Greetings, PMD at ML

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 Sportsfreak wrote:

 apac707 wrote:

That's a no go, these three households are not a bargaining chip, they really believe in me. 
Although I know that task at hand is tough, I am not deterred and will prospect haard. Going to work my ass off, this is my job so Im gonna give it my all
This is not your job, this is your business owner. Think like a business owner, even though right now you dont have a business.

$1.5M in a wrap account charging 1.3% is $19,500 PCs/yr. 

I don't buy mutual funds, I allocate individual stocks/some etfs and bonds~ That's my differentiation. At the investment company I worked for before I was trained under the warren buffett style of investing, value investing. I do discounted cash flow analysis to determine the future stock price and do analysis on the fundamentals of the business, ect. ect. Master in finance~
Be careful here. How are you going to find the time to do discounted cash flow analysis on all of the individual stocks you are buying for clients, and monitor those stocks, and still have the MONSTROUS amount of time you will need, to sufficiently prospect and build your book. this statement, smells like sure failure (the bold)

I am building my prospect list and have about 250, will add more doctor offices. I will try to network with doctors as clients, and I sort of know many of them just plain don't know much about money. 
You will run into lots of people who don't know much about money, but think they know as much or more than you do. Unfortunately, they won't learn the truth by talking to you, they will only learn it by blowing themselves up 7 times. And if you try to tell them the truth (that they dont know much) you will need to choose your words very carefully, or you will insult them, and lose them as prospects. Always remember that this job is 40% psychologist/55% salesman/10% 5% investment manager. If you try to make it anything else, you will fail

Time will tell, but even if I fail, I will have learned so much and if need be, move over to morgan stanley, start my own RIA, or join another RIA. 

That is why I chose this job, what you described sounds like so much fun~ You get to learn about people's lives, the ups and downs, the craziness and actually helping people. Sounds way more fufilling.

Sitting behind a desk 70 hrs a week and crunching numbers sounds like hell to me. I need to walk around, make calls, talk to people, ect

Ill tell you a lil story...

I
worked freelance for a former CEO of a fortune 500 company before this job, and while we were walking on
the affluent part of town he told me some things that made instant sense to me.

the
majority of people in that neighborhood with $10million+ houses, driving the
mercedes or BMW are in sales. One
of the neighbors was the #1 real estate broker in the city, another one was in
another sales like capacity. I consider business owner in sales too because
they have clients and do business development to prospect and sell their
product to more clients. 

Rarely
are doctors or lawyers wealthy (they may look it, but watch when they stop working. Their assets don't make them richer, they gotta keep working long hours). High tax bracket, capped salary. Not too many
CEOs living in those neighborhoods either, just not enough of them. The
corporate world is like playing Game of Thrones where only one wins out of the
hundred that try to reach the top. Also a company cannot justify giving a
salary of $+1 million/yr to an employee unless they are a CEO.

Last
monday, I drove to the CEOs house and he decided to open an account to put in
some california munis and other high quality corporates~ Although a small
portion of his assets, I hope to earn the right to even ask if I could manage
more of his money...
Conclusion: The people making "big ballin" money are in sales. If you don't believe me, then check out the demographic of the very very affluent...

Can I get $1M in revenue as a financial advisor? It is certainly possible. This profession is hard but the salary is uncapped

Edited by apac707 - Oct/10/2014 at 12:09pm