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Jul 9, 2007 6:20 pm

Reflecting back on when you first started in this business, if you had to name one thing, what is the one thing that you did/learned that helped you to become successful?


Is there anything that you wish you would have done a bit differently that would have made a bigger impact on your success?


Thanks.

Jul 9, 2007 6:31 pm

persistence was key. wish I would of kept my work ethic after I had success.

Jul 9, 2007 6:53 pm

I totally agree with persistence.


However, I plan on working at a similar pace in the future as when I started.


I didn't want to burnout or feel that I was slacking off as my business grows hence the steady pace.


I treasure my time away from the office and that applied from day one.


scrim

Jul 9, 2007 9:14 pm

Persistance is a given.  Without it you don't last past year 1.


I learned this lesson early on: at the end of the month, my firm pays me solely on what I have produced.  I must produce in an ethical manner as to stay in good standing with the firm, not to mention the clients.  Trying to analyze the market, be a "portfolio manager", open accounts that will never amount to anything, etc etc...all worthless.  I am simply compensated on what I produce.  THAT is what I focus on, gathering assets and putting them to work.


I've given (previously) a few tidbits for rookies, but I would reco this most of all: build your business by yourself.  Forget a partnership unless you have a (truly) unique/incredible opportunity, and in that case get it all in writing. I had many "senior" advisors try and partenr with me early on as they witnessed results via my work ethic/results.  Suffice to say I've landed on my feet, but my best interest is the last thing that was on their mind.  BTW that's why it feels so satisfying that I have surpassed all of them! 













Jul 9, 2007 11:57 pm

Key to my success:  being a professional student of our industry.  I'm always learning and soaking everything in.


Biggest regret?  As an assistant, I began taking CFP/ChFC courses.  While I'm glad I began the process, I wish I began taking SALES courses early on, not "technical planning" courses so early in my career.  LUTCF or FSS courses would've helped me in a greater amount my first 5 years over the technical complexities of CFP courses.

Jul 10, 2007 12:37 am
Mandoman:

Reflecting back on when you first started in this
business, if you had to name one thing, what is the one thing that you
did/learned that helped you to become successful?


Is there anything that you wish you would have done a bit differently that would have made a bigger impact on your success?


Thanks.





Less sex, more drugs.




Jul 10, 2007 10:30 am

Number of contacts. This goes along with persistance, but continuously making those first and follow-up contacts is what leads to success.



Differently? I should have refrained from being such a big swinging d@*k and just concentrated on making more contacts!

Jul 10, 2007 10:32 am
Oldproducer:

I should have refrained from being such a big swinging d@*k and just concentrated on making more contacts!





I should have added "in my mind" somewhere in that reply.

Jul 10, 2007 3:19 pm
The Judge:

Persistance is a given.  Without it you don't last past year 1.


I learned this lesson early on: at the end of the month, my firm pays me solely on what I have produced.  I must produce in an ethical manner as to stay in good standing with the firm, not to mention the clients.  Trying to analyze the market, be a "portfolio manager", open accounts that will never amount to anything, etc etc...all worthless.  I am simply compensated on what I produce.  THAT is what I focus on, gathering assets and putting them to work.


I've given (previously) a few tidbits for rookies, but I would reco this most of all: build your business by yourself.  Forget a partnership unless you have a (truly) unique/incredible opportunity, and in that case get it all in writing. I had many "senior" advisors try and partenr with me early on as they witnessed results via my work ethic/results.  Suffice to say I've landed on my feet, but my best interest is the last thing that was on their mind.  BTW that's why it feels so satisfying that I have surpassed all of them! 











Judge,


As a newby I can't thank you enough for your posts, each one offers just a bit more than the last and all have been very helpful. I am still a couple of months away from production but I have a much clearer understanding of how I should approach my 500 day war. I think I speak for all the rookies when I say thanks. We appreciate your help very much.

Jul 10, 2007 5:26 pm

Concentrating on closing warm leads FIRST.  Trying to avoid management and meetings as much as possible.


Thanking God for everything I have before I pray everyday.

Jul 11, 2007 3:54 am

persistance, tenacity, determination, etc. without having these in your heart and soul, you'll never make it.

Jul 11, 2007 11:57 am

Fear!


Fear of failure, fear of poverty, fear...


Fear is the greatest motivator of them all... except...


Greed!


Greed is good, greed is great, let us thank it for our food. Amen!


Greed, defininately Greed is the greatest motivator....except for fear of course.


You know what Yogi says... "Great pitching will beat great hitting everytime, and visa versa!"

Jul 12, 2007 4:53 pm

Dial and smile.


This biz is a full on contact sport. The more contacts you make, regardless of how you chose to make them, the more successful you will become.


I started with years of 70 hour weeks. I wasted little if any time. I was on the phone so much that one of my fellow brokers bought me a hat that said "La machine. " I didn't run for mayor of the office. that is, i did little to chat up the other reps or support staff. I found out years later that this put some people off. Some thought I was aloof. This even though I was friendly and polite to all. I answered that charge by stating i was there to make money for my family, not friends with the guy in the next office. So the lesson was and is,  time is money as well as a finite commodity.  Learn to use it to its fullest potential because once it's gone there is no getting it back. How many people have you talked to in the last hour? How much of that will lead to production?

Jul 12, 2007 5:01 pm

Good post, BondGuy


So what makes you avoid the temptation of chatting on these boards during the day, or do you "earn" playtime, or what?

Jul 12, 2007 5:18 pm

The question asks us to relate our experience from when we started in the business. I did that.


Using the work ethic I employed to start as a benchmark, by that standard I am a lazy bum today. Summer is traveling, and play time while putting in low hour weeks at the office. Modern technology makes playtime out of the office more possible. My client's needs are well covered, my branch manager and regional manager love me. Well, they love the production. On a production per hour spent in the office basis I'm much more profitable now than when I started. And that's all that matters.


I did my time in the trenches and the BondGuy contigent isn't shoeless or hungry.


I'd say earn your playtime.

Jul 13, 2007 5:32 pm

Agreed, fear of failure is a motivator, but it's also an inhibitor. Fear of failure also prevents a broker from making that next cold call or approaching an obviously, very well-qualified prospect.


For me, accepting that I'm going to fail has made life a lot easier. I take more chances. Prospects are going to shoot me down; I accept that. I never take a refusal personally.


With this mindset, I'd have no problem approaching Warren Buffett. 


It wasn't like this, in the beginning. I worried a lot, my face aged, lost some of my hair, gained weight, and had a lot of restless nights. It took a while before I accepted the fact that failure is inevitable and will accompany my victories.


One thing I've noticed about all successful people, they have no fear of failure. Now, not all people who have "no fear" succeed. But all those who do succeed, "have no fear".


Just my observations, for what they're worth. 

Jul 13, 2007 6:00 pm

Also, stay away from "partnerships" - every one I've seen so far has failed....



Just do your own thing.

Jul 13, 2007 7:21 pm
madabroker:

Also, stay away from "partnerships" - every one I've seen so far has failed....

Just do your own thing.


Ditto that! I had a bad experience with a partnership and will never do one, again. However, if you must do one, have an attorney draw-up the partnership agreement.

Jul 13, 2007 9:32 pm

Thanks for all of the comments.  Lots of good stuff!


Mandoman

Jul 14, 2007 11:24 am

Spending time ONLY with people who have MONEY and people who VALUE our service.


Qualify people in the first phone call.  Learn how much money they have.  People who have money love to talk about it.