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Jul 21, 2009 11:52 am

What is the consensus as far as how much new assets someone can bring in a year(month)?



Is it possible to bring in $520K/month on average?



Not talking about being lazy and occaisionally prospecting, but if someone put in the work(calls,networking,seminars,doorknocking..etc) prospecting.

Jul 21, 2009 12:01 pm

Very doable if you're selling index annuities. 

Jul 21, 2009 12:17 pm

Ah, why the odd lot number?

 
As far as raising 500k a month, kinda mediocre. Ok, let's say average. So, to answer your question; it's very doable.
Jul 21, 2009 12:39 pm

I have always just plugged away. But lately I am trying to plan out my business. And decided if i wanted to really go after it instead of being lazy what would i need to achieve a lifestyle I wanted in 3-5 year..



Do you think it matters where you work?

Jul 21, 2009 12:43 pm
tqspygame:

I have always just plugged away. But lately I am trying to plan out my business. And decided if i wanted to really go after it instead of being lazy what would i need to achieve a lifestyle I wanted in 3-5 year..



Do you think it matters where you work?



What matters is that you have people who want to buy what you sell.

Jul 21, 2009 12:46 pm
Dash:
tqspygame:

I have always just plugged away. But lately I am trying to plan out my business. And decided if i wanted to really go after it instead of being lazy what would i need to achieve a lifestyle I wanted in 3-5 year..

Do you think it matters where you work?



What matters is that you have people who want to buy what you sell.

 
LOL...Alice...that's your best screen name yet!!!! 
Jul 21, 2009 1:11 pm
tqspygame:



Do you think it matters where you work?

 
Only between your ears. Past that all that matters is that you work.
Jul 21, 2009 2:45 pm

I meant wirehouse vs indy vs regional vs EDJ. and maybe I making to big a deal out it, but having never worked at a wire, I wondered if it was harder not being at a wire to pull in these type of assets each month consistently

Jul 21, 2009 6:42 pm
tqspygame:

I meant wirehouse vs indy vs regional vs EDJ. and maybe I making to big a deal out it, but having never worked at a wire, I wondered if it was harder not being at a wire to pull in these type of assets each month consistently

 
I knew what you meant and the answer is still the same. The only obstacle to your success is you. Make excuses and you will fail. Venue doesn't matter. The firm or business type doesn't matter. What matters is you. A top sales person is a top sales person, whether they are selling bibles door to door or advisory services for the most elite wealth managers in the world. Within this business top producers span the spectrum, independents, wirehouse, regional, RIA, big firm, small firm.
 
That said, where do you want to work? Don't answer here, answer to yourself. At what type of firm would you be most happy? How do you envision the future; working at a high touch wealth management firm? Or, being the neighborhood guy in a small town? And on and on the questions go. They are your questions.  Answer those questions and then go for it. There are no rules.
Jul 23, 2009 5:42 pm

$500K is average.. that seems mind boggling to me. I have a hard enough time trying to get $225-250K...doubling that seems insane

Jul 26, 2009 10:59 am
chickenfeed:

$500K is average.. that seems mind boggling to me. I have a hard enough time trying to get $225-250K...doubling that seems insane


You need to talk to people with more money.
Jul 27, 2009 8:14 am

Easier said than done... Any tips?

Jul 27, 2009 8:15 am

As I see it you would have to find 5 new $100K relationships, or a couple decent size account($250K+) each month.

Jul 27, 2009 12:14 pm
chickenfeed:

As I see it you would have to find 5 new $100K relationships, or a couple decent size account($250K+) each month.

 
The simple answer,
 
You need to do one of the following:
 
talk to more people
 
Talk to people with more money
 
Talk to more people with more money.
 
Do any one of those and you will increase asset inflow at a faster rate.
 
It is as easy to ask for 100k as it is for 10k.
 
We can't help poor people.
 
Stop wasting your time.
 
Find big money and close.
Jul 27, 2009 12:20 pm

My fear would be if people didn't qualify(less than lets say $50K) and not finding anyone else the rest of the month... Is this a built in fear like cold calling?



How do you qualify(obviously you are years beyond me) do ask point blank.. this seems easy on a product, but not so much if you are pitching for a portfolio...

"Just to make sure we don't waste each other's time our current firm minimum is $100K, do you qualify for that?".. too bold?

Jul 27, 2009 2:31 pm

Mr. Smith, Our service is geared for investors with at least 100k to invest, i trust that wouldn't be a problem for you?

 
Or - if you like what we offer, i trust that wouldn't be a problem for you?
 
All day long!
 
If they don't respond positively they aren't a prospect. A prospect has to have interest and money. if you want a fall back to a lesser amount then use this technique:
 
You: I trust 100,000 wouldn't be a problem for you?
 
pros: Ah, that's more than i have in mind right now.
 
You: What would be a more comfortable level for you to work with?
 
_______
 
Use your judgement  depending on the answer. If the guy has money or could have money down the road develope him/her as a prospect. look for future money due.
 
Lastly, develope a secondary program for people who aren't right for program A. Like doing Mutual funds or something.   A 25k A share MF sale may not be in the firm's long term plan but it's a $1000 gross that goes a long way toward paying today's bills and does so without a lot of work. C shares will add up to a nice paycheck as the years rack up. And those equity UITs have a way of maturing every one to five years giving you another source of annuitized biz. Still, if 100k is what you are looking for that's what you should stick with.
 
Don't be afraid to ask for the money.
 
 
Jul 28, 2009 5:37 pm

Starting to add business to my cold calling.. Judging by my first calls today getting past the gate keeper is going to be a challenge.. Any advice?

Jul 28, 2009 9:06 pm
chickenfeed:

Starting to add business to my cold calling.. Judging by my first calls today getting past the gate keeper is going to be a challenge.. Any advice?

 
See, there's your problem.  You're the Keymaster.  The Keymaster must enter through the Gatekeeper.
Jul 28, 2009 11:50 pm

Gatekeeper 101

Call after or before hours
Call at lunch
Ask for them by their first name "Hi, is John in?"
Find someone else in the company and ask them to transfer you
Send them something in the mail telling them you'll call .. tell the gatekeeper they are expecting your call
Make nice with the gatekeeper
Call the gatekeeper, use your cell phone and call same line while on with the gatekeeper *67 it and hope dude picks up the phone

Jul 29, 2009 10:51 pm

Is it possible to make a living doing only rollovers and setting up employer sponsored plans?