Whining Carping Complaining

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Feb 17, 2006 8:47 am

I guess I should have read more posts in this section before getting involved in posting here.


What a bunch of whining little babies post here. Nothing positive from them (and they know who they are). Only bashing the career, the business, the companies, the managers, the SEC, the products and each other. Nothing is good but themselves apparently.


Now I know where the public perception of stockbrokers comes from.


Why are you all here? My bet is that you are not as successful as you tout yourself to be and this gives you platform to vent.


If you are so unhappy with the payouts, the time and effort needed, the people, the clients and the products then GET OUT OF THE BUSINESS or at least get off these threads.


I was hoping to get some honest and sincere advice here and the only thing I read from most is sarcastic, petty gripes from people who have some axe to grind or chip on theier shoulder.


I will stay in the grown ups areas from now on. Bye Kids!!

Feb 17, 2006 10:19 am

You did get answers. You just didn't like them. 

Feb 17, 2006 12:11 pm

I also see way too much complaining here.  This is a great business.

Feb 17, 2006 4:49 pm
TryingToGetIn:

I guess I should have read more posts in this section before getting involved in posting here.


What a bunch of whining little babies post here. Nothing positive from them (and they know who they are). Only bashing the career, the business, the companies, the managers, the SEC, the products and each other. Nothing is good but themselves apparently.


Now I know where the public perception of stockbrokers comes from.


Why are you all here? My bet is that you are not as successful as you tout yourself to be and this gives you platform to vent.


If you are so unhappy with the payouts, the time and effort needed, the people, the clients and the products then GET OUT OF THE BUSINESS or at least get off these threads.


I was hoping to get some honest and sincere advice here and the only thing I read from most is sarcastic, petty gripes from people who have some axe to grind or chip on theier shoulder.


I will stay in the grown ups areas from now on. Bye Kids!!



I have to say that there is a certain irony in reading a post(by someone with what about 5 posts total?) that complains about complianing.  I guess it's sort of ironic circular humor maybe?

Anyway-thanks so much for stopping by and sharing your wisdom.  Move along now!

Feb 17, 2006 4:52 pm
maybeeeeeeee:

I also see way too much complaining here.

This is a great business.





I wasn't going to jump in, but then you used the "business" word to

describe what we do. Yes, this can be a rewarding "career", but it is not a

"great business". Ask yourself how many brokers in your office have the

personal assets to employ multiple financial advisors like many of our

clients? Not to mention the fact that over the years, our roles have been

marginalized, fees and commissions have been squeezed and our public

image is one notch above a car salesman. Don't forget, our product has

been known to kill a few clients and brokers too (I remember the Merrill

Lynch guy that got two rounds in the chest.)



You know what a great business is? When you use the bank's money to

build a structure at $100 a square foot and sell it at $500 a square foot in

a year. Or when you manufacture a product in China and sell it in the US

with a 1000% profit. Or a privately-held business that employs 20,50 or

hundreds of employees.



How many employees does a registered representative have? Maybe a

secretary that he splits with two other FAs. The only thing that's great

about this is the fact that you don't need start-up capital, only spend 40

hours studying for a license and then you "can" make a "fortune".      



I speak regularly to several solid producers. None are making what they

were making 5 years ago.



My $.02

Feb 17, 2006 5:07 pm

I disagree with ya Skee.  This is a great business.

Sincerely,

joedabrokebackbroker

Feb 17, 2006 5:32 pm





That's a great new signature.

Feb 17, 2006 7:28 pm

I think the best part of this career is that there is no cap as an employee, alot of other jobs are capped I know several "business" people who travel M-F work 12 hour days and make 100,000 grand a year.


You can work 9-5 after putting in 3 tough years and make 100,000 grand traveling nowhere, but the downside to all this is the attempts to commodotize our business is making 3 become 5 which will become 10 which will then become a career just like any other. 


The future


Firm A manages wealth for 25 basis points a year, Joe A will create your plan (he makes 40K) he's a CFP, Joe B will manage your investments, he's a CFA (he makes 40K) and Joe C will cover the relationship (he makes 50K).


All I can say is own the business and let ABC make you millions because it's coming.  Gather the assets, control the assets and you have nothing to fear.

Feb 17, 2006 8:56 pm

you guys are depressing me, and I was already depressed enough about this business. btw i'm at 60k gross so far, don't know why i'm so down about the biz except for the employer i'm under. i'm just not sure i see a future in this biz.

Feb 17, 2006 9:33 pm

60K this year?!!!

Feb 17, 2006 11:00 pm

60K gross?  good job ez.  I did 26 in jan, and have 21 so far this month.  (not nearly what i want...)

Feb 17, 2006 11:18 pm
BankFC:

60K gross?  good job ez.  I did 26 in jan, and have 21 so far this month.  (not nearly what i want...)



Not a bad start though....

Feb 17, 2006 11:21 pm
ezmoney:

you guys are depressing me, and I was already depressed enough about this business. btw i'm at 60k gross so far, don't know why i'm so down about the biz except for the employer i'm under. i'm just not sure i see a future in this biz.



"employer"  --that's the key word bro.

re-read the post above yours.  you become the 'employer' of ABC.  YOU make nice bank on a fat payout even after covering the overhead of your employees....

Feb 17, 2006 11:22 pm
TryingToGetIn:

I guess I should have read more posts in this section before getting involved in posting here.


What a bunch of whining little babies post here. Nothing positive from them (and they know who they are). Only bashing the career, the business, the companies, the managers, the SEC, the products and each other. Nothing is good but themselves apparently.


Now I know where the public perception of stockbrokers comes from.


Why are you all here? My bet is that you are not as successful as you tout yourself to be and this gives you platform to vent.


If you are so unhappy with the payouts, the time and effort needed, the people, the clients and the products then GET OUT OF THE BUSINESS or at least get off these threads.


I was hoping to get some honest and sincere advice here and the only thing I read from most is sarcastic, petty gripes from people who have some axe to grind or chip on theier shoulder.


I will stay in the grown ups areas from now on. Bye Kids!!



Hey Whiner why don't you go back to selling fake Rolex's on EBAY?

Feb 18, 2006 12:24 pm

OK Bank1 so what is your payout?  Say on an annuity.  Ours is around 40%.  Just curious.

Feb 18, 2006 2:44 pm

I'm at 25k for the year with 87% of 2006 still to come.


My personal goal for this year is 300k which is very attainable considering none of my trails have hit my grid yet.   I am due about 60k in trails in '06 since most of my practice is fee based.


Trails should increase to 125k-150k in '07 and perhaps smooth sailing from there?   Time will tell.


Crossing my fingers my fee based strategy will pay off sooner then later as my firm needs results not just later but NOW!


scrim

Feb 18, 2006 6:05 pm

They do not cap our commissions, I have heard of alot of bank programs doing that.  Like say the VA pays 7% they cap you at 5%.


Our payout runs 25-40% depending on production + bonus is 0-10% of production so you top out at 50%.

Feb 20, 2006 9:17 pm

Wow... Do any of you see serious challenges with competition?


Since there is a 40% increase in CFP's (not that their all qualified) over the past few years... Not sure how many more brokers or sales agents, but I suspect alot.


Like any business is location important for a broker/PFA?


Good news!!!!   


1.3 million government employees are retiring over the next 10 years. A lot of TSP's in there. Also the baby boomers are about to move over some 401k's.

Feb 21, 2006 9:22 am
7GOD63:

Good news!!!!   


1.3 million government employees are retiring over the next 10 years. A lot of TSP's in there. Also the baby boomers are about to move over some 401k's.



7god63,


You should be a wholesaler.  That's they same abstract crap I hear them spew all day long to "add value" to your business.  What matters is how many of those folks are you gonna talk to! 


Ask yourself this...if whatever article or website you got that number from said only 250,000 baby boomers were retiring over the next 10 years, what then?


Not get in the business?  If in now, get out?  Stop going to work altogether and buy up as many Powerball tickets as you can???


It doesn't matter how many folks are retiring...it's being better than the other guys out there, or being in the right place at the right time, or being connected...if you have any of that, you'll have plenty.

Feb 21, 2006 11:55 am
BankFC:
7GOD63:

Good news!!!!   


1.3 million government employees are retiring over the next 10 years. A lot of TSP's in there. Also the baby boomers are about to move over some 401k's.



7god63,


You should be a wholesaler.  That's they same abstract crap I hear them spew all day long to "add value" to your business.  What matters is how many of those folks are you gonna talk to! 


Ask yourself this...if whatever article or website you got that number from said only 250,000 baby boomers were retiring over the next 10 years, what then?


Not get in the business?  If in now, get out?  Stop going to work altogether and buy up as many Powerball tickets as you can???


It doesn't matter how many folks are retiring...it's being better than the other guys out there, or being in the right place at the right time, or being connected...if you have any of that, you'll have plenty.



lol @ "add value".  I'm so tired of hearing that b.s. from wholesalers.