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on my own
Greenhorns Joined: Oct/26/2010 Status: Offline Points: 55 |
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Posted: Oct/26/2010 at 8:39pm |
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This is On My Own from the other forum. |
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Welcome, tell us a bit about yourself.
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on my own
Greenhorns Joined: Oct/26/2010 Status: Offline Points: 55 |
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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.
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Mike Damone
Senior Member Joined: Mar/15/2010 Status: Offline Points: 6340 |
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Welcome. Just curious, what % of targeted assets were you able to take with you? |
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Indyone
Senior Member Joined: Mar/10/2010 Location: Rural Midwest Status: Offline Points: 3666 |
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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.).
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"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.
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Sounds like there are wheels turning Mike....
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Mike Damone
Senior Member Joined: Mar/15/2010 Status: Offline Points: 6340 |
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Nah. Things are still good (knock on wood), but I always want to have a plan b.
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on my own
Greenhorns Joined: Oct/26/2010 Status: Offline Points: 55 |
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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.
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Mike Damone
Senior Member Joined: Mar/15/2010 Status: Offline Points: 6340 |
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Thank you for sharing that, I appreciate it. Were their any surprises? (i.e. clients you were certain would follow you... but said no?)
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Ron 14
Gold Member Licensed Teller Joined: May/12/2010 Status: Offline Points: 19385 |
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On my own that is awesome. Good work. I would also like to know the answers to Mike D's questions.
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on my own
Greenhorns Joined: Oct/26/2010 Status: Offline Points: 55 |
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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.
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Ron 14
Gold Member Licensed Teller Joined: May/12/2010 Status: Offline Points: 19385 |
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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 |
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Sportsfreak
Platinum Member Wise Old Perv and CTO of AH Joined: Mar/09/2010 Status: Offline Points: 25704 |
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OMO - Sounds like you have a workable plan. Good luck
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If you eat an entire cake without cutting it, then technically, you only had one piece
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on my own
Greenhorns Joined: Oct/26/2010 Status: Offline Points: 55 |
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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.
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Ron 14
Gold Member Licensed Teller Joined: May/12/2010 Status: Offline Points: 19385 |
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So you had dirt on someone? |
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Wet_Blanket
Admin Group Team America (not iMo) Joined: Mar/10/2010 Location: New England Status: Online Points: 43644 |
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Caught the boss with the secretary???
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on my own
Greenhorns Joined: Oct/26/2010 Status: Offline Points: 55 |
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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. |
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Ron 14
Gold Member Licensed Teller Joined: May/12/2010 Status: Offline Points: 19385 |
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Nice.
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