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Jan 19, 2009 9:44 pm

I'm guessing there are very few folks on this board that truly do #'s like this each month.  I am definitely not one of them.  Actually, I do just under half of that.  I would; however, like to get there.  It took me 5 loooong years to move from the 300k zone to the 460k zone.  5 years. 

just a disclaim: I'm cognizent to the obvious, so it would be great (and I'm sure appreciated by most) to hear from just those of you actually doing this level of production.  Would you share some examples of events (specific), or other meaningful changes that took place professionally, that increased the momentum of your production allowing you to post monthly #'s > 83k?.  Maybe your journey was that of the tortoise.  I am definitely a tortoise.   i'm looking for insight through your experiences.  let's not talk product.  i don't need any product insight, whatsoever.  i'm just putting that out there to save your valuable time, not mine  (it just turns into a junk show, anyways).   Thank You in advance!!!!! Cheers   oh, if there's a similar thread somewhere, someone please give a heads-up.  
Jan 20, 2009 2:32 am


I’m obviously not there, but I will give you the insight I have gathered from the mm$ producers I have met (and a few that are very close). They fall basically into two camps:

1. Opened tons of accounts each and every year for the first 10 years. They then just worked that book like crazy. Bascially volume ruled for them. This is how MOST seem to do it in this industry (by volume of large producers, more do it this way than by the “UHNW” average client avenue - you just hear much more about the multi-million dollar producers with the $25mm average client)

2. Found a lucrative niche. I know a guy in my former region that got to $1mm ( he was just shy in 2007, so he may have missed it in 2008, but his trajectory was ridiculous) in about 8 years from zero. He was a former blue-collar union worker in a major urban area, and he bascially tapped into all his retiring old buddies in the union (think state-wide, utility). You meet him, you would think he’s, well, a blue-collar worker in his suit going to a wedding or funeral. But the guy figured it out. And funny thing is, he almost failed out early on, until he figured it out on his own.

No real earth-shattering stories, just a few tid-bits to get this thread started.

Jan 20, 2009 7:49 pm

Bump.  Good topic.

Jan 21, 2009 6:08 pm

That lucrative niche is exactly right.  I know one guy who fell in with oncologists and got referrals like crazy.  The doctors genuinely wanted to help their patients, most of whom were terminal, set up their affairs properly with this estate planner.  He got a ton of new business and helped these families while they were going through extraorindarily tough times.  And the doctors referred other doctors too.  

Jan 21, 2009 7:24 pm

That’s interesting.  Normally you hear of a medical niche, and it’s mostly peer-driven (doctor  referring doctor).  But to have the doctors referring patients is pretty cool.

Jan 22, 2009 5:54 pm

The formula is :

  Velocity X AUM = Gross Production   Velocity is the annual fee/commish charged to clients.   Unless you are a trader your Velocity is somewhere in the neighborhood of 1%. It could be higher or lower. The point is the reason for your proclaimed as slow climb from 300 to 460 isn't Velocity. It's AUM. Simply put- the faster you grow your AUM the faster you will build production. Seems basic, but not so fast.   When you first started, life was simple. Not easy, but simple. All you had to do everyday was call people and ask them to buy something from you. Even if you are a fee planner who does 12 meetings before collecting a fee this holds true. Call'em up and sell'em something. Then things changed- you find success- you find prospects who eventually become clients and all of a sudden things aren't so simple anymore. You have morphed from the sales department to the sales/service department. And service is very important. But your time is split. Something has to give and what usually gives is your growth rate. Less sales calls equals less sales. Thus, and i'm guessing here, it took you much longer to grow to 460 from 300 than it did for you to reach 300.   Here is the professional insight you are asking for: To increase your growth rate you need to increase your selling time. The only way to do that is become highly focused, organized, and to delegate all the service work to an assistant. Build your model day just as you did in the begining. Priority goes to bring ing NEW money. New money is the key to higher production-Period!   Bill Good once did an unscientific study of $250k producers and brokers doing $750k and above. Interestingly the $750k plus guys didn't work harder than did the $250k guys. The one and only difference was in the number of out going sales calls. The higher producers made many more sales calls everyday than did the $250k guys. How many more i don't remember as i write this. But the point was made. The $250k guys were bogged down with service.   Secondly there is this: A couple years into my career I made the rounds in NYC interviewing at the big houses, Lehman, Bear, and Opco. Things went smoothly at Bear and at the Bros but not so at OPco. The asshole egomaniac of a manager had me wait for almost two hours outside his office while he talked to friends on the phone, talked about his Ferrari, and set up his weekend on some island. Meanwhile I cooled my heels, not in a reception area, but in the board room where by my count at least 100 brokers were working harder than i'd ever seen anyone work in this biz. The place was alive! I sat in a chair outside the manager's office and not 10 feet from brokers making calls. Nearest to me was a guy calling on tax free bonds. He used a cold call that was little different than mine. Still i listened to him click off calls. Then he started calling prospects or clients to sell them a bond that had just come into their inventory. He asked everyone he called for a million dollars. He didn't get any million dollar sales while i listened. He did get one $300,000 sale and another for $50,000. So $350k new assets done in about an hour of calling. I finally got to see the manager who i wrote off. As much as i liked the place i could never work for this guy. That was a good thing because he passed on me as well. As a side note, offers did come from Lehman and Bear. I turned them both down realizing i didn't have to move to NY to do what i needed to do. I started prospecting wealthier people and closing for bigger orders. In fact one of my first orders coming back from that trip was for 1/2 million dollars of Corp bonds. If you don't ask you don't get. The lesson i learned that day, "close big", made it the best time I had spent in NY.   Good luck!  
Jan 22, 2009 6:06 pm

Good stuff BondGuy.