Jones average pay: $65k?
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[quote=voltmoie]
My goal in this business has never been to make the most money, to be the biggest producer. Even now I work less than many of my peers. It’s simply to get my business up to 175k net per year and prop my feet up. Windy and many others have different objectives, I respect that. I’ve spent the last 10 years in corporate America rising to the ranks of Sr. VP (youngest in a fortune 100 company), working 80hr weeks, and now understand work/life balance. To each their own.
[/quote]
That is completely unacceptable. There are hundreds of LPs and GPs with their feet already up counting on you to produce and prop up their lifestyle!
I have no different strategy than anyone else. Bring in assets, service my clients and do whats best for them, and make a little money doing it. I happen to have a personal issue with Advisory. Until i see how it's better for my clients and not the FA, i'll continue to do business the way I feel is right for them. Moraen - Volt said he was going try and be the FA that "I said I was". I just told him him that I beat him, and gave him my numbers. You don't know my strategy. So here it is. Volt may beat me in accounts opened, but I have my strategy for that. I have 78 total Households and $110,000 average. I've talked to Spiff about this. I do not and will not open an account unless there are some assets coming in. I don't open accounts to open accounts. I've limited my prospecting to people with no less than $100,000. If anyone below that needs help, i'll help if there are assets being put in the account otherwise I will not actively prospect then. I'd rather have 100 clients with 1 Million, than 3000 with an average Household of 30,000. Here are my goals Volt. They may be different than yours, but they are working for me. My limit will eventually rise. Average Household- $100,000 Average New Assets Per Month - $750,000 Atleast 1 $250,000 Account per month Two $1 Million Dollar accounts a year. Gross No less than $10,000 per month I did take over an office with minumal assets. My office now has $11 Million. $6 Million being what I brought in myself, since its been 8 months since my CSD, I have hit every goal I set for myself. I may not have goals for # of accounts or what I put in advisory and C shares, but I have goals in assets being brought in and I have to say, it''s been more rewarding for me that wondering around doorknocking random folks and focusing on annuitizing my business. It will annuitize itself aslong as I hit every goal I have set and bringing in that amount of assets, will outperform whatever amount of Advisory Solutions that you do. And my clients won't question the percentage off the top, when the market goes down again.Is Wind bragging about his numbers again? Volt - I personally think your approach is the best. That’s going to stand you in good stead.
Oh sht, Windy is back? Not sure when I missed that. God I hope this doesn’t start another shtstorm. That got boring real fast.
I think those are realistic goals given your market. Would not work in my area but if I lived in a metro mine would be similar. How have you been prospecting for your clients in that asset class?
I buy lists, then send out free review cards and call a few days later. If Its a good conversation, I will call back or doorknock them. This gives me a chance to qualify them fast. I’ve had a really good response and have hit all my goals plus some. Like I said earlier, rolled in 1.7 Million Dollar cash transfer from that. $40,000 gross going on the books, in the next month or two. It works for me and makes things alot more effective. I’m big on working smart and not hard.
When you call do you reference the card or simply call and introduce yourself? What criteria do you use when building your list?
I’ve been limiting my prospecting to middle class prospects until I have a physical office. The large accounts I’ve gotten have had mild resistance at first to my lack of a “home” but plan to hit the HNW prospects hard once my sign is up and slowly transition to larger clients.
I've been using Prestige for my lists. The last list I have has been killer. 1000 Prospects. 500 of them have a 401K that has not been rolled over. The other 500 have a managed account that they are not happy with. All with no less than 250,000 in assets.
As far as the calls, I definitly reference the card. Thats my purpose for the call. 1 of 3 things will happen. 1. They won't know what you're talking about, but you have a talking point 2. They'll say, "Oh Yeah. I remember seeing that" 3. They'll call you before you call them. As far as I'm concerned, never try and pitch anything except the appointment and/or review. I never do. The appointment is a much easier sell, unless they hint to wanting a bond or someting, then i'll throw in a good bond. See if they bite.Sounds like a solid process. Are you using the Jones review post cards or your own?
[quote=Ronnie Dobbs]
I've been using Prestige for my lists.
[/quote] Don't they charge like upwards of a dollar a lead? How much was the 1000 contact list of yours? How do you justify that you got their number and address when following up?It was like 250 for the list. Out of the 100’s or thousands of calls, Not one has asked how I got their number.
Somewhere on the Segment 1 website Jones has all the approved list vendors listed. Can’t recall what companies were out there, just book marked it for future reference.
This one has worked the best, because of the managed money and Rollover criteria…Atleast for me anyway
Thanks man. Good info. Pick a screen name and stick to it though. You are trippin me out with the new incarnations of wind.
This is the only one i’ve made, besides the original. I laid off the site for awhile. Some of the trolls kept it going by making new names.
You're right. I forgot about your salary and your bonuses. Keep up the good work.I’m sure Windy is doing just fine - his results don’t piss me off. I’m not in competition with him, only my personal goals.
Spiff … EDJ was kind enough to provide me with a salary for the first year. I know exactly what I need to pay my bills and eat a few decent meals. So, with regards to gross … does not matter to me. I’m going to keep pushing as many dollars as I can into AS and C shares until that salary runs out. Those dollars will provide me with a cushion in years to come. At year 5 if me and you both started at the same time, bringing in the same assets. You selling A shares, me selling AS and C I’m beating you in gross. You should rethink your strategy.
My goal in this business has never been to make the most money, to be the biggest producer. Even now I work less than many of my peers. It’s simply to get my business up to 175k net per year and prop my feet up. Windy and many others have different objectives, I respect that. I’ve spent the last 10 years in corporate America rising to the ranks of Sr. VP (youngest in a fortune 100 company), working 80hr weeks, and now understand work/life balance. To each their own.
Windy, FYI Prestige sucks (that's not a knock on you). They use recycled lists, and that whole "managed money, rollover, annuity" trifecta is bogus. You try to explain to me how they get that information. It's BS. I'll tell you why I know - I once bought a list from them, and I had three clients on the list. The info they had on them was so far off it wasn't even funny. And don't buy the "we survey them" line either. They don't. Because you can run a list with any criteria, and everyone in that demographic will mysteriously show up under one of the lists. What they do is buy lists from other list wholesalers and then just segment it into categories based on assumptions (gee, this person is 55, lived in this house for 25 years, HEY they have a rollover!).This one has worked the best, because of the managed money and Rollover criteria…Atleast for me anyway
I used Prestige about a year ago. The list did not seem to be anywhere near accurate as far as net worth or available assets. I have been following up with several of the people since I got the list but have not got anything that would cover the expense of the list. I believe seminars are a much better use of my money in hindsight.
-, Financial Advisor
This list was a waste of money. The offer to replace names for ones that aren't good is useless. Why replace bad names with more bad names. The list supposedly came from people who had completed a survey. Even my name was on the list and it had my address incorrect (and I had never completed their survey). The list included one face to face visit who was single, out of work, and could not afford a car. It had her listed as making $100k.
, Financial Advisor
We have purchased lists from Elite Management and Prstige Management and found both to be a total waste of money and time. There were many numbers that appeared on the no call list and the other information was inaccurate as well.
, Financial Advisor
The list was awful. Not worth the cost.
Financial Advisor
Just wanted to let you know that Prestige Management keeps trying to bill my credit card for purchases of lists I have not authorized them to send. We try to fax back a denial letter, only to find it is impossible to fax back to the number on the front of their fax. This has been a big inconvenience and time burner.
Thanks,
Advisor