My KYC Class
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I think “given the world” means a leg up in his definition. Calm down ladies. Also, 2.5mm does alot for a new person in my opinion. It gives them someone to meet with and hopefully get some referrals out of. Starting with zero clients. Zero trails. Zero appointments is tough. Every person in my class that got an office or GK clients are still with the firm. Of course my runway is super short.
Windy, I know you brought most of your AUM in yourself but didn't your branch have 6mm? That's not chump change. More than most guys will do in a year, easy.[quote=voltmoie]How did the rep who left get 28mm if they split a 30mm 6 ways?[/quote]
Easy. They were his clients.
I don't follow the math though. Did they split the 30mm six ways evenly or did he get a bigger piece of the pie? I know get how he took the clients with him .. just not how he landed them.[quote=voltmoie]How did the rep who left get 28mm if they split a 30mm 6 ways?[/quote]
Easy. They were his clients.
Volt it was 6 million before a few left. The office was open a week before I was offered it and a few left because of the “Home Office” guy that called. It ended up about the same as B24 somewhere around 4.5M or so. The only step up I got, was the office and like I said, that was 4 months after PDP. My business was brought in before I got the office. And Volt - $169 in gross trails is not much different than $0.
I don't follow the math though. Did they split the 30mm six ways evenly or did he get a bigger piece of the pie? I know get how he took the clients with him .. just not how he landed them.[/quote][quote=Moraen] [quote=voltmoie]How did the rep who left get 28mm if they split a 30mm 6 ways?[/quote]
Easy. They were his clients.
Volt. I'm sorry I'm not explaining this right. Here you go.
1) Guy with a $30 million office leaves Jones
2) Jones decides they are going to split it up 6 ways.
3) Each person gets $5 million.
4) Guy who originally left, transfers $28 million of it.
5) Leaves $2 million to the six guys who got a share ($2 million total).
I think you're going to hear some negative comments from B24. I'm going to bet he's going to disagree with your astute assessment of his $5 million being "the world". And Wind wasn't actually given "the world" either.
I think your scenario of being given 50 households from a failing broker causing excitement is incorrect also. Out of those 50 households you might find a few diamonds in the rough, but most likely not. Most people that I know who have taken really small books like that did it primarily for the office space. As for being more successful with their orphans, not so much. People don't like change. If their previous broker leaves, the clients have a few choices. One, go find a new firm/advisor to work with. Two, move with the departing FA. Three, stick with the office and the new FA. I'm not so sure we'd have a better success rate if we both gave them a new FA (which they're going to get anyway if they stay with Jones) AND make them move offices and BOAs. In many cases, the BOA relationship is more important than the new FA.[quote=Spaceman Spiff]
I think you’re going to hear some negative comments from B24. I’m going to bet he’s going to disagree with your astute assessment of his $5 million being “the world”. And Wind wasn’t actually given “the world” either.
I think your scenario of being given 50 households from a failing broker causing excitement is incorrect also. Out of those 50 households you might find a few diamonds in the rough, but most likely not. Most people that I know who have taken really small books like that did it primarily for the office space. As for being more successful with their orphans, not so much. People don't like change. If their previous broker leaves, the clients have a few choices. One, go find a new firm/advisor to work with. Two, move with the departing FA. Three, stick with the office and the new FA. I'm not so sure we'd have a better success rate if we both gave them a new FA (which they're going to get anyway if they stay with Jones) AND make them move offices and BOAs. In many cases, the BOA relationship is more important than the new FA. [/quote]This is why it is important to leave early, if you are going to leave.
Someone actually took $28MM of a $30MM branch? That's amazing. That may be the highest percentage I've ever heard.
I started KYC with 12 People.
11 White Men 1Woman/Child/You've Gotta Be Kidding Me, How'd She Get Hired? Woman and 8 Men crashed and burned before PDP. 3 of us are still standing.As to my original KYC group, only 20 of the 60 are currently still around. One guy is now in the corporate office. He was given a small office, but didn’t survive. I know nothing about the rest of my class. I do know that my VV was about to do a Sunset plan with someone and take over a $100MM book. So, he went from a $50MM book to a $100MM book overnight. Not a bad deal.
[quote=Spaceman Spiff]
Someone actually took $28MM of a $30MM branch? That’s amazing. That may be the highest percentage I’ve ever heard.
[/quote]Yeah. It was ridiculous. But this guy had his client’s tight. Zero thought that they wouldn’t go with him.
I thought it was high too, until those guys started complaining that they didn’t have anything left.
Are these people taking over offices normally PASS programers, luck of the draw, or did they bust their balls grinding it out new/new?
It seems like people never get their head up from underwater without some sort of “gift.” I read another thread where someone said morale at Jones must be low due to the way they divvy assets. Seems like PASS people get their choice, then luck/ass kissing takes the rest.
No?
Most PASS people end up with taking over crummy offices - a few million maybe. Yes, there will be those that take over good-sized offices, but the majority of big offices are not taken by PASS people.
The open office/assets thing has been going on for decades, so it's not a new phenomenon. Some of us question the rationale behind giving a brand new FA a $20MM+ office, but in a smaller town that won't support two or three new FAs, it just makes sense. The reality is that there isn't an equitable way to split the assets of an FA who is leaving. If you give it to the vets, one vet will complain that another vet got something he didn't and the RL isn't being fair. If you give it to a new FA, then the vets and the other new FAs with complain that they haven't been given anything and that they have been working as hard as the other guy. If you split to assets between a bunch of people, unless the book is huge, you don't really do much for anyone's business and you end up pissing off some clients in the process. Doesn't this conversation translate to wirehouse offices too? Doesn't the BOM just divvy up the assets of the departing FA as he sees fit? I can't imagine this is a Jones only issue.Are these people taking over offices normally PASS programers, luck of the draw, or did they bust their balls grinding it out new/new?
It seems like people never get their head up from underwater without some sort of “gift.” I read another thread where someone said morale at Jones must be low due to the way they divvy assets. Seems like PASS people get their choice, then luck/ass kissing takes the rest.
No?
Only guys that got offices / assets think it sucks to get them. haha this is pure comedy.
[quote=Spaceman Spiff]As to my original KYC group, only 20 of the 60 are currently still around. One guy is now in the corporate office. He was given a small office, but didn’t survive. I know nothing about the rest of my class. I do know that my VV was about to do a Sunset plan with someone and take over a $100MM book. So, he went from a $50MM book to a $100MM book overnight. Not a bad deal. [/quote]
Spiff, can you tell me a bit more about how a Sunset plan works? I’m speaking more logistically. Do they combine offices? What happens to the extra FA if so?
I did't say it sucked. I said it didn't give me the world or make or break me. It just gave me an office.Only guys that got offices / assets think it sucks to get them. haha this is pure comedy.
64 people in KYC earlier this year…by July, half were gone.
The rest are holding strong, except for one or two…
My class
50yr old dude, took over 20mil, still there 25yr old dude, new/new, left for UBS 3 months in and is on fire Me-Handing out suckers 28 yr old dude, got office of 10mil and his dad is a GP with a 250mil office, still there 28 yr old dude, GK 2, dad is home office GP, still there 35 yr old dude, dumbest guy I ever met, took over 15mil office, will be fired for ethics eventually but hasnt been yet 30yr old dude, transfer broker from Schaub, no clue his story but still around 40yr old chick, was spread eagle with a different guy at KYC and PDP, ugly as hell, no clue about her There were 2 PASS guys also that I have no clue about So 5 of 7 are still there almost 4 years later, 3 unknown