What to do

or Register to post new content in the forum



  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Jan 23, 2015 10:48 pm

So here is where we are at the moment. We have a team consisting of very qualified personnel. Our current clients are happy and our process is pretty well defined.

We are very focused but still ironing some of the small details; newsletter, marketing materials, etc. but I would say we are focused on where we want to go and each of our roles are clearly defined.

For 2015 our TOP PRIORITY is NNA (net new assets)

I feel the clients are happy and we are getting referrals but I speculate now is a good time to start a heavy prospecting campaign so that in the next downturn we can soothe our competition’s clients who are questioning why their life savings lost more than the blended benchmark and why their wrap fees are consistent while they are losing money.....Remember what those outflows looked like about 6 to 7 years ago??  :  )

Really as I see it our current options -

Coach- Seems the business has changed considerably over the last 10 years and now the heavy hitters are turning to professional coaches.  Actually everyone is seeking out their services.  These coaches claim to keep the team focused, give results-driven advice, and guide us through the tough decisions we need to make in order to best steer the ship.  Personally, based on what I have researched I believe there are some good coaches out there.  But I am not sure the cost is justified for what I am looking for. I have been quoted anywhere between $1,000 per month to a $50,000 retainer for team based coaching. Undecided.  Plus I have seen other situations where I think the coach did more damage than good.  

B.) The phone- We revisit our roots by doing what originally gave a lot of us our start in the business; picking up the phone.  I would guess 95% of successful FAs out there would never go this route again.  It feels like its been 50 years since I prospected with a phone but I would bet I can still pull qualified serious leads out of thin air again.

Do we hire a coach and take the high road?  Or do we bring in some neophytes who have something to prove and give them a telephone and a database? 

A few years ago there was an FA on this forum who called himself BondGuy.  His gift to the general investing public was fixed income and I think he was pretty big producer.  At least judging by reading his posts he sure sounded like someone who possessed substance. He was always pro cold calling especially with paper yielding a solid 5%.  When all of these Indy FAs who liked to hear themselves talk would post here he would run circles around pretty much everything they had to say.  It was comical.  If you are still out there, I would love to hear your opinion on this subject.

What do you think? Do we do what’s in style and hire a coach? Or do we go back to the 1980s and do what no one else will?