Am I just not good at this?
283 RepliesJump to last post
Scrim -
I meant only good.....I like the updates, your enthusiasm is refreshing. And your numbers are pretty damn respectable.
No offense taken at all. I just have never seen TOY STORY.
Maybeeeee, I also have series 4,6,9,10,24,63 and 65 license which I've acquired over the years. Not sure they do me too much good but like my dad says "Applied knowledge is power".
One last off-topic update:
If you are familiar with the NFL SURVIVOR pool concept i'm still alive after 8 weeks. We started with about 1,000 entrants and we are down to 200. Wish me luck!!!!!! This week's pick, though I haven't officially made it yet, appears to be JACKSONVILLE!
Nope,
That would be the CDL license which I just received the Dearborn books for self study.
I'm backing up....BEEP BEEP
Hey Scrim… Do you think spending 15 years in the industry really was a good move? Or do you wish you started this position 10 or 15 years ago? &n bsp; Good job!
I'm not sure what you mean. I've spent my entire career in the financial services industry.
I have no regrets about anything. I tend to not to focus on the past and only look ahead to the wonderful future.
scrim
Good attitude.
What I was trying to get to was the fact that some youngsters are not sure where to start in this industry. The fact that you have paid your dues with a career in the industry before becoming a broker is paying off. You know the culture and how to seal the deal!
So I was hinting do you think one should start out as an analysis in the industry or a PFA/broker at 24...?
Sorry for the confusion.
I would keep it simple.
Find your niche on what you have a passion for and do whatever you can to make that your vocation.
Since I'm still relatively new to this game I'm only making half as much when I left my "salaried" middle mgmt, cushy office job two years ago. Yet, I am atleast twice as happy as my lifestyle is so much more gratifying.
I will most likely reach and surpass my 2003 salary in 2007 at the latest but possibly even in 2006.
By building my practice in the manner of I have chosen I figure I can increast my GDC by atleast 50% a year over the next few years until I hit critical mass. By that time I can prune where necessary and fine tune to keep building my practice albeit at a slower year over year pace.
The "experience" I have has helped but I would think even more critical is that I had the financial resources to operate my day to day existence in a negative cash flow situation. I viewed this almost like a startup operation with much of my overhead being paid by my firm.
One change I would like to see for others who want to build a fee based biz is that my firm should have offered more in the way of a 2 year salary as opposed to 3 months. Firms like mine want the fee based biz but by not providing more of a guarantee many can't survive the first few tough years while building a practice. If I would've known this 2 years ago maybe I would have negotiated something but I had no leverage anyway.
Scrim
Scrim... For sure some stability to let the employee develop is smart in my eyes. It might be the old school mentality of it was hard for me so it should be harder for you. Some brokers give just enough for the person to survive so they have the inner desire to make more money.
The fact that I waited a few years to enter the industry is really a plus for me now. At the time I wanted to rush into industry an accept first offer and its a good thing I did not.
For sure you hit this dead on the head. This is like starting a new business. You need passion, dedication and commitment to build something from nothing. The best part of this industry is the fact that one can really not only make a difference in their own financial future, but the lives of others. I love enlightening people about long term strategies, retirement accounts, funds and everything between. What I dont look forward is to the customers like me who with less then 100k in savings have issues with the $50 dollar yearly charge. :)
[quote=executivejock]
Good attitude.
What I was trying to get to was the fact that some youngsters are not sure where to start in this industry. The fact that you have paid your dues with a career in the industry before becoming a broker is paying off. You know the culture and how to seal the deal!
So I was hinting do you think one should start out as an analysis in the industry or a PFA/broker at 24...?
Sorry for the confusion.
[/quote]
Exec.
You won't learn how to swim by spritzing yourself with water. I am 39, I am in the biz for 3 1/2 years. I almost got in back in 1990 after college. However, the 80's were "over" it was a new world.........There are not many things about my life I would change, that is one of them.
One more piece of relevant info on my later entry into this side of the biz.
About 15 years ago I did take a position as a Financial Advisor with a major wirehouse. I realized very quickly that once I passed my series 7 there was no way I could continue to be employed by this firm. The whole experience soured me on being an advisor at a wirehouse and I vowed never to go thru that again. In the early 90's I don't think there were many bank programs in my area of the country.
For awhile I thought my niche could be as a mutual fund wholesaler but that was not to be and in retrospect I'm glad I didn't go that route either.
Being in my bank program I finally feel "at home" and found something I can see myself doing until I'm ready to hang it up and then play golf and poker everyday! I just need to get past that point where my biz is viable and everyday I get closer to that point.
Scrim
I don't know Scrim.....if I had to do it again, knowing what I know....I would have been a wholesaler for the last 15 years. These guys make north of $250,000 a year, and do very little. I know several of them quite well. Not a job you want to do for the next 20 years. Being a regional manager for the fund Co. would be a good gig. or, when you are done wholesaling, partner with an indy that is leaving, and switch to retail. Wholesalers get the birds eye view of our business, and develop great relationships with advisors......just in case you need a place to land. I don't think now is the time to wholesale. I have seen more turnover in the last 6 months, I don't think fund families are paying what they used to. And I would not want to do that with a wife and family----traveling all the time.
Again, no regrets.
If I had gotten into wholesaling MF's when I had a chance in the mid 90's perhaps I would've enjoyed the work. All I know is that when I have my monthly sales meeting and am forced to listen to the same song and dance pitch everytime I cringe.
For sure experience is awesome... I just know my super diverse life has me in with surfers to CEO's. So at times I think gaining some real world experience in numerous areas can be a great bonus before one enters the industry. Not to mention all the contacts I have met in these numerous ventures!
Being a member of this websight has given me the insight to the culture and personalities. Thanks..
Monthly update:
November was certainly better than October as I keep plugging away in my attempt to gather assets.
Brought in about 500k to our managed asset platform.
Totals are now 91 accounts 6M AUM
Everyone enjoy their holiday season!
Monthly/yearly Update:
December ended pretty strongly:
9 new wrap accounts for approx 800k in assets
Ended '05 with 100 accounts and 6.9M assets.
My goal 12 months ago was to hit 100 accounts by year end '06 so i'm very pleased to have reached that goal much more quickly than expected.
Wishing all a happy new year and a great '06!!!!
On slow days keep reminding ourselves that the baby boomers are just entering retirement years. There will be enough biz to go around if you know how to find it!!!!!
scrim
scrim67, congrats on hitting your new accounts goal for the year! Now, just sit back and relax…let it sink in. That’s it, that’s it, hold it, hold it…OK, now get back to work!
Scrim, not a bad years work at all. Sounds like you dont mind putting a full day, everyday. Congrats!
I also have built mostly a fee-based practice. My results were slow at first, but have picked up a ton since doing seminars to gather assets. I bought a seminar system from Advisor Marketing Systems that’s specifically for fee-based advisors. You should check out their website. It’s either www.advisorsystems.com or www.advisormarketingsystems.com. If those aren’t right I think you can find is by searching for “Advisor Marketing Systems” in google.
First update for '06:
January: 7 new accounts for 500k assets.
totals: 107 accounts 7.5M assets
3/4 of the way to 10M. My goal is to reach that by the spring.
I'm starting to see the light at the end of the tunnel. It hasn't been easy. Hopefully my practice will begin to see positive cash flow by the end of this year.
How long did most of you have your clients before you began to see referrals from them?
Have a great February all.
Take the 'hawks with the points!
scrim