To the 100 million dollar book brokers

Nobody gets that big without buying a book along the way.

When brokers in your office leave--ASK for their accounts

When you get a chance to buy a book Do It.

From the start, you better have some very warm leads or you will most likely fail.

[quote=vbrainy]

Nobody gets that big without buying a book along the way.

When brokers in your office leave–ASK for their accounts

When you get a chance to buy a book Do It.

From the start, you better have some very warm leads or you will most likely fail.

Vbrainy is NOT correct. You can build your own book. Hopefully some of those “Masters” will chime in. Oh wait, those guys don’t have time to post on silly forums. They are spending their time more wisely than you or me.   

Assets can be misleading.  Focus on building a practice based on fee-based revenue.  100 million means nothing if doesn't produce.  For example, I have a 75 million dollar account that produces $ in revenue (all in 3 stocks). Yes, I've made countless attempts to "diversify" but thus far unsuccessful.  I'll keep trying...

Concentrate on what you want your gross to be, and divide it by the average % you are getting from fee-based accounts.  That should give you a good goal to shoot for.

My opinion- good luck.

Vdumba$$

You have no clue. Your action determine how successful you are going to be. You do not have to buy books along the way and you do not necessarily need warm leads when you begin to be successful. You have to work hard and remain active if you want to make it. I enjoy reading your posts because you are so off base.

[quote=vbrainy]

Nobody gets that big without buying a book along the way.

When brokers in your office leave--ASK for their accounts

When you get a chance to buy a book Do It.

From the start, you better have some very warm leads or you will most likely fail.

vbrainy is either out to get a rise
or he is just a flat out failed broker
he sorta reminds me of nasd newbie

[quote=vbrainy]

Nobody gets that big without buying a book along the way.

When brokers in your office leave--ASK for their accounts

When you get a chance to buy a book Do It.

From the start, you better have some very warm leads or you will most likely fail.

[/quote]

That is probably one of the most grossly inaccurate statements I've heard for a while.  Sure, acquiring assets or buying a book CAN help, but most of those I have seen with $100M AUM+ have done it all on their own.  I know a guy who is in his early 30's and is about to surpass that mark because he was so aggressive when he was new in the business. 

Good post, BR…I’d like to meet the guy.

I know a guy who is 34 has a 170 Million dollar book, started at age 29. It is sick the amount of coin he brings in.

I’ve only know 4 $100 + million book guys in my few years in the biz
that did it on their own. It was 20 plus years in the making for them.
The others I’ve known did it the old fashioned way;  they
inherited books.<!–
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At the bank I worked for there were a bunch of reps that had 100 mil +
books that built them via referrals from the branches all on there
own.  They were not the best clients in the world but the books
were big.  I am a bit surprised this seems unusual.  Now in
in the wirehouses or on your own this would be much more difficult, but
in a bank?  This was, of course, in the 1990’s when it was much
easier…I guess that is the difference.

Rightway, just curious was it a regional or national bank?<!–
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Rightway,



I bounced around a bit in the beginning of my career and you’re right alot of people “managing” big books. I didn’t even know how big my book was at one bank, just that I had 8 file cabinets of files in 3 seperate branches I am sure it was 50+ million. Most were small accounts, bonds and fixed annuitties alot of $ in fixed annuitties the people didn’t have a relationship with me or the bank. No opportunity, because the people had gotten this is Joe your new broker letter 20 times in the last 2 years.



When I talk about a 100 million dollar book, I mean a single broker with a 100 million dollar relationship with his clients. I don’t think it is all that uncommon, I will be there in 4-6 years.

[quote=bankrep1]Rightway,



I bounced around a bit in the beginning of my career and you’re
right alot of people “managing” big books. I didn’t even know how big
my book was at one bank, just that I had 8 file cabinets of files in 3
seperate branches I am sure it was 50+ million. Most were small
accounts, bonds and fixed annuitties alot of $ in fixed annuitties the
people didn’t have a relationship with me or the bank. No opportunity,
because the people had gotten this is Joe your new broker letter 20
times in the last 2 years.



When I talk about a 100 million dollar book, I mean a single broker
with a 100 million dollar relationship with his clients. I don’t think
it is all that uncommon, I will be there in 4-6 years.[/quote]



Your right.  That is what the books looked like- a pile or 1 off
transactions resting in annuity contracts and shares of mutual
funds.  A short list of people though (myself included) worked
hard at making as many of those people clients and focused not 100% on
branch meetings and new referrals, but cultivating relationships
instead. 



Alll of those larger reps have since left the bank and are now Indy,
Wire, or Regional and all have books well exceeding 100 mil. 



The reality is that we did not really build these books on our
own.  For 3 or 4 years it was like fishing for trout in a bath
tub…we did not have to hunt for new accounts. 

[quote=rightway]

Your right. 

[/quote]

Does that look correct to you?

old fart,

must you try to correct everybody?  you may wish to look in the mirror first.

You caught me master.

[quote=no idea]I've only know 4 $100 + million book guys in my few years in the biz that did it on their own. It was 20 plus years in the making for them. The others I've known did it the old fashioned way;  they inherited books.<!-- var SymRealOnLoad; var SymReal;

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Right on.  Think about it folks.  How many assets do you intend to bring in your first year?  $5m? do the math.  The BIG brokers have all bought some part of their book or inherited it from daddy.  If you still don't believe me, ask the big producers in your office.

V Brainy



There is a nice compounding effect. Th first year I brought in 5 the second year 8 third year 10 etc. Plus everything is growing (hopefully). As you gather more clients, they provide referrals and give you more assets

[quote=rightway] [quote=bankrep1]Rightway,

I bounced around a bit in the beginning of my career and you're right alot of people "managing" big books. I didn't even know how big my book was at one bank, just that I had 8 file cabinets of files in 3 seperate branches I am sure it was 50+ million. Most were small accounts, bonds and fixed annuitties alot of $ in fixed annuitties the people didn't have a relationship with me or the bank. No opportunity, because the people had gotten this is Joe your new broker letter 20 times in the last 2 years.

When I talk about a 100 million dollar book, I mean a single broker with a 100 million dollar relationship with his clients. I don't think it is all that uncommon, I will be there in 4-6 years.[/quote]

Your right.  That is what the books looked like- a pile or 1 off transactions resting in annuity contracts and shares of mutual funds.  A short list of people though (myself included) worked hard at making as many of those people clients and focused not 100% on branch meetings and new referrals, but cultivating relationships instead. 

Alll of those larger reps have since left the bank and are now Indy, Wire, or Regional and all have books well exceeding 100 mil. 

The reality is that we did not really build these books on our own.  For 3 or 4 years it was like fishing for trout in a bath tub...we did not have to hunt for new accounts. 
[/quote]

An honest man.  And nothing to be ashamed about.  You cannot help a client unless they want to work with you.  There is nothing wrong with streamlining your prospecting process and making them clients faster.

[quote=vbrainy]

Nobody gets that big without buying a book along the way.

[/quote]

You obviously won't.  Most $100MM books that I know have been built from scratch.  Yes, even at EDJ.

[quote=exEJIR][quote=vbrainy]

Nobody gets that big without buying a book along the way.

[/quote]

You obviously won't.  Most $100MM books that I know have been built from scratch.  Yes, even at EDJ.

[/quote]

What exactly is wrong with you people????  Honestly.  Do you think there is a problem with inheriting books or buying assets.

Do you feel some sick need to DIAL FOR EVERY DOLLAR?

I interact with plenty of EDJ guys.  100% of them have received assets from previous brokers within their first 6 months.

So you want to build a 100 million dollar book? It's really not hard. Find something that works and then keep doing it. Some things that work are cold calling, cold walking, networking, seminars, workshops, direct mail, and referrals. Use what works best for you. Once you find the channel(s) that works best for you, brings in the the assets and delivers the gross to meet your goals, don't change anything. KEEP DOING IT! EVERYDAY! FOREVER! Did I mention DON'T CHANGE ANYTHING? Sooner or later you'll cross the magic 100 million mark, bells will ring, fireworks will burst, your mom will call, and your manager will ask "What have you done for me lately?"

If your goal is to build a 100 million dollar book and you are doing the things necessary to bring in the assets then it's only a matter of time until you meet that goal. Sooner or later the lines between the goal and the AUM will cross. How soon is up to you.

There is nothing wrong with buying a book. However, you can't learn anything from people who have achieved their success from some wired in process. If it's knowledge you seek, find those who have boot strapped their way to the top. These are the people who can help you. Success in this business is highly clonable. Find successful people and do what they do. And as always: This ain't rocket science"

[quote=vbrainy][quote=exEJIR][quote=vbrainy]

Nobody gets that big without buying a book along the way.

[/quote]

You obviously won't.  Most $100MM books that I know have been built from scratch.  Yes, even at EDJ.

[/quote]

What exactly is wrong with you people????  Honestly.  Do you think there is a problem with inheriting books or buying assets.

Do you feel some sick need to DIAL FOR EVERY DOLLAR?

I interact with plenty of EDJ guys.  100% of them have received assets from previous brokers within their first 6 months.

[/quote]

EJ is using their Goodknight program as a recruiting tool now.  During the recruiting process, I was told by 3 different people (IR's, recruiters) that I would recieve a few MM to help start my business. 

As far as $100MM books, I think you can build one, but it will be hard to nickle and dime it.  You'll have to be at the right place at the right time to the tune of a few $10MM+ accounts.

Do you suppose the word is Goodnight, as in “I’m outta here,” instead of Goodknight as in Sir Lancelot?

Or Jim Goodknight.

just sit down and look at a natural progression that a successful broker goes through during the first 5 years...

you look at bringing in at least 15mil your first 2 years (you will be let go at a large wirehouse if that is not met)

so say

year 1 5-6 mil

year 2 9-10 mil

then it will grow as you network of clients grows...also, their assets will grow, or so you hope!

Just guessing, I would say this is possible in 7-10 years. I am sure some studs have done it quicker, and there are some who grind for  15 -20 years to get there, but it can be done!

[quote=NASD Newbie]Do you suppose the word is Goodnight, as in "I'm outta here," instead of Goodknight as in Sir Lancelot?[/quote]

Do you suppose it is named after a guy with the surname Goodknight?

[quote=entrylevelFA]

[quote=NASD Newbie]Do you suppose the word is Goodnight, as in "I'm outta here," instead of Goodknight as in Sir Lancelot?[/quote]

Do you suppose it is named after a guy with the surname Goodknight?

[/quote]

It is.  Jim Goodknight.

[quote=Boomer]

just sit down and look at a natural progression that a successful broker goes through during the first 5 years...

you look at bringing in at least 15mil your first 2 years (you will be let go at a large wirehouse if that is not met)

so say

year 1 5-6 mil

year 2 9-10 mil

then it will grow as you network of clients grows...also, their assets will grow, or so you hope!

Just guessing, I would say this is possible in 7-10 years. I am sure some studs have done it quicker, and there are some who grind for  15 -20 years to get there, but it can be done!

[/quote]

This is exactly right. Also have to mind the store to keep the assets in place.

[/quote]  

As far as $100MM books, I think you can build one, but it will be hard to nickle and dime it.  You'll have to be at the right place at the right time to the tune of a few $10MM+ accounts.

[/quote]

Nothing wrong with the asset Gods smiling upon you. A little luck never hurt anyone. To build a book takes zero luck and 100% work. You don't have to be in the right place at the right time. In this business the old saying about making your own luck holds true. Through your hard work you uncover the million dollar rollovers and the 2 million dollar business sale proceeds. That said, it's the everyday 10, 25, 50, and $100,000 accounts that will carry you to the world of massive assets. That and time. That and a client service model that keeps the assets in place once you've brought them in. It would be nice if there was some magic bullet answer to building a huge book. There isn't. And like I've said, this isn't rocket science. It's a simple business. Just open new accounts. And then open some more new accounts. Then when you've done that open some more new accounts. And then open more new accounts. When all that is done open some more new accounts. See, it's just that simple. Everyday when you arrive at the office you know what you have to do. It doesn't get easier than that. And then there's this: If you don't believe you can do it you're right, you can't. So the first thing anyone who wants to build a big book needs to do is to drop all the excuses and face the reality that they can do it. This isn't a team sport. The person directly responsible for your success or failure looks back at you every morning in the mirror. It's up to you.

[quote=entrylevelFA][quote=vbrainy][quote=exEJIR][quote=vbrainy]

Nobody gets that big without buying a book along the way.

[/quote]

You obviously won't.  Most $100MM books that I know have been built from scratch.  Yes, even at EDJ.

[/quote]

What exactly is wrong with you people????  Honestly.  Do you think there is a problem with inheriting books or buying assets.

Do you feel some sick need to DIAL FOR EVERY DOLLAR?

I interact with plenty of EDJ guys.  100% of them have received assets from previous brokers within their first 6 months.

[/quote]

EJ is using their Goodknight program as a recruiting tool now.  During the recruiting process, I was told by 3 different people (IR's, recruiters) that I would recieve a few MM to help start my business. 

As far as $100MM books, I think you can build one, but it will be hard to nickle and dime it.  You'll have to be at the right place at the right time to the tune of a few $10MM+ accounts.

[/quote]

Another honest comment about how FAs build their books.  Including how they build it at EDJ.

I work very hard, but I will take luck over hard work every time.

When we talk about our "books" are we always including cash positions in this figure?

scrim

Assets under management includes cash.

tj,

That's one of the most sensible messages that I've read on this board.  While I haven't posted much, I read a lot.  Thanks

[quote=justcheckin]

tj,

That's one of the most sensible messages that I've read on this board.  While I haven't posted much, I read a lot.  Thanks

[/quote]

He's one of the "real deals" on here and a good reason to wade through the crap to get some solid information.  Do a search for his posts, along with anyone else you think makes sense.

By the way 100 million is a good book, but some brokers have books between 250-500 million some even have a billion AUM, read the winners circle books. Also look each month in the trade mags it tells you when big hitters switch firms alot of people with 100 million.

I understand that but I am just looking for a goal to start out with. when I do hit 100 milion i dont plan on stopping.