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GreatPlans 
Senior Member 
Joined: Oct/20/2010 Status: Offline Points: 962 |
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 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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Hacksaw
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Joined: Mar/27/2010 Status: Offline Points: 35113 |
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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. |
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Hacksaw
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Joined: Mar/27/2010 Status: Offline Points: 35113 |
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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. |
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Sportsfreak
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Wise Old Perv and CTO of AH Joined: Mar/09/2010 Status: Offline Points: 25709 |
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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? |
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If you eat an entire cake without cutting it, then technically, you only had one piece
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Iamlegend
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Joined: Mar/09/2010 Status: Offline Points: 23776 |
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Posted: Mar/22/2014 at 6:08pm |
But the Oracle has spoken. Fear the Oracle 
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City1134
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Joined: Jul/16/2011 Location: California Status: Offline Points: 3066 |
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Posted: Mar/22/2014 at 6:34pm |
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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.
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Iamlegend
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Joined: Mar/09/2010 Status: Offline Points: 23776 |
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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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City1134
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Joined: Jul/16/2011 Location: California Status: Offline Points: 3066 |
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Posted: Mar/22/2014 at 9:45pm |
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Jersey33
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Helado Jr. Joined: Jun/09/2013 Status: Offline Points: 789 |
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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
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Without struggle there is no progress
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Ted
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Joined: Apr/29/2010 Status: Offline Points: 1507 |
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Posted: Mar/22/2014 at 11:14pm |
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I like the line, "Do not buy insurance from an insurance salesman.". Makes sense if you don't think about it.
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Sportsfreak
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Wise Old Perv and CTO of AH Joined: Mar/09/2010 Status: Offline Points: 25709 |
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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.
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If you eat an entire cake without cutting it, then technically, you only had one piece
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Posted: Mar/22/2014 at 11:49pm |
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Agreed.
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Posted: Mar/23/2014 at 5:36am |
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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. |
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OracleofMN
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Joined: Mar/21/2014 Location: United States Status: Offline Points: 19 |
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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.
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Owner of Phillip James Financial in Plymouth MN
http://phillipjamesfinancial.com |
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Jersey33
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Helado Jr. Joined: Jun/09/2013 Status: Offline Points: 789 |
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Posted: Mar/23/2014 at 7:22am |
Seriously, don't go continue to learn. You will learn a lot from this forum. |
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Without struggle there is no progress
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Posted: Mar/23/2014 at 7:44am |
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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.
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SometimesNowhere
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Joined: Mar/11/2010 Status: Offline Points: 13989 |
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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. |
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Iamlegend
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Joined: Mar/09/2010 Status: Offline Points: 23776 |
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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: 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. |
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Sportsfreak
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Wise Old Perv and CTO of AH Joined: Mar/09/2010 Status: Offline Points: 25709 |
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Posted: Mar/23/2014 at 9:53am |
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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.
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If you eat an entire cake without cutting it, then technically, you only had one piece
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OracleofMN wrote: