My EDJ Rant
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Yea, you can usually tell early on if someones gonna take 3-4 meetings to roll over something. For $50k or less, forget about that.
I agree. However, you don't always know that someone is going to end up being a dud. I have a "soft" minimum in my office of $250K, but will swag down to 100K depending on the client and the circumstances. Basically, I will lower it when the assets are "investable" and they are clients I can work with. But someone that wants me to move over the 3 annuities they own, and that's the extent of it - no thanks. I recently brought on a client that will probably give me about 10K to start (we're talking SD muni fund money). But he is young, and is running some kick-a$$ startup businesses that I am hoping will take off. Those are always keepers.I like these ideas, I decided to only work with #3 (although at Jones they aren’t really fee based). But clients with money, that I like to work with and like to work with me. I don’t see even bothering with the others. The way I see it is, if you build your business the way you want it (only dealing with good clients), you’ll only have those clients when your book is large. You can also decide later on, the number of clients you choose to have in your office. Ex: 100-200 Cleints with $200,000 or more or whatever number you choose. #1 & #2 (to me) shouldn’t even be a consideration unless you are going for a commission today (Which just causes conflicts of interest, when you are just trying to get a commission from em. #3 clients are going to be clients you get close to and always wanna do whats best for). I don’t see a reason to work with anyone, that doesn’t value what I have to say or causes alot of stress at my office. In my opinion, and this is just ME, if you focus on #3 ONLY, you’ll be alot better off in the long run. It’s worked for me.
I established new client rules for myself after I finished PDP:
- Must net me at least $500 unless
- They DCA money and/or
- Buy Insurance and/or
- Are willing to sit down with me after one call and/or
- Might be a potential referral source and/or
- I like them and/or
- Have a nice rack
Just found I don’t have enough time or patience to chase the others. Once my office opens and I have my Advisory Solutions where I want it my restrictions will increase.
[quote=voltmoie]
I established new client rules for myself after I finished PDP:- Must net me at least $500 unless - They DCA money and/or - Buy Insurance and/or - Are willing to sit down with me after one call and/or - Might be a potential referral source and/or - I like them and/or - Have a nice rackJust found I don’t have enough time or patience to chase the others. Once my office opens and I have my Advisory Solutions where I want it my restrictions will increase.
[/quote]
good luck with that, if it works youll be set
id be thrilled to net 500, lol
- well placed, i was just reading along and then as John Madden would say, BOOMI established new client rules for myself after I finished PDP:
- Must net me at least $500 unless
- They DCA money and/or
- Buy Insurance and/or
- Are willing to sit down with me after one call and/or
- Might be a potential referral source and/or
- I like them and/or
- Have a nice rack
Just found I don’t have enough time or patience to chase the others. Once my office opens and I have my Advisory Solutions where I want it my restrictions will increase.