D*MNed if you do and D*MNed if you don't

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Dec 15, 2008 7:38 pm

I have major $$ goal before me.  The company has a $$ amount I need to hit very soon.  There are two mitigating factors here.  What is the opinion from the trenches?

 
Background: The company wants 250k size accounts only. They discourage smaller accounts.  Business has been brutal this past year, and does not look better soon. 
Smaller accounts are being taken from reps to encourage growth of larger accounts, so a mixed message, land any account .............but small ones. 
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I have a monster account on the line.  Opening $$ would be 4 million.  This is the tip of the iceberg.   They want to move the account away from their current broker to one closer.  They want the new FA to handle their cash and sophisticated $$ needs.   I know the CEO personally...great guy, likes me, has recommended me to his boss.  I am first in line for the nod I think.  I would like working with them because of their business style.   BUT, the account may not land in time to help me with the deadline.
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ALSO: I have the inside line on an essentially untapped category of business.  An insider in this field has told me they are looking for FA's to provide services to them, but nobody is approaching them. This area of business is outside what FA's and FA firms think of as a prospect.  Frankly, there is no end to the possibilities with this situation and huge amounts of money available.  I can expand with the only limitation being time, distance, my ability to service the clients.  I am working on becoming an insider now, but it will take time.
 
Caveat: Small firms do not have the ability to service the the first situation because of limited product selections.  If I am not at a large firm, I cannot land the first account.  The first potential client wants to do business with the second, untapped category of business.  The second would welcome the option of doing business with first, but I am not putting them together.........yet..........the likelihood of being cut out of the mix is low. 
 
If I had a few more months.................but  do not.   
 
Finally, either could be book by itself.  
I have several thoughts at this but what are my options from what you can understand? 
Dec 15, 2008 8:42 pm

Did you drop acid before typing that?  What's this untapped category of business?

Dec 15, 2008 9:06 pm

I sympathize with you. A lot of us got our balls in a ringer right now. The established guys at least don't have to worry about losing their jobs.



This would be the worst job market to have to re-enter.



I don't know what to tell you. My situation is similar. If we could just get a small semblence of "normalcy" I could dig my business out of this rut.



I wish I had better advice. I'm glad I'm not alone.

Dec 16, 2008 8:30 am

I recognize that this is cryptic....on purpose. 

 
This is not posted to elicit invectives..........even from Senior Members.  Shame on you both!!
 
You do not know me, nor I you.. so why the sarcasm?  I will not lay this out in detail because anyone on this board could move toward my undeveloped business model, if they understood it, and had the ability to work within its restrictions.  (Yes, poster # 1 and #2, you have it in you backyard also.  Perhaps worth more than any single book of business even if only partially developed. ) 
 
As a business owner for 16 years, I expect professionalism, not provincialism please.
 
My question is limited to options in the financial services business, while knowing only a few details and nothing more.
 
 
 
 
 
Dec 16, 2008 11:03 am

Option 1: Life is too short - find something else to do
Option 2: Do it - work hard
Option 3: Do it - work really really hard

Dec 16, 2008 11:17 am
babyboomerkc:

I recognize that this is cryptic....on purpose. 

 
This is not posted to elicit invectives..........even from Senior Members.  Shame on you both!!
 
You do not know me, nor I you.. so why the sarcasm?  I will not lay this out in detail because anyone on this board could move toward my undeveloped business model, if they understood it, and had the ability to work within its restrictions.  (Yes, poster # 1 and #2, you have it in you backyard also.  Perhaps worth more than any single book of business even if only partially developed. ) 
 
As a business owner for 16 years, I expect professionalism, not provincialism please.
 
My question is limited to options in the financial services business, while knowing only a few details and nothing more.
 
 
 
 
 



We don't understand jack pooh-pooh about anything you've said or want from us. Go away and have a great life.

Dec 16, 2008 11:33 pm
babyboomerkc:
 
Caveat: Small firms do not have the ability to service the the first situation because of limited product selections.  If I am not at a large firm, I cannot land the first account.  The first potential client wants to do business with the second, untapped category of business.  The second would welcome the option of doing business with first, but I am not putting them together.........yet..........the likelihood of being cut out of the mix is low. 
 



I think that is BS....your firm will tell you that but it simply is not the case unless you are talking VERY small firms. After being w AGE for years and Now Wachovia...the Scale and Scope that Wachovia promotes is simply horseshit.

Dec 17, 2008 10:46 pm

OP-

It sounds like you are really interested in finding new ways to get ahead.  I have a proposition for you.  I can offer consistent yearly returns of greater than 10%, even in down markets.  There is a good size initial investment, but if you bring any country club friends and Jewish philanthropic organizations along, I think we can work something out.

It helps if you don't read the newspaper or watch TV, too.

Dec 18, 2008 4:57 pm

6160,

 
I'd be a little careful throwing in remarks about ethnicities if I were you.  They booted someone earlier for that and there's no place for it. 
Dec 18, 2008 5:08 pm
babyboomerkc:

I will not lay this out in detail because anyone on this board could move toward my undeveloped business model, if they understood it, and had the ability to work within its restrictions.  (Yes, poster # 1 and #2, you have it in you backyard also.  Perhaps worth more than any single book of business even if only partially developed. )  

 
And if this untapped opportunity is so huge that it's in everyone's backyard - right under our noses - you, the lone advisor, will be able to service it all by yourself nationwide?
Dec 18, 2008 6:07 pm
etj4588:
babyboomerkc:

I will not lay this out in detail because anyone on this board could move toward my undeveloped business model, if they understood it, and had the ability to work within its restrictions.  (Yes, poster # 1 and #2, you have it in you backyard also.  Perhaps worth more than any single book of business even if only partially developed. )  

 
And if this untapped opportunity is so huge that it's in everyone's backyard - right under our noses - you, the lone advisor, will be able to service it all by yourself nationwide?
 
I think he's figured out that when people leave their jobs, they can roll their 401k's into IRA's with him...
Dec 18, 2008 9:35 pm

I have the next steps figured out, and am moving forward.  Made some crucial contacts today, and they have responded favorably to working with me.  ( I was told I am the only FA whom has ever approached them ...........ever.)  


I do not need anymore "Advice",  but want to thank the few whom actually emailed me offering real advice. 
 

You other guys,.......... keep the 401k rollovers or whatever else you chase after.  I do not have time for the small money and don't want to work that hard.  I cannot service this newly discovered niche of business  myself...but then,  it is nice not having competition.  I'll keep it that way.  
 
If you are one of the few whom emailed me earlier, I'll keep you up to date and may share some tips on working this market in your area..... I cannot get to all of it anyway!!
 
Observation of the responders to this thread.  Some asked me questions and offered help, others just showed their limited thinking abilities.  Keep talking trash to each other because I do not have time to come back and waste time with you.