Newbie looking for some advice

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Jun 12, 2009 11:28 am

I usually read this forum and have for the last year and appreciate all the wisdom, comedy, and sincere honesty on situations. I am a 22 yr old new EDJ advisor who is a little isolated in our region. I have asked in the beginning for a legacy and just now get one, but its on hold due to performance. I have gotten some good accounts (16 with about $500K total), but they have not been the easy quick sales that Home Office would like to see. For example I have a monthly investor putting away part of his monthly trust money thats worth about $12M. I am working to get all of that, obviously…

I have felt since taking this job as an apprentice for a Segment 5 who offered me a goodknight then recanted just because she couldn’t let go and her values were down. Also, my field trainer never returns calls, and figures I can just do it since I was a 3rd BOA for my last Seg5 advisor…

Sorry so long, but I, needless to say want out. I have been offered an independent 401k working position with a small firm in Washington, IL (Martin Financial Services) and also a $20M book working 403b and gov accounts with VALIC Advisors (subsidiary w/AIG Retirement). Any advice on what I should do or just factors to consider would be great.

Jun 12, 2009 11:50 am

For starters, I would give out personal info(even if you don’t work for that firm yet)…

So you were a BOA who thought it would be just as easy as Seg 5 guy? And then when they didn’t hand you $15mil, you found out it is much harder than it looks??

Jun 12, 2009 2:57 pm

jones87 - i don’t think you actually read these forums very often or you wouldn’t have posted what you posted. If you have another job, go get it. Jones is obviously not for you.

Jun 12, 2009 3:06 pm

For what it’s worth, I am a newer guy that had a lot of friends leave the firm in the first year. The grass is not greener, especially for a new person.

  To quote the epic 21st century philosopher and skank connoisseur Brett Michaels, "every rose has it's thorn".
Jun 12, 2009 3:18 pm

I think the grass is greener since I have been on both sides of the lawn… HOWEVER… I agree with SOMETIMES… as a newbie you have very little in terms of options.

Jun 12, 2009 3:35 pm

The grass is greener. I’d hire a newbie who has potential and is trying to do the right thing for their clients. You are just nowhere near me.

Sounds to me like you are working jones87, My only hesitation in hiring you would be that you seem to be making a ton of excuses.

Jun 12, 2009 7:42 pm

The way Jones develops its young FAs is shortsighted, even shameful.
They hire these young people with no experience in sales, almost all of them good people, then put them in an office or their home with no daily or weekly guidance, little investing background other than teaching them about 30-year bonds; some of them sit down with a client for the first time having never even seen how an appointment is supposed to be run. No wonder they get discouraged, throw up their hands and start looking for greener pastures.
I believe our internal data shows that even failures help move the firm forward – they gather some assets, they get an office running, they market the firm, so in a sense Jones doesn’t care if you fail, it has no downside to the bottom line  – but if we could improve the success ratio to 70 or 80 percent we could really grow the firm.
In my previous career, I was responsible for hiring and developing people. If I hired you, you would be succesful, whether I had to encourage you, teach you, cajole you, browbeat you.
But at Jones, all the emphasis is on hiring. After that, most of the training is motivational in nature and a lot of of younger FAs start to see the BS in much of that.
Also, anybody that does achieve success, gets it in their minds to start looking around when they have five years in. After all, it’s not like the firm did anything for you – like introduce you around the town, or connect you with a local CPA or call you up every day to monitor your progress. Those are ways that talent is developed in other industries.
The other thing about young people these days is they’ve been conditioned at school to work in teams. Then they go to Apple or GE or the U.S. Army and work in teams. We should do the same thing.
End of rant!

Jun 12, 2009 8:16 pm

Would it not make since then to reward an FA with a div trip qualifier only after the new guy they recommended made it to a certain point?

  The mass of newbies knocking on doors is a great way to spread the brand name. I was amazed to find out how many newbies had already door knocked the community I chose.   Hello Mr. Prospect, I am new and with EJ. We will be opening an office soon on MLK Blvd. And then in several years when someone actually gets to open an office there, Mr. Prospect says "oh look hunny, what's his name finally opened his office. Lets go talk to him about your 401k that we have not rolled over".   Many people, including myself, may not like how it works. But one thing is for sure, it works. If 100 people fall out of a boat, I bet one will make it to shore.