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Hi Applied to PwC Strategy& for a consultant role and havent heard back from a recuiter however, I received an email for a survey asking what am I looking for in the company in terms of their culture, values etc and what other companies I have applied to. Is this a typical process? Not sure if thats the step 1 in the process or I have been rejected. Any feed back is appreciated. I am graduating from Ohio State with an MBA and have 8 years of experience in corporate accounting and finance.
We are a private lender located in Cleveland, Ohio, United States. We lend money to borrowers nationwide and a few other countries overseas who are looking to develop their businesses. We offer personal loans, business loans & real estate loans etc. and a 2% referral/broker fees. Let me know if you're interested. Tata Consultancy JPMorgan Chase Morgan Stanley Citi Wells Fargo Amazon
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What you're missing is that most people have bills to pay: rent, student loans, food, cell phone, gas/parking/monthly train pass. And it takes time to make enough on commission to pay these. So if you don't have a parent or spouse footing the bill, as much as you'd like to be able to be commission-only, many times it is not realistic
These kind of questions really get me pissed. First, and Advisor is not an entrepreneur. At least not if you are interviewing them. Also, you don’t want an entrepreneur there, you want an employee. Hence why you are interviewing.
Also, base only decreases earnings if you some how call it a draw and they have to pay it back.
Set it up this way, what split do you want to make? I assume you are a 24 or manager, so what ever their cut is, say 60% (lower than our office but higher than a wire house). Then give them a “base” of 50k forgivable draw. So, until they are bringing in 85k in revenue, they are getting 50k. Your overhead is deceased (the base) with every new client that rep brings in.
Now you two are on the same team. You are motivated to train them to be successful, to get off your draw. They are motivated to do better because as soon as they bring in 85k, the sky is the limit. It’s a win/win!
We rarely hire entry level advisors unless they have a strong natural market that we can work with them to develop quickly. We work with them to develop a business plan, make the calls with them, bring the clients in, and help them close. Our goal is to train them in our way of business. We do provide a draw to cover rent, but if they don’t pass that within six months, we mad the wrong hire. Our goal with every entry level hire is to have them over $100,000 comp run rate within 12 months.
For advisors with established books of business, we also provide a draw to help tide them over while the accounts are transferred. For these advisors, our goal is also to provide intensive support to help them better monetize their book and personal networks. Our aim is to have them on a como run rare double what they were making before within 12 months.
My suggestion is to provide a base salary which still requires serious “skin in the game” for a limited time...day, 18 months or two years and structure it in a way that the base shrinks in a schedule. This will both provide basic necessities and whet the appetite to work one’s a$$ off to get where he/she needs/wants to be by the time the base goes away
I’ve worked at two large firms with very different marketing strategies and clientele. Both were less than palatable. I LOVE finance, the markets and genuinely care to help people. I HATE the pressure of sales targets, “big brother”, and the stress of trying to get ramped up in this industry while having a family. It just doesn’t work.
“You’ve got to be willing to starve before you hit the jackpot.” I’m willing to starve, but I’m not willing to starve my kids! The risk/reward just isn’t there for new advisors. I 100% believe that you either have to have an amazing natural sphere of money (whether from previous relationships or from being born into money) or you HAVE to “bend” some rules. So, in order for me to make it in this industry, I either have to have access to big $$ or I have to do something illegal. Please disagree if you haven’t been told in an indirect way to do something, just don’t get caught in this industry. Not worth the liability. No firm would back you if they could take a hit for your actions!
I’m 36 with a wife and 2 kids; I don’t have 10-15 years to waste trying to build a book. My plan from here is to build an independent, passive income that allows me back in the industry to be able to fulfill my passion for finance! There are some great thoughts from MP1 and all arguments I’ve made myself. Unfortunately, nobody listens or cares what newbs say. Maybe with more managers like MP1, the industry can change for the better.
FA6, trust me, it is changing. In the next 5-10 years it will look like my model. Why? Because models like mine will steal the talent from the old way and they will either need to adjust, or go under. They will adjust.
I think there is something to be said for someone who is hungry. And sometimes when you NEED that paycheck and you're trained appropriately, it leads to successful advisors
Hey Managed Partner 1, ever consider that yours is just ONE opinion? What color is the sky in that Black and White world you live in?
Hey President 1, do you have any thoughts of your own on the topic or is just coming here posting childish comments all you have to offer?
I, on the other hand, gave my opinion and stated why I felt that way. No different than FA3. We can agree to disagree, but at least most people have an opinion.
Good discussion. When I say hungry my point would be that person is doing trade shows, networking constantly, dialing every day. There are clients who need annuities, insurance, LTC, etc but you need to see enough people to find them
I wish fish bowl had PM. I am bringing in my first intern...a young person with promise and huge upside potential because of his character. MP 1 and Watts...love to get some insight if you have time. Would you be up for some conversation?
Sure. Put out an email and I’ll send you a note. I used to post under my company name and got flooded with emails so I post this way.
When I switched firms, I had a declining two year salary, and pocketed whatever I made above that. But I think the other nice feature is that my payout for two years was at the top tier. A nice way to have some stability during the switch and motivation to keep my tier high.
And MP1, I agree with you as well. Proper training and a good mentor will stop the sales tactics early advisors can have
MP1, I’ve agreed with everything you’ve said. Additionally, the times of starting as a new advisor have changed drastically.
Gone are the old ways of marketing and less-scrutinized sales tactics. And I’m not casting aspersions on anyone who built their BOB that way because they worked in the environment available to them. But the marketing strategies were certainly freer and more “buyer beware.”
Gone are the days of an 8% mutual fund commission and fee-based is the prevailing trend in the profession. When I started at Morgan Stanley, a senior advisor in the office would wax poetic about doing 350 GDC his first year. Once I learned about the old mutual fund payouts, I thought, “so you brought in a little over 4MM in mutual funds?” To compare that to what I’d have had to bring in at 1% to make it to 350 GDC isn’t even close. To be clear, I did not bring in 35 MM in new assets my first year, so I don’t want to suggest I had.
Lastly, industry studies have shown there were simply more clients without advisors (unattached, as they are referred to) 20-30 years ago and, now, as the advisor profession has matured, more folks have enlisted advisors
MP1..... cbpolsinelli@icloud.com looking to work series 7&66
Always!
MP 1 any way to get in touch without putting an email on here. Others seeing may not be a good thing. 18 years in industry, most with one company. Interested in learning more about yiur model and potential opportunities. Thank you!
VP1 create a new email address with no identifying information, then provide that to MP1
I think that is a very relatable story in our industry, and if we have more managers promoting a liveable consistent salary to get started, it would benefit everyone. Unfortunately, I don't see the big guys changing because when that new person leaves, the mid and senior level guys get to keep those clients and potentially even expand them. No easy answers but it's commendable you trying to do what's right for new reps
MP1....bridgewaterfg@gmail
@Managing Partner 1: young advisor here who would love to work for you. Where are you located? chikeziew@gmail.com
FA5, sent you an email.