I have been working in this profession for 24 years.  I would say that my first career altering revelation came when I understood that I could not control the actions of my clients.  They would invest when they were ready.  I could not control oil prices, the Federal Reserve, the financial markets or the NASD.  All I could control was my own activities.  For many years now I have maintained a daily work log on my desk.  I specifically keep track of the numbers of clients and prospects that I talk to on the phone and in person daily.  In addition, I keep track of thank you notes sent, other notes to prospects and clients, newsletters mailed, prospect letters sent, public exposure at civic events (such as board meetings), earned media, hours in the office, work hours out of the office, referrals generated, new accounts added and prospects added to my drip list.  I post these to a master ledger and track trends religiously.  What have I learned.  The more people that I communicate with in a variety of ways, the more business I will do.

I now manage 126 million AUM and earn trail income of 27 bps on the total amount.

I know... I should incorporate some of your habits.

Moneyadvisor, I was dripping some sarcasm on the irony of your words. I get a good laugh out of your name, too. Thanks.



Dash handed you a $10,000 piece of advice. You respond with a lame “I
know-I know” -  I wonder what part of that exchange was lost in
translation?



What color is the kool-aid today?

Dashampersand,

To gather all those assets you must have done a great job for your clients.  Congrats.

The way I'm building my business I would rather have 25M under mgmt getting 140 bps trails simply because, in theory, I could give better customer service since I would have many fewer accounts.

There is more than one way to build a business and I have chosen my path.   Check back with me in 2010 to see if it was the right one.

Good luck to all!!!

In 2010 my bps will be up to 55.  I have a bunch of VA business with 1% trails that will come on line starting in 2007 and growing each year.

I would not rate the performance of the investments that my clients received as "great", just a little better than the indexes in the good years and much better in the bad years.  I believe the secret to asset growth is communication with clients, accessibility, high (positive) public profile and asking for referrals.

Money - Are those $200k guys really working their asses off to bring in accounts?

earn trail income of 27 bps on the total amount.

What does this mean?

That is some great advise and I am going to follow your guide. I know getting out there and meeting a lot of people is the key to success in every aspect of life!

[quote=dashampersand]

I have been working in this profession for 24
years.  I would say that my first career altering revelation came
when I understood that I could not control the actions of my
clients.  They would invest when they were ready.  I could
not control oil prices, the Federal Reserve, the financial markets or
the NASD.  All I could control was my own activities.  For
many years now I have maintained a daily work log on my desk.  I
specifically keep track of the numbers of clients and prospects that I
talk to on the phone and in person daily.  In addition, I keep
track of thank you notes sent, other notes to prospects and clients,
newsletters mailed, prospect letters sent, public exposure at civic
events (such as board meetings), earned media, hours in the office,
work hours out of the office, referrals generated, new accounts added
and prospects added to my drip list.  I post these to a master
ledger and track trends religiously.  What have I learned. 
The more people that I communicate with in a variety of ways, the more
business I will do.

I now manage 126 million AUM and earn trail income of 27 bps on the total amount.

Executive Jock:

My total trail commissions total $340,000 per year.  I have $126,000,000 under management.  That amounts to 27 basis points of trail income on my asset base.

Dash- How do you keep track of all those different activities and track them? 

I made out a single sheet with my calendar running down the left side of the page in 1/2 increments.  Upper right side are my phone calls.  Under that are tasks to complete.  Under that is the "Scoreboard".  Clients Met Face-To-Face____Client Telephone____Prospects Face-to-Face____Prospects Telephone____Thank You Notes____Other Notes to Clients____Notes To Non-Clients____Account Aggregation Statements Sent With Note____Newsletters Sent____Prospect Letters____Public Exposure @Events____Earned Media____Live Radio/TV Exposure____Hours In Office____Work Out of Office____Referrals Received____New Accounts Added____Prospects Added to Mailing List____

I stroke tally most of the scoreboard items.

I transfer these totals to a 13 column green ledger every day and then tally up the month.

[quote=dashampersand]

I made out a single sheet with my calendar
running down the left side of the page in 1/2 increments.  Upper
right side are my phone calls.  Under that are tasks to
complete.  Under that is the “Scoreboard”.  Clients Met
Face-To-Face____Client Telephone____Prospects Face-to-Face____Prospects
Telephone____Thank You Notes____Other Notes to Clients____Notes To
Non-Clients____Account Aggregation Statements Sent With
Note____Newsletters Sent____Prospect Letters____Public Exposure
@Events____Earned Media____Live Radio/TV Exposure____Hours In
Office____Work Out of Office____Referrals Received____New Accounts
Added____Prospects Added to Mailing List____

I stroke tally most of the scoreboard items.

I transfer these totals to a 13 column green ledger every day and then tally up the month.

Dash- Thanks. I printed it off, will take to the office Monday and get started on it. I appreciate your help.

This is one of the best threads I have ever read on this BB.

Thanks gentlemen!

actaully for a 24 yr vet it makes sence.

I have seen money do funny things to otherwise honest and normal people. 

He is stating obvious facts that if implemented can increase ones probability of success. So bravo for helping those who are listening.

Run 4 office are you John Kerry or some other Democrat? You know the people who are against everything and never have a plan but to obstruct.

[quote=executivejock]

He is stating obvious facts that if implemented can increase ones probability of success. So bravo for helping those who are listening.

Run 4 office are you John Kerry or some other Democrat? You know the people who are against everything and never have a plan but to obstruct.

[/quote]

Not John Kerry.  I think he's proabably Put Trader.  He has the same attidue and lack of command of the actual facts....

Dash - Awesome advice, according to snap, I owe you more kudos. I wanted to reply days ago but forgive me....have been busy.

Your habits are impressive, why we all don't do those activities......I will be brutally honest.......I am not that organized or disciplined, to do what you do. If someone told me I had to do that....I would leave the company. I LOVE thank you notes however, I like writing them, and think they serve as a great point of contact. So all is not lost. I just simply am not the type that is going to track everything I do.

Lambda - The couple of 200k Guys I know well, one brought in 6-7 million last year, smart guy, about 30 million AUM - almost all annuitized - Why is doing 200k, when your averaging 1% on most of your business so astonishing. If a guy were getting 4% on the same business, he would be doing $800k.

Are these guys killing themselves working...no, probably not. Some days they may be.

Only on this website could you say you like babies, puppies and your mother and someone would accuse you of being a liar and a scoundrel.

I am a 24 year vet.  I think the Dow was at 816 when I started.  About the time Henry Kaufman made his big call.  I guess I should really say I am now in my 24th year.

I do have $125 million under management.  I do not make $3,000,000 per year.  I make about $600,000 gross and retain 95% on funds and VAs.

I post for rookies because I had some very nice veterans who helped me in my career.

My signature line was from my fraternity days.  I was forced to memorize a bunch of meaningless drivel, but this one made some sens, particularly for a broker.

Even a good, decent, honest broker will have a lapse in judgement or make a mistake at some time.

But for those of you who just have to complain, there was another slogan that I had to memorize, "Them that mind don't matter, them that matter, they don't mind."