you rock scrim!!!

don't you work at a bank?  you should have positive cash flow already.....are they making you cover some of your expenses out of your own pocket?

Thanks Joe,

Just for clarification,  cash flow I was directly referring to meeting my own personal expenses.

I've been operating at a negative cash flow since I left my "safe" salaried job two years ago.

We were living at our means when I was salaried but I decided not to dramatically alter our lifestyles when I decided to get into this side of the biz.

scrim

February pretty much flew by:

115 accounts for app. 7.8M at this juncture.

I keep plugging along opening accounts.   

Trying to keep focused.

As I hold account reviews with my clients I am getting some additions which is interesting.

Good luck in March to all!

scrim

oh btw:

If you took the 'hawks with the points:

YOU LOST!!!!

anyone remember Warner Wolf on WCBS-TV and WABC-TV from the 70's to the 90's?   That's what he would've said!

scrim

127 accts  8.6M

March was a pretty good month.     First time where I have seen a decent amount of trails hitting my grid.  My trails will really be increasing substantially the rest of the year and maybe this business will start paying dividends,  pun intended!

Good luck in April to all!

scrim

Congrats, scrim!

Enjoy the moment...that's it, that's it.............Now, get back to work!

132  8.9M

good luck in May!

[quote=scrim67]

132  8.9M

good luck in May!

[/quote]

Scrim, this thread should be required reading for every rookie. You are holding a master class on how to build a long term business. Good luck in May!

scrim how much are you making anually yourself? how old are you? etc…

Obviously I will not get too specific to remain anonymous but I am a few years shy of the big 4-0.

Our payout is pretty standard in the industry.

I am in this business for the money but that ranks a few rungs down the ladder of why I enjoy this business.

I'm a firm believer if you like what you do for a living rewards will follow.   Some just need to wait a bit longer than others.

scrim

are you in the waiting for the money but still enjoying life period?

I guess you could look at it from that perspective.

I have to say, scrim, that you have the right attitude about things.  You are a sponge and soak up everything useful, I would imagine.  Keep doing that - whether it’s from someone 1 year in or 25 years in the biz, there are things you can learn from all people and manipulate them into your approach.  Best wishes.

143  9.5M  as May was a pretty decent month for me gathering assets, forging relationships.

This has been the worst performance month since I began my practice.

When my clients get their statements next week any words on how to handle the phone calls I'm anticipating receiving from clients.

Most of my accounts are conservative in nature meaning most (50-60%) of their assets are in fixed income.   Nevertheless, some accounts are down between 1-2% this month.

Thanks in advance for any feedback and good luck in June.

scrim

[quote=scrim67]

143  9.5M  as May was a pretty decent month for me gathering assets, forging relationships.

This has been the worst performance month since I began my practice.

When my clients get their statements next week any words on how to handle the phone calls I'm anticipating receiving from clients.

Most of my accounts are conservative in nature meaning most (50-60%) of their assets are in fixed income.   Nevertheless, some accounts are down between 1-2% this month.

Thanks in advance for any feedback and good luck in June.

scrim

[/quote]

The fixed income portion of your client's portfolio is the problem. I too have a lot of fixed income type of clients.  You need to explain to them the inverse relationship between their fixed income rates and the effect that the rise in the Fed Funds rate has on their portfolios.  I am recommending bond swaps to those clients who are in longer term bonds that are unlikely to ever be called in this interest rate environment. Some of my clients can use a capital loss to offset income or cap gains.  I am suggesting alternative income investments such as the floating rate funds and really attempting to get at least a small portion of their portfolios into balanced funds or a conservative growth position to attempt to recover some of the losses. 

Instead of dealing with the downside of the statement, you need to show the clients that you have an overall strategy.  I would be proactive and contact your clients before they get their statements to stew about and get them into your office to do a face to face explanation of economics 101.

I'm viewing it a bit differently.    My clients who have less exposure to bonds actually lost more this month.

It's those with higher bond allocations and cash who were hurt the least.

scrim

I agree with BL… you need to be proactive instead of reactive… I am calling my largest clients tomorrow to prepare them for their May statements… They will appreciate the heads up, and it gives you another chance to reinforce your long-term strategy with them… I did this with a client about 2 months ago and they decided to move in another 200K from another firm…

Dittos on being proactive.

Most people see the market is getting hammered on the news.   Just let them know everything is going to be alright.

Just saw on CNBC (financial porn) that May was the worst performing month for the S&P in two years!!  Use that as ammo