Transition

[quote=MakeItRainVick7]I have been in production with a large wirehouse for just over 2 years. Assets $20,000,000. & production $200,000. Just went off salary, and with a majority of my production coming from quarterly billing, earned a June paycheck of $500. Not complaining, I know what I got myself into. Question is; why would I NOT transition my business to Morgan Stanley's rising star program, or an applicable package at SB/UBS/ML, etc. I could really use a different perspective because all signs point to go! Also, please do not waste you time with the bank/indy/regional speeches, I like certain aspects of all of them, and may move in that direction one day, but for now a well known wirehouse serves my niches well. Thanks in advance.






















[/quote]

Smartass, if you know so much, why do you have to come here to ask your stupid question?

I assume that what you mean is that because you are annuitized you have one good month per quarter and the rest of the months suck, i.e. $500?

If so, what do you expect will change from one wirehouse to another? They are more or less all the same - some better technology, some better platforms, some better grid, but more ticket charges, etc. bUT more or less all the same - the idfference is the local branch, not the firm.

With that said, if I read your problem correcty, you ought to look at SB - they smooth fees. So if a client is billed say, 1500 for the quarter, you will see 500 hit your grid each month for the quarter. Frankly tho, seems to me six of one, half dozen of the other.

Because I don’t know so much. Just looking for perspective, like I said, and maybe need a bit of confirmation. Either way, I have scanned these boards for my 2+ years in the business, never posted because I don’t know %$^$, and knew I’d get crappy replies from douche-bags like you. Seriously, what kind of loser wastes their time replying like you did, instead of either giving real advice or just continuing to surf free porn sites? If anyone, from experience, can give me feedback on any of the large wirehouse, or reasons to stay put, I’d really appreciate it.

Why would you move from one wirehouse to another?  Almost certainly not every client will move with you.  It would seem to me you should continue to build the book and move to a different channel when you’re ready in a few more years.  There will be attrition with every move you make.

Thanks Pratoman, good perspective. I guess my point is that if SB, etc will give me 225k up front, and a chance to at least match that over a few years, why would I stay? Seems to me that if I can bring over most of my book, than it is a no-brainer because they are all so similar in terms of platforms. Thanks again, as I will admit I don’t know crap about this whole deal.

The more I read “Bobby Hulls” stupid reply the more I ask who the $%^$ would let this guy manage their investments? No, they wouldn’t! So, he slings VA’s, B shares, new issue closed end funds, etc. What a joke, go ahead and brag about your big tickets. I laugh my ass off at guys like you in the office. Auctioneers that do 400k with 10+ years in. Sorry piece of crap. "no it all, why ask your stupid questions here?’ Douche.

BH, I’d give my left arm to have 5 minutes with you, douche.

[quote=MakeItRainVick7]BH, I'd give my left arm to have 5 minutes with you, douche.[/quote]

If you need a douche so bad, why don't you just go to Walgreens and buy one?  No need to give your left arm.

Seriously tho, he’s right. Bobby is a douche, and thats being nice!

[quote=MakeItRainVick7]BH, I'd give my left arm to have 5 minutes with you, douche.[/quote]

You mean in a sexual way?  I think you're looking for the San Fran Booty Bandit.  He probably won't have time for you though, he's very busy figuring out real-time historical data.

[quote=MakeItRainVick7]...if SB, etc will give me 225k up front, and a chance to at least match that over a few years, why would I stay? Seems to me that if I can bring over most of my book, than it is a no-brainer because they are all so similar in terms of platforms.[/quote]

Because with two years in, you will lose a lot of your book.  You don't have a solid relationship with your clients (yeah, I know you think you do).  You also haven't had any experience with a market downturn.  What happens if there's a 20% drop in the market as you're making you're taking your up front cash?  You've already survived the worst two years of your career.  Are you really ready to start completely over? 

Now know two months will be slim, take your good month income, divide it in thirds, only spend one-third and use one-third in each of the following two months.  This isn't rocket science. 

The other option is to do some transactional business during the off months to have some commission income -- maybe some bond ladders, etc.

[quote=OldLady]

[quote=MakeItRainVick7]...if SB, etc will give me 225k up front, and a chance to at least match that over a few years, why would I stay? Seems to me that if I can bring over most of my book, than it is a no-brainer because they are all so similar in terms of platforms.[/quote]

Because with two years in, you will lose a lot of your book.  You don't have a solid relationship with your clients (yeah, I know you think you do).  You also haven't had any experience with a market downturn.  What happens if there's a 20% drop in the market as you're making you're taking your up front cash?  You've already survived the worst two years of your career.  Are you really ready to start completely over? 

Now know two months will be slim, take your good month income, divide it in thirds, only spend one-third and use one-third in each of the following two months.  This isn't rocket science. 

The other option is to do some transactional business during the off months to have some commission income -- maybe some bond ladders, etc.

[/quote]

Maybe he should hire a financial advisor to help figure out this income matter.

In all seriousness, good job on $20MM in 2 years.  Don't be stupid now though; I would agree with OldLady on this one.

[quote=snaggletooth]Maybe he should hire a financial advisor to help figure out this income matter.[/quote]

I think I've made a pretty good play for that job

Old Lady/Snaggletooth, Thanks for the advice, I’ll definately take it to heart. Truth is that I feel very confident I’ll bring over 70% of my assets, but absolutely know I’ll have drop off. Thanks also for the good advice re: saving some cash. Tough thing where I’m at, I’m finding, is that year 3 seems to be the toughest to earn a living, which is the only reason I’ve considered moving this early. BTW, this is my second career, after a mostly successful and long first one, and I really enjoy what I’m doing. Finally, this site has been a big asset, although I have only been an infrequent visitor.

make it rain

I wouldn't respond to Ferris or BH.  Ferris is racist f**k and BH spends at least 40 hours a week on this post trying to prove his dick is bigger than yours.  You notice that Ferris always defends BH (somethings going on there) 

[quote=skbroker]

make it rain

I wouldn't respond to Ferris or BH.  Ferris is racist f**k and BH spends at least 40 hours a week on this post trying to prove his dick is bigger than yours.  You notice that Ferris always defends BH (somethings going on there) 

[/quote]

hmmmm.. Either you are right and there is a conspiracy (call cnn) OR you are an idiot.  Given your previous posts, I'm going with the "you're an idiot" theory.

ML pays the production pro-rata monthly…the billing hits in January,
they divide that by 3 and that is what you get for Jan, Feb, and
March…so as not to have the dilema you are facing as a new rep. 
The downside is obviously ML keeps your money for 2 months instead of
paying it all to you in January.  Pro’s and con’s.  

My only response is to confirm that you’ve received excellent advice here. Stay where you’re at for awhile before you consider any move. It’s a short-term sacrifice that will probably be better for your long-term career.



…and by the way…well done. It appears that you’re part of the small minority that has what it takes to make it in this business.

stfu

I wasnt talking to you but sounds like you are the part of threesome with ferris and BH.  COCKSUCKER

Hey skbroker,

Don't take this the wrong way, but are you partially or mostly retarded?

[quote=Baller]

Hey skbroker,

Don't take this the wrong way, but are you partially or mostly retarded?

[/quote]

I was thinking the same thing. She sounds like she may have taken a lawn dart to the top of her head, at least once.

Well I wasn’t trying to insult.  Just based on her writing style and a couple other clues, I had to ask.

non taken ferris, I was right about you and BH.  Hope you guys have a long and happy relationship.  You  are right about me beeing halp retaarded.  Wheree iz mi mommi.  I am gonna wait 5 minutez for your responze.

 

 

 

 

 

 

 

Wow the response on this board is tremendous.  You guys must give your clients really good service. 

 

 

 

 

O

 

Wo

meltdown alert.

I will opine that BH was somewhat right, Makeitrainvick7 was sort of arrogant.

It seems to me that the guy has one whale and a bowl of guppies. I mean, what are the chances that 90 percent of his book closed in the same quarterly cycle? 50%, yeah, but 90+. No wonder he's certain 70% will follow "Aw C'mon ma'!"

And it's a stoopid question too. How do you not know that you're heading for this right after you drop the ticket? It just occured to you, just when you got your paycheck? And how do you not know that then you'll just have to put yourself on a budget, and get some clients to fill in the dead months.... How? Because you stepped in dogsh*t somewhere and found a diamond.

Go ahead and hop. Don't forget that your current firm has a contract with you and will claim training expenses. Maybe you'll take 100% of your clients (afterall, it's not like they love your current firm, they don't even know them). It just makes too much sense to jump. You can get 100%+ to do so, and then you're locked in for 8 years. But that's 12.5% per year so around 25M (2,000 per month).

If you keep growing the way that you have (maybe an uncle or something) in two years you have 40MM and 400M. You get the 100% and you're making an extra 50M per year. Plus at 400 you can call a shot or two at the new firm, sign up for a shorter lockup period or get a better percentage upfront.

Nope, seems to me, you want to rest on your laurels, and you know they aren't as comfortable as they seem by the sheer nums.

careful Whomit you might get called a BH groupie for agreeing with him.

All,



FYI, I was half drunk and watching sportscenter when I came up with the Vick moniker. He is the real douche. So, thank you all for the feedback, especially the stuff a couple folks sent over privately, it really helped.



Whomitmayconcern, your analysis is way off. I haveone household at 3 million, 4 households that have 1-2 million, 8 that have 500k-1 million, 15 or so that have 100-500k, and the rest is a smorgasborg. Most of production is fee based, and I have not figured out how to work insurance into my business yet (I totally agree I have A LOT to learn.) Fortuantely I have been able to cultivate a few good referral sources without whom I’d be dead in the water.



As for the arrogant comment, if I came accross like that my bad. This is definately a tough decision for me and I guess I just wanted to give as much info as possible.



Take care,



D

oh, fyi, whomitmayconcern, not everyone out there has rolling quarterly cycles. I know ML/SB do, but some firms pay everything on a standard cycle. Our top fee based guys do 250-400k jan/apr/jul/oct, and significantly less in between. So, its’ great when you get it built up, but in the meantime its’ tough sleighing.

any chance you’re an AGE FC?  I recognize that fee based payout schedule.  Although AGE doesn’t have a 2 yr training program, and I don’t think WS training program is 2 yrs either. 

So not sure which big firm you are currently with.  If another besides WS/AGE/ML/SB/UBS/MS then one of the above may be a good option for potentially more resources and the upfront cash.   If at one of the ones above would stick it out with those numbers a while longer.  

[quote=skbroker]

make it rain

I wouldn't respond to Ferris or BH.  Ferris is racist f**k and BH spends at least 40 hours a week on this post trying to prove his dick is bigger than yours.  You notice that Ferris always defends BH (somethings going on there) 

[/quote]

Skbroker types his messages from his LEAPFROG, hence the 45-point font.

i agree with oldlady, you're too early in your career to make a move. i know the upfront ca$h sounds great, but if you lose have your book in the process it's not worth it. everybody believes they will take most their book with them but you would be surprised.

based on your numbers you're doing fine. keep raising assets and building strong relationships with your clients. wait till you have $50mill in assets then you'll be ready for a nice payday

the only way i would advise leaving now was if you were going to an institutional firm (bear, oppy, lehman) that was providing you with something unique for your clients. but DONT make a move now based on the cash.

good luck!