37yo been in the biz 2years building fee based biz - everyone telling me I’m doing well (190k T12) but not making any money - any one in the same boat?
Just curious what your payout percentage on 190k is and what you consider good money? My opinion is that 190k trailing 12 is doggone good at two years in, especially if you ahave a high percentage of that in fee-based. Maybe the comp plan is the problem…
I'm in a similar vessel.
First full year in this biz and I'm on track for about 200k Gross this calendar year.
My book is about 10M with around 60% fee based.
I'm pretty happy with it.
Break it down with single clients. Calculate how much time you
spend with each client and how much you are being paid. Get your
hourly rate. When you meet with a client for breakfast and a
review you are being paid, even though they are not buying
anything. THis always makes me feel better and forces me to focus
on service and performance.
As for growing it…It is math. If you committ to it, and just
keep adding small blocks to the pile, eventually, with the help of
performance, it gets big. If you are manageing 20 million in fee
based business going into 2006, and add 5 million to it, and the values
increase 5%, you have essentially added roughly $60,000 in fee on a
rolling 12 month basis, at 40% pay out that is a 12% pay increase (most
workers in America are not experiencing this). Do this 3 years in
a row, your tracking at around $400K, do a few life insurance sales and
the occational commission business and you are making around
$200K. The nice thing is that it only goes up from there, and you
are 40, taking a client to golf or the lake…and geting paid for every
minute of it.