How Much Did You Make Your First Year
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Gaddock, that would be pretty damn good trajectory if you pull it off (the 500K). Good luck.
125k production first year from scratch-- haven’t inherited Daddy’s book or picked up on the oldest FA in the office to beg for his book either-- was a 1mm producer within 7 years. What does it take? Work and work smart. A lot of FAs business models are dead-- they just haven’t figured that out yet. That’s the advantage that new brokers have. I built a business capitalizing on the arrogance and errors of others.
[quote=Wachbroke] 125k production first year from scratch-- haven’t inherited Daddy’s book or picked up on the oldest FA in the office to beg for his book either-- was a 1mm producer within 7 years. What does it take? Work and work smart. A lot of FAs business models are dead-- they just haven’t figured that out yet. That’s the advantage that new brokers have. I built a business capitalizing on the arrogance and errors of others.
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Explain…
Seriously? 125K is above average but not by much. I would assume he hasn’t posted a reply because he has been busy prospecting and selling. This is a 50 to 60 hour a week job, probably more in the first year or three. Broken business model could refer to the commodotized trading model. You’d better offer something else or you’re done.
[quote=hoss] I would assume he hasn’t posted a reply because he has been busy prospecting and selling.
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No, he is posting on other threads.
Perhaps he has conveniently forgotten about answering the question?
[quote=Wachbroke] 125k production first year from scratch-- haven’t inherited Daddy’s book or picked up on the oldest FA in the office to beg for his book either-- was a 1mm producer within 7 years. What does it take? Work and work smart. A lot of FAs business models are dead-- they just haven’t figured that out yet. That’s the advantage that new brokers have. I built a business capitalizing on the arrogance and errors of others.
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Yeah $125k wasn’t much but hard to do from scratch in your firs year… but to be a $1MM producer by year 7 takes a little more
Hello all. I'm new to the forums but currently in my second year in the business with one of the large mutual insurance companies masquerading as a financial planning firm. My first year in the business was 2008. I started in late January and made approx. 40K. Being that I am with one of the large mutual insurers, this was done all on life and d.i. insurance commission sales. Frankly, I worked my a$$ off for most of those 11.5 months with the exception of one period where I hit what I deemed a "big case" which amounted to 11K of FYC paid out at one time.
Yep you got it, of not for that one big case, I would have only made about 29K. With the advent of policy lapses, decreasing FYC commissions, increasing expenses, miniscule renewals and a new managing partner, this year is on track to be a bit worse. I'm currently looking at a few other firms in an effort to escape the world of commission based life insurance sales.Congrats on your success and good luck with your goals. Any suggestions on how to come up with names on who to cold call?
[quote=hoss]Seriously? 125K is above average but not by much. I would assume he hasn’t posted a reply because he has been busy prospecting and selling. This is a 50 to 60 hour a week job, probably more in the first year or three. Broken business model could refer to the commodotized trading model. You’d better offer something else or you’re done.
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Thanks, hoss. Been busy doing my job. Haven’t been back here and didn’t know I’d get dumped on just by answering a question. But really, 125K in year one is not THAT amazing- but to duplicate that hard work and those actions to then get to 1mm is a committment that a lot of FAs just won’t make. The haters here are telling me a lot about their own business- and lack thereof- that they don’t believe it can be done. First thought: if you don’t believe it, you’re not working toward it and it will never happen.
Did start from scratch no inherited book or family in the business. 12 years in business now. My goal was to hit 1mm in production in 10 years-- did it just short of 7. In that time worked 60 hour weeks and most weekends. I also watched bad habits, arrogant attitudes and lax work ethic of lots of FAs in my branch. Figured if it was happening in my branch it might be all over the industry which = opportunity. My business is 100% referral now from client base I built through cold calling and seminars. I figured out what I’m good at and what I’m not. Not a good closer on the phone but good at getting face to face apps and can close if I can get them in my office or get through their front door. Not a great stockpicker (use outside money mgrs) but I build good MF ETF and bond portfolios. Never forgot the real work starts after the close. Earned 4 designations in first 10 years including CFP and CIMA. Knowledge alone won’t make a 1mm producer but helps spot opportunity and as new FA helped give me credibility with prospects.
Not afraid to spend on my business Paid to hire better assistants. Fin planning is centerpiece of my practice and I’m 75% fee based but that’s no panacea-- if you’re just dumping people in wrap programs with no value added you’re killing your business. If you’re transactional with no value added you’re killing your business. I’m new to this forum but if a mil producer is so rare that constant posters can’t believe it can happen, then there are a lot of weak puke slackers here.–And you all have a target on your back.
Would be great to hear more from those who also have a goal and are working to build and grow a business— YOU CAN DO IT!
[quote=Moraen]There’s a reason the guys name is WachBROKE.[/quote]
Sorry to disappoint you, Moron, but my posting name refers to my firm that has forgotten how to treat its FAs. Go back to selling your B shares, dogmeat firm-recommended stocks at a 60% discount and 12 year surrender annuities. Pal, your excuses are your own.
Million dollar producer by year 7 is impressive anywhere… Are you on the indy side of wachovia(you mentioned hiring assts)?
So your 125K production in first year was all from cold calling? Did the seminars come later?
[quote=Wachbroke]
[quote=Moraen]There’s a reason the guys name is WachBROKE.[/quote]Sorry to disappoint you, Moron, but my posting name refers to my firm that has forgotten how to treat its FAs. Go back to selling your B shares, dogmeat firm-recommended stocks at a 60% discount and 12 year surrender annuities. Pal, your excuses are your own.[/quote]
Wachbroke - my apologies for doubting you. It was inappropriate for me to comment as I did not knowing you. Happy you reached those goals, and it is very impressive.
However, before you make assumptions about ME, maybe you should do a little research. You were right about one thing - firm recommended stocks - since I OWN my own firm and am not OWNED - I make the recommendations.
I sell absolutely zero insurance and annuities. Zero loaded mutual funds.