Aspiring Advisor |
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benrose
Greenhorns Joined: Jul/31/2017 Status: Offline Points: 11 |
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Posted: Jul/31/2017 at 10:25pm |
Hello all,
Have made the decision to pursue a career in financial planning. I intend to join the training program at a broker-dealer and go from there. But, I have about a year before I can make the jump. So until then I'm learning everything I can about succeeding in this industry. Any and all advice is welcome. Thanks - Ben
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luvindy
Moderator Joined: May/17/2010 Status: Online Points: 25774 |
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You're going to do well. I can feel it.
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8/31/12,Sportsfreak:
"If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time." Dow 13,090 S&P 1406 5/23/13 UC:Dow 20k before 20% crrectn Dow 15, |
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RIArules
Platinum Member Joined: Mar/15/2010 Status: Offline Points: 36500 |
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Love the attitude
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Is it too late to exhume Ken Starr?
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brome90
Member Joined: Mar/12/2014 Status: Offline Points: 420 |
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At least you're doing this a year prior to joining, so that's good.
Find the 500 day war thread by TheWolf and read that.
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benrose
Greenhorns Joined: Jul/31/2017 Status: Offline Points: 11 |
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Thanks for the kind words.
I initially read 500 Day War and some other useful stuff on WealthManagement.com, which led me to look at other forums, which is how I got here. I have some experience with cold calling/knocking from several years selling my freelance marketing services to small biz owners. I also have a background in advertising so pretty familiar with how to communicate a value proposition. I believe my biggest learning curve will be the investment products and strategies themselves. I have an idea to tap my professional network from my time working at ad agencies. Any thoughts on this strategy, dos/don'ts from career changers who have tried? Thanks Ben
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B24
Moderator Joined: Mar/09/2010 Status: Offline Points: 25763 |
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Yup, here it comes boys. Next post..."So, what are your biggest frustrations is a financial advisor? What kind of software could you use...."
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"If Bellicheat pulls that rabbit out of his a$$ with this kid at quarterback, I'll personally kiss his ring." - Sporsfreak, 09/20/16
"Jags/Vikes Super Bowl. Write it down" - Sportsfreak 01/19/18 |
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advisorman
Senior Member Joined: Oct/22/2011 Location: Behind you Status: Offline Points: 4246 |
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Read all water cooler posts. It's where the real knowledge lies...
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King of sarcasm and speling
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Iamlegend
Platinum Member Joined: Mar/09/2010 Status: Offline Points: 22533 |
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Don't count too much on people you knew from a prior career. It will take some time for them to trust you in a new career. |
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Jmhalvo
Member Joined: Aug/25/2016 Status: Offline Points: 276 |
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"Sales" is where it's at...gotta have clients. You'll figure out the rest. Good luck.
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benrose
Greenhorns Joined: Jul/31/2017 Status: Offline Points: 11 |
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Here's a specific question for you guys.
You take a prospect to one on one dinner. Will the firm pick up the tab? Or is that the advisor's responsibility? |
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SometimesNowhere
Gold Member Joined: Mar/11/2010 Status: Offline Points: 13989 |
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My advice is that you've already failed. Find something else to do with your time. |
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PEACH_cm
Senior Member Joined: Jan/16/2013 Status: Offline Points: 7184 |
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Jmhalvo
Member Joined: Aug/25/2016 Status: Offline Points: 276 |
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You're gonna catch hell on here for a question like that, because a 50.00 tab is so totally irrelevant and meaningless. It's a very tough business and you'll need full commitment, so whether you get reimbursed matters zero. I know your just curious but such a question sounds like what a salaried back-office lifer would care about. An entrepreneur doesn't care about such things AT ALL.
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Iamlegend
Platinum Member Joined: Mar/09/2010 Status: Offline Points: 22533 |
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It depends what you work out with your manager and if they give you marketing money. If they won't pay for it you can usually put money in a pre-tax account and at least save the tax $$ on it. |
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benrose
Greenhorns Joined: Jul/31/2017 Status: Offline Points: 11 |
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That makes sense. I know it's minutia, just thinking ahead to how much cash I should have on hand for these type of expenses. Client dinners at my salaried back office lifer job can be $500+ for 3 people if it's a nice restaurant.
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Macduff
Senior Member Joined: Oct/27/2013 Location: United States Status: Offline Points: 1140 |
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It all depends on the situation. I wouldn't consider that average by any means though. I wouldn't take many (maybe any) of my clients out to a meal like that. Maybe I'm just cheap but I generally try to take my clients and prospects to lunch because it's cheaper and fits in my schedule better.
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“I was born for the storm, and a calm does not suit me.”
― Andrew Jackson |
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B24
Moderator Joined: Mar/09/2010 Status: Offline Points: 25763 |
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You have to think of this career as an "investment", or a business, not a job.
If you are not willing to put significant resources towards it (including the cost of lost income) the first few years, then it's not for you.
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"If Bellicheat pulls that rabbit out of his a$$ with this kid at quarterback, I'll personally kiss his ring." - Sporsfreak, 09/20/16
"Jags/Vikes Super Bowl. Write it down" - Sportsfreak 01/19/18 |
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That said, you're not spending 500 on dinner for a client in your first few years if ever |
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nest
Member Tech Guy Joined: Jul/07/2012 Status: Offline Points: 464 |
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Advertising sales means spend the company's money on golf and food until they buy.
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