Greetings

I trained as an intern and started with Goldman Sachs in NYC, and left in my fourth year to go out on my own. My parents are doctors, so I market myself to that client segment. My team consists of myself, an admin assistant, and two associates. I have 145 relationships with $318 million, but that includes a large endowment that skews the averages.

I’ve hit a wall in growth and would like to see what others have done to expand. I’m not interested in buying a practice or a merger. I’d like to double my revenue to $4 million.

Welcome back Scooby. Is your focus on managing assets or planning?

Have you considered doorknocking to increase assets?

I’ll clarify the situation.

The metrics I provided are my own. The total team assets are $530 million. I took on the two associates ten and eight years ago as recruits from GS. On assets I gave them and send to them now as new business I don’t want, we split business 50/50. They keep 80/20 of their net new business, and I keep 80/20 of my own. The business brand is mine, but we overlap a little on service, which is why I structured the splits. I pay for my own assistant, as do they. Mark and Jessica are free to market to whatever clients they desire. Mark is a CFP. He’s ambitious. Jessica isn’t.

In my business, the endowment is a charity from a well known family, with $73 million. The six family members are all within my top ten relationships for assets. Three are doctors, one is a politician, the last two are entertainment executives.

I’ve been frustrated by two limitations, both have become increasingly more problematic.

The first is my client segment. Every mature medical practice within 50 miles knows who I am. I sense I’ve reached a plateau or my potential with it. My largest client is $31 million, my smallest is $370,000.

The second is more personal. I’m a member of a religious group that doesn’t appeal to most people. When I started I was public about it, now I’m private and don’t discuss it at all with clients.

I did cold calling during my GS years, and took most of that with me when I left. My business proposition is direct. I state I compete well against whatever company they’re with. Most people are transparent with objections.

I am open to suggestions for how to work myself out of this corner.

I am thinking about three options, in increasing order of their challenges.

The first is to widen my geographic circle. Physicians are creatures of convenience.

The second is to expand my target client as you suggested.

The third would be to pursue medical endowments. I like this option the best as it offers the most leverage. I have a few political relationships here that may help, but I do not feel I have the logistical structure to support that goal.

The last option, which isn’t one, is to stagnate. If I’m not Becoming then I’m Dying.

Edited by SinisterSister - Nov/25/2017 at 2:14pm

SinisterSister wrote: I am thinking about three options, in increasing order of their challenges. The first is to widen my geographic circle. Physicians are creatures of convenience. The second is to expand my target client as you suggested. The third would be to pursue medical endowments. I like this option the best as it offers the most leverage. I have a few political relationships here that may help, but I do not feel I have the logistical structure to support that goal. The last option, which isn’t one, is to stagnate. If I’m not Becoming then I’m Dying.

How much would it cost to set up this infrastructure?  It would seem to me that if you price this out, given your production level and current overhead, this would be a worthwhile investment.  You worked at GS, I assume you can do an ROI on this.

The problem of most advisory practices is that people have a hard time putting money back into the business. 

Here's what I would do:

-  Take your closest clients (or whoever you know who you think could help you set this up) and convene a "retreat" where you take them to a spa or something for a couple of days.

-  For half a day, you discuss with them how you might help manage these medical endowments. Take their feedback honestly, and then pay for their dinner at a really nice restaurant.

-  Take the information they provide and then put a plan into place where you set up your firm logistically to attract these medical endowments.

Get to 10 posts and you’ll have access to a lot more. Welcome

luvindy wrote: You seem like you will have a new perspective to offer if you stick around. Be advised this is the ultimate combination of real discussion and bullshitting. We are curious about Jessica. Is she hot?

Yeah, good question. Why is she not a "Go-Getter"? Can you get rid of her?

I tend to come and go on most boards when joining only to read or discuss a topic of passing interest.

I’ve been a moderator on a special interest forum for about twenty years. I’m sensitive to the protocols and social structure of any new forum I join. Generally, a handful of members produce the bulk of the threads and discussion replies. The quality is questionable depending on the participant.

This forum is a little different. It goes without saying that experienced advisors usually make up the top strata of their communities. There aren’t many professions where you can be frustrated at only earning an amount that places you in the top percentile of households. I’m speaking to myself as much as I am to all of you. Between real estate holdings and my business, I paid taxes on $1.7 million in income last year, and I came here with the intent of gleaning ideas on how to go about doubling it. I believe some of you may be able to help, and I pledge to help others where I can. I’ll offer to examine your situations from a premise of what constitutes a best possible scenario, but just as often, you’ll find the problems you face exist within yourself, and not from without. Answering on that level is extremely painful for most people, few will be receptive to the counsel, and still fewer will apply what we discuss.

There is much idle and wasteful talk. Slander and insults. That doesn’t interest me. I will never acknowledge those replies, and after awhile, those individuals will become invisible.

This is my personal and professional summary.

I’m a graduate of Columbia University with a major in political science, and a minor in philosophy. I’ve been published on political science topics, and co-authored a number of books on Western esotericism and the metaphysics of religion. I have a research interest in mentalism and the psychology of social capital influence, both of which are of use in business.

I served an intern and was hired into Goldman Sachs in their Private Wealth Managemen group in Manhattan. The misogynistic culture led me to form my own RIA, the details of which are included in my introductory post. I’ve been in business since 1998.

I ask your communications with me be direct, professional, and courteous.

Lighten up Sinister and have some fun. You’re clearly successful, but this reads a bit like an ultimatum. Gotta remember it’s still a bunch of guys blowing off steam anonymously on top of the helpful stuff