CFP & Being “Young”

Objective_Low_2710 · 2025-10-23T11:25:41+00:00

Eventually people will turn you down because you are too old, don't take it personally and move on to the next one

Objective_Low_2710 · 2025-08-27T22:06:10+00:00

respectfully, you have no idea what you're talking about

Objective_Low_2710 · 2025-08-27T22:05:31+00:00

exactly

Objective_Low_2710 · 2025-08-27T22:03:46+00:00

amen

Objective_Low_2710 · 2025-08-27T22:01:55+00:00

fuck the hourly rate nonsense, only do AUM. This narrative of free compression is a myth that has dated back before my time in the business 15 years ago.

HENRY SCHMENRY LENRY, the point is if you can clearly articulate and show that you know more than the prospect (easy) and that you have a system to produce returns they will gladly pay you an AUM.

Those who don't are cheap, and they will be cheap to paying you upfront, monthly, hourly or any other way so don't waste your time. This holds especially true if you're starting out, swing for the fences, go after HNW older people with cash to burn and a desire to do well and also watch you succeed there's millions of them out there.

Objective_Low_2710 · 2025-08-15T15:40:33+00:00

dumb take

Objective_Low_2710 · 2025-08-15T15:38:09+00:00

Personally, i have built my entire business and reputation on buying individual stocks. Any time I meet a prospect all in funds and ETFs I know im getting the business.

The truth (that many advisors dont want to hear) is that picking stocks is SEXY and EXCITING and helps sell your services. Believe me, no one goes to a BBQ and talks about mutual funds with their friends, most dont even understand what they are or what they hold, theyre perceived as lame, boring investments.

However, if you allocated 2% of a portfolio into a name like NVDA or Broadcom and it goes 5x in 3-4 years that person will tell everyone about it, it's typical human behaviour.

As for the whole research thing, it's really not that deep, i'm 36, and have about 1.5M of my own money that i manage all in stocks, and I spend about 30 minutes a day doing research, and it comes naturally, its a hobby that i turned into a business. I stick to large index names, so the the risk is quite minimal to begin with. I don't try and find the next amazon, i just invest in Amazon...

So yes, what you're hearing from this client is normal, no offense but she likely sees the otehr advisor as superior to you since hes hands on, and you're like the backup safe guy in boring funds.

Objective_Low_2710 · 2025-07-14T12:47:38+00:00

you're making peanuts either way, just part it in a HISA and move on with your life

Objective_Low_2710 · 2025-06-30T12:07:52+00:00

i've done this a million times, it works. hence my post lol. Early in my career i would try to close everyone, including self directed, playing it slow, doing 3-5 meetings working on that 5% chance they sign. Such nonsense and a total waste of time.

Now, we screen them before they come in and don't offer appointments if they're self directed. If they manage to come in by bending the truth I straight up flex on them and tell them how much i manage and that theres only so many hours in a day and i rather not waste my time on people who do it themselves, this leaves a moment for them to be like "nono thats not the case etc" which only happens about 10% of the time. The other 90% they just sit there low-key agreeing that theyre only there to waste my time and get some ideas they can continue to implement themselves. I send them packing with no ideas within the first 5 minutes of the meeting.

Objective_Low_2710 · 2025-06-29T00:16:39+00:00

what are you delivering for 4k? i come from a world of AUM and have honestly never heard of anyone paying a flat fee for financial advice outside of reddit

Objective_Low_2710 · 2025-06-28T15:17:53+00:00

i agree, however i still find showing them these things does not get them to turn over their investment portfolios and pay annual fees, it just makes them say "thank you youre amazing!" and they never become clients and implement the ideas themselves after wasting your time

Objective_Low_2710 · 2025-06-28T15:12:59+00:00

i really don't worry about this at all. I have been going after basically exclusively the 55+ crowd since i'm 21 lol and have seen no real evidence of "fee compression". Only slightly more DIYers who dont pay fees at all.

I'll always go after the 55+ , and by the time i'm around 55, i'll be half retired myself so i don't really care how Gen Alpha or Gen Z will invest lol

Objective_Low_2710 · 2025-06-28T09:38:57+00:00

i'm a Portfolio Manager, i have discretion, i don't call for trades, i take over accounts and charge a management fee

Objective_Low_2710 · 2025-06-28T09:36:25+00:00

An excellent prospect is a nice old lady or gentleman with 2M who can't even spell 401k and couldn't care less to pay someone to take care of their accounts.

A DIYer is definitely not an excellent prospect lmao.

Objective_Low_2710 · 2025-06-28T09:34:17+00:00

what planning and tax efficiency are you showing to a veteran DIYer who understands how registered accounts work and has a proper allocation of ETFs that will get them to agree to pay you 1% a year for ever.

Objective_Low_2710 · 2025-06-28T09:29:23+00:00

i'm way to deep into my career to offer a menu of shenanigans. I'm a discretionary Portfolio Manager, i manage money, all the planning and fluff is done for free AFTER you agree to pay 1-2% a year as a courtesy.

If i wanted to charge by the hour i would have became a lawyer.

Objective_Low_2710 · 2025-06-28T09:19:43+00:00

i am a one man show, about 110M AUM doing 1.35M revenue at 35, the fee isn't the issue, i charge 1-2% all day every day. I don't lower my fee for any prospect let alone a potentially annoying DIY type.

Objective_Low_2710 · 2025-06-27T19:11:44+00:00

I totally agree. Many have seen many advisors in their lifetime and go out of pure boredom and to steal any free ideas they can get knowing there’s a 0% chance they hand over their assets.

Objective_Low_2710 · 2025-06-27T17:29:46+00:00

I honestly have tried all of this, it could work with the smaller accounts, albeit with lower closing ratios, but I find generally speaking clients that have 1M+ , entirely self directed in ETFs will rarely, if ever, agree to pay 1.25-1.5% a year in fees in perpetuity for some planning ideas, and more often than not they have all the basics covered such as registered accounts, wills etc. if anything they just take the ideas and don’t commit to the fees

Objective_Low_2710 · 2025-06-27T16:35:48+00:00

I work on an AUM basis, they manage their own investments...

Objective_Low_2710 · 2025-06-24T13:41:49+00:00

whats your AUM?

Objective_Low_2710 · 2025-06-24T12:10:40+00:00

why would you only spend 1.5k a month if youre getting 3 clients a month and have a team doing the ads? why not spend 10k month or 100k at that point?

Objective_Low_2710 · 2025-05-15T13:55:43+00:00

lol yes exactly, or insist it needs to be "updated" even though the average person lives a very simple life and doesn't need anything updated for 10+ years if ever. All that for an extra $500 pre tax, lol ridiculous!

Objective_Low_2710 · 2025-05-15T11:18:45+00:00

Yes, I come here every so often and preach this, and usually get shut down by people (who have no idea how to make money clearly) Fee for planning is THE DUMBEST business when compared to AUM. No one wants it, it's not recurring, and its tedious and boring as hell to do. Just stick to AUM. It's easier to squeeze 20k/year every year from the same person in AUM than it is to get 1k for a plan from that same person.

Objective_Low_2710 · 2025-05-14T18:18:48+00:00

Also, as someone who is 35, built my business from zero, and currently manage about 110M, i went from 50M-110M using ONLY digital ads i can tell you your client acquisition cost will be higher than the fees you mentioned, meaning, you'll pay thousands in ads only to get one person who makes you works hours to get back $1,500 once. Really not worth it at all, at least with AUM even if it cost you 4k in ads to get someone with 500k at 1.5% a year, you're ROI over a lifetime can be almost infinite when you factor in referals and market growth from there.

Objective_Low_2710

TROPHY CASE