Relationship between my bank partners and myself continue to gel.  

June opened 18 accounts with approx 1.3M in assets.

Totals updated

47 accounts

3.4 M

Have a great yet safe holiday

Scrim you have a good thing going with your managed accts. My bank only pays about half that upfront and we WONT do one for less than $100k and even that is frowned upon. Pretty much anything less than $200k is thought of as a transaction, the powers that be are so short sighted.

I hope you can hang in there, I have been bank channel for three years and am getting tired of the multiple beatings from all sides we tend to endure. Retail wants more loan referrals and brokerage wants more production and says we should get the referrals from retail since they have all the money. Its a vicious cycle, I hear the two divisional SVP's have some awesome blowouts between themselves. I think by the first of next year I will be at brokerage; Jone AGE AMEX, someplace more aligned with what I want to do. 

Didnt want to sound too negative, if you can put up with the crap that comes with a bank, there is a lot of low lying fruit.

Its interesting to hear the stories and growth from advisors.

I just took my 5th Dearborne Pretest and averaged 85... I am ready to go and test..

After exploring my options and numerous offers I have decided to take the route that provides a mentor. An independent firm that is established I think will work best for me..

Now I see the point in focusing on 100k+ clients. If one were to have 100 accounts with 25-50k clients they would end up no time to focus on the 200k+ investors. So inturn their time would be limited and there pontial income would be limited.

[quote=executivejock]

Its interesting to hear the stories and growth from advisors.

I just took my 5th Dearborne Pretest and averaged 85... I am ready to go and test..

After exploring my options and numerous offers I have decided to take the route that provides a mentor. An independent firm that is established I think will work best for me..

Now I see the point in focusing on 100k+ clients. If one were to have 100 accounts with 25-50k clients they would end up no time to focus on the 200k+ investors. So inturn their time would be limited and there pontial income would be limited.

[/quote]

Speaking of time...take a stopwatch with you to the testing facility...let PT know what your elapsed time is to complete the test.

Month end update:

58 accounts 3.8M

I had a good learning experience this month as well as I lost a client.

At end of June I opened an account for an 80 yr old widow with around 100k.  She had a CD mature and needed to reinvest the money.   Because of her age and her risk tolerance we did our "PRESERVATION" model.

Long story short, she comes into my office last week with her son who said the following:

"Didn't you ever hear of the 'rule of 100', my mother shouldn't have 60% in equities,  also there is no FDIC insurance of $100,000"

After correcting him that our PRESERVATION model is only 20% equities and the account, while not having FDIC, has SIPC insurance he apologized for his ignorance but still decided a CD was best for her.

I expect that this will happen on occasion but I am comfortable knowing that I tried to do the best for my client.

On the upside I've had my best morning ever opening another 4 accounts for a total of 220k.   Though taketh and giveth.

Stay cool,

Scrim

The PearsonVue testing facility would not allow watches in the test.  Purses, wallets, notes, hats, etc in locker.  Just a heads up.

They have clocks on the walls.  Just note your start and finish times.

Update:

73 accounts    5M assets

August was pretty active for me opening 15 accounts for about 1.2M

My first trails from accounts I opened last year begin to roll in in September.

Hope everyone is enjoying their summer.

Scrim

Just curious- Who are you prospecting?  What has been your best approach?

Oh that’s easy!..ya see!.. I have this desk!..it’s out in the middle!.. of the bank floor…and,…and, really nice old people who are comming into my bank…They come over to me…You  know, because I’m the most trusted advisor in the whole wide world!!!, and I open accounts, and do business and stuff!!!

Monthly update:   77 accts   5.4M  AUM

September was a bit slow opening 4 accounts for about 400k

I think October should be better.   Hoping to get to 100 accounts by year end.

Have a great October!!!

Scrim67,

Congratulations! You have been doing exceedingly well. Get those spiffs to put more people in front of you.

Good Luck!!!

Sonny

Monthly update

81 wrap accounts for 5.5M

October was a really bad month for me.  I need to look in the mirror and figure out why:

All the above factors contributed to a down month but I refuse to get discouraged!

I'm still above my personal goal for 2005.

This is a marathon and not a sprint!!!!

Have a great November all

Scrim

You gotta love the scrimster.......He reminds me a little of buz lightyear.

Scrim....."To infinity.....and BEYOND"!!!!

I have no kids so I'm not in the loop.

Should I be flattered by the comparison to Mr. Lightyear?

The Scrimster

I think you are flattered.  It is a very cute story.  Buzz was an endearing, hopeful, optomistic and persistant action figure.

http://en.wikipedia.org/wiki/Buzz_Lightyear

There will always be slow months scrim-ster.  It's how you react(keep going?  give up?) that is the true test, mi amigo!  Keep the big picture in sight, you're ahead of your goals!

Find a way to build your pipeline yourself so you don't have to rely on your 'branch partners'....perhaps some of those folks you got started a while ago are now ripe to provide you with some referrals....?

[quote=scrim67]

Monthly update

81 wrap accounts for 5.5M

October was a really bad month for me.  I need to look in the mirror and figure out why:

All the above factors contributed to a down month but I refuse to get discouraged!

I'm still above my personal goal for 2005.

This is a marathon and not a sprint!!!!

Have a great November all

Scrim

Very good.  Excellent.  What month of production are you in??? How long have you had your license.  Sorry, but what firm or bank are you at?  I like seeing your positive posts.  Keep at it and smoke them all.

I am in my first full year of production.   

I have had my series 7 license for about 15 years but spent a long time in middle management before exploring this side of the biz.

I am on pace to bring in approx 7M in assets this year translating to about 200k in production.    Considering most of this biz is fee based and i'm "only" getting 3% upfront 200k has exceeded my goal of 150k this year.  While my numbers currently lag behind most of my colleagues here, I'm comforted in the fact that if my biz was mixed with annuities and such my 200k would be closer to 350k putting me in line with many of them.    I strongly believe in the long run my fee based biz is best for my customers, my firm and myself.

My trails begin hitting in '06 and as of this moment should be around 70k for 2006.      My overall goal for '06 was 250k but I think 300k is very doable.

scrim