Why not working?

Are you kidding?   You must be joking? I hope you’re joking…

Never had “training program” … the one that only 15% of new FA’s even make it through. 

You make the bank boys look like real brokers.

[quote=bankrep1]Are you kidding?   You must be joking? I hope you're joking...[/quote]

Haha!  But, my partner tonight is Stone Vertical Epic Ale.

Seriously,  1MM under assets?  Pick up the phone and start calling people.  Your success/failure is your own fault.  Decide which side you want to be on.

I'm returning 20% per year on average, some over 100%... my own IRA is up 100% in little over 2 years. 

This might be a case for some more formal training. It seems like you are really aggressive, have you been through a down market?

For example, today I called a working client who has about 850k with me - we made 13% 12 months trailing, with about 40% fixed. I wanted to pull him back five or ten percent into bonds, we ended up going to 55% bonds.

Point is, people who have money want to make it and preserve it, and you need to try to talk to clients and potential clients in a way that makes sense.

Personal contact is good, but the phone is very efficient. Don't spend too much time building portfolios, you are probably not smarter than the average mutual fund manager.

Sinking,

    I don't want to make you feel bad, but I brought in 2 million this week.  You need to start asking for the order.

If you really want to do this as a career, you've got to find an office that will teach you how to survive and eventually thrive.  You have no one to model. 

[quote=planrcoach]

I'm returning 20% per year on average, some over 100%... my own IRA is up 100% in little over 2 years. 

This might be a case for some more formal training. It seems like you are really aggressive, have you been through a down market?

For example, today I called a working client who has about 850k with me - we made 13% 12 months trailing, with about 40% fixed. I wanted to pull him back five or ten percent into bonds, we ended up going to 55% bonds.

Point is, people who have money want to make it and preserve it, and you need to try to talk to clients and potential clients in a way that makes sense.

Personal contact is good, but the phone is very efficient. Don't spend too much time building portfolios, you are probably not smarter than the average mutual fund manager.

[/quote]

Seems to ME that he's lying.

Do you work in some kind of rural or very poor area? I cannot remember the last month where I did not pull in a million dollars.



If someone has 30K I will set up an account for them, but we are going to look at it maybe once a year.

Thanks Planrcoach..

Performance I would not say funchion of aggressiveness.. there was very good reason to be bullish on Energy in 2005 and Silver, solar panel companies in 2006 and now tech, Japan and S. Korea in 2007.  It's more a funchion of discretion of timing and % allocation.  I do have some fixed income as well.

Fire has been lite under me.. thanks.

Meeting with new prospect today.  Taking business from SmithBarney..once again. : )

function

[quote=rankstocks]

Sinking,

    I don't want to make you feel bad, but I brought in 2 million this week.  You need to start asking for the order.

[/quote]

Congrats.  I have been in the biz for 18 months and hit $10 AUM.  This has too be a joke.

Again, major congrats.

Meeting with new prospect today.  Taking business from SmithBarney..once again. : )

Good luck. All kinds of opportunity to build it in your own creative way. Ironically, the money itself is well, just money.

[quote=bankrep1]Do you work in some kind of rural or very poor area? I cannot remember the last month where I did not pull in a million dollars.

If someone has 30K I will set up an account for them, but we are going to look at it maybe once a year.[/quote]

Wow Bank, it's good to be you.  Annually what then 15 -20 million?  Is it really that good at your bank?  Man I think I could swallow some of the drawbacks for asset exposure like that.  Do you think it's the best place for an AVERAGE successful broker to build a big book?  I'm bringing in 5-6 million a year (EDJ) and heading toward going independent. (20M under management).  If you were me would you look at banks? 

Replace AVERAGE with TYPICAL.  I don't want to imply substandard at all just to point out I'm not a super duper asset gatherer.

This has got to be a joke.  35 clients with $1M AUM means an average client size of $28,000.  Given the "impressive" returns cited, the clients probably opened the accounts with maybe $20,000. You cannot live for two years on 1.5 clients/month investing maybe $20,000 total.  No B/D will let you coast this long.

I would think you would have better luck prospecting for big game ($500,000+ clients) than doing what you're doing.  At least, if you landed even three of these accounts in a year, you're doing better than you are now. And those clients could actually give you some decent referrals.  Referrals from clients with $20,000, generally aren't worth too much.

The original post is a sham- this guy is not for real…

Since when is Putsy not for real?

Got the new client.. $40k in retirment accounts and $5k to start individual.. has net worth of $125k.   She's from Morgan Stanley, not Smith Barney.

Very humbling to put myself out here like this and share my lack of assets. (and spell FUNCTION wrong)

It's as though I'm running a race and no one to "keep up with" .. getting the critisism and hearing about the levels of assets you folks are getting at least give me benchmark.

planrcoach, good website! Thanks!

gad12, exactly my point.

[quote=gad12]

If you were me would you look at banks? 

Got the new client.. $40k in retirment accounts and $5k to start individual.. has net worth of $125k.   She's from Morgan Stanley, not Smith Barney.

Very humbling to put myself out here like this and share my lack of assets. 

Nice. Hard to imagine MS rep would have time to give attention to that size account. Hope you are are considering some tax exempt national munis for the cash, and how about considering a bigger house for some potential leveraged equity growth?

Whether appropriate or not, point is, I get the feeling you do quality work and put the client first. In which case, you should be able to do some nice client appreciation social events, (lunches?) - have them bring in friend. Turning one million into ten will just be a matter of "cloning" your best clients, not chasing the numbers.

Let us know about your progress, I find your candor uplifting.

[quote=planrcoach]How about considering a bigger house for some potential leveraged equity growth?
[/quote]

Oh lordy, not the "Residential real estate only goes up, it is the best investment of all time, except when it gets termites or the roof leaks"

You live in a house, it is far too illiquid to be thought of as an investment (especially since it produces no income).

By the time you factor in negative cash flows from maintainance,  taxes and insurance, the IRR on a residential housing "investment" is roughly flat (recent housing bubble excluded).

[QUOTE]In which case, you should be able to do some nice client appreciation social events, (lunches?) - have them bring in friend. Turning one million into ten will just be a matter of "cloning" your best clients, not chasing the numbers.[/quote]

I second that, except that I'm not a huge fan of free food. I'd put more work on netowrking and getting on a public speaking circuit. Take a look over your best clients and try to see what they have in common.

Oh lordy, not the "Residential real estate only goes up, it is the best investment of all time, except when it gets termites or the roof leaks"

You live in a house, it is far too illiquid to be thought of as an investment (especially since it produces no income).

I'm guessing you are pretty young. What is the value of having your teenagers friends congregate at the house instead of out on the streets? How about access to the best schools, being closer in to the city, having a view in a new energy efficient home with a slate roof and brick exterior?  Around these parts, putting money in a great house on a greenway pencils out to about the same as putting money in a retirement plan, if you take eventually take take free gains on the house sale.

We're looking at decades of experience and netting high state income tax, federal tax, and other deductions, including (still) relatively low long term mortgage rates. Liquidity? Real estate equity is pretty powerful collateral. For high income earners, owning a great home and keeping a nice cash reserve in tax exempt munis is powerful. Owning a business is another good way to build wealth.

You've got a lot of good technical knowledge, let's see the practical stuff. Investing in equities and bonds is not one of the main ways to accumulate wealth, in my book. You'll see what I mean over time.

tax free gains.

You can not believe this is a real posting.

I didn't think it was a real posting either -- but sinking had a website on his Profile (it's not there anymore).  I checked it out -- he's definitely legit.  Website had photos, broker/dealer, account access links and info on his book.   

[quote=sinking]

I’ve been an independent money manager for individuals now for over 2 years… I have 35 clients and about $1 million under managment. Clearly I’m doing something way wrong.