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Failing out |
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trueindigo 
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Joined: Oct/09/2012 Location: San Francsico Status: Offline Points: 25 |
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 Posted: Feb/16/2013 at 9:51pm |
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Thank you so very much SF Bob. What, no 7-10? Just 6 steps?
 So easy a Boglehead could do it. Unless there are more than 6...
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True Indigo
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trueindigo
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Joined: Oct/09/2012 Location: San Francsico Status: Offline Points: 25 |
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Posted: Feb/18/2013 at 3:55pm |
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Hi SFBob, Can I ask how did you get your start? You said you started at 48-49 and I've read everything I can but getting ideas from those who have walked the road seems best. Also, do you or anyone here on the boards do tele-mentoring, as in be willing to give someone a half hour of focused advice on getting their start in this business (not in their city of course). Everything I have read have all said the same thing: Sales sales sales. 3-5 years. 1500 calls a day. 125% effort. 90-95% failure rate. Do the 500 day war. But that's where the advice really fragments. Go EJ, go WFA, go boutique, start here, start there. Get the 7. Get the 66. Don't get the 7. Don't get the 66. Get the CFP. Don't get the CFP. But, where is the best place to cut your teeth and get on the path? Thanks for your help.
Edited by trueindigo - Feb/18/2013 at 7:26pm |
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True Indigo
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NewMgr
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Joined: Sep/27/2011 Location: Anchorage Status: Offline Points: 982 |
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Posted: Feb/18/2013 at 5:40pm |
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Ok, so here's my story. I started in the industry 18 years ago (at 28) and FAILED miserably. The owner of the RIA actually said that he heard "she's what? 30? She'll never make it". I went to work as a Registered Sales Assistant, then settled bond trades, then went into supervision. Then... Got "eliminated" in 2009 as my firm was preparing itself to be purchased. The writing was on the wall for a while. I talked to a senior advisor and we agreed to let me come on as a Jr. Advisor if I would take some of the CFP courses. The Director, however, didn't think I could do it.
My husband told me it's what I should have been doing all along. I signed on at W&R, hit every first year advisor award level, brought in $3MM in my first year (currently I'm at around $12MM AUM), and am having the time of my life. Was it youth? Maybe. Was it INEXPERIENCE? Absolutely. Failing out = not being able to pay your rent (at the time it was rent) and needing my mother to send me money so I could move back home... |
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trueindigo
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Joined: Oct/09/2012 Location: San Francsico Status: Offline Points: 25 |
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Posted: Feb/18/2013 at 7:25pm |
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Thanks for your .02. My main focus is where to start. Not enough experience to begin at WR, too old to be cannon fodder for EJ. I think. Making hurdles isn't my objection, being a tool where the odds are stacked purposely is. Where to start? Thanks again.
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True Indigo
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NewMgr
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Joined: Sep/27/2011 Location: Anchorage Status: Offline Points: 982 |
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Posted: Feb/18/2013 at 7:29pm |
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Really? Why do you think you don't have enough experience to start at WR? Hell, I recruit for them... If you have the drive and the passion, we'll get you started. And, give you support and training. Do you mean you don't have enough industry experience to qualify for their transition dollars? |
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trueindigo
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Joined: Oct/09/2012 Location: San Francsico Status: Offline Points: 25 |
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Posted: Feb/18/2013 at 7:55pm |
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Well...actually I guess that was a response based solely upon reading forums, etc, not actual experience. BTW 30 year Alaskan resident
 , teacher, ran a 501(c)(3) as Ex.Dir. of the Alaska Natural Energy Institute dealing with USDOE, Alaska Science and Technology Foundation, UAF, etc.; flight instructor, law enforcement, etc . Took time off to write 3 books, (published 2) now I'm ready to do something just for me, and FA is fascinating. Motivated? Oh my yes. Persistent, dedicated, 2 degrees (UAF). Cum laude. I'm used to 70 hour weeks. I just have no clear idea where to begin and to whom to speak to get started. Any suggestions would be on bended knee. Thank you.
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True Indigo
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Hacksaw
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Joined: Mar/27/2010 Status: Offline Points: 35113 |
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Posted: Feb/18/2013 at 7:58pm |
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Fixed it for you |
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knockknock
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Joined: Jan/14/2013 Status: Offline Points: 73 |
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Posted: Feb/18/2013 at 8:03pm |
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You started at an RIA at age 28. If you were 28 again starting at Edward Jones this time around, how do you think you would do?
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NewMgr
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Posted: Feb/18/2013 at 8:03pm |
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HS, I won't start them under those circumstances. But, I'm sure there are some who would. |
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NewMgr
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Posted: Feb/18/2013 at 8:06pm |
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Sounds like you have the stamina. Talk face to face with others in the industry. We're a bunch of cynical shits... 
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Hacksaw
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Posted: Feb/18/2013 at 8:06pm |
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If you can honestly do the 500 day war and continue to proactively get in front of people, where you start will not matter. I do believe it is harder today to make it cold. But then again it was never easy. Every place has their plus and minuses. Every place has the odds stacked against you. You just should talk with all of them and see where you think there will be a fit. After you get a feel for some of the places pick your top two or three, and come back here and ask specific questions. People give eachother crap on here, but it is a fountain of knowledge and an incredible resource. |
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NewMgr
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Posted: Feb/18/2013 at 8:07pm |
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Well, I was a lot cuter then...
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NewMgr
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Posted: Feb/18/2013 at 8:09pm |
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And, we're a cynical bunch of shits! Hahahah! For sure, though. Talk to a few face to face and come back and ask questions. HS is right. |
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knockknock
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Joined: Jan/14/2013 Status: Offline Points: 73 |
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Posted: Feb/18/2013 at 8:11pm |
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I'm very close to making the jump on to EJ, and I'm turning 30 in 2 months, so you could see my fear about this statement you made. lol. so, seriously...am I putting my family at jeopardy even if I work my ass off?
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trueindigo
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Posted: Feb/18/2013 at 8:13pm |
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others in the industry? what's wrong with talking to you?
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True Indigo
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Sportsfreak
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Wise Old Perv and CTO of AH Joined: Mar/09/2010 Status: Offline Points: 25709 |
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Posted: Feb/18/2013 at 8:13pm |
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Indigo, i got my start at a wirehouse. Its different today than 13 years ago. I got into the training program, they paid me a salary plus commission and bonuses for 2 years, then salary went away. Structured training program, in the branch, and at a training center in another city.
The wirehouses (Morgan Stanley, Wells Fargo Advisors, Bank of America / Merrill Lynch) are always looking to hire mature business people with business and life experience, and especially with a network of contacts. Today, you need to go online, look for their ads on careerbuilder, Monster.com, etc, and apply online. But if i were you, i would contact every branch you can find in your area. Ask to speak with the Branch Manager. If you can't get to him, get the name of the Assistant Branch Manager, and ask for some time. Send your resume, then follow with a phone call. If that doesn't work, go there. They will like your persistence. The wirehouse training program has very difficult hurdles, and you have a very high possibility of failing out, which at the wirehouses means getting fired for not hitting your hurdles. But you will get licensed, get good training and experience at most branches, and be ready to find a firm that will take you in without much of a book and let you build it your way. A word of advice - dont do what i did. Dont spend 5 years looking for answers on the internet and overthinking this thing to death (which with all due respect you seem to be doing). If you think you want to explore this, then just do it. Make the calls, get the interviews and get a job. Ask a lot of questions, find a branch manager who will be proactive in helping/ coaching you (they are few and far between), and latch onto that guy. Think about getting on a team. But for Gods sake, just do it
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If you eat an entire cake without cutting it, then technically, you only had one piece
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NewMgr
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Posted: Feb/18/2013 at 8:16pm |
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Well your screen name is appropriate then! If you work your ass off there is no better career in the world. If you're putting your family in jeopardy... that only you can answer. |
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Posted: Feb/18/2013 at 8:34pm |
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Knockknock. Yes you are putting your family in jeopardy. It is a big risk.
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MainStreet
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Posted: Feb/18/2013 at 8:57pm |
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^This. And you probably don't realize the amount of strain it puts on a family. You are, one way or the other, making your wife an unwitting partner in this effort ... and when the crap hits the fan, you might be forced to make some unwelcome decisions.
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Trouble is, you think you have time ~ Buddha
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trueindigo
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Joined: Oct/09/2012 Location: San Francsico Status: Offline Points: 25 |
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Posted: Feb/18/2013 at 9:09pm |
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Actually SF this is exactly the kind of direction I've been looking for. I'm really not one to spend tons of time trolling and chewing my nails. I would far rather be doing exactly what you've written, just been looking for that one mssg w clear concise advice. I have zero fear of being fired for non-performance, none at all. Tomorrow I'm starting exactly w what you advised. I'll be bahck.
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True Indigo
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trueindigo wrote: