3 years out, EDJ, exceeding, $40 mil AUM, help

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Jan 2, 2012 2:19 pm

Long time no post. Last time I was on here, I wasn't sure I'd make it. Then I stayed away for three years and I'm now much further along than I expected.

In summer of 2011 I hit seg 4 after producing consistently for three years. I've now started to decline to low seg three numbers. Haven't gone backwards before and it's not a good feeling.... I'm by no means the FA who puts up big numbers one month then nothing the next. No churning.My book is diversified across different products.  My asset inflow has been consistent. I did take over approximately $10-12 million as a jumpstart but am proud to say I've brought in the rest myself via referrals, and my natural market. I did the doorknocking but that yielded maybe 4 households and .75 million in assets. That was 1 year of dk-ing in a metropolitan area. Horrible ratios for the work I put in. I didn't hit up friends and family although I did take them on when/if they asked me. I've had no solid source of new accounts/assets and I'm starting to think I need SOMETHING to do consistently that will yield new business so I can get to the next level.

What are your thoughts? I've done seminars (mainly client appreciation events) and that has helped with referrals (albeit very inconsistent). The dk-ing yielded virtually nothing compared to time put in. I sit on a few local boards and that has seemed to yield the most, but incosistent results (since I don't go there looking for biz, i wait for it to come to me).

Any thoughts on what I could be doing? I'm considering lists (EDJ actually has a few frecommended cold calling  list companies if their FA's go that route), I'm consdering a new effort on the doorknocking, I'm considering educational workshops (but don't know where the attendees would come from). I'm not complaining because I've had some early success - but looking back - I can't say I had a "recipe" i followed to consistently bring in new business...I feel like it just happened. I'm willing to do the work but am lacking faith in any partciular method.

Lastly, I'm in my late twenties and it may be between my ears only, but I believe my age/appearance has a lot to do with getting prospects to sit down. Once they do (particularly a referral) I have a very high close ratio.

I feel very stuck! what have you done to get to the next level? Especially after youre a few years out and do not have your entire day to prospect?

Thanks for reading and offering your help!

Jan 2, 2012 4:40 pm

Move your book to an advisory based model.  I think you've inflated your numbers so it's hard to give you accurate feedback.  I doubt a guy bringing in 7-9mm a year would be hitting low seg 3 numbers but even if your book is half the size you say it is - wrap it.

Jan 2, 2012 7:33 pm

I have NO reason to inflate my numbers on this board. If you're wondering how i did it, well, think about it...I don't do a ton of C shares or advisory...and I have a great deal of individual stock and bond accounts which, unless I churn, don't pay me nearly as much as a wrap account (which I can't really do at Jones unless I go MAP and even then I have to be cautious of cost basis, cap gains). Those accounts are the right thing for the client but not me. If clients have good portfolios when they transfer in, I'm not going to obliterate it and start over just to earn a few bucks.

If it helps my GPC is approximately 300k. I'm just trying to find a good method to get accounts to get me to 400k.

Thanks for the suggestion to go advisory - I have started down that path - just over 10 million in it already.