Scrim,

I think this depends on the individual and the type of clients they have.  I am realtively new like you, and I have started to see referrals already.  BUT, many of my clients are with one large employer, and they all talk like crazy.  Many of the employees are in their late 50's, make good money and had a GREAT retirement plan, thinking about early retirement, and I have worked this out for several of them.  Word travels fast.  I don't get referrals from the 35 year old that I opened a Roth and a 529 for.  You seem to be making solid progress, so you should really start seeing them soon.  Keep in mind, sometimes you have to ask, nudge, wink, and beg for referrals.  I try to bring it up in conversation ("gee I much prefer getting clients referred to my rather than spending my time looking for new ones.  That way I spend my time servcing my clients, blah, blah, blah...").

Scrim,

Try setting up a "client appreciation" lunch at an upscale spot in your town. Have a wholesaler speak on the "state of the markets", and have them pony up the cost. Then, select your 15-20 best clients and personally call them:

"Mr. Client, I am holding a luncheon event, and as a valued client I would like for you to be my guest. Please feel free to bring a friend or someone you think may benefit from learning more about howe I help clients such as yourself."

Even if you only get a couple referrals to come along, you still get valuable face time with your exisiting clients, and that strengthens not only the bond but also increase the likelihood of referrals in the future.

168 and 11.5M

I had a few big withdrawals unrelated to their experiences doing business with me, allegedly.

The AUM goal I set when I started was to be at 12M by the end of 2006 and i'm going to be in the ballpark.

Wishing everyone a happy yet healthy holiday season,

Scrim

I've been in production since october and have yet to open one solid account. I'm out there knocking on people's doors and doing exactly as I have been instructed but to no avail yet. There are days when I'll walk for 5 hours and meet only 5 people and then the "voices" start kicking in.

Mind you, I am not required to door knock, but knowing people have built successful careers from it I thought I'd follow it to a T and commit to it. The purpose is to make 30 contacts a day and follow up with them until they threaten to sue me if I do not stop calling.

My biggest fear, is that I'm doing all this work to eventually open an IRA for someone who wants systematic withdrawals every month. I'm not entirely sure if that's going to keep me around.

Regardless, I ignore the fear and press on. But some days it is just down right depressing.

Welcome to EJ. You make it you may not. However I did what you did and almost 5 years later and 35 mill aum I’m still standing. If you want it bad enough and keep going you can do it, But it’s tough work for the next 3-5 years.

[quote=anabuhabkuss]

I've been in production since october and have yet to open one solid account. I'm out there knocking on people's doors and doing exactly as I have been instructed but to no avail yet. There are days when I'll walk for 5 hours and meet only 5 people and then the "voices" start kicking in.

[/quote]

Are you just door knocking?  If so, join the local Chamber.  Go to the monthly luncheons, and all the ribbon cuttings.  Call the people you have met at the lunches, breakfasts, ribbon cuttings, etc. and ask them to lunch.  At the END of the lunch, say "It was good getting to know you better. By the way, would you like for me to take a look at your portfolio?" and then shut up.  You would be amazed at how many people will say yes.  If you can review their account, you can generally get their account. (They would not have let you review their account if they weren't a LITTLE interested in moving.)

[quote=now_indy][quote=anabuhabkuss]

I've been in production since october and have yet to open one solid account. I'm out there knocking on people's doors and doing exactly as I have been instructed but to no avail yet. There are days when I'll walk for 5 hours and meet only 5 people and then the "voices" start kicking in.

[/quote]

Are you just door knocking?  If so, join the local Chamber.  Go to the monthly luncheons, and all the ribbon cuttings.  Call the people you have met at the lunches, breakfasts, ribbon cuttings, etc. and ask them to lunch.  At the END of the lunch, say "It was good getting to know you better. By the way, would you like for me to take a look at your portfolio?" and then shut up.  You would be amazed at how many people will say yes.  If you can review their account, you can generally get their account. (They would not have let you review their account if they weren't a LITTLE interested in moving.)

[/quote]

Chamber mixers, Rotary, etc are all a good start. Also, try to find out where groups of people you want to market like to socialize or conduct light business transactions. Golf courses, coffee shops, restaurants, etc. For example, I live in an area full of dairy farms, so I started going to the cattle auctions. The key is to not force yourself onto the group. You want to gently work your way in. Make conversation about everything and anything but never mention what you do or why you are there unless they ask, and then keep your answer short and sweet. These approaches take time, commitment, and dedication but in the long run they do pay off.

[quote=anabuhabkuss]

I’ve been in production since october and have yet to open one solid account. I’m out there knocking on people’s doors and doing exactly as I have been instructed but to no avail yet. There are days when I’ll walk for 5 hours and meet only 5 people and then the “voices” start kicking in.

Mind you, I am not required to door knock, but knowing people have built successful careers from it I thought I'd follow it to a T and commit to it. The purpose is to make 30 contacts a day and follow up with them until they threaten to sue me if I do not stop calling.

My biggest fear, is that I'm doing all this work to eventually open an IRA for someone who wants systematic withdrawals every month. I'm not entirely sure if that's going to keep me around.

Regardless, I ignore the fear and press on. But some days it is just down right depressing.

I took the job and then backed out. Something didn't fit right and I couldn't sleep. So i stayed put. I do NOT work for EJ. I work with guys who have though and they are really successful so I asked them how it was done and have committed to the process.

I just joined the chamber yesterday. Also went to a "Power Lunch" where Lewis Timberlake speaks (i can't believe free I'm doing free advertisement but if you do not know of this guy give him a quick google search for his Timberlake and associates site).

Ana....,

The thing with doorknocking...if you are forced to do it (as with Jones), it somehow works.  You have to be consistent and persistent (meaning keep doing it, and keep following up).  If you mean that you have been in production since Oct. 2006, I would not sweat it yet.  It took me three months to get any real traction, but once I did things seemed to gel.

I too had days like you mentioned...5 hours, 5 contacts.  I got to the point where I could get 2-5 contacts per hour (solid contacts).  But, there are far too many factors when talking about doorknocking results (neighborhood, weather, your approach, time of day, etc....).  But, as people said above, don't focus exclusively on doorknocking.  That should get you a good pipeline of contacts, but that is all they really are.  You need to get to KNOW people.  There are very few people that became clients or agreed to an appt off the first doorknock.  A year into it and I am still working some of my original prospects, dripping on them, waiting for their "right time", sending newsletters, cards, etc.  Keep at it.  If you have still had zero results after 4-6 months, you might try looking in the mirror (maybe something is wrong with your approach, personality, appearance, etc.).

Ending 2006   170 accts and 11.7M

Wishing all a Happy New Year and a prosperous 2007!

scrim

173 accts  12.1M

My January was better than it appears as far as gathering assets because I lost a few accounts for various reasons that were mostly out of my control.

Well, I got it wrong last year so let me try this again.

Take the Colts and give the seven.

Colts 31   Bears 13

scrim

179 and 12.5M

Hey, I got it pretty right this year!!  

I wish I put some money on the game.

scrim

March was an interesting month.

I had my second best month of production ever since my trail business is growing.

I ended March with 177 accounts and 12.4 M

I have a net loss since the end of February because of a few deaths of clients and one client who decided to fire me despite good performance and customer service.

Can't win 'em all.

scrim

Scrim,

Noticed that your accounts increased a couple but your AUM went up about 700K since year end. Seems like it has been pretty level for the past couple months.

What methods are you using to drill down and try and capture more household assets? With existing clients who have opened accounts and have outside funds, I have been reviewing Zephyr analysis with them and have been able to consolidate some decent accounts that were held away.

Just a thought.

Those assets and accounts  are only my mutual fund wrap accounts which are annuitized.

My total book is about 22M.

I am focusing more on drilling down on existing accounts that I've opened over the past few years.   I'd rather have quality than quantity.

scrim

good work scrim, are all these accounts referals at the bank or are you actually calling new prospects to land these accounts?

Almost all bank referrals.

scrim

177  12.7M

I'm still in a period of consolidation for some reason instead of growth.

As the months pass i'm focusing more and more on gathering assets from existing customers while still trying to forge new relationships.

Spring has sprung finally!

scrim

$1MM in new assets in 4 months? That would get you fired from most firms…