All of you veteran financial advisors
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[quote=babbling looney]
They're going to toss me again. Oh well, as long as they accept hotmail addresses for registration...
LOL...It must be a bitch coming up with all these screen names.
[/quote]
Heck no! It's half the fun!
The trick is coming up with a screen name that has a good punchline!
[quote=Closer]OK. I’ll go ahead and apologize to the “vets” for being offensive, it was not my intention. I started the post on February 26, not February 27.
Whomit, you are taking this message board away from the realm of finance. Obviously, you consider yourself great at throwing together analogies, but you failed pretty badly here.
Military: There is rank system that separates privates from generals.
Medical: If you are an MD, you can perform surgery.
Legal: If you pass the bar, you’re as qualified as any.
Investment: There are no lofty degrees to attain, all that is necessary for success is a very strong work ethic, knowledge about the field, and “people skills”. I left med school for that very reason: too much red tape, and a ceiling for potential earnings.
I do not intend to marginalize this industry, but it is an anomaly in the working world.
[/quote]
So nice that you don’t mean to “marginalize” us.
You’re a piker and with your attitude you’ll fail out of this business just like you failed out of medical school…only faster.
[quote=babbling looney]
They're going to toss me again. Oh well, as long as they accept hotmail addresses for registration...
LOL...It must be a bitch coming up with all these screen names.
[/quote]
you are getting tossed? Why? I enjoy your posts.
Don't bother Joe, humor and/or subtlety is wasted on this guy!
He's in his twenties! He has done what no man has done before; Graduated from college! He's rich, ambitious and good looking! The world is just waiting for him to show it how its done!
Hey there people I'm Bobby Brown
They say I'm the cutest guy in town
My car is fast, my teeth are shiney
I tell all the girls they can kiss my heiny!
Here I am at a famous school
Acting sharp am I'm lookin cool
Got a chearleader he gonna help with my paper
I'll let her do all the work then maybe later I'll ____
Oh God I am the American dream
and I do not think I'm too extreme
I'm a handsome somonabe itch
Gonna get a good job and be real rich!
And My name is Bobby Brown
Watch me now! I'm goin' down!
(for the rest of the words you'll have to look up Frank Zappa on Lyrics dot com. Speaking of which, what happened to the guy who signed up as Frank Zappa the other day?)
Cheerleader HERE not He… that would be gross! (not to mention it would give away the ending of the song!)
[quote=Malcolm]
Since it is evident that this previous posts must have been from the rantings of an overactive imagination, I have added additional notes in blue to help clarify things.
My advise is to first not listen to loosers and negative persons. I started a company while still in college and by the time I was 23 we were on the front page of the Wall Street Journal.
Headline: "Cold caller gets cold cocked by 85 year old granny"
When I was 24 I was in Inc. (Incredible Nin Compoops) Magazine,
Business Week (Business Weaklings)and many other publications. Including my high school newspaper. I am a legend in my own mind.
At the age of 26 I was become a Vice President for a well know company. (And they don't care that I can't spell "known")
People told me I couldnt do what I did. People were offended by me when I was 21 and I told them what I was going to do. Just like you. Forget this place. This is not the spot you will find greatness or even good advise. For example, I am here.
Get off here and do what you are doing getting out and talking to advisors. Read everything you can. Get recommendations from advisors you talk to. Pick up the phone and call the big wire houses in your area. Ask the receptionist to put you through to the biggest producer in the office. Talk to that person. Just knock the door down. Show up at the office and ask to meet with that person at 7am. Be aggressive. Be completely self confident and ballsy. (PLEASE DON'T DO THIS TO THE BIGGEST PRODUCER IN YOUR OFFICE, THEY WILL SQUASH YOU LIKE A BUG!)
Talk to as many of these persons as you can. Ignore average persons. They will usually be offended by you. Ask a guy with a billion under management if you can work for free for him. You'll get his coffee you'll dust his desk. You'll do what ever he needs if you can just get the opportunity to learn. You get the idea. (Honestly, this is first rate, top choice horsesh*t, but it sounds good to me)
If you are talking to successful advisors in your area, I think that is one of the best things you can do. Forget "I can't and I need to put in years of b.s. learning the ropes." THat is being average. What matters most is DESIRE. If you really have the buring desire to make it work then your desire will push you through the challenges.
I know a guy who started right our of college. By the age of 27 he was making $500,000 a year...maybe more. When I first knew him he still had his crappy car he drove in college. He is dorky looking and not connected but he had HUGE BURING DESIRE. HE also is very intelligent and extremely hard working.
Choose your dream and then go out and do it. This forum is filled with small producers.(Again, that is why I am here) Loosers...Dont go to them for inspiration.
[/quote]
Please tell us more hotshot. I haven't had that good of a laugh in a long time.
V,
I got the feeling that Malcolm was trying to be sarcastic.
I could be wrong. BTW I made the front page of the WSJ one time too! They didn't know it was me, in fact they didn't know that the person they referred to was in the business, but THERE I WAS!
Did I ever tell you story of the time Johnny Carson told one of my jokes?
Cliff Pupkin!
Things I learned from the Vets "Hall of Famers"
Rule 1. Do what's right for your client
Rule 2. Do what's right for your client
Rule 3. Do not forget rules 1 and 2.
There are no answers in this business, just more questions.
Do not discount, you're worth what you charge.
Clients do not pay for products, they will pay for advice.
If your grandmother, mother, wife, or daughter do not own it, then do net put any woman clients in it.
Bond customers will always look for the best price, they have no loyalty.
Avoid 401k plans, focus on individuals with 401k rollovers.
Qualify relationships, don't quantify them.
Remember your firm does not care how, just how much...compliance cares how, so keep your nose clean.
Use technology and read as much as you can.
Do not give your opinion unless someone asks it, if they don't ask then ask them, "Are you asking for my opinion."
Never recommend a stock that you do not understand.
Don't give any wholesaler more than 3 minutes, unless that bring you a client...then give them 5 consider doing business with them.
Set your goal early and work backwards, 3 year plan, 1 year plan, monthly goals, weekly, daily etc.
Call 10 clients everyday.
Never drink and talk business.
If you are wearing a suit that is not Navy or Grey you're at your high school prom...lose it.
Listen and write down what your customer tells you.
Closer, picked up some free wisdom in this post:
[quote=$ N the Bank]
Things I learned from the Vets "Hall of Famers"
Rule 1. Do what's right for your client
Rule 2. Do what's right for your client
Rule 3. Do not forget rules 1 and 2.
There are no answers in this business, just more questions.
You can drive yourself crazy trying to drink from the fire hose.
Do not discount, you're worth what you charge.
Don't let the media tell you and your clients otherwise.
Clients do not pay for products, they will pay for advice.
How you get paid is not the most important thing.
If your grandmother, mother, wife, or daughter do not own it, then do net put any woman clients in it.
Middle aged women need your help, and if they have reason to trust and like you, you'll have long term, loyal clients who will help you to meet their friends.
Bond customers will always look for the best price, they have no loyalty.
Beware of commodity products or concepts unless you specialize in them.
Avoid 401k plans, focus on individuals with 401k rollovers.
Don't spend too much time trying to cultivate business through secondary relationships - work on stuff you can control, where potential clients can directly sense your personality.
Qualify relationships, don't quantify them.
A bird in the hand is worth two in the bush.
Remember your firm does not care how, just how much...compliance cares how, so keep your nose clean.
Start with compliance and work backwards to meeting your goals.
Use technology and read as much as you can.
Leverage your time and knowledge.
Do not give your opinion unless someone asks it, if they don't ask then ask them, "Are you asking for my opinion."
Set the expectation that you are professional.
Never recommend a stock that you do not understand.
If you can't add or discover value, don't pretend like you are providing that service.
Don't give any wholesaler more than 3 minutes, unless that bring you a client...then give them 5 consider doing business with them.
Take in information to help you " just in time ", not " just in case" you need it.
Set your goal early and work backwards, 3 year plan, 1 year plan, monthly goals, weekly, daily etc.
People who write down their goals are about eight times more likely to achieve them. Know what you want, and ask for it often.
Call 10 clients everyday.
This is all we really have to offer our clients is personal contact, everything else is a commodity.
Never drink and talk business.
Reserve a special part of your brain and personality for relaxation. Serious (daily) golfers always wait until after the game before drinking.
If you are wearing a suit that is not Navy or Grey you're at your high school prom...lose it.
Figure out who you serve, and never wear a brown suit. If you like, just get rid of the neck tie and wear nice golf clothes at work, only high quality cotton, purchased at substantial discount during the off season.
Listen and write down what your customer tells you.
Document every conversation, and make sure you hit your activity number goal. The act of documenting itself drives activity.
[/quote]You see, if you don't defeat yourself mentally, you can do whatever you want. You know it is hard to get started. Now, imagine some veterans with perfectly good practices, who go spinning out of success off the other end. You see it here.
Handling success is not easy, either. Of course, there is a ton of pressure, responsibility, and boredom. Not to mention the opportunity costs of just doing something different after a while, using a different part of your brain.
Maybe it really comes down to chanelling creativity and emotion.
Consistence. I don't know who $ N the Bank is, but look at the stats - posts/length of membership.
Internalize what that member put up, and you're there.
Set your goal early and work backwards, 3 year plan, 1 year plan, monthly goals, weekly, daily etc.
consistency.
Man, I am loving the keyword search on this forum. Anything you want answered can be found in these archives.
This place is looking more like investment rep message board and less like a cheap comedy club…
Planrcoach, answer me this:
There is a friend who runs a very successful outfit in my town, “preys” on the elderly for estate planning, but also dabbles in other areas. The only type of mutual fund he uses are C shares, even for long-term investors. Some of the EDJ guys are screaming UNETHICAL. Obviously, it’s easy to do the math and figure out at what point A shares save the client money of C shares. The question is, how hard is it to actually make a living doing mainly front-end load A shares. When I crunch the numbers it looks like you need to grab a obscene amount of new money just to make a decent living. I’m not discouraged, I just want to know how to cut it while being ethical.
[quote=Whomitmayconcer]
Hey, cLOSER,
You come into our house
[/quote]
With all of 5 days of memebership under your belt that's a very funny comment.
You are one the right track.
There are two things that must happen. First, the advisor needs to fully work out the math, and understand the costs, and the features and benefits, from the fund manufacturer's point of view, the advisor's point of view, and most importantly, the client's perspective.
Next, yes you are running a business. It is okay to structure things in a way to make you successful - for the long term - not just looking for the next meal.
Next, fully disclosure and education for the client. Questions. Answers. No pressure.
I simply use an Xcel spread sheet ( company provided and compliant) to demonstrate the crossover between A and C.
Also use wrap accounts.
Let the client choose. Maybe you help them.
" Look, I like C shares. If you pay for A ,and you stay in the family forever, these are cheaper. But we can change families with Cs.
Do you want to pay up front, or pay as you go. Sometimes, people buy A shares, and the advisor has less incentive to provide ongoing service. Etc.
No pressure. If your're just down to earth and honest, everything happens naturally.
Political statement: the big controversy about how advisors get paid is one of the biggest red herrings in the industry today. Behind that dead fish smell, more and more mirrors and mirrors of self interest: Registered Investment advisor, fiduciary, load, no load, wrap, A share, C share.
It always comes down to the ethics, communication skills, conscientiousness of the advisor. Go back to the list of things learned. Don't try to drink from the fire hose of industry polemics. Wolves are dressed up like sheep in guise of ethics. They are all just trying to profit from moving money around - this is a business about assets under management.
[quote=BondGuy][quote=Whomitmayconcer]
Hey, cLOSER,
You come into our house
[/quote]
With all of 5 days of memebership under your belt that's a very funny comment.
[/quote]
Hey, I'm a funny guy. I may have 5 days of MeMeMe bership but I have 20 years as a Registered Rep.
Also I 2Use 2b MrA.
I'm still him too. But I just registered him to close out the MrA.
DPR is a handle I use much more often, and I didn't want it to be overexposed here.
[quote=Whomitmayconcer][quote=BondGuy][quote=Whomitmayconcer]
Hey, cLOSER,
You come into our house
[/quote]
With all of 5 days of memebership under your belt that's a very funny comment.
[/quote]
Hey, I'm a funny guy. I may have 5 days of MeMeMe bership but I have 20 years as a Registered Rep.
Also I 2Use 2b MrA.
[/quote]
OK, so you are a vet. By the way, not nice to make fun of someone's speech impediment.
With all that experience you could be a great resource to the young and directionless. Wouldn't you agree that would be a better way to go on this board?