Good Time To Start

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Nov 4, 2009 1:18 pm


 
Been in the business for 6 years. First as a Sales Assistant, now as an Analyst for a team with 500 AUM. Having a hard time living on 50k/yr and don't see this position going anywhere significant. I'm not sharing in the team revenue or building any client relationships. Thinking about making the move to become a broker or joining a better team situation. Have all my licenses (7, 66, 15, CA Life and Health) Do you think now is a good time to set out and build a book of business?
 
By the way... I think MSSB is a great firm and would like to stay here if at all possible.
Nov 4, 2009 1:36 pm

ROOGLE..

Nov 4, 2009 1:46 pm

Is that a no?

Nov 4, 2009 1:57 pm

He means to use the website's search function to find your answer, instead of starting a new thread.

 
RegRep + Google = Roogle
Nov 4, 2009 2:27 pm

Why don't you talk to your team about becoming an advisor?  I assume you have done this (or thought of it).  It seems that the path of least resistance would be to get elevated to advisor on the team, and start servicing their small accounts for a piece of the action, and then start building your own book.  It seems to me that this would be a win/win/win (you/team/clients).


However, if your advisors have no interest in that idea, then I think you are SOL.  I think it would be hard to be an advisor in the same office, but NOT on their team, after having worked for them.  If you have a good relationship with them, I don't think it would hurt to ask.  Worst case, they say no, and you do what you would have done anyway (go elsewhere).  You could make 50K at any firm your first year out, without too much effort.  With your background in that environment already, the learning curve would be MUCH shorter.


One thing you should consider...you may be sought after in a larger indy office that is looking to offload some smaller accounts to someone that is willing to take them, and they also wouldn't have to train you (except on the new systems) or get you licensed.  Just a thought.
Nov 4, 2009 2:40 pm
Wet_Blanket:

He means to use the website's search function to find your answer, instead of starting a new thread.

 
RegRep + Google = Roogle
 
I was wondering why he/she keeps posting that.....
Nov 4, 2009 2:47 pm

Becoming an advisor was my initial goal with the team however it is not looking like it is going to happen. I also forgot to mention I am going to inherit a significant book of business from a family member at MSSB in aprox 5-7 years which is why it would be advantageous for me to stay with this firm. I would like to build something up in the next 5-7 rather than tread water and make others $$$ with my hard work and knowledge. The Indy office is an idea but I would rather stay put since I am more well versed on our systems and products than many of the advisors here.  Really think I need to reach out and find another team that would allow me to develop my own relationships or just start from scratch on my own.


 
 
Nov 4, 2009 2:55 pm
MSSB Analyst:

Becoming an advisor was my initial goal with the team however it is not looking like it is going to happen.  

 
Why?  Tell Wet_Blanket all about it.
Nov 4, 2009 3:04 pm
MSSB Analyst:

Becoming an advisor was my initial goal with the team however it is not looking like it is going to happen. I also forgot to mention I am going to inherit a significant book of business from a family member at MSSB in aprox 5-7 years which is why it would be advantageous for me to stay with this firm. I would like to build something up in the next 5-7 rather than tread water and make others $$$ with my hard work and knowledge. The Indy office is an idea but I would rather stay put since I am more well versed on our systems and products than many of the advisors here.  Really think I need to reach out and find another team that would allow me to develop my own relationships or just start from scratch on my own


 That doesn't make sense at all... If you are going to inherit the book, why not join his team(dad,grandpa,uncle, brother)?
 
Also 5-7 is a generous time frame, things happen like last year that derail plans..
Nov 4, 2009 3:25 pm

Thing is our team does not need another advisor.  We have multiple on the team and we needs an analyst to handle all the performance reporting, manager search and selection, financial plans etc.  Also with team revenue down 30% moving up is not an option at this time


.
Geographically I am unable to join the family team in their office and I'm not sure in this market they could afford to "cut me in" as a full time team member at least 50k/yr. What I think I need to do is split my time generating new business and working with them.  I'm not sure if a branch manager would allow me to set this multi office split number.  I am planning some meetings with a few managers in my area to discuss possibilities.
Nov 4, 2009 3:27 pm

And yes Henry I agree a lot can change in 5-7 years... especially with an older book.

Nov 4, 2009 3:54 pm
MSSB Analyst:

Thing is our team does not need another advisor.  We have multiple on the team and we needs an analyst to handle all the performance reporting, manager search and selection, financial plans etc.  Also with team revenue down 30% moving up is not an option at this time


.
Geographically I am unable to join the family team in their office and I'm not sure in this market they could afford to "cut me in" as a full time team member at least 50k/yr. What I think I need to do is split my time generating new business and working with them.  I'm not sure if a branch manager would allow me to set this multi office split number.  I am planning some meetings with a few managers in my area to discuss possibilities.
 
So why in 5-7 years will geography matter?
Nov 4, 2009 3:59 pm

In 5-7 years geography will not matter.  Trying to leverage my time until then.

Nov 4, 2009 5:37 pm

My question is if now is a good time to start building a book?  With all the volitility in the market there must be a lot of clients on the move.

Nov 4, 2009 5:41 pm

No offense but wouldn't you know? You work at a wirehouse that is going through a merger... Is your team losing clients, putting out fires, are other teams, what is the office like.... ?

Nov 4, 2009 5:52 pm

I have seen slightly above average movement in and out not quit as bad as after the tech bubble splattered. Clients are more like deer in the headlights this time around… and this is on accounts over a million.  Wanted some input on smaller accounts from people starting out.

Nov 4, 2009 8:07 pm

Why would you want to go after smaller accounts?

Nov 4, 2009 9:48 pm

The answer to your question, is that its a great time to start. People need help more than ever. More people are either unhappy with their broker or orphaned by a broker who failed out and if you are willing to work your arse off and be a bull, the opportunities are there.

 
I left MSSB (actually, SB) in May after being there for 10 years, if you have more specific questions, feel free to PM me
Nov 5, 2009 2:07 pm

Thanks Bob... that is the positive info I was looking for. 

 
Squash - I would not target smaller accounts but I would take them in the beginning to help get the ball rolling.
Nov 5, 2009 3:38 pm

I happen to believe if you take small account you end up with a whole bunch of small accounts.. Because most small accounts refer small accounts.

 
What sort of prospecting do you do now?