New Advisor for RJFS |
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luvindy
Moderator Joined: May/17/2010 Status: Online Points: 25773 |
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Posted: Aug/17/2020 at 12:09am |
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If this chick is a cougar, please introduce me to her at the next national conference.
TIA
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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, |
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Aolmos
Greenhorns Joined: Aug/04/2020 Location: Central Cal Status: Offline Points: 28 |
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You should've seen the shit I was sitting on. I am a skinny dude so my butt bones were on the steel plate. Alright good to know not to do that. I have resigned my apartment lease for another year so I am locked here until then. I will ask about the training as it has come up before.
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Hacksaw
Platinum Member Joined: Mar/27/2010 Status: Offline Points: 31487 |
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A good chair won’t help you bring in business. Good training will. If you asked for a chair, she might have given up on you already - worried about your priorities. And why leave? You should want to be successful where you are. Going from RJFS to an employee channel will have you out of the business in about a year. And then you will have had your clients with two companies within two years and they will doubt you. Make it work where you are. Talk to her about the AMP program. If she balks, make a deal - you bring in another $X million and she enrolls you in the program. |
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Aolmos
Greenhorns Joined: Aug/04/2020 Location: Central Cal Status: Offline Points: 28 |
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Mm probably not she bitched about me asking for a good chair. Applied for various FADPs thou
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missionshooter
Senior Member Joined: Feb/12/2014 Status: Offline Points: 6136 |
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Aol, will your chick spend 10k to get you trained in the program??
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Aolmos
Greenhorns Joined: Aug/04/2020 Location: Central Cal Status: Offline Points: 28 |
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Asian Pacific? Wtf is APAC im new here
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apac
Senior Member Joined: Aug/06/2020 Status: Offline Points: 1551 |
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?
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Hacksaw
Platinum Member Joined: Mar/27/2010 Status: Offline Points: 31487 |
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$10k plus getting them back and forth to Tampa a few times.
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Hacksaw
Platinum Member Joined: Mar/27/2010 Status: Offline Points: 31487 |
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I was assuming he was running a single model, and it would take years to get to 150 clients. Basically, the finances don't work.
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Jack50
Senior Member Joined: Sep/23/2018 Status: Offline Points: 818 |
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the future..
asset allocation and fund management has been commoditized
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B24
Moderator Joined: Mar/09/2010 Status: Online Points: 25762 |
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This is it in a nutshell. That's one of the reasons I focus so much on planning. I save clients so much by helping them avoid doing dumb things. Most of the BIG money revolves around taxes. Avoiding taking big distributions for big expenditures, avoiding IRMA bumps, avoiding deduction phase-outs, timing retirement, pension, and SS correctly to capitalize on low-income and making Roth conversions, timing stock option exercises correctly to avoid huge income bumps, using account withdrawal strategy early in retirement to get ACA medical subsidies by keeping income low prior to Medicare, etc. Even really obvious shit like clients not realizing how IRA withdrawals affect more than just taxes. There's lots of shit that you can do to save clients money. Everyone talks smack about charging for "planning", but for a lot of clients, I save them way more than their planning fees AND their advisory fees combined.
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"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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Moraen
Admin Group Resident Sage Joined: Mar/09/2010 Status: Offline Points: 30786 |
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I'd say that's high. As he gets more clients, he will have less time. So he will have to sacrifice something. - Updating models (if he is going the full quant route, you can't just update a few things, you have to test and re-test constantly) - Client acquisition - Servicing existing clients As one increases, time to the others have to be cut. The curve on how much time you spend prospecting is parabolic, so you will end up getting fewer client. The curve gets flattened the more time you spend on other items. IF he could serve 150 clients, he won't get there until he's had 20 years in the business if he is doing all of this. |
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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
Fiduciary as Fuck - iMo |
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Moraen
Admin Group Resident Sage Joined: Mar/09/2010 Status: Offline Points: 30786 |
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It's definitely a good way to hook the younger generation. They certainly don't like paying for good service. The portfolio is not what is going to kill them. It's going to be tax mistakes, purchasing mistakes, not saving enough, making poor decisions around inheritances. Portfolios are the easy part. Client behavior is the problem. I'd say a good advisor who is experienced does more for clients by simply preventing them from doing stupid shit. Spiff is a good example of this. I don't know Spiff IRL, but I suspect he just uses some good common sense statements to keep most of his clients from doing something really dumb. I have a client who has probably paid me over $500k the last ten years, but I've saved her well over $3MM in stupid mistakes. Her portfolio rarely changes and performs very well. She was able to "retire" at 46, pulls $180k+ per year off of it, and it still continues to grow.
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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
Fiduciary as Fuck - iMo |
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missionshooter
Senior Member Joined: Feb/12/2014 Status: Offline Points: 6136 |
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Duggan, Any idea how much would it cost her? Edited by missionshooter - Aug/05/2020 at 9:18am |
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Hacksaw
Platinum Member Joined: Mar/27/2010 Status: Offline Points: 31487 |
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Any client that comes to you because you ripped apart a portfolio will leave when someone shows them a backtested morningstar showing how they would have outperformed even with the fees. Learn to sell the pen. At $1mm AUM, you’re not making any money. The AMP program is the Raymond James training program. Ask the lady you’re under if she can look to put you in it. It would cost her money, but might also show you how she views you. |
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Hacksaw
Platinum Member Joined: Mar/27/2010 Status: Offline Points: 31487 |
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23 and feel like you’re smarter than everyone else. I remember those days.
Curious on the math side of this since you are obviously knowledgeable enough if you have already done CFAI. Client had $50k. You charge .75% = $375. Raymond James is probably taking somewhere around 15-20% when you include all fees/costs = $300 left. Your office has overhead, so maybe another 15% = $244. But they probably want to make something, so another 10% of your production = $207. So you make $207 on each household a year. Because of your high cost of time in what you plan to do from an analysis side, you can service 150 clients effectively. 150 x $207 = $31k/year. Even if you were really efficient and could double the households, that’s $62k. |
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Guests
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New guy - Lesson 1: young people are broke |
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Aolmos
Greenhorns Joined: Aug/04/2020 Location: Central Cal Status: Offline Points: 28 |
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I have been warned appreciate it being echoed in time with a better practice new clients will pay a high fee once I deem it fit. The RenTech 5% and 44% is appealing .
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memphis
Senior Member Joined: Apr/20/2020 Status: Offline Points: 718 |
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This is not a knock because I have gotten accounts by competing on fees, but once you start making that a core differentiator it's a slippery slope. Someone can always do it cheaper.
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Aolmos
Greenhorns Joined: Aug/04/2020 Location: Central Cal Status: Offline Points: 28 |
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California
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