Success Story

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Sep 9, 2006 4:17 pm

[quote=Indyone][quote=knucklehead][quote=Indyone][quote=knucklehead][quote=NASD Newbie] As any salesman knows, when you let the customer get away you lost the sale.  Those people drove five hours to talk to you, listened and then drove away.  There is no way to put a smile face on that.

I'm telling you, boys and girls, clients are not going to sit around while you rape them with 1% fees for what they see as doing nothing.

As they approach retirement they will become even more resentful--and that's if the market goes up.

If it doesn't they'll not only resent your middleman role--they'll sue you over it.[/quote]

Amen. For selfish reasons, I hope everybody keeps charging fees that clients see coming out every quarter. I've gotten more clients because of that stuff than anything. Clients love it when I make the extra fee go away. [/quote]

It's not an extra fee...just a more openly disclosed fee.  If you and I compete, I'll have no problem exposing you as the fraud that you are.  I'm well versed in explaining the hidden fees in your products and clients hate it when they think you've tried to pull a fast one over on them.  You'd best pray that I don't find your new clients during the free-look period...

[/quote]

ARe you well versed in explaining the unusually high returns, net of fees? THAT is what you're up against. You'd best pray that I don't show how I've outperformed you without charging that pesky fee.[/quote]

Yes, I would say that I am well versed in explaining net of fees performance.  I'm also well prepared to go to your option if that's what the client wants.  I can explain the pros and cons of fee-based vs. brokerage vs. annuities and I can do all three.  That's the best way to obtain/maintain relationships...versatility.  If I explain all three upfront and the client chooses the fee-based platform, then at worst, if he/she has a change of heart later, I can roll them into a brokerage/annuity account and maintain the relationship.

...and assuming outperformance is a stretch.  I'm pretty sure that I know what you sell and while it's good, it's not unbeatable...

[/quote]

I understand where you're coming from. I guess that you're not as far along as I am to see how only doing one thing actually brings in more assets and not less. Even if you never get there, I'm sure you can achieve the success that your limitied vision can comprehend and help some people along the way. I only do what I like to do and if someone doesn't want it, I'm more than happy to hand them off to someone else and get a 50/50 split for doing nothing.

Sep 9, 2006 5:07 pm

Knucklehead works for a rogue company that allows brokers too dumb to pass Series 7 to share commissions with somebody who is smart enough to pass it.

That is illegal but it's almost impossible to prove because what the rogue firm does is journal half of the commission from the guy with a Series 7 to a slush fund type of account--then at some later date journal the money from the slush fund into Knucklehead's account.

This forum if filled with people you don't want to be like--highest on the list is Knucklehead, and his other forum ID Philo.

Sep 9, 2006 8:51 pm

[quote=knucklehead]





Pssssstttttt, NASDY, newsflash: We’re in a bear market.



I’m sure Indyone is ashamed of his age, but it’s not nearly as shameful as a grown man, with a nasty wife, who takes pictures of his dog. By the way…I’ve only been in this business since 1999.

[/quote]



Knucklehead



If you call this a bear market, my clients are going to love me when the bulls come. Almost every account I manage has since double digit gains over each of the last 3 years.
Sep 9, 2006 9:51 pm

[quote=bankrep1] [quote=knucklehead]



Pssssstttttt, NASDY, newsflash: We're in a bear market.


I'm sure Indyone is ashamed of his age, but it's not nearly as shameful as a grown man, with a nasty wife, who takes pictures of his dog. By the way....I've only been in this business since 1999.

[/quote]

Knucklehead

If you call this a bear market, my clients are going to love me when the bulls come. Almost every account I manage has since double digit gains over each of the last 3 years.[/quote]

Did you know that the average up year in a bear market is HIGHER than the average up year in a bull market? No, of course you didn't. Bank employees don't know that kind of stuff. They are so short sighted that they can be lulled into basing their naive expectations on a short time period.

Sep 9, 2006 10:10 pm

"Did you know that the average up year in a bear market is HIGHER than the average up year in a bull market?"

Sep 10, 2006 2:48 pm

They didn’t teach me that in my CFP courses, my finances classes towards my bachelors or my masters and I don’t see it anywhere in the CFA material I have been reading. I should point that out to someone in charge, what in the world makes you think that. Please share some concrete examples. This is the way I see a bear vs. bull market using the S & P as an indicator:



BEAR MARKET

2000 - S & P down 9%

2001 - S & P dowm 11%

2002 - S & P down 22%



2003- currrent BULL MARKET



Are you a knucklehead?

Sep 10, 2006 2:49 pm

[quote=bankrep1] They didn't teach me that in my CFP courses, my finances classes towards my bachelors or my masters and I don't see it anywhere in the CFA material I have been reading. I should point that out to someone in charge, what in the world makes you think that. Please share some concrete examples. This is the way I see a bear vs. bull market using the S & P as an indicator:

BEAR MARKET
2000 - S & P down 9%
2001 - S & P dowm 11%
2002 - S & P down 22%

2003- currrent BULL MARKET

Are you a knucklehead?[/quote]

If you have all that education and knowledge why are you not maximizing it in an environment that challenges rather than one that accomodates?

Sep 10, 2006 2:50 pm

After re-reading your post I would like to add that the double digit returns have occurred in each of the last 3 years, not an average of the last 3 years. So how could this be an up year if we were in a long term bear market.

Sep 10, 2006 5:09 pm

[quote=bankrep1]After re-reading your post I would like to add that the double digit returns have occurred in each of the last 3 years, not an average of the last 3 years. So how could this be an up year if we were in a long term bear market. [/quote]

Clearly, you haven't done your homework. No wonder you ended up at a bank.

Sep 10, 2006 5:27 pm

[quote=bankrep1]After re-reading your post I would like to add that the double digit returns have occurred in each of the last 3 years, not an average of the last 3 years. So how could this be an up year if we were in a long term bear market. [/quote]

How did the S&P do in 2005?  Is that one of the last three years?

Sep 10, 2006 11:34 pm

[quote=NASD Newbie]

[quote=bankrep1] They didn’t teach me that in my CFP courses, my finances classes towards my bachelors or my masters and I don’t see it anywhere in the CFA material I have been reading. I should point that out to someone in charge, what in the world makes you think that. Please share some concrete examples. This is the way I see a bear vs. bull market using the S & P as an indicator: BEAR MARKET 2000 - S & P down 9% 2001 - S & P dowm 11% 2002 - S & P down 22% 2003- currrent BULL MARKET Are you a knucklehead?[/quote]



If you have all that education and knowledge why are you not maximizing it in an environment that challenges rather than one that accomodates?

[/quote]



Newbie,



You assume because I work in a bank that all banks are the same. You assume I work in a cube and push fixed annuities all day. Simply not the case. I have an office with a door (a pretty nice one at that) and work with a very sophisticated platform. True my client base is made up of folks with 250K to 1 Mil to invest, but I enjoy my work environment.



I don’t get what the challenge would be at a worehouse rather than the challenge of finding new clients. If I have them lined up at the door why would I take a position where I spend 80% of my time prospecting. Now if I was faced with problems in my current environment I would consider it, but I don’t foresee any issues.
Sep 11, 2006 12:23 am

BankRep1- Keep it quiet! Particular banks are the best kept secret in the world.  The same investment platform as any wirehouse, and the clients are referred to you.  Most people have no idea about this.  If they did, they would hop on it in a heartbeat.  There is NOTHING better than being able to offer a world-class breadth of products while having the clients' brought to you.  It's called working smart. 

Best case scenario is starting at a wirehouse w/ all the excellent training.  Build a business from scratch and really develop your selling skills.  Work extremely hard; develop a strong work ethic; become capable of selling to complete strangers.  If the opportunity presents itself, go to a place where the platform is similar, same payout, and clients are referred to you on a regular basis.  Just don't lose the wirehouse mentality.  You will be huge.  Trust me.

Sep 11, 2006 4:31 am

[quote=bankrep1] They didn’t teach me that in my CFP courses, my finances classes towards my bachelors or my masters and I don’t see it anywhere in the CFA material I have been reading. I should point that out to someone in charge, what in the world makes you think that. Please share some concrete examples. This is the way I see a bear vs. bull market using the S & P as an indicator:



BEAR MARKET

2000 - S & P down 9%

2001 - S & P dowm 11%

2002 - S & P down 22%



2003- currrent BULL MARKET



Are you a knucklehead?[/quote]

No doubt the last few years have been a nice rally.

However, many would argue to you that it isn’t really a bear market until the major indices cross to new ALL TIME highs.  Care to name one which has?

Sep 11, 2006 10:04 am

[quote=joedabrkr]

No doubt the last few years have been a nice rally.

However, many would argue to you that it isn't really a bear market until the major indices cross to new ALL TIME highs.  Care to name one which has?
[/quote]

Joeboy, perhaps your problem is you have bull and bear markets mixed up.

Whatever you do, don't issue newsletters.

Sep 12, 2006 3:27 am

Joe the EAFE index, Russel 2000, S&P 600, Midcap 400, a ton of others I don’t feel like looking up, getting close on the Russel 1000, and I have personally marked the DOW to hit a new high before year end.



We are definately in a bear market right Buckethead , if you were a real advisor and not some moron worehouse advisor you’d realize the last few years have been great, it is unfortunate many people are missing out on returns because their “advisor” doesn’t get it.





Sep 12, 2006 12:00 pm

[quote=bankrep1]Joe the EAFE index, Russel 2000, S&P 600, Midcap 400, a ton of others I don't feel like looking up, getting close on the Russel 1000, and I have personally marked the DOW to hit a new high before year end.

We are definately in a bear market right Buckethead , if you were a real advisor and not some moron worehouse advisor you'd realize the last few years have been great, it is unfortunate many people are missing out on returns because their "advisor" doesn't get it.


[/quote]

You're funny.

Sep 12, 2006 12:20 pm

Go sell an annuity dirk

Sep 12, 2006 1:06 pm

[quote=bankrep1]Go sell an annuity dirk[/quote]

I sold one yesterday for $205,000 and I've got paperwork coming back for $93,000.  Can't I just coast today?

$298,000 * .075 * .9 = $20,115 net to knucklehead

Also, I'm got commitments to put at least $500,000 into a private deal that will pay $40,000 without going to the grid. I don't count anything until I have the check, but these are very good clients who never back out of anything.

I wonder how the last half of my month will go.

Does that make you feel any better about your little bank job?

Sep 12, 2006 2:12 pm

[quote=bankrep1]Joe the EAFE index, Russel 2000, S&P 600, Midcap 400, a ton of others I don’t feel like looking up, getting close on the Russel 1000, and I have personally marked the DOW to hit a new high before year end.



We are definately in a bear market right Buckethead , if you were a real advisor and not some moron worehouse advisor you’d realize the last few years have been great, it is unfortunate many people are missing out on returns because their “advisor” doesn’t get it.





[/quote]

So the other markets you cite would not be considered as in a bear market.  I would note that most of the indices you cite are small cap indices or foreign markets.

Conspicuously absent from your list would be the Nasdaq 100,  S&P 500, Wilshire 5000, and the Dow.  All  ones which most folks would consider to be  major broad market domestic indices.

As for your comment Newbie, you are the one who is confused.  You have once again proven  how ignorant you can be when you tread outside your narrow field of expertise.  Bear market rallies can be pretty powerful and exciting, but most strategists/technicians do not consider the bear market to be over until the indices break out to new all time highs.  Now go back to the rookie thread and make some more posts about series 66 prep courses and your cute little doggie.


Sep 12, 2006 2:14 pm

Also, if you study bear/bull markets, you will clearly see that NO bull market has ever commenced with a P/E higher than 9. What is the P/E now?