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I'm in my 2nd year now so I'll share my experiences.. I started out with ML
I'm no longer there, resigned to goto a bank program. AUM: 6.2mm. I did 100% cold calling.
I wouldn't change anything. Working at ML taught me a few things.
1) nobody gives a crap about you or your livelihood. 2) taught me the discipline to keep my head down and keep going. 3) opened new doors for me, and got myself a gig in a bank program that I actually enjoy.
4) taught me that this is 95% sales job. 5) learn to never ever goto a wire ever again.
How old are the A-share funds in the book? Jones compliance says they don't want you to sell them before 5 years, but I had a "mentor" that did it every 3.
I assume this is non competitive?? Did the old FA leave the business? Is there a BOA? How long has the branch been open and how many advisors has it been through? Did it start off as a goodknight branch?
I'm in year 2. I joined an indy firm from the start. AUM: 12mm. What I did/do: Year 1. 100% doorknocking for the first 3 months, 50% Cold called local businesses, 50% called warm leads from bank. Year 2: added two community banks to the program (total of three banks with 15 branches), added 3 401k plans (1-3mm), 1 seminar per quarter, No training, No salary, Only hurdles were make enough to pay the bills and not starve out. Biggest lesson learned: Work hard to find the balance between enough transactional to keep the lights on and enough fee based to secure a long term career. Advice: The absolute best resource for someone who takes the path that I did is Advisorheads!
Still cheaper than an advisory account...