So I recently got my series 7 and got hired as an advisor. The job is gonna be strictly commission How long does it typically take people to build clients and make decent money?
Ask your colleagues and your supervisor. A better way to find out is start cold-calling, organize seminars, workshops, attend events, advertise through family & friends, publish articles, leaving your business cards with professional offices, join in associations to network.
If you are ussing your 7 then you will be acting as a broker. Tough business as you are primarily in sales and customer service. Will take a couple years to get a comfortable living, if you make it until then. Unless you have some friends or family to start you off with at least 5 million in aum (depending on your payout). Going to have to grind as nowadays it’s even more difficult to cold call like you could in the past. Good luck...
The internet, social media, no call lists, secretaries screening calls, etc. people just don’t do business like they used to over the phone with someone they haven’t met (if you even do get them on the phone). Not to mention how many well to do people don’t already have an advisor/Broker or have a close friend or family member already in the business. You can make it in the business if you grind and work really hard, or get really lucky with a big or a couple large accounts. Try and find a niche, and try and get referrals from family law attorneys and estate attorneys. Not many people will be looking to change brokers now with the markets performing so well the last decade, esp. switching to someone new in the business. Tough time to get in the business. See if you can work on a team with an older broker and eventually inherent his book. Either way a long journey. Good luck.
Very tough field financial selling is. In real estate attrition rate for brokers is 70% in the first year alone. Do not know about stock markets. I would rather start on part time sidekick basis and once some AUM in the folder then go 100% commission. That way you would also know about "yourself" and selling skills in the field. This way with AUM already giving some income, your staying power in the field will be higher also. Care for animals https://animalaidunlimited.org/
Get a 1 hour AM radio show, 2/3 of the show is advertising, 1/6 is reading off end of day quotes on half the S&P 500. Then talk about politics for the remaining. Charge no commissions, just a "small fee" for management. Apparently there are people who will give you money because they like your views and will never ask to see your performance or look up past SEC investigations. When market goes down, ask the audience, "What is your broker doing to protect you? (Maybe you should fire them and hire me.)" When market goes up, tell audience that "Cash is trash and they are missing out." Then occasionally earn more income by selling airtime to "legendary market timers" who charge $365 / year for their moving average crossover system which has been under-performing the market since at least 2009. Maybe I'm the only person on here who still listens to AM radio.
I understand guys so its gonna be pretty challenging. Well i appreciate the input and guess itll be a tough few years lol.
That's a tough job to accomplish, as trademan1 indicated above with the reasons. But report back here, when you become a millionaire in some form from the market , I'm kind of even surprised they even have cold-calling salespeople still. I thought that was a 90's and 80's thing and 70's and 60's thing, maybe slightly 2000's thing as well. That ideology is like spamming...all you need is a very tiny % to bite from your efforts...to kind of make it all worthwhile. But people are much more wiser, and do-it-yourselfers. If you will entertain a cold-calling finance advisor...you might as well just wire your money to a Nigerian Prince. To 2018 ET, all the best,...Make Trading and Your Life Great Again...High-Five`