Number of Households
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Curious to know how many households (not accounts or social security numbers) some of you guys have (feel free to round and/or tweak numbers for the sake of anonyminity). If you’d like to add AUM and LOS for comparison sake, that would be great too. Looking for a point of reference on what is truly “manageable.” Thanks in advance.
HH = 150 (I had 200, but I gave away about 50 last year when I did a “Partner Plan”)
LOS = 3.5 AUM = 18.5mm I would like to get rid of about 50 more households (less than $1mm total - lot of SIMPLE accounts). My mid-term goal is 250 HH @ $200K/HH (within 3-5 yrs.). I don't really want to go over 250 HH. In fact, I ultimately would like to be at 150 HH, 350K/HH within 7 years. But my practice is to service my clients extensively, so it really doesn't make sense to have a ton of small accounts. I also want to have a very manageable, low-overhead practice, which is tough with 1000 households.A little over 100 HH’s (I used to work at C with 1500 HH’s-- talk about crazy)
LOS-15 yrs AUM- Roughly $500mm (including assets held away such as 401k's annuities etc)((Working on a few deals to hopefully get over the $750mm mark this year :) )) I would say you should evolve to a point to where you have less than 200 HH's. It gives you far more time to devote to each person. I like to use the analogy: You only have so many first class tickets eventually you have to seat people in coach. The key is to be effective at evolving your book to move up market. A friend once told me, in order to go after $10mm clients you need to say no to $5mm.....[quote=iceco1d]
On a side note...holy sh!t shantom! You are the MAN![/quote]+1! holy sh!t!
[quote=shantom1]A little over 100 HH’s (I used to work at C with 1500 HH’s-- talk about crazy)
LOS-15 yrs AUM- Roughly $500mm (including assets held away such as 401k's annuities etc)((Working on a few deals to hopefully get over the $750mm mark this year :) )) I would say you should evolve to a point to where you have less than 200 HH's. It gives you far more time to devote to each person. I like to use the analogy: You only have so many first class tickets eventually you have to seat people in coach. The key is to be effective at evolving your book to move up market. A friend once told me, in order to go after $10mm clients you need to say no to $5mm..... [/quote] Holy crap - tell us more !!!!I will be the first to say it is not the assets, its the return on assets (not saying the rev isn’t here, but I’m NOT getting 1% ROA). If a company gives you $100mm to roll in 30 day tbills you will earn less than doing a decent annuity…
Shantom has gone more than 50 posts without mentioning he/she is a whale. Incredible.
If I were dealing with that sort of cheese, I would probably have the screen name $500mmAUM.If I was shantom I would just have the picture of a middle finger under my screen name !
[quote=Ron 14]
If I was shantom I would just have the picture of a middle finger under my screen name !
[/quote] I doubt it. What's the gross on $500mm in CD's?[quote=Ron 14]
If I was shantom I would just have the picture of a middle finger under my screen name !
[/quote] I know your kidding, but seriously....I think you guys are taking what I said the wrong way. With 500mil AUM I would venture to say you don't need help from most of the scrubs on this site, me included.
B24- FWIW (since I know the question is coming from someone LOL) 44 bps $2.2mm....
[quote=Ron 14]
I think you guys are taking what I said the wrong way. With 500mil AUM I would venture to say you don't need help from most of the scrubs on this site, me included.
[/quote] The day you know everything you can only go down....[quote=Ron 14]
I think you guys are taking what I said the wrong way. With 500mil AUM I would venture to say you don't need help from most of the scrubs on this site, me included.
[/quote] I'm not. I just like making jokes about you working at a bank.[quote=shantom1]
B24- FWIW (since I know the question is coming from someone LOL) 44 bps $2.2mm....
[/quote] I was close. What's a million +/- ??I don't get you new Jones guys at all. I work in a bank and you work in your bedroom for the same payout. Just because your mentor who is 5 years in and only produces 250k rips on bank FA's doesn't mean you have to. Have an original thought.
I thought on the other thread you said 65%. I didnt know you had a partner. Ok. 700k take home, lol. Either way that is something to be proud of shantom.