OPM - ain't that the truth. Everything is relative... including what you consider to be a good income.
Pekelo, this thread is a bit misleading. It makes it seem that the financial sales is the industry to be to make the big money in when in fact its the worst - highest turnover rate, highest stress, lowest base salary, etc.. There's a tremendous hurdle to overcome before you make over 6 figs in financial sales. The easiest way to make 6 figs is to get a graduate degree and become a committed corporate climber whether as an accountant or IT guy or whatever (anything but financial sales). Being a professor is probably the best job. Low stress + tenure + high salary + lucrative consulting contracts + tons of respect.
You hit the nail on the head, especially at a place like U Of Wisconsin Madison. If you get fired they have built in a fall back job for you. You may end up with a little lower pay, but you don't lose seniority, perks or anything else.
Yes a certain minimum amount of work ethic is a requirement whether you have skill or not. Especially for stock broker & real estate agent (unless you got that super special hook up) But it is not an edge. You're just another one of the herd and to stand out you need to either innovate, have a better innate skill or be able to outlast your competition on a physical and mental stress level. You obviously have never met a talented broker who just has "it". And you are not the only one with real life experience, except that mine was in Merrill Lynch's top producing office of the whole world. Oh, and the top guys' trick was not hard work, it's was more about connections and knowing how to capitalize on who they know. One guy had a ton of Hollywood clients, another was from a rich NYC Irish family (bar & RE owners). Some never had to work that hard, some worked their asses off but only by doing something innovative and out of the box were they able to make it to a certain level. Watch Entourage on HBO and check out Ari Gold (played beautifully by Jeremy Piven). That personality, charisma, sting & appeal is not hard work, that natural skill and genetics. He is a total broker. Not everyone is born with sales skills, it's a certain sociopath type quality to be able to BS & lie like that, while knowing the customer is getting worked over. Gotta be able to stomach it also. If it was all about work ethic, Mexicans would dominate the sales industry. P.S. Jeremy Piven carriers that show.
I understand that some guys have 'it'; however your posts continue to say that to make it that you must have 'it'. That 'it' cannot be taught and I disagree with that. In terms of being a good broker, that can be taught and if you are willing to work hard, then you can be a successful broker. Perhaps our definition of 'it' is the same, yet we are taking different angles here. 'It' is really the ability to work hard and work smart. You saw guys work smart - using their connections. I saw guys work hard. These were normal every day guys just trying to make a good living - and for those that worked hard and did what they were taught - they reached that goal they were shooting for. You do not NEED the hollywood connections or a whale, you can make a good living if you word hard, work smart, and bust your butt.
Most will give up before the fruits of their hard work flourishes...but i am with brownsfan on this one...i saw people from all walks of life from ignorant to super connected and talented working side by side day in day out on the phone pounding the phone 400 calls a day...and while some had the "IT" and had to make less phone calls to close an account other less talented clowns produced the same numbers with twice the amount of calls...and i saw this in a boardroom with 400 stock jocks on the phone everyday for years...so i speak of 100% life experience...
For most securities sales people, you're trying to "cram a sale down someone's throat" [through hype and/or intimidation] in order to make commish without regard to the benefit of the client. Is that what we call "sales ability"? Where's the worth and nobility? In most cases, a "good salesman" is nothing more than a snake-in-the-grass, immoral, SOB.
gnome - I agree with you, but here is how it works from the firm's point of view... most people are not just going to walk into your office with a ton of money to invest. To grow your book, you must contact people and offer them something, even if you really don't plan to sell that in the end. For example, I would often call on CD's to older prospects. They loved talking about CD's. Cd's are about as boring as they come. But, when I had a rate that interested them, I might sell $5000 of that CD and then talk about bonds, mutual funds, etc... the entire planning process. BUT, in order to get them into my office, I had to wet their appetite with something. So while I agree that cold calling with a stock idea is not in the best interest of that person at all, you have to do something to get them in your office where you can do some real planning. At least, that's what I did.
jeremy piven is absolutely amazing in entourage. he does carry that show. His body language and expressions are pure entertainment.