Can you build your book part-time?

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Still@jones's picture
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Joined: 2009-03-22

Has anyone ever heard of someone successfully building their business, part-time?I would guess the failure rate is probably like 99% for people who try, because the incentive is just not there. But I'd love to hear stories about those who succeeded.

Still@jones's picture
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Joined: 2009-03-22

If Ron14 was getting a 65% payout at Jones, he probably be selling American funds door to door today...What firm are you with?

Ron 14's picture
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Joined: 2008-07-10

Yeah I would !!!

N.D.'s picture
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Joined: 2009-07-14

If you add all the things Jones provides for you it would add up over 65%.
 
Would you want your doctor to practice medicine part time or your CPA to just work part time? This is a professional industry. How do you think you can possibly stay on top of this industry part time?
 
If you only want to sell the hot topic of the month then give it a go. If you want to build relationships and take care of your clients best interest, then it's a 24/7 lifestyle not just a job. For example, I had an out of state client call becuse of an unexpected death in the family at 1am my time. The next morning I was on a plane headed that way. My clients know I am here for them no matter what.
 
Go back to what you were good at if you truely had a 6 figure job before. This lifestyle is not the job for you. You did what you could but you are better at doing something else.
Pick a real hobby and maybe you can sell your ID to Windy so he can come back incognito.
 
 

Ron 14's picture
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Joined: 2008-07-10

N.D. wrote:If you add all the things Jones provides for you it would add up over 65%.
 
Would you want your doctor to practice medicine part time or your CPA to just work part time? This is a professional industry. How do you think you can possibly stay on top of this industry part time?
 
If you only want to sell the hot topic of the month then give it a go. If you want to build relationships and take care of your clients best interest, then it's a 24/7 lifestyle not just a job. For example, I had an out of state client call becuse of an unexpected death in the family at 1am my time. The next morning I was on a plane headed that way. My clients know I am here for them no matter what.
 
Go back to what you were good at if you truely had a 6 figure job before. This lifestyle is not the job for you. You did what you could but you are better at doing something else.
Pick a real hobby and maybe you can sell your ID to Windy so he can come back incognito.
 
 
 
What the hell are you talking about ?

Ron 14's picture
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Joined: 2008-07-10

.... and that out of state client, did you doorknock them ?

N.D.'s picture
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Joined: 2009-07-14

Damn I don't want to defend Jones... (disclaimer: I am not with Jones, a Jones advisor will be joining us soon though)
What number would you put on the support Jones provides? I was under the impression that Jones provides you with an office, an assistant, etc etc. Do you think they paid you 35% and pocket the rest? I am not defending Jones but 65%? Come on, It has to be close to that if not more.
 
BTW: No doorknocking for me. I don't want anyone coming to my house, so i sure as sh*t don't want to go to someone else's house. I do networking, seminars, education classes at the university blah blah blah and most importantly work referrals. Out of state client was a referral.

hotair1's picture
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Joined: 2009-03-12

Ronny .. you are a testy little teller.  Did your drawer not balance this morning?  Or did you run out of suckers for the kids?

Moraen's picture
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Joined: 2009-01-22

N.D. wrote: Damn I don't want to defend Jones... (disclaimer: I am not with Jones, a Jones advisor will be joining us soon though)
What number would you put on the support Jones provides? I was under the impression that Jones provides you with an office, an assistant, etc etc. Do you think they paid you 35% and pocket the rest? I am not defending Jones but 65%? Come on, It has to be close to that if not more.
 
BTW: No doorknocking for me. I don't want anyone coming to my house, so i sure as sh*t don't want to go to someone else's house. I do networking, seminars, education classes at the university blah blah blah and most importantly work referrals. Out of state client was a referral.

I would put the amount of support I ever got from Jones right at about $4k a year.

BerkshireBull's picture
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Joined: 2009-06-10

Moraen wrote: N.D. wrote: Damn I don't want to defend Jones... (disclaimer: I am not with Jones, a Jones advisor will be joining us soon though)
What number would you put on the support Jones provides? I was under the impression that Jones provides you with an office, an assistant, etc etc. Do you think they paid you 35% and pocket the rest? I am not defending Jones but 65%? Come on, It has to be close to that if not more.
 
BTW: No doorknocking for me. I don't want anyone coming to my house, so i sure as sh*t don't want to go to someone else's house. I do networking, seminars, education classes at the university blah blah blah and most importantly work referrals. Out of state client was a referral.

I would put the amount of support I ever got from Jones right at about $4k a year.If you'd add that to Ron's production at EDJ that would put his payout at about 65%  I kid, I kid...

voltmoie's picture
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Joined: 2008-11-05

This is just my opinion but I think you'd have a better shot selling insurance part-time than investments.  I can't remember the name of the insurance company but there is one that allows you to work part-time building your book as you transition full-time to them.

Still@jones's picture
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Joined: 2009-03-22

N.D. wrote: 
Would you want your doctor to practice medicine part time or your CPA to just work part time? This is a professional industry. How do you think you can possibly stay on top of this industry part time?

 I really do not feel that what we do is that complex. And my goal would be to open accounts and start relationships. Open 50-100 qualified accounts and make it full-time. Although, I am still "thinking outloud" here. This type of work (especially in the beginning) is quite hard to do when you are not hungry...literally!

Ron 14's picture
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Joined: 2008-07-10

Berkshire you are the bottom feeder on a team and you rip me ?
 
Hotair1 I am annoyed because you came in again today wanting to complain about your overdrawn checking account.
 
Anyways, the support by Jones is not even close to worth 65%. Especially, when the FA is paying postage, toner and that type of crap. Obviously, the sign and home office support is worth something, but not 65%.

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

N.D. wrote:For example, I had an out of state client call becuse of an unexpected death in the family at 1am my time. The next morning I was on a plane headed that way. My clients know I am here for them no matter what. 
 
I'm curious what a client would need their advisor to fly to their city for because of a family death.  I have a few out of state clients and the only reason I could think of them needing me there for would be the wife needing some tender loving because of the husband passing or something. 

Still@jones's picture
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Joined: 2009-03-22

Good point 3rdyrp2...you fly out thinking you're the king of customer service and somewhere over Toledo, you're wondering, what the F*$K am I doing???? But you follow through and stand in their living room among grieving relatives who whisper and make occasional glances at you like you are some kind of shark...

N.D.'s picture
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Joined: 2009-07-14

We were 90% complete with their estate planning. I flew out along with our estate attorney to finish business in person per their request. Not really much we could do considerinig but I would have went for the funeral anyway because of the close relationship this family has with me. I chose a very rare and probably extreme example to express the fact I work 24/7 for my clients. I may not be the best in the biz, but I try my damn hardest everyday.

B24's picture
B24
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Joined: 2008-07-08

On a serious note, to answer the original question, I have only seen part-time advisors make it work when they had previously worked full-time at it, and started to scale back their client base, either through attrition, selling, or giving away pieces of their book.  If you were an RIA, or an indy with low overhead, you could work very few hours with 20-50 clients (obviously depending on how much they have).  But it also depends on your definition of "part time".  If it means working a full-time job, then trying to manage money at night and on the weekends, well that doesn't seem like a good arrangement.  But if you do something like develop real-estate, or something that is sort of "off the radar", and it won't "appear" to get in the way of clients, then it might work.
 
But again, I can't imagine picking up new clients (good clients) working part-time out of your house.  Like I said, if you've had the clients for a decade, and slowly scaled back your hours, I don't see a problem with that.

Still@jones's picture
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Joined: 2009-03-22

B24 wrote:But again, I can't imagine picking up new clients (good clients) working part-time out of your house.  Like I said, if you've had the clients for a decade, and slowly scaled back your hours, I don't see a problem with that.I agree. although after prospecting without an office (out of my house), without business cards, and without asking financial questions, I have some more confidence. I
was thinking I could make it work if I had a non-commission outside
sales position. The type where you have to see 10 prospects/clients a
day, but spend most of your time driving or entering info into a
computer.

Still@jones's picture
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Joined: 2009-03-22

voltmoie wrote:This is just my opinion but I think you'd have a better shot selling insurance part-time than investments.  I can't remember the name of the insurance company but there is one that allows you to work part-time building your book as you transition full-time to them.
Any chance you remember which insurance firm allows you to start off part-time and transition to full-time. Thanks to all of the negative feedback I've gotten on this site, I'm beginning to believe this is the only way I will be able to afford to eat come 2010.

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