The effort required to do well in financial sales is often underestimated by trainees. I was a stockbroker for more than a decade. Realistic ratios for financial sales: For every 100 dials to individuals at home, actually making contact (talking with) fewer than 20 people. For every 20 people, actually finding 1 to 4 prospects. For every 5 to 8 prospects, obtaining 1 sale.

So, in a tough market like we had in 2001 and 2002, obtaining one new customer from 800 dials --a full week's work -- was doing well. A customer is someone new to the firm who does a financial transaction through the stockbroker. For most firms, the minimum sized transaction would be a $10,000+ investment in a mutual fund or annuity, a $25,000+ investment in stock equities, a $50,000+ investment in municipal bonds, or purchase of a jumbo CD -- $100,000+ for a certificate of deposit. Although many people have this much capital, few readily move their money about...