Do recent grads desire to be an FA or broker anymore?
Simple question...
Does anyone desire to be an FA or broker anymore?
I have been in the field for almost 2 years after recieving my BBA in Finance. Currently a registered broker at a firm with $80b under management.
It seems as if all the recent grads/ recent young hires ive come across fall under these categories:
-take a broker position bescause no 1 else is hiring retards
-take a broker position bc they think they can make it big, quick (also retarded)
-take a broker position and hope to use it as a launch pad to something bigger and better (me)
.
Don't think so. Maybe it's just me, but if I learned anything from Wall Street, it's that being a broker isn't sexy.. being a trader is.
Nobody wants to graduate from college and make cold calls and struggle to build a book for four years.
FA gigs suck, unless youre from an absurdly connected family, and your connections are big enough supporters of the old-boy network to entrust a recent college grad with their finances.
Different strokes for different folks.
If you like sales, have an established network and are good with people, then being a FA is a great career choice. The problem is if you don't have all the above criteria (or even if you do), you can still fail as a FA and then what are you left with....not much. Why? Being an FA does not teach you a whole lot of transferable skills that you can use to build a career. Whereas if you start out in IB, audit, consulting (or anything quant / analytically based where you are learning how businesses operate from the ground up), you have so many more choices down the road.
Again, I want to emphasize that there is nothing wrong with being a FA, but the risk/reward is not that appealing IMO.
when the economy is doing well, FA jobs is a solid gig
If you can sell, I don't see why brokering would be a bad business. Grass always looks greener but if your able to pull in 60k in a 50 hour work week as a broker you really think its better than a 100 hour work week as a banker for 120k? Keep in mind the broker is likely in a city like Dallas while the banker is slaving in NYC.
My buddy is a high net worth relationship manager at a bank in NYC. Not private bank level, but a notch below. He works in a retail branch. His base is about 90K and he gets solid pay outs. All in is 100k+. Some warm calling, but he gets referrals from bank customers. Works maybe 50 hours a week.
If you want to go the FA route, get a job at a bank selling investments and insurance. You will have a floor set with salary, but can pad your comp with sales points. Plus you can eventually build relationships and jack bank customers when you leave.
family friend was pulling in 800K plus from residuals after 20 years of selling insurance. this is 800K working 20 hours a week because his accounts go on autopilot.
if any of you dumbfuxx looking to git rich want career advice do that. whale market not even necessary but get ready to sell sell sell.
if u can sell this is great way to go
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