People don't need advisors? Really?
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No doubt last year’s financial crisis dealt a body blow to many investors, but many Boomers approaching retirement have yet to turn their reaction to last year’s events into action.
"Of the 35 percent of those who had a written plan for retirement, only slightly more than half — about 52% percent — say they had updated it in the past year during the market downturn. "
ugh
Also love it when prospects talk about how they could do everything on eTrade. Yep, go ahead and day-trade your retirement savings away good luck pal. Then you mention a bond and they're like uhhh what's that?
Got a “prospect” like that. He keeps telling me how great Charles Schwab and Etrade are. However, he keeps calling me asking me all the questions they can’t/ won’t answer. he has several million so the game is still interesting.
His BIL is a Raymond James advisor but he has no money with him.............:)Give it up with this guy. He’s just milking you for free advice then placing cheap trades in his Schwab & E-trade accounts. Guys like this will string you along with the illusion that they will someday move their money.
He’s not a prospect. He’s a client. Bill him. I bill in increments of 6 minutes for people like that. Tell him jokingly that you’ll have to bill him for your time. Then, the next time he calls, tell him you are tracking the time. And then send him a bill.
He will either a) realize your time is valuable or b) stop calling.
Either way, you get paid, in time or money.
Great idea, I'll try it.........He’s not a prospect. He’s a client. Bill him. I bill in increments of 6 minutes for people like that. Tell him jokingly that you’ll have to bill him for your time. Then, the next time he calls, tell him you are tracking the time. And then send him a bill.
He will either a) realize your time is valuable or b) stop calling.
Either way, you get paid, in time or money.
I could make the argument that most folks don’t need our help for accumulating assets. Seeing as most of the wealth in this country is held by real estate owners and business owners, my theory holds water. However, what people do need us for is asset, income, and life protection strategies, as well as exit strategies from their investment and business portfolios.
Good observation. That sort of cements why it is so much harder (for me at least) to gather assets of younger people. Not that I WANT to, because most don't have much. But most don't see the value in using an advisor. And during a raging bull-market (i.e. 82-99), most DIY'ers probably do better than advisor-led clients because they go overboard aggressive with their investments, while advisor-led clients tend to have more balanced portfolios.I could make the argument that most folks don’t need our help for accumulating assets. Seeing as most of the wealth in this country is held by real estate owners and business owners, my theory holds water. However, what people do need us for is asset, income, and life protection strategies, as well as exit strategies from their investment and business portfolios.
Good observation. That sort of cements why it is so much harder (for me at least) to gather assets of younger people. Not that I WANT to, because most don't have much. But most don't see the value in using an advisor. And during a raging bull-market (i.e. 82-99), most DIY'ers probably do better than advisor-led clients because they go overboard aggressive with their investments, while advisor-led clients tend to have more balanced portfolios.[/quote][quote=deekay]I could make the argument that most folks don’t need our help for accumulating assets. Seeing as most of the wealth in this country is held by real estate owners and business owners, my theory holds water. However, what people do need us for is asset, income, and life protection strategies, as well as exit strategies from their investment and business portfolios.
Same here. This may have something to do with prospects who are close to retirement who need just one advisor to simplify things for them cause they think that things will get complicated when they retire. When they're young they go to eTrade, or have multiple advisors because things seem easy.