Time to panic?
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It’s a scary time. Besides having to deal with panicked clients in
a market that’s down 60%, everything we do is in smaller numbers.
Every rollover, IRA transer, etc… is smaller. Many times over 50% smaller. This means our payout is smaller as well. This is the case
regardless if you are commission, fee based, or both. Not good.
time to panic when we all work for the governement…or the aliens come back to claim their planet after we completely f-up everything.
[quote=Advisor238] It’s a scary time. Besides having to deal with panicked clients in
a market that’s down 60%, everything we do is in smaller numbers.
Every rollover, IRA transer, etc… is smaller. Many times over 50% smaller. This means our payout is smaller as well. This is the case
regardless if you are commission, fee based, or both. Not good.[/quote]
yep
60% of FA’s will be gone
When you “panic” it’s time to get out, hunker down and make a difference! CHANGE YOUR CLIENT’S EXPECTATIONS and give yourself a break.
Don’t let the clients make the “emotional” decision. They pay us to be level headed and to keep them from making a move that they will regret 12 months from now. Or 5yrs, or 10yrs. Most of their goals have not changed.
Guy in our office who is pretty sharp in September called every client and got them into CD's. And as anyone called in thru year end 2008 told them he is only recommending CD's. He normally is in the 400K range, he is doing less than 10K a month since October, did 4900 last month. His book is 90% in CD's. Not sure what the "emotional decision" is, but his clients are happy and the guy comes in for about 30 minutes per day and goes home.Don’t let the clients make the “emotional” decision. They pay us to be level headed and to keep them from making a move that they will regret 12 months from now. Or 5yrs, or 10yrs. Most of their goals have not changed.
Fritz,
Please keep us posted. The day your office CD guy comes in for only 15 minutes because he gets canned, let us know. I will personally use it as a market bottom indicator and sign of imminent sustainable rally.
Will Do.. Why is he going to get canned?Fritz,
Please keep us posted. The day your office CD guy comes in for only 15 minutes because he gets canned, let us know. I will personally use it as a market bottom indicator and sign of imminent sustainable rally.
The time to panic would have been when it looked like Obama was going to win the election…
Will Do.. Why is he going to get canned?[/quote][quote=YHWY]Fritz,
Please keep us posted. The day your office CD guy comes in for only 15 minutes because he gets canned, let us know. I will personally use it as a market bottom indicator and sign of imminent sustainable rally.
For producing $4900/mo.
Will Do.. Why is he going to get canned?[/quote][quote=fritz][quote=YHWY]Fritz,
Please keep us posted. The day your office CD guy comes in for only 15 minutes because he gets canned, let us know. I will personally use it as a market bottom indicator and sign of imminent sustainable rally.
For producing $4900/mo.
[/quote] I have never in 15 years seen a broker canned for producing low numbers, Except for trainees. We have 5-6 guys from ML who came over mid year 08; all were between 400 and 750 (ALLEGEDLY) one is around 20K a month and a couple others around 10-12K monthly, and 3 have under 5K every month. Asked the manager about how these guys could paid the big bucks they did and do next to nothing and he said "thats the business" From what Ive seen most of those guys have given up and will sit out the next 5 years of the contract and that will be that.
Wow! Even in my piker-laiden former AGE office, we had two brokers (plus several trainees) fired for not producing…and they were both doing (a lot) more than $5k/mo.
What happened to the minimum requirements that were implemented pre-WB buyout?
Maybe because the guys I have seen that drift to low ## are all on contracts? Dont know. Have you ever seen anyone fired on a deal? If you are doing low gross now what can they say? I would laugh is they said your down 30% from last year, whats wrongWow! Even in my piker-laiden former AGE office, we had two brokers (plus several trainees) fired for not producing…and they were both doing (a lot) more than $5k/mo.
What happened to the minimum requirements that were implemented pre-WB buyout?
It’s like releasing a MLB baseball star for underperforming. When you’re paying him $15mm a year for the next 3 years, you gotta find a way to play him.
personally i know a lot of low producing recruits and i have not seen any of them get canned. even though they probably should. i have seen them get squeezed by the low payouts though.- one way i guess the firms can slowly get the money back. you would think the company would give a recruit 2-3 years to rebuild before they would can them if they dont produce. but i guess as long as you show up they keep you around.
It’s like releasing a MLB baseball star for underperforming. When you’re paying him $15mm a year for the next 3 years, you gotta find a way to play him.
good example
Agree perfect wording.. Whats even funnier is how some guys 750K+ recruits get the big corner office and they put up 10K a month for 3 years before they get downsized into the piker office. If you are recruited the day they can you is the day someone officially made a mistake hiring you, which of course never happens, so you either get forced out by payout and lifestyle needing more income or you sit there until the deal ends. In this environement I would say majority of all recent guys hired based on 2008 T-12 will be a total bust.[quote=B24] It’s like releasing a MLB baseball star for underperforming. When you’re paying him $15mm a year for the next 3 years, you gotta find a way to play him.[/quote]
good example
The time to panic would have been when it looked like Obama was going to win the election…
this is sad but true. If he gave each household $8000 in cash (instead of wasting it all on long term government waste), the panic would subside, households would have a cushin, people behind on their mortgages could catch up. But no, he wanted to award his liberal following with pork.
It’s like releasing a MLB baseball star for underperforming. When you’re paying him $15mm a year for the next 3 years, you gotta find a way to play him.
Even if his being on the field is detrimental to the team?