Are 45-50 hour weeks enough?
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I ran into an old friend of mine recently. He's a manager at a smaller regional firm. We got to talking about the industry and he said that most guys starting out in his office put in about 45-50 hours per week. I know a few financial advisors, and they say it is probably closer to 60 hours per week.
Are those lower figures realistic? My friend told me to consider entering the industry. So I'm trying to gather as much info as possible.
45-50 sounds about right, but 60 would definitely be better. You can make more calls on saturday mornings when no one else is in the office and it's nice and calm. lol.
Please don't think of this as hours per week. If you enter this profession think about it as who you are and what you do. Then ask yourself is this for me ?
Nope, end up broke and out of the business with 45-50 hrs unless you have a unreal market. Plan on 8-8 mon-fri and Saturday mornings for at least 2 good hrs of calls.
So is time vs compensation proportional? ie would you make 33% more working 60 hours vs. 45? or looking from the other side would i make 25% less working 45 hours as opposed to 60? Or is there some point where the returns become exponential?
YMCMB
From your two post, I do not think you be right for this business. You think way to much would be best way to put it. You should either go be an analyst or go the banking FA route.
Time and compensation are not very corelated in the early stages of your career; it is more like time and the "know-how".
Fact: there are people who work less than 10 hrs a week that make HUGE 6-7 figure incomes. This is due to hard work on the front end.
Do not focus on how many hours you need to put in. I cannot tell you the last time I calculated how many hours I work.
There are too many variables to take into consideration when you speak of time vs compensation, such as: do you have flat fees, hourly fees, AUM fees, products fees or loads. You need to learn the different channels of the business and decide which one fits you and your business plan best. I wouldn't be so harsh and tell you that your not right for the business but you are reading too deep. Do your homework!
[quote=newrepd]
YMCMB
From your two post, I do not think you be right for this business. You think way to much would be best way to put it. You should either go be an analyst or go the banking FA route.
[/quote]
That was too funny. Its like he couldn't wait to jump on this poor kid and tell him your not gonna make it. LOL
Like the guy above said...focus on working all available time to prospecting your first year dont pull off the pedal till you have 20 mil or you just see this isnt the biz for you....seee easy as pie :)
@newrepd
No offense, but if asking about returns is thinking too much, I would think twice about letting you handle my money.
My questions were very straight forward: Are returns on time invested constant, increasing, or diminishing? Basic econ101.
I’m not changing careers just because I spoke with someone. I’m just trying to find out a little about the industry.
I think what was meant is that this is not an hourly job. 45 hours? 60 hours? 80 hours? You just have to willing to work as many as it takes for you to be successful. If you can do 65+ and I mean actually working, not just being at work, then you should be able to make it through training and keep your job. At that point you decide how much you want to work to make the kind of money you want.
If you think you can only do 45 than it will be much more difficult to bring in the assets you need to keep your job, let alone succeed. So in that case you should not move into this career.
I’m a little over a year in production, I work probably 50-60 hours a week because I felt my family was beginning to suffer from me working 65+. I have been able to do enough to keep my job, but have already seen a little more than 1/2 my “class” get fired. I made my decision based upon what’s best for me and my family.
Read to 500 day war. It is a blue print for keeping your job, but will have you puttIng in 70 hours a week for 3 years.
[quote=ymcmb]@newrepd No offense, but if asking about returns is thinking too much, I would think twice about letting you handle my money. My questions were very straight forward: Are returns on time invested constant, increasing, or diminishing? Basic econ101. I'm not changing careers just because I spoke with someone. I'm just trying to find out a little about the industry.[/quote]
Look, the answer to that question is that everybody is different! econ101 does not pertain to hours worked or money made in this career. You gotta do what you gotta do. Sounds really stupid....... but true.