End of the Line for me :(
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I am sorry to hear of your situation, and can fully appreciate the stress you must feel.
Has it occurred to any of you that this is a further sign that the bottom is near at hand?
I’m just sayin’
I agree with Hyman.
From a psychology standpoint, this thread, and the general tone of the forums lately overall, are classic signs of a bottom.
Bondking, i feel for you. Good luck.
For the rest of us, there is way too much negativity. Yeah, things are a bitch right now. But there is money everywhere. I’ve brought in 2 million in the first two months of the year and i am not trying. Just unhappy folks referred by their friends and one guy from my BNI group.
I’m trying to be proactive too, going forward.
I put together a small dinner two weeks from now, i called three clients told them i wanted to invite them to dinner, asked them to bring a friend/another couple, no sales, just a roundtable discussion with my views on the markets and a little about my process, along with a strategist from my firm. Three phone calls to clients, three yeses, three prospects being brought along. I;m gonna do this every month.
I’m not saying its easy to stay positive with markets going down day after day after day like a drum that doesnt stop beating.
But there is no way i am going to have my book waste away, no way I am going to be driven out of this business by gloom and doom. I am good at what i do and there are a lot of people who need my help, and i’m gonna find them, and make up the assets i lost.
We all need to fight the negativity and find some people who need our help and show them how we can help them. Thats what we can control. We cant control the market, Stressing over it will only drain our energy.
Bring in money, be prudent with it, and go find more. Its out there. Between the clients of brokers who are hiding under their desks, and the clients of brokers who have moved firms for a check, there is a lot of it.
same for me. this business is hard as balls no matter where your market is, what degrees/designations you have. the stress is unreal and the days it takes from your life are only compounded by that stress. i too would advise to not enter this industry... although all businesses have their own +/-. this one though - more difficult than anyone on this earth that is not an advisor can possibly know. the saving grace for our team over the last couple of months has been a very proactive approach to our clients AND clients calling in to see if we are holding up ok. going to be a tough slog over the next 3-5 years. this industry will indeed shed 1000's of experienced advisors over that time. newbies - good luck.JayMc…I agree. When anyone asks me how to get in the biz, Ill tell them to stay away. Not trying to discourage folks, just trying to spare them the life. I’m 12 years in and have made serious mistakes in this biz and also have recovered by the grace of God, but here we go down the chute again. Its a never ending cycle of highs and lows. Tremendous paychecks to near poverty wages. You have to be able to bank serious coin in the good times to survive the bad and that itself is not the easiest task if you have a family.
good point. when advisors are ready to (or are) bailing - the bottom has to be near. the inflection point though is how long are we going to sit at the bottom? and if it is for a protracted period of time, the same stresses will remain on all of our business.I am sorry to hear of your situation, and can fully appreciate the stress you must feel.
Has it occurred to any of you that this is a further sign that the bottom is near at hand?
I’m just sayin’
Please tell me your not serious about part time jobs. Grab your balls and go knock on doors on the weekend. Everyones home. Just be yourself, smile and talk to people. You will make great contacts and much more $$ for your time.
Very sorry to hear about your misfortune. It’s a testament to the world we live in that we’re losing producers of your experience.
Considering your “no excuses” attitude, you’ll be back on your feet in six months.
some people just get worn out physically and emotionally by this business, thus no desire or energy to go doorknocking on the weekend. particularly if you are just trying to keep the family together. we all know the weekends are premium family time expecially in this environment. if you are already working your balls off and not seeing the rewards (i know, try another strategy) then it is time to move on, keep the family in tact, and work somewhere that at least gives a monthly fixed income stream. nothing wrong with that. good luck bondking - take what you have learned in this business and get yourself into something more suitable that keeps the home a home.Please tell me your not serious about part time jobs. Grab your balls and go knock on doors on the weekend. Everyones home. Just be yourself, smile and talk to people. You will make great contacts and much more $$ for your time.
[quote=sisu]
Over the years I've seen this business chew up and spit out some of the best.
[/quote] aint that the truth. its sad to watchBondking that sucks! However seeing as you've been in the business 10 years, you're probably pretty good at selling. This will only help you going forward.
Drop a post and keep us updated. Good Luck!Bondking…we feel your pain. Watching our incomes drop; 401k loans to make ends meet; fees resetting at ever-lower levels; clients bailing; loss of confidence in our own ability…
Asset allocaton has failed. Blue chips have failed. Bonds have failed. Managed accounts have failed. Washington has failed. Our clients, careers, security and dreams are the collateral damage. Godspeed to you, my brother. My team and I are hanging on for now. We can keep it going for a while yet, but we fear for the future if things get significantly worse.[quote=Uber Screwed] y…
Asset allocaton has failed. Blue chips have failed. Bonds have failed. Managed accounts have failed. Washington has failed. Our clients, careers, security and dreams are the collateral damage. [/quote]
wow well put
Man, WTF?
Misery loves company. I've been independent for years, just me, my lovely assistant and networking partners. I have no other brokers in the office so I'm like a machine, doing what I know leads to results, without distractions. This board is the window to my peers, and sometimes its depressing. Success leaves clues. There is a system that's been successful, and you just have to follow it. There can be so many reasons for failure. Being in the office shuffling paper all day waiting for the phone to ring = failure ( Used to happen to me - still does in fact. Maturity is recognizing it and getting back on the phone!) Calling residences in the era of DNC= frustration and failure Trying to sell product over the phone = failure Focusing on things you can't control, like the markets= failure listening to all the noise instead of focusing on activities like seeing 2 people a day or working to see 2 people a day = failure This is one of the best times to be in this business - you just have to see new people, get them talking, offer solutions and you will do business. If you are not successful, it isn't the system, it is you. This business sure as hell isn't for everybody, and no one was born a successful broker. You have to continually work at it, just as athletes will only get better with practice. Practice for us being appointments. The more you have the better you get. You will not only survive, you will thrive. StokGood stuff Stok. We should create a separate forum for all positive thoughts, results, and ways to get biz.
Yea, Stok! I have my own office and PT assistant, too. Your list is thoughtful and excellent.
Here's a thought: this market is punishing bad behavior. That's a good thing! Around here, clients could not sell their house this weekend. The value is zero. Yet, the house provides dividends (shelter, a stove, a place to sleep). On your statement, we have to "value" your stocks and bonds every day. In fact, the dividend and interest yield pretty much says they can't go to zero (unless the world falls apart). The real reason we own them is more to deal with inflation - which will come - when? Remember inflation. I hope the market tears PelObama world down to reality. Seems to be doing a pretty good job. Don't let these Socialists off easy. Selling DI insurance is my new best friend right now.I commend all of you who are staying positive and sticking it out. As a recruiting manager we do hear from someone every now and again that has decided to leave the business. That is truly sad. Think of all the hard work going to waste. Trust me, being in the job market right now is not the best thing. Competition is high and fewer employers are hiring. If you are lucky enough to land a 9-5 then you are “owned” by someone else again and you get paid little to nothing.
You would be better off moving to another firm. Perhaps reap the benefit of a first year transition income in addition to your commissions, etc. Not a loan- Or maybe even a draw? Would that help? Even some of our wrap style products pay the first three years up front at the point of sale. There are other options if you want to fight for them by doing your homework on what is available in THIS industry. Now is the time to move.