Newbies - Is this scary or what?
Newbies or Wannabies (like me),Is this a scary time to get into the business or what? With our government vilifying the industry, possibly slashing the great compensation rewards most look for to endure years of hard work? Or the real threat of pitiful commissions, not because you can't land a client, but because those you have don't want to open their wallets? And lastly, to be doing everything well and still get canned like the ML trainees? I was ready for advising during a down market, but the rest of this has me rethinking long-haul truck driving .
Now is the best time. Its easy to criticize what someone else has and then say change to something else.
easy to move assets right now. Did over $500k last year in gross my first full year.
[quote=spoiled996]easy to move assets right now. Did over $500k last year in gross my first full year.[/quote]
Gross assets raised?
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the market still opens at 9:30 and closes at 4 so people are still making and losing money.
I just wanna know how many more laws will they pass after passing the one capping compensation. Get ready for an onslaught of new laws and regulation!
I started the week that the DOW hit 14,000…now that was the worst time to start!!!
I started in 1999. The market peaked in January of 2000, did not recover for six years, and is lower now than it was when I started. So it’s been fun. That being said, your career does not depend on the market if you do it right. Focus on your clients, remember that you are a salesperson and not an analyst, never assume you have “arrived,” and you will be fine.
I don’t know if any of you have spoken to many advisors around your office, but most of the ones that I’ve come in contact started in '87 and are still around.It sucked because they could have used every excuse out there to not succeed, but they hit the phones and found people that needed help. Grab a phone, get some numbers and start dialing (scrub them first, DNC fines aren't $13) with something you believe in. Would you rather grab clients when the market was at 14k or 6500, be able to make them some $ back and gain their trust? Unfortunately people don't want to invest when the market is down because they went to that Airport seminar on "Buying High, and Selling to Harvest Tax Losses for Years to Come".
[quote=oldnewguy] Newbies or Wannabies (like me),
I was ready for advising during a down market, but the rest of this has me rethinking long-haul truck driving .[/quote]
It is all in your mind. Seriously, if you have to gauge your success on the economy you might as well apply for another job elsewhere.
Glad to see someone called "bullsh*t" on that.
[quote=spoiled996] 50MM in first 24 months[/quote]
Not to overlook the benefits of long haul truck driving I was sitting in my office in January 1988 and cold calling my ass off. Because of the stock market delcine two months before I had switched my pitch to stocks and was position building. Around that time i was working Gillette and Texaco.I tell you that to tell you this: I opened new accounts every day. That is every single day! My day was simple. I would come in by 7:30am. At 8am i would start prospecting. I would prospect until 9am or10am and then i would switch to pitching. I would mix the new account pitching with existing client preso-presentations. Thus my simple business plan - prospect-pitch-preso. Once i had run through my leads to pitch and my clients to preso I went back to prospecting. I did this every day for a long time. Some days i would open multiple accounts. I would typically close for 1000sh on the first order. The minimum account was 500 shares - no exceptions. At that time i worked in a large office of a major wire. Times were grim and the faces in the office matched the times. Almost everyone was defeated. They, most of the 45 brokers in the place, would tell stories about how their cleints wouldn't do anything. production was down bigtime. The research dept reduced equity allocation to around 15%. One was crazy to even consider stocks. Yet, I kept up my efforts. I started using a grease pencil to post my new accounts and the gross on the window of my office. I did this not to brag or be an asshole, but as my way of saying what noone would listen to - and that was - it's not over- get on the phone. The manager loved it. Some guys resented it. 1988 was much more negative than today. Ayear or so later it was hard to find an investor who had lost money in 1987. By some miracle almost everyone i spoke to had seen the crash coming and was on the sidelines. Sound familiar? For those considering long haul trucking try not to work for a temp control carrier. The food warehouses will eat your time and reduce your miles. Plus, many of these carriers will not pay for lumpers to unload the truck. That dough comes out of the driver's pocket.
Thank you Squash. However, just so you know, everything i do i've posted on this site. There are no secrets, just work. And speaking of work, there are many here who work harder than I. Your time would be much better spent soaking in some of their energy. It turned out to be a good year for bonds. Like I knew it would.
Seriously one day is all I am asking… I will come and see what you do…