Am I just not good at this?
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[quote=scrim67]180 accounts 13.3M
Even though I have a net loss of accounts since the end of February I have increased the AUM by 300k. Wha' cha' do, margin some of your clients' assets to increase AUM? Even in this tough environment I have just completed my best two month stretch in production (avg about 43k/mo) since I started in this business 4 years ago. Well, I hope you're happy. You just blew your chances of getting an economic incentive check from Hillary next year. There is some light at the end of this tunnel. That's the inflation train, scrim! scrim [/quote] So, all-in-all that's a "no" to the goodknight offer, I guess. Well, the offer is still on the table, if you change your mind... Congrats, by the way![quote=scrim67]180 accounts 13.3M
Even though I have a net loss of accounts since the end of February I have increased the AUM by 300k. Even in this tough environment I have just completed my best two month stretch in production (avg about 43k/mo) since I started in this business 4 years ago. There is some light at the end of this tunnel. scrim [/quote] Pardon my ignorance. How does one manage 43K monthly gross with only $13mm in assets? Just a lot of money in motion? Insurance?[quote=Broker24][quote=scrim67]180 accounts 13.3M
Even though I have a net loss of accounts since the end of February I have increased the AUM by 300k. Even in this tough environment I have just completed my best two month stretch in production (avg about 43k/mo) since I started in this business 4 years ago. There is some light at the end of this tunnel. scrim [/quote] Pardon my ignorance. How does one manage 43K monthly gross with only $13mm in assets? Just a lot of money in motion? Insurance?[/quote] If I'm not mistaken, he has $13mm in advisory accounts. He also does transactional business.Exactly the case. About half my book is in advisory accounts. The other half is money markets, mutual funds and a handful of fixed annuities.
scrimMakes sense. Still, 43K on a 26mm book is pretty impressive. That means you are aggressively growing your book.
Again, for full disclosure, of this 86k in two months, over 30k of it was my quarterly trail payout on my advisory business.
Hopefully, my superiors factor this in when looking at my velocity. scrim179 14.2M
I'm on pace for increasing my GDC by about 20% in 2008. My entire production the first half of '08 should equal my first full year in 2005. Good luck to all and have a good June. Scrim[quote=scrim67]179 14.2M
I'm on pace for increasing my GDC by about 20% in 2008. My entire production the first half of '08 should equal my first full year in 2005. Good luck to all and have a good June. Scrim[/quote] Good deal, man. Congratulations!!Scrim, I think that’s great. (I agree about the digressions). It sounds like you are making some good progress toward your goals and have gotten out of your slump.
The beautiful thing about this business is that you can do business the way that you feel is best. Whether you take a 4.5% upfront commission or a 80bp or 100bp trail on a VA, it’s your choice to do what’s best for the client and your business, in that order.
In my view, building an annuitized business over the long term is the way to true wealth. It is your salary, something that you can count on. You’ll have transactional business, too, and that’s a bonus. My book is about 80% managed money and I’m very happy with that ratio. That being said, I know that I’ve given up a tremendous amount of business because I don’t focus on VAs and income planning. It is one of my goals this fiscal year to fix that.
Best wishes, and just keep firing away.
Thanks for the kind sentiments. This thread is so darn long I wasn’t sure what “digressions” you were referring to.
I like being annuitized....June is a trail month for me so it's comforting to know that if I decided to stay home the rest of June i'm still gonna get a payout on my 40k GDC. That being said, i'm still looking for two things: My first 60k month ever AND finishing in the top decile among my peers for a month. I have yet to these personal goals. However, they are attainable in the not too distant future. scrim177 13.4M
Considering it was the worst June in 70 years I'm happy to be where I am. Stay cool, Scrim172 12.6M
My overall production is trending up about 25% YOY so I'm not complaining as my fee business goes thru this capitulation period. It's all part of the game as they say. Have a great August. scrimScrim, you’re a brave man to post numbers in a tought market, and my hat is off to you on the YOY iprovement. I’m personally tracking just a tiny bit less than last year (-3%), but with any luck, I hope to end the year ahead by 5% or so…certainly not what I’d planned, but that’s life. My question for you is, if your fee business is down and you are tracking up 25%, what is making up the difference…VA’s? …seriously, man…I’m curious…
Scrim - bump for an update.
I know the markets have been tough but I'd like to know how you've been doing through all of this. I recently started a bank program and have been referring back to this thread for insight among other things. Let us know how you're doing.I was just thinking about this thread today.
I will update it very soon. I didn't forget about it. The past year has been a great lesson and will make me a better advisor over the long term. Stay the course! ScrimYep,
I will update when I return from vacation second week in December. It won't be pretty BUT will make my business stronger over the long term. I can say that my "average" client is down about 20-25% since the beginning of this steep bear market. However, 2008 will be my best year in production. 2009 has the possibilty of being a different story. I did see 4 people today and close one fixed annuity for 100k though. So there are people out there who still want/need to talk to us!!! Scrim152 accounts 8.6 M
What a great learning experience this past year has been. That's what life is all about!!!! Have a wonderful holiday season and hang in there!!! ScrimWhew…40% drop since June 1? Thats one hell of a learning experience! Good luck with the recovery.