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Aolmos View Drop Down
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    Posted: Aug/04/2020 at 3:13pm
Hello,

I am a relatively new advisor (Dec 2019) with Raymond James working in a family office. Currently working to build my book of business.Prior to joining, I worked closely with my university's endowment with a pure equity portfolio ($4.5m) and looking to lean that experience into my practice. My strength is in equity portfolios so I am targeting millennial money. I do not think 50+ year old retirees want advice from a 23 year old. 

Nearing $1m in AUM but prospects have began to slow and training is non-existent in the office. The idea of cold calling individuals asking to quickly look over their portfolio after the COVID draw down seems like a semi-decent idea. The FAs in the office have been getting nice referrals off of poor performance with other advisors. Any advice/critiques would be greatly appreciated. CFA Level II candidate if that counts for anything and wish to pursue a Masters in Finance Engineering in the future. 




Edited by Aolmos - Aug/04/2020 at 3:20pm
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Are you enrolled in the AMP program?

If you joined a “family office”, why are they expecting you to bring in assets at 23?

Advice - don’t get paralysis by analysis. You need clients. They will work with you if they like you and trust you. Your equity selection skills are far down the line. You need people with money, whether they’re 25 or 75.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Aolmos Quote  Post ReplyReply Direct Link To This Post Posted: Aug/04/2020 at 4:01pm
No, I am not. Not even sure what that is. 

Apologies, I thought family office literally meant just a small office. I am working directly under an independent FA that is absorbing the costs until my production is enough to essentially live off. I am paid to help aide in her practice. 

Understandable, I am currently joining any group possible to talk to more people. Those involved usually have no clue about investing and do not have much assets (<50k). Do you think my strategy is at all worth it or have you tried it before?

Equity selection is not far down the line and rather not put clients in fee-ridden funds. I do not want to divulge the portfolio in its entirety but it follows S&P weighting and valuation models are provided by our sell-side analyst.  The portfolio is live and spits out daily jupyter notebook tear sheets with portfolio analytics. I have toned down the analysis but not doing research feels like selling snake oil.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote PEACH_cm Quote  Post ReplyReply Direct Link To This Post Posted: Aug/04/2020 at 4:08pm
Welcome young grasshopper
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How good looking is the cougar you're working for? 

A "family office" is a firm with something like 10 clients with 20 million each, or similar profile. You pay all of their bills, and wipe the asshole of the waste of space grandkids' asses for grandma and grandpa because of the ridiculous fees they pay you. I was hoping to hear from one of those from the inside. 




Edited by luvindy - Aug/04/2020 at 4:53pm
8/31/12,Sportsfreak:
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Dow 13,090 S&P 1406
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Aolmos Quote  Post ReplyReply Direct Link To This Post Posted: Aug/04/2020 at 4:14pm
She was hot as hell when she was my age but solid 5.5/10 now

Yes sorry about that but sounds like hell. 

Edited by Aolmos - Aug/04/2020 at 4:16pm
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Moraen Quote  Post ReplyReply Direct Link To This Post Posted: Aug/04/2020 at 4:15pm
Originally posted by Aolmos Aolmos wrote:

Hello,

I am a relatively new advisor (Dec 2019) with Raymond James working in a family office. Currently working to build my book of business.Prior to joining, I worked closely with my university's endowment with a pure equity portfolio ($4.5m) and looking to lean that experience into my practice. My strength is in equity portfolios so I am targeting millennial money. I do not think 50+ year old retirees want advice from a 23 year old. 

Nearing $1m in AUM but prospects have began to slow and training is non-existent in the office. The idea of cold calling individuals asking to quickly look over their portfolio after the COVID draw down seems like a semi-decent idea. The FAs in the office have been getting nice referrals off of poor performance with other advisors. Any advice/critiques would be greatly appreciated. CFA Level II candidate if that counts for anything and wish to pursue a Masters in Finance Engineering in the future. 




Unless your long-term goals have to deal with being in Fintech or asset management, I think you should avoid the Master's in Financial Engineering. Unless you are just doing it for the education and knowledge.

Clients don't care.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Aolmos Quote  Post ReplyReply Direct Link To This Post Posted: Aug/04/2020 at 4:19pm
Its purely for the knowledge. I am half way decent at python and want to learn more. 
I would like to focus more on the asset management side. 
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Whats up old man 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Moraen Quote  Post ReplyReply Direct Link To This Post Posted: Aug/04/2020 at 4:21pm
Originally posted by Aolmos Aolmos wrote:

No, I am not. Not even sure what that is. 

Apologies, I thought family office literally meant just a small office. I am working directly under an independent FA that is absorbing the costs until my production is enough to essentially live off. I am paid to help aide in her practice. 

Understandable, I am currently joining any group possible to talk to more people. Those involved usually have no clue about investing and do not have much assets (<50k). Do you think my strategy is at all worth it or have you tried it before?

Equity selection is not far down the line and rather not put clients in fee-ridden funds. I do not want to divulge the portfolio in its entirety but it follows S&P weighting and valuation models are provided by our sell-side analyst.  The portfolio is live and spits out daily jupyter notebook tear sheets with portfolio analytics. I have toned down the analysis but not doing research feels like selling snake oil.


You have to pick what you want. Do you want more assets, or do you want to do analysis? It's not snake oil to sell tried and true asset allocations with index funds.

You need to get to scale first. Then you can worry about this if you want. Trust me. I spent many many many years doing exactly what you are talking about. I'd say it's cost me about $60MM in AUM.
I come in peace. I didn’t bring artillery. But I’m pleading with you, with tears in my eyes: If you fuck with me, I’ll kill you all. - General James Mattis

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Aolmos Quote  Post ReplyReply Direct Link To This Post Posted: Aug/04/2020 at 4:24pm
I understand, I am young and probably stupid. I will focus on client acquisition but my question was if focusing on hunting poor performing advisor's clients is a decent idea. I can not sell a pen but I sure as hell can rip apart a portfolio and give them better options. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Moraen Quote  Post ReplyReply Direct Link To This Post Posted: Aug/04/2020 at 4:25pm
Originally posted by Aolmos Aolmos wrote:

Its purely for the knowledge. I am half way decent at python and want to learn more. 
I would like to focus more on the asset management side. 


Are you trying to build trading models? The programming language is a tool (you can build as good, or better models in R). I think you need to figure out what you want. Do you want to make a $1 million a year?  Gathering assets gets you there.

I'm all for you getting more education, but you need to pull assets in order to manage them.
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Why not go work on the asset management side as an analyst and work your way up to assistant portfolio mngr?

Why do this kind of shit for millenials who dont understand WTF you are talking about and proposing for them?

You would be better off charging an annual planning fee for High income millenials wanting to pay off student loans, buy a house, etc.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Moraen Quote  Post ReplyReply Direct Link To This Post Posted: Aug/04/2020 at 4:26pm
Originally posted by Aolmos Aolmos wrote:

I understand, I am young and probably stupid. I will focus on client acquisition but my question was if focusing on hunting poor performing advisor's clients is a decent idea. I can not sell a pen but I sure as hell can rip apart a portfolio and give them better options. 


It's not a good idea. Selling on performance is a fool's game.

You aren't stupid, just uninformed.
I come in peace. I didn’t bring artillery. But I’m pleading with you, with tears in my eyes: If you fuck with me, I’ll kill you all. - General James Mattis

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Wet_Blanket Quote  Post ReplyReply Direct Link To This Post Posted: Aug/04/2020 at 4:29pm
Originally posted by luvindy luvindy wrote:

How good looking is the cougar you're working for? 

A "family office" is a firm with something like 10 clients with 20 million each, or similar profile. You pay all of their bills, and wipe the asshole waste of space grandkids' asses for grandma and grandpa because of the ridiculous fees you pay them. I was hoping to hear from one of those from the inside. 


Sorry, this is the midwest yokkle definition of family office.

An actual family office is a money manager for a wealthy family.  There are restrictions they have to observe in order to stay away from having to be registered.
September 23, 2020

Moraen: Book it. Trump wins by a huge margin.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote B24 Quote  Post ReplyReply Direct Link To This Post Posted: Aug/04/2020 at 4:41pm
Originally posted by Aolmos Aolmos wrote:

I understand, I am young and probably stupid. I will focus on client acquisition but my question was if focusing on hunting poor performing advisor's clients is a decent idea. I can not sell a pen but I sure as hell can rip apart a portfolio and give them better options. 

Sure, it can work once in a while. And you can usually find something to criticize about ANY client's portfolio.

But it's really not the best approach to take. Look at it this way...if you are going to attract clients that are going to move based on you ripping apart another advisor's portfolio, then it's only a matter of time before that client finds a "better mousetrap" or starts questioning your portfolio because it's not performing the way you "sold it" to him.

"If Bellicheat pulls that rabbit out of his a$$ with this kid at quarterback, I'll personally kiss his ring." - Sporsfreak, 09/20/16

"Jags/Vikes Super Bowl. Write it down" - Sportsfreak 01/19/18
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Post Options Post Options   Thanks (0) Thanks(0)   Quote luvindy Quote  Post ReplyReply Direct Link To This Post Posted: Aug/04/2020 at 4:57pm
Originally posted by Wet_Blanket Wet_Blanket wrote:

Originally posted by luvindy luvindy wrote:

How good looking is the cougar you're working for? 

A "family office" is a firm with something like 10 clients with 20 million each, or similar profile. You pay all of their bills, and wipe the asshole waste of space grandkids' asses for grandma and grandpa because of the ridiculous fees you pay them. I was hoping to hear from one of those from the inside. 


Sorry, this is the midwest yokkle definition of family office.

An actual family office is a money manager for a wealthy family.  There are restrictions they have to observe in order to stay away from having to be registered.

I fixed my OP because I realized I fucked up some of the wording in my eagerness to rip on it. 

Would it be fair to say dudes with a lot of longevity in the "financial advisor" role spin their top families into something more like what I described? 

What does "money manager" mean in the way you're describing it? Do you do compliance for some of these types of offices?


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 15,322
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Wet_Blanket Quote  Post ReplyReply Direct Link To This Post Posted: Aug/04/2020 at 5:08pm
Originally posted by luvindy luvindy wrote:

Originally posted by Wet_Blanket Wet_Blanket wrote:

Originally posted by luvindy luvindy wrote:

How good looking is the cougar you're working for? 

A "family office" is a firm with something like 10 clients with 20 million each, or similar profile. You pay all of their bills, and wipe the asshole waste of space grandkids' asses for grandma and grandpa because of the ridiculous fees you pay them. I was hoping to hear from one of those from the inside. 


Sorry, this is the midwest yokkle definition of family office.

An actual family office is a money manager for a wealthy family.  There are restrictions they have to observe in order to stay away from having to be registered.

I fixed my OP because I realized I fucked up some of the wording in my eagerness to rip on it. 

Would it be fair to say dudes with a lot of longevity in the "financial advisor" role spin their top families into something more like what I described? 

What does "money manager" mean in the way you're describing it? Do you do compliance for some of these types of offices?


It's possible, what you are describing.

I use the term "money manager" because they are most likely unregistered.  They can only advise (money management, bill pay, estate planning, etc.) members of a specific family, and I believe it only includes a span of like 3 generations - so a true family office can't be a perpetual entity without registration).  I met a guy at a conference once that was from very old blue money that wanted to fire their current advisor and start a family office - so I did some light research on the topic and referred him to a securities attorney.  I also used to work at a RIA that started off as a family office for a big American "clan".

Then I have clients, one in particular, that is a very big deal in the advisory space (like 9 out of 10 times when I am reviewing a marketing piece about overall investing, he is quoted in the piece).  He runs a SEC registered IA with his partner (not married) and I think they only have 10 to 20 clients that they service.  

The family office exemption had to get a facelift due to Dodd Frank, so here is the most up to date rules regarding it.


September 23, 2020

Moraen: Book it. Trump wins by a huge margin.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Aolmos Quote  Post ReplyReply Direct Link To This Post Posted: Aug/04/2020 at 5:30pm
Originally posted by Moraen Moraen wrote:

Originally posted by Aolmos Aolmos wrote:

Its purely for the knowledge. I am half way decent at python and want to learn more. 
I would like to focus more on the asset management side. 


Are you trying to build trading models? The programming language is a tool (you can build as good, or better models in R). I think you need to figure out what you want. Do you want to make a $1 million a year?  Gathering assets gets you there.

I'm all for you getting more education, but you need to pull assets in order to manage them.

I do not want to make $1m a year at a certain point would rather operate as a psuedo non-profit. 
I want to help people getting screwed by 63 year old advisor with portfolios full of bullshit. I see them come in every week.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Aolmos Quote  Post ReplyReply Direct Link To This Post Posted: Aug/04/2020 at 5:38pm
Originally posted by Moraen Moraen wrote:

Originally posted by Aolmos Aolmos wrote:

I understand, I am young and probably stupid. I will focus on client acquisition but my question was if focusing on hunting poor performing advisor's clients is a decent idea. I can not sell a pen but I sure as hell can rip apart a portfolio and give them better options. 


It's not a good idea. Selling on performance is a fool's game.

You aren't stupid, just uninformed.
I understand helping them set up their future and general wealth management. I am not trying to sell "performance" but rather sound portfolios with low expenses. A 734k household came in today with 25% in GLD and down -30% YTD. There has to be more of these in my city of people just getting screwed. We are home to one of the worst universities in the state so it does not amaze me that the advisors being spit out are trash. 
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