My dilemma

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DTA's picture
DTA
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Joined: 2010-10-12

I know I am a newb to the business, but I know about technology and productivity. Now that I am bringing in clients I am quickly learning how archaic my office does business. My boss doesn't use any portfolio or planning software of any kind from what I can see. Secondly, we use a separate B/D and clearing house for our transactions which we do not have any marketing materials for either (I called this morning and they are sending me some). I decided to ask my secretary who has over 15 years as a Financial Rep assistant with major wirehouses and definitely knows her stuff. I am very lucky to have her. Anyways, she pretty much gave me a nice long laundry list of things that have to be updated and changed within the office. None of her concerns were frivolous. I am going to install parallels on my Imac here at work so I can run a windows based planning software. I am going to use Naviplan Select or maybe one that is a little downgraded since they will give me a 30 day trial. (Any suggestions for planning software would be greatly appreciated). I have a decent size client coming in or their second appointment on Friday morning for my recommendation and to transfer over the account and really don't have a way to show them my recommendations. I am pretty pissed, but I will make it happen.After I make some headway in this office, I am going to sit down with my boss and explain my concerns with the direction this office is going. He wants to retire in 4 years and have me take over. I know this is great opportunity, but things have to change within the next 6 months. I mean from our lack of technology to making my secretary the office manager to possibly switching to LPL or Raymond James or another B/D of that caliber. (Also, recommendations on B/D's would be greatly appreciated.)My boss is a little impressed with my ability to prospect and set appointments so I know I would do well wherever I would want to go. The thought of having my own firm is appealing and very much a reality. I just know that things have to change. Especially since he plans to bring in 2 more reps and expand the office. Sorry for the rant. At work trying to work and prospect and my prospecting time gets smaller and smaller because of the extra time it is taking to get me to the 21st century. 

willywonka's picture
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Joined: 2011-06-07

DTA, Actually not having all the "stuff" that the wires and other B/D's have is probably a blessing in disguise. All the "stuff" is distracting and I can tell you that I have seen many a new RR fail because they thought they were getting paid for analyzing stuff than getting on the phone and selling someone something. While you need some tech. for clients do not overestimate your clients need to be razzle dazzled. Most clients do business with you because they know, like and trust you not because you have naviplan. Stay on the phone and continue to call. Find money and place in a fee based program. Thats it and you will be huge. Quick story. I knew a guy at my old wirehouse who built a huge business selling nuveen and Franklin tax free mutual funds. In fact I think for like a decade he was the largest seller of Franklin in the country! That's all he did and now the guy is over a 1mm producer. All from selling one type of product at the beginning. 

DTA's picture
DTA
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Joined: 2010-10-12

Thanks for the advice and your right. I do need some type of program that will allow me to show some type of allocation graph and basic retirement planning strategy. I am putting together a asset allocation graph together using excel and word combined for my appointment on friday. Its a little ghetto, but luckily i have some background in computer graphics so i will be able to make it look professional.  I was just venting a bit, but I am staying on the phones.

newguy44's picture
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Joined: 2008-08-29

DTA wrote:Thanks for the advice and your right. I do need some type of program that will allow me to show some type of allocation graph and basic retirement planning strategy. I am putting together a asset allocation graph together using excel and word combined for my appointment on friday. Its a little ghetto, but luckily i have some background in computer graphics so i will be able to make it look professional.  I was just venting a bit, but I am staying on the phones.They are buying you, not a strategy. The fancy charts are window dressing. They want to know they can trust you to look out for them.

PushForward's picture
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Joined: 2011-04-07

Just break out the graph paper and colored pencils :) Go old school on them.I agree with Willy above. Too much of a good thing. I didn't realize this until I started production but my firm has A LOT of systems but little in the way of training. I think most people figure it out by playing with it.All though, "soon" we'll have our new platform. Built from the ground up and a $500MM investment. I saw a preview of it and it looks pretty slick.

joey613's picture
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Joined: 2011-08-30

does anyone know of a b/d that will accept someone with derog credit?

blackcat's picture
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Joined: 2010-03-26

There are many small B/D that will not look at that as a big concerne if there is a reasonable explanation.

blackcat's picture
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Joined: 2010-03-26

Joey613, you need to do a little research with some of the smaller independent B/D if thats the direction you want to go. Dont want to list any particular B/D but you can pick up the phone and start asking questions with some of the smaller B/D like I said. You posted the same question and concerns on another thread, and many answered your question there.

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