Advisorheads Homepage
Forum Home Forum Home > Introductions > Greenhorn Introductions
  New Posts New Posts RSS Feed - First Post
  FAQ FAQ  Forum Search   Events   Register Register  Login Login

First Post

 Post Reply Post Reply
Author
Message
on my own View Drop Down
Greenhorns
Greenhorns


Joined: Oct/26/2010
Status: Offline
Points: 55
Post Options Post Options   Thanks (0) Thanks(0)   Quote on my own Quote  Post ReplyReply Direct Link To This Post Topic: First Post
    Posted: Oct/26/2010 at 8:39pm

This is On My Own from the other forum.

Back to Top
Guests View Drop Down
Guest Group
Guest Group
Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: Oct/26/2010 at 8:47pm
Welcome, tell us a bit about yourself.
Back to Top
on my own View Drop Down
Greenhorns
Greenhorns


Joined: Oct/26/2010
Status: Offline
Points: 55
Post Options Post Options   Thanks (0) Thanks(0)   Quote on my own Quote  Post ReplyReply Direct Link To This Post Posted: Oct/27/2010 at 10:44am
Was in a bank program for 9 years and decided to go indy about 1 1/2 years ago.
Goal is to have a practice of 100 households w/ $30 mil at 1%.
I'm about half way there. Building my practice by referrals and cold calling until I reach my goal.
Back to Top
Mike Damone View Drop Down
Senior Member
Senior Member
Avatar

Joined: Mar/15/2010
Status: Offline
Points: 6340
Post Options Post Options   Thanks (0) Thanks(0)   Quote Mike Damone Quote  Post ReplyReply Direct Link To This Post Posted: Oct/27/2010 at 11:28am

Welcome.  Just curious, what % of targeted assets were you able to take with you?

Back to Top
Indyone View Drop Down
Senior Member
Senior Member


Joined: Mar/10/2010
Location: Rural Midwest
Status: Offline
Points: 3666
Post Options Post Options   Thanks (0) Thanks(0)   Quote Indyone Quote  Post ReplyReply Direct Link To This Post Posted: Oct/27/2010 at 5:06pm
Originally posted by Mike Damone Mike Damone wrote:

Welcome.  Just curious, what % of targeted assets were you able to take with you?
 
I had the same question, with the emphasis of TARGETED assets.  There is a common belief that bank brokers take a relatively low percentage of their assets when going independent and while that is probably true, in my case, at least, it was at least partially because I had no interest in taking the CD rate whores with me.  In the end, I took about half of my book, but almost all of the assets that (1) I wanted and (2) were not "sticky" assets of the bank (bank named as trustee, etc.).
"Independence is like the Berlin Wall. People are only jumping in one direction." - Philip Palaveev - November 2005. "You are never free...unless you are independent..." - Indyone - May 2005.
Back to Top
Guests View Drop Down
Guest Group
Guest Group
Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: Oct/27/2010 at 6:35pm
Originally posted by Mike Damone Mike Damone wrote:

Welcome.  Just curious, what % of targeted assets were you able to take with you?

 
Sounds like there are wheels turning Mike....
Back to Top
Mike Damone View Drop Down
Senior Member
Senior Member
Avatar

Joined: Mar/15/2010
Status: Offline
Points: 6340
Post Options Post Options   Thanks (0) Thanks(0)   Quote Mike Damone Quote  Post ReplyReply Direct Link To This Post Posted: Oct/27/2010 at 6:38pm
Originally posted by iceco1d iceco1d wrote:

Originally posted by Mike Damone Mike Damone wrote:

Welcome.  Just curious, what % of targeted assets were you able to take with you?

 
Sounds like there are wheels turning Mike....
 
Nah.  Things are still good (knock on wood), but I always want to have a plan b.
Back to Top
on my own View Drop Down
Greenhorns
Greenhorns


Joined: Oct/26/2010
Status: Offline
Points: 55
Post Options Post Options   Thanks (0) Thanks(0)   Quote on my own Quote  Post ReplyReply Direct Link To This Post Posted: Oct/28/2010 at 2:26pm
My book at the market low was about 30 mil.
Out of that about 13 mil was in "C" share mutual funds, "L" share annuities, or Managed accounts. This also ONLY included accounts that were over 100k.
 
The other 17 mil were assets that would not pay a trail or would not help my business. These were all the small accounts, index cd's, ect.
 
Out of the 13 mil I went after  which was 75  Households I took 50 that represented 11 mil.
I know that this is not alot of assets however it is all at 1% and I own the book versus what I call "leasing" the book at the bank.
Back to Top
Mike Damone View Drop Down
Senior Member
Senior Member
Avatar

Joined: Mar/15/2010
Status: Offline
Points: 6340
Post Options Post Options   Thanks (0) Thanks(0)   Quote Mike Damone Quote  Post ReplyReply Direct Link To This Post Posted: Oct/28/2010 at 3:27pm
Originally posted by on my own on my own wrote:

My book at the market low was about 30 mil.
Out of that about 13 mil was in "C" share mutual funds, "L" share annuities, or Managed accounts. This also ONLY included accounts that were over 100k.
 
The other 17 mil were assets that would not pay a trail or would not help my business. These were all the small accounts, index cd's, ect.
 
Out of the 13 mil I went after  which was 75  Households I took 50 that represented 11 mil.
I know that this is not alot of assets however it is all at 1% and I own the book versus what I call "leasing" the book at the bank.
 
Thank you for sharing that, I appreciate it.  Were their any surprises?  (i.e. clients you were certain would follow you... but said no?)
Back to Top
Ron 14 View Drop Down
Gold Member
Gold Member
Avatar
Licensed Teller

Joined: May/12/2010
Status: Offline
Points: 19385
Post Options Post Options   Thanks (0) Thanks(0)   Quote Ron 14 Quote  Post ReplyReply Direct Link To This Post Posted: Oct/28/2010 at 4:07pm
On my own that is awesome. Good work. I would also like to know the answers to Mike D's questions.
Back to Top
on my own View Drop Down
Greenhorns
Greenhorns


Joined: Oct/26/2010
Status: Offline
Points: 55
Post Options Post Options   Thanks (0) Thanks(0)   Quote on my own Quote  Post ReplyReply Direct Link To This Post Posted: Oct/28/2010 at 6:42pm
I had the anxiety of will they or won't they come.
You think that you have a good relationship but you don't know till that moment of truth...when you make the call.
I was also fully prepared to fund this venture out of my pocket for the first 3 years. Failure was not an option. I could not work for anyone again. All the banks are the same...same B.S. just a different name on the outside of the building.
I'm funding about 20k this year out of my pocket. Next year should be zero. With trails, additional business from existing clients, and picking up new clients from cold calling...my goal is 100k/month into "L" share annuities from cold calling...I should have my best year and beat alot of my friends at the bank who are starving to death this year.
Back to Top
Ron 14 View Drop Down
Gold Member
Gold Member
Avatar
Licensed Teller

Joined: May/12/2010
Status: Offline
Points: 19385
Post Options Post Options   Thanks (0) Thanks(0)   Quote Ron 14 Quote  Post ReplyReply Direct Link To This Post Posted: Oct/28/2010 at 6:46pm
Did the bank come after you at all? Is the bank still in existence or was it bought out by another bank?

Edited by Ron 14 - Oct/28/2010 at 6:46pm
Back to Top
Sportsfreak View Drop Down
Platinum Member
Platinum Member
Avatar
Wise Old Perv and CTO of AH

Joined: Mar/09/2010
Status: Offline
Points: 25704
Post Options Post Options   Thanks (0) Thanks(0)   Quote Sportsfreak Quote  Post ReplyReply Direct Link To This Post Posted: Oct/28/2010 at 7:11pm
OMO - Sounds like you have a workable plan. Good luck
If you eat an entire cake without cutting it, then technically, you only had one piece
Back to Top
on my own View Drop Down
Greenhorns
Greenhorns


Joined: Oct/26/2010
Status: Offline
Points: 55
Post Options Post Options   Thanks (0) Thanks(0)   Quote on my own Quote  Post ReplyReply Direct Link To This Post Posted: Oct/28/2010 at 9:18pm
The bank is still in existence. They did not go after me. I have to be careful about what I say because my situation was unique. Without going into all the details...They did not want me to go to HR. We had a gentleman's agreement that if I did not go to HR... they would not honor my non-compete. I also received compensation from the region based upon my trailing 12...which happened to be my best year...to keep quiet. To quote Motley Crue..."girl, don't go away mad...girl, just go away". Except I'm a guy and not a girl.
Back to Top
Ron 14 View Drop Down
Gold Member
Gold Member
Avatar
Licensed Teller

Joined: May/12/2010
Status: Offline
Points: 19385
Post Options Post Options   Thanks (0) Thanks(0)   Quote Ron 14 Quote  Post ReplyReply Direct Link To This Post Posted: Oct/28/2010 at 9:43pm

So you had dirt on someone?

Back to Top
Wet_Blanket View Drop Down
Admin Group
Admin Group
Avatar
Team America (not iMo)

Joined: Mar/10/2010
Location: New England
Status: Online
Points: 43644
Post Options Post Options   Thanks (0) Thanks(0)   Quote Wet_Blanket Quote  Post ReplyReply Direct Link To This Post Posted: Oct/28/2010 at 10:10pm
Caught the boss with the secretary???
Back to Top
on my own View Drop Down
Greenhorns
Greenhorns


Joined: Oct/26/2010
Status: Offline
Points: 55
Post Options Post Options   Thanks (0) Thanks(0)   Quote on my own Quote  Post ReplyReply Direct Link To This Post Posted: Oct/28/2010 at 10:22pm

Blank came around to my side of the desk, I was sitting down, Blank hunched over me an inch from my face with clenched fists and red face and I was told to go F_ _K myself a couple of times over an issue that we did not agree on. Too bad I didn't get punched...I could have retired.

Back to Top
Ron 14 View Drop Down
Gold Member
Gold Member
Avatar
Licensed Teller

Joined: May/12/2010
Status: Offline
Points: 19385
Post Options Post Options   Thanks (0) Thanks(0)   Quote Ron 14 Quote  Post ReplyReply Direct Link To This Post Posted: Oct/28/2010 at 10:27pm
Nice.
Back to Top
 Post Reply Post Reply
  Share Topic   

Forum Jump Forum Permissions View Drop Down

Forum Software by Web Wiz Forums® version 12.03
Copyright ©2001-2019 Web Wiz Ltd.

This page was generated in 0.063 seconds.