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For those in wire training programs

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Chips Quote  Post ReplyReply Direct Link To This Post Posted: Feb/23/2021 at 7:37pm
Originally posted by BullishT BullishT wrote:

Originally posted by jrayfinancial jrayfinancial wrote:

Originally posted by BullishT 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.

I've approached every team member in our office. Some multiple times now. All rejected. No need for a "junior" or someone to help them with tech, linkedin, websites, relationship management, etc. etc..

A few did counter offer me with a super sweet deal though. I get to bring them big prospects I've spent months cultivating a relationship with and give it to them to close (and manage) for a 70/30 split. They get the relationship (like if I leave the firm). But I get credit for gaining a new account in the meantime. Well, more like 70% of the credit.

OAN...I did learn that of all the FAs with teams in the office, not a single one hired a junior FA who approached them to be on a team. They hand-picked the junior FA, based on their needs and based on what they wanted. But again, I'm sure things are different elsewhere. 

Any one of you seniors looking to hire juniors? I'm not looking, just asking.

Well, I stand corrected. 

I’ve been on two teams at a wire now. One picked me out of the bullpen and agreed to pay my PCs for the first year in exchange for helping with paperwork. I ended that relationship when they wanted to change it to the typical 70/30 prospector role. I was introduced to the second team by my old ME. They have me doing the financial plans for new clients, relationship management for clients <1m, and running tech stuff like the newsletter and setting up webinars. 

The new team are excellent prospectors so they see employees as leverage for their own efforts. I take hours of data entry and 140 relationships off their plate, so they can hunt. You might be able to sell yourself similarly to the right team but you have to understand that you’re an employee and you give up a lot of the upside this career offers. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote BullishT Quote  Post ReplyReply Direct Link To This Post Posted: Feb/23/2021 at 8:40pm
Originally posted by Chips Chips wrote:

Originally posted by BullishT BullishT wrote:

Originally posted by jrayfinancial jrayfinancial wrote:

Originally posted by BullishT 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.

I've approached every team member in our office. Some multiple times now. All rejected. No need for a "junior" or someone to help them with tech, linkedin, websites, relationship management, etc. etc..

A few did counter offer me with a super sweet deal though. I get to bring them big prospects I've spent months cultivating a relationship with and give it to them to close (and manage) for a 70/30 split. They get the relationship (like if I leave the firm). But I get credit for gaining a new account in the meantime. Well, more like 70% of the credit.

OAN...I did learn that of all the FAs with teams in the office, not a single one hired a junior FA who approached them to be on a team. They hand-picked the junior FA, based on their needs and based on what they wanted. But again, I'm sure things are different elsewhere. 

Any one of you seniors looking to hire juniors? I'm not looking, just asking.

Well, I stand corrected. 

I’ve been on two teams at a wire now. One picked me out of the bullpen and agreed to pay my PCs for the first year in exchange for helping with paperwork. I ended that relationship when they wanted to change it to the typical 70/30 prospector role. I was introduced to the second team by my old ME. They have me doing the financial plans for new clients, relationship management for clients <1m, and running tech stuff like the newsletter and setting up webinars. 

The new team are excellent prospectors so they see employees as leverage for their own efforts. I take hours of data entry and 140 relationships off their plate, so they can hunt. You might be able to sell yourself similarly to the right team but you have to understand that you’re an employee and you give up a lot of the upside this career offers. 

Yes and no...presumably if you graduate from the training program you will be a full partner on the team, and if you stick around long enough for the senior guys to retire you will buy them out and ride their book into the sunset. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Chips Quote  Post ReplyReply Direct Link To This Post Posted: Feb/23/2021 at 9:15pm
Originally posted by BullishT BullishT wrote:

Originally posted by Chips Chips wrote:

Originally posted by BullishT BullishT wrote:

Originally posted by jrayfinancial jrayfinancial wrote:

Originally posted by BullishT 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.

I've approached every team member in our office. Some multiple times now. All rejected. No need for a "junior" or someone to help them with tech, linkedin, websites, relationship management, etc. etc..

A few did counter offer me with a super sweet deal though. I get to bring them big prospects I've spent months cultivating a relationship with and give it to them to close (and manage) for a 70/30 split. They get the relationship (like if I leave the firm). But I get credit for gaining a new account in the meantime. Well, more like 70% of the credit.

OAN...I did learn that of all the FAs with teams in the office, not a single one hired a junior FA who approached them to be on a team. They hand-picked the junior FA, based on their needs and based on what they wanted. But again, I'm sure things are different elsewhere. 

Any one of you seniors looking to hire juniors? I'm not looking, just asking.

Well, I stand corrected. 

I’ve been on two teams at a wire now. One picked me out of the bullpen and agreed to pay my PCs for the first year in exchange for helping with paperwork. I ended that relationship when they wanted to change it to the typical 70/30 prospector role. I was introduced to the second team by my old ME. They have me doing the financial plans for new clients, relationship management for clients <1m, and running tech stuff like the newsletter and setting up webinars. 

The new team are excellent prospectors so they see employees as leverage for their own efforts. I take hours of data entry and 140 relationships off their plate, so they can hunt. You might be able to sell yourself similarly to the right team but you have to understand that you’re an employee and you give up a lot of the upside this career offers. 

Yes and no...presumably if you graduate from the training program you will be a full partner on the team, and if you stick around long enough for the senior guys to retire you will buy them out and ride their book into the sunset. 

Should have specified that I will be an Investment Analyst after the TFA program. Essentially a salaried employee for the team. I won’t hold my breath to take over the whole book but I can growth book I have and build a book of my own free of hurdles and with a decent salary. 
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