Cfp
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If JW is trying to say that one can’t judge their career success simply based upon dollars and cents, he should say that. I’m sure that most of us get a lot of satisfaction out of doing a good job for our clients. However, that is not what he said he is talking about. He’s talking about how a broker gets ranked. The one’s doing the ranking are the employer. The best broker is the one that brings in the most revenue. It is not the one with the highest self esteem.
The individual broker is free to judge himself in any manner that he would like. In fact, I have decided that I'm the number one broker in the country since my wife and kids love me more than any other broker.Production is the only measure of success in this biz that counts. I watched as UBS canned a producer with 57mm AUM and who had started under producing. This broker was well ahead of the AUM curve when measured by LOS. When the market went south after 9/11 she did the right thing: She went to cash. Then she stayed there. Her clients did very well sitting out the bad market year of 2002. But the suits were not happy. The issued warnings. Then they moved her from her private office to an office shared with a trainee. Finally they fired her but allowed her to sell her book. The only reason they allowed the sale was the fact that she had a very good lawyer and they saw a big problem with arbitration. Still, for doing right by her clients, she was out. Ugly, ugly ,ugly! And wrong? Youbetcha! But that's they way it is. The only number that counts is the commission number. In your previous post the inverse relationship between integrity and high production does not exist in the norm. Yes, there are dishonest peole in the biz. But there is no correlation to production, or for that matter, education. In fact, back in the nineties the NYT did a expose article about the rogue broker problem. As an example of bad brokers fleeing a sinking ship to continue their fleecing ways at new firms the paper singled out a single branch of AGE. Seems this branch was filled with ex-First Jersey Securities brokers. A real pit, if the NYT was to be believed. Turns out several of these guys went on to get their CFP. So, in one place you had knowledge, high production, and lack of integrity. There is no correlation. There is nothing wrong with feeling good about helping your clients. Just don't kid yourself about how your managers are rating you.Some of the replies have taken these comments too personally. The message is that production alone is not the best indication of success or the amount of hard work they are doing.
My question for all of you is…If all you are to you firm is a number (even a high number) why would you stay? There was a time when you had no choice but to suck it up and go along. Today the choices are plentiful.
My question for all of you is…If all you are to you firm is a number (even a high number) why would you stay? There was a time when you had no choice but to suck it up and go along. Today the choices are plentiful.
Because I like it where I am. Until I am given a reason to move, then I will stay. Sounds like you are making a move. Plan it well and you will execute with precision.
It generally isn't a smart business decision to move just to move. Sounds like you are doing it, or already did it, for your own personal reasons. Was it in the best interest of your clients, since that's what you preach being a "fiduciary" as a CFP? Everyone is a number. Get used to it. I think you woke up one day and realized in the grand scheme of things, you amounted to very little for the work you have put in. So you got your CFP to add "credibility". Then, you decided that you weren't going to compare yourself to others in the industry on production because you couldn't compete. Looks like Ferris has your number.My question for all of you is…If all you are to you firm is a number (even a high number) why would you stay? There was a time when you had no choice but to suck it up and go along. Today the choices are plentiful.
My question for all of you is…If all you are to you firm is a number (even a high number) why would you stay? There was a time when you had no choice but to suck it up and go along. Today the choices are plentiful.
You are not thinking like a business owner. If you were thinking like one, you wouldn't care what your firm thinks of you. Does your firm give you the necessary tools to service your clientelle? Do they pay you fairly? All that matters is that the answer is "yes" to those question. Your firm is nothing more than a tool to help you do your job. If you are looking for validation of some sort from your firm, you have an employee mentality. In general, there is nothing wrong with that, but in this industry, it guarantees underperformance.Hey Snags, why the hostility? I asked a fair question and you chose to belittle me. My first post, you know nothing about me and somehow I am a washed up broker with a CFP and no production.
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What does my production have to do with the question? For that matter, what does having the CFP have to do with the question?
Why do you submit to being just a number? Is that what you were told to think by your friend Ferris? Or is this something you have come to you own conclusion on.
By the way Anonymous, I agree 100% with what you said. My point was, there are many firms that will give you the necessary tools and pay you fairly. If you are at one that is more concerned with your production level than taking care of clients then it may be time to move on.
[quote=anonymous]My question for all of you is…If all you are to you firm is a number (even a high number) why would you stay? There was a time when you had no choice but to suck it up and go along. Today the choices are plentiful.
You are not thinking like a business owner. If you were thinking like one, you wouldn't care what your firm thinks of you. Does your firm give you the necessary tools to service your clientelle? Do they pay you fairly? All that matters is that the answer is "yes" to those question. Your firm is nothing more than a tool to help you do your job. If you are looking for validation of some sort from your firm, you have an employee mentality. In general, there is nothing wrong with that, but in this industry, it guarantees underperformance.[/quote] Well put. Like I have said before, for the most part, the firm doesn't matter. You can be very successful at almost any firm (which inlcudes doing right by your clients).[quote=SmalltownCFP]
Hey Snags, why the hostility? I asked a fair question and you chose to belittle me. My first post, you know nothing about me and somehow I am a washed up broker with a CFP and no production.
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[/quote] I'm still hung up on you saying on the better forum, that with your CFP, "You look down on everyone else". Luckily for you I guess, Ferris and Bobby erased the thread so I can't cut and paste. That's the problem I have.Join Date: Sep 2007 Location: Ghetto Posts: 5 You sound so hostile Ferris. For someone as content and prosperous as you, I would think you could make it through an entire sentence with out sounding like a truck driver or a sailor. Your clients must think you are a peach. Congratulations on all your success, clearly it doesn’t bring your happiness. As for CFP’s we know where we stand and that if we look down, we will see you.
Hey Snags,
If you notice my comment was directed at only Ferris. If you want to include yourself in his company that is your choice. A bad choice but your choice.
Now let’s get back to the business at hand and stop the silly name calling.
Please give me some true input and not insults.
[quote=Reggin]
Damn Snags - He sure got you there! Don't mess with the almighty CFP! [/quote] You're right. I'm going to stop producing, go study, and get my CFP. I will also start paying the yearly fees for CE education just to keep my CFP which I stopped producing for. It all makes sense now.