What percentage are truthful?

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Jun 16, 2005 12:08 pm

Okay, I get interviewed this morning and the reporter finishes it up by
asking how much in assets I have under management.  I think "Wow -
worthless question" and tell him I don't disclose this
information.  He says it is required or they won't use me in the
article.



Now why would they think I would EVER tell the truth?  I asked him
if he thought people might lie at this since he is just taking it as a
fact and he said he didn't understand why ANYONE would lie about
it.  I asked whether he wanted assets in mutual funds, assets held
in certificate form in the client's safe and he didn't know - just
assets under management.



What percentage of reps do you think would actually tell the truth on this question (what they actually THINK is the truth)?



I gave him a total under reality just because my figures are influenced
heavily by a few large accounts and I don't want to be seen as too busy
to take on a $200k account. 

Jun 16, 2005 6:40 pm

Beagle, if my hunch about most posters on this board is correct, I'd say most producers lie about production and AUM like they lie about their (ahem) shoe size.  There are several good posters who I feel like I can believe after reading their posts, but I seriously question many posts about production and AUM, particularly when you look at industry numbers.  Unless, of course, this board just tends to attract good producers.  I'll be the first to admit that my $375K annual production is not huge by industry standards, but you know what?  I'm happy...that's what's important to me...not making more than I can spend.  I live a simple life, I do not work 60 hours a week nor do I care to.  I have a family that I like to spend time with.  In my medium size community, I am considered successful by most folks and that's good enough for me.


I would also assert that many posters don't even really know what their numbers are.  I can tell you that until I had to put them together for a recent firm request, I myself didn't know what my totals or asset breakdown were, and I couldn't have cared less.  I knew that my paycheck was more than sufficient to live on and I was plenty busy with customers and prospects.  I really don't have time to carefully track my numbers and I'm guessing that many successful investment reps don't bother either.  It's only on these ego boards that people really give a crap about these numbers anyway.  If some of these posters show the same ego that we see on these boards, their production will eventually go to crap.  Customers appreciate confidence, but I don't run into too many that like working with a king-size ego.


Now I'll climb down off my soapbox with this warning to those who feel like they are just a step or two removed from deity...you once were just a peon like the folks you now look down upon, and you are just one bad mistake from returning to the level of big hat, no cattle.


Git along little doggies...

Jun 16, 2005 7:46 pm
Indyone:

 I'll be the first to admit that my $375K annual production is not huge by industry standards,




Could you or someone explain what he means by this?  He brings in $375k in Assests a year?

Jun 16, 2005 8:20 pm

Could you or someone explain what he means by this?  He brings in $375k in Assests a year?


----------------------------------------


Nah, I'm sure he meant revenue. 

Jun 16, 2005 8:58 pm

if your an indy doing 375k at a 90% payout, that is not too shabby happy hunting!

Jun 16, 2005 11:42 pm

Yes...I meant revenue and cracker, I don't take 90% now, but I will soon...when I complete the transition to Indy...

Jun 19, 2005 1:47 am

Logan,


You really should try to read some books about the Investment Profession.  Things like annual production versus AUM are VERY elementary.  Not trying to put you down, just a suggestion.

Jun 19, 2005 5:55 pm

Point well taken as have begun to ramp up with some basic financial books/publications.

Jun 19, 2005 7:00 pm

Question--- wanted to get a idea of how the money is...  say someone is doing 250K in assests a year what is there take home?  Or what would be a best guess take home for that individual?

Jun 19, 2005 7:24 pm

Rule of thumb is AUMx.72=Pretax Net.

Jun 19, 2005 10:11 pm

Thanks Starka...

Jun 20, 2005 12:17 am
Indyone:

Yes...I meant revenue and cracker, I don't take 90% now, but I will soon...when I complete the transition to Indy...


Expect to work very very hard, bro.  Be as organized as you can before you move.  Make sure your personal life is as smooth and simple as possible so you can focus heavily on work for a couple of months......expect to work that 60 hours starting out....or more!


I know....first hand!  But....it's worth it all too!

Jun 20, 2005 12:18 am
Mr Magnificent:

Question--- wanted to get a idea of how the money is...  say someone is doing 250K in assests a year what is there take home?  Or what would be a best guess take home for that individual?


ummm....you need a lot more than that in assets each year bro.....

Jun 20, 2005 12:19 am
Indyone:

Beagle, if my hunch about most posters on this board is correct, I'd say most producers lie about production and AUM like they lie about their (ahem) shoe size.  There are several good posters who I feel like I can believe after reading their posts, but I seriously question many posts about production and AUM, particularly when you look at industry numbers.  Unless, of course, this board just tends to attract good producers.  I'll be the first to admit that my $375K annual production is not huge by industry standards, but you know what?  I'm happy...that's what's important to me...not making more than I can spend.  I live a simple life, I do not work 60 hours a week nor do I care to.  I have a family that I like to spend time with.  In my medium size community, I am considered successful by most folks and that's good enough for me.


I would also assert that many posters don't even really know what their numbers are.  I can tell you that until I had to put them together for a recent firm request, I myself didn't know what my totals or asset breakdown were, and I couldn't have cared less.  I knew that my paycheck was more than sufficient to live on and I was plenty busy with customers and prospects.  I really don't have time to carefully track my numbers and I'm guessing that many successful investment reps don't bother either.  It's only on these ego boards that people really give a crap about these numbers anyway.  If some of these posters show the same ego that we see on these boards, their production will eventually go to crap.  Customers appreciate confidence, but I don't run into too many that like working with a king-size ego.


Now I'll climb down off my soapbox with this warning to those who feel like they are just a step or two removed from deity...you once were just a peon like the folks you now look down upon, and you are just one bad mistake from returning to the level of big hat, no cattle.


Git along little doggies...




Well said....all the way around!

Jun 20, 2005 12:37 am
joedabrkr:
Indyone:

Yes...I meant revenue and cracker, I don't take 90% now, but I will soon...when I complete the transition to Indy...


Expect to work very very hard, bro.  Be as organized as you can before you move.  Make sure your personal life is as smooth and simple as possible so you can focus heavily on work for a couple of months......expect to work that 60 hours starting out....or more!


I know....first hand!  But....it's worth it all too!



Joe, I do expect to paddle pretty hard initially knowing that down the road I'll reap the benefits of doing just that.  I have a shared assistant lined up to help me through the mountains of paperwork.  She's quality...I've worked with her before.


Personal life is busy, but I have a spouse that is behind the change, so I think I'm OK there.  Office space is reserved, supplies are purchased, technology is ready to order once I verify compatibility with the firm I select.  Still need to get furniture, and still need to select my BD (due diligence trips will be completed in the next three weeks) and firm name (and letterhead and cards), so I'm a long way from done, but I'm getting there.


Thanks for the feedback...