Leaving advisorheads, coming back to RR
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[quote=Milyunair]
Studies show about 10% of high net worth client accumulation comes from cold-calling, direct mail, seminars and the like.
Who here really wants more clients with 30 or 60k?
Folks who have a need to be aggressive or negative should consider staying off the RR site. This forum right here could be a resource for us to increase our production and stay positive.
Doing the 90% necessary to grow your book can be lonely work, which is best understood and encouraged by your peers, and not your competitiors in the office a few doors down the hall. We are that peer group, none of us alone knows all the answers.
[/quote]
What studies... so where do the other 90% come from (Linkedin/Facebook?)... If you say referral then you missed it because you would need a client to referr that person. Also most HNW people are small business owners that can be reached by phone.
Indyone... I was never a member only a lurker to see what it was about. My point is that people who don't prospect or are not very good at it(generally new people through avoidance) are commenting all day on how to build their business eventhough they haven't done it..
[quote=Magician]
[quote=squash2]
That advisorhead website is crap... They had a poll a while back on production levels and I think 80% were under 250K... So it is a bunch of newbies, some RIAs, and a lot of pud producers wasting time...Last time I checked(before they made it private... I would too with the lack of good commentary on that board)...There prospecting board if full of people avoiding prospecting..(Google adwords, mailings, 1 guy has been talking about a seminar since the site started yet never seems to do one....It makes sense that most of the people on that site have small production).. At least I don't have to go over there anymore..
[/quote]
I'm pretty sure there are a few "big" producers over there. Certainly not all are. Other than BondGuy, who is over here that isn't over there that is a big producer?
That said, prospecting is more than cold calling, doorknocking and seminars, unless you are truly myopic.
Unless you open your mind, you will limit your success.
[/quote]
What makes those prospecting methods myopic??
Google ad words don't count as prospecting..
There are only 4 ways to get clients:
1. Referral: most powerful, however takes clients to get referrals
2. Cold Calling: quick and painless
3. Doorknocking
4. Mailing/Seminar: pretty much avoidance of prospecting and almost impossible starting out(unless a wholesaler pays for it)
Everything else falls into those categories
Yes until you can show/prove/direct me otherwise.. And given the amount of text in your post I am guessing not..
[quote=squash2]What makes those prospecting methods myopic??
Google ad words does not count as prospecting..
There are only 4 ways to get clients:
1. Referral: most powerful, however takes clients to get referrals
2. Cold Calling: quick and painless
3. Doorknocking
4. Mailing/Seminar: pretty much avoidance of prospecting and almost impossible starting out(unless a wholesaler pays for it)
Everything else falls into those categories[/quote]
I agree with you comments here.
However, in AH's defense I must say the forum "air" is cleaner and the amount of quality is improving. Like any forum though it will have cycles of ups and downs. You can only ask the same questions so many times. And until time passes and the next "learning/growing" cycle occurs, the subject matter will suffer. FYI - another "learning/growing" cycle started about 2 weeks ago and SOME of the posts are pure gold.
What Indy said is correct.
What did you expect, when was the last time Nick Murray posted here?
Its an internet forum, numnut. Its a microcosm of the real world Good and bad. Takes a little effort to sif thru it.
Its really unfortunate that you (squash) wrote that forum off, the posts in the last week or two have been really high quality. Sure there is a fair share of BS, but there is so much knowledge that is being missed by you because of your skepticism. After your demonstration over there, you might find you aren't even welcomed back if you wanted to, which i understand you don't. (and if you recall, i was one of the guys that defended you).
As far as not learning from guys who havent built their businesses big yet, 2 comments
1. as was already said, don't expect to find a forum full of Million Dollar producers wanting to give you advice
2. Don't ever think you can't learn from someone. I was a reasonably successful producer the first 6 years of my career, then went into management (I'm back to full time production, but before you go off and say that if i was successful i wouldn't have gone into management, be aware that different people have different motivations). And as a manager, i learned from everyone, including the trainees. So don't be so high and mighty.
Good luck Wet. It would seem his only agenda for now is to claim the vacant "king of the RR hill" position...
[quote=Sportsfreakbob]
What Indy said is correct.
What did you expect, when was the last time Nick Murray posted here?
Its an internet forum, numnut. Its a microcosm of the real world Good and bad. Takes a little effort to sif thru it.
Its really unfortunate that you (squash) wrote that forum off, the posts in the last week or two have been really high quality. Sure there is a fair share of BS, but there is so much knowledge that is being missed by you because of your skepticism. After your demonstration over there, you might find you aren't even welcomed back if you wanted to, which i understand you don't. (and if you recall, i was one of the guys that defended you).
As far as not learning from guys who havent built their businesses big yet, 2 comments
1. as was already said, don't expect to find a forum full of Million Dollar producers wanting to give you advice
2. Don't ever think you can't learn from someone. I was a reasonably successful producer the first 6 years of my career, then went into management (I'm back to full time production, but before you go off and say that if i was successful i wouldn't have gone into management, be aware that different people have different motivations). And as a manager, i learned from everyone, including the trainees. So don't be so high and mighty. What made you switch the first time to management and then again back to advising?
[/quote]
[quote=Wet_Blanket]
I would welcome Squash, despite his surpringly harsh critique.
[/quote]
Is it because he has been pooped on?
No, I am anti-poop (in most cases, unless both participants are on the same page and comfortable with the arrangement).
"What made you switch the first time to management and then again back to advising?"
I never left advising, i refused to give up my book. After a few years, i realized that i couldnt continue to do both and do them both well, and i decided that i was happier working with clients than working with idiot brokers, so i made the choice. I was an ABOM, had become a Resident Manager a few months before and was about to get a branch. But i didnt want it.
Hope that answers your q
I like the other forum a lot. I like this forum. I like several others as well. ALL of them have good and bad. I think to categorically condemn or support any of them wreaks of agenda or naivety. My business is my life and I truly enjoy other peoples thoughts. Now and again I'm able to help another person out. 2 out of 10 posts on either BBS are pointless banter. But the other 2 make it worth it big time. Every now and then one will make a huge difference in improving my business.
I could not agree more Gaddock and thank you for your posts that help tilt the scale.
Squash,
You are an idiot if you truly think you know everything there is to know, and quick dismiss anything that is not old world. the moment you start telling yourself you know better, you start digging your hole.
No matter how stupid you may think something is, you have to view it with open eyes, and think about how you can make it work.