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ACAT's getting easier?

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Feb 11, 2009 5:59 am

     I’ve been on an asset gathering spree the last couple months.  800k SSB, 1.2MM ML, 600k ML, 600k MS, and a 400k Woodbury Financial.  Names are getting dragged throught the mud.  Prospects I’ve been dripping on a while are finally moving.  Clients with assets elsewhere are adding from other brokers.  Asking, “How can your advisor manage your money when his/her company can’t even manage there’s?” seems to be working very well.  As long as those press releases keep coming, my job gets easier. 

       Bear markets are where you make your money because you are positioning your business to explode when the bull returns.
Feb 11, 2009 2:37 pm

Are you putting them in Putnam numb nuts?

Feb 11, 2009 3:06 pm

Are you seriously calling a guy who has brought in $3.6 million in the last couple of months “numb nuts”?  How much have you brought into your office in the last two months. 

  Even if he was putting them into Putnam, which I'm feel pretty confident telling you he's not, they're still new assets in his office.  And that's $3.6 million out of some other guy's office.    Rank - kudos to you.  I too have seen movement of some money like that.  Albeit not $3.6 mil.  Maybe a third of that.  But people are willing to talk with us right now if we just call them.  At least they are in my little part of the world. 
Feb 11, 2009 3:44 pm

Congratulations Rank!

<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" /> 

I have always explained to my clients/prospects that greed and fear are two of the most destructive emotions…especially when it comes to their investments.  My clients/prospects are initially reacting to the press releases with fear.  I address this fear by asking my clients/prospects how the latest news really affects their investments at ML.  They quickly come to the realization that the impact is zero and that bomb is defused.  I then take things a step further and caution them to be aware of people trying to sell to them using greed or fear.  From Rank’s initial post it seems like fear has been his biggest closing point.  I wonder how much of the total sales process was driven by fear.

Yes, I expect a backlash of responses from the salespeople who participate in these forums.  That’s fine.  I just hope that I can help a few service people protect their clients from salespeople who use fear to sell as opposed to service or competency.

--WM

Feb 11, 2009 4:22 pm

PUTNAM IS THE BEST! NUMB NUTS

Feb 11, 2009 4:22 pm

Rank…which firm are you at these days?

Feb 11, 2009 4:25 pm

[quote=rankstocks]     I’ve been on an asset gathering spree the last couple months.  800k SSB, 1.2MM ML, 600k ML, 600k MS, and a 400k Woodbury Financial.  Names are getting dragged throught the mud.  Prospects I’ve been dripping on a while are finally moving.  Clients with assets elsewhere are adding from other brokers.  Asking, “How can your advisor manage your money when his/her company can’t even manage there’s?” seems to be working very well.  As long as those press releases keep coming, my job gets easier. 

       Bear markets are where you make your money because you are positioning your business to explode when the bull returns.[/quote]   sounds like a winner at the local junior achievements club..........idiot.
Feb 11, 2009 4:27 pm

hey Rank (stench boy) get a new name…idiot…

Feb 11, 2009 4:34 pm

[/quote]

 sounds like a winner at the local junior achievements club..........idiot. [/quote]   outofjail: wow if $3,600,000.00 is junior achievements please tell us what you have ACATed in the last two months. I think that they should not have given you bail.
Feb 11, 2009 4:46 pm

He can’t.  It would be proven, beyond a reasonable doubt, that in fact, he is the idiot.  Talking in complete sentences and using punctuation correctly seems to be a challenge for this guy.  I would guess that gathering enough assets to be successful at Jones was too.  And that’s pretty sad.

Feb 11, 2009 4:49 pm
Spaceman Spiff:

He can’t.  It would be proven, beyond a reasonable doubt, that in fact, he is the idiot.  Talking in complete sentences and using punctuation correctly seems to be a challenge for this guy.  I would guess that gathering enough assets to be successful at Jones was too.  And that’s pretty sad.

  your to smart for me Mr President........IDIOT........
Feb 11, 2009 5:57 pm

outofjail:

I think you are the idiot. JackBlack
Feb 11, 2009 6:52 pm

awsome Jack#ffBlack.

Feb 11, 2009 7:50 pm

How old are you, like, 12?  Or is it that you're using your phone to type and you've got one hand busy so you don't want to tire that thumb out.  Why don't you free both hands and type something intelligent.  If possible. 

Feb 11, 2009 7:57 pm

Spaceman Spiff:

At least he came up with a new insult. I was beginning to think it was the only one he know.

JackBlack
Feb 12, 2009 1:36 am

Who is this guy? Really funny. We need shmucks like this around here - great comic relief.
I agree. He is really and truly idiot.
Admin - by tomorrow he will be boring. Can we ban him?

Feb 12, 2009 2:16 am

I can’t believe that people would actually be moving their accounts TO Jones in a time like this. But just like this board, there are idiots everywhere.



No offense Jonesers, it’s not you, it’s the company.

Feb 12, 2009 3:00 am

I moved $700K from Edward Jones and $350K from Merrill Lynch in the past 6 weeks.  There’s probably more, but those are the two that come to mind as I write.  Edward Jones was a service issue…as in very little service, and the ML account was from a client/prospect who was tired of funding big bonuses and nice executive office furniture.  The real bonus there is that the client is half-owner in three businesses…one of which was valued last summer at $35 million.  It probably won’t happen in the next year or two, but if I take good care of him, I’m guessing within 10 years, he’ll be my largest client.

  I'm making more hay replacing CDs with fixed annuities...350K in the past two weeks.
Feb 12, 2009 6:36 am

Excellent work Indyone.

   I guess my point to this thread is those that don't hide under their desk, make sure they hold client hands, and prospect aggressively in this type of environment are going to be building the foundation for an explosion of assets when this turns around, no matter when that might be.    I have mentioned before Jones in not even close to a perfect firm, but as of right now Jones is averaging a 6:1 ratio on ACAT's.  There's no question that as a firm we are moving in the right direction....SMA's, a new advisory platform (needs improvement, but not bad), check scanning at the branch rolling out this summer, technology upgrades, access to CMS on PDA's, remote access, planning software (FAST), even networked phone upgrades starting next year (hopefully).  More importantly, I don't have a single client in ARS or CDO's.  My average client took a 20% spill last year, but I have been positioning more aggressively the last several months to capture the upside.   My assets are down around 20 million during this fiasco, but that's a 20% hit to the book and I have been gathering assets at a much faster pace than the rate of loss (lost around 3 million in ACAT's the last year but brought in over 12).
Feb 12, 2009 6:45 am
rankstocks:

…check scanning at the branch rolling out this summer…

  I looked at this one twice because I didn't believe what I was seeing.  LPL indicated that this was in the works over three years ago.  Last time I asked about it, they acted like it was a pipe dream.  If Jones beats LPL on this one...