gad12, exactly my point.

[quote=gad12]

If you were me would you look at banks? 

Got the new client.. $40k in retirment accounts and $5k to start individual.. has net worth of $125k.   She's from Morgan Stanley, not Smith Barney.

Very humbling to put myself out here like this and share my lack of assets. 

Nice. Hard to imagine MS rep would have time to give attention to that size account. Hope you are are considering some tax exempt national munis for the cash, and how about considering a bigger house for some potential leveraged equity growth?

Whether appropriate or not, point is, I get the feeling you do quality work and put the client first. In which case, you should be able to do some nice client appreciation social events, (lunches?) - have them bring in friend. Turning one million into ten will just be a matter of "cloning" your best clients, not chasing the numbers.

Let us know about your progress, I find your candor uplifting.

[quote=planrcoach]How about considering a bigger house for some potential leveraged equity growth?
[/quote]

Oh lordy, not the "Residential real estate only goes up, it is the best investment of all time, except when it gets termites or the roof leaks"

You live in a house, it is far too illiquid to be thought of as an investment (especially since it produces no income).

By the time you factor in negative cash flows from maintainance,  taxes and insurance, the IRR on a residential housing "investment" is roughly flat (recent housing bubble excluded).

[QUOTE]In which case, you should be able to do some nice client appreciation social events, (lunches?) - have them bring in friend. Turning one million into ten will just be a matter of "cloning" your best clients, not chasing the numbers.[/quote]

I second that, except that I'm not a huge fan of free food. I'd put more work on netowrking and getting on a public speaking circuit. Take a look over your best clients and try to see what they have in common.

Oh lordy, not the "Residential real estate only goes up, it is the best investment of all time, except when it gets termites or the roof leaks"

You live in a house, it is far too illiquid to be thought of as an investment (especially since it produces no income).

I'm guessing you are pretty young. What is the value of having your teenagers friends congregate at the house instead of out on the streets? How about access to the best schools, being closer in to the city, having a view in a new energy efficient home with a slate roof and brick exterior?  Around these parts, putting money in a great house on a greenway pencils out to about the same as putting money in a retirement plan, if you take eventually take take free gains on the house sale.

We're looking at decades of experience and netting high state income tax, federal tax, and other deductions, including (still) relatively low long term mortgage rates. Liquidity? Real estate equity is pretty powerful collateral. For high income earners, owning a great home and keeping a nice cash reserve in tax exempt munis is powerful. Owning a business is another good way to build wealth.

You've got a lot of good technical knowledge, let's see the practical stuff. Investing in equities and bonds is not one of the main ways to accumulate wealth, in my book. You'll see what I mean over time.

tax free gains.

You can not believe this is a real posting.

I didn't think it was a real posting either -- but sinking had a website on his Profile (it's not there anymore).  I checked it out -- he's definitely legit.  Website had photos, broker/dealer, account access links and info on his book.   

[quote=sinking]

I’ve been an independent money manager for individuals now for over 2 years… I have 35 clients and about $1 million under managment. Clearly I’m doing something way wrong.