Still slow

Yes,…slow. anything comming in sept is from May and June efforts. last two months - nobody wants to be bothered. Now with Katrina, it’s all anybody wants to talk about.

Where is everybody located?  Is there sometimes a geographical difference?

Here’s an idea, I think it matters who your prospects are. I chase the big local utility companies. There are dozens of guys retiring every month, with usually around 500k to work with (I am tying to grab 10 of these guys per year). On the other hand, The prospects (retirees or priority clients) that I am trying to win over from SB or other competitors - are much more complaicent. Either they are happy with their returns over the last few months, or they are turned off by the market volatility, and don’t want to make a move.

My summer was dead but things turned around about two weeks ago.

No business isn't slow but I do not waste my time while in the office.  You need to get in there and be focused and prospect your ass off if you do not have enough business.  There is no excuse.   I am amazed at the people on here like Meno and Indyone and so many others who make huge posts during market hours that must take up a good portion of their days.  Why would you do such a stupid thing?  They have to be small producers.

By second quarter of next year I hope to have 200 million under management yet I can't imagine wasting my time on here during regular business hours.  So when you ask others on here if they are slow and they respond in the affirmitive know that you are talking to the bottom 20%ers.  The loosers.  The undisciplined ones.  What the hell are you asking them for.  Why dont you go to the biggest producer in your office and ask him that question and see what he says. 

So you are slow?  Ok, go out and meet 10 business owners a day, and then prospect another 30 people over the phone and then call ten clients a day with a good idea or something to at least make yourself seem smart.  If you do that, your business will go up.  If you are especially slow, work Saturdays until you increase gross by 25% trailing 90 days. 

This slow busiess thing is crap.  There are plenty of advisors kicking ass out there and it feels real good.  So go do it and don't come back on here to waste time until you are where you need to be.   Fire up.

Green,

Good post. TYhats the mentality you need to possess to make it and THRIVE in this business... Make it happen boys and girls... Personally I am going to enjoy the weekend and then GET AFTER IT come Monday morning.

Greenhills

You must have one hell of a crystal ball.  It amazes me how you know so much about the people who post on these forums.  Do you have some sort of chart that explains how much one can post and still produce? 

Can you please tell me what my production is going to be the rest of this year?  That would be great to know up front that way I know how much i can afford to post.

Ok enough of my smart_ss comments!  No one knows what kind of a producer you are.  I really could care less.  What most reps are interested in is gathering information.  Ezmoney is in a rut and wanted some fresh ideas.  There is nothing wrong with that.  We all go through these periods.  I imagine that even you (superman) have been through these ruts.  I just don't understand why you would take a shot at meno and indyone.  Why would you do that?  Could it be that they kicked your a_s in another forum? That must be the case!

Go Amway!

Just kidding. Man I cant wait to be in this industry!

It seems every minute one can kick some butt and help others while making a fair commission!

Cheers to your success! Make it happen!

"No business isn't slow but I do not waste my time while in the office.  You need to get in there and be focused and prospect your ass off if you do not have enough business.  There is no excuse.   I am amazed at the people on here like Meno and Indyone and so many others who make huge posts during market hours that must take up a good portion of their days.  Why would you do such a stupid thing?  They have to be small producers."

Not only do you probably have me beat on production, but you clearly win on the asshole scale also.  Not that you deserve any reply, but I am well satisfied with my level of production after about six weeks as an independent.  Who do you work for, Greenhills? I work for myself and my clients.  I also have a good life outside of work.  Yes, occasionally I post from work.  It doesn't take me long (I'm guessing that I can type a little faster than you, being that I do most of my own typing now), and I usually post during lunchbreaks.  The important thing is, I'm well satisfied with the good living I make and I don't feel any need to bust my ass 80 hours a week.  Better yet, I have no one looking over my shoulder requiring me to do so.

I keep busy, occasionally work from home on weekends or later at night, but the important thing is, I'm well satisfied with my life and really don't give a rat's ass what a pompous bastard like you thinks about that.  You don't deserve my attention, but since someone else pointed out to me that you couldn't let go and continually feel the need to assert your supposed superiority, I decided, what the heck, I'll engage the mental midget one more time.

Grow up, you stupid adolescent.  While you're busy with your self-important posts, you could be doing something more to improve your "business", and frankly, I wouldn't miss your "advice".

Some more advice Ezmoney.  The loosers will nearly always make excuses for themselfs like "I am well satisfied with my level of production" and "I also have a good life outside work."  BULL!

The implication being of course that producers who make much much more money than they do dont have a life, are not happy and that they simply do not need to make as much as the producers who are far more successful.  I suppose because they are beings that operate at a higher lever of personal growth.  BULL!

Stay away from this crap also Ez..  The fact is most large producers are happy ass a clam and live wonderfully rich lives with careers they never want to retire from becaue they enjoy it so much.   

Guys like Indyone and Meno are poison to you.  They will bring you down and get you started on setting low goals.  Guys like me and many others far bigger than me kick their ass every day and they hate it because they know they do not have what it takes to rise to their ability.  Waisted ability...it is all around you.

Now I am going to go for a ride in my green hills on a beautiful quarter horse on a beautiful day.       

Ezmoney is in a rut and wanted some fresh ideas.  There is nothing wrong with that.  We all go through these periods.  I imagine that even you (superman) have been through these ruts. 

I too have been in a rut and feeling burned out. In another thread I mentioned that I would just take some time off and do nothing for a week.  It has done my psyche a world of good. Kind of dented the production though. 

I feel energized and am working on several prospecting projects that I will be implementing in the next few days.  A women's investment club and a schedule of seminars and investment classes. Those are always fun and a good way to get in front of qualified and interested prospects.  You look smart and even if you don't get much in the way of revenue from the club, you usually get some of the members other business.  Our local high school has an economics class for the "real world" and I am going to do some presentations to the class on investing, saving, credit and other topics.  These are a kick in the pants, the kids are usually only moderately interested, but there are always a few that get it. You can see their minds click.  Some have even gone home and told their parents "I want to get one of those things that begin with a M ....oh yeah mutual fund."  I've opened accounts for the kids and then the parents.

I've changed newsletter firms and am excited to be sending out new upgraded literature that gives me a good excuse to contact the prospects and re contact the clients. 

Spending "some" time posting on this board is NOT a waste of time.  I don't know about EZ, but being an independent, my contact with other people in my industry is limited to those manditory meetings that we have to go to.  My location is somewhat isolated and rural. There are a few other Indy people that I feel I can call and network with, ask questions, bounce ideas, but they also are working and really don't have time to drop everything for me when I just need to vent.  A forum like this allows us to network, get good ideas and just plain bitch.  It is NOT a waste of time as long as you don't go over the top and neglect your other duties.

"Some more advice Ezmoney.  The loosers will nearly always make excuses for themselfs like "I am well satisfied with my level of production" and "I also have a good life outside work."  BULL!"

It's not bull...I am very satisfied with my life and my income.  By the way, losers is spelled with one "o", and its "themselVES".

"Stay away from this crap also Ez..  The fact is most large producers are happy ass a clam and live wonderfully rich lives with careers they never want to retire from becaue they enjoy it so much."

That's just great.  I happen to be a happy-ass clam too!  Yes, I also intend to work as long as I am able to, being the happy-ass clam that I am!  You, on the other hand, sure seem unhappy about something.

"Guys like Indyone and Meno are poison to you.  They will bring you down and get you started on setting low goals.  Guys like me and many others far bigger than me kick their ass every day and they hate it because they know they do not have what it takes to rise to their ability.  Waisted ability...it is all around you."

I won't speak for Meno, but I believe that I am well capable of giving solid advice to younger advisors, even though I've not been in the business as long as you and I don't produce as much annually as you do.  At least I'm not illiterate (It's "wasted", not "waisted")  Being in a small rural community, I rarely run into wirehouse assholes from the "big city" like you, but for the record, over the last two years, I went head to head with one such guy and was 1-1...he got the $700K account and I got the $1.3 mil account...so much for having my ass kicked.  Who knows...by the time I've been in the business as long as you have, $162 million may seem like small potatos.  After all, I had $50 mil AUM at the six year mark.

Now go ride your pony.  With all that money, you'd at least think you could buy the whole horse.

No gaps here. Went to my former employer in 1999, got my series seven in 1999, left that employer last month to go indy. Six years, one employer...and they sure didn't ask me to leave.

If you're correct about meno, that sounds like a lot of bouncing around...

Greenhills -You sound like a royal AHOLE! I can tell you one thing the biggest producer in my firm won't tell me when I ask him.......So..."has inheriting 300 million in assetts, which accounts for 90% of your book, helped or hindered your production????"

I bet your one of those guys.....you know....got a big book either from a retiring broker, or dad, or used your firms money to "buy" a book. NO ONE with your obvious lack of class builds 200 Mil.

 I love these guys who get handed the biz....then tell everyone else how it's done,..........now that is rich!!!!

Oh yeah.....love the  "market hours" speach. Like anyone buys and sells stock from 9:30 - 4:00 anymore. Should I check in with you from my clients kitchen table at 9:00 PM too??? 

Greenhills is that you?

I think you were Blake in Glenngary Glennross. People who talk like that, work with no integrity.

That watch costs more than you car. I made $970,000 last year. How much you make? You see pal, that's who I am, and you're nothing. Nice guy, I don't give a sh*t. Good father, f**k you. Go home and play with your kids. You wanna work here, close. You think this is abuse? You think this is abuse, you cocksucker? You can't take this, how can you take the abuse you get on a sit?

Are there any more members of the Greenhills fan club?

Liquidasset,

I nominate the "Glenngary Glennross" reference for Post of the Year!  That, my friend, was priceless....I just about laughed my a** off.  My wife's giving me the stink-eye for waking her up.....that post will cost me some flowers tomorrow.

Thanks for the laugh--keep it up!

Moneyadvisor.  Wow you sound like a jealous person.  So apparently all the big producers inherited their books.  What a dope you are.  I started from ground ZERO with my business just like most large producers did. 

Are you one of those loosers that also goes around saying most of the rich in this county didnt get it from hard work?  My gosh, you must be a Democrat.

Nope, it was lots of hard work for quite a few years and it still is.  Why don't you do something intelligent like attack the advice I gave instead of me.  I stand by my first post.  It was great advice to someone who needed help and it was a hell of a lot more productive than your nonsense post.  You see, big producers don't have time for nonsense.  Little producers like you do.

By the way, I had a wonderful ride on Sunday.  

Greenhills,

When did you start in this biz and what's your AUM today?

You know, you have got to have something that is unique in this
business today.  Every survey (including the Reg Rep on this
month) says that prospects and clients DO NOT get excited about mutual
funds and asset allocation.  EZ- you sell a MF Wrap program using
mutual funds and asset alloction.  There is nothing wrong with it,
clients know they need what you have, but they at least want to learn
about more.  This “more” is what takes your busienss to a whole
new level. 



Moneyadvisor criticized stock picking and trading.  Keep that up
Moneyman, do you see what prospects ARE interested in?  Individual
strategies, hedge, and commodities. Your ignorance feeds me. 



IF you are running wrap programs with rebalancing, you are not managing
any money…so you should have plenty of time to get out in the
community and share a story that is different.  Create that story
and strategy, get out of your bank branches, and stop waiting for
business to come to you. 



I speak from expeience, I was at a bank doing around $400K/yr in
production doing funds and annuities.  I gave up all bank
referrals, formed an alliance with a segment of the trust department,
and focused on CRT business.  I went from $400K to well over $1
mil in 18 months, and eventually left the bank, formed a team,
and  more than doubled by best bank year.  This all happened
by stepping out of the box, a box that is always changing.

Greenhills - Idon't believe you.......you obviously "have time" to chime in here.  I don't buy your story.

Rightway - don't believe everything you read.

[quote=Greenhills]

By the way, I had a wonderful ride on Sunday.  

[/quote]

was it good for horsie too?

[quote=moneyadvisor]

Rightway - don't believe everything you read.

Rightway is someone who has it together.  He is hitting the nail RIGHT ON THE HEAD.  Way to go.  Prospects love to hear from people like him and I will bet Rightway that you are raising assets!  As per the recent Registerd Rep magazine, you are talking about things people with MONEY want to hear about.  Then you get these out-of-the-loop people like moneyadvisor who havent a clue! They just critisize and complain.  Get with it M.A. and you to can raise assets.  Learn a skill that addresses the concerns that are out there. 

Hell if I can do it anyone can.  My little nich is managing accounts myself using pretty successful technical analysis.  It really isnt to complicated.  But what do you think happens when I run accross someone with a million dollars who owns mutual funds.  As long as we dont have a tax problem, I pick off those accounts so fast the loosing end has no idea what happened.   Why would they want mutual funds when they could have me running the account.

In the last seven business days, I brought in 1.4 million and it is all from people who want ME at the drivers wheel.  Individual equities, technical analysis, risk avoidance, NO riding market cycles out over here...absolute returns., alternativbe investments when appropriate.

Screw Wall Street...you want to trust them with your money?  I don't.  You actually want to use their research?!  What a joke.   This is the kind of stuff that is important to investors with decent money and it works for me.  You need to be off the grid a bit.  Otherwise you are just one of thousands.  Not me. 

Ez, I have about 180 million a.u.m. and I have been in the biz for 17 years as of next February.   

Man… how will I ever get there in my early forties with only 18 mill AUM? Is this thing possible in these times???

[quote=ezmoney]Man… how will I ever get there in my early forties
with only 18 mill AUM? Is this thing possible in these times???[/quote]



You control more than you think EZ.  I left a bank and took a
batch of assets.  I have grown that 10 fold in half as many
years.  Initially I believed my ignorant former bank management
thinking this could NEVER EVER get done. 



I went to my 4 external referral sources ( 3 attny’s and 1 CPA) I had
developed, and explained I was now looking for particular clients in
excess of $1,000,000 of investable assets.  They did not even miss
a step…all of a sudden these were the accounts I was opening and they
were asking me to “bend” a bit to open a $300k rollover.  It WAS
real, it IS real, and it is there for those who to chose to GO GET
it. 



The marketing in this business is made more complicated than it needs
to be.  Prospects do not want to approached by sales people, which
is what our reputation holds because we approach them with the same,
same, same, same, same, same, same, same thing!  Same as the TV,
same as the magazines, same as the brother who just got in the
business, same as the banker, same as the broker down the street, same
as the state farm insurance agent, same as the accountant, same same
same.  How are you going to win?  Luck of the draw and/or a
personality match.  I don’t like those odds, so I spend a few
hours a week researching compelling subjects and strategies, and take
THOSE to the marketplace.  People want to hear what I have to say,
even though is may just be about a something as simple recent ruling on
a private annuity transaction from a Bar Association websight. 



It does not happen overnight, but fold in “being different” into your
business day (and lord knows this is easy in a bank) and you will begin
to see results.  You could also take some of this slow time and go
get your CFP (sorry for the dig).

Greenhills/Rightway - "My way is best.....you suck,... Hell I crap bigger than you!"

So....that's how you talk to people, I've never tried that.

Greenhills, where can I find your book on investing?

[quote=moneyadvisor]

Greenhills/Rightway - “My way is best…you suck,… Hell I crap bigger than you!”

So....that's how you talk to people, I've never tried that.

Greenhills, where can I find your book on investing?

It looks to me like Greenhill and Rightway have some good things to say here on this thread moneyadvisor.  What's your problem?  Why don't you contribute with some advice of your own?    

Rightway - I agree with your post. Especially the "luck of the draw/personality match comment".( if you talk to enough people, you are going to run into some that just like you) To the client we do all look the same and sound the same, and what we do is so intangible that they can't compare accurately. I think you have to be able to have a conversation about sophisticated investment solutions, to appeal to a certain client, and I think trust has more to do with a prospects decision to join me than what I'm pitching. A lot of prospects I am in front of are skeptical, and can't grasp the most basic concepts. Can I use these strategies after their is trust....yes, do I agree they can be of help..yes, I just don't think conversations about commodities are going to win me business. (Not with the majority of my prospects) Let me clear something up....I admit, as hard as it is to believe being a Merrill guy, I DON'T PROSPECT THE HIGH NET.......oops!....there I said it! OK Greenhills, let's hear what a loser I am, and how that kind of thinking will kill me and my family. I would take an annutized book of 500 clients, with an average account balance of $500,000 any day of the week!

Since the HNW are such a small portion of my market, Most of my prospects ar 1/2 milllion or so. I don't avoid the HNW, I'm just not going to spend a ton of time chasing them like everyone else. In the 1/2 million space, more often than not - I am against insurance guys and smaller planners. I have a couple of 2 million dollar + clients, but they are more the Millionaire next door type. And oh yea, I like mutual funds, and since I have accounts that are up 15-20 %, I think I'm doing ok.

I am not going to pick apart comments, and quotes, and try and battle philosophy -  But then again, I don't respond well to people calling me loser.

You know what, I decided for well founded reasons, that I was going to concentrate on a certain size client, and use fee based accounts to invest in. I don't like using individual equities, for me it's to high maintenance. I'm not going to debate with clients everytime I need to buy or sell, or listen to them bitch about the 3 out of 10 stocks that lose money. 

I may go against the grain at times (i'm not proud of that),and I probably don't have as much experience as you, but I don't think after what the investing public has been through over the last 5 years, they are now looking for a higher risk more sophisticated strategy. Not as much as the Rep article would suggest.  

Rightway -With everything that our firm has put into the "Wealth mangement" process, and servicing clients, and the platform they have spent so much time and money on,........and still Rep. tells us we are missing the boat. I don't think you will ever pick up an article that reads :Yup,...they got it! Investment firms are completely in line with client needs" It will never happen. Clients are rarely happy.

That being said, we all do what works for us. I'm new (3 yrs. in the biz). and yeah.....I find it very hard to get clients.....Greenhills, if I can't bitch here.....where can I bitch. My partner is a 1.5 Gross guy with 200M AuM, and he bitches. I don't think I'm out of line. My prospecting has paid off well lately, so I'm not a complete failure.   

Moneyadvisor

Does your partner realize how much time you waste on here during the day? 

Let me answer that.  No. 

If you really did have a partner with those a.u.m. that is. 

moneyadvisor,

you're vision of 500 accounts w/$500k each annuitized sounds great......but haven't you heard your branch manager tell you that he only thinks each FA can properly service 150-200 accounts max?  if you haven't heard that, i'm sure he has spoken w/your partner about trimming down his book........point is, it is a nice thought and all but i wonder if management would ever let you really get there

just a thought?

[quote=RepResource]

moneyadvisor,

you're vision of 500 accounts w/$500k each annuitized sounds great......but haven't you heard your branch manager tell you that he only thinks each FA can properly service 150-200 accounts max?  if you haven't heard that, i'm sure he has spoken w/your partner about trimming down his book........point is, it is a nice thought and all but i wonder if management would ever let you really get there

just a thought?

That is an idealistic scenario, ripped right from the pages of non producing managers and motivational speakers in our industry. I do not know of an advisor that has that. Maybe veteran guys who are in larger markets, or those that have very few monster relations. That does not apply to the majority of brokers. Stop and think for yourself for 120 seconds........do you really think my manager is going to come to me and say....."Hey buddy quit opening those $500,000 accounts" I don't think so.

unfortunately, that's just a conversation you'll have to have with him

Rep,

I'm not making this stuff up.....I do actually talk to other advisors in my firm and other firms, and know what most guys books look like. What you are talking about is having the "IDEAL" book = 100 relationships averaging 1 million or more. That is not a level that many advisors ever reach, or even care to focus on (not even CLOSE!). Occassionaly, you may find a guy who is of retirement age, who wants to keep his practice, but wants to scale down, or the 1 in a thousand super broker, who is focusing on a niche - and has reached a level that it makes sense for him to limit the number of relationships. Any advisor who is in a building mode (and we ALL are, I have advisors in my firm that make amillion bucks a year, who would screw you out of a $250,000 account), takes every quality piece of business that comes in the door!!!!! I don't care if a guy has 2000 accounts, he is not going to turn away new business,......and he may pare down his book, but only to get rid of the low or zero PC generating accounts.

Let's say you did have 500 clients with average account balances of $500,000. First if you can grab 60 bp on the whole thing, you are doing 1.5 million gross. In my case it would be mostly fee based - fairly low maintenance. As far as being able to service them - 500 clients over 48 weeks in a year. That's 10 meetings per week - what is so hard about that???

And believe me!! Management has more interest in me opening as many accounts as humanly possible, than concentrating on servicing a "manageable" number of clients.

money,

i understand all of this, i've been at merrill, i know what reps books look like...clearly we are talking about an ideal situation

oh,…ok,…talk to you later.