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Why do most rookies fail?

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DucatiSportGT View Drop Down
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    Posted: May/21/2020 at 9:50pm
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.
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Lack of skill or lack of persistence.
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Having mostly seen guys at EJ, they just can’t keep going. EJ never fires anyone. Starts with avoidance snd eventually turns into being scared to do anything
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Post Options Post Options   Thanks (0) Thanks(0)   Quote helado Quote  Post ReplyReply Direct Link To This Post Posted: May/21/2020 at 11:01pm
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.  
My posts are for abrasive entertainment only. Nothing posted is investment, legal, tax or any type of advice, nor is anything mentioned true or even based on real events. Posts are complete fiction.
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Its because they don't see enough people.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote RIArules Quote  Post ReplyReply Direct Link To This Post Posted: May/21/2020 at 11:11pm
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 will agree with this.
"If the president had done his job, had done his job from the beginning, all the people would still be alive,"
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Ron 14 Quote  Post ReplyReply Direct Link To This Post Posted: May/21/2020 at 11:46pm
At the wires it is time or laziness. At Jones it is the grid or laziness. At banks it is bad programs/branches or laziness. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote RIArules Quote  Post ReplyReply Direct Link To This Post Posted: May/21/2020 at 11:48pm
Originally posted by Ron 14 Ron 14 wrote:

At the wires it is time or laziness. At Jones it is the grid or laziness. At banks it is bad programs/branches or laziness. 


What is a Wire? No one can define this.
"If the president had done his job, had done his job from the beginning, all the people would still be alive,"
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Ron 14 Quote  Post ReplyReply Direct Link To This Post Posted: May/21/2020 at 11:50pm
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. 

Edited by Ron 14 - May/21/2020 at 11:52pm
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Post Options Post Options   Thanks (0) Thanks(0)   Quote MacCO Quote  Post ReplyReply Direct Link To This Post Posted: May/22/2020 at 5:15am
The feast-or-famine career model of this industry is the problem.

It inevitably creates desperation on the part of newbies, and that leads to bad behavior.  It's not like we don't know that.





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Post Options Post Options   Thanks (0) Thanks(0)   Quote helado Quote  Post ReplyReply Direct Link To This Post Posted: May/22/2020 at 9:57am
Originally posted by RIArules RIArules wrote:

Originally posted by Ron 14 Ron 14 wrote:

At the wires it is time or laziness. At Jones it is the grid or laziness. At banks it is bad programs/branches or laziness. 


What is a Wire? No one can define this.

WFA, MS, ML, UBS.


My posts are for abrasive entertainment only. Nothing posted is investment, legal, tax or any type of advice, nor is anything mentioned true or even based on real events. Posts are complete fiction.
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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 10:23am
Originally posted by helado helado wrote:

Originally posted by RIArules RIArules wrote:

Originally posted by Ron 14 Ron 14 wrote:

At the wires it is time or laziness. At Jones it is the grid or laziness. At banks it is bad programs/branches or laziness. 


What is a Wire? No one can define this.


WFA, MS, ML, UBS.




What is there about these firms that make them different? And I don’t even know why WFA is even on this list.
"If the president had done his job, had done his job from the beginning, all the people would still be alive,"
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bc2051 Quote  Post ReplyReply Direct Link To This Post Posted: May/22/2020 at 10:33am
Originally posted by Ron 14 Ron 14 wrote:

At the wires it is time or laziness. At Jones it is the grid or laziness. At banks it is bad programs/branches or laziness. 


Good summary. Many people just can’t do it and that’s why the income potential is high. My wife cringes at some of the shit I’ve done
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Post Options Post Options   Thanks (0) Thanks(0)   Quote BigCheese Quote  Post ReplyReply Direct Link To This Post Posted: May/22/2020 at 10:43am
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...
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Post Options Post Options   Thanks (0) Thanks(0)   Quote helado Quote  Post ReplyReply Direct Link To This Post Posted: May/22/2020 at 10:43am
Originally posted by RIArules RIArules wrote:

Originally posted by helado helado wrote:

Originally posted by RIArules RIArules wrote:

Originally posted by Ron 14 Ron 14 wrote:

At the wires it is time or laziness. At Jones it is the grid or laziness. At banks it is bad programs/branches or laziness. 


What is a Wire? No one can define this.


WFA, MS, ML, UBS.




What is there about these firms that make them different? And I don’t even know why WFA is even on this list.


National scale. Pay salaries during training. Large offices in city areas.

WFA is there because Wachovia ran the non bank branches exactly as a wirehouse, separate from their bank brokers, and wells continued it.

They don't get bank referrals, or a bank payout grid, etc.
My posts are for abrasive entertainment only. Nothing posted is investment, legal, tax or any type of advice, nor is anything mentioned true or even based on real events. Posts are complete fiction.
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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 11:48am
Originally posted by helado helado wrote:

Originally posted by RIArules RIArules wrote:

Originally posted by helado helado wrote:

Originally posted by RIArules RIArules wrote:

Originally posted by Ron 14 Ron 14 wrote:

At the wires it is time or laziness. At Jones it is the grid or laziness. At banks it is bad programs/branches or laziness. 


What is a Wire? No one can define this.


WFA, MS, ML, UBS.




What is there about these firms that make them different? And I don’t even know why WFA is even on this list.


National scale. Pay salaries during training. Large offices in city areas.

WFA is there because Wachovia ran the non bank branches exactly as a wirehouse, separate from their bank brokers, and wells continued it.

They don't get bank referrals, or a bank payout grid, etc.


Wachovia was itself a Bank. They bought AGE. AGE was a regional. So somehow WFA is now a Wire (whatever that now means)? And what the fuck is Goldman Sachs?
"If the president had done his job, had done his job from the beginning, all the people would still be alive,"
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Post Options Post Options   Thanks (0) Thanks(0)   Quote helado Quote  Post ReplyReply Direct Link To This Post Posted: May/22/2020 at 11:52am
I understand that.  Its a loose definition, but it has to do with number of brokers as well.  

EDJ should be counted as a wire.  I think they arent just because their offices dont look like wire offices.
My posts are for abrasive entertainment only. Nothing posted is investment, legal, tax or any type of advice, nor is anything mentioned true or even based on real events. Posts are complete fiction.
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Ron 14 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Ron 14 Quote  Post ReplyReply Direct Link To This Post Posted: May/22/2020 at 12:06pm
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.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote luvindy Quote  Post ReplyReply Direct Link To This Post Posted: May/22/2020 at 12:17pm
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.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Ron 14 Quote  Post ReplyReply Direct Link To This Post Posted: May/22/2020 at 12:21pm
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.
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