500 or bust?
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Mgt has been doing everything to lay groundwork for no Ret. “how great that wells saved us etc etc.” Sound scripted and like they are prepping us for disapointment. Anyone else hearing these speaches???
[quote=Wheat-ie]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?[/quote]
Seems as though I read on another thread that UBS was making some big announcement Friday. Combining that information with some of the speculation surrounding a Wachovia announcement this week also, wondering what the possibilities are of UBS acquiring Wach Sec?
Nice post showmethemoney. Nice of you to come late to the game. Your exact post has only been said maybe 20 times already. Of course there is retention Moron, please read the last 100 pages, then feel free to make posts. Ludeman said retention, Hays then says retention, Wells is slow but they arent stupid
[quote=Wheat-ie]It seems every perpetual 500k producer just can’t believe 1mm guys really exist…why??
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.
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Here is a question. Share retention with your CA? Yes, why? No, Why?
If UBS was going to take over Wachovia sec they would have stopped poaching our guys.
You are right. Absolutely no discounts. If clients feel that over 1,3,5,10 years with no discounts that the "added value" isn't there - they can manage their own money at Schwab. I tell people that if you withdraw $100 from an ATM at another bank that you do not have an account with, that bank will charge you $2.50 and your own bank will possibly charge you the same. That's a total of $5.00 for just GETTING BACK your own money or a 5% fee. No money management there at all. Even if it's only $3.00, that's 3% for getting back your own money. Why in the world would I charge you less for actively managing your money?? I usually charge 1.5% under $500,000 - no exceptions. Over $500,000 - $1,000,000 1.25%.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
[quote=kowachovia]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.[/quote] If that's what you want to be known for - GREAT. Welcome to WalMart.vet 1.5 under 500k is fair
that guy said no discount
standard fee on managed stuff is 3 or 2.8
[quote=kowachovia]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.[/quote] You say you have never lost an account due to price. You will and it will be your own doing. You have preconditioned clients to undervalue your services by telling them that you are cheaper. Not a better value, but cheaper. What happens when 80bps is more than the client feels is reasonable. Do you work for less than you are worth, or do you kick the client to the curb? Bottom line, there is ALWAYS someone cheaper. By conditioning clients that cheaper is better, they will jump at the first oppurtunity to go with someone cheaper than yourself. One thing most people miss, it is not the cost, it is the value.... cost is irrelevant.I don’t know about where you live, but in my market we are hearing a lot of radio spots extolling the virtues of the new, twice as strong Wells Fargo/Wachovia.
Makes one wonder how it is this conservative, careful company has had time to plan, approve and launch their entirely new advertising campaign but they haven’t yet had the time to decide on retention.
i LOVE meeting prospective clients who pay fees like this. i get their biz 100% of the time. you know, i'm steadily catching on to the notion that my production could be about 1.5x of what it is currently is, if I just start ripping everyone off.
3%???!!! c'mon. high net worth clients paying 1.25%? huh....do they know what they're paying you? is this the 'secret' to that $83,334/mo? any of you charging these rates, enjoy it while it lasts. it'll be a tough adjustment from (ahem) 3% down to 75-100bps.[quote=bondking]
i LOVE meeting prospective clients who pay fees like this. i get their biz 100% of the time. you know, i'm steadily catching on to the notion that my production could be about 1.5x of what it is currently is, if I just start ripping everyone off.
3%???!!! c'mon. high net worth clients paying 1.25%? huh....do they know what they're paying you? is this the 'secret' to that $83,334/mo? any of you charging these rates, enjoy it while it lasts. it'll be a tough adjustment from (ahem) 3% down to 75-100bps. [/quote] former SEC Levitt said in an interview last week he believes no one should pay more than .375% on managed brokerage assets. He said he see's that as the number fee's will be in the near future. Guess just have to get more assets[quote=Ferris Bueller] [quote=fritz] [quote=bondking]
i LOVE meeting prospective clients who pay fees like this. i get their biz 100% of the time. you know, i'm steadily catching on to the notion that my production could be about 1.5x of what it is currently is, if I just start ripping everyone off.
3%???!!! c'mon.
high net worth clients paying 1.25%? huh....do they know what they're paying you?
is this the 'secret' to that $83,334/mo? any of you charging these rates, enjoy it while it lasts. it'll be a tough adjustment from (ahem) 3% down to 75-100bps.
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former SEC Levitt said in an interview last week he believes no one should pay more than .375% on managed brokerage assets. He said he see's that as the number fee's will be in the near future. Guess just have to get more assets [/quote]
Good thing he's the 'former' SEC chair.
He should have paid more attention to guys like Madoff running Ponzi schemes than what legit advisors are charging clients. What a colossal douche.[/quote] agree!! but the way the wheel is spinning I can see that being the next outrage, "how come clients are paying fee's when they have lost 45% of their money? If you cant put 50,000 and dollar into a b share fund how could the next step surprise you? Yet the annuity pushers go unscathed.
OK, so bm today announces that retention and new name to be communicated in a week or so… I think these posts will be quite interesting when we do know… BE PATIENT. So “BE PATIENT” tells us. Oh btw, who lives next door to DL??? Almost reminds me of the quote “I can see Russia from my house”…