Congratulations on making a good career choice. You have become a financial advisor. The washout rate has always been high, yet the rewards for those who succeed are incredible. Doctors and lawyers can make big money, but they go to school for years just to qualify. What do you need to do to succeed as a financial advisor?
Unlike many jobs with office politics, success for a new advisor is easy to define. Years ago, I thought about it in these terms. If you had 100 of the right clients, they each turned over an average of $1 million and everything was in fee-based accounts averaging 1% annually, that meant $1 million in annual revenue to the firm. Times may have changed, but the basic principle should still be intact.