Good stuff Analyst.

[quote=Bobby Hull]

By putting that together, you couldn't be more gay, even if you changed your name to "cLoser."

[/quote]

I know, I know.   It was pretty bad, wasn't it...

[quote=pretzelhead]

Wow Scrim,

You need to fish for bigger fishies.

[/quote] I hear ya!

I work in a very middle income area with mostly blue collar, small biz owners.   Much of their net worth is tied up in their businesses.    I'm in a good spot if/when they cash out.  

The average rep in my program has an avg. account balance of around 90k so I'm not that far off.

I think what is happening is that I am opening fewer new accounts but my average account balance is rising as I focus on additions.

scrim

[quote=scrim67][quote=pretzelhead]

Wow Scrim,

You need to fish for bigger fishies.

[/quote] I hear ya!

I work in a very middle income area with mostly blue collar, small biz owners.   Much of their net worth is tied up in their businesses.    I'm in a good spot if/when they cash out.  

The average rep in my program has an avg. account balance of around 90k so I'm not that far off.

I think what is happening is that I am opening fewer new accounts but my average account balance is rising as I focus on additions.

scrim

[/quote]

In the first 14 months of this 28 month period, you were raising an average of $550,000 a month in new assets, in the second 14 months it's down to $292,000.  And the further along you go down the path, the more the monthly average falls.

I guess the new larger account additions aren't making-up for the smaller ones you were generating in the beginning.

[quote=Analyst][quote=scrim67][quote=pretzelhead]

Wow Scrim,

You need to fish for bigger fishies.

[/quote] I hear ya!

I work in a very middle income area with mostly blue collar, small biz owners.   Much of their net worth is tied up in their businesses.    I'm in a good spot if/when they cash out.  

The average rep in my program has an avg. account balance of around 90k so I'm not that far off.

I think what is happening is that I am opening fewer new accounts but my average account balance is rising as I focus on additions.

scrim

[/quote]

In the first 14 months of this 28 month period, you were raising an average of $550,000 a month in new assets, in the second 14 months it's down to $292,000.  And the further along you go down the path, the more the monthly average falls.

I guess the new larger account additions aren't making-up for the smaller ones you were generating in the beginning.

[/quote] I attribute this to a few things:

1) I used to cover three branches with about 100M in assets.   I purposely cut my circuit down to one branch with about 50M.

2) In the first year or so hardly anyone took any distributions from their accounts.   Now that I'm a few years in, I am losing some accounts through attrition AND some of my clients are taking distributions.

3) I have become a tad more complacent.

My average new assets coming in per month are about the same but the outflows which at one time were negligible are now much more significant.

Thanks for the analysis.

Scrim

Makes sense. 

Thanks again for all the previous posts and information. 

$70,000 a client in a FEE (I mean WRAP) account?

Maybe your client's other advisors are talking about aggregating assets using breakpoints, and you're losing them through attrition that way?

In the "old days", if they didn't have $100K or more, we were NOT ALLOWED to put them in a fee account........

Make sure you can defend the internal costs of your bank's portfolios.....if the market gets choopy, folks will be sensitive to paying 2% a year for wrapped funds............

[quote=bluestars80]

$70,000 a client in a FEE (I mean WRAP) account?

Maybe your client's other advisors are talking about aggregating assets using breakpoints, and you're losing them through attrition that way?

In the "old days", if they didn't have $100K or more, we were NOT ALLOWED to put them in a fee account........

Make sure you can defend the internal costs of your bank's portfolios.....if the market gets choopy, folks will be sensitive to paying 2% a year for wrapped funds............

[/quote] I'm not sure I understand the rationale.  It would seem to me that the more assets you have in a wrap account that would make the argument for A shares stronger.    So the smaller accounts would be in wrap, not the larger ones.

Regardless, I'm comfortable with my practice because the 1-5-2.1% "ALL-IN" fees are in line with most other firms for ongoing advice.

scrim

[quote=joedabrkr] [quote=scrim67][quote=Analyst][quote=scrim67][quote=pretzelhead]

Wow Scrim,

You need to fish for bigger fishies.

[/quote] I hear ya!

I work in a very middle income area with mostly blue collar, small biz owners.   Much of their net worth is tied up in their businesses.    I'm in a good spot if/when they cash out.  

The average rep in my program has an avg. account balance of around 90k so I'm not that far off.

I think what is happening is that I am opening fewer new accounts but my average account balance is rising as I focus on additions.

scrim

[/quote]

In the first 14 months of this 28 month period, you were raising an average of $550,000 a month in new assets, in the second 14 months it's down to $292,000.  And the further along you go down the path, the more the monthly average falls.

I guess the new larger account additions aren't making-up for the smaller ones you were generating in the beginning.

[/quote] I attribute this to a few things:

1) I used to cover three branches with about 100M in assets.   I purposely cut my circuit down to one branch with about 50M.

2) In the first year or so hardly anyone took any distributions from their accounts.   Now that I'm a few years in, I am losing some accounts through attrition AND some of my clients are taking distributions.

3) I have become a tad more complacent.

My average new assets coming in per month are about the same but the outflows which at one time were negligible are now much more significant.

Thanks for the analysis.

Scrim

[/quote]

Scrim...

ANALyst is a piker with too much time on his hands.  I don't even think he's in production for what it's worth....
[/quote]

Hey Joe!   I was just trying to learn from his awesome posts and figured since I had the info I might as well post it.

183 and 13.7M

Here is my fantasy football team....I had the sixth pick in a 12 team league:

We start 1QB 2RB 3WR 1TE 1K 1Def/Specials

Rivers Romo

Addai, M. Barber, Turner, M. Bell, Dorsey, M. Morris

Holt, D. Jackson, Jennings, Hester, Kennison

Gates

Scobee

Bears

Super Bowl Prediction  Chargers vs 49ers...Chargers win!

scrim

191  14.8 million.

Scrim, tell us what your balance is tomorrow after your fund prices update tonight…

Scrim…what AUM fees are you earning?

It’s about 1.4% give or take.

I ended 2007 with 191 accounts and 14.4M annuitized.

Scrim, sounds like you’re building it right.  Rock on!

184  13.0M

Scrim, as you know, I enjoy charting your progress along with mine and I have a question and am observation you might find useful.  I’m most curious as to the reason your overall account numbers dropped almost 4% net in the span of two months (3.67% assuming you didn’t add any accounts during the same timeframe).  While I made a lot of proactive phonecalls (starting on the evening of MLK day) and fielded several more, I have not lost one account in the last two months and only lost one fee-based client all last year (I have 60 accounts totalling $12.8 million out of my overall $36.3 million AUM).

180 accounts   13.3M