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rep007 View Drop Down
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    Posted: Feb/13/2011 at 12:36pm

I am a new series 7 rep and had the opportunity purchase a block of business with some income flowing.  I purchased the block (with around 5.5 million aum) from a retiring rep.  The old rep indicated that it made an average of 50k per year.  I think that it probably will bring in 40 to 45 in its current condition.  There are around 200 clients in the block.... with really no large accounts. 

 

I’ve been systematically calling the existing clients and I am uncovering some business.  The bottom line is that I need to start building a business now!    

 

I’m not 100% sure on the direction that I’d like to go with the business; however, I do have a target market that I am pursuing.  The target client earns over 120k per year, works contract work with no 401k offered, and I have a large network of these types of clients that I know personally.  I also may target the local school system state employees.  I have a few contacts in the system and recently discovered that there is no longer a 403b program for teachers in this area.

 

 

I really need to focus my time on productive things and would appreciate any advice for a new rep in this situation.

 

FYI: I am independent

 

    



Edited by rep007 - Feb/13/2011 at 12:37pm
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RIArules View Drop Down
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Welcome rep007!  You should find some interesting stuff to chew on here.  Feel free to ask more specific questions on the main board.
“We are all Antifa” - Hacksaw 9/12/2025
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: Feb/13/2011 at 2:53pm
rep - what firm are you with?
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rep007 View Drop Down
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My BD is a small firm and I won't mention the name on here.  They are located in another state and I've never even personally met any of them.  lol
 
It makes for quite the hurdle due to my learning curve but I'm up for the challenge and have some other forms of income to help me make it through the first "tough years".
 
 


Edited by rep007 - Feb/13/2011 at 3:02pm
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Iamlegend View Drop Down
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Since the school system doesn't have a 403b program, you could see if you get get a payroll slot for Roth IRA's or traditional.  I have a friend who has been successful with this approach in a school system and county gov's.
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rep007 View Drop Down
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One on my friends/contacts on the school board indicated that they will no longer do payroll deductions for retirement plans.  I may be able to get the approval of the school board to go to the schools and maybe to have faculty meeting/seminars.  Any thoughts on an approach when they will not allow payroll deductions?  I'm thinking like you are regarding pushing roth IRAs (or traditional for those who want the tax deduction).  Should I just try to market them as "individual clients" and attempt to set up monthly bank drafts?
 
 
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RIArules View Drop Down
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ACH set up for three days after payroll.
“We are all Antifa” - Hacksaw 9/12/2025
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Iamlegend View Drop Down
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Originally posted by RIArules RIArules wrote:

ACH set up for three days after payroll.

and if they get paid 2x per month you could even do an ach 2x per month.  Just present it as an option since they won't let you have a payroll slot.  Think about it this way since there are no payroll slots, you may have less competition for this biz.

Edited by Iamlegend - Feb/13/2011 at 3:29pm
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: Feb/13/2011 at 6:01pm
Wow.  How does ANY employer get away with no retirement plan these days?  ESPECIALLY a school or government entity?
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Originally posted by iceco1d iceco1d wrote:

Wow.  How does ANY employer get away with no retirement plan these days?  ESPECIALLY a school or government entity?
All the ones I know are supplemental to the state pension plan.
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rep007 View Drop Down
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Yes,  They do have a pension where money is paid into.  The pension then pays out based on years of service.  They did have a 403b as well but that has changed.  My angle is to supplement the pension plan.
 
 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: Feb/13/2011 at 7:33pm
Obviously.  Even the local municipalities around me have 457 plans (and some of those only have a handful of employees).
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knuk View Drop Down
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Originally posted by rep007 rep007 wrote:

I am a new series 7 rep and had the opportunity purchase a block of business with some income flowing.  I purchased the block (with around 5.5 million aum) from a retiring rep.  The old rep indicated that it made an average of 50k per year.  I think that it probably will bring in 40 to 45 in its current condition.  There are around 200 clients in the block.... with really no large accounts. 

 

I’ve been systematically calling the existing clients and I am uncovering some business.  The bottom line is that I need to start building a business now!    

 

I’m not 100% sure on the direction that I’d like to go with the business; however, I do have a target market that I am pursuing.  The target client earns over 120k per year, works contract work with no 401k offered, and I have a large network of these types of clients that I know personally.  I also may target the local school system state employees.  I have a few contacts in the system and recently discovered that there is no longer a 403b program for teachers in this area.

 

 

I really need to focus my time on productive things and would appreciate any advice for a new rep in this situation.

 

FYI: I am independent

 

    



Strategy: Call them. Not sure why you'd need to wait to think out a strategy. This game is about contacts.
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blackcat View Drop Down
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Doesnt sound right. If there a public school system I'm sure they have 457 or 403b option. These are what supplement there pension. How does a school system not any supplement to there Pension?
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Because of the new fiduciary standards some school systems severely reduced their offerings and some eliminated them altogether since they don't want to risk.
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I understand there were changes and reducton of offerings. Most School systems passsed on the risk to Third party admisistrators. Dont know of any school systems in my area that doesnt offer any options for there employees.  Just sounds crazy.
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RIArules View Drop Down
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To me, the public pension is more than generous.  They are teachers....at some point you have to assume they aren't total dumb asses if they want a better retirement.
“We are all Antifa” - Hacksaw 9/12/2025
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Originally posted by RIArules RIArules wrote:

To me, the public pension is more than generous.  They are teachers....at some point you have to assume they aren't total dumb asses if they want a better retirement.
+1
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My wife is a public school teacher, and she is an extremely intelligent woman. In fact one of the smartest women I have ever met. And I lover her dearly. But trust me, when it comes to money, investing and retirement planning - she is a dumbass. And so are every one of her teacher friends.
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That goes for all of my teacher relatives.
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