They got dad’s book, joined a team, or their dad had some existing network.

  Actually, the real advantage that young people have, is that they have not yet created a lifestyle that prohibits them from making it in this business.  What I mean is, most people a few years out of college can live off 30K a year.  Try doing that with a house, mortgage, wife, kids, cars, etc.  So if a young person can make the firm's hurdles, they won't have to leave the business due to lack of income.   In my last career, I was making about 125K per year (I'm 37).  One of my good friends in the firm was making about 40K in his last job (he's 24).  So his "good" month and my "good" month look very different (or what we consider "good" months).    In other words, younger people can "outlast" the "rampup" period better than some older people can.  On the flipside, older people may have more in savings.   One other advantage - time.  again, wife, kids, house, life, etc.  The older you are, the more life responsibilities you have.  At 24, I had a car and my rent.  I could work 7 days a week (and often did).  I simply can't do that anymore (nor do I want to - been there, done that) because of my family.   One last thing - this is not an advantage that will help you make it, but another "time" ally: can you imagine making it in this business at 24 or 25?  You are set for life.  Man, I wish I had started back then (though not sure I would have had the maturity to make it).