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Is this a serious question? Dave gives advice to people with debt. How profitable do you think clients seeking debt reduction guidance could be?
I'm in Baltimore DC area... we have had great results
I was on the program for several months. Although Dave has great ideas for helping people get out of debt and get on a budget, the advising part of his program is lacking. In my area, it cost over $750 per month and I didn't get enough business to cover the expense. And his investing recommendations are way too elementary unless the client is just starting out as an investor.
I used in Atlanta with no success
I wish fishbowl existed a year and a half ago. Could’ve saved me a lot of money on the Smartvestor Pro system!
It used to be much better because the leads went to one advisor exclusively. Now it goes to 3-4 and the prospective client is encouraged to shop around. That doesn’t work out well for advisors, not because it’s super-competitive but because it’s time consuming and with many low dollar prospects you are wasting way too much time. Besides, before the change the Prospect looked at the ELP (now SmarVestor advisor) as Dave’s hand-picked choice. Now you are just one of several eager advisors hoping to close the deal. I stayed with the program for 9 months after the change (which was prompted by Dave getting in trouble with state securities regulators for lack of proper disclosure in effect) before bailing. This being said, if you don’t have strong prospecting pipeline I might still consider giving it a try.
So far it has not given us many new clients. We have used the system for 6 months
Thanks
Is it specifically better in certain parts of the country? What part of the country are you in I am in Georgia.
I did it for 6 months. Not really worth it in my opinion. A couple small ira’s and some term insurance
How much does it cost?
That’s a very good point senior FA 1!
You don’t get much for your money. And anyone that can afford his fee is considered. Has nothing to do with how good you are.
I was on the program for years with great success until they changed to the Smartvester program. It took about a year before I could see the benefit. I have been off of the program for about 2 years now and still get calls from Dave fans that I spoke with years ago. While Dave does preach about getting out of debt, he does have a following of people looking for investment and planning advice as well.
Several of the advisers I work with have been ELPs. Our largest adviser built his business on it for his first 10 years in the industry. Unfortunately as others have mentioned, the program drastically changed in the last few years and has yielded very few results so I would not recommend it.
We did the Smartvestor for the required minimum of 3 months at $550 per month. Spent way too much time trying to secure appointments. Got nothing. When we left we were told we could never come back.
Thanks to all of you. It seems Dave is played out. Now he is on at night in the ATL. Not as many listeners high cost spotty results.