Related Posts
“I don’t do colons”
- AD
Additional Posts in Financial Advisors
Any Fish who are also musicians?
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
“I don’t do colons”
- AD
Any Fish who are also musicians?
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Download the Fishbowl app to unlock all discussions on Fishbowl.
Copy and paste embed code on your site
Send download link to your phone
OR
Scan your QR code to download
Fishbowl app on your mobile
Explain how your practice manages clients not money and word it in a way that he feels like he is picking you over everyone else because of what you will do. He can get 4 or 5 fund families or really any other investment strategy under the sun ANYWHERE else. The only way to make him a client and not a customer is to sell him on something he cannot get anywhere else and that is YOU. What can YOU do for him. What is YOUR strategy for managing clients lives. Managing the money is how you get paid, but it has the least to do with what he should be looking for.
Agreed, Do NOT pitch him at the first meeting. Figure him out, give him your philosophy, and explain the different options he has. THAT will give you a better feel for which way to go. You don't want to pitch him 5 different strategies.
I would AT LEAST be doing a fee based account charging between .75%-1%...depending on what you're doing in it. Within the fee based account, you can cut down on fees by not just doing mutual funds. Use ETF's or other things, there are some seriously good equity UIT's that cost .50%.You could use some SMA's too. If you clear through Pershing or Schwab (I don't), I would allocate some $ to Hanlon for their tactical RS management like Dorsey Wright stuff. People that understand it can easily refer others. Knowing what you know now, what would you do if it was your money and you weren't an advisor?
I wouldn't show up for a first apointment with a proposal or idea unless it's a 50k or less account.