New Money
What is the consensus as far as how much new assets someone can bring in a year(month)?
Is it possible to bring in $520K/month on average?
Not talking about being lazy and occaisionally prospecting, but if someone put in the work(calls,networking,seminars,doorknocking…etc) prospecting.
Very doable if you’re selling index annuities.
Ah, why the odd lot number?
As far as raising 500k a month, kinda mediocre. Ok, let's say average. So, to answer your question; it's very doable.I have always just plugged away. But lately I am trying to plan out my business. And decided if i wanted to really go after it instead of being lazy what would i need to achieve a lifestyle I wanted in 3-5 year…
Do you think it matters where you work?
[quote=tqspygame]I have always just plugged away. But lately I am trying to plan out my business. And decided if i wanted to really go after it instead of being lazy what would i need to achieve a lifestyle I wanted in 3-5 year…
Do you think it matters where you work?[/quote]
What matters is that you have people who want to buy what you sell.
LOL...Alice...that's your best screen name yet!!!![quote=tqspygame]I have always just plugged away. But lately I am trying to plan out my business. And decided if i wanted to really go after it instead of being lazy what would i need to achieve a lifestyle I wanted in 3-5 year…
Do you think it matters where you work?[/quote]
What matters is that you have people who want to buy what you sell.
Only between your ears. Past that all that matters is that you work.
Do you think it matters where you work?
I meant wirehouse vs indy vs regional vs EDJ. and maybe I making to big a deal out it, but having never worked at a wire, I wondered if it was harder not being at a wire to pull in these type of assets each month consistently
I knew what you meant and the answer is still the same. The only obstacle to your success is you. Make excuses and you will fail. Venue doesn't matter. The firm or business type doesn't matter. What matters is you. A top sales person is a top sales person, whether they are selling bibles door to door or advisory services for the most elite wealth managers in the world. Within this business top producers span the spectrum, independents, wirehouse, regional, RIA, big firm, small firm. That said, where do you want to work? Don't answer here, answer to yourself. At what type of firm would you be most happy? How do you envision the future; working at a high touch wealth management firm? Or, being the neighborhood guy in a small town? And on and on the questions go. They are your questions. Answer those questions and then go for it. There are no rules.I meant wirehouse vs indy vs regional vs EDJ. and maybe I making to big a deal out it, but having never worked at a wire, I wondered if it was harder not being at a wire to pull in these type of assets each month consistently
$500K is average… that seems mind boggling to me. I have a hard enough time trying to get $225-250K…doubling that seems insane
You need to talk to people with more money.$500K is average… that seems mind boggling to me. I have a hard enough time trying to get $225-250K…doubling that seems insane
Easier said than done… Any tips?
As I see it you would have to find 5 new $100K relationships, or a couple decent size account($250K+) each month.
The simple answer, You need to do one of the following: talk to more people Talk to people with more money Talk to more people with more money. Do any one of those and you will increase asset inflow at a faster rate. It is as easy to ask for 100k as it is for 10k. We can't help poor people. Stop wasting your time. Find big money and close.As I see it you would have to find 5 new $100K relationships, or a couple decent size account($250K+) each month.
My fear would be if people didn’t qualify(less than lets say $50K) and not finding anyone else the rest of the month… Is this a built in fear like cold calling?
How do you qualify(obviously you are years beyond me) do ask point blank… this seems easy on a product, but not so much if you are pitching for a portfolio…
“Just to make sure we don’t waste each other’s time our current firm minimum is $100K, do you qualify for that?”… too bold?
Mr. Smith, Our service is geared for investors with at least 100k to invest, i trust that wouldn’t be a problem for you?
Or - if you like what we offer, i trust that wouldn't be a problem for you? All day long! If they don't respond positively they aren't a prospect. A prospect has to have interest and money. if you want a fall back to a lesser amount then use this technique: You: I trust 100,000 wouldn't be a problem for you? pros: Ah, that's more than i have in mind right now. You: What would be a more comfortable level for you to work with? _______ Use your judgement depending on the answer. If the guy has money or could have money down the road develope him/her as a prospect. look for future money due. Lastly, develope a secondary program for people who aren't right for program A. Like doing Mutual funds or something. A 25k A share MF sale may not be in the firm's long term plan but it's a $1000 gross that goes a long way toward paying today's bills and does so without a lot of work. C shares will add up to a nice paycheck as the years rack up. And those equity UITs have a way of maturing every one to five years giving you another source of annuitized biz. Still, if 100k is what you are looking for that's what you should stick with. Don't be afraid to ask for the money.Starting to add business to my cold calling… Judging by my first calls today getting past the gate keeper is going to be a challenge… Any advice?
See, there's your problem. You're the Keymaster. The Keymaster must enter through the Gatekeeper.Starting to add business to my cold calling… Judging by my first calls today getting past the gate keeper is going to be a challenge… Any advice?
Gatekeeper 101
Call after or before hours
Call at lunch
Ask for them by their first name "Hi, is John in?"
Find someone else in the company and ask them to transfer you
Send them something in the mail telling them you’ll call … tell the gatekeeper they are expecting your call
Make nice with the gatekeeper
Call the gatekeeper, use your cell phone and call same line while on with the gatekeeper *67 it and hope dude picks up the phone
Is it possible to make a living doing only rollovers and setting up employer sponsored plans?
Make your goal $3MM per month - then getting $500k is a walk in the park.
[quote=AdvisorControl.com] Make your goal $3MM per month - then getting $500k is a walk in the park.
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Yeah… easier said then done… I don’t know many people who are getting $36MM/ year in assets
LMAO!Make your goal $3MM per month - then getting $500k is a walk in the park.
Done.Make your goal $3MM per month - then getting $500k is a walk in the park.
Was talking to some fellow advisors today and mentioned my new goal is to bring in around $500K/month in assets… They both laughed at me(though this is coming from some people who rely on their books($8-10million) to generate income(churning is my guess) and clients).
Chicken…
Those guys are out there. They don’t want to put in the work so they tell you that it’s impossible, yet there are plenty of people doing it everyday… Hell the minimums from MSSB is $7MM in assets first year(that is another $100K more than the 500 you are looking to do)…
Put in the work and it will come…but you have to put in the work… it won’t just come…
By the way your fellow advisors will be scrounging shortly. You can only churn $10MM so much. Then comes complaints, compliance and ACATS out…
Ignore people who haven’t done what you are looking to do… Listen to those who have succeeded in doing what you are looking to do.
Advisor control through out $3MM/month, but if you put in the work my guess is it wouldn’t be impossible
I don't know ANYONE bringing in $36MM/year...or $26MM a year for that matter.[/quote] http://www.ifa.com/aboutus/ Now you do. As soon as an advisor is convinced it can't be done - they never will. For full disclosure - I threw $3MM out there as an experiment, which unscientifically tells me what I thought I'd find out. I do know a lot of advisors who do $30MM+ year, though I've only been in the 20-25 range. So to answer the original question honestly; absolutely it can be done and has been done. Squash has been spot on for this post - focus on talking to/studying those who've done it and ingore the rest. I think when Ken Heebner started IFA he had no intentions of only doing 5 mil/year. Since they started in 1999 the markets have broadly sucked. And since they only do index investing, I would guess there is no market growth in their numbers. So $880MM in 10 years is pretty solid. I truly believe that if when you start your objective is a number so large most advisors laugh - then you're on the right track. Everyone that started (the 2000-3 class of MSDW)when I did with a $50k/year income goal in mind is now out of the business. A lot of the dreamers are still dreaming - but they are still in the business and many are doing very, very well. Good luck.[quote=Squash1] [quote=AdvisorControl.com] Make your goal $3MM per month - then getting $500k is a walk in the park.
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Yeah… easier said then done… I don’t know many people who are getting $36MM/ year in assets
Yeah but you guys are peddlers… no real advising…because none of you are competent enough to pass real tests
These guys dump people in product and run to the next, there is no real advising, it’s purely a compensation play… if they didn’t get 6-10% for selling these things they would go back to selling whole life.
I can’t wait til they pass a law that says you have to have the 7 to sell them
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