500 or bust?
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Also, why do the million dollar producers that post here feel compelled to tell everybody here ( more than once ) about their T12 ?
Well first of all I never considered myself a “Huge” producer. I do 1.2 mill after 14 yrs with 120mill assets under mgmt. No strategy, I play the law of large numbers. I do what is best for the client, I do NO trading, 100% managed, I dont even offer the opportunity for a client to do other than managed. I tell them its managed or they need to use a different advisor. Just gather assets, ask for referrals, and the rest will take care of itself
do all fee based
do all "gpm,pim,pspm,pmp etc ) ie:you run the money in real stocks,bonds and cash.
no funds, managers, structered witch doctor-nothing.
the value added is YOU.
discount fairly.
always,always try as hard as you can to do the right thing for people.
and
remember 2 things
u can get ahead in this business doing 2 things
a. talk to people on the phone
b. talk to people in person
I agree with CDO. Very simple, except I dont discount AT ALL. If a client asks about fees or discounts I simply ask “Are you looking for the lowest cost or the best result”? My CPA and my attorney dont discount because they know they are worth every penny, as am I.
the reality of '09 gross hasnt really hit for people, i think
ill bet gross is down 50% across the board for 08
people in here smack talking a mil like its nothing.
i think a mil is a mil again
if u know what i mean
no discounting? wow
80,100,150 extra basis points per year over 5-10-15-20 years is a huge, huge drag on adding any real value.
not fair, in my opinion.
I probably would have discounted but early in my career some old codger said “Discount” hell why dont you just go over and mow their lawn every wekend. For some reason it stuck with me and I figure if I discount for one word will get out so I say no to anyone who asks
If you can't add the value to cover the cost, there are lower cost products you can show your client. Discounting says you are not worth the cost of doing business. I wonder if you went to a Cadilac dealer and told them the price that Tahoes were selling for, would they discount an Escalade?no discounting? wow
80,100,150 extra basis points per year over 5-10-15-20 years is a huge, huge drag on adding any real value.
not fair, in my opinion.
elliot wave, book mgmt, how you too can become a $mm producer???...this thread is played...
time for a new thread re: retention...wage and hour and auction rate stuff. nothing new. all cleaning up old news. may as well have all the documents read wachovia securities – who ever those guys were.
I have not seen anything, usually you would only sign to opt out, but would think we would have seen something. Unless this goes back to pru, which now lots of guys are getting the dollar amounts they have coming given to them.
Settlement will come same time as retention. I think we get gift cert at wachovia store for our overtime
I discount everything…while I feel I provide great service I will never and have never lost an account because of cost. Quite the opposite there have been several competitive bid situations (some I knew about some I didn’t) where I have won the business because I charged the least.
And, If you dont do the fronting fees program you are missing a great opportunity to get paid well to do managed money.It seems every perpetual 500k producer just can’t believe 1mm guys really exist…why??
I do 80 per month in monthly recurring revs and 30-50k monthly off of misc quarterly trails, fixed income deals, insurance and misc trades…not real hard. I have $250mm in AUM so a very low ROA.
Not hard to figure: work harder, get more assets, quit opening $25k iras, talk every couple of weeks with your best clients and let your SA handle all that slipped in under the radar (ie. ‘small accounts’). You’ll be there before you know it.
Why wouldn’t the “big producers” be interested to read these threads…after all, we are the ones that will mostly benefit should this retention go through.
[quote=Wheat-ie]
As the legacy AGE guys say “so what about the last retention, this is new”…that is just foolish and, bottom line, greedy, thinking.
Now at $1.4mm myself, I would be remiss not to look at the 200%+ coming from UBS, MS, etc. ($700k v $2.8million?!),
Greedy is being paid less than a year ago (we were not) and thinking you should be FULLY paid again
Starting from 0, comparing 700k to 2.8mm is common sense, genius, not greed.
Isn’t there an edward jones post you should be on, maddog…maybe ameriprise?