New Member and New Company
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Category: Introductions
Forum Name: Greenhorn Introductions
Forum Description: MAKE YOUR FIRST POST HERE!
URL: http://www.advisorheads.com/forum_posts.asp?TID=10604
Printed Date: Mar/26/2026 at 8:58pm
Software Version: Web Wiz Forums 12.03 - http://www.webwizforums.com
Topic: New Member and New Company
Posted By: OracleofMN
Subject: New Member and New Company
Date Posted: Mar/21/2014 at 7:57am
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Hello Everyone, My name is Phil. I joined this forum looking for a resource to grow my new practice. I am set up as a Fee-Only RIA. I am a CFA Charterholder and partnered with my long-time friend who is a CPA. I created my website on Squarespace (template builder) and would recommend it to any looking for a website company - extremely easy to use. Please critique my website http://phillipjamesfinancial.com" rel="nofollow - http://phillipjamesfinancial.com I look forward to sharing with this community as we all grow our practices and help each other out. All my best, Phil ------------- Owner of Phillip James Financial in Plymouth MN http://phillipjamesfinancial.com |
Replies:
Posted By: Mike Damone
Date Posted: Mar/21/2014 at 8:58am
| Welcome to the board. Slick website. |
Posted By: Guests
Date Posted: Mar/21/2014 at 9:18am
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Yeah. Your website is awesome. Teaming up with your buddy is a good play too. |
Posted By: OracleofMN
Date Posted: Mar/21/2014 at 9:27am
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Thanks Guys! Appreciate the support! Looking forward to more disucssions. ------------- Owner of Phillip James Financial in Plymouth MN http://phillipjamesfinancial.com |
Posted By: Explorer
Date Posted: Mar/21/2014 at 9:35am
| Very nice website! |
Posted By: City1134
Date Posted: Mar/21/2014 at 10:02am
| Welcome...I was surprised to see you're not the bald guy. |
Posted By: Crimson
Date Posted: Mar/21/2014 at 10:11am
| Very nice website. The details explaining the mechanics of your services should go well with prospects who would otherwise know nothing of the industry. |
Posted By: OracleofMN
Date Posted: Mar/21/2014 at 10:12am
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Ha! I was wondering if people were going to think that. And no the lady is not my wife either! Just marketing videos. I wrote the script and had a professional read it. Much better then spending $500 on equipment and weeks trying to learn how to use it and speak well on camera. I'm a big fan of outsourcing when I can. ------------- Owner of Phillip James Financial in Plymouth MN http://phillipjamesfinancial.com |
Posted By: incognito
Date Posted: Mar/21/2014 at 11:00am
| Cool site. I like your highlighting of the back door roth, I think that's a great way to show value regardless of whether they want to pursue it. A true test for the objectivity of an advisor is whether they would be willing to recommend that clients actually take their IRAs out from under the advisor and make it untouchable. Are you still able to charge asset based fees against those? |
Posted By: OracleofMN
Date Posted: Mar/21/2014 at 11:30am
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Thanks! I see you were checking out my blog. And while yes, I agree with your premise about objectivity, we actually do bill on outside accounts (if we are managing them). The issue comes with actually billing. You cannot bill the outside accounts directly, so you need to have a taxable brokerage account set up and the client has to actively put money in to just pay the fees. As far as managing, the clients provide a user name and login. There have been many discussions on whether or not this denotes custody. I am operating under the premise that it does not. ------------- Owner of Phillip James Financial in Plymouth MN http://phillipjamesfinancial.com |
Posted By: B24
Date Posted: Mar/21/2014 at 11:48am
This is considered custody by many. It also depends what type of transactions you are able to accomplish with a login. I can tell you that if you are able to change the address through the client's online portal (and also presumably request a distribution), then this would almost definitely be considered custody.
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OracleofMN wrote:Posted By: OracleofMN
Date Posted: Mar/21/2014 at 1:34pm
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You are correct. The ability to move money is a key point. Here is a good article about this... http://www.fa-mag.com/news/advisors-want-clarity-on-sec-custody-complaints-13534.html" rel="nofollow - http://www.fa-mag.com/news/advisors-want-clarity-on-sec-custody-complaints-13534.html The Comments are good too. ------------- Owner of Phillip James Financial in Plymouth MN http://phillipjamesfinancial.com |
Posted By: City1134
Date Posted: Mar/21/2014 at 1:58pm
| CFA guy (can't call you the oracle yet, people around here would probably get butt-hurt). What sort of prospecting methods do you and the CPA use? How much soup doors he consume in any given week? |
Posted By: GreatPlans
Date Posted: Mar/21/2014 at 2:44pm
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I think marketing your value proposition by fee is a mistake. People will shop the price, not the value. Just my 2 cents. I know others will say diffierently and that you may build faster than if you actually tried to be different. But if you're making the fee be everything your about, then people will leave when they don't see the performance they want or find someone else with a lower fee. Welcome.
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Posted By: B24
Date Posted: Mar/21/2014 at 2:56pm
GP, this is the new "thing" among all these young, newly minted RIA's. They spend most of their energy bashing the entire industry and talking about how being fee-only "differentiates" them somehow. I just think it's bad for our industry when a large number of industry "professionals" use this tactic as a cornerstone of their value proposition and marketing plan.
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Posted By: GreatPlans
Date Posted: Mar/21/2014 at 3:17pm
Exactly. Most people don't mind that your compensation is "tailored" (used because of another thread) to their needs. I think people care more about their own situation, how you plan to help, and the service that you're going to provide than loudly and routinely shouting how they compensate you. (Yes, of course disclose). Just some feedback though, not an attack.
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Posted By: Guests
Date Posted: Mar/21/2014 at 4:53pm
| Fuck this guy. Go work at Vanguard buddy. He will be out of business in a year anyway once his blog failsto net him any clients. |
Posted By: SometimesNowhere
Date Posted: Mar/21/2014 at 5:03pm
Don't be mad bro. Just because his "back door strategies" posts were different than what you were looking for doesn't mean you have to get all militant. |
Posted By: Sportsfreak
Date Posted: Mar/21/2014 at 5:11pm
I see that the Panini has not tempered your enthusiasm for being the asshole that you are. (Although I agree with your (and b24 and GP's) premise) ------------- If you eat an entire cake without cutting it, then technically, you only had one piece |
Posted By: SometimesNowhere
Date Posted: Mar/21/2014 at 5:12pm
Quit posting from your fucking lemon party. |
Posted By: Guests
Date Posted: Mar/21/2014 at 5:23pm
| You're just pissed that you weren't invited! |
Posted By: OracleofMN
Date Posted: Mar/21/2014 at 5:38pm
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City1134 - What do you mean by "Soup Doors"? As for prospecting we are trying to determine what strategies to use. We have thought about using the taxes as a way to add more financial planning clients as it is far easier to land a tax client. We also thought of mailers but I feel like half of our investment gets thrown out with the mail. We are too small for seminars. So, at the moment, we are trying to focus on Internet Marketing, blogging, social media, HARO etc. I am curious as to what other planners are seeing in terms of traffic to their websites? We are seeing about 20-30 hits a day. Not sure how much traffic to expect for a suburb of Minneapolis. GreatPlans and B24- We are not necessarily marketing on price, but marketing based on what the compensation structure and a fiduciary standard means. I thought I might get a little flack for this since we do hit the "Fee-Only" pretty hard as a value proposition. I thought that since broker/dealers still ruled the investment world, being a Fee-Only RIA is a still differentiator. You can certainly market your "tailored" compensation structure just like we market fee-only. We just have differing practices and beliefs. Feedback is of course always welcome and I thank you for it. ------------- Owner of Phillip James Financial in Plymouth MN http://phillipjamesfinancial.com |
Posted By: OracleofMN
Date Posted: Mar/21/2014 at 5:40pm
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Helado, what is your profession? ------------- Owner of Phillip James Financial in Plymouth MN http://phillipjamesfinancial.com |
Posted By: Guests
Date Posted: Mar/21/2014 at 5:42pm
| I'm in the business you wish you were actually in. |
Posted By: B24
Date Posted: Mar/21/2014 at 6:09pm
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In December send out 5000 postcards for tax prep, then do it again in early February. A couple of tax clients pays for the mailings. Come up with a way to convert some of those to advisory clients. Rinse and repeat every year. I know a guy that is solo that does this every single year and he said it's like shooting fish in a barrel. Your welcome. |
Posted By: Ted
Date Posted: Mar/21/2014 at 8:13pm
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Serious question, my understanding of the definitions are as follows: 1. Fee Only: clients write you a check directly for a financial plan. 2. Fee Based: allows you to charge an AUM fee as well. Am I off on that? |
Posted By: ca$h_money
Date Posted: Mar/21/2014 at 8:25pm
 ------------- Success is 100% guaranteed if you simply never quit prospecting. |
Posted By: City1134
Date Posted: Mar/21/2014 at 10:26pm
Stupid auto correct. I meant to say "soup does", "how much soup DOES" your CPA consume in a week? |
Posted By: Guests
Date Posted: Mar/21/2014 at 10:36pm
No that isn't right. Fee only can be hourly, retainer, or aum. Fee based just means you can do any of those, but you could also do commission business, like a shares, annuities, or insurance.
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Posted By: Sportsfreak
Date Posted: Mar/21/2014 at 10:45pm
This is very close, to getting really, really good. @Oracle - do you know how to sell? You are new in the business, and your plan is to do internet marketing, and mailers? GET ON THE FUCKING PHONE, TROLL!!!!!!  ------------- If you eat an entire cake without cutting it, then technically, you only had one piece |
Posted By: Jersey33
Date Posted: Mar/22/2014 at 2:11am
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I think someone might get the Ban Hammer pretty soon. ------------- Without struggle there is no progress |
Posted By: GreatPlans
Date Posted: Mar/22/2014 at 6:49am
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Rather than have the majority of your talk be about your compensation the client wants to know what you do for them and why you are uniquely qualified. I wouldn't waste too much time on fee-only and even the CFA. I would further promote the tax angle that your group is focused on the taxable consequences as well and can therefore provide a very holistic wealth management service. I would not bash older advisors or bring their mortality rates into conversations. This is where you may want to bring up the fact that planning/investments/whatever is your passion and you've made it your education. I use MFs for my clients. I don't pretend to be an expert in every market. That said I don't know if you use MFs, or index, or stock pick. If I were you and the age thing were brought up I'd go straight to my investment strategy. Something like this... "The portfolios that I design for my clients are based upon their individual goals and risk tolerance. I cannot be an expert in every sector of the market so my strategy is to hire the expertise in other areas by using mutual fund managers, their analysts, and their traders where I don't have access to that kind of team. Being a CFA, like most mutual fund managers, I speak their language but more importantly I can vet them and make sure that they are well-qualified teams to be held by my client's portfolios. If there are other areas where I can bring value by recommending individual holdings for specific opportunities I will. This design in my mind brings the best of both worlds." But if you're more focused on who you want to be in the industry than who and how you can serve individuals than you may want to start putting your resume out to investment firms or boutique securities shops. By the way, I'm your age but your comments about older advisors was completely insulting and you came off extremely immature and naive. I enjoyed the brief exchange between you and Helado (from both). Don't take it personal. You're not likely to get along with Helado, but every once in a long while he posts something that may give you thought whether you happen to agree with him or not. So don't waste your time getting into a tizzy with him. You'll only make yourself look a fool. Again, welcome to the board. |
Posted By: OracleofMN
Date Posted: Mar/22/2014 at 7:54am
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Helado, my apologies, based on your unflattering picture and choice of words, I thought there was no way you were a professional planner. You talk to your clients like that? B24 - Thank you for this info. Sounds like a good strategy. Do you know which postcard company they use? I have looked at postcardmania but i suppose they are all same. Ted - yes you are correct in that fee-based and fee-only are the same in the way the advisor is compensated. But. the difference is that with fee-based there remains a conflict of interest for selling other products. So In addition to asset management the advisor might sell insurance or other products in which they have an incentive to sell. There is also the fiduciary duty versus the standard of care. City1134 - I still don't understand your reference to soup. Sportsfreak - Yes, I am concentrating on internet marketing/content marketing - so far we have seen some good progress - being brand new we have been getting about 1 lead a week from the website. But have been looking for more ways to market and get more leads. I have thought about cold calling but have not yet been able to it yet. Is that how most of you prospect here? What kind of results are you seeing? How do you get your lists? How many calls before you get a meeting? ....Troll? This is a tough message board. ------------- Owner of Phillip James Financial in Plymouth MN http://phillipjamesfinancial.com |
Posted By: Iamlegend
Date Posted: Mar/22/2014 at 7:56am
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Posted By: Ted
Date Posted: Mar/22/2014 at 8:02am
| As others have said, you need something other than Internet marketing to grow your business. You are either spending money on things like seminars and radio shows, or you are doing it the way most on this board have done at one time. Picking up the phone and making the calls. There are some exceptions on this board, but not many. Prospecting/marketing is 80% of the job when you get going. |
Posted By: Iamlegend
Date Posted: Mar/22/2014 at 8:04am
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https://james-sexton-m8g3.squarespace.com/fee-only-makes-a-difference/
I am sure you have the permission of all of those fund and insurance companies to use their logos? You neglected to include dual registration in your illustrations and point out that a person who is dually registered can offer either or both models whichever is in the best interest of the client. I always use the example with individual bonds. Is it better to pay me 2% one time to buy a 20 year bond or pay a "fee only" person 20% over the 20 years that you own the bond? You tell me which is better for the client in that situation???
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Posted By: OracleofMN
Date Posted: Mar/22/2014 at 8:05am
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Yes, we have been. We do have some clients, and we also have a tax and accounting practice in addition to our financial planning. ------------- Owner of Phillip James Financial in Plymouth MN http://phillipjamesfinancial.com |
Posted By: Guests
Date Posted: Mar/22/2014 at 8:09am
OofMN, do you disclose your own conflicts? We all have conflicts. Do you openly say to a client? I am going to charge you XYZ%, but if you bought this bond from a broker, you would only pay about 2%? Or do you say, "I am doing the same amount of work regardless of how much your account grows, but I get paid more"? Listen, I believe RIA is the best model - but not necessarily for the client. The best model for the client is having an advisor (no matter how they are compensated) be completely honest with their clients about the differences in models. RIA and fee only is great. I seriously doubt I could make a better living being dually registered. But to tout it as "conflict-free" is a false premise. Ask our resident compliance expert. |
Posted By: OracleofMN
Date Posted: Mar/22/2014 at 8:10am
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Ted this is good information and I am interested in learning more about cold calling and how to do it right. ------------- Owner of Phillip James Financial in Plymouth MN http://phillipjamesfinancial.com |
Posted By: Jersey33
Date Posted: Mar/22/2014 at 8:24am
OracleofMN #1 get used to this board guys on here are pretty tough on newbies, trust me I know. In any rate, there is no real way to cold call and do it right other than pick up the phone and just dial. Don't worry about how you sound because that's really irrelevant. Just make the dials. As SF mentioned before you can call 10,000 people and ask to fuck their mother and 10 people will say yes and you might get another 10 maybes and others might try to find you and kill you and then let you try to fuck their mother. But just make the dials. ------------- Without struggle there is no progress |
Posted By: OracleofMN
Date Posted: Mar/22/2014 at 8:41am
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An interesting way to put it, but it really is a game of numbers isn't it! What kind of response rates are you guys seeing on these cold calling campaigns? What is the message? We are a new Financial Planning Company in the area? Second Opinion? The goal, I'm assuming is just to get the meeting scheduled, right? ------------- Owner of Phillip James Financial in Plymouth MN http://phillipjamesfinancial.com |
Posted By: luvindy
Date Posted: Mar/22/2014 at 8:46am
This board is tough on newbies that think they know everything. ------------- 8/31/12,Sportsfreak: "If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time." Dow 13,090 S&P 1406 5/23/13 UC:Dow 20k before 20% crrectn Dow 15, |
Posted By: luvindy
Date Posted: Mar/22/2014 at 8:47am
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Oracle...could you explain more how you were seen in all of those publications? I'm interested in hearing specifics about that. ------------- 8/31/12,Sportsfreak: "If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time." Dow 13,090 S&P 1406 5/23/13 UC:Dow 20k before 20% crrectn Dow 15, |
Posted By: Jersey33
Date Posted: Mar/22/2014 at 8:48am
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A guy in my office is pretty successful at it with 200 dials and some need 500 dials a day to get a appointment. It really depends on what you are pitching. Honestly, you are searching for interest and then you qualify and then you set the appointment. Make no mistake about it, you need to do it to build a business. I'm not very good at it all but I keep plugging away at it. ------------- Without struggle there is no progress |
Posted By: Sportsfreak
Date Posted: Mar/22/2014 at 9:02am
Couldn't have said it better myself. ------------- If you eat an entire cake without cutting it, then technically, you only had one piece |
Posted By: OracleofMN
Date Posted: Mar/22/2014 at 9:06am
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GreatPlains – thank you for your earlier comments about focusing
on education and experience despite my age.
This is great “Being a CFA, like most mutual fund managers, I
speak their language but more importantly I can vet them and make sure that
they are well-qualified teams to be held by my client's portfolios.” But what comments about are you
referring to regarding age? Iamlegend – As for your bond example. If we assume only what you have laid out that a client purchases one bond and holds it for 20 years then of course they would be better off paying 2% up front – considering no other factors. However, the question is that the right (best) investment for the client or was it sold (and perhaps traded later on) because of the commission. As well, the value lies in the financial plan, not the investments. So the RIA charging 20% over 20 years may have added a lot of value by continually updating the financial plan and tracking the client’s goals. In this situation the fee-only advisor has an incentive to stay up to date on the client’s situation. The broker who sold the bond does not necessarily have the same incentive. To All: I am not going to say anymore about Fee-Only versus Broker/Dealers. We each have our compensation models and have our reasons for each. I am afraid this conversation will only end up being an online shouting match if we go back and forth about each other’s compensation structures. I would, however, encourage others to look into switching to fee-only planning, as you know I think it is the better model. Ultimately it is for you to decide what is best for you and for the client. ------------- Owner of Phillip James Financial in Plymouth MN http://phillipjamesfinancial.com |
Posted By: Sportsfreak
Date Posted: Mar/22/2014 at 9:17am
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Oh God, this is unbelievable. A rookie, named Jesus. ------------- If you eat an entire cake without cutting it, then technically, you only had one piece |
Posted By: GreatPlans
Date Posted: Mar/22/2014 at 9:22am
Your own comments found in a different thread.
Looking back at your original post I read too quickly and thought you said croak instead of retire. I will say that clients of mine have said they appreciate that I'll be around throughout their retirement and that their previous advisor retired. That being said I would never bring it up and if I did want to bring it up I would say "Some of my clients have stated they have felt more comfortable working with an advisor that will help see them through retirement rather than retire when they need them the most." Or something like this. I wouldn't flat out tell them their advisor will likely retire or die on them. Just not a tact I would use. I think it would be disrespectful.
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Posted By: GreatPlans
Date Posted: Mar/22/2014 at 9:28am
Remain unfazed. |
Posted By: eggward
Date Posted: Mar/22/2014 at 9:34am
| Miss a few days when the latest know-it-all moves into town and you miss all the fun! |
Posted By: ClarenceBeeks
Date Posted: Mar/22/2014 at 10:11am
What, a CFA and CPA with a sweet website, I give up!!!
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Posted By: Wet_Blanket
Date Posted: Mar/22/2014 at 11:05am
You can afford to "sow the seed" when you aren't giving up 60% to a broker-dealer. ------------- The true 🤡 was the Biden voter all along. |
Posted By: Guests
Date Posted: Mar/22/2014 at 11:08am
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Yes. You have to be willing to be consistent. The problem is that as you get clients, you are looking at not being as consistent in your blogging, etc. The person you are talking about is a blogger at heart. |
Posted By: Hacksaw
Date Posted: Mar/22/2014 at 11:14am
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Oracle - Thought I would add my $.02: Your name is pompous. On here people do not like pompous. You had the odds against you from the beginning. That said, there is great info and people on here. Just because there is a commission does not mean there is a conflict of interest. There might be a potential, but then again there is for you as a fee-only as well. How we get paid is a preference between us (the advisor) and our clients. Nothing more. Anyone saying otherwise is an idiot. IAL pointed this out with the bond example but you choose to give a nonsensical response. A $5mm client who needs $100k in income does not need to pay you $25k+ a year to do a tax-free bond latter and updating a plan. Being young and intelligent, you feel you know what is the best way to do this business, and cannot understand why others aren't doing it your way. I know, because I have been there (and still am to an extent). You hopefully will grow up. If you want to do business a certain way, great. But don't try and argue/convince others that your way is better (especially on here where you will get your ass handed to you). Just find the people who want to do business your way. As was mentioned before, the internet is a secondary form of prospecting (passive). It can yield business, but should by no means be your sole, or even primary, form of prospecting right now. You want lowest common denominator - cold call. Buy a list of people and call. Ask if they are looking to do retirement planning and then schedule the meeting. You are partnered with a CPA (I am assuming young too). Where are his clients from? Was he at a big firm where he is going to pull over clients? Oh and welcome to the forum. Hopefully the place to check your ego has opened back up. You can go drop it off and get your ticket, and then return to the party. |
Posted By: City1134
Date Posted: Mar/22/2014 at 11:19am
| And for the most part people here do not have a high opinion of CPA's, for what it's worth. |
Posted By: B24
Date Posted: Mar/22/2014 at 11:47am
| Hack, I disagree that he should cold call. If I were him I would lead with tax prep all day long. Far easier to get those people in the door. Once they're tax clients then you can drop on them month after month. It's a fucking goldmine. |
Posted By: B24
Date Posted: Mar/22/2014 at 11:49am
People here get pissed because CPAs don't fawn all over them. If they were getting referrals from them, they would love them. |
Posted By: City1134
Date Posted: Mar/22/2014 at 11:51am
Not just that, but the fact that CPA's often give wreckless investment advice, yet are seen as all-things-financially-related-experts and are often pompous as hell. |
Posted By: OracleofMN
Date Posted: Mar/22/2014 at 12:05pm
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Cold calling might be a good strategy to fill the gap between tax season. No one is looking for tax prep after April 15th. I'm not sure if I want to advertise to our tax clients every month. Maybe if it was an informational outreach rather then pushing the financial planning. A newsletter type of touch might work for this. hacksaw - my partner did work for one of the big four accounting firms but switched to private industry before we started our practice so he did not bring any contacts over I have known him for years and we both have a history with investments and accounting. ------------- Owner of Phillip James Financial in Plymouth MN http://phillipjamesfinancial.com |
Posted By: luvindy
Date Posted: Mar/22/2014 at 1:26pm
Your reluctance to do anything that is even slightly uncomfortable means that there is a very good chance you will not make it in this business, unless you have rich parents or a trust fund that are funding your lack of income. Do you? ------------- 8/31/12,Sportsfreak: "If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time." Dow 13,090 S&P 1406 5/23/13 UC:Dow 20k before 20% crrectn Dow 15, |
Posted By: GreatPlans
Date Posted: Mar/22/2014 at 2:05pm
I should probably stop replying to your posts being that you haven't asked for my advice, but while I don't think you'll fail if you don't cold call (which is not exactly what luvindy is saying) I do think you're showing some key signs that you're uncomfortable asking for the business. And in this business you have to ask for the business. First off, your clients will be happy to hear from you on a monthly basis. You don't have to call them every month, but shoot man, a call, a letter, an e-mail, event invite etc. If you think offering financial planning is a push sale then I'm really starting to believe that you should ultimately look for a situation where you're not dealing with individuals. If you want to be an analyst behind the scenes great. But people need our services and they don't always recognize it. You have to explain it to them. And sometimes believe it or not, more than once.
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Posted By: Hacksaw
Date Posted: Mar/22/2014 at 4:21pm
I was not saying that is what he should do. I was saying it is the lowest common denominator. IE something anyone can do. |
Posted By: Hacksaw
Date Posted: Mar/22/2014 at 4:25pm
I ask because most CPAs suck at prospecting for business. I would say 90% of the CPAs I know started at a firm where they were fed clients. After a number of years they left if they were not going to be named a partner and took clients with them. That is how they built their business. I don't know your partner, but two people who do not like to ask people for business face-to-face is a recipe for disaster. And if only one does, it is a recipe for resentment. |
Posted By: Sportsfreak
Date Posted: Mar/22/2014 at 4:27pm
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This whole thread is making me vomit. I think we all know that I'm the last guy to attack a rookie/newbie.. But this dude is insane. And Wet - since when did you become an expert on prospecting? ------------- If you eat an entire cake without cutting it, then technically, you only had one piece |
Posted By: Iamlegend
Date Posted: Mar/22/2014 at 6:08pm
But the Oracle has spoken. Fear the Oracle
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Posted By: City1134
Date Posted: Mar/22/2014 at 6:34pm
| I know a guy who is a CFP, CIMA, his entire business model is online. He has a slick website, cool little videos, cool little facetime/Skype meetings and a niche market. From appearance he's doing everything right. The guy has been in the business for 10+ years and had 10mm in assets. You need to learn to walk before you crawl and this model you have, in itself, is not sustainable. I'd start bringing in business anyway you can, and welcome the guys advice on here while you can, before your CPA buddy leaves for job where he actually make money or looks for a partner that can pull his own weight. |
Posted By: Iamlegend
Date Posted: Mar/22/2014 at 9:16pm
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Hey Oracle of MN I noticed this on your website..... 1. I am sure Goldman/American Funds/Hartford, etc would all be thrilled to know that you are using their logos to bash advisors without their permission. How do I know it is without their permission? Because they would never approve this one sided propaganda that bashes those who offer their products to the public. 2. This-- Most so-called financial advisors like the Broker/Dealers mentioned above are Those of us who are just lowly so called financial advisors may have a problem with that. 3. All of your holier than though fee only crap makes me want to throw up. I am guessing since you always do what is in your clients best interests that you only charge them the ticket charges and do everything else for free? You mention that you don't sell financial products like evil life insurance, etc. I am guessing that when you notice a client may need life insurance you charge them a planning fee and then refer them to buy a policy. Yeah, that is really in the clients best interests since they pay extra for the coverage they could have had without the bogus "planning fee" from you. 4. Most of the RIA's I have seen in my area are scumbags that hide behind the "fiduciary standard" and then slam people into index annuities. Some of us actually have real businesses with real clients and real assets and you come on here and put a link to your website that slams most of us. I don't know if I speak for everyone, but I don't appreciate the fact that you did that while coming off as holier than thou! By the way, we already have the Oracle of MN on this site!
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Posted By: City1134
Date Posted: Mar/22/2014 at 9:45pm
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Posted By: Jersey33
Date Posted: Mar/22/2014 at 10:08pm
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I think this is the first 4 page introduction I've seen in a while and Iamlegend is upset? You know shit is going down now lol ------------- Without struggle there is no progress |
Posted By: Ted
Date Posted: Mar/22/2014 at 11:14pm
| I like the line, "Do not buy insurance from an insurance salesman.". Makes sense if you don't think about it. |
Posted By: Sportsfreak
Date Posted: Mar/22/2014 at 11:44pm
Nice catch IAL - I would suggest that we all call our wholesalers at the companies mentioned on the site and complain, telling them we dont appreciate that we give them all this business and then see them allow their names to be associated with this garbage. ------------- If you eat an entire cake without cutting it, then technically, you only had one piece |
Posted By: Guests
Date Posted: Mar/22/2014 at 11:49pm
| Agreed. |
Posted By: Guests
Date Posted: Mar/23/2014 at 5:36am
|
You guys are overreacting. He is young and full of piss and vinegar. Someone has not had the opportunity to educate him on all possibilities within the business. That the majority of people are not assholes, or scumbags and that most of us try to do the right thing. We will all make mistakes. Oracle of MN, I think you need to keep an open mind. Any time I see on a website someone who is certain, I question it. Other than your credentials, you can't be certain about anything until you've been doing this for a while. Stick around, learn some things and contribute where you can. |
Posted By: OracleofMN
Date Posted: Mar/23/2014 at 7:16am
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This is the kind of feedback that you cannot get from friends and family and is exactly what I need. Perhaps my earlier career experience has swung my thinking too far to one side. And if many of you are seeing the this one-sidedness of my website then others (including prospects) will as well. I am going to reconsider these areas of my site. I am willing to learn and have already received some good advice. I thank those of you who offered it so freely. But in the end, perhaps, this is not the community for me. I wish you all the best. ------------- Owner of Phillip James Financial in Plymouth MN http://phillipjamesfinancial.com |
Posted By: Jersey33
Date Posted: Mar/23/2014 at 7:22am
Seriously, don't go continue to learn. You will learn a lot from this forum. ------------- Without struggle there is no progress |
Posted By: Guests
Date Posted: Mar/23/2014 at 7:44am
| Oracle, are you going to address the question about how you got in the Wallstreet Journal and other publications with almost no real world experience? I'd like to know how you did this or at least be able to call myself a fiduciary while misleading clients on my credentials by attributing contributions to highly respected financial news organizations like the WSJ. |
Posted By: SometimesNowhere
Date Posted: Mar/23/2014 at 7:54am
He's not, he's leaving the forum because 'it's not the community for him'. I read that to mean he doesn't like his weak shit getting swatted into the fifth row. That's the great thing about this place, you learn to be able to back up the shit you talk or you get humbled very quickly. |
Posted By: Iamlegend
Date Posted: Mar/23/2014 at 8:48am
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Interesting how he replies without addressing any of the issues. Companies are very touch about people using their logos without permission. I am sure all of those companies would slap him with a lawsuit. Longhorn has sued a couple of independent advisors in my area for using their logo without permission in their ads.
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Posted By: Guests
Date Posted: Mar/23/2014 at 9:42am
Good luck. There are a lot of newbies who can directly attribute their success to what they've learned here after getting the smack down. We take all kinds, except trolls. We all get into arguments with each other all of the time. Sorry to see you go. I was thinking your experiences over the next three or four years would add a lot of value to the forum. You are welcome back at any time. Even if it is to rub it in our faces that you are a smashing success. |
Posted By: Sportsfreak
Date Posted: Mar/23/2014 at 9:53am
|
Talk is cheap. Lets see if he makes those changes to his website. I really just don't take kindly to people who bash their competitors, rather than focus on their own value. I'm speaking only for myself, when i say, i'll welcome him back here, after he's grown up. ------------- If you eat an entire cake without cutting it, then technically, you only had one piece |
Posted By: Guests
Date Posted: Mar/23/2014 at 9:57am
Fack you, you shady indy b/d! |
Posted By: Sportsfreak
Date Posted: Mar/23/2014 at 10:17am
yes, i am a criminal.  ------------- If you eat an entire cake without cutting it, then technically, you only had one piece |
Posted By: ClarenceBeeks
Date Posted: Mar/23/2014 at 12:15pm
| I hope he stays. There is a ton of valuable knowledge on this forum. I know I have learned a lot from these crazies. |
Posted By: yield spread
Date Posted: Mar/23/2014 at 12:49pm
| Anyone have cliff notes on this thread? |
Posted By: Guests
Date Posted: Mar/23/2014 at 12:51pm
this should be good.. where is 2 wheeled Beemer when you need him? |
Posted By: knuk
Date Posted: Mar/23/2014 at 12:54pm
|
Schooled. ------------- administrator |
Posted By: Sportsfreak
Date Posted: Mar/23/2014 at 1:21pm
|
Here are the cliff notes, YS.... ---Self proclaimed Oracle of MN, arrives on the scene and immediately directs everyone to his website, where he bashes the vast majority of the industry, and says if you are not fee onlly, you are a scumbag whore. ---Self proclaimed Oracle of MN Indicates that he is new in the business, but he's a CFA and his partner is a CPA, so between them they know everything there is to know about everything. ---Self proclaimed Oracle of MN advises other young members of AH that if they are called into question due to their young age, they should advise prospects that they will be around for a long time, unlike older FA's who (SPO implies) will be dead soon. ---Sportsfreak gets pissed off and decides he doesnt like SPO of MN ---The REAL Oracle of MN tells the self proclaimed Oracle of MN that he will not be appreciated for being a newbie who thinks he knows everything, and questions SPO's cred. ---Self proclaimed Oracle of MN gets taken to the clinic for some AH schooling. ---Self proclaimed Oralce of MN thanks everyone for their help, and advises the group that he doesn't think he is a good fit for AH. Moral of the story......... Respect your competitors.....and your elders. ------------- If you eat an entire cake without cutting it, then technically, you only had one piece |
Posted By: Guests
Date Posted: Mar/23/2014 at 1:29pm
| I was right there with you SF until you quoted yourself. You should probably just retire and let us young guys handle your clients it would be the fiduciary thing to do. |
Posted By: City1134
Date Posted: Mar/23/2014 at 1:43pm
You know...because you'll be dead soon... |
Posted By: Sportsfreak
Date Posted: Mar/23/2014 at 3:50pm
What on earth, are you talking about, U_C? ------------- If you eat an entire cake without cutting it, then technically, you only had one piece |
Posted By: Guests
Date Posted: Mar/23/2014 at 3:50pm
| Oh boy... |
Posted By: yield spread
Date Posted: Mar/23/2014 at 5:34pm
Well done. Now did any of the AH detectives look up the female office help to see if they're hot? |
Posted By: Guests
Date Posted: Mar/23/2014 at 6:00pm
They aren't terrible looking. |
Posted By: yield spread
Date Posted: Mar/23/2014 at 6:26pm
I have never been more proud to be a part of this community.
|
Posted By: luvindy
Date Posted: Mar/23/2014 at 7:18pm
His hit count is about to go up by 1. ------------- 8/31/12,Sportsfreak: "If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time." Dow 13,090 S&P 1406 5/23/13 UC:Dow 20k before 20% crrectn Dow 15, |
Posted By: GreatPlans
Date Posted: Mar/23/2014 at 7:46pm
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After his intro I can't say I'm surprised. You all know I'm not big into how crude this forum can be and find it to be a detractor which is why I find it hilarious that SF, IAL, and Luvindy would be the guys that would run someone off this forum. Poor guy should have stuck around and learned something. If he gives up this easily when faced with opposition (like SF, IAL, and Luvindy--three of some of the most welcoming and professional people of this group) then I really don't think this side of the industry will ever work out for him.
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Posted By: Guests
Date Posted: Mar/23/2014 at 7:55pm
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How am I not included in the list of "the most welcoming and professional people of this group?" WTF?
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Posted By: GreatPlans
Date Posted: Mar/23/2014 at 8:04pm
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Come on, even you have to be shocked it was someone else this time.
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Posted By: City1134
Date Posted: Mar/23/2014 at 8:15pm
With an avatar like that and the alias of "hilsdildo" one shouldn't be surprised. |