The 30 day war!

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voltmoie's picture
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That's been my plan Moraen - as long as I lock up the Milestone bonus and new account bonus Advisory Solutions is golden.

DeBolt's picture
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Joined: 2009-07-12

Volt- 30 days almost up. Where are you at? How is the last week looking? Are you counting til the 28th or 31st? Good luck and kick some ass these last couple days! Stay off the booze and finish strong!!

voltmoie's picture
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DeBolt wrote:Volt- 30 days almost up. Where are you at? How is the last week looking? Are you counting til the 28th or 31st? Good luck and kick some ass these last couple days! Stay off the booze and finish strong!!Had a good week last week but don't have my numbers in front of me.  Going to the 31st but won't be able to work this Saturday .. fantasy football draft.  I'll post a recap of my month next weekend.  I will say this, having a purpose and working towards its every day in bite sized chunks has helped me alot. My September could be very large if some things fall into place.

noggin's picture
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anonymous wrote:voltmoie wrote:anonymous wrote:This is something that I have done when a client says that they have enough insurance when I know that they don't.
 
Ex. John makes $100,000 and has $500,000 of life insurance and thinks that his family would be just fine on that amount of money.  
 
Me: "John, if I gave you $500,000 and in exchange you could never earn another dime would you accept the money?"
John: "No.  It's not enough.  I'll run out of money."
 
More often, I'll just run them through a little exercise.
Me: "Ok, you have $500,000 and you think that will be enough.  It might be, but let's take a look to be sure.   Since this money needs to last, Sally will need to invest it.  What sort of rate of return do you think that she'll get?" (They'll either give a low number or if they give something high, I'll explain how they can really only safely withdraw about 4% of the money.)
John: "Maybe 3-4%"
Me: "Let's look at 4%.  $500,000/ 4%/12 months = $1,666/month.  Would your family live in the way that you would like with $1,666/month.
John: "No way"
Me: "Fortunately, it shouldn't be very expensive to get the insurance coverage that you need."
John: "ok"
 
Does that extra insurance that they'll probably never use cover them when they get to retirement and have not saved enough to travel to see those 2-3 kids and their grandchildren? j/k
 
I think insurance guys will always look at the risk and investment guys will always look at the reward.  I try to be both but probably under insure most people in most insurance guys minds. I go 10x take home pay and invest the rest.  Perhaps my perspective will change when I have some clients die.

 
This kind of anti-insurance argument is so very silly.  If the client in the above example is 30 and we increase his insurance from $500,000 to $1,500,000 by having him purchase a 10 year level $1,000,000 term policy, we have raised his insurance premium by $20/month.   Is $20/month going to stop him from traveling and doing other things when he's older?  Of course not.  In fact, he's not going to invest less simply because he has added $20 more to his monthly expenses.
 
Why are you having people purchase 10x their take home pay?  Do your job and find out what your client wants to accomplish.  Most want their families to maintain their standard of living.   6x take home pay typically won't do this. 
 
Ex. John is 30 and is making $100,000.  He is married with 2 young kids.  He takes home $60,000 and is contributing $6000 to his 401(k) and his employer is putting away $3,000. 
 
You have him buy a $600,000 20 year term policy for $270.  If he dies today, his wife gets $600,000.  Let's assume that John blows $1,000/month on himself.   That would put the families need at $4,000/month instead of $5,000, but then they have added health insurance costs and $750/month is no longer being put away pre-tax for retirement.   Anyway, how is $600,000 going to be enough to give the family $60,000 of after tax money?
 
Instead of coming up with arguments of why this might be enough, first look at what would happen if they bought 10x gross income instead of 10x net.  They would buy $1,000,000 of coverage.  The premium would be $400 instead of $270.   Why take the chance for a lousy $11/month difference.   It's not as if because the insurance is $11/month more expensive, your client is going to change his roth contribution from $5000 down to $4870.  Instead what will happen is that it will get eaten up in his budget.  At the end of the year, his checking account balance will be $7,354.19 instead of $7,484.19.
 
Trying to save a few dollars on insurance premiums is penny wise and pound foolish.
 
 
I met with a young doctor that moved to town. Base salary 250K, early 30's, wife and no kids. We talked about a base level of LI as they had none.....We did 1,000,000 term for him and 500K of UL on him and 500K of term on the wife just to get them started. Very inexpensive way to have base level of protection. The whole deal was 4600 gross just from life insurance......

B24's picture
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Joined: 2008-07-08

Not a bad day's work.  AND got them something they NEED.

noggin's picture
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Joined: 2004-11-30

That whole area of planning is SO overlooked. You can average 1k-2K monthly on just that stuff if you just pay attention. It does not depend on the market as a matter of fact it works inversely.... I have 6 more term policies in the works for next month, probably 2K total.

BerkshireBull's picture
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Joined: 2009-06-10

When do we get an update?

voltmoie's picture
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THE 30 DAY WAR:577 Contacts121 New Contacts12 New Accounts$5500 gross Had a terrible last week that killed me contact wise.  Monday is a new week.  Gross fell a bit short because some transfers fell into next month and an issue with an insurance policy.  All metrics except gross and new accounts were up over last month - they were flat.  September should be large by my standards. 

Ronnie Dobbs's picture
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Joined: 2009-07-23

voltmoie wrote: My goal is to be the FA Windy said he was, at least for 30 days.
You Lose!
 
<----$14,500 Gross for August         Qualified for the 1st Div Trip, with a month left.
 
You tried soooo hard!! Better luck next time! lol
 
Check out what I got to start off my Sept   
        -$8,000 Gross
        -$1.7 M Cash transfer that will gross $40,000
        -$50,000 cash value policy (I think we get 70%)
 
Whats that, like $83,000 gross rollin in?
 
I'll have Seg 3 numbers, first month out from Seg 2. Are you there yet? Do we have any of those runner-up ribbons? Sorry, couldn't help myself.
 

voltmoie's picture
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Ronnie Dobbs wrote:voltmoie wrote: My goal is to be the FA Windy said he was, at least for 30 days.
You Lose!
 
<----$14,500 Gross for August         Qualified for the 1st Div Trip, with a month left.
 
You tried soooo hard!! Better luck next time! lol
 
Check out what I got to start off my Sept   
        -$8,000 Gross
        -$1.7 M Cash transfer that will gross $40,000
        -$50,000 cash value policy (I think we get 70%)
 
Whats that, like $83,000 gross rollin in?
 
I'll have Seg 3 numbers, first month out from Seg 2. Are you there yet? Do we have any of those runner-up ribbons? Sorry, couldn't help myself.
 We've seen your real numbers. Hope you are doing great.

fa09's picture
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Joined: 2009-06-03

Volt how much did u put in advisory this month? What are you running YTD? Still on track with ur goals for year 1?

Ronnie Dobbs's picture
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Joined: 2009-07-23

voltmoie wrote:
We've seen your real numbers. Hope you are doing great.

Obviously not, if you think any of that is untrue.

voltmoie's picture
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fa09 wrote:Volt how much did u put in advisory this month? What are you running YTD? Still on track with ur goals for year 1?160k advisory solutions60k C SharesOn track to hit my targets and exceed them if one deal I'm working on pops.

voltmoie's picture
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Joined: 2008-11-05

Windy, I don't care how you are doing.  Hope it's great but you have proven yourself time and time again to be a liar.  Should we all of a sudden think you are telling the truth? If you are, awesome. I'm not segment or gross obsessed.  Run your business as you see fit, I'll do the same. See you in Hawaii.

Ronnie Dobbs's picture
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Joined: 2009-07-23

No one ever once proved I was a liar, because i never once did. Believe what you may.

It's all in good fun. I'm glad to know you're following me on social sites though. That's creepy.

<---Not a big advisory fan yet. I haven't heard anything about Advisory, other than how it benefits the FA by annuitizing their business. In all the meetings and explanations over Advisory, i've yet to be told how it's REALLY benefiting the client. If someone ever convinces me, i'll move stuff that direction, but I just have a hard time justifying the 1% fee every year. When we hit another rough spot, that 1% fee will start to be questioned.

3rdyrp2's picture
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Ronnie Dobbs wrote:<---Not a big advisory fan yet. I haven't heard anything about Advisory, other than how it benefits the FA by annuitizing their business. In all the meetings and explanations over Advisory, i've yet to be told how it's REALLY benefiting the client. If someone ever convinces me, i'll move stuff that direction, but I just have a hard time justifying the 1% fee every year. When we hit another rough spot, that 1% fee will start to be questioned.
 
If you can't justify charging 1% to your clients, when 80% of the rest of the industry is charging at least 50% more than that, you are in for a long, long career.

Ronnie Dobbs's picture
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3rdyrp2 wrote: Ronnie Dobbs wrote:<---Not a big advisory fan yet. I haven't heard anything about Advisory, other than how it benefits the FA by annuitizing their business. In all the meetings and explanations over Advisory, i've yet to be told how it's REALLY benefiting the client. If someone ever convinces me, i'll move stuff that direction, but I just have a hard time justifying the 1% fee every year. When we hit another rough spot, that 1% fee will start to be questioned.
 
If you can't justify charging 1% to your clients, when 80% of the rest of the industry is charging at least 50% more than that, you are in for a long, long career.

It's not justifying it to my clients. It's justifying it to myself that it's what is best for them. I haven't heard anything except, "You get 1.35% every year!!". That to me doesn't help them and until i can get a really good explanation on it, I just choose to not use it..

voltmoie's picture
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Remember Windy, I'm six months behind you without an office.  Hard to compare our numbers today but I saw them back in March when you were at my point.HUGE fan of AS -- A shares are a fraud in my opinion.

Ronnie Dobbs's picture
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voltmoie wrote: Remember Windy, I'm six months behind you without an office.  Hard to compare our numbers today but I saw them back in March when you were at my point.HUGE fan of AS -- A shares are a fraud in my opinion.

Not sure how you are 6 months behind me, i have only worked 8 months from my CSD. As far as the office, someone left and i took theirs. It wasn't a huge office and most of the clients hated the other FA. Not to mention I was already posting those numbers before the office. I moved in this month, so our circumstances are no different because all the money made has come from prospects i already had. Not sure what your talking about when it comes to March, my screen says almost $11,000 gross that month. You got a long way to go.

voltmoie's picture
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We've all seen the screen shot but keep blowing smoke - if you say it enough someone might buy it.Correct me if I'm wrong, you had a legacy office?  I think that gives anyone a slight edge over a true new/new.  If there were an office close enough to me I'd jump on it.

Ronnie Dobbs's picture
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Buddy I wish I could show you my screen. You'd sh*t your pants and apologize, just saying. You saw a screen shot mid month of march that was dated for Feb. None of it was anywhere near accurate, when you saw it. Thats like me calling you a liar cause you said you grossed 10K this month, but i saw a screen for 2 months ago that wasn't even updated.

As far as the legacy. I got it 2 months in. I got tired of being at home I got off my ass/couch and went out and found one. I went and introduced myself to every FA anywhere close and didn't stop until I got one. No one offered me jack. The office was the same thing. I busted my ass working , then made sure our RL leader knew every 2 weeks what i was grossing and that i was beating most of the Seg 3 FA's. I deserved the office and I made sure he knew that. When it came open, who do you think he called first? I wasn't handed anything. So as far as i'm concerned, our situations are no different. I just might be a bit more aggressive for what I want.

voltmoie's picture
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You live in OKC .. I live in a county of 17,000.   Do the math.No one is worried about your numbers. Do they make you feel better to post?  Just be part of the community and post.  We all love you, Windy.

Ronnie Dobbs's picture
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voltmoie wrote: You live in OKC .. I live in a county of 17,000.   Do the math.No one is worried about your numbers? Do they make you feel better to post?  Just be part of the community and post.  We all love you, Windy.

Theres the difference in you and I. You're justifying why you can't. I see 17,000 people that aren't MY clients. Only you can change your circumstances. Less whine....

It gives me a boost when other FA's tell me they beat me. Motivates me to do better.

voltmoie's picture
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Joined: 2008-11-05

This thread was not a challenge about you moron, it was a personal challenge against myself. You really have a reading problem.  I was referring to the population of my county as a reason for lack of legacy and "open branch" options.  Not production issues.  I'm 300%+ of the goal EDJ sets and I'm popping people into AS and C shares every chance I get - I'm okay.  Windy, I'm done responding to you on this thread.  Glad you are so great and awesome but you can't read so it makes having a discussion pointless.

Ronnie Dobbs's picture
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lol. For the record, I know it wasn't about me. You did however say you were going to do as well as me. I really just wanted to give you sh*t for being such an asshole half the time and make sure you knew that i whooped your ass. Just saying....

I do find it interesting how people get butthurt when you give them sh*t on their numbers here. The local FA's talk trash to each other all the time about their numbers in my town, because it motivates them. It's a good thing.

franklin21's picture
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Joined: 2009-08-23

Serious question: What do you guys wear door knocking?

Ronnie Dobbs's picture
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franklin21 wrote: Serious question: What do you guys wear door knocking?

Seriously?

voltmoie's picture
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Joined: 2008-11-05

Clothes usually

franklin21's picture
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Joined: 2009-08-23

HAHA, I mean suits, dress slacks, etc. 

franklin21's picture
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Joined: 2009-08-23

Reason I ask is out of the four FA's offices I've been to, no two have worn the same thing. 

Ronnie Dobbs's picture
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I hardly ever wear a tie anyway, so i'm the wrong person to ask. I've had clients tell me they like that I don't. It depends what part of the country you're in. In the southern part of the country, we can get by without wearing a suit. Most of the top producers don't either. In fact alot of them wear jeans and a polo to work. If you were in New York, LA, or Chicago, that's probably a bad idea.

voltmoie's picture
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Joined: 2008-11-05

Wear a suit, be a professional. Ask your field trainer or a young hot shot in your region (like windy).

3rdyrp2's picture
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Joined: 2008-11-13

Ronnie Dobbs wrote:You Lose!
 
<----$14,500 Gross for August         Qualified for the 1st Div Trip, with a month left.
 
You tried soooo hard!! Better luck next time! lol
 
Check out what I got to start off my Sept   
        -$8,000 Gross
        -$1.7 M Cash transfer that will gross $40,000
        -$50,000 cash value policy (I think we get 70%)
 
Whats that, like $83,000 gross rollin in?
 
I'll have Seg 3 numbers, first month out from Seg 2. Are you there yet? Do we have any of those runner-up ribbons? Sorry, couldn't help myself.
 
Wait, wait, wait...Is it a $50,000 policy?  Or a $50,000 1035 exchange into a new policy?  Or is the client putting in $50,000 per year into the policy?  If the answer is yes to any of those, you are not getting 70% of the $50,000. 

Moraen's picture
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Joined: 2009-01-22

That's right, isn't it 70% of FCP?

3rdyrp2's picture
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Joined: 2008-11-13

I don't know Jones' payout on perm. policies, but its a percentage of 1st yr "target" premium.  Not necessarily actual premium.

voltmoie's picture
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Joined: 2008-11-05

Moraen wrote:That's right, isn't it 70% of FCP?Correct, I'm working one up now and I thought I was going to get RICH!!! My payout will be much smaller than I expected.  Oh well. 

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