Am I just not good at this?
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Always look forward to reading these updates Scrim
How long have you been at it now? Is this your third year you're entering at the bank? What is your total book size, managed accounts, brokerage and annuities?My payout is about 30% give or take
I started in 2005. My book is about 20M and consists of about 45% annuitized mutual fund wrap, 20% fixed annuities, 10% money market funds, 25% mutual funds scrimHonestly, Scrim, I think your strength is tenacity. What percentage of walk-in business do you close?
Truthfully, I have no idea what percentage I close.
I'm pretty sure it's higher than average as if I don't close in the initial meeting I will make sure to follow up and try again. I like what I do so as long as my firm will have me I'll stay. scrimBut it seems like your AUM should be higher in the wrap accounts. Are you under pressure to sell proprietary products? Wrap should be a lay down. I don't know your situation, but I've observed your progress.
Avg acct size is around 68k. 134 accounts seem like a lot of relationships to maintain. Do you find households having multiple managed accounts or is it mostly one per household?
Also what's your firm minimum on these managed accounts?[quote=Milyunair]
But it seems like your AUM should be higher in the wrap accounts. Are you under pressure to sell proprietary products? Wrap should be a lay down. I don't know your situation, but I've observed your progress.
[/quote] He is at a bank so at his percentage payout he probably can't go 100% into wrap to make a decent living. Being at the bank also will make it difficult for him to raise his average household because I doubt the bank wants him to turn away the 10k rollovers. Just speaking from experience.[quote=Milyunair]
But it seems like your AUM should be higher in the wrap accounts. Are you under pressure to sell proprietary products? Wrap should be a lay down. I don’t know your situation, but I’ve observed your progress.
[/quote]I can’t answer for scrim, but I’m guessing he has a lot of smaller accounts and IRAs that he or the guy before him opened in A-share funds. I’d also guess that at a bank you can not “trim” your accounts.
When I started my practice my current employer had just bought another bank where they used a 3rd party for their investments so in effect I started basically from scratch since there was no true book.
My average account size for the wrap accounts is smaller than my peers I think because I did not mind opening smaller accounts in this product as I viewed these new clients as long term and hoped they would add to them going forward. What I find interesting is that i'm currently handling another book temporarily since a colleague resigned recently. Our books are about the same size but where my book is about 20% annuities and 80% everything else, his was upside down and 80% annuities and 20% other products. As I look at other data from my company it seems my business is upside down from many many other colleagues with such a low percentage in annuity type products. Not sure if that's good or bad. scrimAnnuities, especially in 2008 and first part of 09 where great tools to capture CD money and get a nice payout. I imagine that was what your colleagues where angling for. No wonder those books are upside down. Good for you for thinking long term and not in the moment.
So for the existing A Share clients in your book and your colleagues book, what are the guidelines management has given you for you to get approval to switch them out of those funds? 3 years? 5years?Scrim - as other have said, this is a GREAT thread. You have certainly weathered some rough storms but you have done so with a great attitude and consistent work ethic. I am curious, looking back, you mentioned possibly moving to a larger branch that had more assets. Did you ever make the move? Is that offer still on the table?
Best of luck to you. I just found this thread recently but I am certainly going to keep checking back for your updates and your very useful "lessons learned".[quote=Curious1]
Scrim - as other have said, this is a GREAT thread. You have certainly weathered some rough storms but you have done so with a great attitude and consistent work ethic. I am curious, looking back, you mentioned possibly moving to a larger branch that had more assets. Did you ever make the move? Is that offer still on the table?
Best of luck to you. I just found this thread recently but I am certainly going to keep checking back for your updates and your very useful "lessons learned".[/quote] I only cover one medium size branch (50M deposits give or take) and I occasionally will cover a branch when someone leaves our firm and they need temporary coverage scrimYeah but he is a bank FA doesn’t that make his progress and commentary irrelevant ?
[quote=Mike Damone]
Scrim, are you still around? Would love to hear an update!
[/quote]
+1 bump!