New Investments or ACATs

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Oct 7, 2008 10:38 pm



I'll be prospecting by Jan. and finished eval/grad by March.

What percentage of assets as ACATs can I expect to see come in compared to cash and other assets?

I'm hoping the reputation of Jones will carry some weight for my prospects and they will see value in Jones business model and advising on investment decisions.

If work to transfer accounts from other brokers who haven't served their clients to their liking, what percentage of my business should and can come from this channel?

Oct 7, 2008 10:42 pm
prometheus.grp:



I'll be prospecting by Jan. and finished eval/grad by March.

What percentage of assets as ACATs can I expect to see come in compared to cash and other assets?

I'm hoping the reputation of Jones will carry some weight for my prospects and they will see value in Jones business model and advising on investment decisions.

If work to transfer accounts from other brokers who haven't served their clients to their liking, what percentage of my business should and can come from this channel?

 
You didn't come across the ratio in your EDJ handbook?  It had the formula with the answer round to the tenth decimal place.
Oct 7, 2008 10:44 pm

i'd like to have my hands on the handbook, but its on its way as we type.

Oct 7, 2008 10:45 pm

It all depends on you, where you live, all kinds of variables. If your focus is 401k rollovers from a big local employer, more of it will be new money (from 401K's). If you live in Silicon Valley or New York City, you are probably getting a fair amount of NQ money from other advisors. It's sort of a tough question to answer.

Oct 7, 2008 11:01 pm

lets say its more of a retirement mecca, smaller city with many HNW prospects.
Small sized city about 12k, closest city is only 20 miles away with over 80k people.


Oct 8, 2008 7:59 am

I would guess you would want to find newly arrived retirees whose brokers are a thousand miles away.  Or newly arrived retirees who are still trying to manage their own 401ks. Or newly arrived retirees with inheritances.
After you introduce yourself to EVERYBODY in town, you'll figure it out.


Oct 8, 2008 9:45 am
snaggletooth:
prometheus.grp:

I'll be prospecting by Jan. and finished eval/grad by March.

What percentage of assets as ACATs can I expect to see come in compared to cash and other assets?

I'm hoping the reputation of Jones will carry some weight for my prospects and they will see value in Jones business model and advising on investment decisions.

If work to transfer accounts from other brokers who haven't served their clients to their liking, what percentage of my business should and can come from this channel?

You didn't come across the ratio in your EDJ handbook?  It had the formula with the answer round to the tenth decimal place.


prometheus, snags was pulling your chain, and it's hard to blame him.  Your
intentions are no doubt good, but your question isn't.  It doesn't
really make sense, is impossible to answer, and in any event any attempted
answer it is largely irrelevant. 

The issue is finding and landing clients with investable assets.  Whether their assets come under your control via ACAT or other is pretty meaningless.  What's important is getting them.  Keep your eye on the ball.

As for the perceived value of EJ's business model, don't expect many clients to undertsand or care about that.  They really just want to know if they think you can help them. 

Oct 8, 2008 9:56 am

Selling Skills 101.....Know your client/customers. The reality is the question they will ask you ( directly or indirectly ) - " What's in it for me?". Not you , but for them. As to the EJ Business Model , they frankly could care less about your company's business model. Do you really care about Wal-Mart's business model? I suspect not , you shop at Wal-Mart for pricing etc.

Oct 8, 2008 9:39 pm

42% will be ACATS, 58% in CASH

Oct 8, 2008 10:35 pm
iceco1d:

Noggin,

 
How many total accounts will there be? (waiting for it...)




61.3

Oct 8, 2008 10:39 pm

Nice, sounds good.. so does noggin waisting his time on here while he could be serving his clients.

Oct 8, 2008 10:41 pm

Everyone is exactly right except Iceco1d is off a bit.  I could care less what firm or Independent you are with stick a fork in you if Plan B is already in the works.  You are done.  This is the hardest damn thing you will ever do at the hardest damn time you will ever do it.  Plan B does not exist if Plan A fails.  If you think clients are sitting around the kitchen table wondering when "you will see the light, find a better deal, and drag them away" you are nuts.  They may follow you but they want stability.  This forum regularly posts "95% attrition by year 5".  Stick your fingers in your ears.  Get to work.  If you survive, and I hope you do, you can worry about Plan B later and go there to make your 2nd $million.

Oct 8, 2008 10:49 pm
ytrewq:

Everyone is exactly right except Iceco1d is off a bit.  I could care less what firm or Independent you are with stick a fork in you if Plan B is already in the works.  You are done.  This is the hardest damn thing you will ever do at the hardest damn time you will ever do it.  Plan B does not exist if Plan A fails.  If you think clients are sitting around the kitchen table wondering when "you will see the light, find a better deal, and drag them away" you are nuts.  They may follow you but they want stability.  This forum regularly posts "95% attrition by year 5".  Stick your fingers in your ears.  Get to work.  If you survive, and I hope you do, you can worry about Plan B later and go there to make your 2nd $million.


Backwards qwerty,

Are you responding to another post/thread?  Who said anything about plan B or the rest of your points?  The question had to do with ACAT'ing assets IN, not transferring clients/assets OUT. 

Oct 8, 2008 10:53 pm

First of all just my opinion.  I've got lots of them any many are way wrong.  Second, no attack at all.  I see your point completely.  I am just saying that for his sake (he is not at the point in business that you are) he better worry about Plan A first.  He should be worrying about things like 1:  Should I accept just any ACAT  2:  Should I require cashier checks from people or will I accept personal checks too?  3:  Should I set a minimum account size?  4:  Will I accept walk in appointments?  5:  How many referrals will I allow a client to give before I say "enough is enough"?

Don't take me serious.  I am losing my mind.

Oct 8, 2008 11:11 pm
ytrewq:

First of all just my opinion.  I've got lots of them any many are way wrong.  Second, no attack at all.  I see your point completely.  I am just saying that for his sake (he is not at the point in business that you are) he better worry about Plan A first.  He should be worrying about things like 1:  Should I accept just any ACAT  2:  Should I require cashier checks from people or will I accept personal checks too?  3:  Should I set a minimum account size?  4:  Will I accept walk in appointments?  5:  How many referrals will I allow a client to give before I say "enough is enough"?

Don't take me serious.  I am losing my mind.


My point is I have no idea what you are talking about, or even what you are responding to.  You sound like you have reached a new state of consciousness. 

Other than that I am in complete agreement with you.  Whatever it is you are saying. 

Oct 9, 2008 9:11 pm
prometheus.grp:

Nice, sounds good.. so does noggin waisting his time on here while he could be serving his clients.

I gave you an answer and then you insult me and can't even spell your insult correctly. Just for that, I won't tell you how many accounts you will open.
Oct 10, 2008 12:10 am
iceco1d:
noggin:
prometheus.grp:

Nice, sounds good.. so does noggin waisting his time on here while he could be serving his clients.

I gave you an answer and then you insult me and can't even spell your insult correctly. Just for that, I won't tell you how many accounts you will open.
 
But I asked how many total accounts, not him!?!??! 
You're right. he will open 73 accounts with a total AUM of 746,987.
Oct 10, 2008 12:40 am

Eleventy kabillion dollars under management......

Oct 10, 2008 10:44 am
noggin:

Eleventy kabillion dollars under management......

 
WHO'S BEEN LOOKING AT MY BOOKS AGAIN ???!?!