Senior FAs: are you satisfied with life?

Why do you keep asking such asinine questions???  It isn't the end of the world if you become an FA and don't like it/quit/fail.

Are you one of those people who can't get anything done today because they are too worried about 10 years from now?  If so, I guarantee you will fail in this business.

it looks like you either did not make it or just not happy with your life.

which one is it?

[quote=brothaK]

it looks like you either did not make it or just not happy with your life.

which one is it?

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sorry to be so rough.

but the reason I am asking is because after reading this forum for a couple of months, i've seen very bad attitudes, bad personalities, and just a bunch of grumpy people.

and to be honost I dont want to turn out to be another NASD Newb

although I believe the career doesnt make the person and bullsh*t like that, I do see quite a resemblence amongst many FAs

I just want to make sure I am correct

[quote=brothaK]

it looks like you either did not make it or just not happy with your life.

which one is it?

[/quote]

I'd suggest to you that most of those who leave their brain pharts on this forum are not seasoned enough to be veterans, nor mature enough to realize that your question is actually very important.

You will see the punk who answered about why you even ask the question doesn't consider this a career--to him it's just something to do when he's not drunk.

[quote=brothaK]

sorry to be so rough.

but the reason I am asking is because after reading this forum for a couple of months, i've seen very bad attitudes, bad personalities, and just a bunch of grumpy people.

and to be honost I dont want to turn out to be another NASD Newb

although I believe the career doesnt make the person and bullsh*t like that, I do see quite a resemblence amongst many FAs

I just want to make sure I am correct

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It's ok to be cynical or skeptical.  I love what I do, and so do the FAs on this board, but it doesn't mean that you can't be a cynic or think the bulk of the population is filled with morons.

I would be interested in knowing how many true veterans read this board.  I think it would be interesting if everybody just posted a few pieces of information such as this

Registered in 1971
Entire career with major wirehouses
Age 61 Male

fine:

reg'd in 6/2002

EJ to bank

age:43:

Aum: 30 mill

age: 21

AUM: 500 dollars

At least you have a sense of humor.  I understand your concern, however, you’ve asked the same question twenty different ways.  I am giving you an honest opinion, unlike NASD, who mearly responded to you as an opportunity to try (unsuccessfully) to offend me.

Life Ins. Lic. 1990 

Registered 1991

Bank Lending officer 1987 until 1996

AUM: 32m

Age: Indeterminate  a lady never tells and a gentleman never asks.

age  39

registered 1992 securities and life and health

CFP candidate

AUM 15m and growing
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come on guys lets see it
forget about your online ego, who gives a f

[quote=brothaK]

sorry to be so rough.

but the reason I am asking is because after reading this forum for a couple of months, i've seen very bad attitudes, bad personalities, and just a bunch of grumpy people.

and to be honost I dont want to turn out to be another NASD Newb

although I believe the career doesnt make the person and bullsh*t like that, I do see quite a resemblence amongst many FAs

I just want to make sure I am correct

[/quote]

I concur with your post. Why are so many people on this board so negaitive. Most people with negaitive personalities never make it in sales - selling anything. I myself came on here to engage in professional dialog with intelligent people, so far I have had marginal success.

[quote=hopkinswannabe]

I concur with your post. Why are so many people on this board so negaitive. Most people with negaitive personalities never make it in sales - selling anything. I myself came on here to engage in professional dialog with intelligent people, so far I have had marginal success.

[/quote]

Why not repost some of your intelligent dialog and see if it gets responded to?

[quote=NASD Newbie]

[quote=hopkinswannabe]

I concur with your post. Why are so many people on this board so negaitive. Most people with negaitive personalities never make it in sales - selling anything. I myself came on here to engage in professional dialog with intelligent people, so far I have had marginal success.

[/quote]

Why not repost some of your intelligent dialog and see if it gets responded to?

[/quote]

You are funny, I am going to have a great time messing with you. You seem to be the type who is 5'1 , and pocket full of pens, fat and always teased at a kid. You know the nerd in high school that became a cop and always hid behind his badge. Most every post on here about you is negative, I say you should take that into consideration.

NASD NEWBIE AKA the kiss A%$ Nerd Cop seeking revenge on all of his tourmentors!

[quote=hopkinswannabe]NASD NEWBIE AKA the kiss A%$ Nerd Cop seeking revenge on all of his tourmentors![/quote]

Is a tourmentor a guy who trains travel agents?

[quote=NASD Newbie]

[quote=hopkinswannabe]NASD NEWBIE AKA the kiss A%$ Nerd Cop seeking revenge on all of his tourmentors![/quote]

Is a tourmentor a guy who trains travel agents?

[/quote]

Is that what you do? So so sad!

Reg, 1998

CFP,CHfc,CLU

Bank, CPA firm, INDY

AUM 45Mil 

greenbacks whats your age? if you dont mind me asking

[quote=NASD Newbie]

[quote=hopkinswannabe]

I concur with your post. Why are so many people on this board so negaitive. Most people with negaitive personalities never make it in sales - selling anything. I myself came on here to engage in professional dialog with intelligent people, so far I have had marginal success.

[/quote]

Why not repost some of your intelligent dialog and see if it gets responded to?

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Take the path of least resistance.  Start with a great firm.  And that can be a bank or a financial services firm.  IF YOU DO NOT HAVE, at least $4m you can COUNT on in your first year, start at a bank.  Or, find a mature rep. to train under.  Cold calling is a miserable life.

Good luck.

Reg: 1983

Age: 54

Regional to wire back to regional

AUM: Enough to pay the bills and keep the recruiters for SB, MS, and ML calling asking if I'm happy. They're so concerned about my well being.

To answer the question was it all worth it? Is it all worth it?

For me, yes. I came into this business after losing a lot of money in another business. Making and losing a small fortune isn't fun. Coming in to this biz the bad news was, I was broke. The good news was, I was young but not too young. I was and still am, I hope, a fast learner and a hard worker. I was smart enough to make that money in the first place, just not smart enough to hang onto it. So this business gave me the opportunity to push the rock up the mountain again. And I did that with a vengeance. I got to the office every morning by 7:15 and didn't leave until 10pm. I did that for five years. Then I shortened the schedule to 12 hours a day for the next four years. Then I nearly lost one of my kids and I realized I was dedicating my life to the wrong team. I changed the type of business I was doing and started working a normal schedule of about eight hours a day. I coached little league, attended recitals. We bought a motorhome and traveled to theme parks for the infamous roller coaster tour. We bought a small boat and learned first how to sail it, then how to race it ,and then how to win with it. We bought a bigger boat and sailed it to the Bahamas and Bermuda. My first 9 years enabled me to have the time and money to be a positive factor in my children's lives. Today my production(not my counting my wife, who is my partner) is still not up to where it was when I stopped working full time(12 hours a day). Still, it has grown from it's low point and is enough to keep the tjc Country Coach filled with diesel, the college bills paid, and repo man at bay. And this time, I'm smart eough to hold onto the money. Well, at least most of it.

From a fulfillment POV let's answer this way. 13 years in I was strolling the garden of a very posh estate with my wife on my arm. The occasion was the graduation of one of my client's daughters from a private school and the estate belonged to the client. Later that day the client took the mic from the band and called everyone around. He then started on a very impassioned speech where he proceeded to thank someone for making that day possible. That person was me. When he announced my name I almost spit out my Budweiser. Even though I don't think I really made the day possible, to this day I remember that day as a keystone event in my career as to roll we play in client's lives. Even to the rich, and very rich we have the opportunity to play a roll and make a difference.

Being good at what you do. That's satisfaction. 

fuk… f**king pimp ass post. even gave me some goosebumps

Great post TJC.  Here's my query:

If one wants to BE that guy OWNING the posh estate, is this (still?) the career to get one there?

yeah, what did the guy who owned the estate do? what was his career?

[quote=brothaK]yeah, what did the guy who owned the estate do? what was his career?[/quote]

Opie, this is for you also.

The guy who owns the estate is a small business owner. He inherited the biz, a manufacturing business from his father. He grew the business from there. Great guy, smart and a good businessman. Dad taught him well. And I might add, he's not a college graduate, even though like me, he values education.

Opie, if you work this business it can make you wealthy. It's way too hard to do this and only make a living. However, my first two businesses, the one that made me money and the one that cost me money both had better wealth building possibilities. I believe that of any business whether it be a service business or a manufacturing business. Yet, for someone who wants to build wealth without a monetary investment this business is hard to match. And remember, in the end it's not only about how much you make, but how much you keep, and what you do with the money you keep.

Probably not.  A select few reach those levels, but they are few relative to the numbers in the industry.

Four out of five truly wealthy (and by “truly wealthy” I mean net worth of more than a couple million and up) people I meet made their money in real estate, be it developing, building, rentals, etc.

The other one out of five seem to be split between two groups.  One is former business owners who have sold their business after many years, even decades, and the rest is the “millionaire next door” types, who have worked for someone else for their entire lives and simply saved it up.

The latter group is much more prevalent in the “comfortable” level, as in not ultra rich, but going to have nice retirement.

I guess my point is, I think there are much better ways to “get rich” in this world than being an FA.

I agree with tjc.

I don’t believe this business is a get rich quick scheme, at one time it might have been close, but not anymore.

i'm not talking about getting rich quick.

but getting really rich

however, do you think it is possible to get really rich without doing it quickly (5-10years)?

tjc...nice post.

I will graduate into my third year in November & so far this business is absolutely everything I thought it would be...at times it is an absolue "high". Like today when a new client brought in his annuity statement from ING & wanted to know if I could help him roll it over. At other times the uncertainty is overwelming for example trying to figure out where next months production is coming from. 

There is allot of good information on this forum, i've been reading from this site from day 1 and many of the posters have provided me with valuable insite. Your post echoed of honesty & was insightful. Thanks for sharing.

BrothaK



The answer is NO. In 5-10 years as an FA you might build a 50-70 million dollar book and be making say 150K if your good to great.



Honestly in 5-10 years you could build a strong service oriented business and sell it for 500K - 1 million and walk away. You won’t be able to do that as an FA. I swear.

[quote=bankrep1]The answer is NO. In 5-10 years as an FA you might build a 50-70 million dollar book and be making say 150K if your good to great. [/quote]
Doesn't $70 MM AUM roughly equal around $260,000 at a wirehouse?

What?



If you had 70 million in fee based maybe. That is not going to happen. You’re going to have commissioned based accounts and accounts you don’t make much on 401K’s, pensions etc.

The career is like investing in a front loaded mutual fund.  Rough
at the start, but it gets better as time goes on…but not without its
up and down years.



I had a bit of a re-birth several years back and re-directed my energy
out instead of in…by that I mean I became less selfish in every part
of my life, especially this business.



The result was a boom in business at a time when the market was at its
worse and poeple were leaving as fast as they could.  The lesson
learned was focussing on business practice and ethics proved very
profitable.



This job is tough and rewarding when done right, and easy and guilt
ridden when done wrong.  I have not worked a single day in the
last 7 years, even though I go in to the office 5 days a week. 



I am 36, registered in 1993, and have worked for a bank then Merrill Lynch. 

Great metaphor rightway.

tjc, outstanding posts as usal.

Rightway



Care to share your thoughts on the bank you worked at vs. Merrill ( I realize they are night and day in terms of offerings) looking more for day to day differences and how the transition was for you. It crosses my mind every now and then. I tried to PM you but you’re full.

[quote=bankrep1]BrothaK



The answer is NO. In 5-10 years as an FA you might build a 50-70 million dollar book and be making say 150K if your good to great.



Honestly in 5-10 years you could build a strong service oriented business and sell it for 500K - 1 million and walk away. You won’t be able to do that as an FA. I swear.[/quote]

Not as an EMPLOYEE of a bank or wirehouse…
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with a 50-70 million dollar book that is YOURS i am sure you can sell it for more than a million 

Rightway,

Thought you cashed out your millions and bought an island chain somewhere. Good to hear from you. How bout those 2Q numbers eh?????

[quote=joedabrkr]

[quote=bankrep1]BrothaK



The answer is NO. In 5-10 years as an FA you might build a 50-70 million dollar book and be making say 150K if your good to great.



Honestly in 5-10 years you could build a strong service oriented business and sell it for 500K - 1 million and walk away. You won’t be able to do that as an FA. I swear.[/quote]Not as an EMPLOYEE of a bank or wirehouse…



Joe,



You and I both know your not building a book of 50 -70 million in 5 or 10 years as an indy right out of college.





[/quote]

[quote=bankrep1]Rightway



Care to share your thoughts on the bank you worked at vs. Merrill (
I realize they are night and day in terms of offerings) looking more
for day to day differences and how the transition was for you. It
crosses my mind every now and then. I tried to PM you but you’re
full.[/quote]



I like the bank I worked for and I owe them alot in that they jump
started my career.  My experience was that management was too
disconnected to the realities of the business and client related
issues.  Annuity and insurance product revenue was like a drug to
them.  They found a need to never stop tweeking, tinkering, and
moving everything from teritories, compensation, and product to
management structure and general direction.  It was a disaster and
the clients and larger reps suffered needlesly for it for years. 
Looking back it was a bunch of managers that really did not know the
business trying to make a go of it…and they failed.



Merrill is not without its problems, but they certainly know the
business and really let the reps run the business as they see fit, and
work very hard to support their efforts.  They were/are on the
oposite of the end in regards to annuities and insurance…its a brand
new product and the operations around it is horrible.  I was
surprised that it is not the terrible place so many reps and clients
depict…Mother Merrill is really pretty nice to me.



All in all Merrill is a great place for me vs the bank.  I wanted
to be more of an advocate of the client, fee based, and focus on larger
relationships…all of which Merrill supports.  I do miss the
closeness I had at the bank (the CEO was a client of mone for a small
amount of his families money).  I have yet to get that call from
Stan.



My business has quadrupled since I left the bank 7 years ago, although I share that as I created a team a while back. 

[quote=blarmston]

Rightway,

Thought you cashed out your millions and bought an island chain somewhere. Good to hear from you. How bout those 2Q numbers eh?????

bankrep

Not going to quote you because the post is a mess already.  You’re are right in that it’s highly unlikely in 5 years.  Possible maybe in 10 years if you’re talented and dedicated.
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Joe,

Correct that sentence!

Your friend,

Mr. Newbie

[quote=NASD Newbie]

Joe,

Correct that sentence!

Your friend,

Mr. Newbie

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Age 27



9 Million AUM



MDRT 3 past years



Registered in 2002



IAR

Age - 38

AUM - 45MM

licensed -  2000

exEJ where are you working now?

work as an RIA now