Pay for newbies, not very honest about personal financial investment needed in first few years, basically NEED to inherit an office or a large goodnight (20 mil+) to stand a chance. VERY outdated prospecting methods, Kool aid, Kool aid, and more Kool aid is all youll get when trying to get REAL advice to grow your business (Just door knock more). My original class of 15 people AFTER we passed all securities exams and were sent to corporate (KYC) was down to ONLY ME after only 1 year. I did everything they said, door knocked 150-200 homes a day, got about 30 contacts/day, blew through 25K of my personal savings in first 2 years. Was told 2 plus years in by veterans that if you don't have at LEAST 50-100K in the bank to live off of your first few years you CAN NOT LAST AS YOU WILL RUN OUT OF MONEY! That advice would have been much more helpful if they say that before you take the job, but then noone would apply. One of the top veterans in my area that was a performance leader disclosed later that he was still trying to pay off over 100K in credit card debt from his first few years in the business. I actually overheard a GP with the company who didnt know I was standing behind her at a corporate event say to someone else "See, most of these people wont be here in the next couple years, but look at all the advertising were getting for our money." (Ii.e. doorknocking). Unbelieveable!
Don't fall for the "Div-trip,profit sharing, $62K your first year nonsense, most other FA's I know of bareley made 38K the first couple years. A local bank called me 2.5 years in and offered me an advisor job with a 70K base plus commission. There are FA's with jones in my area that have had thier office for 11+ years that are barely clearing 70K/year. Why? I suspect look no further than the GP's salaries...And when they would let go of people or people would leave in the region(a monthly occurance) not a word was ever mentioned or spoken about the person again, even if they were there for years. It seemed like the mafia in that respect, not "we wish so and so the best" etc. just everyone prentending they never existed.
