Howdy and need input please!

helado wrote: Hacksaw wrote: helado wrote: There are phrases I love to call bullshit on when I hear them from FAs:  1.  ..."the planning process..." (see previous post). 2.  ..."so we can help people..."  (ok, fuck you, no one in the history of financial services ever joined this industry to help anyone, they joined because they wanted to make a lot of money, and this is as close to Wall Street as they'll probably ever get.  If you want to "help people" join the effing Peace Corps or donate your weekends to Salvation Army.  If you want to sell people life insurance, mutual funds, and wrap accounts, become a financial advisor.  But don't give me this crock of shit that you want to "help people."  STFU.   And STFU with the "planning process."  At least to us (I don't care what you say in public).  By planning process, you simply mean, "I have a conversation to figure out what I'm most likely able to sell this person, as opposed to just selling them whatever bond is in inventory right now, or what proprietary mutual fund or annuity pays me the most."   Don't worry NewMgr, there is a silver lining in my post for you.  See the first sentence, and when I said, "when I hear this from FAs" meaning I consider you a real FA (not a quasi FA like 90% of the people at your firm).  So kudos to you. PS:  If you send me pics of your thong, I'll bump you up another run on my ladder.   All the best, "The Resource" Could you be any more of a pompous, self-righteous, blow hard?! I honestly had no idea how much money people in this business made when I decided to look into it. I knew I had an interest in investing and I liked being able to help people (I volunteer and do mission trips too). When I found out how much, I was honestly astounded. I didn't get into this for the money, I honestly wanted to do it because I enjoy it, and felt it was a way for me to use the talents I was given to help others and to be able to provide for my family. Liar. And to answer your original question, YES, and I will try MUCH harder moving forward!

Hacksaw wrote: helado wrote: There are phrases I love to call bullshit on when I hear them from FAs:  1.  ..."the planning process..." (see previous post). 2.  ..."so we can help people..."  (ok, fuck you, no one in the history of financial services ever joined this industry to help anyone, they joined because they wanted to make a lot of money, and this is as close to Wall Street as they'll probably ever get.  If you want to "help people" join the effing Peace Corps or donate your weekends to Salvation Army.  If you want to sell people life insurance, mutual funds, and wrap accounts, become a financial advisor.  But don't give me this crock of shit that you want to "help people."  STFU.   And STFU with the "planning process."  At least to us (I don't care what you say in public).  By planning process, you simply mean, "I have a conversation to figure out what I'm most likely able to sell this person, as opposed to just selling them whatever bond is in inventory right now, or what proprietary mutual fund or annuity pays me the most."   Don't worry NewMgr, there is a silver lining in my post for you.  See the first sentence, and when I said, "when I hear this from FAs" meaning I consider you a real FA (not a quasi FA like 90% of the people at your firm).  So kudos to you. PS:  If you send me pics of your thong, I'll bump you up another run on my ladder.   All the best, "The Resource" Could you be any more of a pompous, self-righteous, blow hard?! I honestly had no idea how much money people in this business made when I decided to look into it. I knew I had an interest in investing and I liked being able to help people (I volunteer and do mission trips too). When I found out how much, I was honestly astounded. I didn't get into this for the money, I honestly wanted to do it because I enjoy it, and felt it was a way for me to use the talents I was given to help others and to be able to provide for my family.

helado wrote: NewMgr wrote: Hacksaw wrote: helado wrote: There are phrases I love to call bullshit on when I hear them from FAs:  1.  ..."the planning process..." (see previous post). 2.  ..."so we can help people..."  (ok, fuck you, no one in the history of financial services ever joined this industry to help anyone, they joined because they wanted to make a lot of money, and this is as close to Wall Street as they'll probably ever get.  If you want to "help people" join the effing Peace Corps or donate your weekends to Salvation Army.  If you want to sell people life insurance, mutual funds, and wrap accounts, become a financial advisor.  But don't give me this crock of shit that you want to "help people."  STFU.   And STFU with the "planning process."  At least to us (I don't care what you say in public).  By planning process, you simply mean, "I have a conversation to figure out what I'm most likely able to sell this person, as opposed to just selling them whatever bond is in inventory right now, or what proprietary mutual fund or annuity pays me the most."   Don't worry NewMgr, there is a silver lining in my post for you.  See the first sentence, and when I said, "when I hear this from FAs" meaning I consider you a real FA (not a quasi FA like 90% of the people at your firm).  So kudos to you. PS:  If you send me pics of your thong, I'll bump you up another run on my ladder.   All the best, "The Resource" Could you be any more of a pompous, self-righteous, blow hard?! I honestly had no idea how much money people in this business made when I decided to look into it. I knew I had an interest in investing and I liked being able to help people (I volunteer and do mission trips too). When I found out how much, I was honestly astounded. I didn't get into this for the money, I honestly wanted to do it because I enjoy it, and felt it was a way for me to use the talents I was given to help others and to be able to provide for my family. Make no mistake, I am an FA because it's the best paying and easiest job in the industry. And, I have experience in other lesser paying PITA jobs in this industry. That said, I do happen to want to help people and volunteer for FPA's pro bono initiatives like Money Smart Week. So, now Helado, what have you got??? I never said you can't do well for your clients, strive to be a "good guy" in a business of sharks, or be happy for clients when they are successful. What I said, was that isn't the REASON people join this industry, and I stand by that 1,000%.  I can't help it that Hacksaw is full of shit and has a sandy vagina.  Take him for example.  He started at a wire.  There is no way he went on his interview process at a wirehouse and said, "I just want to help people, and I am good a trading."  Those people don't get a second interview.  Next, there is no way he went through their training program (chock full of sales training and cold calling) and said, "boy oh boy!  I can't wait to HELP PEOPLE!"  No no.  See, because like I said and he fails to acknowledge, all of that is bullshit.  When a client gives me a hug and tells me they are so much more confident about their retirement now that they found me, I won't deny that I am glad, and wish that every one of my clients would feel that way and have that outcome.  But make no mistake, I (nor Hacksaw, nor anyone else) didn't join this industry, and go through a half decade of shit pay, for shit hours, with ridiculous emotional roller coaster because they wanted to stockpile a collection of "hugs and thank yous." I did it for the money.  And so did/does Hacksaw.  You may be able to sell that happy horseshit "I just like to help people" to the public, just like you can bang the table with "L share annuities have just the right balance of cost and surrender schedule for my clients" with compliance, but shoot me straight when you're on a board with other FAs.  You do it for the money and the lifestyle.  You do a good job and like your clients.  But if you were doing this for $40,000 a year (or whatever your old job was paying), you would leave immediately.  Because from top to bottom, the entire financial sector (in fact, EVERY sector), is about the money first. So Hacksaw, you can keep posting that when you're going through 300 cold calls, day after day after day, and claim you're just thinking "boy oh boy, I hope someone lets me help them today!"  You're full of shit.  You're thinking about a 7 figure wrap account.  You know it, and so do we.

Wow, so I mostly agree Helado... All of the sudden I feel slightly less human...

In all honesty (Helado, i dont care if you now think I'm lying because i said "in all honesty"), i did not come into this business for money. Yeah, i wanted to make a good living. But i had no idea how much you could make in this business even if you weren't awesome at it. And i had no idea about the system of getting a ballplayers bonus to change jobs.

That isn't what I mean by "in it for the money" IAL.  Raise your hand if you would do this business (full time) for $50,000 per year.  That's what I mean.  The whole ball of wax.  Money, schedule, etc. 

You should be focusing on quantity instead of quality when it comes to life at this point.

I wonder why I even bother engaging in a "discussion" with Helado. First off there is no "sandy vagina" as you so eloquently put it. I just felt like adding more detail than just saying asshole. I just call things like I see them (as do you). You blanket statement is incorrect. I know you will not be able to admit it because that seems to be a personality flaw of yours. Oh well.
Believe what you want, but I did not know how much people in this industry made. I was not raised with money. I didn't know anyone who was a broker, except the guy who had my UGMA account (which was at Wadell and Reed). I was raised that for a future career, you find something you enjoy and find a way to make a career out of it. I enjoy architecture and creating things so I went into construction out of college. Because of my aptitude to numbers I handled the finance side and learned the construction side. Then housing went to shit, so I thought - what else? As I mentioned I had an interest in investing and liked helping people, but planned on staying in construction. My only options were to move a few states away, but my wife did not want to leave her family. In talking to a close friend he said I should talk to his uncle who worked at Merrill. So I did. Not once was how much $$ he made mentioned. He set up an interview with the local manager. I figured it would be beneficial to talk to the other firms in town as well. My interviews were not long or in depth. It was: do you know people with money (some but many lost it with housing crashing), are you open to asking people for money (I cold-called for contracting jobs so sure), are you good with numbers, and are you a leader.
I told them my interest in the markets but pointed out that I knew nothing could be done without clients, and that was my #1 goal - bring in clients. I told him how I would do it. I told him my experience of cold-calling for contracting jobs. That is how I got the job.
I have never had any idea what a $2k suit, a Rolex, or any other money status symbol looks like. I don't care. I did not notice cars at places, because they were in office building. I wouldn't know what car worked where. The two $1mm producers at my old office - one drove a mid 2000s Accord, and the other had a GMC Acadia. No signs of money with either guy.
In working at the wire, I was asked many times "so what is that going to pay you?" My responce was always the same - I don't know. My focus was on bringing in clients, and letting production and money take care of itself. And really it still is (though I have been extremely lazy on prospecting the last year).
I know it is super hard for you to believe but when I call people I am thinking about trying to find that person who is close to retiring and doesn't know what to do. And if I help that person I'll get paid. I don't sit there and say "if I bring in $1mm and charge 1% then that is $10k. Then take out platform charges and payout at 85% is $x. Then take out my OSJ override - that leaves me with $x." Maybe I should. Maybe I am doing it wrong.
I came to this industry for the reasons I stated. I stay in it because of the lifestyle. I still make shit for money (less than I did at wire with bonuses). But I can see my daughter get on the school bus every morning, and be home most nights to eat dinner with my family. I can take days off if one of my kids is sick, or has a Christmas play.
I hope this helps explain some of the misconceptions you have about me, and we can just move on.

Hacksaw wrote: I wonder why I even bother engaging in a "discussion" with Helado. First off there is no "sandy vagina" as you so eloquently put it. I just felt like adding more detail than just saying asshole. I just call things like I see them (as do you). You blanket statement is incorrect. I know you will not be able to admit it because that seems to be a personality flaw of yours. Oh well. Believe what you want, but I did not know how much people in this industry made. I was not raised with money. I didn't know anyone who was a broker, except the guy who had my UGMA account (which was at Wadell and Reed). I was raised that for a future career, you find something you enjoy and find a way to make a career out of it. I enjoy architecture and creating things so I went into construction out of college. Because of my aptitude to numbers I handled the finance side and learned the construction side. Then housing went to shit, so I thought - what else? As I mentioned I had an interest in investing and liked helping people, but planned on staying in construction. My only options were to move a few states away, but my wife did not want to leave her family. In talking to a close friend he said I should talk to his uncle who worked at Merrill. So I did. Not once was how much $$ he made mentioned. He set up an interview with the local manager. I figured it would be beneficial to talk to the other firms in town as well. My interviews were not long or in depth. It was: do you know people with money (some but many lost it with housing crashing), are you open to asking people for money (I cold-called for contracting jobs so sure), are you good with numbers, and are you a leader. I told them my interest in the markets but pointed out that I knew nothing could be done without clients, and that was my #1 goal - bring in clients. I told him how I would do it. I told him my experience of cold-calling for contracting jobs. That is how I got the job. I have never had any idea what a $2k suit, a Rolex, or any other money status symbol looks like. I don't care. I did not notice cars at places, because they were in office building. I wouldn't know what car worked where. The two $1mm producers at my old office - one drove a mid 2000s Accord, and the other had a GMC Acadia. No signs of money with either guy. In working at the wire, I was asked many times "so what is that going to pay you?" My responce was always the same - I don't know. My focus was on bringing in clients, and letting production and money take care of itself. And really it still is (though I have been extremely lazy on prospecting the last year). I know it is super hard for you to believe but when I call people I am thinking about trying to find that person who is close to retiring and doesn't know what to do. And if I help that person I'll get paid. I don't sit there and say "if I bring in $1mm and charge 1% then that is $10k. Then take out platform charges and payout at 85% is $x. Then take out my OSJ override - that leaves me with $x." Maybe I should. Maybe I am doing it wrong. I came to this industry for the reasons I stated. I stay in it because of the lifestyle. I still make shit for money (less than I did at wire with bonuses). But I can see my daughter get on the school bus every morning, and be home most nights to eat dinner with my family. I can take days off if one of my kids is sick, or has a Christmas play. I hope this helps explain some of the misconceptions you have about me, and we can just move on.

I never saw anybody walking around in nice suits.  I for sure knew you could make good money, but I thought it would be in the neighborhood of $100k - $150k.  I got into it to help people - I stayed to make money.