Assets per month

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Feb 4, 2006 10:16 pm

I was curious to see what most people are averaging in new assets per month?


I am between 800K- 900K a month.

Feb 4, 2006 10:54 pm
bankrep1:

I was curious to see what most people are averaging in new assets per month?


I am between 800K- 900K a month.




No, you're not.

Feb 5, 2006 1:59 am

bank,


My number is pretty close to yours,  perhaps a shade lower.


And i'm considered a below average producer at this juncture in my career.


scrim

Feb 5, 2006 8:47 am

I think time in the business is a key part to the equation.  I did add $1M AUM this month, but that is a good month for me.  How long have you  been in the business to put up 8-900k a month?

Feb 5, 2006 9:14 am

5 years in, 3 with current firm. I have others within my program to compare myself to, but am wondering outside of my program what everyoen else is doing. 


I know when you start reps say your doing well if you brought in 500K a month.  When I started it was more like 350K a month that I brought in.  I am tryinig to hit 1 mil per month avg. but can't seem to get past this 800/900 #.


Feb 5, 2006 9:19 am
bankrep1:

5 years in, 3 with current firm. I have others within my program to compare myself to, but am wondering outside of my program what everyoen else is doing. 


I know when you start reps say your doing well if you brought in 500K a month.  When I started it was more like 350K a month that I brought in.  I am tryinig to hit 1 mil per month avg. but can't seem to get past this 800/900 #.




Take a piece of paper and write down your monthly goal. I use an income goal, but an asset goal works too. Then, I write down what I have to sell to get there. I go through my book and look for business that can be done first and subtract it from the income goal. Keep a running tally of your commissions on the right side of the page, to keep track of where you are. Doing this will keep you very focused on being active.

Feb 5, 2006 11:30 am

What are most of you doing to bring in new assets - cold calling, seminars?

Feb 5, 2006 1:51 pm
newrookie:

What are most of you doing to bring in new assets - cold calling, seminars?



Referrals.

Feb 5, 2006 4:29 pm

working in a bank, leveraging the team

Feb 5, 2006 8:11 pm

Do you people in a bank have to "prospect" the way most of us think of it anyway at all? 


Don't you do seminars, or advertising or cold calling?  You mean to say that 100% of your business is from referrals?


Feb 6, 2006 1:31 am

I'm 5 years in the business and bringing in roughly 500-800k per month from referrals and seminars.  I have another 250k comin in from 401 contributions.

Feb 6, 2006 6:42 am

How often do you do your seminars?


Are the referrals from clients or mostly COI?

Feb 7, 2006 8:04 am

100% of my business comes from referrals.  I do spenmd alot of time on the phone but it is calling back warm leads generated through referrals

Feb 7, 2006 12:41 pm

[/quote]


Take a piece of paper and write down your monthly goal. I use an income goal, but an asset goal works too. Then, I write down what I have to sell to get there. I go through my book and look for business that can be done first and subtract it from the income goal. Keep a running tally of your commissions on the right side of the page, to keep track of where you are. Doing this will keep you very focused on being active.


[/quote]


I write my gross goal at the top of my Franklin daytimer. I write it in red ink, and subtract yesterday's gross to come up with today's total. Once I cross over my goal, I go to black ink. Absolutely keeps me focused on activity.


A word on focusing on assets, or other daily activities. While there is nothing wrong with focusing on asset gathering, # of calls, # presentations, etc., the only number that counts is production. Brokers in my former employer's office learned that lesson in spades a few years ago. A broker with 57,000,000 under management, with about 8,000,000 in trailing 12 new assets was fighting to keep her position because she had gone to cash. She had gone to cash to protect her clients from the horrendous market conditions that were prevailing at the time. Her production was about 100K for the year and the suits weren't happy. She hired a lawyer, who basically made the suits understand that firing an FA for doing the right thing for her clients wasn't going to play well at a wrongful termination hearing. It worked, and she wasn't terminated. But she was still subjected to intense pressure to generate gross. Finally, she quit.


Your managers may tell you that it's all about asset gathering, it's just lip service. Don't think so? Try asset gathering without producing for a few months and see what happens.


I'm not saying that asset gathering isn't important, it is, just don't get trapped into thinking AUM is what your bosses are really looking at.

Feb 7, 2006 1:42 pm

"Your managers may tell you that it's all about asset gathering, it's just lip service. Don't think so? Try asset gathering without producing for a few months and see what happens"


Couldnt she have sold a couple CD's? or some short term bond funds?? Something to generate a couple PC's and keep the Lycans off her back?????

Feb 7, 2006 4:09 pm
blarmston:

"Your managers may tell you that it's all about asset gathering, it's just lip service. Don't think so? Try asset gathering without producing for a few months and see what happens"


Couldnt she have sold a couple CD's? or some short term bond funds?? Something to generate a couple PC's and keep the Lycans off her back?????



She did. Most of the money was kept in short term CD's etc. Not much SC in that type of product. Some was invested in products she trusted. She did generate about 100K, or just a little over. But, she refused to yield to the pressure to do gross for the sake of doing gross. The manager was direct in instructing her to do biz or else. Among other ploys, he tried to get her to fee up the money, do annuities, try some of the firm's brand new never been tried before exotic hedge products(which have done very poorly) all to no avail. He moved her from a standard size window office, and  forced her to share an interior office with a trainee. He stripped her of her sales assistant and then refused her any SA access. She did what she believed was right for her clients. And, she was right. Her clients loved her. After the lawyer got invovled her life got much easier. SA was restored and no more humiliation tactics.


She was on solid ground on an assets/length of service basis. And her production was excellent until the market continued to go south. She did a lot of production unwinding positions as the market went south. We're talking one year here, where her production was way off, and the suits wanted blood.


When she quit she sold her book to another broker in the office with a similar process.

Feb 7, 2006 5:41 pm

bankrep, what the heck bank are you with??

Feb 7, 2006 7:09 pm

A broker with 57,000,000 under management, with about 8,000,000 in trailing 12 new assets was fighting to keep her position because she had gone to cash.


No offense, but this doesn't pass the sniff test. That ROE is amazing and would attract a great deal of compliance interest, as would the decision to take 100% of her client's  money and "go to cash". Sounds like an urban legend.

Feb 7, 2006 7:34 pm

Mike, I don't think the statement means $8mm in commissions.  The sentence is a little confusing, but I think it means that the broker had $57 million under management, $8 million of which was brought in during the last 12 months.

Feb 7, 2006 8:08 pm
Philo Kvetch:

Mike, I don't think the statement means $8mm in commissions. 


You're probably right. The term "trailing twelve" threw me off. OTOH, I still think it's a myth as "going to cash" on 58M to the point where your AP goes to 100k sounds highly unlikely and would attract complaince attention.