Quickest to $1mm in production
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Just curious but what is the fastest that you have even seen someone entering the business get to $1mm in production?
I live in a relatively small town, let’s say 30 brokers. I don’t know of any million dollar producers in my area. My old EDJ region also didn’t have any. Biggest star of the region after 5 yrs was at about 600-700k.
There is a broker in our region (I’m w/EDJ) who hit top producer in 4 years. He figured out estate planning very quickly, put a team together, and the whole town bought in.
[quote=Ferris Bueller] [quote=BondGuy]
For someone not wired in, no connections?
2 years[/quote]
seriously? That's impressive.[/quote] Yes, seriously. Before the suits decided that fees were best for everyone and slanted the playing field to make other types of business less appealing there were groups of people who made their living by selling products. Yeah, i know fee biz is a product too (please don't tell the the CFPs) but I'm talking stocks and bonds here. Individual stocks and bonds selected by advisors who called themselves stockbrokers or bond brokers. You know, the people who suits have convinced their young charges are sleazy. Yet these people were far from sleazy. They were smart, articulateand hard working. They used a marketing technique that doesn't work, cold calling, and asked for six figure amounts over the phone. And they got it. They worked for firms like Shearson, Lehman Brothers, E.f. Hutton, Painewebber, Bear Stearns, and Salomon. Today, some are the largest producers at their firms. Two years to a million was a top quintile producer, but not unheard of. Most were 1/2 million to $750, 000 year two.
Bond - do you think its any different for the traditional stockbroker of today to aspire to those same kinfd of numbers?
It’s definitely a different world, but can be done. With “wealth managers”, fee based platforms, many more independant RIA’s, banks and insurance companies selling brokerage and mutual funds, the DNC list, DIY’ers (Vanguard, Fidelity, TRP, E-Trade, etc.), and all the anti-broker propaganda, it has become more difficult to capture HNW individuals cold over the phone. But if you dial enough people, and that is your “platform”, it can still work.
So on average it takes approximately 50 more cold calls a day than it did in 1985. I would guess.
I wouldn't guess at how many calls it takes. It took a lot then and takes a lot today. Different world? Yes However, same formula. That is; you must be able to differentiate yourself from the masses and do it quickly. And you must appeal to greed. Yeah, its an old trick, but it works. Oh, and then there's this: Talk only to people with money. Money as in they could invest $100k in an idea, if they liked it, and they could do it over the phone.So on average it takes approximately 50 more cold calls a day than it did in 1985. I would guess.
Just to add:
If all you did everyday for 12 to 14 hours, no BS, pump out the calls in this order prospect/pitch/close, how many accounts could you open a week? Is it unreasonable to say such an effort would yield 5 qualified prospects a day? I don't think so. Is it unreasonable to to believe that out of those 25 qualified prospects, two will become clients? I don't think so. If your minimum client is $100k the minimum you will bring in, new money, is $10,000,000 in one year once the pipeline is full. Want to know how they did it? That's how they did it.My business partners worked at a high end wirehouse office and one rook on day one opened $ 6 million in accounts and hit the $1 million dollar producer mark at the end of his first year. However this is solely because his father is a very very influencial entertanment lawyer and directed all his clients to his son. The rook also did all SMA’s so obviously him being green wasn’t scaring away the clientele. That is the fastest I have ever heard of and quite frankly it’s gonna take a lot more hard work unless you can get lucky like that.
Unfortunately not many rooks have those connects. Like Bond said, its those guys that can dial 12+ hours a day (including weekends) who are the fat producers. Of course results vary, but I think the average guy can do it.