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What are you selling your clients that you’ve made $150k off 29 of them?? That’s a really high commission for 7 months on the job. What response are you looking for from your post?
Why are you so pissed? I have clients in fee only as well but starting off they don’t make enough to get into that category. I’m honestly just asking for ideas for prospecting that has worked in the past for other advisors, but you’re coming at me? I’m 26 and top 5 in my company.
Community Builder
I think every advisor looking at your post is either scratching their head and wondering wtf you’re talking about or is laughing their ass off. Based on what you’re saying, you generate an average of $10k per client if you only have about 29. Would have to be even more if you’re doing any fee based at all. I’m in the business over a decade and have hundreds of clients and I don’t think I’ve made $10k in revenue on more than 30 clients my entire career and I work for a very large global organization. Dude come on there’s people in this bowl that are major league and know the business. Just ask for ideas to prospect and you’ll get input. Coming here and blowing smoke up everybody’s ass isn’t going to make them want to help you 😂😂😂
I don’t entirely agree that it’s “screwing” them. But I’ll be honest, I wish I didn’t have to sell life insurance to make money.
Why would you be given leads if you are Indy
Independent contractor status at a firm
Prospecting when you are starting out is the worst part of the job for sure. If you are 7 months in and have that income already you are either doing something very right, or very wrong.
How much of the $150 is commission vs recurring? If all you do is commission based, you will always be digging for the next one. If you build a client base with an ongoing relationship and management, then life gets easier as you go. People you sold a product are far less likely to make referrals than people you have been helping for years.
I am not making a judgement about one path vs the other, just stating a reality.
When I started out I tried to find commission cases to pay the current bills while also onboarding management clients to pay the bills for years to come.
Without knowing more I would say to look at how you met those 29 and try to make it a repeatable process.
Most of my plans for new clients consist of maxing a Roth, single reg, and getting them locked in with whole life insurance. So I have sales charges on any contributions to investments for accounts up to 20k balance. Then I move the accounts if the client wants into active managed portfolios. The permanent insurance provided upfront commissions and then very small trails over time. I work 65+ hours a week because I love the job and my close rate is damn near 100%. I was just wondering if anyone in this group had a successful experience of prospecting to streamline the process
Subject Expert
😂
bump
Sounds like a humble brag.
Something does not add up. $150 in 7 months it’s pretty good, you should continue the way you were doing with this production. Apparently is bringing you assets. Maybe you should give advise to others!!!
Community Builder
If he’s talking about total revenue it’s a little more believable, but $150k payout mean that’s about $300k generated for a newer advisor. I know hundreds of advisors and I don’t know one singe advisor that has done $300k in revenue their first 7 months in the business.
Community Builder
So an average of about $6k in annual premium per client? That sounds like a lot to me.