What is the breakdown of your day?
I work at a bank so mine is totally different but here goes:
8:30 - show up at the branch
8:45-8:50 - morning huddle
9:00-11:00 - if no meetings in the morning work on admin work (we have to do our own paperwork and being in a bank it gets time consuming)
11:00 - 1:00 - call for appointments
1:00 - 1:20 - lunch (I don't believe in hour long lunches) 1:00 - 4:00 - appointments (hopefully three to four) 4:00 - close - call for more appointments September was my first full month in production, so far I've done about $700k in managed money and roughly $16k in commissions (have two appointments next week, one for 2.4 MM in muni bonds and another for a 4 mm 401k plan). I'm averaging probably 3 and a half appointments a day, but it gets hard to keep that number week after week. I probably average 40-50 calls a day. Can anyone else run me through their day? How many calls and how many appointments are you averaging per day? I feel like I'm not doing enough so I need something to keep me motivated.Royale,
If you not BSing, I'd say you're doing pretty well. I wouldn't change a thing. What's the deposit base at the branch? What percentage of your production has been referral from bankers vs. your own generation?I agree. With the paperwork and other BS, banging out 50 dials is impressive at a bank. I would also like to know how many teller transactions at your branch and how many bankers you have.
I work at a bank/wire-house so mine is totally different but here goes:
7:00 - show up at the branch/Read about what's going on across the pond/Asia. Scan all the option chains for anomalies and Black Shoals distortions, print lists
8:00 - Suggesting new trades and any profit taking / damage control with larger clients.
9:30 - Take calls & write tickets as fast as I can ..... MAKE $$$$
1:00 - 1:20 - lunch? (I have no lunch. I choke down what's in a brown bag between calls) & MAKE MONEY, I'm never off the phone and the messages are always stacked up. 1:00 - 4:00 - Take calls and make $$$. At three I observe the 3:00 Train or Noon Balloon if you are out west and make $$$$$ 3:40 I see what imbalances there are and ride the wave & make $$$$ 4:00 - close - Chill, make follow up calls 4:30 Go home and study the day and document what I could have done better / study for the CMT. My secretary is AWESOME!!!!! She does ALL the paperwork and non money making activities. When I'm in the groove she brings me water / coffee / whatever as she knows I'm to focused to do anything else. I rarely use the restroom during market hours. I'm kicking off major Alpha at a average Beta around .5 I love my job and the market. I've written well over 4,000 tickets year to date.Everything is secondary too MAKING MONEY! I take referral appointments after hours.
[quote=Royalewitcheese]
I work at a bank so mine is totally different but here goes:
8:30 - show up at the branch
8:45-8:50 - morning huddle
9:00-11:00 - if no meetings in the morning work on admin work (we have to do our own paperwork and being in a bank it gets time consuming)
11:00 - 1:00 - call for appointments
1:00 - 1:20 - lunch (I don't believe in hour long lunches) 1:00 - 4:00 - appointments (hopefully three to four) 4:00 - close - call for more appointments September was my first full month in production, so far I've done about $700k in managed money and roughly $16k in commissions (have two appointments next week, one for 2.4 MM in muni bonds and another for a 4 mm 401k plan). I'm averaging probably 3 and a half appointments a day, but it gets hard to keep that number week after week. I probably average 40-50 calls a day. Can anyone else run me through their day? How many calls and how many appointments are you averaging per day? I feel like I'm not doing enough so I need something to keep me motivated.[/quote] If you are working 9:00-5:00 in the beginning of your career, expect to make 9:00-5:00 money. You, however, aren't even working 9:00-5:00. You are working 11:00-5:00. If you don't have an appointment or aren't fighting to get one, you are putting in time, but not working.[quote=anonymous]
If you are working 9:00-5:00 in the beginning of your career, expect to make 9:00-5:00 money. You, however, aren't even working 9:00-5:00. You are working 11:00-5:00. If you don't have an appointment or aren't fighting to get one, you are putting in time, but not working. [/quote]All we have to do is pull a string and we get the same tired crap out of you. You ever post anything specific outside of annoying life insurance quotes?
[quote=hotair1]
[quote=anonymous]
If you are working 9:00-5:00 in the beginning of your career, expect to make 9:00-5:00 money. You, however, aren't even working 9:00-5:00. You are working 11:00-5:00. If you don't have an appointment or aren't fighting to get one, you are putting in time, but not working. [/quote]All we have to do is pull a string and we get the same tired crap out of you. You ever post anything specific outside of annoying life insurance quotes?
[/quote]
Don't listen to this guy, anonymous, you're still my favorite author on this board
[quote=hotair1] [quote=anonymous]
If you are working 9:00-5:00 in the beginning of your career, expect to make 9:00-5:00 money. You, however, aren't even working 9:00-5:00. You are working 11:00-5:00. If you don't have an appointment or aren't fighting to get one, you are putting in time, but not working. [/quote]All we have to do is pull a string and we get the same tired crap out of you. You ever post anything specific outside of annoying life insurance quotes?
[/quote] This is a life insurance quote? Most people fail out of this industry. What % of people who show up at 8:30 and don't sell or prospect before 11:00 do you think succeed? Hey, Bondguy, when you were building your practice, how often did you take two hours in the middle of your selling day to do admin work?
If the guy is booking 700k a month in managed money it doesn’t matter how many hours he works.
He's not booking $700K a month. He booked $700K for one month. Ron, do you know guys who are very successful who spend a good chunk of their selling day doing $10/hour work? There doesn't appear to be any correlation between early asset gathering success and long term success. There does appear to be correlation between work habits and long term success. I'll put my money on the newby who does admin work at 7:00 over the guy doing it at 11:00.If the guy is booking 700k a month in managed money it doesn’t matter how many hours he works.
He's not booking $700K a month. He booked $700K for one month. Ron, do you know guys who are very successful who spend a good chunk of their selling day doing $10/hour work? There doesn't appear to be any correlation between early asset gathering success and long term success. There does appear to be correlation between work habits and long term success. I'll put my money on the newby who does admin work at 7:00 over the guy doing it at 11:00.[/quote] Unfortunately working at a bank I have to go by the banks hours. I can't be there at 7am, so I have to get there at around 8:30-8:40 after the BM or tellers do the morning walkthrough. Also, we close at 6 and 6:30 on Fridays and it's a rule with the bank that I have to leave when everyone else does. I don't have an assistant so I have to do all of the paperwork, ACAT followups, etc. myself (and at a bank it's a pain). The good thing is, is that appointments come easier, so usually during 9-11 I have two appointments, but on the days I don't I'll try to get all of the BS out of the way so I can set more appointments. Believe me if I could work later I would, that is one of the major drawbacks with the job.[quote=Ron 14]If the guy is booking 700k a month in managed money it doesn’t matter how many hours he works.
I have two branches and there has been three FAs in about two years so most of the clients haven’t been tapped into. Between the two it’s about 100mm in deposits and I have a book of about 10mm.
The drawback with the branches not having a consistent FA is the bankers have lost a lot of their motivation for investment referrals and I have to work with them a lot more on a daily basis than I usually would if they had a consistent FA. Still, thought I have gotten four 401k rollovers from them totalling about $5k in production, but all of the managed money has been from my own generation calling my book and trying to get outside assets. I'd say 80% of what I've done is from me doing it myself and 20% is from the banker referrals. I'm not BSing, but I've also gotten pretty lucky as, like I said, these clients haven't been tapped into yet.I have no idea how many teller transactions between the two branches, but there is quite a bit of walk in traffic, but not enough to where the bankers can't find the opportunities without getting too busy. I have four bankers as of right now (two are struggling, one is great and one is brand new but he has his CFP and wants to become an FA (doesn't have his 7), so I'm definitely excited about him). I worked at a bank previously before I got recruited over to this one, and the paperwork here is 10x easier than at the other bank, not to mention the technology blows the other bank out of the water, which makes it easier for me to call people.I agree. With the paperwork and other BS, banging out 50 dials is impressive at a bank. I would also like to know how many teller transactions at your branch and how many bankers you have.
Royal, Glad to see you’re excited. It sounds like a great opportuntiy and you sound like a self-starter. Hope you stay around the board for awhile. There aren’t very many bank reps on here anymore.
Anon I understand what you are saying, but the bank world is different. A lot of your normal “prospecting” time is spent coaching bankers and doing paperwork, things most FA’s dont have to do. In exchange we benefit from having multiple referral sources and have clients who arent scared off when we approach them because of an existing relationship.
Berkshire - The reason there aren’t many bank reps on here is because we get bashed relentlessly !!!
[quote=Ron 14]Berkshire - The reason there aren’t many bank reps on here is because we get bashed relentlessly !!![/quote]
To your credit you take it and dish it back out. We could use some more thick-skinned bank guys.
Thanks Berk. I plan on staying for a while because there is so much great information everyone has to share. This is the greatest profession in the world and also the hardest and most stressful. I've only been in the business for four years (3 with ML and 1 with banks) so I definitely have a lot to learn. I'm also the youngest FA in my area (25), but I haven't seen any downside to that (although I'm sure it could be a reason why some of my deals never came into fruition).Royal, Glad to see you’re excited. It sounds like a great opportuntiy and you sound like a self-starter. Hope you stay around the board for awhile. There aren’t very many bank reps on here anymore.
It's also a lot harder to structure your day because you are always getting distracted by various things. I don't have my own office at either of my branches, just an open cubicle type thing that bank customers can walk right up to, and of course they don't mind to disturb you while you try and hammer out calls.Anon I understand what you are saying, but the bank world is different. A lot of your normal “prospecting” time is spent coaching bankers and doing paperwork, things most FA’s dont have to do. In exchange we benefit from having multiple referral sources and have clients who arent scared off when we approach them because of an existing relationship.
Ok, I’ll have to keep my mouth shut because I obviously don’t understand the bank world for a financial advisor.
We are a different breed for sure, though implementing a fraction of what we learned elsewhere can yield very positive results provided you have a strong deposit base and good staff working on your side
I am six months into production at a wire. In by 6:30 am and on the phones at 7. I do take a lunch break three days a week to get away. I am out of the office around 5:30 most days. Two nights a week I spend two hours calling from 6:30 to 8:30. My day is spent cold-calling and following up. If I am lucky enough to have a meeting it will fit as needed. I have a block schedule that I stick to like glue. I am very active in a couple of pro business groups allowing me to get out and meet people a couple times a week.
I sucked the first five months because I couldn’t get myself to commit to cold calling. I would call, but my lack of conviction came through on the phone. My business is now growing faster than ever because I have committed myself to getting rejected a thousand times a week. The last time I was rejected this much was trying to get action my freshman year of college . Seriously, you have to be willing to put in the time and overcome a boat load of crap to be successful!
Who are you calling at 7:00am? Seriously? If I got a sales call that early, I would make up four letter words to call you.
My guess would be business owners, to try to catch them before the help arrives
At that hour, I am calling to speak with people who have the same work ethic as I do.Who are you calling at 7:00am? Seriously? If I got a sales call that early, I would make up four letter words to call you.
At that hour, I am calling to speak with people who have the same work ethic as I do.[/quote] Damn. I guess I only want lazy clients then[quote=KensLoveChild]Who are you calling at 7:00am? Seriously? If I got a sales call that early, I would make up four letter words to call you.
At that hour, I am calling to speak with people who have the same work ethic as I do.[/quote] Damn. I guess I only want lazy clients then [/quote] I never said I call all the time at that hour. Guess you could say I'm looking for folks who aren't lazy all the time[quote=deekay][quote=KensLoveChild]Who are you calling at 7:00am? Seriously? If I got a sales call that early, I would make up four letter words to call you.
Who uses outside money managers
anymore? I would think most of you would have learned by now![quote=Greenbacks]Who uses outside money managers
anymore? I would think most of you would have learned by now! [/quote] Obviously we haven't, but you apparenty have the answer. Please enlighten us, oh great one.I work at a bank so mine is totally different but here goes:
8:30 - show up at the branch
8:45-8:50 - morning huddle
9:00-11:00 - if no meetings in the morning work on admin work (we have to do our own paperwork and being in a bank it gets time consuming)
11:00 - 1:00 - call for appointments
1:00 - 1:20 - lunch (I don't believe in hour long lunches) 1:00 - 4:00 - appointments (hopefully three to four) 4:00 - close - call for more appointments September was my first full month in production, so far I've done about $700k in managed money and roughly $16k in commissions (have two appointments next week, one for 2.4 MM in muni bonds and another for a 4 mm 401k plan). I'm averaging probably 3 and a half appointments a day, but it gets hard to keep that number week after week. I probably average 40-50 calls a day. Can anyone else run me through their day? How many calls and how many appointments are you averaging per day? I feel like I'm not doing enough so I need something to keep me motivated.[/quote]Hit a huge fish today!!
2.34MM in muni bonds, xferring from UBS into a managed muni account. I am going over to his house tomorrow to sign the ppwork. He is an 82 y/o who has been with UBS for a while, made all of his money in the market, and now lives off of tax free income. He brought in his statement and my internal wholesaler put all of his bonds in a report that showed the average credit quality, duration, yields, etc. He thought all of his bonds were AAA rated and diversified across multiple states, found out his average was A and all of the bonds were KY. I think I got pretty lucky with this one, the research kind of sold itself but it just goes to show you that you can't be afraid to just ask for the money. I still haven't fully closed it yet, and I won't consider it closed until the paperwork is in good order and the money gets over here, but it's a start!How did you initially meet the guy ?
He has 300k in a brokerage account with me already in the intermediate tax free muni fund. I called him to come in and review because of where interest rates are (from the bond fund call a few months back) and we hit it off pretty well. He also brought his UBS statement with him on the initial appointment which helped out a lot. All I did was plug in all of the bonds on a spreadsheet, sent it to the internal guy and the next day he had an awesome report that showed all of the concern areas (duration, yield, credit quality, etc etc). It was too much information for him to understand, but he got the main picture: UBS wasn't taking care of his money like he actually thought.How did you initially meet the guy ?
Congrats, sounds like you are off to a very strong start.
Good luck. Keep us updatedAwesome, congrats
[quote=Royalewitcheese]Hit a huge fish today!!
2.34MM in muni bonds, xferring from UBS into a managed muni account. I am going over to his house tomorrow to sign the ppwork. He is an 82 y/o who has been with UBS for a while, made all of his money in the market, and now lives off of tax free income. He brought in his statement and my internal wholesaler put all of his bonds in a report that showed the average credit quality, duration, yields, etc. He thought all of his bonds were AAA rated and diversified across multiple states, found out his average was A and all of the bonds were KY. I think I got pretty lucky with this one, the research kind of sold itself but it just goes to show you that you can't be afraid to just ask for the money. I still haven't fully closed it yet, and I won't consider it closed until the paperwork is in good order and the money gets over here, but it's a start![/quote]Way to go.
Check this guy out, Windy. This is how you post your numbers in a humble way.
[quote=KensLoveChild]Who are you calling at 7:00am? Seriously? If I got a sales call that early, I would make up four letter words to call you.
[/quote]
I all doctors, dentists, lawyers, and executives. It is the best time to get them when you don’t have to fight the gate keeper. Every once in a while I get one that is upset, but no more often than I get at 9am, 11am, or 3pm. I find they are often more attentive at that point. Three of my best accounts came from early am cold calls.
Got the ACATs signed for huge deal today, in total it will be 2.7mm, 2.4 from UBS and 300k from his existing account. That brings me to right at 4mm in managed money (inherited about 500k from the advisor before me).
Tomorrow I have an appointment for a 4mm 401k plan. It should be a pretty easy sell, plan sponsor is one of my existing clients, brought him in for a review, found out he makes all of the decisions on the 401k plan and when asked about the service said he wasn't getting anything proactive (he would have to call for fund changes, reviews, etc). If anyone has any tips on how else to pitch it with what service I can offer (how many times a year I should meet with him and the participants and what promises I should make about services, it's only 11 participants) that would be a big help (A guy from fidelity is coming to present it with me).Yeah, it's a doctors office and most of them have been there forever.$4MM 401K plan with 11 participants?
[quote=Royalewitcheese]Got the ACATs signed for huge deal today, in total it will be 2.7mm, 2.4 from UBS and 300k from his existing account. That brings me to right at 4mm in managed money (inherited about 500k from the advisor before me).
Tomorrow I have an appointment for a 4mm 401k plan. It should be a pretty easy sell, plan sponsor is one of my existing clients, brought him in for a review, found out he makes all of the decisions on the 401k plan and when asked about the service said he wasn't getting anything proactive (he would have to call for fund changes, reviews, etc). If anyone has any tips on how else to pitch it with what service I can offer (how many times a year I should meet with him and the participants and what promises I should make about services, it's only 11 participants) that would be a big help (A guy from fidelity is coming to present it with me). Sounds like you are doing a great job. As stated by others spending time with your bank partners is your form of prospecting, just more efficient. Once you get 15-20 AUM in managed money you will always have a job and a decent paycheck, everything after that is icing on the cake. So the plan will be held with Fidelity? I would initially meet with every employee individually. Go to the office and sit in the conference room for a half day and have each employee come in one by one. Introduce yourself, help pick funds if needed and dig for outside assets. My guess is you will find a lot and most of the employees will give you plenty of info since there will be trust built from the doctor picking you to run the plan. I used to do a lot of 401K plans for small companies (start ups - 1 million), probably close to 50 different plans but I got burned out chasing them with all the work involved and little trails. This is a nice size plan so grab it, but I would focus on the individual client most of your time which it sounds like your doing. Keep doing what your doing, don't take your bank partners for granted and you will be making a lot of money very soon.I had the big appt today and it went EXTREMELY well… Basically we got him to talk about all of the things wrong with his current provider and the guy from fidelity basically sold the whole deal, I kind of smiled a nodded and then talked about how proactive I would be in servicing it. He’ll be signing paperwork in about two weeks, so I still have that two week lull where he could talk to 50,000 other people and change his mind, but I’m 99% confident in this one because I know him and he is a man of his word. We asked him outright if this is something he would want to do and he said yes it is.
[quote=BerkshireBull]Royal, Glad to see you’re excited. It sounds like a great opportuntiy and you sound like a self-starter. Hope you stay around the board for awhile. There aren’t very many bank reps on here anymore.
[/quote]
Berk…are you on espn.com forums under the same name? I saw it come up as a wisky fan under the same name so I thought it had to be you…haha
I’m ALWAYS roaming the florida gator forums.
Source URL:https://www.wealthmanagement.com/forums/rookies-trainees/what-breakdown-your-day