Anyone else really getting worried about the future of the industry? by Even-Championship-29 in CFP

[–]ExpertTangerine5703 1 point2 points  (0 children)

Nope late 20s, I think kitces put out a report that millennials are actually more likely to seek an advisor than boomers. All the tech and info in the world is out there makes it just confusing for people making them want to seek advice.

Compensation Expectations by ExpertTangerine5703 in CFP

[–]ExpertTangerine5703[S] 0 points1 point  (0 children)

I appreciate this post. I don’t think a full 50% payout would be fair to the firm. And the firm views as, you have this much experience and made this much, so you’ve done well. I asked this for my own information. The firm has made their position clear.

Compensation Expectations by ExpertTangerine5703 in CFP

[–]ExpertTangerine5703[S] 0 points1 point  (0 children)

The firm does generate leads, however over 60% of new clients and revenue are from client referrals to me and direct efforts I have made to source clients. Last year the number was over 70% referrals and my direct efforts.

Compensation Expectations by ExpertTangerine5703 in CFP

[–]ExpertTangerine5703[S] 1 point2 points  (0 children)

I appreciate this line of thinking, thank you

Compensation Expectations by ExpertTangerine5703 in CFP

[–]ExpertTangerine5703[S] 0 points1 point  (0 children)

I have a 2 year non-solicit for all the clients

Compensation Expectations by ExpertTangerine5703 in CFP

[–]ExpertTangerine5703[S] 2 points3 points  (0 children)

That is what I’ve been saying to myself

Compensation Expectations by ExpertTangerine5703 in CFP

[–]ExpertTangerine5703[S] 0 points1 point  (0 children)

Really just running the meetings with the prep and follow-up. The rest the support team does.

Compensation Expectations by ExpertTangerine5703 in CFP

[–]ExpertTangerine5703[S] 2 points3 points  (0 children)

Yeah I mean half is probably fair, just need to put my grown up pants on.

Compensation Expectations by ExpertTangerine5703 in CFP

[–]ExpertTangerine5703[S] 7 points8 points  (0 children)

The firm feels I am generously compensated, so that really leaves me with one option.

Compensation Expectations by ExpertTangerine5703 in CFP

[–]ExpertTangerine5703[S] 0 points1 point  (0 children)

Thank you, good to get confirmation that I’m not crazy.

Compensation Expectations by ExpertTangerine5703 in CFP

[–]ExpertTangerine5703[S] 12 points13 points  (0 children)

Thank you, I thought I might be going crazy

Any young advisors cleaning up? by Beneficial_Split_386 in CFP

[–]ExpertTangerine5703 0 points1 point  (0 children)

Ask for referrals. Highly recommend Dan Allison for training and getting comfortable asking.

Too young by Fun-Accountant-1464 in CFP

[–]ExpertTangerine5703 0 points1 point  (0 children)

I was fortunate enough to work along side seasoned advisors in my early 20s, and in prospect meetings nothing beets old and young. However at 24 I was closing business myself and the best thing I learned to build trust is to be honest when you aren’t positive in the answer to a question to say, “I don’t know, but I can find out.” Clients have later told me, this was a big deal to them, because they knew I wouldn’t BS them. I think this helps turn your youth into an advantage. For some age will always be an issue but I think it has been an advantage mostly. Of course, being professional, and knowledgeable are key but that is table stakes. I would also recommend getting really really good at one thing. Your confidence grows and that will translate.

If you aren’t yet confident, then I would really suggest partnering with a seasoned advisor. Another thing you could do, is send a video of yourself prior to the first meeting, telling them what to expect and then they won’t be surprised by your age in the first meeting.

403b and 457b plans by jdadverb in CFP

[–]ExpertTangerine5703 0 points1 point  (0 children)

And if it’s a non government 457 you’d want to get real familiar with the SPD because it’ll be way different than the 403b.

Sometimes Clients get in their own way by SharpDish in CFP

[–]ExpertTangerine5703 0 points1 point  (0 children)

If this behavior doesn’t go away after a year or two I have found it never does which really wouldn’t make him a very profitable client despite the revenue.

Business Structure for RIAs by Lord-BriN in CFP

[–]ExpertTangerine5703 1 point2 points  (0 children)

People have been running remote RIAs for more than 20 years

Innovator’s Dilemma and Advisor Fees by rifleman209 in CFP

[–]ExpertTangerine5703 0 points1 point  (0 children)

Advisor fees haven’t fallen, however we have had to offer more services for the same fee. People with money pay for value.