First 3 yrs

Come on guys!  The guys that flushed out aren't around so I want t know what the guys that "survived" made while in survival mode?  Let's here some numbers. 

Year one: $35,000 salary, $18,000 commission = $53,000 total, included training period not in production.

Year two: Learned the business, left the firm, launched private fee based investment/insurance firm. On the way to breaking $300,000 for the year. Expanding rapidly. 

Somebody is full of crap

Insurance my friend. Pays a great deal. The independent world is fantastic. Set up an MGA, get your SEO down pat, you would be amazed how many new leads come in each month. We have 7 producing brokers on staff and expanding with enough leads for everyone of them. Currently hiring if anyone is LLQP licensed in Ontario (Canada). Best of luck.

oh your canadian...

That doesn't count

Ha, there's not much of a difference, I assure you. Maybe simply the fact there are 6 million people in my city and no one is doing the same thing. That helps a bit. 

If Jones can't make it up there, well no one can! EH!!

Or maybe because the wirehouses have 4 offices in your ENTIRE country as opposed to my city..

Another thread got me thinking on this again.  I see Reg. Rep survey's on all advisors but the tenure is not based on newbies.  Can anyone swallow their pride and give some realistic ranges?

squash: actually there are 1,700 financial services firms in the downtown core of my city, one of the largest concentrations on the planet. 

Madman: the typical first / second year wirehouse noob nets around 50-75k however this stat fails to take into account those who do not survive the 90% attrition rate (due in most part to unsuccessful first years). So I suppose this would mean the true average first year makes around fifty bucks?

Madman: the typical first / second year wirehouse noob nets around 50-75k however this stat fails to take into account those who do not survive the 90%[url=http://www.bestchisale.com/]chi flat irons[/url] attrition rate (due in most part to unsuccessful first years). So I suppose this would mean the true average first year makes around fifty bucks?
]

I am only a year and some change in but i'll chime in.  Salaried at 36k/yr, PCs of 55k at a decent payout while in my first stage of production.  I have hit all my hurdles so I have qualified for monthly incentives, quarterly performance cash, and an annual wealth choice performance award.  All in all, I've made around 68k before the gov't gets theirs.  I graduated from college in may 09 and got this job the next week and am currently a part of a team with myself and senior portfolio manager at a wire.  I'm happy with my progress so far but am not satisfied.  Only 23 from my class of 550 are left and I am # 10 so my total compensation is relatively close to the median for those of us left.  Hope this helps.

23 out of 550, are you serious?? Bull, congrats on your success, you've no doubt earned your place.

In this biz, to succeed, you have to be too stupid to quit.....

Thanks and that is completely true.  It's been tough and the hours absolutely suck the life out of me when I get home but I keep my eyes on the prize and I just think about the shorter work days and all the golf I can handle.

Hopefully you're building a practice for yourself and not your senior partner....

That is what I was going to ask..

How is your team divided up? Are you the prospector and in exchange you get a % of overall production?

[quote=B24]

Hopefully you're building a practice for yourself and not your senior partner....

[/quote]

You CAN do both. My Jr. Partner was my non licensed FA right out of college, 8-9 yrs ago. Now, he's 40% owner. I always gave him a raise, before he asked. We have mutual benefit from each other. I'm a type A, he's a type B. According to my BD, who actively helps people with partnerships, they feel that is the only combo that really works.

I'd like to hear BullRunt's opinion on whether he feels that the only way to make it these days, is by serving as a jr. partner. Those attrition numbers he cites, are indicative of just how brutal the barrier to entry is these days. A jr. better make sure of course, that they serve someone that is fair and honest, not just a taker. Many of my former colleagues would not have done/did not do what I did. And they couldn't figure out why they kept turning over their FA's.... Duh...

[quote=squash2]

oh your canadian...

That doesn't count

[/quote]

Canada is like a suburb of US.  Did we annex them yet?

The class I started with began in November and was in production August 1. There were 78 now 14.

gross / production year.

Year 1 - $76

Year 2 - $253

Year 3 - $372

Just started year 4 August 1.

Actual pay per tax return only reflects 5 months in production of each year and the first 18 months on a salary starting at $4k per month and declining to zip in 24.

Year one $42k

Year two $76k

Year three $126k

These numbers made me 1st in my class. I also got every bonus they had to offer so it may be on the high end of realistic.

Gaddock what did your daily schedule look like those first two years..

Our team has a 50/50 split.  He kept his accounts and gave me his bottom feeders at first.  We only open accounts in the joint number if we both have been working the leads.  I do more legwork on the prospecting front but he has the ability to do Portfolio Management which is more attractive for me and what I want to achieve.  I also have my own book, people who I brought in on my own accord and essentially person connections, relatives, etc.  I can guarantee he has my best interests in mind and over time he will be transitioning into retirement with me being the successor (5-7 yr plan). 

I have talked to quite a few people from my class, some who made and some who didn't.  About half of the people left are memebers of teams and have praised the experience and mentorship of a Sr. broker.  While the lone FAs have absolutely worked their tail off with quite a bit of luck and tenacity.  As far as some who didn't make it, the consensus seems to be they didn't put in the work.  We all know what we have to do to succeed, but doing it is entirely different.  Either the dials, hours, hurdles, or combo scared them off and only those willing to work are left.  That's simply my observation though.

I've written at great length on this forum what and how etc while I was going through it. roogle it if you want to know.

23k, 280k, 657k

[quote=jackofalltrades]

23k, 280k, 657k

[/quote]

Awesome! congrats, makes me look like a piker.

[quote=Gaddock]

[quote=jackofalltrades]

23k, 280k, 657k

[/quote]

Awesome! congrats, makes me look like a piker.

[/quote]

You're no piker my friend... Your posts have motivated me and reminded me of why I love this business...

One tough thing about going it alone the last 6 yrs is the mental aspect, I am by no means a noob to this business, but I still show up before the new guys and am ALWAYS the last one to leave, which is somewhat sad, well, for the new guys...

but my point is, somedays (hell, weeks or months) in this business are unforgiving, when I worked at a large regional firm w/ 40 + guys someone was always getting a big account or raising money, which always acted as a reminder and motivation of what's to come due to the hard work... when you go indy (and for the first 2 yrs it was just me)... sometimes that motivation is harder to fabricate.

One of the most important things to do in order to avoid complacency is to automate your prospecting and have multiple avenues for acquiring clients.  That's the tough part about cold-calling, is that it requires immense motivation.  If you lose motivation, you're screwed.  That's why you need some sort of referral process, a center-of-influence process, and ideally (if you are at a B/D or RIA that allows it) a good web-based strategy that works on its own. 

[quote=B24]

One of the most important things to do in order to avoid complacency is to automate your prospecting and have multiple avenues for acquiring clients.  That's the tough part about cold-calling, is that it requires immense motivation.  If you lose motivation, you're screwed.  That's why you need some sort of referral process, a center-of-influence process, and ideally (if you are at a B/D or RIA that allows it) a good web-based strategy that works on its own. 

[/quote]

No offense but i think blogs and other stuff is total BS...no 60 year old retired guy is on the internet looking for financial blogs or similar...