2010 Growth Thread

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Jan 4, 2010 3:29 pm

If you are established and plan to grow your AUM in 2010, please share. It might be fun to track some specific goals and share strategies over the next twelve months.


Twenty-ten should be a good year, I can feel it. Good or bad, it's time to bring in some new clients.
 
 
My plan:
 
Goal: 16 new clients in 2010, 4.8m net new money.
 
Focus: Existing client service. Wrap with ETFs, increase insurance sales.
 
Marketing: Referrals (lunches) and golf.
 
Budget: $6,000 (plus club dues).
 
Resources: contact manager, FPA CE, private and public courses, insurance wholesalers.
 
Personal goals: lose 15 lbs., 1.25 lbs. per month in 2010. Reduce GHIN handicap by 3 points. Local trips on Saturdays with the family, a nice family vacation at the end of summer.
 
Increase bottom line payout from 50% to 60%. (GDC/all costs.)
 
 
 
Jan 4, 2010 3:36 pm

Just for fun, does anyone know the make or break first year AUM number for Merrill these days?

Jan 4, 2010 3:38 pm

Much of the same....

 
Goal: 24 new clients, 7.2m net new money
Focus: Also increasing insurance, ETF wrap,
Marketing: Seminars, Client Appreciation Dinner, Creating a new relationship with CPA firm that just moved in next to me, and of course dialing... Getting firm website launched
Budget: $15,000
 
 
Jan 4, 2010 3:52 pm

Nice, Chief. We have our work cut out for us. This will be a fun year, maybe we can hold each other accountable to exceeding our goals.

 
The insurance is going to be a challenge for me, I'll work on a concrete goal.
 
Perm
 
Term
 
LTC
 
DI
Jan 4, 2010 4:17 pm

Chief, you forgot hiring the local bank rep to wash your windows after hours for extra cash!

Jan 4, 2010 4:22 pm

Has anyone ever hired an insurance guy to focus on insurance? He'd have to get his seven. I know, already avoiding doing the work myself.

Jan 4, 2010 5:04 pm

What are you guys spending your budgeted money on?  I would guess, chief, that website hosting is expensive, but $15K?  Is that normal? 

Jan 4, 2010 5:21 pm
Spaceman Spiff:

What are you guys spending your budgeted money on?  I would guess, chief, that website hosting is expensive, but $15K?  Is that normal? 

 
You should try to grow as a person before you try to grow your business.
Jan 4, 2010 5:23 pm

Really nice lunches, and greens fees. I must spend $500 per month. Already behind.


Thinking out loud: $24,000 net per year/$6,000 year one.
 
 
Jan 4, 2010 5:34 pm
Spaceman Spiff:

What are you guys spending your budgeted money on?  I would guess, chief, that website hosting is expensive, but $15K?  Is that normal? 


 
 
Actually the website isn't the expensive part(get a discount, won't cost more than $500)... The rest is for seminars and dinners.
Jan 4, 2010 9:17 pm

Seminars, dinners, mailings.  All expensive.

 
24, $300K average, $7.2mm
 
Interesting, same as Chief.
Jan 4, 2010 9:29 pm

I try to make 200+ calls per day also...because I honestly have tons of time in the day.. I tracked it the last week before christmas... Lots of wasted time.

Jan 4, 2010 9:32 pm
Milyunair:

Has anyone ever hired an insurance guy to focus on insurance? He'd have to get his seven. I know, already avoiding doing the work myself.



If you think the insurance business is a lot of paperwork and trouble you don't want to go down the path of becoming an employer.

Jan 5, 2010 1:21 am

25 calls a day, 10-12 million new assets, 6 of it wrapped up.  12-15 new clients.

Jan 5, 2010 2:32 am
BerkshireBull:
Milyunair:

Has anyone ever hired an insurance guy to focus on insurance? He'd have to get his seven. I know, already avoiding doing the work myself.



If you think the insurance business is a lot of paperwork and trouble you don't want to go down the path of becoming an employer.




 
Good point.  It's risky. Keep it simple, focus on AUM, for me. I tend to go off on tangents.
Jan 5, 2010 2:35 am
rankstocks:

25 calls a day, 10-12 million new assets, 6 of it wrapped up.  12-15 new clients.



 
Twenty five sounds reasonable. Who do you call, business owners or execs?
Jan 5, 2010 9:03 am
rankstocks:

25 calls a day, 10-12 million new assets, 6 of it wrapped up.  12-15 new clients.

 
At 25 calls/day???
Jan 5, 2010 9:30 am

I think Rank is referring to existing clients and existing prospects.  At his current level, I don't think he needs to cold call anymore, just penetrate his client base and work the referrals.  I think he has well over 100mm AUM.  He's only looking for 1 big client a month.  Cold calling is probably not his best avenue.

Jan 5, 2010 9:49 am

$12mm this year, $1mm a month.

I want 4 $200-400k clients a month. I want to pare down my smaller accounts and weed most of them out (unless they have some promise).
 
1 Seminar/month
1-2 hours prospecting every day (mainly cold calling)
Acquire more of my current clients money (I suspect a lot of them I only have half or so).
 
I don't have a marketing budget because I would just spend it "marketing" with my FA buddies at some establishment of ill repute. I will pay for my seminars and mailings, and cold call/walk. Maybe take some clients to lunch/dinner or something. It helps that I'm a terrible golfer and won't embarrass myself that way, so green fees aren't a problem.
Jan 5, 2010 1:37 pm

Cool. Well this will be interesting, a lot of winners here willing to share goals over 20/10. Yeah, I find having informal lunch with clients on a regular basis encourages them to bring friends, just to check out the vibe. Most become clients. I like the idea of the advisor setting a goal for outgoing calls to clients. I guess 100m AUM takes on a life of its own.

 
I tend to get distracted, so trying to think of myself more like a CPA (technician) and professional golf student/lunch diner  this year. Less time devoted to trying to save the world. More time on the phone. You hear that, Milyunair?