New Money Moving or not?
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I see in RR that the % of reps who said that they got 10 new accts in the last 12 months (of 250k+) went from 1 in 4 to 1 in 30 in less that 2 years!! Wow-- so who is right: all the folks talking about “now is the time to get new$” or these facts showing a feeezing-up of $ moving
Just look at the money being pulled out of the market and going into cash. That is where the money is moving, not to other firms, to cash.
I agree with ICE, on $250K and above the only people who care are at wires, because that would be a minimum… My average in $238K, but with only 6 accts below $100K… And with the market down I will gladly take anything $70K and above…
And the reason it is a great time to start with a firm like Jones (or any firm that pays you regardless of account size), is because wouldn’t it be nice to pull in 5 150K accounts, while the wirehouses would turn their noses up at all of them? You get paid nicely, you now have 5 households to bring you more money, buy insurance, give you referrals, etc. Experienced wirehouse reps are not interested in these accounts, so they are easy to poach, and so it may be easier to start your business in this environment. And 5 years from now, those 5 accounts will each be worth 200-300K (if all goes well).
That was the worse time every to encourage people to go into a mutual fund wrap account with no options for the advisor to move assets to more conservative options(cash) when the market was tanking.
It is completely irrelevant when EJ made available an advisory platform. It isnt meant for short term investments anyways. It is still a solid program regardless of market movements.