Newbies
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For those of you who are new to the industry and just started selling recently, what kind of assets/production are you doing each month.
My goal is $5000 production, and I have been bringing in between $150-300K each month..Portfolio review, normally I can land one account per month doing that, somewhere in the neighborhood of $150-$300K…
But I need to figure a way to make more money off of it, because most of that goes into fee accounts.I would aim to bring in at least 500K each month in the early years. When you’re spending all your time prospecting, you should be able to find at least two 250K accounts per month. That goal should increase towards the end of your first year.
Run an excel spreadsheet at 250K in new assets that go into fee based at 1%. 3 million a year produces 30,000 gross yearly and it does not take long to be at a desirable income level doing that consistently. Build that solid base early and you won’t regret it…
But if he needs $5K gross, either bring in more assets or put less in fee based.
Yeah, i think that’s the point. He can’t survivie while he ramps up his fee base. But if 250K goes into fees and 250K into comissions, you will make your month and build your fees. It’s not always that easy in practice, but it’s a decent way to survive and build your recurring revenue at the same time. I would put the larger accounts into fee based (like anything 250K+), and anything under 250K into commissions.
If he could bring in $250K put 60% in fee and the rest in products(REITS, EIAs, VAs, MFs) that average out to be 5%, he would be right at 5K i think…
[quote=henrybar]For those of you who are new to the industry and just started selling recently, what kind of assets/production are you doing each month.
My goal is $5000 production, and I have been bringing in between $150-300K each month.. [/quote] I am looking to add $5k to my annual production(not including what I normally do) by the end of the year... we could have a race to see who gets there quicker... $5K shouldn't take that long.. $100K at 5%... EIA, Private REIT, VA come to mind..300k in assets a month is only 3.6 mil a year... awfully low if you are in a wirehouse or even worse if you are in the bank channel. If you are taking it all and putting it into up front comp... there will be little to show from these assets next year.
If you are getting paid a salary first few years in a Wirehouse... you have to start thinking long term as well, fee based.
If you are bringing in 1mil a month, this will not be an issue and you will be all set years 2+. And actually building your business instead of a job.