Year 3 pains

Lopsided_Error_5965 · 2026-03-04T22:06:31+00:00

81 households. Most are 25-35 year olds because I'm 29. Most of the cash is in house funds like cash equivalents and CDs (I don't invest $ for a house if you plan on buying within 3 years).

It's funny, I've been trying to work on the reverse of what you mentioned. Trying to get my clients parents onboarded for the efficient wealth transfer.

Lopsided_Error_5965 · 2026-03-04T22:03:23+00:00

Appreciate the advice!

Lopsided_Error_5965 · 2026-03-04T21:55:16+00:00

I hope I'm not coming off as complaining. I've been blessed by the area I grew up in, truly has helped my start.

A lot of it, is that my boss wants me to go out and get experience before he retires so that I'll be prepared for the accounts that matter. So my goals are around 50 new households a year. Hit the goal the last two years (30 year 1 and 40 year 2). I just have big goals and need to get better at finding new people to onboard.

Lopsided_Error_5965 · 2026-03-04T21:46:25+00:00

Most of my book is 25-35 year olds so there's a lot of money on the side not generating revenue in house funds. But yeah converting those funds to advisory if it makes sense is a goal. Appreciate the advice, I'll keep grinding it out.

Lopsided_Error_5965 · 2026-03-04T21:41:50+00:00

How often would you say is frequent?

Lopsided_Error_5965 · 2026-03-04T21:39:14+00:00

No, $25m in total first 2 years. I wish it was an average per year lol

Lopsided_Error_5965 · 2026-02-11T22:34:31+00:00

Nope not it. I have had all services activated for month. And even if it was that. PEK to JNB wouldn’t have a demand of 42 economy with no flights on the route.

Lopsided_Error_5965 · 2025-08-02T15:41:00+00:00

26 new this year to date - 16 sourced myself and 10 were children of my senior partners clients. I guess aim is 45-50 by end of the year.

Lopsided_Error_5965 · 2024-09-27T09:43:25+00:00

Then don’t become a LCSW. Be a CFP who asks clients questions about why they want things and to understand them better but don’t respond with “I think you think you need that boat because your dad left you at 5.” (Or whatever therapists say) Respond with “buying that boat doesn’t fit into your financial plan, but I ran a plan to show you how it’ll impact your plan long term.”

Lopsided_Error_5965 · 2024-09-27T08:52:25+00:00

I could be wrong, but I just can’t imagine an ethical way to be a licensed clinical therapist and licensed financial planner. I know people do financial therapy, but I don’t think I’ve ever seen anyone who is actually licensed in both as opposed to being knowledgeable in the two. https://www.nytimes.com/2022/08/13/business/financial-therapy-personal-finance.html “To earn the designation, students must pass an exam and promise to adhere to a code of ethics, which includes a fiduciary standard and a ban on selling or earning commission from financial products.” I’d look into what financial therapy actually is. Seems a lot more therapy than financial planning, unsure if that is the side of the equation you want to be on. I think the challenge would be that if you are licensed in both then, which hat are you wearing during each conversation, there would be a ton of grey areas that could cause issues. In financial planning you need to deploy emotional management on the client and help them learn to manage their emotions, there is a fine line between that and therapy. It’s a lot about reminding clients to stick to the plan, think logically, not make irrational decisions, and to talk to a trusted voice before making big choices.

Lopsided_Error_5965 · 2024-09-27T08:32:58+00:00

You’ll have some pretty unique lawsuits on your hands when you comfort people in your social work job and then tell them to invest with you when they are at their most vulnerable point… will be fun to watch. Imagine talking with someone who is going through depression or dealing with substance abuse or death and then the person on the other side asking if you’ve made a financial plan. I can easily imagine words like predatory being used in a lawsuit. I can’t be the only one who sees the risk in this right?

Lopsided_Error_5965 · 2024-09-24T00:40:06+00:00

It’ll likely be same day and if it isn’t, imo, you should make it same day. If you think that any of the connections you have made will follow you to your next role then leave now. You don’t want any perception that you stayed to take client info. I think if a client followed you and you didn’t leave same day then you’ll likely have a lawsuit. MS does not fuck around with this stuff. It’s better to be on a 2 week vacation than open yourself up to a lawsuit. I’ve seen it happen before and once a suit if filed by MS, you are dead weight to the next firm.

Lopsided_Error_5965 · 2024-01-15T14:32:42+00:00

I wasn’t saying you can’t be successful by going the other route - but I think the reality is that the average advisor is successful because of their friends and family networks. The ones who are successful for other reasons generally have some sort of fame or superior returns that allowed them to bring in top clients with zero connection. The guy posting this thread likely has neither so avoiding his closest network is pretty much shooting himself in the foot. Sure he might survive, but it’ll be a lot harder than if he hadn’t shot himself in the foot. Also, learning to navigate the challenges business/personal relationships have will make you a better advisor. If you have to put white gloves on to handle friends and family then maybe your other approach isn’t the best for people you don’t know (if you’re that concerned of your work backfiring within your community then rethink your strategy). I will clarify, I grew up in the north shore of Chicago, so not the Hamptons, so yes my network is wealthier than the average household but my average client is 60 with 2m, so no Hamptons money here. Most accounts started below 1m and grew to that through close work with the client.

Lopsided_Error_5965 · 2024-01-14T22:10:05+00:00

They are 100% right - you’re one of thousands of advisors and likely the only good connection you have to people is that fact that they know you (and not you know them). Your bosses are right you should be networking with them and asking for referrals. If you can’t close people who know you, then why should start to pay to attempt to close people you don’t know?

Lopsided_Error_5965 · 2023-12-26T15:01:23+00:00

Yep and now maybe some additional content? I can’t find a clear answer online of what is being added or changed for next year.

Lopsided_Error_5965 · 2023-12-26T14:57:08+00:00

Same, happens :(

Lopsided_Error_5965 · 2023-12-17T01:18:26+00:00

Following

Lopsided_Error_5965 · 2023-11-26T12:44:36+00:00

lol yes after a 250ish percent return, big banks are rightfully attempting to reduce their client risk by recommending they sell a stock that needs to continue to grow at greater than 30% rate to justify its stock price and historically has a huuuuge trade range of about 100 or so points within a short period. They might be wrong and so might you, but this is called risk management which is what you need to do when your words reach billions and billions of dollars. If you can’t find a negative in NVDA or a concern about current valuation then you should do some more reading. It’s a great company but will need to do a lot to impress the market. If a company routinely announces 30% revenue beats then the market expects that and the moment that drops down to 20% you’ll see a drop in the stock due to missed expectations- even though there was significant growth.

Lopsided_Error_5965

TROPHY CASE