Sometimes you'll hear financial advisors at wirehouses brag about how they built their businesses in a superhuman way. They love to tell war stories about how they walked 10 miles through three feet of snow in a blizzard with no shoes to secure their biggest client. If you speak with an average 20-year veteran, he might tell you stories about how much cold-calling he did during his first 10 years in the business. And as with most good stories, they get better—that is, more embellished—with time. The result? Wirehouse advisors tend to feel they're at the top of the food chain and sometimes look down at their bank-based brethren. They feel that while they must hunt for their clients, bank-based advisors are simply handed all of their clients.
In fact, if you are a manager at a bank-based firm, you don't escape this scorn either. If you don't think they look down on you, too, well, then good luck getting hired at a wirehouse down the road.
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