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Nov 3, 2009 1:48 pm

This is my first post.

This forum has alot of good info and is very motivational.
 
I was at at bank brokerage for 7 years and decided to go independent. This has been the best decision I have ever made...I'm finally my own boss.
 
Over the last 3 months I have moved over 40 Households and approx $12 Mil AUM all at 1%.
I know that I have a foundation to make but I am not satified. I want to grow to $30 Mil AUM within the next 36 months. I can get some referrals from my customers however I don't want to rely strictly on that. I want to be in control of my future. I have read Dave Mullen's book The Million Dollar Financial Practice many times. I know I don't want to have more than 100-125 Households. I haven't cold called in 10 years and I am not afraid to do it-I use to do it at Smith Barney back in the day.
 
Is my goal of $30 Mil AUM realistic with the next 36 mos being independent?
 
Can I reach this by Cold Calling?
 
Also what are your thoughts on Nick Murray's Cold Calling script found in the Excellent Investment Advisor? Will that approach work.
 
What should I do next to reach my goal?
 
I would appreciate your help.
 
Thanks.
 
Nov 3, 2009 2:22 pm

First off ROOGLE..

 
Second what is Nicky Murray's script?
 
Third I think most cold calling doesn't really matter what you say if you find somebody in the market for your services(obviously there are some things that help, but in general).
 
AGEMAN got $30MM  in 3 years with cold calling and seminars, so it is possible.
 
Also if you have 12 you only need 18 and that is definitely possible, assuming the market doesn't drop tremendously again.
Nov 3, 2009 3:26 pm

Absolutely possible.  18mm in 36 months?  That's 500K/mo.  That's one good sized client per month (likely 2 @ 250K average).  Just break it down.  I like Mullen's book.  It puts you on the right track.  I would not focus on ONE method though.  Cold calling may not get you enough higher balance accounts.  You need to average about 250K per account, so you need referrals.  I would focus on your client referral program (try to get ONE referral from each client - that would knock out half your goal), and you need to start warming up to other professionals (CPAs and attorneys especially).  Maybe do a dinner every other month, do some cold-calling, get some referrals, just generate a lot of activity and you can get there.  Also, institute a minimum (sounds like you have already) of 250K.

Nov 3, 2009 5:30 pm

I always hear that people tend to refer down instead of up....That's why I was thinking of cold calling...

Is cold calling dead....
Nov 3, 2009 5:32 pm

yes... please don't do it.. especially if you are in my area. 

Nov 3, 2009 8:15 pm
on my own:

This is my first post.

This forum has alot of good info and is very motivational.
 
I was at at bank brokerage for 7 years and decided to go independent. This has been the best decision I have ever made...I'm finally my own boss.
 
Over the last 3 months I have moved over 40 Households and approx $12 Mil AUM all at 1%.
I know that I have a foundation to make but I am not satified. I want to grow to $30 Mil AUM within the next 36 months. I can get some referrals from my customers however I don't want to rely strictly on that. I want to be in control of my future. I have read Dave Mullen's book The Million Dollar Financial Practice many times. I know I don't want to have more than 100-125 Households. I haven't cold called in 10 years and I am not afraid to do it-I use to do it at Smith Barney back in the day.
 
Is my goal of $30 Mil AUM realistic with the next 36 mos being independent?
 
Can I reach this by Cold Calling?
 
Also what are your thoughts on Nick Murray's Cold Calling script found in the Excellent Investment Advisor? Will that approach work.
 
What should I do next to reach my goal?
 
I would appreciate your help.
 
Thanks.
 
 
You are my hero. Seriously.
Nov 3, 2009 9:07 pm

Which bank were you at if you don't mind sharing.  What was your AUM at the bank when you left?  Are you done calling on the clients you had at the bank that have not moved over to you yet?  If you left assets behind those will still be easier than cold calling, so I wouldn't give up on them yet.  I agree with what others have said, you have enough to get by now, so start trying to work your network a little, you have been in the business long enough now where you should have people to call outside of your bank clients. 

Nov 3, 2009 9:42 pm

My assets at the bank after the correction where 40 MIL...Mostly L share annuities and c share MF. I still have about 80 clients to call that have over 100k. I have not been busting it out because they have not been called by the new advisor. Also I have been getting additional business from the clients I brought over...Last mo I did 60k Fee Income so I have been busy. I Know I have to start calling the ones that I have not gotten to...It's easier to get reject by someone you don't know vs. a customer you had a relationship with. Also trying to fly under the radar because of my non compete.


I'm just trying to figure out my next move because one day I would have blown though all the old customers and I still want to grow the business. I also plan on waiting for the new advisor to leave...the bank has high FA turnover...then I will go back to the well again and try to get customers that have decided to stay.
Now would probably be a good time to ask for referrals since they did decide to follow me.
I never had to have a network and I read all the posts of advisors making 300 calls a day.
I'm not afraid to work.
The way I view it is I only need $18 mill more AUM for a total of $30 Mil @ 1%= 300k Fee Income. 90% payout minus office expenses...not a bad living to talk to clients you enjoy talking to with no corporate BS. I just want to get there yesterday and will do whatever it take to get there (ethically)...
 
Nov 3, 2009 10:10 pm

What is Nick Murrays script?

Nov 4, 2009 7:37 am

ICE-

 
Would you bang it out or keep flying under the radar to avaid a cease and desist?
Nov 4, 2009 7:41 am

Sports Freak-

 
Nick's script is in the Excellent Investment Advisor...in the beginning of the book
Nov 4, 2009 8:04 am
on my own:

This is my first post.

This forum has alot of good info and is very motivational.



I was at at bank brokerage for 7 years and decided to go independent. This has been the best decision I have ever made...I'm finally my own boss.



Over the last 3 months I have moved over 40 Households and approx $12 Mil AUM all at 1%.

I know that I have a foundation to make but I am not satified. I want to grow to $30 Mil AUM within the next 36 months. I can get some referrals from my customers however I don't want to rely strictly on that. I want to be in control of my future. I have read Dave Mullen's book The Million Dollar Financial Practice many times. I know I don't want to have more than 100-125 Households. I haven't cold called in 10 years and I am not afraid to do it-I use to do it at Smith Barney back in the day.



Is my goal of $30 Mil AUM realistic with the next 36 mos being independent?



Can I reach this by Cold Calling?



Also what are your thoughts on Nick Murray's Cold Calling script found in the Excellent Investment Advisor? Will that approach work.



What should I do next to reach my goal?



I would appreciate your help.



Thanks.





Ice is right. It's likely too late to send out a letter if you haven't done so. As soon as they contact you (email, phone, snail mail), they are off the restricted list. You can call them.



If they have not contacted you, forget it. Wait the length of non-solicit and then call them.



Also, it depends on your contract. Ideally, you should at least be able to call them. Contact them, do not wait for them to contact you. They should almost immediately. "What's going on?". Most are usually very confused.



Implement your plan (that I hope you had when you left) and keep driving on.

Nov 4, 2009 12:18 pm

Dude, have a stack of "from our home to yours" Christmas cards ready to send.  After all, weren't your clients like family?

Nov 5, 2009 12:39 am

Can't speak for legal action, but I would call, call , call those clients.  You may be able to fly under the radar, or at least get who you can before they drop a TRO (restraining order) on you.  Send a PM to Omar, he may give you some good advice.