Who u think makes more $ FA or SB

ok...just to clarify: i know there is no true fact. just think of this post like a poll. Stock brokers usually gets paid for any movement of securities/money (in or out) and FA's have a lot more to offer but usually dont charge commission that way (for example: selling insurance). Thats why I ask. Just asking for an opinion, no facts  

I understand what you are asking, but the line is so blurred anymore that you just cant differentiate. In my office there are three of us who are stock, bond, uit, mf, actively managed account guys and will sell only simple life insurance. Then there are two guys who are really into life insurance, whole, vul, high net worth stuff and then there is another guy who just does health care and di. We trade half deals back and forth, I will run a managed account as well as anyone, but know nothing about health insurance.

I dont know if this answers your questions other than to say that the terms stock broker and advisor are no longer mutually exclusive.

[quote=killerRep]

ok...just to clarify: i know there is no true fact. just think of this post like a poll. Stock brokers usually gets paid for any movement of securities/money (in or out) and FA's have a lot more to offer but usually dont charge commission that way (for example: selling insurance). Thats why I ask. Just asking for an opinion, no facts  

[/quote]

"just think of this post like a poll"......

moron!

Until you spend the time cold calling, you can’t meet with clients.  It’s like comparing apples to oranges.

I think it’s an Ed Jones IR. 

nah, I am not EDJ. Nor am I a moron (hey Joe, do you feel like your D*$k got bigger with that remark? I sure hope so little guy ). All im asking is what tastes sweeter to you guys. Do you prefer "oranges" or "Apples". A poll has no facts but a simple who likes what. Thats all.

PS: Im a rookie, I just want to see what you experience guys prefer thats all  

[quote=killerRep]

nah, I am not EDJ. Nor am I a moron (hey Joe, do you feel like your D*$k got bigger with that remark? I sure hope so little guy ). All im asking is what tastes sweeter to you guys. Do you prefer "oranges" or "Apples". A poll has no facts but a simple who likes what. Thats all.

[/quote]

Nope not really.  It's not especially impressive.  Bad draw in the gene pool I suppose.  Oh well....I'm way past measuring my self-worth based on that.

Clearly, though, in your little mind 'size matters'!

What are you going to try next?  "My dad can beat up your dad?"

I have to echo what giff said - the line is so blurred and I doubt there would be any type of evidence to prove one side or the other.  There's an "FA" I worked with that was a first-year producer doing $720k.  No inherited accounts, all derived from him pounding phones 12 hours a day for a year.  Now he sits back and works that book and meets with his clients regularly.  But, again, I don't think there is a clear-cut answer.  You have to start out by cold-calling to get anywhere in this business.  Financial Advisor and stock broker are simply titles and everyone is so diversified these days that it won't matter.

Broker,

What was his approach on the phone? 

Honestly, I couldn’t tell ya.  I only spoke to him once for 10 minutes and he had to go.  Every time I tried to follow up, he was on the phone!

I agree w/ Broker recruit.  Financial Advisor/Consultant/Planner, Wealth Manager, Investment Advisor/Consultant, Finacial Representative, Stock Broker, Registered Representative, Customer's Men are just titles with no clear distinction on real measurable differences.  There were "Stockbrokers" who practiced asset allocation, managed money, financial planning as well as the guys who hawked hot stocks, Limited Partnerships etc....  The titles have more to do with branding and marketing than anything else.  Currently the title "Stockbroker" supposedly invokes an attitude akin to car salesman in clients minds, so we are now "Financial Advisors".  Hell I know of a gal who was a CFP that was pitching hot dots in the late 90's and evaporated her book in the correction, so much for designations.  The old cliche' applies: you can't judge a book by it's cover.

In fact I've given thought to positioning myself as an old fashioned stockbroker, since it seems like almost every new entrant into this industry is a financial Advisor now, selling the same basic investment with the same exact "planning" focus.  I tend to think it's hard to differentiate yourself with that approach. 

Example - Smith Barney is changing theirs from Financial Consultants to Financial Advisors.  FA, FC, Broker, IR - BFD.

[quote=BrokerRecruit]Honestly, I couldn't tell ya.  I only spoke to him once for 10 minutes and he had to go.  Every time I tried to follow up, he was on the phone![/quote]

Well that tells you something right there! ;-)

Why is Smith Barney making such a worthless change, you'd think that confusing the clients would'nt be worth the effort.  I can understand the change to "financial consultant" from "broker" (although the true value is questionable), but from "consultant" to "advisor"?  Odd........

It’s a silly change.  Mostly it is to make the title consistent across the board.

KillerRep,

It's okay to be a rookie...but not to act like one (to clients, peers, or otherwise).

Clients don't want to perceive the one who is handling their money as "just learning the ropes," so for pete's sake, act like you have a clue, even if you don't.  That's how most people start in this business anyway.

"Fake it till you make it."  I'm in that middle stage...don't have to fake it, but haven't quite made it...at least to where I want to be.   

i really appreciate this guys. I was just curious about the major difference and the gross envolved in the difference. It may have sounded like a dumb question but I was seriously clueless on the major differences (if any). Anyway, thanks again

PS: THANKS BankFC for the big tip! Going to take that into big consideration

Killer Rep,

don't listen to BankFc, it's o.k to act like a rookie with your peers since at some point we all knew sh*t about this business and sounded stupid.  I am by no means a veteran and have asked my share of dumb questions, in fact I had a similar curiosity and some preconcieved notions about the differences between stockbroker and advisor during my first year.  I was a "high and mighty" advisor working with a "bulge bracket" brokerage.  It's funny that I was deluded into thinking that my customers knew the difference (albiet an imagined difference) or even cared.  It's funny how so many people slam on Edward Jones for having some potent Company Kool-Aid, well the truth is that every firm nurtures it's rookie brokers on a healthy dose of Kool-Aid.  Good luck KillerRep

LOL, sorry, I guess I'm just not the "kid gloves" type.  

No worries BankFC, wasn't implying that you have nothing good to say.  As a matter of fact, I agree completely with your statement:

EIA are just sh**ty VA's in drag.

except to elevate them to the status of being a sh**ty VA is too generous (and you know my thoughts on VA's). 

I was just giving the kid some slack, I know I've needed it in the past.

Although I will say that KillerRep could practice being a little more articulate (no offense kid, just honest observation) and I hope he comes across more professionally with prospects. KillerRep, BankFC's words on "Fake it until you make it" should be heeded.  People aren't going to hand you their money unless you sound competent and are generally articulate.

Good Luck! 

actually i do speak more professional when talking to clients, but you have a point dude, I should get into the habit of speaking a certain way all the time.

 In any case, I truly do appreciate all your advices. I just started working for a RJ as an assistant to an FA but I was curious about the major differences of just cold calling (never metting clients) and getting paid per transaction instead of what my boss does...which I am still trying to figure out how he gets payed so much while my co-worker and I end up doing most of the work?

(hence the topic that pretty much confused everyone LOL)

[quote=killerRep]

actually i do speak more professional when talking to clients, but you have a point dude, I should get into the habit of speaking a certain way all the time.

 In any case, I truly do appreciate all your advices. I just started working for a RJ as an assistant to an FA but I was curious about the major differences of just cold calling (never metting clients) and getting paid per transaction instead of what my boss does...which I am still trying to figure out how he gets payed so much while my co-worker and I end up doing most of the work?

(hence the topic that pretty much confused everyone LOL)

[/quote]

He gets paid so much because he built the book up himself in the first place, probably while sharing an assistant with many others if he had one at all.  Now that he has a good sized business to maintain, you handle a lot of the "scut work".  It may seem like he does nothing compared to the work load you carry because you have a lot of small items.  But, he has a lot of responsibility and pressures that you may not even notice.

I know from experience.  I started out as a registered assistant/cold caller, worked my way up.  Now I just recently went indy and hired an assistant to work exclusively for me.   I can't get over how hard she works at pushing stuff out.

[quote=killerRep]

actually i do speak more professional when talking to clients, but you have a point dude, I should get into the habit of speaking a certain way all the time.

 In any case, I truly do appreciate all your advices. I just started working for a RJ as an assistant to an FA but I was curious about the major differences of just cold calling (never metting clients) and getting paid per transaction instead of what my boss does...which I am still trying to figure out how he gets payed so much while my co-worker and I end up doing most of the work?

(hence the topic that pretty much confused everyone LOL)

[/quote]

Why would a secretary call herself "KillerRep"?

don’t you think you have to meet with clients to do a transaction? Where are you coming from???

i call myself killer rep because "goNpostalonDirk" was taken . (jk)

I was in the infantry before I got into the financial buisness...so hence the name. Not creative but never the less satisfactory on my part.

Surprisingly to say, My boss goes on longer vacations than anyone I have ever met. Which is what I want to do in the later years of my life .

Killer:

You are mistaken on the cold calling/meeting with clients distinction.

The main point of cold calling is to set up appointments and meet with clients, not to sell product.  Maybe some brokers out there still do this today (cold call and sell product over the phone) but I'm sure they are quickly going the way of the dinosaur.  Almost nobody trusts someone over the phone these days with out meeting with them first, or having a really strong referral.  Trust me, no matter what business model you choose to follow (commission v.s. fee), you will be cold calling unless you are really well connected to people who'll hand money to you (even while you're sounding unpolished and akward in your first year), which is unlikely.

Your last comment is exactly why most get into this business, because you can (at some point) take those extended vacations and have guys like you handling all the crap work.  Understand though that it is certainly EARNED. 

I think the general consensus is that you'll work like a slave the first 5 years to live like a king the next 30-40 years.

I truly appreciate everything Dude. I have full intentions putting in those 12-15 hour days, working 5-6 days a week if have to. I want to get those long vacations and live the good life. Thanks again bro.

Good luck KillerRep.  Your sincere interest and humility will take you a long way.

but with all good intentions, you’ll likely flame out after 6-9 months.

Hey ezmoney, why dont you just get laid? Im sure you need it (I can tell by your optimisim in people). If you cant find any, there is always the escort services .

Also ez, don't forget that people like you usually make other people work harder. So thank you for the motivation .

I thought that was funny, and sadly true. The numbers are against you.

In the end what others say means nothing with your success. Just never give up!