Sounds ok, especially if they left a job behind and they have a 401K to roll.

I wouldn't, however, expect too much because most people who move put every available cent into the new house. It's the realtor's job to determine what house is just about out of any possible grasp for the client and then find a no income ver loan to squeeze him in.

[quote=kap39]

time-out for another newbie question: In terms of markets to look for prospective clients in a relatively small town, connections through a real estate agency came to mind - their clients who are just moving into the area, who would be likely to switch advisors simply because of the relocation seem like a great target. 

Is this a good idea or am I way off track?

[/quote]

It's a good idea.

[quote=mikebutler222] [quote=kap39]

time-out for another newbie question: In terms of markets to look for

prospective clients in a relatively small town, connections through a real

estate agency came to mind - their clients who are just moving into the

area, who would be likely to switch advisors simply because of the

relocation seem like a great target.

Is this a good idea or am I way off track?

[/quote]

It’s a good idea.

[quote=Indyone]

[quote=BullBroker]I can absolutely not wait til I

start seeing all these indy’s wiping out. We’ll be reading in the newspaper

85 year old widow woman sues Regular Joe Indy, wins suit Indy out of

business. When the clients start figuring out how little liability protection

all these indy’s have they will swarm like vulchers. Then all the little

indy’s who come on here saying how great life is will be crawling to the

front door of the local wirehouse beggin for a paycheck. It’s not a

question of will it happen just when will it happen. [/quote]

…you’ve just proven that Jones hasn’t cornered the Kool-Aid

market. You need to quit believing everything you’re told and learn to

think for yourself. Indy vs. wirehouse has little bearing on whether an

advisor stays in business…it’s mostly a function of the advisor’s

competence, ambition, and ethics. I survived and even significantly grew

my business between 2000 and 2002. How’d you do in that market?

You’ve got a lot to learn about this business and you’ll be better off if

you don’t try to learn all of it at the feet of your branch manager.

OH, ya know what you Indy guys are absolutely right.  What are all these crazy wirehouses thinking?  Everyone should go Independent it is SO great.  I can’t believe these places like Merrill Lynch, Smith Barney, Morgan Stanley, UBS, Goldman, …ect…ect have even been around 80+ years.  Clearly these places are not good places for the broker or the client.  The independent B/D is the best thing for the client.  I know all of you have had your own business open 80+ years, I could probably even walk down my local street and say your Indy office name and everyone would know that you are a trusted adviser.  Indy’s can offer an overall financial plan for the client a place where a client can go and satisfy all of their financial planning needs.  I bet in the next 2-3 years all these wirehouses will shut down and everyone will be independent FA’s.  I mean it’s the best thing for everyone the broker can get filthy rich with the high payouts and the client can get all their financial needs met at one place, because the Indy Broker can offer that.  And, another great thing the Broker never has to worry about anything because he has an errors and omissions policy that will cover EVERYTHING.  You are your own boss you NEVER have to answer to anyone, you work for no one but yourself.  Clearly you guys are right being an independent financial adviser is the best thing for everyone. 

[quote=Broker24] [quote=mikebutler222] [quote=kap39]

time-out for another newbie question: In terms of markets to look for
prospective clients in a relatively small town, connections through a real
estate agency came to mind - their clients who are just moving into the
area, who would be likely to switch advisors simply because of the
relocation seem like a great target. 

Is this a good idea or am I way off track?

[/quote]

It's a good idea.

[/quote]

It's a good idea in theory. But you need to find a way to actually GET
those people handed to you. That is the tough part. [/quote]

That's always the tough part in any referral stream, isn't it? I've had success in this area simply by taking good care of the accounts I have with the realtors themselves and by cultivating the personal relationship. As much as anything else getting a quick notice of the names of new buyers and where they're coming from is helpful, if not a full-blown hand-off.

[quote=mikebutler222][quote=kap39]

time-out for another newbie question: In terms of markets to look for prospective clients in a relatively small town, connections through a real estate agency came to mind - their clients who are just moving into the area, who would be likely to switch advisors simply because of the relocation seem like a great target. 

Is this a good idea or am I way off track?

[/quote]

It's a good idea.

[/quote]

Others would say that Real Estate agents are your competition.  Some people would much rather invest in land or real estate than the stock market.  They like to have their hands on what they own.  Over time, they get killed if they don't have good asset allocation.  No doubt many have made a bundle putting their money in Real Estate.

 . . .actually wish I had a little money to spend on Real Estate right now.

[quote=vbrainy][quote=mikebutler222][quote=kap39]

time-out for another newbie question: In terms of markets to look for prospective clients in a relatively small town, connections through a real estate agency came to mind - their clients who are just moving into the area, who would be likely to switch advisors simply because of the relocation seem like a great target. 

Is this a good idea or am I way off track?

[/quote]

It's a good idea.

[/quote]

Others would say that Real Estate agents are your competition.  Some people would much rather invest in land or real estate than the stock market.  They like to have their hands on what they own.  Over time, they get killed if they don't have good asset allocation.  No doubt many have made a bundle putting their money in Real Estate.

 . . .actually wish I had a little money to spend on Real Estate right now.

[/quote]

I suppose they can be your competition, but they haven't been  mine. If a client wants to own real estate (and he should, at some level) I'm happy to explain the pros and cons of owning it directly versus owning it in some form of a REIT.

 Given recent events in real estate markets around the country, I don't think we could pick better competitors than the "can't lose money in real estate" type of realtors.

[quote=vbrainy

 . . .actually wish I had a little money to spend on Real Estate right now.

[/quote]

Let me get this straight, you're a big producer, giving advice on the forum about how to be successful but you don't have the cash to do the things you want to do?

Why is that?

A cash strapped financial advisor. I'm impressed!

[quote=Broker24] [quote=mikebutler222] [quote=kap39]

time-out for another newbie question: In terms of markets to look for
prospective clients in a relatively small town, connections through a real
estate agency came to mind - their clients who are just moving into the
area, who would be likely to switch advisors simply because of the
relocation seem like a great target. 

Is this a good idea or am I way off track?

[/quote]

It's a good idea.

[/quote]

It's a good idea in theory. But you need to find a way to actually GET
those people handed to you. That is the tough part. You have to be able
to offer RE agents something in return; referrals, whatever. It would be
great to get access to fresh movers, but it's a tough nut to crack.
However, I'd love to hear thoughts on how to crack it!

I just wouldn't base a business plan on it - but maybe a slice of my
prospecting strategy.[/quote]

This is a good idea and you don't need real estate agents to make it work. Real estate transactions are public information. Title companies and your county's reg of deeds will have all the info you need to move forward. A strategic alliance with a top realtor wouldn't hurt, but you'd have little to offer the realtor in return for referrals.

Another approach would be to work with your town's welcome wagon. Many towns have this type of group that provides useful inside info to new residents regarding the area. Everything from were to eat to the scoop on the area's best schools is usually included. Of course you are free to put your own packet of info together and take it from there.

[quote=kap39]In terms of markets to look for prospective clients in a relatively small town, connections through a real estate agency came to mind - their clients who are just moving into the area, who would be likely to switch advisors simply because of the relocation seem like a great target. 

Is this a good idea or am I way off track?[/quote]

[quote=AllREIT] You can do the welcome wagon and troll the title lists. However most new movers have put their investable assets into the downpayment/moving expenses. [/quote]

Wow, we must play in different sandboxes. That's not even remotely true of the HNW people I deal with.

[quote=AllREIT] RE Agents/Mortgage brokers, are in general are not smart enough to be doing anything else. No real reason to get to know them.

[/quote]

Guess who they say that about....

[quote=AllREIT]
You can do the welcome wagon and troll the title lists. However most new movers have put their investable assets into the downpayment/moving expenses.

Not even close to being true. Especially so in retirement markets where soon to be retirees buy property/condos/etc sometimes years in advance. Nothing like a friendly helping hand from the new neighborhood to help the get the lay of the land.

Even in everyday neighborhoods this is a good idea. Like anything else we do we need to search out those with M-U-N-Y. You know, those people who aren't cashed out by their housing expenses. Just like the prospects we seek with our regular don't go outside the lines and try anything creative prospecting techniques.

 RE Agents/Mortgage brokers, are in general are not smart enough to be doing anything else. No real reason to get to know them.

[/quote]

We must live on different planets. because here on planet earth the RE agents are pretty darn smart along with hard working.

[quote=BondGuy]

[quote=AllREIT]
You can do the welcome wagon and troll the title lists. However most new movers have put their investable assets into the downpayment/moving expenses.

Not even close to being true. Especially so in retirement markets where soon to be retirees buy property/condos/etc sometimes years in advance. Nothing like a friendly helping hand from the new neighborhood to help the get the lay of the land.

Even in everyday neighborhoods this is a good idea. Like anything else we do we need to search out those with M-U-N-Y. You know, those people who aren't cashed out by their housing expenses. Just like the prospects we seek with our regular don't go outside the lines and try anything creative prospecting techniques.

 RE Agents/Mortgage brokers, are in general are not smart enough to be doing anything else. No real reason to get to know them.

[/quote]

We must live on different planets. because here on planet earth the RE agents are pretty darn smart along with hard working.

[/quote]

Very hard working. It's much harder to get a foothold in their industry than ours.

[quote=mikebutler222]

Wow, we must play in different sandboxes. That's not even remotely true of the HNW people I deal with.

[quote=AllREIT] [quote=mikebutler222]

Wow, we must play in different sandboxes. That's not even remotely true of the HNW people I deal with.

[/quote]

Well, it depends. In my experience, alot of movers are tapped out.

People who would be tapped out by a move aren't our prospects and never have been.

But it would really depend on the neighborhood. I'm in florida on vaction right now, and woo boy is this area overbanked/overbrokered.
[/quote]

My daughter worked for a bank in Naples Florida after working for a bank in an affluent suburb of Philly. The was little comparison between the two areas when it came to wealth. The average account size in the Philly area was under 100k. In Naples it's above 500K.

As for the number of banks/brokers in Florida, it's the Willie Sutton rule, go to where the money is. Still, I read somewhere that on average Fl brokers produce less than brokers from other parts of the country. Don't know if that's true.

[quote=BondGuy]

My daughter worked for a bank in Naples Florida after working for a bank in an affluent suburb of Philly. The was little comparison between the two areas when it came to wealth. The average account size in the Philly area was under 100k. In Naples it's above 500K.

As for the number of banks/brokers in Florida, it's the Willie Sutton rule, go to where the money is. Still, I read somewhere that on average Fl brokers produce less than brokers from other parts of the country. Don't know if that's true.[/quote]

[quote=BullBroker]OH, ya know what you Indy guys are absolutely right.  What are all these crazy wirehouses thinking?  Everyone should go Independent it is SO great.  I can't believe these places like Merrill Lynch, Smith Barney, Morgan Stanley, UBS, Goldman, .....ect...ect have even been around 80+ years.  Clearly these places are not good places for the broker or the client.  The independent B/D is the best thing for the client.  I know all of you have had your own business open 80+ years, I could probably even walk down my local street and say your Indy office name and everyone would know that you are a trusted adviser.  Indy's can offer an overall financial plan for the client a place where a client can go and satisfy all of their financial planning needs.  I bet in the next 2-3 years all these wirehouses will shut down and everyone will be independent FA's.  I mean it's the best thing for everyone the broker can get filthy rich with the high payouts and the client can get all their financial needs met at one place, because the Indy Broker can offer that.  And, another great thing the Broker never has to worry about anything because he has an errors and omissions policy that will cover EVERYTHING.  You are your own boss you NEVER have to answer to anyone, you work for no one but yourself.  Clearly you guys are right being an independent financial adviser is the best thing for everyone.  [/quote]

Unlike you, I wasn't saying that one model was better than another.  I know which works better for me but I don't pretend that it does for everyone.  I was simply saying that the bulk of your success or failure will be because of YOU...not who you do or don't work for.  All that crap you were spouting about being indy just proved how clueless you are about the subject, noob.  Frankly, it sounded like it came straight from the mouth of a branch manager who's been stung by defections and is keeping the propaganda flowing thick to slow the production outflow.

It's OK to listen and learn from your branch manager, but learn to think for yourself.  In the end, you are pretty much the only one who has your best interest at heart and the sooner you figure that out, the better.

At this stage in your career, you're better off asking questions and reading answers.  You're in a position to answer very little on these forums, and your opinions on just about everything but the training program you are going through, don't mean a whole lot to the rest of us.  Feel free to participate, but don't act so shocked when you get called out on subjects you know little or nothing about.

It's also worth noting that a thin skin is a recipe for failure in this industry.

Thank you for your response, I appreciate your opinion.

Hi everyoe - I see this is an older thread but I have a question about what to include in my business plan.

I have read on the forums about how important it is to ML for you to have wealthy individuals in your network or your chances for employment are pretty much out the window. Well, I live in an affluent area, went to one of the most expensive college prep schools in the area my entire life, a private college, my family just old a success business and and friends are well off. Some of my friend's last names are on the list of the S&P 500.

So, what I'm getting at is, how do I express this during the interview process and in my business plan without literally telling that my friends and family have money? It's important to me to not be too flashy or to brag as I'm not the one with the money, they are.