Remember when everybody wanted to be a Financial Advisor

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Sep 1, 2010 2:01 pm

And incidentally, this is why someday big RIA firms will begin to eat wirehouse's lunches.  Too many clients are just orphaned clietns in the wirehouse world.  In the RIA world, nearly every client was "earned" and "chosen", and most of these firms have strict service procedures, including not having more clients per-advisor than they can handle.  I think the RIA model is a much better model.  Many of these firms have salaried CFP's as advisors/relationship managers to the clients, and then there are the investment guys in the background.

It's actually a good concept.  Make 125K to be a relationship manager/planner, but not have to worry about prospecting, learning all the investments, closing, etc.  Strictly service clients.  Pretty good career path for the non-sales types.

Sep 1, 2010 2:35 pm

I can see your point. As an independent with my own office, I have to wear all the hats (except administrator and office manager). So that means marketing, sales, technology, and money management.

There are times I have wistfully thought of what it must be like to be on a team.

At Jones, they do everything except for the selling. But at Jones, you are still on your own really.

Sep 1, 2010 4:41 pm

It's all about quality of life. As an independent, you can maintain control and not have to sit through BS meetings and pretend like you are interested in things you hate. I can't think of any other business where you can invest your own labor and annuitize it so efficiently, with so little capital investment. For most, that requires being solo - when you get wistful, go do something fun with your friends (like, fishing on Monday morning). The Jones model is super intelligent, it's just that you can make the same amount of money by having a part time assistant, lower overhead, and working half the time. You don't get to pay the taxes on going to a big free trip with a bunch of other geeky financial advisors. It took me a long time to admit, I'm a geeky financial advisor, not very exciting, but good for living in a beautiful place surrounded by nature, cities and technology.

Still the #1 career in my book. You get to help people, and help yourself. First figure out, WDYWFY? (What do you want for yourself?). I was promised, years ago, if I made the investment, I would have my freedom. That was half truth and half lie. Since you are paid to carry the worry of the market by your clients, you are never free. Since you are trained and experienced and are special person (born to do this career, and blessed to have discovered it), after you make the investment and if you are smart and lucky and a good captain of your own ship, you are free to explore the universe of thought and action in a way few are ever blessed. Don't forget to enjoy the last days of summer 2010.

Sep 1, 2010 9:00 pm

[quote=tenthtee]

Still the #1 career in my book. You get to help people, and help yourself. First figure out, WDYWFY? (What do you want for yourself?). I was promised, years ago, if I made the investment, I would have my freedom. That was half truth and half lie. Since you are paid to carry the worry of the market by your clients, you are never free. Since you are trained and experienced and are special person (born to do this career, and blessed to have discovered it), after you make the investment and if you are smart and lucky and a good captain of your own ship, you are free to explore the universe of thought and action in a way few are ever blessed. Don't forget to enjoy the last days of summer 2010.

[/quote]

Great post!

Sep 1, 2010 9:14 pm

I'll second that, yes, great post tenth.

Hey, come on, remember how easy this all was back in 2006? Easy meant tough times ahead, and now, the tough part will pave the way for the future career we want to have. For me, I'm just like tenth, and the value of free time is at least as appealing as making more money.  I went independent not just the right time, I actually picked the exact day. For others that wonder "when?", you'll know.

Sep 3, 2010 3:21 am

[quote=BigFirepower]

Tenth, yes, I'm insurance licensed since 94. I've done term, annuity, and second to die estate planning cases in the past. Insurance is a portion of what a good FC provides their client, but I've seen more abuse in the area of insurance compared to the entire combined other element of what we do. I worked for a big bank that before they failed, was one of the largest annuity sellers in the nation. Again, I could literally write a book on the subject.

Most of the abuse I saw was from the annuity side of things, but I also saw later how those abusive annuity practices were being mined into opportunities to convert those funds into life policies. The second part, was to make up for the "mistake" of owning an annuity...  

Again, I'm not saying that all insurance is bad, just that most folks doing it that I've seen, use it primarily for the generation of large tickets, a way to fuel their ambitions to be #1 at said firm, or the region they work in. Having now spent a fairly long time in this biz, and seeing the results from what these policies do, I'd say that most folks have been grossly overpromised and under delivered in the hands of retail insurance vendors.

[/quote]

dude  stfu

you are so gd annoying.

just ignore you?  right.  i cant.  you're such tool....i cant stay away.  

i cant not read one of you're fukcing retarded, self serving, i think i'm the man no nothing transparent retarded posts.

fu

big   fire   power.   wow   i get it.      

you're a big, big stockbroker man.    lots of big firepower

right?   big big firepower

big

tool 

Sep 3, 2010 3:24 am

[quote=BigFirepower]

Tenth, yes, I'm insurance licensed since 94. I've done term, annuity, and second to die estate planning cases in the past. Insurance is a portion of what a good FC provides their client, but I've seen more abuse in the area of insurance compared to the entire combined other element of what we do. I worked for a big bank that before they failed, was one of the largest annuity sellers in the nation. Again, I could literally write a book on the subject.

Most of the abuse I saw was from the annuity side of things, but I also saw later how those abusive annuity practices were being mined into opportunities to convert those funds into life policies. The second part, was to make up for the "mistake" of owning an annuity...  

Again, I'm not saying that all insurance is bad, just that most folks doing it that I've seen, use it primarily for the generation of large tickets, a way to fuel their ambitions to be #1 at said firm, or the region they work in. Having now spent a fairly long time in this biz, and seeing the results from what these policies do, I'd say that most folks have been grossly overpromised and under delivered in the hands of retail insurance vendors.

[/quote]

dude  stfu

you are so gd annoying.

just ignore you?  right.  i cant.  you're such tool....i cant stay away.  

i cant not read one of you're fukcing retarded, self serving, i think i'm the man no nothing transparent retarded posts.

fu

big   fire   power.   wow   i get it.      

you're a big, big stockbroker man.    lots of big firepower

right?   big big firepower

big    big big

maybe you could print us a manual.   BIG BIG firepowers manual to be a big big stockbroker

dbag    b me

Sep 3, 2010 4:05 am

Jenni Poo, it's clear you got the hots for me.

Babe, I sold my soul to the Devil, long before you heard my name...

Sep 3, 2010 4:26 am

Jeni, all that talk about Tool... Thought this song fit you to a T... 

Tool
Aenima (1996)
Hooker with a Pen#s

I met a boy wearing Vans, 501s, and a
Dope Beastie t, nipple rings, and
New tattoos that claimed that he
Was OGT,
From '92,
The first EP.

And in between
Sips of Coke
He told me that
He thought
We were sellin' out,
Layin' down,
Suckin' up
To the man.

Well now I've got some
A-dvice for you, little buddy.
Before you point the finger
You should know that
I'm the man,

And if I'm the man,
Then you're the man, and
He's the man as well so you can
Point that f#ckin' finger up your ass.

All you know about me is what I've sold you,
Dumb f#ck.
I sold out long before you ever heard my name.

I sold my soul to make a record,
Dip shit,
And you bought one.

So I've got some
Advice for you, little buddy.
Before you point your finger
You should know that
I'm the man,
If I'm the f#ckin' man
Then you're the f#ckin' man as well
So you can
Point that f#ckin' finger up your ass.

All you know about me is what I've sold you,
Dumb f#ck.
I sold out long before you ever heard my name.

I sold my soul to make a record,
Dip shit,
And you bought one.

All you read and
Wear or see and
Hear on TV
Is a product
Begging for your
[email protected] dirty
Dollar

So...Shut up and

Buy my new record
Send more money
F#ck you, buddy.

 Jenni, thanks for playing. Tool...

Sep 3, 2010 2:25 pm

[quote=BigFirepower]

Jenni Poo, it's clear you got the hots for me.

Babe, I sold my soul to the Devil, long before you heard my name...

[/quote]

babe?     

why dont you tell us how long you have been in the biz again?

Sep 3, 2010 2:26 pm

[quote=BigFirepower]

Jeni, all that talk about Tool... Thought this song fit you to a T... 

Tool
Aenima (1996)
Hooker with a Pen#s

I met a boy wearing Vans, 501s, and a
Dope Beastie t, nipple rings, and
New tattoos that claimed that he
Was OGT,
From '92,
The first EP.

And in between
Sips of Coke
He told me that
He thought
We were sellin' out,
Layin' down,
Suckin' up
To the man.

Well now I've got some
A-dvice for you, little buddy.
Before you point the finger
You should know that
I'm the man,

And if I'm the man,
Then you're the man, and
He's the man as well so you can
Point that f#ckin' finger up your ass.

All you know about me is what I've sold you,
Dumb f#ck.
I sold out long before you ever heard my name.

I sold my soul to make a record,
Dip shit,
And you bought one.

So I've got some
Advice for you, little buddy.
Before you point your finger
You should know that
I'm the man,
If I'm the f#ckin' man
Then you're the f#ckin' man as well
So you can
Point that f#ckin' finger up your ass.

All you know about me is what I've sold you,
Dumb f#ck.
I sold out long before you ever heard my name.

I sold my soul to make a record,
Dip shit,
And you bought one.

All you read and
Wear or see and
Hear on TV
Is a product
Begging for your
[email protected] dirty
Dollar

So...Shut up and

Buy my new record
Send more money
F#ck you, buddy.

 Jenni, thanks for playing. Tool...

[/quote]

wow   i give.

powerful

funny stuff.

your good

Sep 3, 2010 3:23 pm

Peace Jenni...

Have a nice Labor Day w/e.

Sep 4, 2010 2:54 pm

UBS Wealth Management brings back trainees...

"There is a need for young talent: The average age of financial advisers is almost 49 years old and 14% are over age 60, according to a report by Cerulli Associates released last week."

Training program has only about 150 candidates, most from within the industry.

Sep 4, 2010 4:40 pm

[quote=BigFirepower]

Peace Jenni...

Have a nice Labor Day w/e.

[/quote]

smart move.  giving up.

Sep 9, 2010 1:16 pm

But seriously folks...

Securities firms to slash 80k jobs in 18 months: Whitney

Oct 5, 2010 4:51 pm

From Registered Rep:

Wirehouse Recruiting Stalls

Oct 11, 2010 2:13 pm
Wall Street Journal: Signing bonuses haunt Wall Street

Some Deals Made in the Heat of the Financial Crisis Haven't Paid Off; Finra Arbitration in Demand

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Remember when everyone wanted to hire an advisor?