Nice post.

And, if you're doingthe low cost, laid back, high payout, branch ownership approach:

1. Wear nice golf clothes.

2. Purchase the nice car, with about 30k miles, write off the interest, mileage.

3. Read the Journal!

4. Watch "Glenngarry Glenross". If you are gonna always be closing, be like Al Pacino, not Jack Lemmon. You can make as much money letting people close you (make them beg for the application), and if it suits your personality, it is a lot more fun.

[quote=Seth Davis]

3) Lease a nice car even if you can't afford it. You can't drive to a client visit in a 1998 VW Jetta and expect to be taken seriously.

[/quote]

Don't the newbies have enough pressure without buying something they can't pay for.  What good is a nice car if you can't afford it, have to declare bankruptcy, lose you job because of a BK.

Thanks for that post. I am sure all the newbies out there were elated that you blessed them with that kind of knowledge...

Such a nice guy- giving back to the industry and all....

   Alright, I will be the first to bite.  Can you be a little more specific on the suit.  exp... 3-piece, 4 button, what style?  What specific cars are suitable for a (newbie) FA to drive up to a client in?  Already got the WSJ thing down.  Oh and nice try taking that quote off of Ben Aflak in Boiler Room, which is a must-see for all new reps.  Oh and.......where do you get your hair cut??

I would recommend getting as much education as possible.

If you have MBA, AAMS, CFP, CFA after your name and a good amount AUM already you will be amazed at the size of accounts that will be thrown upon you through word of mouth, networking and referrals. You will also have the immediate expectation of being an expert even to people who love to talk down to everyone (MD’s, Professors).

[quote=Seth Davis]

1) Buy 3 nice suits. Do not shop the discount rack at Men's Wearhouse or JC Penney. Make them NICE suits. Brooks Brothers, Armani. The investment will pay off.

2) Get a nice haircut. You are not in college anymore. You actually need to look respectable and shower every day.

3) Lease a nice car even if you can't afford it. You can't drive to a client visit in a 1998 VW Jetta and expect to be taken seriously.

4) Subsrcibe to the Wall Street Journal and read it every day. You might actually learn something and sound like you know something when you talk to clients.

5) Live by this quote: "There is no such thing as a no sale call. A sale is made on every call you make. Either you sell the client some stock or he sells you a reason he can't. Either way a sale is made, the only question is who is gonna close? You or him?"

Best of luck. Enjoy the ride.

[/quote]

You've been watching a little too much "Boiler Room."

Buy a car I can’t afford… I bet you make your clients rich with your brilliant advice

Mr. Davis,

I sincerely hope that you are a successful FA, cause if you can make it while spewing that much bad advice, I know I've got a shot. So thank you.

[quote=WADRED]

   Alright, I will be the first to bite.  Can you be a little more specific on the suit.  exp... 3-piece, 4 button, what style?  ...[/quote]

I find that polyester suits don't wrinkle, plus add a little Scotchguard spray and they'll even repel stains. Just don't get near an open flame.

What color suit should I buy? I was thinking a purple tweed.



Also, do you think I should cut my dreads?

Keep the dreads, definitely. In this business you have to differentiate yourself. The Rasta market I am sure is lacking in financial advisors. I would recommend day-glo yellow though.

[quote=Breaston15]What color suit should I buy? I was thinking a purple tweed.



Also, do you think I should cut my dreads?

[/quote]



Four button, purple gabardine with white pinstrips, side venting, with a contrasting vest, perhaps an orange tartan?

I disagree with almost all of the advice given.



About your car:

Your clients should come see you in your office, your a professional, professionals don’t make house calls. I don’t think one of my 600 clients knows what kind of car I drive. If you meet them at their business, lawyers or CPA’s office, park around the corner or show up early if you think it is a client who might not like your camry. That said I would’nt drive a beater but I think the BMW will only impress your friends.



About your suit:

I wouldn’t get the $99 JC Penney special but if you spend $300 at the men’s warehouse and get a great tailor you’re more than fine. Buy nice shoes and keep them shiny. I recommend keeping a pair in the office that never go outside. Shoes believe it or not are very important.

[quote=bankrep1]
About your suit:
I wouldn't get the $99 JC Penney special but if you spend $300 at the men's warehouse and get a great tailor you're more than fine.
[/quote]

I'll say it again...Ebay, Armani, $200

Prop,



Aren’t the Armani suits on ebay knockoffs, like taking the $99 JC Penney suit and sewing on the Armani brand? I am just asking

[quote=bankrep1]Prop,

Aren't the Armani suits on ebay knockoffs, like taking the $99 JC Penney suit and sewing on the Armani brand? I am just asking [/quote]

You do have to be careful, there are a few stores based out of LA that deal in used Armani's that are authentic, you have to be careful though.  It helps if you know the characteristics of the true Armani, knowing that, a knockoff stands out like a sore thumb, good point though I should have clarified you have to do your DD.

I’ll be the first to admit that Seth’s advice makes him somewhat of a loose cannon, but be as it may, regarding the 1998 Jetta he may be on to something. Sure in this business performance IS everything but speaking on behalf of a recent college grad, perception is the ONLY thing. I’d step it up a tad bit and roll the dice w/an Infiniti or an Audi A6 (mid 30’s, not carried away)… and who cares if you’re overextended??? If a $500 a month car payment is too much pressure, you’re in the wrong game to begin with! If you think I’m nuts, send the rook to prospect in his tinted out Jetta rolling on 20" chrome spinners with a Rutgers window sticker in the back window and see how long he stands on the front porch knocking. He can have all the wisdom in the world at the same time the good doctor who “may” answer tells him to bounce…

Can we review the companies that actually expect FA’s to knock on doors? EJ and who else? that is demoralizing as hell.

How about this for advice:

Don't be an FA right after college. Unless you have family that is willing to let you manage their accounts/money. Don't do it! Start out as a sales associate/assistant or a banker than work your way to FA. I was cursed with a baby face (I look like im 20) but my performance as a banker spoke for itself and I have big clients in the multi-million range trusting me with their personal finances and investments.