How far will, you travel to open an account?

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Dec 10, 2009 2:41 pm

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I drove just under 100 miles round trip to open a new account that is worth around $1200.00 per year. I will have to make the same drive twice per year.  


I would say that the drive was worth it but just barely.


Dec 10, 2009 2:53 pm

Hahaha...twice per year??  They can't mail you a semi-annual $600 Roth contribution check?

Dec 10, 2009 2:56 pm

I travel 750 miles four times a year.  $10k in fees a year.  But they are friends.

I go to Germany once a year.  $16k in fees.  But they will be retiring and returning to the motherland soon.

Plus, my dad lives there.  So it works out.



Dec 10, 2009 3:09 pm

3rdyrp2:


LOL.
1200 in fees.
Jack black
Dec 10, 2009 5:17 pm

If you are new and your job is on the line it's worth it.

 
Otherwise, you are spending 2 days and a few hundred miles per year for less than $1000 net after taxes (assuming that $1200 is your net commission).  If that $1200 is gross before your firm gets their paws on it, then that might not be worth it.
 
$1000 is about the lowest you should go for that sort of committment.  In fact, $1000/yr. is about the lowest you should go on ANY account unless you are a high-volume broker.
Dec 10, 2009 5:54 pm
B24:

If you are new and your job is on the line it's worth it.

 
Otherwise, you are spending 2 days and a few hundred miles per year for less than $1000 net after taxes (assuming that $1200 is your net commission).  If that $1200 is gross before your firm gets their paws on it, then that might not be worth it.
 
$1000 is about the lowest you should go for that sort of committment.  In fact, $1000/yr. is about the lowest you should go on ANY account unless you are a high-volume broker.
 
Walk me through how a 1.5 - 2 hr round trip takes an entire day to complete. Set your appointments for 9am and you are back in the office by 11am at the latest.
 
Get another client out there Jack .. really make it worth the drive.
Dec 10, 2009 6:05 pm

Probably shouldn't have let it get this way, but I started with a single client 60 miles away. Led to his friend, then her boyfriend. A second client found out I was in that area ... can you handle my mom? She lives 80 miles away. Then another referral, 110 miles away. Now that guy wants me to see his dad. All of them, really good clients.


I'd say about 70% of my book is located at least 20 miles from my office (the same scenario played out 40 miles south). I didn't plan it, but in retrospect if there weren't other, nearby clients I probably would have lost the first seedling in the area right away.
 
Guess I'm just saying be careful how it grows. Now I wish all my clients were closer, but who am I to complain?
Dec 10, 2009 8:19 pm

Um.... I have some clients in TX and i am in Jersey. They come out here from time to time... but between the phone, and an online web conference... you can get most stuff done.

first meetings I would still do in person, but reviews and additional business is fine to do online/phone once rapport is established.

Dec 10, 2009 8:36 pm

I have plenty of clients out of state (mostly that moved after they became clients) that I just deal with on the phone.  Yeah, it's great to say schedule meetings for 9:00am and be back by 11:00, but somehow it never seems to happen that way.  Maybe you get lucky and it's a half day.  Still, that's like 10 hours per year on a small client (plus calls, etc.).  It's just my opinion that you have to be careful about spreading your self thin with small clients.  Get 8-10 of those clients and it's a real pain in the a$$.  If you can convince them to do it by phone, it's no problem.

Dec 10, 2009 10:52 pm

Buy a plane and meet them at the local airport!

Dec 10, 2009 11:40 pm
JackBlack:

I drove just under 100 miles round trip to open a new account that is worth around $1200.00 per year. I will have to make the same drive twice per year.  


I would say that the drive was worth it but just barely.




It's a slam dunk YES.  Well worth it.  Nice work.  Go find another one 50 miles away and find some more to stop on the way.  When we get out 1/2hr or more driving distance from the office we "put together a day" which is kindof what it's called, it just means you hit a bunch on the way out and on the way back.  Spend a whole day out there and have 6 appts.

Dec 10, 2009 11:54 pm

+1 BB.

I just did that yesterday. I am in NJ, but ran to PA yesterday for the whole day in meetings,

It would be a waste of time to go there for one meeting.

Dec 12, 2009 11:24 am

for $29.95 a month I use gatherworks to do web meetings
Yesterday I did my quarterly review on my laptop with a client in Ca and Az and I'm in the Midwest. Both have $2mm + accounts and loved the meetings.  Meet them face to face first and then move to online meetings unless they can come in.

All local meetings should be in the boardroom of their cpa or estate planning atty.

So you get to meet their advisors there and that can lead to more biz...

My 2c Dash

May 26, 2012 3:50 pm

Many buyers think that getting an overseas financial institution consideration is difficult and hard to get. While its actually simpler than you think to find and start a international consideration. There are many lenders that provide their services and cards to those that would like to start a personal or business consideration.