Rookie Survivors
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Interesting read, especially since all I’ve been told is “this is the best time to start ever” haha
I’d bet $1000 that the Jones guy inherited an office, those numbers are nuts and looking at him no chance he doorknocked his way to that AUM.
http://registeredrep.com/advisorland/career/finance_rookie_survivors/
Guy from wells has a brother in the branch who has been in business a little while. Crazy velocity on book…tells me hes taking it all up front. 11mm and gross of 233, va’s and a shares.
Lol, I’d bet a hell of a lot more than that. Sparta, Illinois? Not sure that is in the “Wealthiest Cities in America” discussion. Lucky bastard. From the looks of him, he could use a little doorknocking to carve off one or two of his chins. The first guy looks like he’s in his 50’s.
The Jones guy definitely doorknocked his way to 40mil AUM in 18months ! I bet he is now leading new FA meetings and teaching everyone “what is working for him.”
I’m willing to bet for the Jones guy 90% of his clients are not in Sparta. Or even near it.
Retired LTC. He’s fat, so likely Logistics and he’s a graduate of CGSC? Those guys get out and make bank.
He also MAY have taken over an office. Most of my AUM has been from military contacts. OR he took over an office, since prior to being at Jones, he was in the St. Louis area. Likely moved where there was an open office.
The article is misleading. It implies all of these guys (except Grave) started New/New. NO WAY a Jones guy has 37 million in 18 months starting new/new (and I’m a Jones guy).
Funny watching you guys try to justify how he could rasie that much AUM ... military contacts, 401k money. When Windy makes a claim of 1/3 of that he gets roasted.
I think they are both liarsYup, no way he could bring on 375 housholds in his first two years. I have seen vets with 25 years in and several hundred million AUM, that add maybe 150-200 new ACCOUNTS each year, but there is no way a rookie can ramp up that quick. Assume it takes at least 3 months to ramp up (which is unrealistic anyway), you are talking 18-20 households per month. The only way he does this (if he did) is if he was opening lots of SIMPLE's. But usually behind every story like this is a real "story" (took over office, got a Goodknight, etc.). It is VERY possible that he just got a big Goodknight plan.
As a sidenote, I checked the system, and his BOA (assistant) has been employed with Jones since 2000, so that tells you something right there.One other thing - the article never claims HE raised all that AUM. It just says he MANAGES the money. Big difference. So he may have started with a Goodknight (or existing office) of 25-30mm, it dropped a bit with the market, then came back up, and he added 5-10mm along the way. That’s not unreasonable to assume. But as someone pointed out, mathematically, his T-12 compared to his AUM smacks of a classic performance of a 10-year Jones broker with lots of stocks, bonds, and funds (hence the assumption that he inherited existing assets).
Because if he gathered even HALF his assets last year, EVEN at only 1% average gross on the new money, that would have given him 200K gross on JUST the new assets (not including any insurance, trails, rotating mature bonds, etc.). It simply can't be from scratch.And in all fairness to Jones, this type of sh*t happens everywhere. Some joker here at Tellers R Us did 45k in his 3rd month and the regional manager was just loving on him. Sure enough, he took over a book that had 13mil in managed accounts. So the guy hardly “produced” anything. Really pisses me off. I know it shouldn’t.
The difference between being an advisor in one of the wealthiest cities in America and Sparta, IL is pretty simple. Competition. You can't swing a dead cat in the wealthiest cities in America without hitting an FA of some kind. The guy in Sparta is one of two EDJ folks and a small handful of other advisors. There are billions in assets in the town and surrounding areas. Lots of farmers. Lot's of mom and pop businesses. It is the PERFECT atmosphere for a Jones office to thrive. I've thought many, many times about relocating my family to one of those small towns and starting over.Lol, I’d bet a hell of a lot more than that. Sparta, Illinois? Not sure that is in the “Wealthiest Cities in America” discussion. Lucky bastard. From the looks of him, he could use a little doorknocking to carve off one or two of his chins. The first guy looks like he’s in his 50’s.
Incredible! Well played Mr. 14, well played. You need to change your signature, we are due for a new teller joke.And in all fairness to Jones, this type of sh*t happens everywhere. Some joker here at Tellers R Us did 45k in his 3rd month and the regional manager was just loving on him. Sure enough, he took over a book that had 13mil in managed accounts. So the guy hardly “produced” anything. Really pisses me off. I know it shouldn’t.
[quote=voltmoie]
Funny watching you guys try to justify how he could rasie that much AUM … military contacts, 401k money. When Windy makes a claim of 1/3 of that he gets roasted.
I think they are both liars [/quote]
There’s a big difference between a twenty-something with beer buddies for contacts and a LTC who was in Logistics with contacts making $400k or more a year.
Not to mention this guy has a NICE pension. He can build his business slowly.
[quote=Moraen] [quote=voltmoie]
Funny watching you guys try to justify how he could rasie that much AUM ... military contacts, 401k money. When Windy makes a claim of 1/3 of that he gets roasted.
I think they are both liars [/quote]
There's a big difference between a twenty-something with beer buddies for contacts and a LTC who was in Logistics with contacts making $400k or more a year.
Not to mention this guy has a NICE pension. He can build his business slowly.[/quote] He is featured because he is NOT building his business slowly. He's a rock star. We should all follow his lead. Someone call me with an open branch. Thanks.
[quote=voltmoie] [quote=Moraen] [quote=voltmoie]
Funny watching you guys try to justify how he could rasie that much AUM … military contacts, 401k money. When Windy makes a claim of 1/3 of that he gets roasted.
I think they are both liars [/quote] There’s a big difference between a twenty-something with beer buddies for contacts and a LTC who was in Logistics with contacts making $400k or more a year. Not to mention this guy has a NICE pension. He can build his business slowly.[/quote]
He is featured because he is NOT building his business slowly. He’s a rock star. We should all follow his lead. Someone call me with an open branch. Thanks.[/quote]
Oh, I agree. And now that I think about it, it’s even worse and I’m wrong about his contacts. Army13A and other O’s can chime in if they think I’m wrong
Fatty McFarlan was a LTC when he got out. He has likely never held Battalion Command, meaning he could not make COL. He also could not pass the PT test, so he was ostracized by other, more dedicated officers. So, he was forced into retirement (passing the PT test is required). He likely has no friends, but Jones thinks very highly of veterans (most veterans make horrible salespeople - we’re very blunt), and so hired him He was allowed to look for an office that would provide a nice little cushion, so that Jones could hold him up as an example of what everybody else should be like.
My guess is if a guy like volt got an office, he would destroy Fatty and Windy alike.