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Aolmos View Drop Down
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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 5:40pm
Originally posted by B24 B24 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. 

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.

Appreciate the advice and you are right that at any time I can be exposed to a black swan so understandable. The fear to actually perform is actually were most of motivation lies. Throwing people into a 60/40 is dull but safe, I get it. 
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I can’t believe no one has said this yet. You should just work at vanguard
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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 5:50pm
Originally posted by Aolmos Aolmos wrote:

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. 


Would it amaze you to know that advisors don't really even need a college degree?

One thing I would say is that you may what to give other advisors the benefit of the doubt. I put it at 80% probability that the reason they have 25% in GLD is because the CLIENTS asked for it, or demanded it. Then, when it under performs, they blame the advisor.

We fight these battles with clients every day. The newer ones more so than the ones we've had for a while.

You will learn this the longer you do this, but clients lie when they go to other advisors.
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 bc2051 Quote  Post ReplyReply Direct Link To This Post Posted: Aug/04/2020 at 5:50pm
What you are missing “with all of your smarts” is that even the best portfolio managers got their ass handed to them in March. Your clients won’t care if you beat a benchmark, other advisors, or buffett himself. You still lost them money and that’s all the really know
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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 5:51pm
Originally posted by bc2051 bc2051 wrote:

I can’t believe no one has said this yet. You should just work at vanguard


But then he can't use all of his skills.

They don't know how to use Python at Vanguard.
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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 5:51pm
Originally posted by missionshooter missionshooter wrote:

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.

I think ultimately this is the path I should have taken unfortunately coming from a non-target getting my foot in the door was difficult. The issue now being that having my own clients (10) is pushing me to stay in this field especially since I do not want to give up them. 
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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 5:51pm
Originally posted by bc2051 bc2051 wrote:

I can’t believe no one has said this yet. You should just work at vanguard
or what was that RIA in Oklahoma City...... can’t believe I forgot the name of it
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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 5:53pm
Originally posted by bc2051 bc2051 wrote:

I can’t believe no one has said this yet. You should just work at vanguard
I have looked at the FADP but do not know if that a great idea given that I am already licensed and have clients.
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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 5:54pm
Originally posted by Moraen Moraen wrote:

Originally posted by bc2051 bc2051 wrote:

I can’t believe no one has said this yet. You should just work at vanguard


But then he can't use all of his skills.

They don't know how to use Python at Vanguard.

I have seen pictures of the cubicles with monitors from 2012. It put me off lol. The dream would be Jump, Two-Sigma or Citadel type firms but I think that ship has sailed. 
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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 5:55pm
Originally posted by Aolmos Aolmos wrote:

Originally posted by missionshooter missionshooter wrote:

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.


I think ultimately this is the path I should have taken unfortunately coming from a non-target getting my foot in the door was difficult. The issue now being that having my own clients (10) is pushing me to stay in this field especially since I do not want to give up them. 
if you get into an analyst program and succeed the current clients truly don’t matter.
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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 5:57pm
Originally posted by bc2051 bc2051 wrote:

What you are missing “with all of your smarts” is that even the best portfolio managers got their ass handed to them in March. Your clients won’t care if you beat a benchmark, other advisors, or buffett himself. You still lost them money and that’s all the really know

Yea the FAs here have warned me about this that down is down and the concept of sharpe is too much. Regardless, I still track this to ensure I am in line. Under-performing is inevitable but not paying 1.25% AUM fee and .89% ER is easily avoidable.
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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 6:00pm
Originally posted by PEACH_cm PEACH_cm wrote:

Originally posted by Aolmos Aolmos wrote:

Originally posted by missionshooter missionshooter wrote:

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.


I think ultimately this is the path I should have taken unfortunately coming from a non-target getting my foot in the door was difficult. The issue now being that having my own clients (10) is pushing me to stay in this field especially since I do not want to give up them. 
if you get into an analyst program and succeed the current clients truly don’t matter.
Man y'all are ruthless in here huh. I care about my current clients and would like to help to continue to help them. I think about going to a fund on the daily basis and even apply to see if one hooks. Has anybody had the experience of somebody completely giving up on being an FA for lets say IBD?


Edited by Aolmos - Aug/04/2020 at 6:00pm
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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 6:03pm
Originally posted by Moraen Moraen wrote:

Originally posted by Aolmos Aolmos wrote:

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. 


Would it amaze you to know that advisors don't really even need a college degree?

One thing I would say is that you may what to give other advisors the benefit of the doubt. I put it at 80% probability that the reason they have 25% in GLD is because the CLIENTS asked for it, or demanded it. Then, when it under performs, they blame the advisor.

We fight these battles with clients every day. The newer ones more so than the ones we've had for a while.

You will learn this the longer you do this, but clients lie when they go to other advisors.
Another FA's client was adamant about buying NKLA today. I warned of earnings, a couple thousand dollars in Rev, and no actual cars but he persisted. Bought it prior earnings at $38 lol. I know he will blame the FA for letting him do it. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bc2051 Quote  Post ReplyReply Direct Link To This Post Posted: Aug/04/2020 at 6:10pm
Originally posted by Aolmos Aolmos wrote:

Originally posted by bc2051 bc2051 wrote:

What you are missing “with all of your smarts” is that even the best portfolio managers got their ass handed to them in March. Your clients won’t care if you beat a benchmark, other advisors, or buffett himself. You still lost them money and that’s all the really know


Yea the FAs here have warned me about this that down is down and the concept of sharpe is too much. Regardless, I still track this to ensure I am in line. Under-performing is inevitable but not paying 1.25% AUM fee and .89% ER is easily avoidable.


I get the high expense ratio, but what is your plan to make money?

There is nothing wrong with pointing out all-in fees of 2% to a prospect, but chill on the sharpe BS when talking to them. In the real world, you’re 23 and their advisor has been doing it 20 yrs, has experienced actual market cycles, paid for their kids college with American funds, and goes to their church
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Post Options Post Options   Thanks (0) Thanks(0)   Quote memphis Quote  Post ReplyReply Direct Link To This Post Posted: Aug/04/2020 at 6:19pm
Originally posted by Aolmos Aolmos wrote:

Another FA's client was adamant about buying NKLA today. I warned of earnings, a couple thousand dollars in Rev, and no actual cars but he persisted. Bought it prior earnings at $38 lol. I know he will blame the FA for letting him do it. 


Gambling is for retail accounts. I’m a fiduciary and I’m not going to charge you an advisory fee to play spin the wheel. I had this exact conversation regarding a pot stock last year.
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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 6:24pm
Originally posted by bc2051 bc2051 wrote:

Originally posted by Aolmos Aolmos wrote:

Originally posted by bc2051 bc2051 wrote:

What you are missing “with all of your smarts” is that even the best portfolio managers got their ass handed to them in March. Your clients won’t care if you beat a benchmark, other advisors, or buffett himself. You still lost them money and that’s all the really know


Yea the FAs here have warned me about this that down is down and the concept of sharpe is too much. Regardless, I still track this to ensure I am in line. Under-performing is inevitable but not paying 1.25% AUM fee and .89% ER is easily avoidable.


I get the high expense ratio, but what is your plan to make money?

There is nothing wrong with pointing out all-in fees of 2% to a prospect, but chill on the sharpe BS when talking to them. In the real world, you’re 23 and their advisor has been doing it 20 yrs, has experienced actual market cycles, paid for their kids college with American funds, and goes to their church

The million dollar question right there. Take to as many people as possible, help them to my best abilities and hope for referrals. It's a relationship business and need to meet people so I have joined multiple groups for walks, runs, data science, chess and rugby. Going to be volunteering my time with a homeless shelter, animal shelter and Ronald McDonald House. All just to gain business which I feel like a scum for but fuck it.

We have 401(k) clients that produce a healthy stream of rollovers that ill tap into. Participants become eligible they will get a call. Participant was terminated they will get a call. Participant is retiring they will get a call.  

Or I can just cold call and pitch NKLA who knows. Give me some advice please.
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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 6:31pm
Originally posted by memphis memphis wrote:

Originally posted by Aolmos Aolmos wrote:

Another FA's client was adamant about buying NKLA today. I warned of earnings, a couple thousand dollars in Rev, and no actual cars but he persisted. Bought it prior earnings at $38 lol. I know he will blame the FA for letting him do it. 


Gambling is for retail accounts. I’m a fiduciary and I’m not going to charge you an advisory fee to play spin the wheel. I had this exact conversation regarding a pot stock last year.

Its a commission account
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bc2051 Quote  Post ReplyReply Direct Link To This Post Posted: Aug/04/2020 at 6:43pm
Originally posted by Aolmos Aolmos wrote:

Originally posted by bc2051 bc2051 wrote:

Originally posted by Aolmos Aolmos wrote:

Originally posted by bc2051 bc2051 wrote:

What you are missing “with all of your smarts” is that even the best portfolio managers got their ass handed to them in March. Your clients won’t care if you beat a benchmark, other advisors, or buffett himself. You still lost them money and that’s all the really know


Yea the FAs here have warned me about this that down is down and the concept of sharpe is too much. Regardless, I still track this to ensure I am in line. Under-performing is inevitable but not paying 1.25% AUM fee and .89% ER is easily avoidable.


I get the high expense ratio, but what is your plan to make money?

There is nothing wrong with pointing out all-in fees of 2% to a prospect, but chill on the sharpe BS when talking to them. In the real world, you’re 23 and their advisor has been doing it 20 yrs, has experienced actual market cycles, paid for their kids college with American funds, and goes to their church


The million dollar question right there. Take to as many people as possible, help them to my best abilities and hope for referrals. It's a relationship business and need to meet people so I have joined multiple groups for walks, runs, data science, chess and rugby. Going to be volunteering my time with a homeless shelter, animal shelter and Ronald McDonald House. All just to gain business which I feel like a scum for but fuck it.

We have 401(k) clients that produce a healthy stream of rollovers that ill tap into. Participants become eligible they will get a call. Participant was terminated they will get a call. Participant is retiring they will get a call.  

Or I can just cold call and pitch NKLA who knows. Give me some advice please.


My point was you’re beating up the 1.25 mgmt fee and the high expense ratio. Is one okay, but both? What is your mgmt fee?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jack50 Quote  Post ReplyReply Direct Link To This Post Posted: Aug/04/2020 at 6:45pm
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. 

APAC?
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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 6:54pm
Originally posted by bc2051 bc2051 wrote:

Originally posted by Aolmos Aolmos wrote:

Originally posted by bc2051 bc2051 wrote:

Originally posted by Aolmos Aolmos wrote:

Originally posted by bc2051 bc2051 wrote:

What you are missing “with all of your smarts” is that even the best portfolio managers got their ass handed to them in March. Your clients won’t care if you beat a benchmark, other advisors, or buffett himself. You still lost them money and that’s all the really know


Yea the FAs here have warned me about this that down is down and the concept of sharpe is too much. Regardless, I still track this to ensure I am in line. Under-performing is inevitable but not paying 1.25% AUM fee and .89% ER is easily avoidable.


I get the high expense ratio, but what is your plan to make money?

There is nothing wrong with pointing out all-in fees of 2% to a prospect, but chill on the sharpe BS when talking to them. In the real world, you’re 23 and their advisor has been doing it 20 yrs, has experienced actual market cycles, paid for their kids college with American funds, and goes to their church


The million dollar question right there. Take to as many people as possible, help them to my best abilities and hope for referrals. It's a relationship business and need to meet people so I have joined multiple groups for walks, runs, data science, chess and rugby. Going to be volunteering my time with a homeless shelter, animal shelter and Ronald McDonald House. All just to gain business which I feel like a scum for but fuck it.

We have 401(k) clients that produce a healthy stream of rollovers that ill tap into. Participants become eligible they will get a call. Participant was terminated they will get a call. Participant is retiring they will get a call.  

Or I can just cold call and pitch NKLA who knows. Give me some advice please.


My point was you’re beating up the 1.25 mgmt fee and the high expense ratio. Is one okay, but both? What is your mgmt fee?

0.75% and most assets are in the all equity portfolio so 0.00% ER
A high ER along with a high AUM fee is an instant turnoff to me and younger generations I have found.
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