New Money
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[quote=AdvisorControl.com] Make your goal $3MM per month - then getting $500k is a walk in the park.
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Yeah… easier said then done… I don’t know many people who are getting $36MM/ year in assets
LMAO!Make your goal $3MM per month - then getting $500k is a walk in the park.
Done.Make your goal $3MM per month - then getting $500k is a walk in the park.
Was talking to some fellow advisors today and mentioned my new goal is to bring in around $500K/month in assets… They both laughed at me(though this is coming from some people who rely on their books($8-10million) to generate income(churning is my guess) and clients).
Chicken…
Those guys are out there. They don’t want to put in the work so they tell you that it’s impossible, yet there are plenty of people doing it everyday… Hell the minimums from MSSB is $7MM in assets first year(that is another $100K more than the 500 you are looking to do)…
Put in the work and it will come…but you have to put in the work… it won’t just come…
By the way your fellow advisors will be scrounging shortly. You can only churn $10MM so much. Then comes complaints, compliance and ACATS out…
Ignore people who haven’t done what you are looking to do… Listen to those who have succeeded in doing what you are looking to do.
Advisor control through out $3MM/month, but if you put in the work my guess is it wouldn’t be impossible
I don't know ANYONE bringing in $36MM/year...or $26MM a year for that matter.[/quote] http://www.ifa.com/aboutus/ Now you do. As soon as an advisor is convinced it can't be done - they never will. For full disclosure - I threw $3MM out there as an experiment, which unscientifically tells me what I thought I'd find out. I do know a lot of advisors who do $30MM+ year, though I've only been in the 20-25 range. So to answer the original question honestly; absolutely it can be done and has been done. Squash has been spot on for this post - focus on talking to/studying those who've done it and ingore the rest. I think when Ken Heebner started IFA he had no intentions of only doing 5 mil/year. Since they started in 1999 the markets have broadly sucked. And since they only do index investing, I would guess there is no market growth in their numbers. So $880MM in 10 years is pretty solid. I truly believe that if when you start your objective is a number so large most advisors laugh - then you're on the right track. Everyone that started (the 2000-3 class of MSDW)when I did with a $50k/year income goal in mind is now out of the business. A lot of the dreamers are still dreaming - but they are still in the business and many are doing very, very well. Good luck.[quote=Squash1] [quote=AdvisorControl.com] Make your goal $3MM per month - then getting $500k is a walk in the park.
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Yeah… easier said then done… I don’t know many people who are getting $36MM/ year in assets
Yeah but you guys are peddlers… no real advising…because none of you are competent enough to pass real tests
These guys dump people in product and run to the next, there is no real advising, it’s purely a compensation play… if they didn’t get 6-10% for selling these things they would go back to selling whole life.
I can’t wait til they pass a law that says you have to have the 7 to sell them