The stats from my Aggregator BDM is 68% don't last past the 2 year mark.
My question to him was;
Out of the 32% that do "make it" how many are from a non banking background and don't get supplied leads?
He said;
I dont know the answer to that.
I think about 1-2% who don't have a lending background (therefore no client base to take with them) or a regular source of hand fed leads will last the 5 year mark in this industry.
My 2 cents;
1. Do the course that is the cheapest and fastest to do. As Terry W said they are all pretty useless in the real world.
2. Hook up with a local forum broker if they will take you or a recommendation from them.
3. Offer to help them further their success in any way possible, either paid or unpaid.
4. Learn to market and network, online and offline.
5. Have a resilient personality that can roll with the punches that will come in flurries.
6. Hope you are part of the 1-2% (like me) who can make it!
7. I would suggest 40-100k to keep you going in the initial stages (first 2 years) depending on your circumstances.
8. Have a reason why (other than money) you want to be an MB that will sustain you through the tough times.
9. Everything else that was stated on here by the people who have made it.
10. You can pull all of the above of but if you don't already have the ability for people to like and trust you (aka charisma) within the first 5 minutes of meeting you then stick to what you are currently doing.
Allow 5 years to start making 200k+/year and a lot of knock downs along the way. That's assuming you have quality mentors and a driven personality combined with a passion to see others succeed. Average broker makes circa 70k FYI.
Good write up Colin, I think 1-10 are true for pretty much any new business endeavour