Who here has an account minimum? Ours is $100k unless it’s a child of an existing client .

likehelpful
Posting as :
works at
You are currently posting as works at

I'm in a small town so maybe it's different but with 20 years in and a top producer most of those years this is what has worked for me;

1) I am at work all day anyway... rather be opening a small account than doing paperwork.
2) Love to see young people get started with $50 a month and see it grow. And after 20 years it's about $5k in revenue each month.
3) This years top 20 % client is different than last years... i.e. They were a small client who this year had money in motion.... 401k, sold a house, inheritance ect
4) l love working with my customers... I hate paperwork... so when my managed money got too big I hired a really smart guy to do that.
5) When I couldn't give my smaller accounts the same love and attention that I did in the beginning I hired a young smart person to work with them... I still greet them and listen in when I can but I know they are in good hands.

Lastly I grew up poor and worked for every dime I have so I try to stay away from 2nd and third generation wealthy...

likehelpful

@ United Planners..I've been with NYL for 28 years now..so I'm not saying I have all the answers, but that $500/mo. from that 22 year old usually works like this. They get married, buy a house, etc.. Now need life insurance. Change jobs, rollover their 401k. Have children, more need for life insurance. Parents pass, invest their inheritance. Now they need long term care...finally they retire and we rollover retirement account again. Also we start working with their children and start the process over. Just a sample of what saying yes to the 22 year old did for him and my practice.

like

In the early years, I built my book on whatever I could find. Now that I have a lot of 500k-1.5m accounts, I kind of wish I set a minimum of 100k. The small accounts take just as much time and attention. I have many small accounts that have potential to become much larger over time though. It’s a tough call.

like

Answer is.....it depends on many factors.
Sound judgement have served us better than a hard number. Though we tell people $1MM for retirees and $500k for accumulators.
However, the best answer still and old mentor gave me when I asked him about setting minimums.....he said “we help people the lord brings our way. That’s it.”
20 years later this rule still works for me!

like

New York Life: sorry to say but you at New York Life chasing 22 yr olds for $6k a year will not be!

like

You are incorrect United planners! You guys act like everyone is immune to starting in life. Some if us can actually so holistic planning vs asset accumulation!

like

Love it!! I’ll let you off the hook!
Just proves you can’t judge a book by it’s cover!

like

Ours is $5MM

like

I will take $500 a month automatically
deposited forever..from a 22 year old..they will end up being successful..

like

We choose to have a minimum. We cannot handle a lot of small accounts. We are actually considering raising our minimum to $250k. We keep a very close eye on our clients taxes and their estate documents when we invest their funds.

like

With DOL, fee compression, fiduciary standards and all the changes our industry has gone through you almost have to have a minimum of 100k at least to be able to manage an effective and profitable practice.

like

My unpaid sales staff consists of clients with little $$ I have assisted over the years. When you get the opportunity to help someone do it and ask them for their help in return.

like

$25M account minimum.

like

No minimum at Ameriprise

I don’t prospect small accounts but I’ll take them. We have a service model we give them so they know what to (or what not to) expect.

New York - Let me start by saying success is measured differently. Wholistic sounds like the right approach no doubt, but if you’re into helping the masses smaller growth clients and selling insurance while not being concerned about asset growth you may be in a great place at New York Life. Like I said we all measure success differently. Carry on New York Life; keep peddling.

GS boy I’m glad your getting all the $25k accounts; I wondered who was focusing on these now

Related Posts

like

I’m baby is dying but I’ve got KPI’s, so give me attention!

Post Photo
likefunny

Will it be wise decision to switch from Deloitte usi to zs associate, for 35 percentage hike? How ZS Associates Deloitte software development track (Businesses technology) @zs associate Deloitte is zs as brand in comparison to Deloitte

like

I am interviewing for nCino as a entry level Support Engineer. They ask for 2 years experience in the financial services industry and knowledge of Salesforce. I have over 1 year experience in the financial industry and 2 years working with Salesforce. I live in Louisiana and it's Remote. What salary should I be aiming for? Total compensation also if you can! What do other Support Engineer get paid

like

Hi fishes

Need a reality check-
Profile-
Btech (mech) + MBA (non-IIM top 15)
4 years enterprise account management- US based personal computing OEM
1 year Management Consulting- Sales transformation

Input required on-
1. What is my profile fit for account executive role like?
2. What is the salary I can target? (Current- 19.6 fix+ 3.5 JB+ 4 variable) I am gunning for at least 30% jump on fixed.

like

CD salary in SF? Mid size shop

like

Only 2.5 weeks into my Last working day

Deloitte usi -14.5l fixed + 1L JB +1.4l variable
Ey - 16l fixed + 80k variable

Ibm -17l fixed + 1l jb


NTT data - pipeline maximum can get 18l fixed


Total yoe -3.11 years , stack - java, web development

Please help to choose better offer in terms of learning, hike.

like

Currently having 12.36lacs CTC, YOE 8, Business analyst skill, other skills power Bi, SQl, SAP Hana, before 1st round informed recruiter expected CTC as 20lacs not aware BOnus included in IQVIA.

Now that i have submitted all the docs, waiting for HR discussion. My expectation is now 25lacs fixed. Can i say this now to HR when they call?

Ps no idea about grade. What is the scope for negotiation?

Hi fishes

Could someone help me understand if my package is 14.5 LPA ,how much I'll get in hand roughly

like
like

Hi All, I'm looking for a job change in Project Management Analyst/PMO profile. Appreciate if you can help me with any referral.

TIA

like
like
likehelpful

Hi Fishies,

Which to join among these ?

Synechron or
Coforge.

Both are offering same CTC.

Any idea about job security in these organisation.

Synechron Inc. Coforge Coforge ltd

@

like

Pregnant with my second and I have no will to work. I use to be passionate about my work, but now I m forcing myself to complete the bare minimum tasks needed from me. Not taking any proactive assignments.

Has anyone else felt similar during pregnancy or postpartum?

like

Hello Fish Friends! Does a PhD count as project management experience?

like

How much can we save in Canada Onsite ? Tech lead role. Avg sal in glass door is $80k .

like

My husband just received a job offer on an opportunity he is really excited about. It would be great for his career and they are giving the 15% jump in base he asked for, however they won’t share what the target bonus amount would be. It’s an executive director position, so I would assume it’s a decent target bonus, but without that in writing it could honestly be a gift basket at the end of the year. Is it a red flag for them to not share this? His total comp could be less at this new job…

like

More Posts

Does anyone have a career coach they would recommend? Preferably someone familiar with creative fields. I’m trying to figure out if I want to transition out of marketing.

How do you know your value? Throughout my 10 yrs of being in a professional setting, I've had colleagues from various places of employment say, I don't think you know your worth. You're under valued, etc. What exercises/tools have helped you realize your worth and effectively advocate for it? TIA!

like

For those that made the jump to industry, how did you find the gig? Knew someone? Headhunter? LinkedIn? Something else?

like

My current company is “taking me off payroll” but instead of laying me off or firing me, are fully expecting me to take up an hourly contractor position for $30/hour with no specified time or guarantee of hours. How do I respectfully tell them no?

like

Quick question.
I was a contractor for a big company and they just let me know that my last day is December 30th. I got this position thanks to a recruiting company that has been great and gives me benefits.
Should I:
- Continue working with the recruiting company, hoping that they will find another position for me? (as they told me they will, and when they applied me I started working with my current company within 2 weeks)
- Work with the recruiter + apply for jobs on my own?

like

What is the salary range for Senior Consultant level in KPMG ? Yoe-7 ;Tech : SAP IBP. Is Scon level is good or shall i ask for Manager? Is SCON or Assistant Manager is one and the samw thing?

like

Big mood. 😴

Post Photo
likefunnyuplifting

A little bit of motivation for us all.

Post Photo
funnylikehelpful

When a company convenience store charges more or equal to gas station prices, I think this is pretty much a red flag.

like

Dig this agency, their people and work but is this too soon. When should offices let 25% or more of their staff back?

Post Photo
like

Would you accept sr cloud architect role at 185k + bonus + vested stocks (locked 4 years) from MS when you are already making 205k +50k vested bonus(locked 3 years)in current organization ?

like

Feeling like it’s time to move to the next opportunity. What’s some good, general networking advice?

like

Trying to come up with some project work for my University Sourcers to complete that will benefit my team. Their most recent ask was to generate a list of universities in each state that we source from within iCIMS. What other projects have you found to be beneficial to enhance recruiting efforts?

like

Anyone here work in consumer lending with a credit union? Interested in discussing pay structures to see how my credit Union compares.

like

What do you do when you feel the goalpost has been/is being moved re: billable requirements? Like there's a spoken vs unspoken? I chose this job based on billables vs salary and what I'm being told I'm expected to do now is 20-30% (at least) > than what was initially agreed upon. Given my other life responsibilities, this is creating a huge strain & I feel like this is slowly getting harder & harder on my spouse & kids. I'm grateful to have lots of good work but not sure how to course correct.

like

Started as a fresher in Capgemini with 6.8LPA. I switched to PwC few Months back.

CCTC in PwC AC : 11lpa with 2.10YOE.
Oracle Practice - Fusion Technical Developer

Is this package good enough or I'm underpaid and need to make another switch?
Your comments.

like

Guys Could you please help me with a referral in PwC .. preferred Location Kolkata

YOE 1 YR 10 MONTH
Technology - Sql, FTL, Jira, jenkins, Bitbucket,Agile Methodologies , Htmlcss, bootstrap, angular (beginner level), Core java

*Ready to move to New Technology


currently in notice period 29days left ..if you have anything me , please help 😊

like

How much do bcom grads earn for associate 1 level? In AC, Advisory? (Salary range)

like

Faced this weird behaviour from Optum recently. Gave interview for Data Scientist position. HR said feedback is positive. Asked for documents. It's been month now since I have shared the documents. I have no update on the offer. Today I called HR, she called me back saying the position is on hold due to recalibration in team, She has shared interview feedbacks to other teams and will get back to me in couple of days. I am clueless now. My last working day is approaching (In a month). Any Help??

What is the leave policy in JP Morgan?

like

Additional Posts in Financial Advisors

Hey fish: what are some of your favorite business/self-help books?

like

Can some of you experienced folk recommend some good books for rookies? What are your favorites for investment strategies, marketing, selling, etc.?

like

What's a good way for clients to bring referrals to events and seminars?

like

I’m feeling really discouraged. I’m in the merrill lynch fa program and I’m prospecting a lot and going to tons of high end networking events. I have good convos but then struggle to get meetings...

like

Best technology to use that LPL has?

like

Has anyone every had a rep. from the social security administration attend their seminars?I'm thinking of doing a lunch and learn series with a rep from SS.

like

And another one bites the dust

like

What are you guys charging? I'm thinking the initial plan at $150 per hour so ave $300-$1500 per plan. Ongoing plan 20 basis points of the AUM. What are ya'lls thoughts and what do you charge?

like

If you could go back to college what would you major in?

like

Best books you read this year that aren’t about sales, marketing or prospecting?

like

How do you feel about "workplace of the future?" I literally can't focus when I can hear & see everything everyone is doing. It's definitely impeding my productivity to not be in a quiet environment.

like

Anyone here currently at EdwardJones but previously with Prudential? Are you happy with the move?

like

Did you join your firm as an experienced hire or right out of college?

like

I’m confused by the CFP education requirement. Do I need to complete other designations before I can sit for the CFP exam? Such as CLU and ChFC?

like

Have an interview coming up. Am nevous about bombing. What usually trips you up and what should I look out for?

like

Client had a privately held REIT in IRA. Trying to transfer to IRA I manage to diversify. I need some help. Continued...

like

Tradeshow tips? Any ideas on good promotional items or games/raffles that make prospects approach and leave an impression?

like

Client referred me to thier mother. Has $68k coming due in cds and wants income. Money is qualified. Refuses stocks. Wants some money short term. Any ideas?

like

Sometimes I feel like I am a drone that just works all the time and I have no friends.

likefunny

Anyone working at Barclays Wealth Management in the UK?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal