First Post
Printed From: Advisorheads
Category: Introductions
Forum Name: Greenhorn Introductions
Forum Description: MAKE YOUR FIRST POST HERE!
URL: http://www.advisorheads.com/forum_posts.asp?TID=1718
Printed Date: Mar/26/2026 at 6:44pm
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Topic: First Post
Posted By: on my own
Subject: First Post
Date Posted: Oct/26/2010 at 8:39pm
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This is On My Own from the other forum. |
Replies:
Posted By: Guests
Date Posted: Oct/26/2010 at 8:47pm
| Welcome, tell us a bit about yourself. |
Posted By: on my own
Date Posted: Oct/27/2010 at 10:44am
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Was in a bank program for 9 years and decided to go indy about 1 1/2 years ago.
Goal is to have a practice of 100 households w/ $30 mil at 1%.
I'm about half way there. Building my practice by referrals and cold calling until I reach my goal.
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Posted By: Mike Damone
Date Posted: Oct/27/2010 at 11:28am
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Welcome. Just curious, what % of targeted assets were you able to take with you? |
Posted By: Indyone
Date Posted: Oct/27/2010 at 5:06pm
I had the same question, with the emphasis of TARGETED assets. There is a common belief that bank brokers take a relatively low percentage of their assets when going independent and while that is probably true, in my case, at least, it was at least partially because I had no interest in taking the CD rate whores with me. In the end, I took about half of my book, but almost all of the assets that (1) I wanted and (2) were not "sticky" assets of the bank (bank named as trustee, etc.). ------------- "Independence is like the Berlin Wall. People are only jumping in one direction." - Philip Palaveev - November 2005. "You are never free...unless you are independent..." - Indyone - May 2005. |
Mike Damone wrote:Posted By: Guests
Date Posted: Oct/27/2010 at 6:35pm
Sounds like there are wheels turning Mike....
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Posted By: Mike Damone
Date Posted: Oct/27/2010 at 6:38pm
Nah. Things are still good (knock on wood), but I always want to have a plan b.
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Posted By: on my own
Date Posted: Oct/28/2010 at 2:26pm
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My book at the market low was about 30 mil.
Out of that about 13 mil was in "C" share mutual funds, "L" share annuities, or Managed accounts. This also ONLY included accounts that were over 100k.
The other 17 mil were assets that would not pay a trail or would not help my business. These were all the small accounts, index cd's, ect.
Out of the 13 mil I went after which was 75 Households I took 50 that represented 11 mil.
I know that this is not alot of assets however it is all at 1% and I own the book versus what I call "leasing" the book at the bank.
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Posted By: Mike Damone
Date Posted: Oct/28/2010 at 3:27pm
Thank you for sharing that, I appreciate it. Were their any surprises? (i.e. clients you were certain would follow you... but said no?)
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Posted By: Ron 14
Date Posted: Oct/28/2010 at 4:07pm
| On my own that is awesome. Good work. I would also like to know the answers to Mike D's questions. |
Posted By: on my own
Date Posted: Oct/28/2010 at 6:42pm
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I had the anxiety of will they or won't they come.
You think that you have a good relationship but you don't know till that moment of truth...when you make the call.
I was also fully prepared to fund this venture out of my pocket for the first 3 years. Failure was not an option. I could not work for anyone again. All the banks are the same...same B.S. just a different name on the outside of the building.
I'm funding about 20k this year out of my pocket. Next year should be zero. With trails, additional business from existing clients, and picking up new clients from cold calling...my goal is 100k/month into "L" share annuities from cold calling...I should have my best year and beat alot of my friends at the bank who are starving to death this year.
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Posted By: Ron 14
Date Posted: Oct/28/2010 at 6:46pm
| Did the bank come after you at all? Is the bank still in existence or was it bought out by another bank? |
Posted By: Sportsfreak
Date Posted: Oct/28/2010 at 7:11pm
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OMO - Sounds like you have a workable plan. Good luck ------------- If you eat an entire cake without cutting it, then technically, you only had one piece |
Posted By: on my own
Date Posted: Oct/28/2010 at 9:18pm
| The bank is still in existence. They did not go after me. I have to be careful about what I say because my situation was unique. Without going into all the details...They did not want me to go to HR. We had a gentleman's agreement that if I did not go to HR... they would not honor my non-compete. I also received compensation from the region based upon my trailing 12...which happened to be my best year...to keep quiet. To quote Motley Crue..."girl, don't go away mad...girl, just go away". Except I'm a guy and not a girl. |
Posted By: Ron 14
Date Posted: Oct/28/2010 at 9:43pm
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So you had dirt on someone? |
Posted By: Wet_Blanket
Date Posted: Oct/28/2010 at 10:10pm
| Caught the boss with the secretary??? |
Posted By: on my own
Date Posted: Oct/28/2010 at 10:22pm
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Blank came around to my side of the desk, I was sitting down, Blank hunched over me an inch from my face with clenched fists and red face and I was told to go F_ _K myself a couple of times over an issue that we did not agree on. Too bad I didn't get punched...I could have retired. |
Posted By: Ron 14
Date Posted: Oct/28/2010 at 10:27pm
| Nice. |