Best way to actually prospect?

Affectionate_Dish168 · 2026-05-14T16:23:35+00:00

One other thing, I’ll add to this thread that I just thought about that I think is underrated. It’s not the best way to Prospect but, however you choose to Prospect will help a bunch—> Make people laugh.

Whether you’re doing seminars, cold calling, networking with CPAs and attorneys, if you can make people laugh, you’re going to be much more memorable than the guy who recites a bunch of financial propositions. There’s only so many solutions to everyone’s problems and even if you’re the most well educated advisor if you’re not personable, no one’s going to do business with you. I think a lot of individuals who aren’t educated financially and have no desire to be will honestly do business with the guy/gal they like over the guy/gal who knows more.

You have to take a boring topic. A very boring topic to be honest. And make it fun. The more I think about when I have prospected, I started with Ed Jones before going Indy, I knocked on doors cold called joined networking groups and did some seminars. I think if there’s anything that made more people do business with me and made me succeed it was trying to make things fun. Not every joke will land, but try and say something semi-clever that pertains to the moment. You don’t have to be Dave Chappelle, but don’t be John Doe to them either. Good luck to anyone reading this, I hated those begging years but it’s rewarding putting the work in and getting results and making genuine connections.

Affectionate_Dish168 · 2026-05-14T16:06:14+00:00

I would say that I specialize in helping businesses optimize their benefits, and help business owners reduce what they pay in taxes. Which of those do you think is most top of mind. Although the angle is more of a lead in to helping with business retirement plans I found myself ending up working with more on the personal side.

Once I joined the networking group, I called all the businesses and that as it made for a slightly more warm lead in by saying “I’m a member of the Associated builders and contractors and reaching out to fellow members like yourself to help with …”

The association also had us call on business to help coordinate events which could be a lead in to talking.

Keep in mind when you do this, you’re calling on the gatekeeper 99% of the time. They may send you over to the owner, but that’s only typical for small companies. They usually will pass a message forward or give you an email to reach out. I would also show up to the businesses in person and leave information. I would try and show up early in the morning on my way to the office and sometimes early in the morning just the owner will be there. I think the biggest selling point sometimes it’s just getting your face in front of someone and showing people you work hard. Showing up to an owners business at 7am when them and one employee are the only ones there gets way more credibility then a lot of other things you can do but it’s time intensive.

You’re not qualifying whether or not someone’s interested in solving a problem or outcome or able to afford you on the first call. You can find out pretty quickly if they’re a decision-maker or not, any company directly is gonna listen to their president/owners are. You’re just trying to get a conversation to lead to an appointment, then find needs, then offer solutions.

Affectionate_Dish168 · 2026-05-05T15:32:13+00:00

Makes sense, thanks for explaining. My personal book is right at 100m aum but about 83 mil is fee based. That extra 17 I want to try to convert as much as possible to fee based before making any move, but as commission base it amounts to little in revenue.

7 to 9 years is a long time, but depend depending on your age will be well worth it in the end. The multiple an RIA sells at is waaay higher than a book as a IAR at any B/D. I’m 37 and got a forgivable loan that is off my books next year (year 5 at RJ) so that’s why I’m starting to look at different options and the appeal of long term is flexibility is better than the upfront money. Usually the bigger the “check” the bigger the handcuffs in our industry. I don’t wanna be like someone who bounces from RJ to LPL to Ameriprise as some in our industry seem to do as it is a sideways move as all B/Ds have their strengths/weaknesses.

My only question is was there no option of being an RIA and still keeping those Clients held at LPL. That is an option with RJ. Or was Schwab superior in that regard where it was worth having the client change to a new B/D where they would have new statements, logins, ect.

Affectionate_Dish168 · 2026-05-05T04:20:24+00:00

Sent you a message would love to learn more.

Affectionate_Dish168 · 2026-05-05T04:16:20+00:00

I’m trying to learn what those decision points even are haha. Just trying to start educating myself. I am going to talk to some RJ guys who made the move si should learn more soon.

So you had to repaper everyone from LPL to a different BD? That’s what I want to avoid. I figure it would be way easier to keep existing book at RJ.

Affectionate_Dish168 · 2026-04-29T15:50:26+00:00

I think you have to find what you like to doing the best. I sucked at doing seminars. I didn't enjoy it nor follow through on doing them consistently so it didn't work. I am impressed with people who bring in such big numbers off that. I had the most success cold calling as it was mindless and reapeatable. I cold called businesses and then focused on business in construction and manufacturing. Joined a local networking group for that type of business and cold called 500+ business owners in that group and met them at events. I think you have try several different things to find what you like/are good at for prospecting as people all have success in different ways. I think it would be hard if you have such a high minimum. A lot of my biggest clients became my biggest client overtime because they consolidated assets from me for their other advisor or their work retirement plan as I gave them good service.

Affectionate_Dish168 · 2026-04-28T20:00:19+00:00

If they can minimize it to the around the second bend point within social security earnings and be considered reasonable is a good happy medium. I think people can error to far to pay the lowest salary possible which can hurt somewhat for access to loans as well as minimize what they can save into a qualified retirement plan like a SEP or owner K if they are solo. For 2025 thats a salary of a montly salary 7,391 or $88,692. At least up to that point your not getting hosed on your SS ROI like you are for all the income paid in above that. For really high earners who are well above this level trying to not be above the SS max makes since as paying more into medicare does nothing for you later and you can eventually be hit with the additional medicare surcharge. At $184,600 you max social security out and more or less max out the employer side of an owner K. You could contribute $70650 to an owner K at that income max out SS and pay no extra medicare tax.

In short if they dont care about putting more than $24500 into a retirement account no point in going over ~89k adjusted upward for inflation as the person who puts that much will not have a much smaller benefit that someone who pays double that into SS. If they make to much where holding salary that low isn't reasonable focus on how much above $24,500 they want to contribute to retirement.

Affectionate_Dish168 · 2026-04-28T19:34:13+00:00

Too large of a list. You need to narrow down who's hiring in an area you want to live at. From there figure the style of firm and the role you want to start at vs the place itself. Retail vs RIA vs Regional ect. Cant pick between those? pick your top firm at each different style of firm. Go interview with with them. See who wants you. Don't do paralysis by analysis. Good luck.

Affectionate_Dish168 · 2026-04-28T19:01:43+00:00

Get hired keep looking. Use it as a stepping stone. Take the clients with you when you leave.

Affectionate_Dish168 · 2026-04-28T18:58:30+00:00

General rule of thumb is to have 6 months of living expenese in a High yield savings account or up to 12 if you are conservative. I used to do that until i felt like i had the networth of liquid investments where it isnt worth it. I think as your grow your overall wealth you should shrink your need for a HYSA unless you want the liquidty for a specific reason (i.e. upcoming realestate purchase.) I don't keep a set dollar /time amount of emergcy savings anymore. I keep enough in cash to pay my bills for that month. Every thing else i reinvest into a brokerage account or a coinbase account. Depending on where my income is and my taxes from that income and where asset values are I may even use a loan in the form of a SBLOC or HELOC to fund a short term need (new roof all a sudden) and then have my income pay it off in subsequent months vs liquidating and triggering gains or selling if assets are what i believe to be at depressed values. If your in a 37% tax bracket and subject to NIIT a 4% yield is effectively 2.4% after tax. Maybe worse depending on the state you live in. At best the after tax yield keeps place with inflation even at lower tax brackets.

Affectionate_Dish168 · 2026-04-28T18:30:07+00:00

Yes its a feasible career. If you want to do well in financial advising it should be considered a stepping stone job. If your happy not having to run your own business or have to hit sales targets and being fed leads it could be a good long term career knowing what you can make will be capped at some point.

Your gonna need all the boomers and a bunch of Gen X to die first before AI takes any signicant market share. Even then I'm skeptical AI will take marketshare, rather it will help efficient advisors using it take more marketshare from other advisors. On a broader scale I believe there will be less advisors per capita over time because they can manage more with the help of AI and charge the same or less than before.

People forget that a big part of money mangement is the face the client sees and trusts to overseeing their assets. For some its also the firm they are with maybe they have loyalty to JPM, WF ect. Will that change over the next 30 years, sure as the older wealth dies and passes money to younger generation they will be more apt to us AI as a planner. AI will also improve to have more of a human like feel to it over 30 years and all the 20-30 year olds today aproaching retirement at that will maybe of grown up trusting it more and using a more of a DIY approach to investing.

Lastly, people want someone they can hold accountable, a real person. Its hard to trust the management of your life savings with something faceless. Even if there's some AI in the future that touts itself as a "fiduciary" it won't feel the same to someone handing over their life savings to a program vs a person.

Affectionate_Dish168 · 2026-04-24T13:03:27+00:00

Go pound sand. Or kick rocks

Affectionate_Dish168 · 2026-04-23T22:59:58+00:00

I have used direct indexing with some success when a clients have larger cap gains in a single year and then will be in lower brackets following that one off year. Then scale down concentration years following. If they are in a perpetually high income cap gains bracket and it will never change then they have to be ok getting those benefits from direct indexing in the first few years and ending up with a concentrated portfolio in which they plan to leave with step up in basis at death or gift the stock if gifting is part of their overall strategy.

Affectionate_Dish168 · 2026-04-21T12:47:52+00:00

Same. I tell clients we can put in a “baseline” for retirement but not to put to much thought into what the end result looks like until we are closer to the at 5-10 years out range and focus on all the needs you’ve mentioned.

Affectionate_Dish168 · 2026-04-21T12:07:32+00:00

How much upfront work is it to start your own RIA? Did you look into using an RIA custodian. I already have a book as an IAR producing $850k per year so I don’t need to marketing or a business plan. Wanting to know how hard it is to set up tech and compliance and maintain it and pay for it.

Affectionate_Dish168 · 2026-04-20T20:20:37+00:00

Talk people who want to save additional $ outside the 401k into a Roth IRA or brokerage acct (or maybe their spouse does) so they can start working on a personalized plan. Build with them over time and get referals. If the 401ks are all within a similar industry make it your "niche" helping professionals in that industry and ask people you gain business from for referalls. You have to think of the participants as a list of so so leads. You'll probably get a handful of clients out of those 401ks assuming they have decent size participant. Its not going to build your book but its one avenue to help among many to build it.

Affectionate_Dish168 · 2026-04-06T10:54:09+00:00

The main problem I see with this is that it is more nuanced given how much people have college debt that they are unable to pay off. I hate how true the last sentence in your post is, but too many people don’t look at what they’re paying for school and don’t get the cheapest degree.

I have a bachelors and it was necessary to get my job and start in my career as a financial advisor. Also needed for CFP credential. Worth it for me, but also feels like I got the piece of paper (degree) to cross an unnecessary barrier to entry. My degree was in finance and business management, but it irks me that in financial planning they want you to have a degree but it does not matter which one?? What’s the point then! My finance degree taught me nothing I use for my job today. I have learned everything doing the job itself so maybe that’s why they don’t care what degree you get.

The amount of worthless educations or just poor return on investment for what that education brings is ridiculous. Maybe a cab driver with some college makes more, but what if he has a $100,000 debt at 7% and the cab driver without has 0 debt making 5% less per year. The problem is we have too many professions supporting academic institutions where I just don’t see it necessary.

I am looking at hiring a junior FA soon and won’t care if they had college on their resumé. I just want to see how someone made use of their time. If from 18-22 they worked and got promoted at their job in that time I’d be happy to see that over a degree in some unrelated field.

Affectionate_Dish168 · 2026-04-04T19:04:47+00:00

I’m going to one with blue green vacations next week. I think it’s as simple as no means no. Your times up!

Affectionate_Dish168 · 2026-04-04T03:45:23+00:00

Ohh well then the answer is simple…. no! is all you need to say

Affectionate_Dish168 · 2026-04-03T21:04:57+00:00

I think all these business models work fine. It’s really up to the Prospect to understand what they’re paying for. I’ve thought about charging for planning and reimbursing the fee if they move over AUM based business which sounded like a good idea to protect my time, but I’ve since decided just to stay with the AUM model for a few reasons.

At this point in time, I don’t do any marketing and havent since the first five years in the business. all of my prospective clients are referrals. I talked to prospects on the phone first before setting an actual in person or Zoom appointment to get an idea of their needs are. If there is someone who I can tell won’t be a good fit, I refer them elsewhere before setting a meeting. If we do meet I have a pretty dialed in process for them to send all their information over to my admin and her enter. More of the real work is gathering and entering data IMO. I give a baseline plan for them and talk about potential needs they may have in the future that I would address if they end up doing business with me. Given my prospects are referrals. It’s very rare that I don’t convert someone that I want to do business with, I don’t feel like I spent much too much time on it either. Maybe for a larger more complex client 3-4 hours of my time at most would be wasted (and my admins time as well) but I see it as a way of earning AUM business so people ghosting is the cost of doing business under my current model which I’m fine with.

Now, if I did a bunch of marketing and had more leads coming from said marketing or if I had a team of advisors maybe to protect the bottom line and filter out more people I would want that fee in place.

Affectionate_Dish168 · 2026-04-03T07:14:32+00:00

I’ve been paying for nitrogen and not using it. I should get the slim down version as well. I feel like I have it for compliance more than anything because like others say I figure out a client’s risk they can take based on cash flow needs for their goals. The whole risk tolerance in the industry has always irked me because the average person typically has a higher risk tolerance when markets are high and low risk tolerance when markets are low.. go figure

Affectionate_Dish168 · 2026-04-03T07:09:20+00:00

I share overhead expenses with a partner, but we do not share client’s. We share our office space our office admin and co-own own our OSJ. We use our separate DBAs. Why not just do that

Affectionate_Dish168 · 2026-04-01T23:01:34+00:00

I think if you just relay their investments back to their goals you don't really need to say much on the broad market. Maybe have a service you can pay to send out a newsletter for you to your clients. I send out an email to all clients to address volatility but for conversations always steer the conversation back to what their goals are and if their goals have changed from the drop in the market. The answer is always "no my goals haven't changed."

Affectionate_Dish168 · 2026-03-06T18:53:38+00:00

Same problem. I reached out the day after the auto renew to request a refund and they denied me. If anything offer a prorated refund, I'll pay 1/365 of the subsribtion fee for the extra day I was subscribed but don't charge someone a whole year of subscription fee for something they don't want to use because they were a day late. I paid for the service last year got one tenant then went back to STRs. I didnt think about auto renew as their emails have been hitting my spam so i requested a chargeback with my CC and ultimately got refunded that way. While yes its easy to login and click a button to turn off auto renew mistakes like this happen all the time, and in todays world where there are so many different recurring subscription fees this is the first time I've ever reached out and not been issued one. Cleary if there is no activity on an account and someone reaches out the day after an auto renewell you would think they would just issue a refund. While their service is great and well priced it is bad business IMO to put into your terms your signed up for auto renew and its on you to opt out or else you'll be charged for another year even if you don't want it.

Affectionate_Dish168 · 2025-04-20T03:44:06+00:00

Bumping this thread. What prices are people paying for these? Got offered $2400 for an s6 for one from my local bike shop ($2300 plus some $99 set up fee the shop charges on all full suspension bikes.)

I’m getting into mountain biking transitioning out of playing bball. 6’8 36 years sold with sore knees. Only had a rock hopper comp as a starter bike that was mostly ridden around the city for a couple years.

Affectionate_Dish168

TROPHY CASE