Just so you know, it's difficult to build a business in any environment.  You think it's difficult now, just try to move a client who is happy doing the DIY thing when the market it going up. 

My advice is don't worry about what's going on in the market.  The investing principles you are going to be using don't change based on current market conditions.  Your client's goals don't either.  Just jump in and start kicking.  You'll either sink or swim and that will be based more on how hard you're kicking, not the temperature of the water you're in. 

Keep in mind that Spiff took over an existing office after working in the home office. Those of us who were lucky enough to do that have no clue how difficult it is to start a business from scratch, regardless of the current market environment.

  I don't care what anyone says, this would be one hell of a time to try and get started in this business. I'm fighting to keep long-term investors in the market, and having very little luck with getting them to add to their investments right now.   I can't imagine trying to earn someone's trust enough to get them to even give you a check to put in money market--which has also been on shaky ground lately--in this environment, much less try and talk them into going into the market--all while working out of your car.    

You’re an idiot. 

  Yep, I took over an office of about $9MM that shrank to $6MM with people leaving for greener pastures.  I call that winning the lottery.  Yep, I worked in the home office for 5+ years.  That gave me tons of contacts and opened all the right doors.  That was some good networking time.  So I've been sitting on my big green chair for the last several years just watching the dollars and referrals roll in from that vast $6MM book I started with.    So from your assessment I have no idea what it's like to doorknock, cold call, plan seminars, ask for referrals, etc.  I just rake in the new clients and all their money every month by osmosis.    If this guy starts with Jones he probably won't be working from his car or starting from scratch as Jones is trying like crazy for that not to happen any longer.  But he'll still have to go through the difficult task of building an office.  And I don't care what market you start in, it's still difficult to grow your business.    If you have some issue with the information I posted, fine, tell him where I'm wrong.  If you have a problem with me for taking over an office, fine, PM me with your thoughts.  Otherwise leave the personal shots at the door. 

FA-2B … in fairness to Spiff , he does indicate that this business is difficult in any environment. Bonus if you get an existing office.

All that being said , this time I would expect for new people it will pose additional challenges. Tough you bet , if you survive you will be awarded the Red Badge of Courage and with all the scars to prove it.

[quote=Spaceman Spiff]You’re an idiot. 

  Yep, I took over an office of about $9MM that shrank to $6MM with people leaving for greener pastures.  I call that winning the lottery.  Yep, I worked in the home office for 5+ years.  That gave me tons of contacts and opened all the right doors.  That was some good networking time.  So I've been sitting on my big green chair for the last several years just watching the dollars and referrals roll in from that vast $6MM book I started with.    So from your assessment I have no idea what it's like to doorknock, cold call, plan seminars, ask for referrals, etc.  I just rake in the new clients and all their money every month by osmosis.     If this guy starts with Jones he probably won't be working from his car or starting from scratch as Jones is trying like crazy for that not to happen any longer.  But he'll still have to go through the difficult task of building an office.  And I don't care what market you start in, it's still difficult to grow your business.    If you have some issue with the information I posted, fine, tell him where I'm wrong.  If you have a problem with me for taking over an office, fine, PM me with your thoughts.  Otherwise leave the personal shots at the door.  [/quote]   I don't have the first problem with anything you posted. I was just making the point that those of us who took over offices (me included) have no business telling potential applicants who are going to start from scratch that how hard they "kick" will determine their success or failure--especially in an environment like this. Would you start from scratch right now? Wait, let me answer that for you. HELL NO!   I don't care if you took over an office with $1 in assets; the fact is you had a place to bring  prospects, a BOA to answer the phone, a workstation, etc.   I agree that Jones glosses over the difficulty of succeeding when talking with potential applicants. They did the same with me. Jones is in a perpetual recruiting frenzy due to the crazy attrition.    And FA_2B, you're getting sugar-coated answers because whichever Jones FA gets you to put their name down on your application as having referred you to the firm is 25% closer to winning a trip. And after you bust your tail bringing in all of your friends and family and then likely fail, the other guys in town get to inherit your accounts after you've done all the work. Make sense now?

[quote=Borker Boy][quote=Spaceman Spiff]You’re an idiot. 

  Yep, I took over an office of about $9MM that shrank to $6MM with people leaving for greener pastures.  I call that winning the lottery.  Yep, I worked in the home office for 5+ years.  That gave me tons of contacts and opened all the right doors.  That was some good networking time.  So I've been sitting on my big green chair for the last several years just watching the dollars and referrals roll in from that vast $6MM book I started with.    So from your assessment I have no idea what it's like to doorknock, cold call, plan seminars, ask for referrals, etc.  I just rake in the new clients and all their money every month by osmosis.     If this guy starts with Jones he probably won't be working from his car or starting from scratch as Jones is trying like crazy for that not to happen any longer.  But he'll still have to go through the difficult task of building an office.  And I don't care what market you start in, it's still difficult to grow your business.    If you have some issue with the information I posted, fine, tell him where I'm wrong.  If you have a problem with me for taking over an office, fine, PM me with your thoughts.  Otherwise leave the personal shots at the door.  [/quote]   I don't have the first problem with anything you posted. I was just making the point that those of us who took over offices (me included) have no business telling potential applicants who are going to start from scratch that how hard they "kick" will determine their success or failure--especially in an environment like this. Would you start from scratch right now? Wait, let me answer that for you. HELL NO!   I don't care if you took over an office with $1 in assets; the fact is you had a place to bring  prospects, a BOA to answer the phone, a workstation, etc.   I agree that Jones glosses over the difficulty of succeeding when talking with potential applicants. They did the same with me. Jones is in a perpetual recruiting frenzy due to the crazy attrition.    And FA_2B, you're getting sugar-coated answers because whichever Jones FA gets you to put their name down on your application as having referred you to the firm is 25% closer to winning a trip. And after you bust your tail bringing in all of your friends and family and then likely fail, the other guys in town get to inherit your accounts after you've done all the work. Make sense now?[/quote]   I have ZERO vested interest in him becoming an FA for Jones.  In fact, I'd rather he didn't.  My LP could use a bit of a boost and I'm kind of tired of all the new guys dragging it down (there's some serious sarcasm there if you didn't catch it).  I have no interest in sugar coating anything for him.  I don't think Jones does a good enough job of screening out some of the weaker people in the biz.  Sometimes I wonder why in the world they would have hired me.      With that said, I strongly believe that it doesn't matter whether you took over a book or not, it's incredibly difficult to build on it.  It's going to be difficult growing a business at any time in a market cycle.  The point I believe the guy was trying to make originally was that he's got cold feet BECAUSE OF THE MARKET.  My advice remains that he can't worry about the market.  Just plan on working his butt off for a long time before he stops to take a breath.  I know what it's like to think you can cruise for a while and one day wake up to find out you've got nothing in the pipeline.  It sucks to have to go back out and get it going again.    I will say for this guy that this comment would make me a bit nervous:   However, this market volatility is now more than I have experienced in my career and I am considering tucking my tail between my legs and staying in my cozy salary position.    This volatility is different than anything a lot of us have experienced in our short careers.  If you have a feeling of tucking your tail and hiding vs a feeling of how many people can I call and talk to today, perhaps the cozy salary position is the best place for you to be.     

bspears:

  My payout went from 32-35% to 90%(net net 72%) and with the markets the last few months, I’m starting to see “Jones like” checks.  It makes me sick…

  Interesting point.  I have not been in the business long enough to have experienced markets like this one.  I wonder how many existing advisors will get out of the business if their checks continue to suffer?