| Topic Name: |
Internal Competition |
| Message Name: |
re: |
| Date Posted: |
01/16/2006 |
| In Reply To: |
The "inter-office" competition for clients is the last thing you need to be concerned with. I think concern is perpetuated by a belief that UBS or Merrill somehow generates a pipeline of new customers that come into the office and are then "assigned" an advisor, hopefully you in that case. While this seems completely logical, please be aware that, other than being told where the telephone is and perhaps being given some marketing funding by a few mutual fund wholesalers, the extent of the direct assistance from any wealth management firm, other than a bank, in bringing you new clients is approximately zero. Please don't make the mistake of assuming that an FA role is in any way similar to the fields of law or investment banking where you're provided opportunies and are expected to capitalize. In this world, you make 99% of your own opportunities. The benefit of this, however, is the unbelievable flexibility, sense of purpose, and quality of life that accompanies success. |
| Message: |
Thanks. Great post. So if I have very few high net worth contacts going into this--and am young (basically right out of college) how hard is it going to be to "make it"?
Would it be better to be in a market with more wealth (NYC)but more competition? Or less wealth in general (Phoenix) but less competition?
Also any idea about how joining an existing "team" of FAs at a firm like ML would work? As far as getting new clients is it easier? But I guess the pay is less??
Thanks.
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