2010 Growth Thread

or Register to post new content in the forum

54 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Jan 10, 2010 4:55 pm

[quote=Otane] [quote=rankstocks] I review a lot of newer broker business plans at Jones.  Too many focus on what I feel are the wrong things.  You can only really focus on what you can control, and even in my stage of the game (150 million and around 760k gross last year), that is outgoing contacts.  Whether it’s doorknocking, networking, or coldcalling, you have to put in the work.  Focus on calls, polish up how you are going to open new accounts (either having people sample you out or go after big picture), and the assets and gross will follow.  Those that focus on commission instead of assets are short term thinkers, and I have noticed they run what I call a “hamster in a wheel” business.  I try and focus on getting information out of people when I call, mostly existing clients, but I still devote around 10-20 percent of my calls on big money prospects I still have in my system.  I have never had much luck with small businesses, and I really don’t have many execs as clients.  Just old fashioned middle class americans.

Here’s what I tell brokers out 5 years or less:  Focus on just a few things.  1.  positive attitude, because that will dictate your entire year.  2.  good work ethic, because even a moron will succeed with enough effort.  3.  focus on households and assets, the commission is directly coorrelated.  4.  control what you can control.

 [/quote]





What have you seen that has worked better (things being equal) - cold calling or door knocking? I know that Jones pushes the door knocking exclusively in the beginning. [/quote]

I like a combination. I do cold calls and make a visit to the prospect with a packet. If I am feeling ambitious I will go to the neighbors next door too (so, basically I never do that ).

For me it mixes the efficiency of cold calling with the personal touch of doorknocking.
Jan 10, 2010 10:07 pm

Good attitude. For the past decade, the Holy Grail for me is a mix of referrals and natural marketing.

  When prospects initiate the relationship, it is so much better. I think of myself as a CFP who works like a CPA.   Prospects don't have the urgency of a deadline, but if you can position yourself in the right place and time, people who need your services will find you, and it doesn't feel like you were chasing them around the table.  
Jan 11, 2010 8:08 pm

I threw a couple of personal goals in with business. Anyone else here planning to shed a few pounds in 2010?

  This week: complete wrap review system setup. Start setting appointments.   Notes for 2010: make a few small, meaningful changes. Focus: quality of service, deeper client relationships, new relationships.
Jan 11, 2010 8:46 pm

We had a meeting recently with a GP who said that he had spoken with thousands of FAs who made “small, meaningful changes” to their business.  He said that was a load of crap.  No meaningful change has ever been small.  If you want to make a change that is truly meaningful and impactful it has to be a big one.  He said the problem with small, meaningful changes is that they produce small, meaningless results.  Big changes, battleship turning changes, provide the most impact on your business, life, and bank account.  My wife told me if I stop drinking soda the studies have shown that I could lose 10 pounds this year just because of that.  That’s great, but if I stopped drinking soda, stopped eating cookies, stopped hitting Taco Bell and MCD’s for lunch 3 times a week, stopped grabbing the candy on my BOA’s desk, and started working out for an hour 4 times a week, I’ll bet those 10 lbs would disappear a lot quicker.  So, have to choose to shed a few lbs by dropping the soda or completely change my lifestyle and eating habits and lose the whole 30-40 I’ve put on in the last 10 years.    

  Now, with all that said, I think this guy is one of the most pompous guys I've ever met.  So, take it for what it's worth.  I did think, however, that this one statement might have been the most intelligent thing I've ever heard him say.  He spoke for 45 minutes and that's the only thing I remember him talking about.       
Jan 11, 2010 9:11 pm

Haha. Good points. Your memorable GP speech sounds like the speech ( Al Pacino?) to the sales force at Glenngarry Glenross.

  I guess if you can relate, it works for you.   My guess is this GP guy has come and gone from your life, and you and I are still around with or without our most recent significant changes.   For myself, I'm at the point where if I implement a few small changes this year, I should be able to increase AUM and leverage my payout ratio.   For example, instead of learning (practicing) golf by myself in the weekday PMs starting in spring, I hope to join a different threesome every time. Small change, big client aquisition potential.   Ten years ago, the small change was, hire and retain a part time assistant. One year, one small thing done well.   I hope for anyone who chooses to share here, we'll be accountable and find out how it went down in 2010.   So Space, (how much) will you lose (weight) this year? I confess, I slept in to about 9:30 today, great start to the week.    
Jan 11, 2010 9:19 pm

[quote=Milyunair]Haha. Good points. Your memorable GP speech sounds like the speech ( Al Pacino?) to the sales force at Glenngarry Glenross.

  I guess if you can relate, it works for you.   My guess is this GP guy has come and gone from your life, and you and I are still around with or without our most recent significant changes.   For myself, I'm at the point where if I implement a few small changes this year, I should be able to increase AUM and leverage my payout ratio.   For example, instead of learning (practicing) golf by myself in the weekday PMs starting in spring, I hope to join a different threesome every time. Small change, big client aquisition potential.   Ten years ago, the small change was, hire and retain a part time assistant. One year, one small thing done well.   I hope for anyone who chooses to share here, we'll be accountable and find out how it went down in 2010.   So Space, (how much) will you lose (weight) this year?  [/quote]   Been trying for years.  Wife always seems to put a kabosh on that one.
Jan 11, 2010 9:23 pm

Well, I do seem to excel with middle-aged ladies. Too bad the younger ones don’t seem to have money yet, and the young ones that do want to do business are too analytical.

  Anyway, a round only lasts four hours but there are eighteen holes. Do the math. (Impossible.)   Fortunately, at some point in your life, some married middle-age guys would agree, golf is better than sex.
Jan 11, 2010 9:49 pm

[quote=Milyunair]Well, I do seem to excel with middle-aged ladies. Too bad the younger ones don’t seem to have money yet, and the young ones that do want to do business are too analytical.

  Anyway, a round only lasts four hours but there are eighteen holes. Do the math. (Impossible.)   Fortunately, at some point in your life, some married middle-age guys would agree, golf is better than sex. [/quote]

Only if you are not doing it right.
Jan 11, 2010 10:08 pm

I mean, only if you are doing it right.

(There must be at least one other serious golfer here. Serious to the point point, where, having achieved some level of success, golf is a threat to your livelihood.)
Jan 11, 2010 10:11 pm

[quote=Milyunair]

I mean, only if you are doing it right.

(There must be at least one other serious golfer here.)[/quote]   I don't even think Tiger Woods would agree with you....he obviously thinks sex is better and he's the #1 player in the world.
Jan 11, 2010 10:17 pm

Jury's still out on both counts. Beside, he's immortal.

Jan 11, 2010 10:30 pm

[quote=Milyunair]

Jury's still out on both counts. Beside, he's immortal.

[/quote]   Immortal or immoral?    Either way, golf can be a part of your marketing plan, depending on how you use it.  The joining up with 3 people and playing thing is a good idea in theory, but don't expect the world.  The people with the money are playing during the hours that the people still working for the money are at work...the morning...and usually at private clubs.   What you might want to do is befriend some people that are members at a club and invite them out somewhere...if you aren't a total flamebag and are somewhat fun to be around, they will use the law reciprocity and invite you back to their club to play with hopefully some of their friends.   Or you can do what I do.  Find a worthy cause and create a Memorial Golf Tournament or Charity Golf Tournament.  Piggyback on a charity's 501(c)(3) and walk around and call local businesses, which will be happy to donate gift certificates.  Get enough people to play and have a tournament.  Get your friends to be on your "committee" and delegate the work to them.  Invite your clients to come out and support the community and your tournament and have them fill some foursomes with their friends.  Then get your local paper to come take your picture and write an article about how you raised money in the name of a beloved figure in your community that meant something to you and has since passed away.  Frame and hang said article on wall in office next to wear clients and prospects sit so they can see it.  F'ing work of art.    
Jan 11, 2010 11:02 pm

Thanks for the thoughts. Yeah, Tiger’s not my hero.

  I'm pretty lazy. My favorite TV show when I was a kid was Yogi Bear. " He will sleep to noon, but before it's dark, he'll have every picnic basket that's in Jellystone Park". Childhood hero.   Wow, sounds like a lot of work. Maybe I'll just golf in the mornings and work in the PM. Or mix it up.  Mainly looking for mass affluent. Sales guys with a few hundred K in a rollover. Let's trade some notes when the weather warms and see how it goes.   Feel free to give me a hard time if I end up just having a good time, but I promise to follow up on any leads that get generated during the course of play. (Play of courses.) 4.8m new money is the goal.
Apr 16, 2010 9:34 pm

For everyone who has figured out how to run their practice efficiently, and is enjoying work and life, here is the theme song that inspired a generation. Thanks, Yogi. ( And thank you, Mr. Market.)  

http://www.youtube.com/watch?v=1pqyax6gwzQ&feature=related