30 mil AUM LOS 7 not bad!
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Iceco1d… I didnt say I was doing 800k @ 20% payout…I said that at 100m ($200K) I wouldnt be making much more than than our starting salary and first year signing bonus and …i said all of my associate classmates in my office have MORE than 100M AUM and we are deffinitely not considered the “top stars” in our over all nation wide class and with less than 100mm after even 5 years…I would deffinitely be in the bottom of my class, deffinitely on somone’s radar… .I probably would have been fired…or if i was lucky asked to move to a different job…within the company within 2 years if I didnt ramp up quickly but…like I said…$40mm at two years was our 1st hurdle/cutoff…and the curve was significantly steeper in the next 3yrs …at my firm until you hit $2mm in revenue you are pretty much on somones’s radar ( ie managment is has alot of say, imput and opinions in how you’re running/building your business…treat you as if you have training wheels on) and with only about 350 advisors in 13 offices thats easy to track…my whole point was that to be striving for such low (30million aum After 7,5 or even 3yrs) seemed to be a waste of time…unambitious etc… or simply just the wrong career choice… I think we all agree we are in this to make money, if not there are easier jobs…that are more self and socially fulfilling… If I offended anyone I do appologize that wasn’t my purpose…but then in this business we should have thicker skin than that
Im impressed
wealth manage this.
fu u arrogant wanna-be d***
[quote=Shania Twain] [quote=Pragmatist]
#1 I wouldn't communicate with my clients about how much my minimum AUM is, ie the way i communicate on here has no correlation to how i communicate with my clients#2 I am 5yrs out of my MBA program thus I am in year 5; I along with all 3 of my associate classmates that i started with in my office have over 100mm in assets, we wouldn't have jobs if we didn't...... @ 80bps/ and a 20-25% payout(yeah the payout really sucks but the clients we have access to makes up for it) and with less than 100mm doesn't pay much more than what our 1yrs salary with signing bonus was but I guess we're in a different business than you
#3 at a minimum account size of 10mm (5mm for friends and family and special potential accounts) 100m=10 accounts at the minimums you don't get far in private wealth management striving for the minimums so "CashFlow" maybe you're right I don't understand the business that you are in, I'm in the private wealth management business...I take it you're in or strive to be in the business of take a used car salemen and turn him into financial advisor after a few months of "so called training business" [/quote]
dude stfu
(5mm for friends and family and special potential accounts)
special potential accounts? stfu
you might get RR tool of the year award with only 2 posts.
fu u d-bag[/quote] SHANIA, By the way I have no friends or family accounts....most of my friends and family wouldn't meet the the minimums for F&F accounts either.........I'm not sure what you think it is we do in PWM but those are the minimum account sizes..love it or hate it.....it is what it is......"special potential accouts" (some call them story accounts) are for example: C-level execs at Venture/Private Equity sponsored companies (ie at ipo or buyout they will meet the miniumums)...... I'm not sure what your confusion is....are you not familiar all spectrums of the wealth management industry ? let me guess your average account size is is around $300k and you have 200 accounts ? thats good for you ..similar job ..just a different end of the spectrum I'm sure you enjoy and are good at what you do.....just of no interest to me.......college savings plans and roth ira's aren't what i got into this business to do
Then why comment that someone w/this type of business has no ambition? Your ellipses remind me of a certain breezy character that still roams around here...[ let me guess your average account size is is around $300k and you have 200 accounts ? thats good for you …similar job …just a different end of the spectrum I’m sure you enjoy and are good at what you do…just of no interest to me…
[/quote]
Im impressed
wealth manage this.
fu u arrogant wanna-be d***[/quote]
[quote=Pragmatist]
Dear Shania, Why the name calling, calm down.....we have similar jobs, just different clientele, different products.... most likely different educational backgrounds and thus different career opportunities at the end of the day I love what I do, I hope you do as well, though you dont seem to be very happy, actually you sound just a tad bitter..? but maybe not ....maybe you always use profanity and call people names? those aren't usually the attributes present in generally happy people[/quote] Ever the one to throw in the indirect verbal jab. You're a prick. With absolutely horrendous grammar. Enjoy your 20% payout, piker.Pragmatist, stop playing on Shoeshines computer. Everyone knows you are lying…now go back to cleaning my toilets.
Cashforgold.com, if you need to sell some unwanted jewelry!
Then why comment that someone w/this type of business has no ambition? Your ellipses remind me of a certain breezy character that still roams around here...[/quote] 3rdrp2, 1)Actually i joined this forum back in Aug. when a friend of mine from ML mentioned it....really hadn't posted or paid attention to the site since then....I just happened to pop on here out of boredom last night and was somewhat shocked by what I was reading...so no I'm not who ever it is, troll or otherwise you might think I am . 2) I wasn't saying that people who handle smaller accounts were unambitious I was saying people who would be satisfied with $30Million after 7 or 5 yrs were unambitious, they aren't unambitious because thats what they have attained ( though they may be in the wrong career choice)..... they are unambitious becasue they are satisfied with not winning, not being at the top of thier class I dont care what size accounts you service you should never be satisfied/complacent this is business and we are here to win...(ie be 1st quartile or however how your firms ranks you...) You are absolutely right my wording sucked was down right arrogant, I again apologize --That is ambitious: My friend who works @ ML joined through thier normal routes (ie non Private Wealth/ PBIG) he's a few years older than me I belive he is LOS 9...he has a team of 4 client assitants/associates. he manages in excess of $500MM his accounts sizes vary from 500k to $60mm (no inherited accounts) and he is deffinitely not satisfied[quote=Pragmatist][ let me guess your average account size is is around $300k and you have 200 accounts ? thats good for you …similar job …just a different end of the spectrum I’m sure you enjoy and are good at what you do…just of no interest to me…
Pragmatitty,
Your MBA program didn't require that you be able to spell correctly? It is amusing when people flaunt their education and success, yet can't spell "their" correctly.[quote=3rdyrp2][quote=Pragmatist][ let me guess your average account size is is around $300k and you have 200 accounts ? thats good for you …similar job …just a different end of the spectrum I’m sure you enjoy and are good at what you do…just of no interest to me…
Then why comment that someone w/this type of business has no ambition? Your ellipses remind me of a certain breezy character that still roams around here…[/quote]
3rdrp2,
1)Actually i joined this forum back in Aug. when a friend of mine from ML mentioned it…really hadn’t posted or paid attention to the site since then…I just happened to pop on here out of boredom last night and was somewhat shocked by what I was reading…so no I’m not who ever it is, troll or otherwise you might think I am
.
2) I wasn’t saying that people who handle smaller accounts were unambitious I was saying people who would be satisfied with $30Million after 7 or 5 yrs were unambitious, they aren’t unambitious because thats what they have attained ( though they may be in the wrong career choice)… they are unambitious becasue they are satisfied with not winning, not being at the top of thier class
I dont care what size accounts you service you should never be satisfied/complacent this is business and we are here to win…(ie be 1st quartile or however how your firms ranks you…) You are absolutely right my wording sucked was down right arrogant, I again apologize
–That is ambitious: My friend who works @ ML joined through thier normal routes (ie non Private Wealth/ PBIG) he’s a few years older than me I belive he is LOS 9…he has a team of 4 client assitants/associates. he manages in excess of $500MM his accounts sizes vary from 500k to $60mm (no inherited accounts) and he is deffinitely not satisfied[/quote]
your boring.
Yes I imagine if I cared enough to take the time to spell check…or proof read what I typed in a forum.(aka my horrendous spelling and grammar)…in the middle of my saturday afternoon studying (cfa) it would would help you to understand what I wrote…a little better …but I don’t so you can either get over it or just ignore it… anyway to those ambitious folks who get what I was trying to get across i wish you happy gathering (assets)…to those unambitious slugs…I’m sure you have the rest of your unsuccessful careers to proof check postings in this forum…and continue being satisfied making a “decent living” whatever that means… Everyone enjoy the rest of your weekend!!!
Ahhh, not too busy to post, but too busy to make sure you don’t sound like a complete moron. Proper spelling and grammar should come naturally to an educated person, not something you should have to proofread to avoid. Mistakes will happen, but usually not 11 spelling errors in one post.
Yes I imagine if I cared enough to take the time to spell check…or proof read what I typed in a forum.(aka my horrendous spelling and grammar)…in the middle of my saturday afternoon studying (cfa) it would would help you to understand what I wrote…a little better …but I don’t so you can either get over it or just ignore it… anyway to those ambitious folks who get what I was trying to get across i wish you happy gathering (assets)…to those unambitious slugs…I’m sure you have the rest of your unsuccessful careers to proof check postings in this forum…and continue being satisfied making a “decent living” whatever that means… Everyone enjoy the rest of your weekend!!!
Hey Pragmatist, go fcuk yourself.
You found out about the forums from your ML buddy? Gay buddy?
Conquests of a bank broker. Only bummer is you cant take your book with you nor will you get a sign on bonus from anything other than another bank. You have no clue what asset gathering entails without a teller giving you a referral. I was talking to a requiter that was under the impression that I was a bank broker. When I told him MSSB would bonus me $260k on the front and then the back again he basically laughs at me and said I would be lucky to get $10k or even hired at all. When I informed him I was PCG he very graciously apologized and got me a 3x T12 with ML. I've been in production for 25 months and I don't have $35 mil. I guess I'm a dismal failure with no motivation. I'll never understand how I managed to b e number 1 in my class of 72, now in the low 20's, being such a slacker LOL.Iceco1d… I didnt say I was doing 800k @ 20% payout…I said that at 100m ($200K) I wouldnt be making much more than than our starting salary and first year signing bonus and …i said all of my associate classmates in my office have MORE than 100M AUM and we are deffinitely not considered the “top stars” in our over all nation wide class and with less than 100mm after even 5 years…I would deffinitely be in the bottom of my class, deffinitely on somone’s radar… .I probably would have been fired…or if i was lucky asked to move to a different job…within the company within 2 years if I didnt ramp up quickly but…like I said…$40mm at two years was our 1st hurdle/cutoff…and the curve was significantly steeper in the next 3yrs …at my firm until you hit $2mm in revenue you are pretty much on somones’s radar ( ie managment is has alot of say, imput and opinions in how you’re running/building your business…treat you as if you have training wheels on) and with only about 350 advisors in 13 offices thats easy to track…my whole point was that to be striving for such low (30million aum After 7,5 or even 3yrs) seemed to be a waste of time…unambitious etc… or simply just the wrong career choice… I think we all agree we are in this to make money, if not there are easier jobs…that are more self and socially fulfilling… If I offended anyone I do appologize that wasn’t my purpose…but then in this business we should have thicker skin than that
Lets just say that change after change after change (lost count were thrust upon me and were entirely out of my control. Under the circumstances I felt it may be prudent to find a few that were under my control. I have some very large accounts, several trusts and a foundation, that are about to transfer and have just funded the decision makers personal account. I’m thinking this is the time to portray stability. I am however making it clear to all my clients that WE are paying a firm for their services. If and when WE feel there is another firm that will give US a better deal WE will move without looking back. They agree, it’s pretty interesting how things change when one starts calling their firm “them” and including ones-self in the “us” category. It really has the partnership feel to it. When I discount a commission I’ll say ‘holy smoke, they’re trying to bang US for full boat on a trade WE’RE not making much on I’ll see what the minimum they will allow, and give them that’
kind of off topic but what the heck, it's working well for me, the less that 100 mil slacker.gathered 35 mill while at boa los 5 yrs, went indy and now los7 yrs, and currently have about 21 mill. 70% fee based. making a nice living working about 5 hrs/day. could I work harder, absolutely, and Perhaps I will pick it up… pressure to do so nah. I’ll be ahppy bringing in 3-5 mill a year till I die.
That's awesome! Happiness is worth so much more than money.gathered 35 mill while at boa los 5 yrs, went indy and now los7 yrs, and currently have about 21 mill. 70% fee based. making a nice living working about 5 hrs/day. could I work harder, absolutely, and Perhaps I will pick it up… pressure to do so nah. I’ll be ahppy bringing in 3-5 mill a year till I die.