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Why do most rookies fail?

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RIArules View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote RIArules Quote  Post ReplyReply Direct Link To This Post Posted: May/22/2020 at 12:39pm
Originally posted by Ron 14 Ron 14 wrote:


RIA - what relevance does the definition of a wire have to do with anything anyways?
I think we all understand how a "wire" sends most new guys out into the world. Just like we know how Jones starts guys. Just like we know bank brokers usually couldn't hack it elsewhere.


It just bothers me and I bring it up from time to time.
If only I sucked Bank Dick and got a pseudo Ivy League certificate, perhaps it would make me feel better?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote B24 Quote  Post ReplyReply Direct Link To This Post Posted: May/22/2020 at 12:41pm
Originally posted by Ron 14 Ron 14 wrote:

Originally posted by luvindy luvindy wrote:

I agree with the others, but what hasn't been said yet is that most new people don't understand what the people they are trying to sell to are buying. They think they are buying rates of return (and the shittiest clients are), so they sell that product.

It took me a good 5-10 years to really understand people are buying a person they think won't steal their money, and will tell them shit that someone else won't. In other words they are buying trust, and to the others' point, it just flat out takes years to build that. That said, even though he's an asshole, Tom Bartow trained people to speed up the trust curve, and there is a lot of truth in that statement. It's much easier said than done, which is why so many people fail.

 
Agree but the firms want numbers now. It is a shitty situation all around.

Our industry is so fucking backwards. Build the ship and sail it at the same time.

You have these green fuckers trying to figure out what the fuck they're doing, build trust with people 35 years their senior, make a living, generate "gross" for the house, and possibly - just possibly - do what's right for the client. All while trying not to get fired.

It's mind boggling that our industry STILL doesn't get it (at least the captive brokerage firms don't).
"If Bellicheat pulls that rabbit out of his a$$ with this kid at quarterback, I'll personally kiss his ring." - Sporsfreak, 09/20/16

"Jags/Vikes Super Bowl. Write it down" - Sportsfreak 01/19/18
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jack50 Quote  Post ReplyReply Direct Link To This Post Posted: May/22/2020 at 12:49pm
this is a difficult business, if it was easy..then everyone would be doing it.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote BullishT Quote  Post ReplyReply Direct Link To This Post Posted: May/22/2020 at 12:58pm
Originally posted by Iamlegend Iamlegend wrote:

Lack of skill or lack of persistence.

And I would define "skill" as communication skills. 

I think a lot of rookies actually do have the drive to reach out to leads, and the firm training gives them some basic scripting to get people to agree to a meeting. 

But when they actually get in front of someone, they don't know how to clearly articulate their value proposition and listen to the prospect in an emotionally intelligent way. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote B_Champ Quote  Post ReplyReply Direct Link To This Post Posted: Jul/26/2020 at 12:42am
Big part of it is they’re trying to sell products rather than themselves.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mehcfp Quote  Post ReplyReply Direct Link To This Post Posted: Sep/25/2020 at 11:27am
Originally posted by helado helado wrote:

Time.  The industry demands results quickly.

I’m fairly convinced that if most people were just “there” for about 5-7 years, everyone would succeed.  It’s just most people dont get a chance to hang around that long.  

I completely agree.  There is so much to figure out when you are first starting.  If you aren't laser focused (and sometimes even if you are laser focused), you're not going to pick up the assets you need to survive the first couple years.

I spent so much time focusing on the wrong stuff when I first started that I didn't make any real money until year 4-5.


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Post Options Post Options   Thanks (0) Thanks(0)   Quote spudpotato Quote  Post ReplyReply Direct Link To This Post Posted: Oct/02/2020 at 8:14am
If you use the word “articulate” you most certainly work for EJ.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote jrayfinancial Quote  Post ReplyReply Direct Link To This Post Posted: Oct/06/2020 at 10:24pm
Originally posted by DucatiSportGT DucatiSportGT wrote:

I'll be the first to admit it. I failed in this industry twice because actually having any notable success my third time around. Granted, I never had any handouts so it was truly sink or swim. But that aside, why is it that most rookies do fail? Do they give up or get shown the door? In my at least, failure was part of the process to succeeding. I failed for a good 2 to 3 years straight.

Short Answer: No support + No process + No understanding of what is truly needed to focus on to succeed

Long Answer: New people fail because 1) they can't make sales and aren't taught how to make sales, 2) if they get someone on the hook who says YES! they don't know what to do and end up fucking shit up, 3) they think that simply talking to more people and making friends will win business, 4) they listen to people tell them that they don't need to know about investments to make it in this business (like what the actual fuck, that's what the fuck you are selling, why wouldn't you want to know what the fuck you're selling???), and 5) they don't know their market, what it wants, why it wants it, or how to position themselves as the solution to the problems that their market is experiencing. In other words, they don't market well, can't sell their way out of a paper bag, and they don't know how to run and operate a business.

It always comes down to Marketing, Sales, and Operations
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Post Options Post Options   Thanks (0) Thanks(0)   Quote jrayfinancial Quote  Post ReplyReply Direct Link To This Post Posted: Oct/06/2020 at 10:28pm
Originally posted by Ron 14 Ron 14 wrote:

I define a wire as a place that "gives" you a salary for 3 years, tells you to cold call all day without much help in the way of marketing, you can only bring in managed money accounts of 250k and up, if you don't hit their outrageous hurdles you are fired and a team vultures your accounts. 
Fairly accurate lol
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Post Options Post Options   Thanks (0) Thanks(0)   Quote apac Quote  Post ReplyReply Direct Link To This Post Posted: Oct/06/2020 at 10:38pm
Originally posted by BigCheese BigCheese wrote:

Its very rare advisor who can relentlessly prospect for 3-5 years. Everyone wants the easy way and in the beginning there is no substitute for the hard work required.

Wolf (regularly in before Luv) chronicled what it takes...I will generalize but if you don't have his mindset you will likely fail. 

Cold calling is the roughest road in my opinion but folks at the wires use it.
Doorknocking primarily at Jones....works and suprisignly better than you might think. Its a mental challenge because you feel its beneath you...has the best result.
Digital marketing...I don't have a clue how to gauge that. Seems like I can't go a minute without someone touting a system...
Niche marketing...some swear by that. Find a passion and market the shit out of it...

Of course all of this was before the pandemic. Now it seems many are starting to think about how to attract new business without meeting folks face to face. Its more difficult than ever to gain traction in this business now, my suspicion is you will see even fewer attempts at this industry for the forseeable future...

glad i got in before covid
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Post Options Post Options   Thanks (0) Thanks(0)   Quote newbieRIA Quote  Post ReplyReply Direct Link To This Post Posted: Oct/06/2020 at 11:50pm
Apac how is the chick in her 30s with big boobs and 20k
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Bencb Quote  Post ReplyReply Direct Link To This Post Posted: Jun/16/2021 at 5:03pm
A “wire house” is the term used for the four largest brokerages ML MS WFA and UBS similar to The big 4 in public accounting KPMG is tiny compared to the other three but it still fits into the big 4. It’s more of a term than a description. Now given that they are the four largest brokerages they have very similar if not the exact same training programs and payout grids training and compliance as each other. This goes for rookies and veteran advisors. So you are right as far as that’s concerned. They also happen to have the largest producing advisors/teams in the captive brokerage space. But that doesn’t mean that any captive brokerage with a similar training program and payout grid would be a wire house. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote llcoolj Quote  Post ReplyReply Direct Link To This Post Posted: Jun/16/2021 at 6:38pm
Most rookies do not have the assets to live on for the first 2-3 years. They also lack confidence which leads to building trust with clients. You have to get experience to build confidence to then build trust......all this while living on your savings or small salary.
The wildcard is luck........I know I worked my butt off, but I also got lucky from time to time. I could only really see this after I was down the road a few years. I bet most of us have had a "break" that we did not expect....... was it luck or "taking advantage of the right opportunity"?...... You decide. Either way, it was what we needed to stay alive.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bc2051 Quote  Post ReplyReply Direct Link To This Post Posted: Jun/16/2021 at 7:57pm
Originally posted by llcoolj llcoolj wrote:

Most rookies do not have the assets to live on for the first 2-3 years. They also lack confidence which leads to building trust with clients. You have to get experience to build confidence to then build trust......all this while living on your savings or small salary.
The wildcard is luck........I know I worked my butt off, but I also got lucky from time to time. I could only really see this after I was down the road a few years. I bet most of us have had a "break" that we did not expect....... was it luck or "taking advantage of the right opportunity"?...... You decide. Either way, it was what we needed to stay alive.

The harder you work, the luckier you get 
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