Wait for independent or join a big firm

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Nov 6, 2005 10:09 pm

Curious if one could start all over with two options what would you choose?

First option: Independent firm (double commission) with the principal making over 500,000 taking the youngster under his arm. Wait for at least 16 months to start.

Second option: Joining a big firm. Less commission with high failure rate and the other obvious issues. Start right away, better training and more support.

Nov 7, 2005 5:20 pm

I hear its always good to try to come in under a bull… The problem is there are not to many opportunities like this out there. Along with luck one needs to show some serious skills to be considered.

Nov 7, 2005 5:55 pm

Depends on the principal--I'd only commit to that if I knew the person quite well or had some connection through a trusted friend, associate, family member, etc.  Most situations seem to fall under "if it seems to good to be true, it probably is."  So, taking the "guaranteed" route could be considered high-risk, high-return.  Risk being you get screwed, return being you fall into a very nice income stream without having to build it.

I'd say try to survive at a big firm because you have to learn how to generate relationships, and once you can do that you control your destiny.  It's just hard to do...but consequently, it has value and gives you freedom to take your skills where you see the best opportunity.  Despite the failure rate, in some ways it's lower risk--you learn something no matter what (even if you only learn you're not cut out for this kind of sales gig).  If you can be viable on your own, you have more leverage no matter where you go.

Of course, if I knew #1 would work, I'd pick that one!

Nov 8, 2005 8:39 am

I would want to know why???, wait 16 months. Why don’t you get hired by the wire, pass your test, get some exposure to the biz, then go indy with this guy. I would think HE would want that.

Nov 8, 2005 9:39 am

[quote=moneyadvisor]I would want to know why??????, wait 16 months. Why don't you get hired by the wire, pass your test, get some exposure to the biz, then go indy with this guy. I would think HE would want that.[/quote]

As much as I hate wire houses this is what I would do !

Nov 8, 2005 12:22 pm

Well the wait is partially deliberate. I have a great position and I needed to complete some prior commitments. On top of that the wait has not been that long I just dont use specific terms on this blog thing. To me its more or less a place to get ideas and concepts from vets in the business. Thanks