All of you veteran financial advisors...

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Closer's picture
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All the veteran financial advisers...   Imagine you are an ambitious college grad in your 20's with comfortable resources for entrepreneurship. Lay out an effective (and brief if you would like) plan of action to starting an independent financial adviser. Could you include what tests you would take (I'm guessing the 65), and also how you would structure the business.

vbrainy's picture
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Joined: 2006-07-26

You lazy a**.  Rich kid.  Used to having things done for you.
In this business you have to be a self starter. NOTHING is handed to you.
We are working stiffs, trying to make a living.  You are probably sitting in your beanbag chair eating Doritos and drinking a Mountain Dew.
Do it yourself.  The research is out there.
Caution, you may have to get your hands dirty.
 

troll's picture
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Joined: 2004-11-29

vbrainy wrote:You lazy a**.  Rich kid.  Used to having things done for you.
In this business you have to be a self starter. NOTHING is handed to you.
We are working stiffs, trying to make a living.  You are probably sitting in your beanbag chair eating Doritos and drinking a Mountain Dew.
Do it yourself.  The research is out there.
Caution, you may have to get your hands dirty.
 I was reading his post and thinking:  "WTF is this a job interview?  I already did that a LONG time ago!"

troll's picture
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Thank you V!
It's almost oxymoronic isn't it "Ambitious College Grad" especially "In your 20s". If you had real ambition you'd have dropped out of college and taken life by the short curlies!
College Grads only get real ambition after they've found out that the world doesn't give a fart about them!

planrcoach's picture
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comfortable resources for entrepreneurship
Start a tea company. Call it Tazo. When you get tired, sell it to Starbucks.

Closer's picture
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Joined: 2007-02-26

Wow. If you don't care or have the time to give a few pointers, then DON'T RESPOND. I'm sure there are some vets out there willing to lend some advice.Furthermore, by "ambitious college grad", I mean that I enjoy this field, study it, and am doing every thing I can to gain an edge. When you say "do research", you may forget that getting peoples opinions who are in the field IS research. A forum is actually the perfect medium for gaining knowledge essential to what I am trying to do. I know that I want to go indy eventually, so I am scoping out the paths.Vbrainy, if you don't want to lend a brief piece of advice, you don't have to. There is no need to be rude here. Also, I don't own a beanbag chair, or like doritios and mountain dew. I have been meeting with FA's in my greater metropolitan area almost daily to gain insight. I am not lazy, thank you.If any vets have some wise words, I would love to hear them.

Gone Indy's picture
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Joined: 2005-12-02

My advice...get a sales job outside of this industry for a few years.  Learn how to sell, network and deal with business owners before leaping into the financial services industry.  The most successful FAs I know are the ones who entered the business in their thirties.  Not that it can't be done right out of college but it most certainly will be much more difficult.

troll's picture
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Joined: 2004-11-29

"I know that I want to go indy eventually..."
That's not what you said. You said you wanted to start out indy.
You got to pay your dues if you want to sling the blues(chips).
Until you've actually lost money for clients, you have no idea what this business is about. So to think that you're ambitious enough and it's easy enough for you to start out creating your own firm is insulting to those veterans among us whoes advice you're asking for!
You don't want wise words, you want kind words.
When I was a young 20 yo and had drive and ambition to be a chef, and I asked chefs what I should do, they all told me the same thing "Stay OUT of this business!" Every one of them.
I went in anyway. I got pretty good, you know what? The old guys were right! That job sux!

planrcoach's picture
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Joined: 2006-12-13

Sorry.
First, don't get discouraged before you get started. You likely know, it can be great career, and there is solid demand for good planners.
Bottom line, get someone to pay you to learn the business, and don't think too much until you start having a little success.
But don't think too much after you are successful, otherwise you'll end up like Whomit, who appears to be miserable owing at least in part to his or her superior logic.
Just kidding.
I assume your comfortable resources extend beyond your intellect and desire. In which case, don't throw yourself in the sales training pen, rather, join an established group and do some grunt work.
After you learn the ropes a little, you can have your own practice, which will meet other needs.

4luvofmoney's picture
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planrcoach wrote:
comfortable resources for entrepreneurship
Start a tea company. Call it Tazo. When you get tired, sell it to Starbucks.

I bought a box of this tea from Starbucks recently.  All of the strings were detached and the tea pouches were loose. (great quality!)   You can also buy this in the grocery store, too (no problems with the tea from the grocery store, though.

troll's picture
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"First, don't get discouraged before you get started."
Yeah, there'll be plenty of time for being discouraged AFTER it's too late! 
"Bottom line, get someone to pay you to learn the business..." Good advice!
" and don't think too much until you start having a little success." (he he he hehehehehehe!)
"But don't think too much after you are successful," Take it from him, he's an expert on not thinking too much!
"I assume your comfortable resources extend beyond your intellect and desire." The rest of us assume your comfortable resources are anything BUT intellect and burning desire!
"In which case, don't throw yourself in the sales training pen, rather, join an established group and do some grunt work." He's right again! A rut is SO much better than a pen!
You know what this business is all about? Timing. And the first thing that veterans want to be able to do is to unload on some poor sap after a 400 point down day in the market!
In my mind, Planrcoach is still one of us, he still has clients that he had this morning. You, you're someone who didn't have the brains to think that today might not be the day for you to bother us! AND you bothered us here instead of taking your sillyassed question into the Rookie section where we veterans can avoid pissants like you!
They're going to toss me again. Oh well, as long as they accept hotmail addresses for registration... (how lame is that?)

troll's picture
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Closer wrote:Wow. If you don't care or have the time to give a few pointers, then DON'T RESPOND. I'm sure there are some vets out there willing to lend some advice.Furthermore, by "ambitious college grad", I mean that I enjoy this field, study it, and am doing every thing I can to gain an edge. When you say "do research", you may forget that getting peoples opinions who are in the field IS research. A forum is actually the perfect medium for gaining knowledge essential to what I am trying to do. I know that I want to go indy eventually, so I am scoping out the paths.Vbrainy, if you don't want to lend a brief piece of advice, you don't have to. There is no need to be rude here. Also, I don't own a beanbag chair, or like doritios and mountain dew. I have been meeting with FA's in my greater metropolitan area almost daily to gain insight. I am not lazy, thank you.If any vets have some wise words, I would love to hear them.Ok here's some advice newbie....look at the various categories on this bulletin board.  There's one on here called "Rookies".  Post your question there.

Closer's picture
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Joined: 2007-02-26

OK buddy. "Rookies". Got it. Thanks.Whomitmayconcer wrote:"First, don't get discouraged before you get started."
Yeah, there'll be plenty of time for being discouraged AFTER it's too late! 
"Bottom line, get someone to pay you to learn the business..." Good advice!
" and don't think too much until you start having a little success." (he he he hehehehehehe!)
"But don't think too much after you are successful," Take it from him, he's an expert on not thinking too much!
"I assume your comfortable resources extend beyond your intellect and desire." The rest of us assume your comfortable resources are anything BUT intellect and burning desire!
"In which case, don't throw yourself in the sales training pen, rather, join an established group and do some grunt work." He's right again! A rut is SO much better than a pen!
You know what this business is all about? Timing. And the first thing that veterans want to be able to do is to unload on some poor sap after a 400 point down day in the market!
In my mind, Planrcoach is still one of us, he still has clients that he had this morning. You, you're someone who didn't have the brains to think that today might not be the day for you to bother us! AND you bothered us here instead of taking your sillyassed question into the Rookie section where we veterans can avoid pissants like you!
They're going to toss me again. Oh well, as long as they accept hotmail addresses for registration... (how lame is that?)

Whomit, if you want rip on people go to an AOL chatroom. Message boards
are for exchanging information, a.k.a., learning. Also, does submitting
an inquisitive post fall under the category of bothering you?

planrcoach's picture
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Joined: 2006-12-13

Hey Closer, don't take anything personally. This character whomit seems to just excercising his or her right to have the proverbial undies in bundle. Bad market day, bad transition from a broker dealer - got shut out for low production, or something.
Which brings up a point: this is a profession, and a sales job at the same time. In order to really run things your own way, you need to have your own shop, and that is not easy. Without going into all of the details here, let me just say that if you can do it, it is better than wonderful, well worth the effort.
It must be like the utopia described in " Atlas Shrugged" ": a capitalist preserve of efficiency and productivity, where only cool people are allowed. At least, that is the way I feel about my clients and my practice. Although I am affiliated with a broker dealer, I am only required to attend one meeting per year, and have one office inspection per year. I spend all day with my clients, mostly on the phone and also in person. I'm not a big producer, but this is the coolest I have ever done, and it beats working overseas and working in a corp for me.
So, after your brief time here, I urge you to stay encouraged to find your own unique, creative path to success as a planner.

AllREIT's picture
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joedabrkr wrote:Ok here's some advice newbie....look at the various categories on this bulletin board.  There's one on here called "Rookies".  Post your question there.

troll's picture
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Joined: 2004-11-29

Hey, cLOSER,
Tell us some more about your wonderful "People skills."
You come into our house and start off by telling us that any schmuck with a trust fund and a piece of sheep skin can do what we do.
Let's imagine you did this in any other profession...
Military: On a day when stuff is getting blowed up all around them (and they just almost had the Veep getting blowed up) and you write in their message boards, "Hey, you Colonels and majors. Imagine you had some really brains and some really ballz and you were still young and good lookin' how would you go about becoming a General? Should I start my own Army and then merger my way up to taking over your Army?"
Medical: There's an outbreak of Ebola and you write "Hey, you guys who are good at this stuff, not the rank and file doctors, the ones that have been successful, imagine that you could do it right this time, right from the beginning, how would you do it? I ask only because my uncle wants to open his own medical group and he wants ME to be the head surgeon, I figure, what the hell, I'll get a license, then I'll concentrate on boob jobs and liposuction!"
Legal: on the day that tort reform is being signed you burble "Hey, legal dudes! Imagine if you can what it would be like if you had a college degree and a lot of ambition AND access to the internet! Now imagine that you had three uncles in organized crime so you know you'll ALWAYS have a lot of work built into your practice. Is there any advice you can give as to how you'd go about it if you were as young and smart and good looking and well connected and smart and young as me?"
If you wouldn't expect to get flambe'ed it goes to show that you don't have the people skills that you think you have. And judging from your responses to the flames reinforces that vision. 

babbling looney's picture
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Joined: 2004-12-02

Wow. If you don't care or have the time to give a few pointers, then DON'T RESPOND. I'm sure there are some vets out there willing to lend some advice.
I saw your post yesterday (yawn)and passed it over because I thought the same thing that many others have posted here. WTF how lazy are you????  Have you not read any of the many posts from us "Vets"here on this topic.  Lrn2search.   
It isn't that we don't want to sit down, hold your hand and plan your life for you.  Most of us are pretty generous with our advice. We were probably busy yesterday with the market dropping over 400 points and all.  As a matter of fact I am having dejavu right now.   I'm sure I have posted this before.

babbling looney's picture
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They're going to toss me again. Oh well, as long as they accept hotmail addresses for registration...
LOL...It must be a bitch coming up with all these screen names.

Malcolm's picture
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Joined: 2004-12-02

My advise is to first not listen to loosers and negative persons.  I started a company while still in college and by the time I was 23 we were on the front page of the Wall Street Journal.  When I was 24 I was in Inc. Magazine, Business Week and many other publications.  At the age of 26 I was become a Vice President for a well know company.  People told me I couldnt do what I did.  People were offended by me when I was 21 and I told them what I was going to do.  Just like you.  Forget this place. This is not the spot you will find greatness or even good advise. 
Get off here and do what you are doing getting out and talking to advisors.  Read everything you can.  Get recommendations from advisors you talk to.  Pick up the phone and call the big wire houses in your area.  Ask the receptionist to put you through to the biggest producer in the office.  Talk to that person. Just knock the door down.  Show up at the office and ask to meet with that person at 7am.  Be aggressive.  Be completely self confident and ballsy. Talk to as many of these persons as you can.  Ignore average persons.  They will usually be offended by you.   Ask a guy with a billion under management if you can work for free for him.  You'll get his coffee you'll dust his desk.  You'll do what ever he needs if you can just get the opportunity to learn.  You get the idea.
 If you are talking to successful advisors in your area, I think that is one of the best things you can do.  Forget "I can't and I need to put in years of b.s. learning the ropes."  THat is being average.  What matters most is DESIRE.  If you really have the buring desire to make it work then your desire will push you through the challenges.   
I know a guy who started right our of college.  By the age of 27 he was making $500,000 a year...maybe more.  When I first knew him he still had his crappy car he drove in college.  He is dorky looking and not connected but he had HUGE BURING DESIRE.  HE also is very intelligent and extremely hard working. 
Choose your dream and then go out and do it.  This forum is filled with small producers.  Loosers...Dont go to them for inspiration.    
    
 

Closer's picture
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Joined: 2007-02-26

OK. I'll go ahead and apologize to the "vets" for being offensive, it was not my intention. I started the post on February 26, not February 27.

Whomit, you are taking this message board away from the realm of finance. Obviously, you consider yourself great at throwing together analogies, but you failed pretty badly here.Military: There is rank system that separates privates from generals.Medical: If you are an MD, you can perform surgery.Legal: If you pass the bar, you're as qualified as any.Investment: There are no lofty degrees to attain, all that is necessary for success is a very strong work ethic, knowledge about the field, and "people skills". I left med school for that very reason: too much red tape, and a ceiling for potential earnings.I do not intend to marginalize this industry, but it is an anomaly in the working world.

troll's picture
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Joined: 2004-11-29

babbling looney wrote:
They're going to toss me again. Oh well, as long as they accept hotmail addresses for registration...
LOL...It must be a bitch coming up with all these screen names.

Heck no! It's half the fun!
The trick is coming up with a screen name that has a good punchline!

troll's picture
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Closer wrote:OK. I'll go ahead and apologize to the "vets" for being offensive, it was not my intention. I started the post on February 26, not February 27.

Whomit, you are taking this message board away from the realm of finance. Obviously, you consider yourself great at throwing together analogies, but you failed pretty badly here.Military: There is rank system that separates privates from generals.Medical: If you are an MD, you can perform surgery.Legal: If you pass the bar, you're as qualified as any.Investment: There are no lofty degrees to attain, all that is necessary for success is a very strong work ethic, knowledge about the field, and "people skills". I left med school for that very reason: too much red tape, and a ceiling for potential earnings.I do not intend to marginalize this industry, but it is an anomaly in the working world.
So nice that you don't mean to "marginalize" us.You're a piker and with your attitude you'll fail out of this business just like you failed out of medical school.....only faster.

vbrainy's picture
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babbling looney wrote:
They're going to toss me again. Oh well, as long as they accept hotmail addresses for registration...
LOL...It must be a bitch coming up with all these screen names.

you are getting tossed?  Why?  I enjoy your posts.

troll's picture
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Joined: 2004-11-29

Don't bother Joe, humor and/or subtlety is wasted on this guy!
He's in his twenties! He has done what no man has done before; Graduated from college! He's rich, ambitious and good looking! The world is just waiting for him to show it how its done!
Hey there people I'm Bobby Brown
They say I'm the cutest guy in town
My car is fast, my teeth are shiney
I tell all the girls they can kiss my heiny!
 
Here I am at a famous school
Acting sharp am I'm lookin cool
Got a chearleader he gonna help with my paper
I'll let her do all the work then maybe later I'll ____
Oh God I am the American dream
and I do not think I'm too extreme
I'm a handsome somonabe itch
Gonna get a good job and be real rich!
And My name is Bobby Brown
Watch me now! I'm goin' down!
(for the rest of the words you'll have to look up Frank Zappa on Lyrics dot com. Speaking of which, what happened to the guy who signed up as Frank Zappa the other day?)

troll's picture
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Cheerleader HERE not He... that would be gross! (not to mention it would give away the ending of the song!)

vbrainy's picture
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Malcolm wrote:
Since it is evident that this previous posts must have been from the rantings of an overactive imagination, I have added additional notes in blue to help clarify things.
My advise is to first not listen to loosers and negative persons.  I started a company while still in college and by the time I was 23 we were on the front page of the Wall Street Journal. 
Headline:  "Cold caller gets cold cocked by 85 year old granny"
 When I was 24 I was in Inc. (Incredible Nin Compoops) Magazine,
Business Week (Business Weaklings)and many other publications. Including my high school newspaper.  I am a legend in my own mind.
 
 At the age of 26 I was become a Vice President for a well know company. (And they don't care that I can't spell "known")
 People told me I couldnt do what I did.  People were offended by me when I was 21 and I told them what I was going to do.  Just like you.  Forget this place. This is not the spot you will find greatness or even good advise. For example, I am here.
Get off here and do what you are doing getting out and talking to advisors.  Read everything you can.  Get recommendations from advisors you talk to.  Pick up the phone and call the big wire houses in your area.  Ask the receptionist to put you through to the biggest producer in the office.  Talk to that person. Just knock the door down.  Show up at the office and ask to meet with that person at 7am.  Be aggressive.  Be completely self confident and ballsy.  (PLEASE DON'T DO THIS TO THE BIGGEST PRODUCER IN YOUR OFFICE, THEY WILL SQUASH YOU LIKE A BUG!)
 
Talk to as many of these persons as you can.  Ignore average persons.  They will usually be offended by you.   Ask a guy with a billion under management if you can work for free for him.  You'll get his coffee you'll dust his desk.  You'll do what ever he needs if you can just get the opportunity to learn.  You get the idea. (Honestly, this is first rate, top choice horsesh*t, but it sounds good to me)
 
 If you are talking to successful advisors in your area, I think that is one of the best things you can do.  Forget "I can't and I need to put in years of b.s. learning the ropes."  THat is being average.  What matters most is DESIRE.  If you really have the buring desire to make it work then your desire will push you through the challenges.   
I know a guy who started right our of college.  By the age of 27 he was making $500,000 a year...maybe more.  When I first knew him he still had his crappy car he drove in college.  He is dorky looking and not connected but he had HUGE BURING DESIRE.  HE also is very intelligent and extremely hard working. 
Choose your dream and then go out and do it.  This forum is filled with small producers.(Again, that is why I am here)  Loosers...Dont go to them for inspiration.    
    
 

Please tell us more hotshot.  I haven't had that good of a laugh in a long time.

troll's picture
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Joined: 2004-11-29

V,
I got the feeling that Malcolm was trying to be sarcastic.
I could be wrong. BTW I made the front page of the WSJ one time too! They didn't know it was me, in fact they didn't know that the person they referred to was in the business, but THERE I WAS!
Did I ever tell you story of the time Johnny Carson told one of my jokes?
Cliff Pupkin!

$ N the Bank's picture
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Joined: 2005-12-27

Things I learned from the Vets "Hall of Famers"
Rule 1. Do what's right for your client
Rule 2. Do what's right for your client
Rule 3. Do not forget rules 1 and 2.
There are no answers in this business, just more questions.
Do not discount, you're worth what you charge.
Clients do not pay for products, they will pay for advice.
If your grandmother, mother, wife, or daughter do not own it, then do net put any woman clients in it.
Bond customers will always look for the best price, they have no loyalty.
Avoid 401k plans, focus on individuals with 401k rollovers.
Qualify relationships, don't quantify them.
Remember your firm does not care how, just how much...compliance cares how, so keep your nose clean.
Use technology and read as much as you can.
Do not give your opinion unless someone asks it, if they don't ask then ask them, "Are you asking for my opinion."
Never recommend a stock that you do not understand.
Don't give any wholesaler more than 3 minutes, unless that bring you a client...then give them 5 consider doing business with them.
Set your goal early and work backwards, 3 year plan, 1 year plan, monthly goals, weekly, daily etc.
Call 10 clients everyday.
Never drink and talk business.
If you are wearing a suit that is not Navy or Grey you're at your high school prom...lose it.
Listen and write down what your customer tells you.

planrcoach's picture
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Things I learned from the Vets "Hall of Famers"
Good post, $.

planrcoach's picture
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Closer, picked up some free wisdom in this post:
$ N the Bank wrote:
Things I learned from the Vets "Hall of Famers"
Rule 1. Do what's right for your client
Rule 2. Do what's right for your client
Rule 3. Do not forget rules 1 and 2.
There are no answers in this business, just more questions.
You can drive yourself crazy trying to drink from the fire hose.
Do not discount, you're worth what you charge.
Don't let the media tell you and your clients otherwise.
Clients do not pay for products, they will pay for advice.
How you get paid is not the most important thing.
If your grandmother, mother, wife, or daughter do not own it, then do net put any woman clients in it.
Middle aged women need your help, and if they have reason to trust and like you, you'll have long term, loyal clients who will help you to meet their friends.
Bond customers will always look for the best price, they have no loyalty.
Beware of commodity products or concepts unless you specialize in them.
Avoid 401k plans, focus on individuals with 401k rollovers.
Don't spend too much time trying to cultivate business through secondary relationships - work on stuff you can control, where potential clients can directly sense your personality.
Qualify relationships, don't quantify them.
A bird in the hand is worth two in the bush.
Remember your firm does not care how, just how much...compliance cares how, so keep your nose clean.
Start with compliance and work backwards to meeting your goals.
Use technology and read as much as you can.
Leverage your time and knowledge.
Do not give your opinion unless someone asks it, if they don't ask then ask them, "Are you asking for my opinion."
Set the expectation that you are professional.
Never recommend a stock that you do not understand.
If you can't add or discover value, don't pretend like you are providing that service.
Don't give any wholesaler more than 3 minutes, unless that bring you a client...then give them 5 consider doing business with them.
Take in information to help you " just in time ", not " just in case" you need it.
Set your goal early and work backwards, 3 year plan, 1 year plan, monthly goals, weekly, daily etc.
People who write down their goals are about eight times more likely to achieve them. Know what you want, and ask for it often.
Call 10 clients everyday.
This is all we really have to offer our clients is personal contact, everything else is  a commodity.
Never drink and talk business.
Reserve a special part of your brain and personality for relaxation. Serious (daily) golfers always wait until after the game before drinking.
If you are wearing a suit that is not Navy or Grey you're at your high school prom...lose it.
Figure out who you serve, and never wear a brown suit. If you like, just get rid of the neck tie and wear nice golf clothes at work, only high quality cotton, purchased at substantial discount during the off season.
Listen and write down what your customer tells you.
Document every conversation, and make sure you hit your activity number goal. The act of documenting itself drives activity.

Closer's picture
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Joined: 2007-02-26

Now that is what I am talking about!

planrcoach's picture
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You see, if you don't defeat yourself mentally, you can do whatever you want. You know it is hard to get started. Now, imagine some veterans with perfectly good practices, who go spinning out of success off the other end. You see it here.
Handling success is not easy, either. Of course, there is a ton of pressure, responsibility, and boredom. Not to mention the opportunity costs of just doing something different after a while, using a different part of your brain.
Maybe it really comes down to chanelling  creativity and emotion.
Consistence. I don't know who $ N the Bank is, but look at the stats - posts/length of membership.
Internalize what that member put up, and you're there.

planrcoach's picture
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Set your goal early and work backwards, 3 year plan, 1 year plan, monthly goals, weekly, daily etc.
consistency.

Closer's picture
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Joined: 2007-02-26

Man, I am loving the keyword search on this forum. Anything you want answered can be found in these archives.This place is looking more like investment rep message board and less like a cheap comedy club...Planrcoach, answer me this:There is a friend who runs a very successful outfit in my town, "preys" on the elderly for estate planning, but also dabbles in other areas. The only type of mutual fund he uses are C shares, even for long-term investors. Some of the EDJ guys are screaming UNETHICAL. Obviously, it's easy to do the math and figure out at what point A shares save the client money of C shares. The question is, how hard is it to actually make a living doing mainly front-end load A shares. When I crunch the numbers it looks like you need to grab a obscene amount of new money just to make a decent living. I'm not discouraged, I just want to know how to cut it while being ethical.

BondGuy's picture
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Joined: 2006-09-21

Whomitmayconcer wrote:
Hey, cLOSER,
You come into our house

With all of 5 days of memebership under your belt that's a very funny comment.
 

planrcoach's picture
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Joined: 2006-12-13

You are one the right track.
There are two things that must happen. First, the advisor needs to fully work out the math, and understand the costs, and the features and benefits, from the fund manufacturer's point of view, the advisor's point of view, and most importantly, the client's perspective.
Next, yes you are running a business. It is okay to structure things in a way to make you successful - for the long term - not just looking for the next meal.
Next, fully disclosure and education for the client. Questions. Answers. No pressure.
I simply use an Xcel spread sheet ( company provided and compliant) to demonstrate the crossover between A and C.
Also use wrap accounts.
Let the client choose. Maybe you help them.
" Look, I like C shares. If you pay for A ,and you stay in the family forever, these are cheaper. But we can change families with Cs.
Do you want to pay up front, or pay as you go. Sometimes, people buy A shares, and the advisor has less incentive to provide ongoing service. Etc.
No pressure. If your're just down to earth and honest, everything happens naturally.
Political statement: the big controversy about how advisors get paid is one of the biggest red herrings in the industry today. Behind that dead fish smell, more and more mirrors and mirrors of self interest: Registered Investment advisor, fiduciary, load, no load, wrap, A share, C share.
It always comes down to the ethics, communication skills, conscientiousness of the advisor. Go back to the list of things learned. Don't try to drink from the fire hose of industry polemics. Wolves are dressed up like sheep in guise of ethics. They are all just trying to profit from moving money around - this is a business about assets under management.
 

troll's picture
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BondGuy wrote:Whomitmayconcer wrote:
Hey, cLOSER,
You come into our house

With all of 5 days of memebership under your belt that's a very funny comment.
 

Hey, I'm a funny guy. I may have 5 days of MeMeMe bership but I have 20 years as a Registered Rep.
Also I  2Use 2b MrA. 

Indyone's picture
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Joined: 2005-05-30

...don't forget dredpiratesrobt or something to that effect...

troll's picture
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Joined: 2004-11-29

I'm still him too. But I just registered him to close out the MrA.
DPR is a handle I use much more often, and I didn't want it to be overexposed here.

BondGuy's picture
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Whomitmayconcer wrote:BondGuy wrote:Whomitmayconcer wrote:
Hey, cLOSER,
You come into our house

With all of 5 days of memebership under your belt that's a very funny comment.
 

Hey, I'm a funny guy. I may have 5 days of MeMeMe bership but I have 20 years as a Registered Rep.
Also I  2Use 2b MrA. 

OK, so you are a vet. By the way, not nice to make fun of someone's speech impediment.
With all that experience you could be a great resource to the young and directionless. Wouldn't you agree that would be a better way to go on this board?

troll's picture
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Bondguy,
They was a house 
In New Orleans
They CALLLLLed
The Risin Sun
It's been
the ruin
of
many a po boy
And God
I know
I'm one!
So mothers
tell your children
not to DOOOOOOO
What I
ha' done!
Errr, I don't know how the rest of the words go... But you get the point. They best and only advice I can give is to stay far away from boards like these!
Maybe, go hire a Planner Coach!? I had a life coach pitch me one time. It probably could have been a good idea for me. It might (now that I think about it) be a good idea for one of my employees (where's that guy's card?)!
My expressed advice was, don't come at this business with a 'tude, it disrespects all of the people that have been crunched by this business' reality. 
And further, it would be a better way to go in the rookie section, which was where I directed him.
I thought I was honoring your Freudian fingers! 

troll's picture
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Whomitmayconcer wrote:I'm still him too. But I just registered him to close out the MrA.
DPR is a handle I use much more often, and I didn't want it to be overexposed here.So to clear that up for a simpleton like me(and for the moderator in case he happens to pass by)....YOU ARE THE SAME PERSON WHO USED TO BEmranonymous2uAND YOU ARE ALSO CURRENTLY USING THE USERNAME dredpiraterobts  Is that right?You know-you were kinda fun in the beginning.  You also have some useful thoughts to offer now and then.The problem is that your internal thermostat is clearly broken.  It's too bad, because if you could control yourself now and then you could most likely make some useful contributions to our community, making it a more productive place for newbs and vets alike.But you choose the path of constantly stirring the pot and drawing attention to yourself.So I'm hoping the board moderator notices this post and shuts you down once again.And if not, at least our fellow posters will understand what they are dealing with when they see your posts.

troll's picture
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BondGuy wrote:Whomitmayconcer wrote:BondGuy wrote:Whomitmayconcer wrote:
Hey, cLOSER,
You come into our house

With all of 5 days of memebership under your belt that's a very funny comment.
 

Hey, I'm a funny guy. I may have 5 days of MeMeMe bership but I have 20 years as a Registered Rep.
Also I  2Use 2b MrA. 

OK, so you are a vet. By the way, not nice to make fun of someone's speech impediment.
With all that experience you could be a great resource to the young and directionless. Wouldn't you agree that would be a better way to go on this board?Exactly, but that wouldn't involve as much drama BG, so he chooses to go the current route.

troll's picture
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Joe,
So let me get this straight.
You want me banned. I don't give a flying fandango if they do or not.
But you want me off'n here. Why exactly?
Because I don't agree with you?
In our latest conversation it was Me who stuck to the subject and YOU who kept up the personal invective, which I ignored.
I asked a simple, open ended, hypothetical question that was germaine to the thread and to the boards in general. You have devolved into a quivering jello mold of rage.
Internal thermostat? Please! Imax has nothing on you when it comes to projection!
 

Broker24's picture
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Joined: 2006-10-12

Closer wrote: Man, I am loving the keyword search on this forum.
Anything you want answered can be found in these archives.This place is
looking more like investment rep message board and less like a cheap
comedy club...Planrcoach, answer me this:There is a friend who runs a
very successful outfit in my town, "preys" on the elderly for estate
planning, but also dabbles in other areas. The only type of mutual fund
he uses are C shares, even for long-term investors. Some of the EDJ guys
are screaming UNETHICAL. Obviously, it's easy to do the math and figure
out at what point A shares save the client money of C shares. The
question is, how hard is it to actually make a living doing mainly front-
end load A shares. When I crunch the numbers it looks like you need to
grab a obscene amount of new money just to make a decent living. I'm
not discouraged, I just want to know how to cut it while being ethical.

Closer, you asked this question of someone else, but I will offer my
thoughts...

Though everyone would prefer all fee based business (including C's), I
think if you are truly doing what is right for the client, and fair to you as
an advisor, you will have a mix of several types of business; A-share, C-
share, even B-shares in some cases, fee-based, SMA's, commisioned
stocks and bonds, wraps, etc. There is no one structure that is
appropriate for everyone or everyone's situation. I have talked people out
of doing things that would have netted me more money, but just didn't
make sense for them economically.

Depending on your practice, you may have predominantly one type of
business (if you cater to HNW or UHNW, if you have very low average
account balances, annuity junkie, etc.) but the vast majority of us will
have a mix of business in different categories. And don't get too wrapped
up in what someone else tells you is right (including your B/D). I work for
EDJ, and yes, they try to brainwash everyone to a degree (about A shares).
But they really do that to make sure newbies are not hurting anyone. Do
what you know is right and you can justify, and your business and income
will take care of itself. As you move along in your career you will figure
this out.

Hope that helps.

4luvofmoney's picture
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Joined: 2007-02-12

Whomitmayconcer wrote:
Joe,
So let me get this straight.
You want me banned. I don't give a flying fandango if they do or not.
But you want me off'n here. Why exactly?
Because I don't agree with you?
In our latest conversation it was Me who stuck to the subject and YOU who kept up the personal invective, which I ignored.
I asked a simple, open ended, hypothetical question that was germaine to the thread and to the boards in general. You have devolved into a quivering jello mold of rage.
Internal thermostat? Please! Imax has nothing on you when it comes to projection!
 

Who is Joe - the whisleblower on this site!
BTW, so how much mail do you get in one day?
all oards need an entertainer or two
not just boring ass mules.
So someone is honest and admits prior names
who has a little rhyme, song - so what, there's nothing wrong
and he's not playing games
and joedabanner wants to boot him just the same.
Shame on Joe for being a so and so
and who is always saying no to anyone who doesn't walk the
line all of the time
Watchout 'cause big brother joe
will blow the whistle on you, too 
Carry on. And quit the whisleblowing joedabroker.
 

successmagnet's picture
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Joined: 2007-02-26

Whomitmayconcer wrote:
V,
I got the feeling that Malcolm was trying to be sarcastic.
I could be wrong. BTW I made the front page of the WSJ one time too! They didn't know it was me, in fact they didn't know that the person they referred to was in the business, but THERE I WAS!
Did I ever tell you story of the time Johnny Carson told one of my jokes?
Cliff Pupkin! What was the joke? I'm a big carson fan!

ZAID ABDUL AZIZ's picture
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Joined: 2007-01-03

I thought that was Rupert Pupkin.
 
Peace to all as we battle Hamas and Hezbollah...

vbrainy's picture
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Joined: 2006-07-26

Joe:
You are much better than all of this.  Don't respond to these bottom feeders.

troll's picture
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Joined: 2004-11-29

Yes, it was Rupert Pupkin, but there was also the episode of Cheers, where Cliff wrote a joke for the Carson show that was rejected. In a rare show of simpathy, Norm altered the rejection letter to an acceptance letter. Cliff's mom and Norm wound up in the seat next to Johnny, Cliff was removed from the premises.
In more ways than one, I resemble both Cliff and Rupert. As to the joke, I told a joke (that I made up) to the comic Johnny Youn when he was in the restaurant where I was a cook. The next night, he was on Carson, a week later, Johnny Carson did the joke I told Johnny Youn.
It was a joke about cancer, and Johnny did get a laugh out of it!
Molly Ivins cited at least one of my jokes too (but she didn't know they were from me, let alone that I exist, she did note though that she did not know the origin of the line, she was very good at attribution generally).
George Carlin did a joke I made up, but I'd rather think that great minds think alike in that one. It was new material from him right after I had made the comment "publically." It was right after 9/11.

4luvofmoney's picture
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Joined: 2007-02-12

to whom it may concern:
tell us some or a lease one of the jokes! Don't leave us hanging.
Jerry Senfeld did a joke about cancer on his show but didn't get a laugh.  It's not normally a topic to joke about. 

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