/New reps drop out 80-85% over the first two years. Based on my own limited experience I'd say that's just about right.

Any older vets want to confirm this?

Oct 26, 2009 8:13 am

I think that it's worse than that, but I also think it is a meaningless stat.

Oct 26, 2009 8:43 am

I've heard around 80% but it depends on situation and firm you are with.

Oct 26, 2009 8:48 am

Like anonymous said, it's a meaningless stat.



My guess is well over 90%

Oct 26, 2009 11:03 am

I think its retarded to base your success off others. If thats the case, you might as well committ suicide , cause you have no confidence in yourself.

Oct 26, 2009 12:33 pm

I was just wondering from a purely informative position.  I hadn't heard anything other than the acceptance rate.  I know that its alot of hard work and you either work hard or you fail and quit or get fired. 

Oct 26, 2009 1:34 pm

Latest statistic I heard was 3% make it to five years.  Good luck!

Oct 27, 2009 4:43 pm

I've read the same. That's why you are considered rookie until year five.

Oct 27, 2009 7:16 pm

3% do you really think its that low, how can firms run these big turn and burn operations and make money on trainees

Oct 27, 2009 7:52 pm

Keep in mind that they lose the trainee, but keep the assets.

Oct 27, 2009 8:04 pm
Ronnie Dobbs:

I think its retarded to base your success off others. If thats the case, you might as well committ suicide , cause you have no confidence in yourself.

 
Holy crap that's awesome.
Oct 29, 2009 11:28 am

I've actually done a little (very) limited research into this; there's a way in which I can keep track my former classmates. (Boy, that sounds creepy!!!)


Anyway - I'd say that about 60% of those brokers that passed their 7/66 and were allowed to sell are no longer with my firm.  But from what I know about 30% of those no longer with us still are in the business and that's over a relatively good time frame (2007) and with a large starting group. That's nearly 55% that "made it" to a 3rd year.
 
Don't believe the hype. This isn't nearly as hard a business as you think.
Oct 29, 2009 7:20 pm
millionairemind:

3% do you really think its that low, how can firms run these big turn and burn operations and make money on trainees

 
The   "Merrill"  model.
 
My class started with 78 people in it. I was probably the lowest qualified of the bunch. Lawyers and MBA's left and right.
 
It is now the end of month 27 and there was just over 20 still alive as of last months report. I would be very surprised if many have not dropped since. Out of firm confidentiality I'll not give the exact figure but the average production/take home for those of us still remaining was just above the poverty level. We have no salary left and it's starve out time. Very sad report. If I wasn't number one in production, seeing it would be depressing.
Oct 31, 2009 12:46 pm
Gaddock:
millionairemind:

3% do you really think its that low, how can firms run these big turn and burn operations and make money on trainees



The "Merrill" model.



My class started with 78 people in it. I was probably the lowest qualified of the bunch. Lawyers and MBA's left and right.



It is now the end of month 27 and there was just over 20 still alive as of last months report. I would be very surprised if many have not dropped since. Out of firm confidentiality I'll not give the exact figure but the average production/take home for those of us still remaining was just above the poverty level. We have no salary left and it's starve out time. Very sad report. If I wasn't number one in production, seeing it would be depressing.





There is no model or system for success. You would imagine after being in business for nearly a gazillion decades they would have figured something out and given you a path of moderate success.







Oct 31, 2009 12:49 pm

This doesn't sound at all thrilling...