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Jan 27, 2007 1:55 am

You think that if it makes you feel better. You're obviously more intent on putting others down to stroke your ego and that's your problem. I'm talking about assets that are not being worked on and you're suggesting they do not deserve servicing.

I'm not talking about stealing assets while an FA is still working on them. Are you freaking dull?

I find it hard to believe that all of your clients were prospects that had no financial plan put together whatsoever (because if they did, why would you work with them having posted earlier you have to know every security in their portfolio- another reason why you pass on assets).

What more would you expect from somebody who refers to any client as "second hand clients"

Passing on assets that are not being worked on (you keep avoiding this and instead refer to sharking instead) is no different than passing on prospects whom you find out are unhappy with their current FA.

you: "I'm sorry I'd help you but I haven't had any input in your portfolio to begin so for "ethics" sake (ego) I can't help. Oh and if FA "A" decides to be your contact moving forward because you're unhappy with your current performance, well FA "A" is a shark and an unethical ass."

Right. Anyways keep posting during market hours. If I'm interested in anything else you have to say I'll let you know after I get off work from my 7pm nights.

Jan 27, 2007 2:00 am

Oh and that's cute, you attacked me for not being a rainmaker. I forgot I had posted that I am required to bring in $4MM of my own assets this year $1.3 which I've done working with accountants in all but 5 months into production. Assets given to me is more time and work on my hands (saturdays and sundays wha?)

**** me for being retarded. Don't me an assumptous know it all ass. Your clients will drop you faster than Fat Albert reimbursing a huge mexican dinner.

Jan 27, 2007 2:34 am

[quote=BondGuy]

That’s Ok, look at it this way. On one side we have the producers and rainmakers. On the other side we have the leeches and the ticks. In clearer words you’ve made your choice obvious.

[/quote]



I’ll  second that.  Sums it all up in a paragraph!
Jan 27, 2007 6:01 am

[quote=joedabrkr]
You don’t get it, which is no surprise, because
you don’t have a business that you built yourself.  So, you don’t
know how much it sucks when someone tries to pilfer your hard earned
book.  There’s a lot of sharks out there in our business.
[/quote]



As I see it, the accounts in exbrokers books were ours to lose, and at
the very least we had a funded account and some built in credibility.
So mining these accounts with a simple low pressure approach can be a
very good idea.



There’s really nothing sharky about it, if you quit our company you can’t expect huge loyalty from us to you.

Jan 27, 2007 7:14 am

As I see it, the accounts in exbrokers books were ours to lose, and at the very least we had a funded account and some built in credibility. So mining these accounts with a simple low pressure approach can be a very good idea.

Getting established in the business, there is no silver bullet. A few assigned accounts helped a lot of us learn the business, and over a longer time frame, with a simple low pressure approach, turned into some very nice assets under management.

With a high payout rate, most money under management looks pretty good after you pay your fixed costs. The 80/20 principal applies bigtime in this business if you are a generalist (20% of your clients provide the most revenue, but the other 80% of clients helped get you there).

Jan 27, 2007 3:55 pm

[quote=anabuhabkuss]

You think that if it makes you feel better. You're obviously more intent on putting others down to stroke your ego and that's your problem. I'm talking about assets that are not being worked on and you're suggesting they do not deserve servicing.

I'm not talking about stealing assets while an FA is still working on them. Are you freaking dull?

I find it hard to believe that all of your clients were prospects that had no financial plan put together whatsoever (because if they did, why would you work with them having posted earlier you have to know every security in their portfolio- another reason why you pass on assets).

What more would you expect from somebody who refers to any client as "second hand clients"

Passing on assets that are not being worked on (you keep avoiding this and instead refer to sharking instead) is no different than passing on prospects whom you find out are unhappy with their current FA.

you: "I'm sorry I'd help you but I haven't had any input in your portfolio to begin so for "ethics" sake (ego) I can't help. Oh and if FA "A" decides to be your contact moving forward because you're unhappy with your current performance, well FA "A" is a shark and an unethical ass."

Right. Anyways keep posting during market hours. If I'm interested in anything else you have to say I'll let you know after I get off work from my 7pm nights.

[/quote]

I guess the only response to this is I"m getting a headache trying to understand your post.

Lets try this again.

To succeed in this business we need to deal with rich people. You know, people with money. Those of us who see this build a plan that puts us in front of these kinds of prospects on a regular basis. We strike out more than we succeed, but persistence pays off and gradually, piece by piece, a large practice is built. To do this, we are custom tailoring the type of person we are looking to do business with. An individual's ability ot fog a mirror doesn't qualify them. Nor does an investment personality that is contrary to our business plan. For example: I do few bond funds and meet a prospect who says that's all they'll buy. Not a fit. I'm conservative (mostly), and build portfolios that reflect that view, so what do I do when I meet a guy who wants the fast lane with stocks and options. I pass. Again, it's not a fit, regardless of how much dough the guy wants to invest. By prospecting for every client I get to hand pick who I do business with. I only do business with those who buy into my investment philosophy. It's that simple. Any other way leads to unhappy clients down the road.

Part two of the program is, because I have hand picked my clients, and because they have bought into my plan for them, I get to hand pick each security that goes into the portfolio. For better or worse, whatever happens from that day forward, I own it. Of course each security is vetted before placing it in the portfolio. Isn't this the way it's supposed to be doneL

Now match that against this: your manager hands you 20 funded accounts, each a different personallity type, investment philosophy, and each with a dozen different securities in it. let's say that just with these accounts there are a hundred different securites. That's not unreasonable. Except there's a problem. There is no way anyone can follow a hundred different securities. Not even you. To whittle it down you need to become an expert on each position to see if a sell is warranted. And then you've got to convince the client to sell. Good luck with that. And it's just as likely that a sell is not called for. Now your stuck with whatever it is and have to follow it. Very time consuming.  Meanwhile, while all this is going on job number one, developing your own book, has come to a complete halt.

As far as the cheap shots about posting during business hours, I'll deal with that in a seperate thread. Actually, you're not wrong. Even though it doesn't stop you from being a jerk for trying to impune me with it.

In reality your probably not a jerk, just someone who is really upset at what is being said. Let's move on.

Jan 27, 2007 5:39 pm

I agree with everything you just posted above but just disagree with you about servicing accounts that are not being touched  being a waste (even if their philosophies are different than mine). The reality is if clients don't click with you, they'll move with the FA no matter how awesome your presentation is. But I am not the first one in a managers door trying to steal accounts from someone who hasn't even finished packing much less moved do a different brokerage house (yes they are whores).

Being offered some !2MM from my mentor to manage is anything but a bad deal. If anything it helps me learn faster and maybe even further develop my own investment philosiphy and business practice. Further being asked to call on 2 MM of assets from someone who left the business entirely does not hurt my time away from prospecting. A simple thing like Time Management goes a long ways.

Message boards are the worst way to have discussions. I agree with you to let this die. PM me if you have anything else to add.

Jan 27, 2007 6:50 pm

You both made some really good points. Anyone who takes from both points of view will get a lot of perspective.

There are so many trade offs as build my practice. Do I want to be a generalist or a specialist? To succeed in this business we need to deal with people with money, but not necessarily rich people. If your payout rate is high enough and your time frames extend over a long period, you can do pretty well with clients who are accumulating wealth.

As you go up the net worth ladder, specializing seems to become more important. For example, building individual bond portfolios versus using bond funds. (But competition presses in on even this idea, in the form of index bond funds, diversified strategic income funds, separate accounts, and so on.)

Specialization implies more team work, more staff, a bigger office, more overhead, maybe more stimulation and likely a lot bigger income. But more interdependence. Maybe more neckties and less freedom. (Freedom to work three hours on Tuesday, Thursday and Friday and go meet someone on the golf course, because the weather is nice).

Conversely, if you own the neighborhood planning shop, being a good generalist matters, and you can make referrals to other professionals when you are over your head.

Hand picking your clients is nice, and it may suit your personality. It can help you keep control of your time and work more efficiently. You become known as a specialist.

I remember playing a pickup game of nine holes for the first time at the private golf club. After a while, my partner asked what I do for a living. He said, "Oh, your competitor here at the club only accepts accounts over one million". We just kind of looked at each other and laughed. I said, "Well, I'm the just the neighborhood guy". Right away he opened up and started talking personal finances.

Especially for someone learning the business, I think the social skills alone that you get from working on assigned accounts are worth it. Exposure to clients who, let's face it, in many cases, have been "worked over" by someone who was on their way to something bigger and better.

And those "dumb" little eighty thousand dollar accounts, once you take them over, get the bank authorizations in place, in wrap or C shares, and reallocate them once a year - and the client finally found a stable advisor who they like and trust - those babies will fit very nicely with the one five million dollar acount, a few two millions, a few millions, a bunch of five hundred thousand plus accounts, and a whole bunch of accounts below that which will become your future big mammas. I think they call they "marketing mix".

Mar 6, 2008 9:01 am

[quote=planrcoach]You both made some really good points. Anyone who takes from both points of view will get a lot of perspective.[/quote]

I know this post is old.

Seems to be a lot of activity on the forums with people who have offers from firms, and people switching B/D’s looking for advice.

I felt this information was relevant and deserved to be freshly looked at.

Mar 7, 2008 2:55 am

What I would do is search for "Series 7" or "Series 6" on monster.com.  Find a non sales job where you get a lot of product knowledge.  IMO this is tougher to attain than the sales skills with many FA jobs so it may be better to get a low salary where you can really learn a bit about the business first without trying to sell something you know nothing about.  With sales, it seems like either you have it or you don't have it.  I am not sure how much you can "learn" to be a better salesmen/prospector.  Getting you licenses in a salaried position where you can learn any part of the financial services industry is a great move.  Once you have your licenses, many doors will open for you in the industry.  Furthermore, once you have confindence in your product knowledge, you will probably be a better sales person because your knowledge will show to the client.