Where to start career
Most of us young bulls are flexible enough to move to find a better location to prosper.
Now living in the land of DC is great! There is a ton of wealth and opportunity for one to build their client base. The problem is among other things there is also a ton of experienced competition.
Now if one lived in a different location with a lower base of wealth, but less competion would this be better? When I say this comparison I mean all things being equal.
My point is if one has a netowrk of influence in suburbia should they try to stay at home or go to the land of gold in Boston, NY, Atlanta or DC?
Competition is only a problem if there's nothing that sets you apart from it.
Now, suppose you relocate to a city full of millionaires and you're the only broker. Think you're set? What about Fidelity, Schwab, TD Waterhouse etc.? What about the competition who'll drive 3 hours out of their way just to give a seminar in this "target-rich" city?
In my opinion, the only time you should consider relocating is if there's no money for investing. If you're familiar with DC and the surrounding communities, stay there. That, in itself, is a big plus. In addition, any personal contacts you've been able to develop, is another big plus.
Finally, (whether you relocate or not) to come up with something that sets you apart, you'll still need to canvas your prospects to find out what it is they want from an investment adviser and are not getting. May as well do that in a "target-rich" city with which you're familiar, right?
Thanks for the feedback. Sometimes I write these posts to get others opinions and advice. Sometimes the feedback is sorta funny. I mean you ask same question to 20 people and they all give you different feed back.
As you know there is always competition. If not the big firms then the local banks. If there is no competition then you are in a wonderful industry like cloths pins. If there is high growth then competition will move in..
All the people I talk to with 100 to 200k in investments and a 300k home dont have a clue. They need advice extremly bad. Most dont have a clue what to do with the 150k in their retirement account. Or that they can earn 3.5% in an ING savings account vs. 1% in their bank. So I am anxious to help...
I don’t know about anyone else, but my husband would be very very confused if that were the case.
You know my post now makes no sense because the intervening posts are being deleted… The board monitor(s) must be going nuts trying to moderate between the arrested adolescent posts from the Top Gun clones and the various incarnations of Put Trader.
ha ha.. I'm still sort of confused with what was so bad about put. He seems reasonable to me, but I did catch the end of the story.
Reguardless I am glad to see the host taking action. For the most part if its negative or completly stupid then cut it... Also once and a while humor is fine..
[quote=babbling looney]I don't know about anyone else, but my husband would be very very confused if that were the case. [/quote]
What? Would this be one of those that doesn't make sense because of deletions?
Maybeeeeeeeee = paranoid
Dudeeeeeee. The mediator can read our posts. When he sees that put sent me IM's he realizes that I am not put.
If you read my questions over the past month there is a huge difference between put and I.
I am going independent and I think put is with a firm? I am below 30 and put is over 30? I typically dont play these games and put sort of did...
Get over who I am and state something productive.
Some people are getting ultra-paranoid about Put.
No, I’m not him either. So save your breath.
There are some BIG producers out in the more rural areas because, as you alluded to, there is less competition.
Not every farmer is dirt poor. They need to invest, too. Some farmers are quite wealthy.
Personally, I’d say stick to an area you are familiar with.
Moving out to the boonies because you think you may be more successful
is a bit risky.
As for where to go.. I just met a guy in Puerto Rico he stated he was pushing annuities and insurance for AMR? Well I then asked how many people down here make over 100k year, since wages are lower there. He stated 16k people filed in 2004 with income over 100k. So my answer to that was I am sure some of those people have two incomes. He said ohh yeah I never thought of that. Also I think alot of these people are government employees.
He ended up talking about how he made over 250k this year. Now who knows if he was telling the truth, but there is money to be made anywhere.
In New England it is extremly expensive to live, but most professional couples make over 100k and need financial advice. They want insurance, mortgages and they are open to other investment products. So I think no matter where you are there is money to be made.
Last post I just wanted to say if someone makes 50k a year they may want insurance and mortgage which can pay 10 - 15k up front. If someone makes 5million a year they may want financial mgmt services which may pay what ever amount.
Every potential customer may bring a commission so keep your mind open.