Stories from those starting out

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Mar 30, 2009 8:52 pm

Ok, now that I have a new screenname hopefully we’ll be able to have a conversation about more than just me and how just because I’m new and very successful I “can’t possibly” doing well.  Are there any new advisors out there that have started new techniques to acquire clients or any other stories of success?  I’m trying to be positive, so only applicable replies need apply.

Mar 30, 2009 8:54 pm


Mar 30, 2009 9:04 pm

Not even going to pay attention…

  ...Went out today, pounded the pavement for a good 6 hours between lunch and 24 good contacts AND 15 phone one of my contacts from last week told me today that he has about $300,000 in an old annuity that hasn't done anything in a while and was looking for someone to take a look at it...all in a days work...   All it takes is hard work and positive thinking, for those of you who are starting Stephen Covey once put it, success is not a state of mind, but a function of good positive thinking.  Results are only the necessary evil. 
Mar 30, 2009 9:05 pm


Mar 30, 2009 9:08 pm


Mar 30, 2009 9:12 pm


Mar 30, 2009 9:19 pm

Can we get back on topic?  Who out there has had a positive relationship develop in the past couple weeks that could translate into some big business soon?  I’m about to hit the horn in a few minutes and make some dials before tucking the kids in and could use some positive inspiration before smiling and dialing. 

Mar 30, 2009 9:21 pm


Mar 30, 2009 9:25 pm


Mar 30, 2009 9:29 pm


Mar 30, 2009 9:30 pm


Mar 30, 2009 9:31 pm

Hey, EJ...nice tagline...I had no idea that Gandhi was plagiarizing me...

This isn't a story from a newbie, but I hope you'll find it inspiring just the same...

Summer of '05 I went independent.  As a courtesy, I visited many of my best clients to tell them what I had done, thank them for their business and express my appreciation for the opportunity to have worked with them.  At one business I visited, the president thanked me for stopping by and told me that the bank folks had been there visiting shortly before I stopped by.  He went on to tell me that although he liked me, they were going to keep a large company account with my old employer as his board was more comfortable in dealing with an established community bank than a new one-man independent shop.  This came as no surprise to me, although the president indicated to me that he would keep his personal business with me.

Fast forward almost four years later.  I've continued to work with the president personally and have taken good care of him.  Not once did I make any play for the large corporate account I left behind, but, you guessed it, a couple of months back, he stopped by and asked if I would be willing to submit a proposal on the account.  It seems that the bank had made a couple of missteps, one of which did not involve the investment account at all (one of the downsides of working inside a bank...your bank brethren can also hurt your reputation).  Worse yet, in reviewing the account with the president, it appeared that it was being largely ignored, even though it is a sizeable account (bigger than anything I currently have).  Given what company management told bank management back in 2005, I think they felt the account was not vulnerable and relaxed.

End result is, we have executed new account documents and will be gradually be taking over the relationship, starting in April.  Would I have taken this account sooner if I had aggressively chased it?  I doubt it.  Frankly, I think in this case, ignoring the business, but servicing related accounts well ultimately paid big dividends.  When all is said and done, this will be at least a multiple 7-figure relationship and for me, a lesson to never give up and think big...we are only limited by our energy and imagination.
Mar 30, 2009 9:33 pm


Mar 30, 2009 9:35 pm


Mar 30, 2009 9:43 pm
Mar 30, 2009 9:45 pm


Mar 30, 2009 9:54 pm

Thanks for the input, Indy!  Well, got two IOI’s tonight…potentially one person wanting to start saving into a Roth…and one more who wants to start their own business and needs to raise capital…time to tuck in the young’ns…great day to everyone tomorrow!

  It's always a great day to the great Mark Nastrom once said, "Effort...the price worth paying, is always the cost that catapults one to greatness...never harness that desire, upon which you may seek fortune.  Ultimately, your demise will be caused not by your lack of understanding, but by your surplus of knowledge."
Mar 30, 2009 10:38 pm

Read the 500 Day War, and all of Judge and Bond Guy’s posts.  I wasted about 2-3 months when production commenced.  This could have been averted had I known about these resources earlier.  Adapt them to your situation.  If you’re with EJ and you doorknock, fine.  Apply them to that. 

A lot of what you’re told in training is such bs.  To be an advisor, you have to have assets to advise clients on.  To do that, you have to get interest and commitment.  You can do this with a product.  I believe Judge said, it doesn’t matter whether they buy the product or not-it’s a means to start a conversation.  I cold-called a business on I think Tax Free Bonds–I got the CFO on the phone somehow after asking for the owner, he tried to shoo me off, but let on how MER hasn’t called him in months.  After talking on the phone a few weeks later and mentioning I’d be in the area working with another client on their 401K plan, he invited me up to take a look at theirs, as they were having issues with PAYX.  There you go. 

Mar 30, 2009 11:19 pm

Good new guys ought to memorize the 500-day war like it was the 23rd Psalm...that is some high-quality stuff.

Heck it's good for us old guys too...
Mar 30, 2009 11:36 pm