Starting Out
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I have been a personal banker for 6 years and have been lerking on this site for the past year. I made the jump from banker to a advisor at a local indy branch. I have read the 500 day war and also plan on calling residential who are not on the DNC list in my area.
Currently I am set up on a draw of sorts. I get $2500/month or my commissions, whichever is higher for the first 6 months, then i am on my own. I have some money saved to make it through.
My question is how long does it typically take to get up and running at around $5K gross/month. Please keep in mind that I am able to use all products, insurance, securities, eias, etc…
I would think it would take longer than that… my guess is at least 3 to build a pipeline. Bio why do you say only 1 month?
He's referring to most advisors, BF. The ones who are not willing to do what you do (specialize in one product, cut bait with prospects early on, etc.).[quote=Squash1]I would think it would take longer than that… my guess is at least 3 to build a pipeline. Bio why do you say only 1 month?[/quote]
That’s all it took me to do over $5,000.
He's referring to most advisors, BF. The ones who are not willing to do what you do (specialize in one product, cut bait with prospects early on, etc.).[/quote][quote=deekay][quote=BioFreeze] [quote=Squash1]I would think it would take longer than that… my guess is at least 3 to build a pipeline. Bio why do you say only 1 month?[/quote]
That’s all it took me to do over $5,000.
I specialized in everything when I started, especially chasing "prospects" all over the place.
[/quote] Me too. It's amazing how many real prospects I get when I simply say, "I sell life insurance to people who are worried about what may happen to their family if they're not around. When's the last time you sat down with a professional agent?" I still have to work on the whole 'chasing prospects down', but I'm getting better at it every day I continue to uncover people who truly want to talk about my specialty.
Let me get this right, you just started and now you are an expert?
WOW How many times have I seen this and the client comes in years later and sits down and we go through things. And come to find out they have policy they don't need You ask about the agent or rep and find out he/she was history years ago! Friend of the family or cold called or whatever. Expert Good Grief![quote=Greenbacks]Let me get this right, you just started and now you are an expert?
WOW How many times have I seen this and the client comes in years later and sits down and we go through things. And come to find out they have policy they don't need You ask about the agent or rep and find out he/she was history years ago! Friend of the family or cold called or whatever. Expert Good Grief![/quote] Who are you directing this to?[quote=Greenbacks]Let me get this right, you just started and now you are an expert?
WOW How many times have I seen this and the client comes in years later and sits down and we go through things. And come to find out they have policy they don't need You ask about the agent or rep and find out he/she was history years ago! Friend of the family or cold called or whatever. Expert Good Grief![/quote]What is the typical profile of these grossly over-insured prospects of yours?
6 million in assets, for an average advisor, starting out cold with no assets will take 6 months or so to get the pipe and 12 - 18 months to close and get into the accounts.
Wrapped at 1% there is your answer. If you can get by for 18 months bringing in 3-400k a month, you'll be OK. You'll be lean, your shoe leather will be worn and your suit threadbare. But you'll be OK.[quote=BerkshireBull] [quote=Greenbacks]Let me get this right, you just started and now you are an expert?
WOW How many times have I seen this and the client comes in years later and sits down and we go through things. And come to find out they have policy they don't need You ask about the agent or rep and find out he/she was history years ago! Friend of the family or cold called or whatever. Expert Good Grief![/quote]What is the typical profile of these grossly over-insured prospects of yours?
[/quote] Agree with you what you're trying to say here BB; I've hardly seen anybody who was "over-insured". Most people are under insured and that's a fact.