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When do you throw in the towel?

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Dec 4, 2009 3:22 am

I agree with squash… If someone is DCAing, they don’t have money to invest… you need people with money… part of the qualification of investing, people who DCA probably don’t have an emergency fund, so when they need money they are going to tap that investment and if it went down in value, there is where compliance issues come into play…

Dec 4, 2009 3:32 am
anonymous:

That’s why I admire BioFreeze’s business model.  He has a product.  He sells as much as he can to as many people as he can.  If the product isn’t a fit, the person isn’t a prospect.

  Agreed.  Jack of all trades, master of none.
Dec 4, 2009 10:56 am
chief123:

I agree with squash… If someone is DCAing, they don’t have money to invest… you need people with money… part of the qualification of investing, people who DCA probably don’t have an emergency fund, so when they need money they are going to tap that investment and if it went down in value, there is where compliance issues come into play…

There's no "right" way to run a practice.  However, I'm quite thankful for all of the people who have account minimums.  My practice was built on people who other advisors don't want because of their lack of cash.  I basically built my practice on young CPAs and attorneys.    I thought that over time, I would have a minimum and then keep increasing it.  I still don't have a minimum.   I'm still willing to work with just about anyone as long as they will come into my office.  No matter how crappy of a prospect that they are, if they will come into my office, a sale will be made and it will typically result in $500+ into my pocket and it will be done in one interview.  If they're crappy, they will be a customer and not a client.   On the other hand, there is nothing crappy about the young cpas and attorneys.  I'd gladly spend all day setting up $200/month Roth IRAs for these guys. 
Dec 4, 2009 12:56 pm

I ran into a guy like this a few months back. He owned a motel (it seems like that is common). When it came time to buy, he said “I am literally getting sick thinking about this. I can’t think about this anymore”.

Seriously, delete his name from your list of prospects. Don’t waste one more second thinking about him. In fact, don’t even come back to this thread. Go find the guy that is pissed at his wirehouse broker (no offense wirehouse brokers), that seems to be pretty common too.

Dec 4, 2009 1:00 pm

[quote=3rdyrp2]WTF???  His religion doesn’t allow insurance or rate of return???  If he’s not supposed to be getting the .00001% at the bank then doesn’t that give you the answer as to why he won’t invest with you?  If you get him 10% return he may have to renounce his faith.

  What kind of f***ed up religion works like this?[/quote]

Islam.
Yep, no wonder they're living in the Stone Age.


Dec 4, 2009 3:25 pm

The real issue is that you spent 2 1/2 hours with any client. After 45 minutes, I would have closed. Mr Client, What do you want me to do? BE SILENT…Make them tell you.

Dec 4, 2009 3:51 pm

I remember doing that in the beginning.  It makes me cringe thinking about it.  I no longer try to “convince” people to do business with me.  If they are too concerned now, they will stay that way.  I would rather have no client than a client that is not sure about wanting to invest.  It just invites trouble.

Dec 4, 2009 3:57 pm

If he doesn’t want your services, consider it his loss.  Move on to someone who wants to benefit from what you do, so that you can benefit, as well.