For the recent college graduates and newly minted MBAs, the promise of fast money on Wall Street is a misconception that may well kill the chances of future success.

Generation Y is the technology-savvy "now" generation, where gratification comes so easily through instant messages, cell phones and the Internet.

Yet many hiring managers are quick to write off a potentially good financial-advisor trainee due to unwarranted demands for compensation today in a commission-fueled business. So take heed, grasshoppers: Being a financial advisor is still a wonderful and lucrative career if you work hard, put in your time, listen and show some humility.

I can't tell you how many times in the last few years that I have received an urgent phone call from a twenty-something who wants to get into the business. While I can appreciate the pure enthusiasm for their newly declared careers, it's sad to say that most of them don't succeed.

Let's take David, for example. David seemed to have the right resume, personality and drive to succeed as an advisor. A graduate of an Ivy League school, three years at a bank as a junior analyst and some sales experience prior to that, David was bound and determined to be the best financial advisor ever.

David would call me for advice on a regular basis, but he never really listened. He would rattle off some excuses as to why he wasn't getting clients: People don't want to invest with me because I'm too young or It's just so hard.

Well, yes, it is difficult when you're starting out. But if you work really hard for five years or so and do the right thing, you will build yourself an incredible book. And as far as being too young to be taken seriously, I told him he could have teamed up with a couple of older advisors who could have helped build his credibility with potential clients.

After David's untimely departure from the business, I checked back with his sales manager who confirmed my suspicions. David had been told from Day One that earning a mid-six-figure income in the retail brokerage industry takes a few years of hard work. Years-not months.

It seemed like David started to lose his drive after six months or so, when things weren't going the way he had anticipated. Moreover, David thought his love of the markets alone would get him clients. Wrong!

Selling is what builds a book—not staring at a monitor or reading your MySpace messages. David maintained a sense of entitlement because of his degree, and his superiors were quick to recognize it.

Finally, there is this consideration: Why was he calling me for advice? His sales manager believed that David wasn't effectively managing his time. It becomes too easy to call a sympathetic ear and complain about things being slow.

But when it comes down to it, the way to build a successful book is by working harder than those around you. If you are making more calls and setting up more meetings than your peers, your income eventually will be higher than theirs.

Ultimately, the manager thought that David wanted to be a branch manager, but had absolutely no experience. David acted with a sense of entitlement, as if he should automatically be put into the management-training program even though he had not proven himself. His former manager summed it up quite succinctly: "I've worked over 15 years to make it into middle management and this kid thought he should start his career there."

A friend of mine, a branch manager of a wirehouse in Jersey City, N.J., knows all too well about the Davids of the financial world. He has interviewed countless young people for financial advisor positions and one person really sticks out-in a good way.

Enter Igor at the ripe young age of 24. Igor came from a Jersey City blue-collar type of background. Prior to joining the wirehouse's training program, he rented a kiosk and sold hotdogs in the financial district. One of his regular customers happened to be an advisor in my friend's office, and after seeing Igor's work ethic, people skills and desire to run his own business, he offered to get Igor an interview with the company.

Eight years later, Igor produces more than $950,000 with $140 million in assets-with no sense of entitlement whatsoever. "He walks in every month fearing that he may be fired," my friend says. "He's so grateful for the opportunity that he was given, that he almost believes that he'd let people down if he has an off month. Let's just say Igor still works very, very hard."