I'm in a slump ...help

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Aug 27, 2005 11:48 am

HELP   Its the end of summer and I'm in a slump. Most of my existing clients are either going to or coming back from vacations.  The working clients (mostly ranchers  and farmers where I am) are busy rounding up and finishing their operatons.  School is starting up and I am having a hard time getting people to commit to anything.  Plus. I am, right now at a loss on what to use to approach new prospects.  I have my newsletters to send out next month and am planning to advertise and solicit for some upcoming seminars in mid Sept.  To heck, with it!! I'm taking a vacation next week.


What is everyone else doing to prospect for new clients?   Work your book?  Sales or product introductions to pique interest????

Aug 27, 2005 8:56 pm

AH frustration depression something I know a lot about.


<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /> 


You need a new attitude here I’ll explain



Do you have a small indoor dog or a friend who has an indoor dog?



When someone comes to <?:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />the door does the dog go ripping off to the door yapping all the way?



Is it ever for him?



Be like the dog!

Aug 28, 2005 9:38 am

Slumps come, slumps go. It has been a slow summer. Thank god for fee based. It now makes perfect sense.

Aug 28, 2005 9:41 am

We run an equity strategy that is up over 20% this year, and 30% 12
month  rolling.  We are leveraging that...and I am on this
long term care kick for some reason- no money but good conversations.

Aug 28, 2005 11:35 am

I know I'm not alone and others have slumps and I have been there before.  This too shall pass as they say.   Take a deep breath, reach down for those bootstraps and pull.   


I suppose that the main difference is not physically being in an office with others to draw encouragment from.  Being my own boss, I have to kick my own butt!!.  I have telephone networked with other Indys in my region and it is helpful.  I also realized that in the 2 yrs that I have been Indy, I have taken no vacation time to speak of.   That is recipe for burn out too. 


I am transitioning to fee based beginning the end of this year and the first of next and that will probably help with the cash flow ups and downs, but the real issue is my lack of focus.   Thanks for the ideas that people have sent to me. They are good and helpful.  


Aug 28, 2005 12:00 pm

EZ, so fee based is good because it helps YOU over the slow months? Sheesh. Your monicker truly is a good one.I use fee based but no to help me! Hmm, what a concept EZ

Aug 28, 2005 12:47 pm

Guest1, do I understand that you charge commissions because it benefits clients and not you?  Are you some kind of economic missionary, carrying the gospel according to St. Louis to the masses?


Look, the reality is that for some clients, buy and hold is the ticket.  A bond portfolio for an income client who can't afford to risk any principal doesn't need much "management", so commissions are probably the best way to go for this client.  For a more growth oriented investor needing periodic rebalancing, fee-based may be more appropriate.   I'm sorry, but that's as simple as I can make it for you. 

Aug 28, 2005 3:12 pm

Think about the troops in IRAQ and the hurricane in New Orleans, then listen to "GOD BLESS THE USA" by Lee Greenwood.

You will be inspired to kick some butt!!

If that does not work post a big paper on your mirror that says "I control my FUTURE!"


If that does not work read seven habits of effective people or the magic of thinking big.



YOU CAN DO IT! Stay positive and focused on the goal! Track everything and improve daily!

Aug 28, 2005 8:39 pm

When I find myself in a slump, I read marketing or investment books. Normally, I'll come across a new idea or concept that will get me excited. And when I'm excited, the prospect picks up on that; therefore, making them excited.

Aug 29, 2005 1:25 am
babbling looney:

I know I'm not alone and others have slumps and I have been there before.  This too shall pass as they say.   Take a deep breath, reach down for those bootstraps and pull.   


I suppose that the main difference is not physically being in an office with others to draw encouragment from.  Being my own boss, I have to kick my own butt!!.  I have telephone networked with other Indys in my region and it is helpful.  I also realized that in the 2 yrs that I have been Indy, I have taken no vacation time to speak of.   That is recipe for burn out too. 


I am transitioning to fee based beginning the end of this year and the first of next and that will probably help with the cash flow ups and downs, but the real issue is my lack of focus.   Thanks for the ideas that people have sent to me. They are good and helpful.  




I sorta feel like I've hit the wall too.  So, I try to take a little extra time off over the weekend to relax and recharge.  Get a little more play time with the kids, and catch up on my sleep.


Equity income ideas work for me lately.

Aug 29, 2005 8:24 am

BL,


Exercise and dust off an old Don Connelly tape. - works for me.

Aug 29, 2005 12:06 pm

First, take that week off. Don't think about biz, sit under a tree or on a beach. RELAX!


When you get back, with mind clear, find an intense form of relaxation. Something you can do with your time off that takes all your mental energy. For example, I ride motorcycles long distance, sometimes in competition with others, mostly against the clock. It's not uncommon for me to ride my motorcycle to Florida and back to my home in New Jersey over a weekend. The purpose of this is to give the mind a break. While I'm doing this I'm not thinking about yield curves or sales campaigns. I'm thinking, is that thunderstorm approaching from my left going to cross the highway before I get there? This is an intense business. To counter balance the emotional drain it creates takes total saturation activities. Activities that are intense enough that business can't seep in while you're engaged in them. Doing them, the result is you arrive at the office Monday morning mentally refreshed. With your mind freed up and the stress level down your mind will be ready to wrap around new business ideas. And those ideas WILL come, as will the emotional strength to complete them. The activity you choose doesn't have to be dangerous, just something you enjoy, but takes total concentration. This has always worked for me. For years I raced small sailboats. One of the guys in my office races cars with the SCCA. Another is totally into bicycling. Another kayaking and canoeing. Then there's competitive target archery and stunt kite flying. Hang gliding will take all your mental energy. Ever build model cars as a kid? As an adult try building one that could win a national competition. Of course you'll never enter it in one but you'll work hard to make it so you could. Get a hobby and give your mind a weekly vacation.

Aug 29, 2005 7:02 pm

guest1,


You sound like a typical EJ fish. I demand at least 1% for the services I provide. The client is first after the client understands the fees. I don't think so little of my services and advice as to settle for .25 bps. I also don't take my clients by putting all their money with one fund family so as you can make a great upfront commish. Edward Jones should be renamed Ashare. It's more appropriate.

Aug 29, 2005 7:22 pm

First, take that week off. Don't think about biz, sit under a tree or on a beach. RELAX


DONE!!  Made reservations for Reno, during the week, and goint to the BBQ cook off.  Yumm. Ribs, Scotch and a little gambling and hot tubbing with my hubby.  Then for the weekend a houseboat on the lake.  More fun in the sun, reading, napping and relaxing.  No one can get at us on the houseboat.  He needs a break from his biz too.  

Aug 30, 2005 1:46 pm

homeland security and water stocks.


good luck.


Try a different list.


Try a different prospect.  Start dialing.

Sep 1, 2005 7:36 pm

Hello,All !


now we've All had our Ups n Downs as we all Know,


but if you Take things on the Whole, we're Not realy doing so Bad you know !


Take that poor Bastard ( oops) that Just Happened to build the Biggest Fund in History ( Jeff Vinick)


into a $56Billion Fund, Just to Get Fired, because he Couldn't Keep Up the Rate !


Well,Hell ! Any fool can build a Small fund into a Larger fund ! It's all a matter of Finding an Opportunety to Invest in ! But Lest Any of you Think you can Move a$56Billion Fund and make That Grow, where the Heck do you PUT that Kind o Money ?


I know Exactly what to do with it,but nobody Asked Me ! So they Fired him !


Still think You've got it Bad ?  i Didn't Think so ! Least, i Hope you don't !


All the Best to you !

Sep 1, 2005 8:04 pm

Jeff Vinick was fired from the Magellan Fund after having moved a substantial amount of the fund's assets into bonds. His strategic allocation occurred during the bull market of 1997-ish (if I remember correctly). At the time, people thought he was nuts for moving out of stocks.


Fidelity fired Jeff, then found another Fidelity fund manager who put the money back in stocks. This new fund manager proceeded to lose his (and his investors' a**) with the eventual reversal of the stock market. It took 2 years to realize that Jeff was right, afterall.


Jeff got the last laugh, though. He now runs a private hedge fund with incredible returns.