The 30 day war!

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Aug 4, 2009 8:24 pm

Right -  I'm lying.

Aug 4, 2009 8:29 pm
Baba Booey:
anonymous:

Bababooey, your d*** was bigger than voltmoie's yesterday.   Who gives a sh*t?

 
Voltmoie isn't posting numbers to say how good he's doing.  He's doing it because it is giving him a kick in the butt that he thinks that he needs.


I read this board everyday, not many people post numbers....because nobody cares.  Share good ideas and best practices, but nobody cares if he put $23k to work.

 
You don't care that he put 23K to work, but he does.  He posted numbers because he felt that in some way it would be helpful to himself or others to post them.  You posted numbers simply to be critical of him.
Aug 4, 2009 9:36 pm

If Baba Booey was here every day, she would know that Volt is only talking about successes with his 30 day war...not about actual numbers.

By the way, Volt, do you know it is just 3:30 in the afternoon in Hawaii...maybe someone there could use a good 5% tax free muni!!!

Aug 4, 2009 9:49 pm

Baba Booey is so damn good and so damn smart he shouldve started his own mutual fund.

Aug 4, 2009 9:54 pm

Nope - I gather assets, I don't manage them.  Just don't know why anyone would post they raised $23k.  It's fun getting the Jone's boys fired up.

Aug 4, 2009 9:55 pm
[email protected]:

If Baba Booey was here every day, she would know that Volt is only talking about successes with his 30 day war...not about actual numbers.

By the way, Volt, do you know it is just 3:30 in the afternoon in Hawaii...maybe someone there could use a good 5% tax free muni!!!

This is for Hank/Alice - Didn't you get fired last week?
Aug 4, 2009 10:00 pm

Those were not my numbers, they were Berks, but I would not be ashamed of them.  Activity is activity.  I'll take 23k all day long. 

I'll wait to post my total numbers weekly but enjoy hearing what others are doing.  Except Baba Booey,he's waaaaaaaaaaaaaaaaaaaaaaaaaaaaay out of my league. 

Aug 4, 2009 10:04 pm
[email protected]:

If Baba Booey was here every day, she would know that Volt is only talking about successes with his 30 day war...not about actual numbers.

By the way, Volt, do you know it is just 3:30 in the afternoon in Hawaii...maybe someone there could use a good 5% tax free muni!!!



haha ... I called until about 8pm tonight. It was a hectic day but got a few good referrals, some appointments, a tiny sale ... and one of my clients mothers died. I called him out of the blue just to say hello.  Going to send a card and set up a meeting in a couple of weeks.  Her situation should make long term care ins. an easy sale. 

I do need to up my game on new contacts though, I'm really failing here.

Aug 4, 2009 11:22 pm

Baba Booey is so good that none of his clients mothers die.

Aug 4, 2009 11:44 pm
Baba Booey:

This is for Hank/Alice - Didn't you get fired last week?

 
I doubt it.
 
Piker Patrol:

Go ahead and give them my info, skippy. Lots of people on this forum have my phone number and use it. I can be reached at XXX-XXX-XXXX. That's my private line at my office. 


 
He is not hard to find if you are looking.
Aug 5, 2009 12:24 am

Memo to Baba Booey:  This is the "Rookies and Trainees Board" and this is a thread started by a rookie to talk about rookie successes.

Safe to say you've blown any credibility you may have had, but if you do believe you have any remaining please check out the other 10 boards on this forum which you may believe to be more up to your standards.

They can be found here:  http://forums.registeredrep.com/default.asp?SID=623f3czbac53eefd9c6d98cccd28c7f5

In the meantime we'll still be here laughing at the fool you've made of yourself.

Aug 5, 2009 12:50 am

I've been in production for 15 months.  It's just dumb to talk about bringing in $23k.  Why in the hell would you even open a $7000 account?  Get paid $100 one time, spend your energy talking to people who have more money.

Aug 5, 2009 1:05 am
Baba Booey:

I've been in production for 15 months.  It's just dumb to talk about bringing in $23k.  Why in the hell would you even open a $7000 account?  Get paid $100 one time, spend your energy talking to people who have more money.

 
Here's a true story for you.  Guy walks into the office, says he wants to open an account for $10,000.  Broker of the day was a vet that passed on it, didn't want to deal with it, gave it to a rookie in the back.  The rookie serviced the account for a few months.  The guy later transfered in over $10MM.  He just wanted to see someone care about his account.
Aug 5, 2009 1:35 am

Doesn't take much energy to accept a broker of the day walk in.....this guy is prospecting $7000 accounts.

Aug 5, 2009 9:00 am
Baba Booey:

I've been in production for 15 months.  It's just dumb to talk about bringing in $23k.  Why in the hell would you even open a $7000 account?  Get paid $100 one time, spend your energy talking to people who have more money.



The whole point of it was that these were two accounts opened from prospecting calls and appointments set by dragging in from 8-noon on Saturday Morning.  I would never have found it if I hadn't gone in an extra day last week.  We were just sharing our successes from putting in a half day on Saturday, no one was bragging.

These were just extra accounts I opened by working some extra hours on my own.  The FA I work for wouldn't be hustling to get accounts like this, and it wouldn't be much of a win to find them working on his dime, I found them making calls by myself Saturday and I'll get about $750 extra on my paycheck next month for finding them.  I'd take that for 4hrs of work EVERY Saturday.  It's just a success to share to get other people excited about working a little extra on Saturday.

Aug 5, 2009 9:07 am
snaggletooth:
Baba Booey:

I've been in production for 15 months. It's just dumb to talk about bringing in $23k. Why in the hell would you even open a $7000 account? Get paid $100 one time, spend your energy talking to people who have more money.



Here's a true story for you. Guy walks into the office, says he wants to open an account for $10,000. Broker of the day was a vet that passed on it, didn't want to deal with it, gave it to a rookie in the back. The rookie serviced the account for a few months. The guy later transfered in over $10MM. He just wanted to see someone care about his account.





There are always tales like this one to keep advisors from not taking small accounts.

"He only had $25K in his accounts, but refferred $8MM in additional clients"



I think it is good to set minimums, but a part of me also says if you can get an account and annuitize it(C shares, wrap) and not have to worry about it then great.



However I was talking to a big wirehouse producer who only has 85 clients but $500MM in assets, and says he drops off his lowest generating account everytime he adds a new one. He use to do $100K accts but through the years he is now up to $5MM minimums.

Aug 5, 2009 9:26 am

I think the point is that when you are newer in the business, that is not the time to get picky about account minimums, unless you have a clear path to lots of new high-asset accounts.  Otherwise, you need all those small accounts to  (a) survive, and (b) get the occassional lucky referral or "guy that actually had $10mm".  You have the rest of your career to cull your book.

Aug 5, 2009 9:46 am

Again i disagree(think we have done this before). You spend too much time with the small accounts and that's all your book ever is. Arthur Levitt who ran the SEC for a while, said that anyone under $50k doesn't need an advisor and they should just buy index funds until they reach $100K. And that is true, how much can you really help someone who only has $50K? Slap them in american funds c shares and the client ends up losing 1.65%/ year until they reach $100K.. Or have them buy vanguard and lose %0.35/ year until reach $50K..

Aug 5, 2009 10:01 am

I don't understand the mentality of not dealing with small accounts.  The average person knows 200 people that I don't.  (referrals)  They have kids (529 plans) and spouses (life insurance), they change jobs on average 7 times during their working lives (rollovers)(401k business), and meet new people at those new jobs (more referrals).  There are so many ways beyond the initial transfer of funds into our offices to make money, it just doesn't make sense to turn anyone away. 

 
Personally, I would use an asset allocation fund for that $50K account.  I know I'm not going to be spending any time rebalancing and I can't justify using 10 different funds that I put together and manage.  So, find a fund that does what I would like to do, but won't, and let it go.  Call the folks, ask for referrals, hope you get some extra biz from time to time and move on.  It will realistically cost you about 5 minutes a year.  So, if you do an A share @ 4.5% = $2000 gross (dealer concessions) and service the account for the next 10 years = 50 minutes you made $2000 an hour.  Not a bad gig.  I'll take those accounts ALL DAY LONG.  So, squash, you get those folks, just let me know.  I'm sure you and I can work out a deal. 
 
volt & berk - keep up the good work guys.  In this climate, business is business.  Do it however, whenever, and as big or little as you can. 
Aug 5, 2009 10:07 am

Yes, we have had this discussion before.  Here's my twist on what you're saying....I totally agree that most people with less than 100K should just buy indexes directly.  If they are retired, they should have a focus on fixed income indexes ("huh?"), some large cap, small cap, and international ("uh, OK").  It might also help to use some some niche market investments (real estate, emerging markets, commodities, etc.) ("uh, OK, now you've lost me").  Point is, most people with small sums of money are so unsophisticated at investing that to them, and index is the S&P 500, and that's it.  Msot people have neither the intelligence, experience, or discipline to buy the right indexes and keep them at the right times.  I can almost guarantee you that I can improve someone's return by $1300 per year over what THEY would have done without any help.  So it's great in theory, but doesn't happen.  It's like saying "people should just exercise and eat right".  OK.  Sure.

 
As far as taking up time, I don't think anyone goes in with the attitude of "let's see how many small accounts I can open today".  Starting out, you fish in an area, and you take what you catch.  Unless you are extremely committed to a niche or focus area (and it's working), I don't see how newbies can just turn away business.
 
But I totally agree that at some point you have to start "avoiding" the little fish.