For those in wire training programs

I started brand new unlicensed at a wire 16 months ago. I’m not setting the world on fire by any means but I’ve opened enough accounts to stay employed for the foreseeable future. With that limited experience here’s what I would say to other newbies looking to go this route.

Before you start:

Study one hour/day about investments and personal finance as no one will teach you.

Read “million dollar financial services practice” and the prospecting threads on this forum.

Everyone in your friends and family should know you are starting a financial planning practice. Not “becoming a financial advisor” or “got a job at (Wirehouse)”.

When you start:

Series 7/66 is easy if you just follow the study program daily.

Find a senior advisor/team that will let you work their book and give you a 10-20% split on the revenue and new accounts.

But make sure to simultaneously build your own book that you own 100% of as you will probably be looking for a new firm in 1-2 years.

Dress like a professional. What’s the president wearing today? Wear that.

Cold prospecting will take MONTHS to turn cold leads into opened accounts. You need scraps from the team to keep you alive in the meantime.

40-50 hours/week is enough if you are efficient with your time.

Do your own paperwork.

If you’re going to use wholesaler money for events it is expected you will use their products when appropriate.

Prospect your peer group - you’ll be surprised how many have $ and it’s a much easier conversation.

Don’t forget where you are on the totem pole. The sales assistant fresh out of community college is more important than you because she’ll still be employed next month.

The highs will be high and the lows will be low. Don’t worry, be happy.

So we should wear ties that are too long and shoes with height inserts? 🤣🤣

I would say do the opposite of majority of what you mentioned and you would have more success. People don’t like being sold and they don’t like people who “fake it”.

PEACH_cm wrote: I would say do the opposite of majority of what you mentioned and you would have more success. People don’t like being sold and they don’t like people who “fake it”.

When I commented here I had no idea that Peach was getting ripped in another thread. My comment still stands. 

Doesn’t matter - what I posted applies to ML, MS, RJ employee channel, etc any large firm with a 3-year training program and production hurdles.

BullishT wrote: I started brand new unlicensed at a wire 16 months ago. I’m not setting the world on fire by any means but I’ve opened enough accounts to stay employed for the foreseeable future. With that limited experience here’s what I would say to other newbies looking to go this route. Before you start: Study one hour/day about investments and personal finance as no one will teach you. Read “million dollar financial services practice” and the prospecting threads on this forum. Everyone in your friends and family should know you are starting a financial planning practice. Not “becoming a financial advisor” or “got a job at (Wirehouse)”. When you start: Series 7/66 is easy if you just follow the study program daily. Find a senior advisor/team that will let you work their book and give you a 10-20% split on the revenue and new accounts. But make sure to simultaneously build your own book that you own 100% of as you will probably be looking for a new firm in 1-2 years. Dress like a professional. What’s the president wearing today? Wear that. Cold prospecting will take MONTHS to turn cold leads into opened accounts. You need scraps from the team to keep you alive in the meantime. 40-50 hours/week is enough if you are efficient with your time. Do your own paperwork. If you’re going to use wholesaler money for events it is expected you will use their products when appropriate. Prospect your peer group - you’ll be surprised how many have $ and it’s a much easier conversation. Don’t forget where you are on the totem pole. The sales assistant fresh out of community college is more important than you because she’ll still be employed next month. The highs will be high and the lows will be low. Don’t worry, be happy.

 

Good thread! Joining a team is tough right now while everyone is working remotely due to Covid-19. I haven't been in the office since March 2020. Hard to make a connection and sell yourself to a team in this work environment on top of being a new advisor. 

Edited by MoneyBags - Jan/15/2021 at 12:26am

BullishT wrote: Not any harder, or arguably easier, than making connections and selling yourself to cold prospects in the remote environment. In fact, given the demographic of established advisors/teams, there are probably guys out there who are really struggling with technology etc. and could use a younger person to bring their practice into the 21st century.  Why not ask your branch manager if there are any producers who don't have a junior and may be open to the conversation?

Maybe the results will vary based on your location, your ME, your office's culture, whatever else.