NASD Newbie washed out as a producer after a few years, and he landed a cushy back office job where he didn't have to accomplish anything.

You might ask him whose ass he had to suck to get that little plum!

I have seen people transition to wholesaling, general sales jobs, and
some banking related sales (trust, treasury management, etc).

you can go to wholesaling for sure, but usually it will require a stint as an internal first and it may also require relocation depending on where the rep is living.

[quote=FA Prospect]

My understanding is that many FAs "wash out" of this business. My question is, if someone gets their series 7 and 66 is it probable to be able to get pretty good salaried position at a bank or other companies? Any "success" stories of people who didn't make it going on the other careers?

Thanks.  

[/quote]

The primary reason for FAs washing out is failure to open new accounts and bring in assets. Many enter the business with a misconceived idea of what the job is. Since prospecting is the main roadblock many wirehouse washouts try banks where there is a built in client base to prospect. This leads to another misconception, that the bank biz is a lay up. It's not.

If the reason for washing out had anything to do with failing to meet asset goals it's unlikely that other national or regional firms would give the FA a second chance. Some FAs have landed back office jobs or gone to work as sales assistants for large brokers. Many more have landed at the local Ford dealership.

[quote=FA Prospect]

My understanding is that many FAs “wash out” of this business. My question is, if someone gets their series 7 and 66 is it probable to be able to get pretty good salaried position at a bank or other companies? Any “success” stories of people who didn’t make it going on the other careers?

Thanks.  

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[quote=hubbabubba]you can go to wholesaling for sure, but usually it will require a stint as an internal first and it may also require relocation depending on where the rep is living.[/quote]

You can get into wholesaling, for sure?  As in all you have to do is apply?

as usual, newbie, you add nothing to the discussion. There's always some jacka$$ on an online forum who feels the need to try to prove to others how smart he is.  You sound very bitter.  Are you holding a grudge from childhood?  Maybe you were the last one picked for kickball at recess? 

If FA prospect wants more information he can ask me.     

[quote=hubbabubba]

as usual, newbie, you add nothing to the discussion. There's always some jacka$$ on an online forum who feels the need to try to prove to others how smart he is.  You sound very bitter.  Are you holding a grudge from childhood?  Maybe you were the last one picked for kickball at recess? 

If FA prospect wants more information he can ask me.     

[/quote]

And just what do you bring to the table, a high school diploma and six months with a chop shop?

I think NASD was implying that one should not assume a job as a wholesaler is automatic for a failed FA.  But I think this is a valid question.

hahaha.  No an MA and extensive work with an international fund company, you idiot.

If you are so successful, then why are you trolling around here picking fights?  Your comments are not clever, contrary to what you might believe.  You're just a fool like the other trolls who inhabit cyberspace.  Don't waste my time and I won't waste your's.

Opie, I don't think that's what NASD implied.  If you read his posts long enough, you'll get the picture. 

Wholesaling is one option for an advisor who gets blown out the door or just wants a change.

[quote=hubbabubba]

hahaha.  No an MA and extensive work with an international fund company, you idiot.

If you are so successful, then why are you trolling around here picking fights?  Your comments are not clever, contrary to what you might believe.  You're just a fool like the other trolls who inhabit cyberspace.  Don't waste my time and I won't waste your's.

[/quote]

You're the guy who said that a failed broker could catch on as a wholesaler, for sure.  That was challenged and you get all snippy.

Me thinks you protest too much.

What's your experience at the international fund?

[quote=hubbabubba]

hahaha.  No an MA and extensive work with an international fund company, you idiot.

If you are so successful, then why are you trolling around here picking fights?  Your comments are not clever, contrary to what you might believe.  You're just a fool like the other trolls who inhabit cyberspace.  Don't waste my time and I won't waste your's.

[/quote]

We would all be better off not to respond to NASD

[quote=vbrainy][quote=hubbabubba]

hahaha.  No an MA and extensive work with an international fund company, you idiot.

If you are so successful, then why are you trolling around here picking fights?  Your comments are not clever, contrary to what you might believe.  You're just a fool like the other trolls who inhabit cyberspace.  Don't waste my time and I won't waste your's.

[/quote]

We would all be better off not to respond to NASD

[/quote]

I agree, just read what I have to say and pay attention.  I don't need any comments from the peanut gallery.

newbie, I can't help it that you are too literal.  That's not my problem.  Someone who was/is a broker can apply to a fund company like anyone else.  In fact, contact a recruiter.  There are probably a few on this very forum.  I know many who have successfully done so.  That's not too difficult to understand, is it?

Why would I be snippy?  Did it ever occur to you that your act is tired?  People like you are a dime a dozen on web forums.  Some of us are here to ask questions and to assist others in having their questions answered.  It's what professionals do.  You are clearly not professional so I have no patience with you.  All the negativity directed at you is self imposed.  Don't like it?  Then post something worthy.  Maybe then you might begin to earn some respect.  As it stands, you are still a troll and will be treated as such.

So, you can continue to try to provoke me or you can answer other people's  questions without trying to make them feel like idiots.  The choice is yours. Of course, you know that if you continue with your behavior you'll only prove my point. 

Hopefully, we will see a new Newbie?

With that, I'm done with you.

If you wash out of an FA trainee program, you have a choice of several directions:

You can move to a lesser bank or brokerage with lower expectations.  (Common).

You can move to a sales position outside the industry. (Common)

You can move to a non-production position within the same firm  (Sometimes).

You can move to a non-production position with another firm (Rare).

In exceptional circumstances, you can move to a production position with another firm.  You should only try this if you have a solid business plan and a convincing reason why things will be different this time.  (Don’t kid yourself, this is very rare.)


To answer your other question, yes there are success stories.  Most of our trainee-level placements are successful FAs looking for a stronger program.  However, we occasionally find and submit “failures” with exceptional backgrounds.  Here are some of these “failures” that have gone on to be successful:

Thanks everyone for your responses...especially JCadieus for the insightful post. Assuming that I do get an offer - about the worst can happen if I "don't make the grade" is that I get some excellent training that I can use elsewhere.

Of course, I fully expect to be selected and to be successful but it is always good to have a backup plan!

[quote=FA Prospect]Thanks everyone for your responses…especially JCadieus for the insightful post. Assuming that I do get an offer - about the worst can happen if I “don’t make the grade” is that I get some excellent training that I can use elsewhere.

Of course, I fully expect to be selected and to be successful but it is always good to have a backup plan!