To the 100 million dollar book brokers

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Aug 1, 2006 4:46 pm

To all of you brokers in the 100 million dollar AUM range, I was wandering if you could break down assets gathered  for the first 5 or so years you entered the business. i would just like to see the pace in which you gathered assets and to see the role that market appreciation played in the book getting to 100. I strive to hit the 100mm aum goal and would like to be able to set personal goals for my first full year, second, third...etc....Thanks in advance for anyone willing to help me out.

Aug 1, 2006 6:29 pm

Nobody gets that big without buying a book along the way.


When brokers in your office leave--ASK for their accounts


When you get a chance to buy a book Do It.


From the start, you better have some very warm leads or you will most likely fail.

Aug 1, 2006 6:53 pm
vbrainy:

Nobody gets that big without buying a book along the way.



When brokers in your office leave--ASK for their accounts



When you get a chance to buy a book Do It.



From the start, you better have some very warm leads or you will most likely fail.





Are you serious? You have much to learn my friend

Aug 1, 2006 7:21 pm

Vbrainy is NOT correct. You can build your own book. Hopefully some of those "Masters" will chime in. Oh wait, those guys don't have time to post on silly forums. They are spending their time more wisely than you or me.   

Aug 1, 2006 8:51 pm

Assets can be misleading.  Focus on building a practice based on fee-based revenue.  100 million means nothing if doesn't produce.  For example, I have a 75 million dollar account that produces $ in revenue (all in 3 stocks). Yes, I've made countless attempts to "diversify" but thus far unsuccessful.  I'll keep trying...


Concentrate on what you want your gross to be, and divide it by the average % you are getting from fee-based accounts.  That should give you a good goal to shoot for.


My opinion- good luck.

Aug 1, 2006 9:24 pm

Vdumba$$

You have no clue. Your action determine how successful you are going to be. You do not have to buy books along the way and you do not necessarily need warm leads when you begin to be successful. You have to work hard and remain active if you want to make it. I enjoy reading your posts because you are so off base.

Aug 2, 2006 1:58 am
vbrainy:

Nobody gets that big without buying a book along the way.


When brokers in your office leave--ASK for their accounts


When you get a chance to buy a book Do It.


From the start, you better have some very warm leads or you will most likely fail.



You're a freaking dumb ass.  Get the hell out of the forum you newbie idiot.

**There, I sound like all the other pricks here, including vbrainy the lamey.

Aug 2, 2006 4:19 am

vbrainy is either out to get a rise
or he is just a flat out failed broker
he sorta reminds me of nasd newbie

Aug 2, 2006 9:21 am
vbrainy:

Nobody gets that big without buying a book along the way.


When brokers in your office leave--ASK for their accounts


When you get a chance to buy a book Do It.


From the start, you better have some very warm leads or you will most likely fail.



That is probably one of the most grossly inaccurate statements I've heard for a while.  Sure, acquiring assets or buying a book CAN help, but most of those I have seen with $100M AUM+ have done it all on their own.  I know a guy who is in his early 30's and is about to surpass that mark because he was so aggressive when he was new in the business. 

Aug 2, 2006 6:58 pm

Good post, BR...I'd like to meet the guy.

Aug 2, 2006 7:29 pm

I know a guy who is 34 has a 170 Million dollar book, started at age 29. It is sick the amount of coin he brings in.

Aug 2, 2006 8:37 pm

I've only know 4 $100 + million book guys in my few years in the biz
that did it on their own. It was 20 plus years in the making for them.
The others I've known did it the old fashioned way;  they
inherited books.

Aug 2, 2006 9:12 pm

At the bank I worked for there were a bunch of reps that had 100 mil +
books that built them via referrals from the branches all on there
own.  They were not the best clients in the world but the books
were big.  I am a bit surprised this seems unusual.  Now in
in the wirehouses or on your own this would be much more difficult, but
in a bank?  This was, of course, in the 1990's when it was much
easier...I guess that is the difference.

Aug 2, 2006 10:50 pm

Rightway, just curious was it a regional or national bank?

Aug 2, 2006 11:03 pm

Rightway,



I bounced around a bit in the beginning of my career and you're right alot of people "managing" big books. I didn't even know how big my book was at one bank, just that I had 8 file cabinets of files in 3 seperate branches I am sure it was 50+ million. Most were small accounts, bonds and fixed annuitties alot of $ in fixed annuitties the people didn't have a relationship with me or the bank. No opportunity, because the people had gotten this is Joe your new broker letter 20 times in the last 2 years.



When I talk about a 100 million dollar book, I mean a single broker with a 100 million dollar relationship with his clients. I don't think it is all that uncommon, I will be there in 4-6 years.

Aug 3, 2006 7:20 am
bankrep1:

Rightway,



I bounced around a bit in the beginning of my career and you're
right alot of people "managing" big books. I didn't even know how big
my book was at one bank, just that I had 8 file cabinets of files in 3
seperate branches I am sure it was 50+ million. Most were small
accounts, bonds and fixed annuitties alot of $ in fixed annuitties the
people didn't have a relationship with me or the bank. No opportunity,
because the people had gotten this is Joe your new broker letter 20
times in the last 2 years.



When I talk about a 100 million dollar book, I mean a single broker
with a 100 million dollar relationship with his clients. I don't think
it is all that uncommon, I will be there in 4-6 years.





Your right.  That is what the books looked like- a pile or 1 off
transactions resting in annuity contracts and shares of mutual
funds.  A short list of people though (myself included) worked
hard at making as many of those people clients and focused not 100% on
branch meetings and new referrals, but cultivating relationships
instead. 



Alll of those larger reps have since left the bank and are now Indy,
Wire, or Regional and all have books well exceeding 100 mil. 



The reality is that we did not really build these books on our
own.  For 3 or 4 years it was like fishing for trout in a bath
tub...we did not have to hunt for new accounts. 

Aug 3, 2006 7:23 am
rightway:



Your right. 



Does that look correct to you?

Aug 3, 2006 8:36 am

old fart,


must you try to correct everybody?  you may wish to look in the mirror first.

Aug 3, 2006 8:43 am

You caught me master.

Aug 3, 2006 1:04 pm
no idea:

I've only know 4 $100 + million book guys in my few years in the biz that did it on their own. It was 20 plus years in the making for them. The others I've known did it the old fashioned way;  they inherited books.


Right on.  Think about it folks.  How many assets do you intend to bring in your first year?  $5m? do the math.  The BIG brokers have all bought some part of their book or inherited it from daddy.  If you still don't believe me, ask the big producers in your office.