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Sep 14, 2007 4:17 am

hey guys,


I'm taking the series 7 tuesday, getting back into the business. Just trying to make a business plan.



I have excellent phone skills and I can work 12 hour days without cracking a sweat.  I would like to build assets. I don't need to make a ton of money upfront. I still have a decent income comming from mortgages to the point where I can afford not to have to put my clients into positions for my own personal gain.


If you guys were me. Where would you start. I don't mind cold calling.


but I don't feel pitching indiviudal stocks is for me. I have a friend doing ETF's who is building big positions for his clients. I'm thinking of going that route and any info would be helpful.

Sep 14, 2007 1:02 pm

I would figure out how to do some comprehensive financial planning, and charge a separate and flat fee. You'll need some very basic software tools to capture the data, do risk profiling, and maybe a few projections.


Talk about goals, current situation, discretionary income, risk exposure, ownership of assets and estate planning, taxes.


The money will come - whether you use ETFs, no load, wrap, load, C shares - the kind of people you want to work with probably don't care.


Unless you teach them and sell them just on the basis of the product.


It's more fun to work with people who are relationship and big picture oriented, in my opinion.


If you just want to capture assets, go buy a local franchise of The Mutual Fund Store, or start an RIA yourself and work out of your house.  

Sep 15, 2007 10:08 pm

Thanks, I have to pass this test tuesday,

Sep 18, 2007 5:44 pm

Passed Thank Goodness 79% I studied for about a week and a half 8 hours a day....

Sep 18, 2007 5:58 pm
Ferris Bueller:

SO now that the Alt-A and subprime business dried up you're going to give our business a shot?  oh goody.


After the run in the market, no less.

Sep 18, 2007 6:02 pm

Congrats to the passing grade. Now get to work.. j/k


Miss J

Sep 18, 2007 6:02 pm
Bobby Hull:
Ferris Bueller:

SO now that the Alt-A and subprime business dried up you're going to give our business a shot?  oh goody.


After the run in the market, no less.



Might this be the partner of the owner of the competing web site adding his constructive commentary? Oh dear.

Sep 18, 2007 6:07 pm
Ferris Bueller:

Nancy Nancy Nancy.. What WILL we do with you.  You can try to mask who you really are, but we're just going to find out.  Did you get tired of the doc c character?


bambee:


Very smart comment, Ferris, from a very sharp fellow,  and thanks for the visit from Greener Pastures (a directly competing advisor forum that may have commercial intentions for the future, you know, it is all about driving traffic to your web site as far as potential sponsors are concerned. No conflict of interest in your driving people from this site, is there?) Thanks for helping me get to 50 posts.


Nice try, Ferris, but I will agree that it appears that RR Magazine deserves whatever it gets.


There IS really nothing more for me to say about this topic, as the it is now up the marketplace to decide. We certainly know where your bread is buttered.  


I would encourage advisors to consider boycotting this site until the conflict of interest is resolved, but that is just my opinon.


Go ahead and take her over boys, and pollute this forum with your negativity. You're right, it is not up to me to change the world.

Sep 18, 2007 11:01 pm

I was in the business probably before a lot of people on this board. The thing is I was writing mortgages passively. It just got to the point where I couldn't devote individual time to clients and be a mortgage broker at the same time. I still do loans, I didn't jump ship I'll do loans my whole career. I do subprime and Alt A, I don't see anything wrong with them. It was the builders and the 100% stated programs that really put the banks in trouble. Subprime and Alt A have been around forever. So when you take this type of attitude you just make yourself look like a schmuck.

Sep 19, 2007 1:15 am
nymortgagepro:

I was in the business probably before a lot of

people on this board. The thing is I was writing mortgages passively. It

just got to the point where I couldn't devote individual time to clients and

be a mortgage broker at the same time. I still do loans, I didn't jump ship

I'll do loans my whole career. I do subprime and Alt A, I don't see

anything wrong with them. It was the builders and the 100% stated

programs that really put the banks in trouble. Subprime and Alt A have

been around forever. So when you take this type of attitude you just make

yourself look like a schmuck.





Were you really in the mortgage business or are you an actor that plays

one on tv? If you were paying attention during your career you would

realize that the vast majority of the companies that imploded were

middlemen mortgage warehouse credit companies. Most of them did

exclusive no doc alt-a and subprime loans. You don't see anything

wrong with giving a loan to someone that is often 10-20X their

household earnings? The historical average is 3.5X earnings.



Face it, pump and dump chump mortgage brokers got greedy and were

equally as guilty as the appraisal people and the idiot real estate agents

for this entire credit mess. A sprinkle of blame on greedy hedge fund

managers and that about sums up the mortgage bust. I don't know if you

were to blame, but it does seem to be a coincidence that you are crawling

back to this career while most people in the mortgage business are

applying at McDonalds.



And for your snotty comment about being in the business before most

people on this board, I seriously doubt that. If you were a success, you

would never have left. Good luck in your career, congrats on the test.

Sep 19, 2007 1:26 pm

I don't see anything wrong wrong with giving a business owner who has a cash business making 200k a year when his AGI is 30k putting him into a 450k house that he can afford. I don't see anything wrong doing a subprime loan at 90ltv for a nurse who's making 100k a year and who's credit is shot because she co-signed a loan for her kid or a brother who didn't make the payments. The banks put themselves out of business. They reviewed the pumped up appraisals and gave loans on these files. Snotty? I find it insulting that I'm comming into the business  and to this board with a positive attitude. I did decent production when I was in the business but I was a kid and a stock jockey. I didn't fail out of the business, I went into mortgages because I made more money. I've been doing loans since 1999 and  I have the luxury now of making enough from mortgages enough to a point where I don't have to worry about making money from my clients to survive. The subprime and Alt A definately has a place in the economy and will be back around. I do agree it got out of hand and I would get fliers from banks with 100% stated 105% stated and I would ask myself how are these people going to pay these loans? 10 to 20x earnings lol these banks did not care about earnings. These middlemen mortgage companies held a lot of paper, that was the problem. The reason why I blame the banks, I don't think there 100% to blame but they are ones that facilitated this. I'm talking about larger banks and Wall st. because ultimately they were buying this paper. I've been in the business for almost 9 years and it was the last 2 years that got ridiculous. I'm still a licensed mb in NY and a correspondent lender in FL and MD. I'm definately not an actor that plays one on tv.


Sep 19, 2007 1:40 pm

No offense NY Mortgage-  This business isn't known for being kind.. Our peers are aggressive and back stabbing. (a Lot like your old business I would imagine) You will find SOME people helpful but in all they just want you to fail so they can inherit your book of business.. That to them is a "win".


Try and stay positive.. Don't worry about what anyone says to you.. Do what makes you happy.. Oh Yea, Make your wire house LOADS of money. That's your job after all..

Sep 19, 2007 4:31 pm

I understand that this business is not kind, but this is a interenet message board where people come to interact and for help. Some of these guys remind of the  guys who were in the business for 15 years and always a quarter away from getting canned. Those guys were always giving advice telling you what you can't do. They were usually overweight with the coffee stained ties. When I would open accounts they'd say ohh that guys not going to pay, They thought they split the atom when they did 10gross also.  

Sep 19, 2007 5:16 pm

Nice to meet you, NY and congrats on passing the seven. You know that putting people down or making demotivating remarks is not exactly a sign of high self esteem or above average intelligence.


Why don't you just call guys and gals up at work and take them out to lunch to answer their investment questions? Oh yeah, make sure they already have an advisor, just give them a second opinion when they bring their statement.

Sep 19, 2007 6:19 pm
icecream:

Nice to meet you, NY and congrats on passing the seven. You know that putting people down or making demotivating remarks is not exactly a sign of high self esteem or above average intelligence.


Why don't you just call guys and gals up at work and take them out to lunch to answer their investment questions? Oh yeah, make sure they already have an advisor, just give them a second opinion when they bring their statement.




Thanks,

Sep 19, 2007 8:00 pm
icecream:

Why don't you just call guys and gals up at work and take them out to lunch to answer their investment questions? Oh yeah, make sure they already have an advisor, just give them a second opinion when they bring their statement.



I know you're not an advisor making statements like that.  You're saying not only to give away free advice but buy their lunch too?


St. Nick LIVES!!!


Sep 19, 2007 9:15 pm
ExPropTrader:
icecream:

Why don't you just call guys and gals up at work and take them out to lunch to answer their investment questions? Oh yeah, make sure they already have an advisor, just give them a second opinion when they bring their statement.



I know you're not an advisor making statements like that.  You're saying not only to give away free advice but buy their lunch too?


St. Nick LIVES!!!




What is up with the cloak and dagger and Mr. Negativity stuff?


I call up local company employees, like civil engineers, and find out if they have money and are currently using an advisor. If they want to come out to lunch, I'll take a quick look at their statement and spin out a few ideas, and schedule a follow up meeting at the office, and always with the wife or husband. Guess what, I pay for lunch because I'm in control. How do your business prospecting lunches go, Einstein?


What the h*ll makes you so special, "Ex proprietary trader?", that you feel comfortable attacking Icecream? You got a fifty pound swinging sausage, or something?

Sep 19, 2007 11:19 pm

ice cream is right--the "second opinion" gig is NOT about free advice at all--if you're worth your salt you get those assets every time---just need my hands on the statement and a followup appt! so cut the negative crap Exprop

Sep 20, 2007 12:42 am

Sorry just sounded like something Flamingo/Nancy/yada yada  would say, my fault.  The 2nd more detailed suggestion was much better than the take them to lunch and give them advice suggestion.


Wasn't trying to be negative but when I see what I perceive (right or wrongly) to be someone giving advice that shouldn't be, I call it.


If you've been around here any length of time you know that people who are not in the business or even researching the biz destroyed this forum.

Sep 20, 2007 12:55 am

I'll take that as an apology. Don't f*** with me again, exproprietary, I have put up with my fair share of bs from management, compliance, the markets, fees, tire kickers and d****** brokers who think they are hot ca ca. I got all of my licenses in the previous century. You and that devil character who is pretending he is God need to have a little respect. Tell me your broker dealer doesn't get kickbacks on some of your crappy little managed funds, Mister Non Prop.