Are you in a bank Scrim?  PM me as I don’t get to these boards much.  Just curious on how you are getting your leads/clients.  I seem to be in an area where people just don’t seem to care about their finances or retirement savings.  I feel like going to their house, knocking on their door, and saying “let me see your statements and show you how you are being screwed.”

This type of market also makes acquiring new clients much easier. The reason being: the typical "non-proactive" broker, has probably been hiding from their clients, since the issuance of May account statements.

If you're the first to call your prospect / "their" client and assume the consultative role, you'll score some serious brownie points - if not the account itself.

Hi all,

149 and 9.5M

I have weathered the last two months decently only losing a few small accounts. Doing quite a bit of handholding as well.  I figured those who would bail on me after only a short time were customers and not clients. 

I had hoped six months ago to hit 10M by the end of the first half of this year and I fell short.   I realize this is a marathon as opposed to a sprint so falling short of my goal is not going to ruin my vacation.

Have a great summer!!!

scrim

scrim where do you work?

Obviously, I do prefer to keep my anonymity intact.

I am employed in a bank channel program.

scrim

[quote=scrim]

I have weathered the last two months decently only losing a few small accounts. Doing quite a bit of handholding as well.  I figured those who would bail on me after only a short time were customers and not clients.  [/quote]

What is up with clients leaving for one bad month? If you lost clients for an 8% "correction" what will happen when we really have a tough market?

I think you should do econ 101 as suggested by Babbs, but you should also work on setting expectations. If clients are in the market things will go up AND down from time to time.

I know how bank clients are and if they cant take market volatility get them an annuity.

fixed annuities are much less desirable compared to money market and CD's in my opinion.   I stick with those.

scrim

Giff,

Working in a bank setting; it's not that they really "leave".

I just refer them back to my bank partners since we work as a team.

scrim

Fixed annuity=sucky sucky!

VA's are where its at. Those guys are providing the world right now in their living bene's. Axa, Hartford, Season, Guardian these guys provide AWESOME living benefit riders. From guaranteed rates of returns to income and withdrawal guarantees. Of course it comes at a price, but when I was a bank FA VA's could help a lot of folks SWAN.

July was a lost month.    My biggest account decided to find a new advisor.   I will learn from my mistakes going forward!

145 accts 9.2M

It's 100 today...STAY COOL!

SCRIM

[quote=scrim67]

July was a lost month.    My biggest account decided to find a new advisor.   I will learn from my mistakes going forward!

145 accts 9.2M

It's 100 today...STAY COOL!

SCRIM

[/quote]

145 accounts
biggest one lost, but you lost less than $300k
prev post indicated $150k in fee's annually, accts must avg ~1.5%

do you plan on any more than annual reviews?

do you worry that some of your smaller fee based will not get the service they signed up for?

Scrim,

It could be that the client is simply transferring the account to a future son-in-law or there could be something wrong with your practice. Given that they are your largest account, it doesn't bode well if you can't retain affluent clients. That's why it's important to find out why they're moving their account NOW. 

If the client won't give you a straight answer, have one of your employees call the client. The employee can use the pretext for the call, that "They just wanted to let the client know that there are no problems and that the account is in the process of being transferred and it should be completed in a few days and, by the way, were there any problems to cause the transfer?" or something to that effect.

If that doesn't work, send the client an "Exit Survey" with a complimentary dinner for two, round of golf, etc. for just filling it out. Keep in mind, that the information the client might give you, could be worth millions in future earnings to you.

Correct the problem (if any), learn from this experience, and move on.

Good luck!

PS: You may have lost a client, but you've gained a new qualified prospect. Keep in touch with them. They might come back, yet. (It's kind of like dating your ex-wife.)

I had quarterly reviews with this elderly couple.   They definitely liked me as a person but they always questioned me and our strategies.    They were disappointed more in their returns than my service which is why I always try to sell myself first.   Sometimes that doesn't work.

When we met last year I could've put all their assets into a CD at 3.75% if they didn't mind locking the money up for about a year.  I divided their money up in a capital preservation plan that should  return about the same and have their money liquid.  Well, they did earn around 4% but were disappointed. 

 They told me they were going to use the monies but I truly believe they probably just purchased a 5.5% CD at a bank.

For their fees, I do tell them about their quarterly rebalancing, cost basis statement for tax preparation, annual reviews, access to multiple money managers, blah blah blah but what I stress is that they get me as their "trusted advisor".   

I am looking to break into the 10M mark in fee based with this fall being the projected target date.

I need to find the higher net worth accounts as my largest account now stands at around 200k.  Most of my accounts are in the 50-100k range.

Tomorrow, I'm meeting with a home health care provider in the area as we are discussing  how we can both grow our businesses going forward.    She mentioned she needs someone to talk to her clients and even their children about finances.     I'm assuming if they can afford to hire her they are relatively well-to-do.   We shall see but I know it's important to partner with COI's which I have had a very hard time doing to date.

scrim

[quote=scrim67]

I had quarterly reviews with this elderly couple.   They definitely liked me as a person but they always questioned me and our strategies.    They were disappointed more in their returns than my service which is why I always try to sell myself first.   Sometimes that doesn't work.

When we met last year I could've put all their assets into a CD at 3.75% if they didn't mind locking the money up for about a year.  I divided their money up in a capital preservation plan that should  return about the same and have their money liquid.  Well, they did earn around 4% but were disappointed. 

 They told me they were going to use the monies but I truly believe they probably just purchased a 5.5% CD at a bank.

For their fees, I do tell them about their quarterly rebalancing, cost basis statement for tax preparation, annual reviews, access to multiple money managers, blah blah blah but what I stress is that they get me as their "trusted advisor".   

I am looking to break into the 10M mark in fee based with this fall being the projected target date.

I need to find the higher net worth accounts as my largest account now stands at around 200k.  Most of my accounts are in the 50-100k range.

Tomorrow, I'm meeting with a home health care provider in the area as we are discussing  how we can both grow our businesses going forward.    She mentioned she needs someone to talk to her clients and even their children about finances.     I'm assuming if they can afford to hire her they are relatively well-to-do.   We shall see but I know it's important to partner with COI's which I have had a very hard time doing to date.

scrim

[/quote]

This is going to happen more and more because people in their 50s and 60s need to earn about 20% in order to be on target for a decent retirement--it's their fault, but that's the reality.

So, they figure they'll trust a "professional" and end up with a kid who works in a bank but who is essentially illiterate.

When that "professional" tells them that they got 4% they're going to fire that "professional."

As you kids fixate on reducing risk you're also reducing reward--and you're going to be fired again and again.  The idea that you'll have a book that will annuitize with a steady stream of trails based on the fact that you prepare nice reports and look cool in your "Country Club Casual" wardrobe is nothing but a dream.

Nevermind my other post, you're still a d*ck.

[quote=BankFC]

Nevermind my other post, you're still a d*ck.

[/quote]

Does calling me a name change the reality of what I am saying?

[quote=NASD Newbie][quote=BankFC]

Nevermind my other post, you're still a d*ck.

[/quote]

Does calling me a name change the reality of what I am saying?

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[quote=joedabrkr]

Yes there is a kernel of truth behind what you're saying. 

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So, is it wrong to state that truth?  Is that the issue, don't say things that are true unless they are "happy thoughts?"

[quote=NASD Newbie][quote=BankFC]

Nevermind my other post, you're still a d*ck.

[/quote]

Does calling me a name change the reality of what I am saying?

What it doesn't change is that you're an ignorant d*ck.

[quote=NASD Newbie]

[quote=joedabrkr]

Yes there is a kernel of truth behind what you're saying. 

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So, is it wrong to state that truth?  Is that the issue, don't say things that are true unless they are "happy thoughts?"

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