Broker/Investment Advisor Technique?
I was fortunate enough to have a great conversation with a professional, licensed broker friend the other day. He probably thinks of me the same way you guys do, but regardless it was a great time!
While he does broker on the side (doing trades his clients suggests), he's mostly an Investment Adviser (which includes making the trades for them, except he doesn't make them on client suggestion, rather his own predictions).
He said, his most successful technique is a cold call with a unique follow up method. He closes the call asking for a small commitment - their email address. Over the next three days, he then blasts out an email containing his predictions (usually day trades or forecasts). He says from that point, usually about 90% of receivers end up choosing him (he points out conservative trades that anyone, including me could probably predict).
Was just curious if this is a common trade in the industry? Or is this some "revolutionary" new idea? He said he hasn't had to call for over a year now.
P.S. Read sig before posting
Loving the signature.
I'm not sure how revolutionary his ideas are. Most of my clients have come because I have made their friends or colleagues money.
Guys like Gaddock who make tons of trades (compared to most of us) a day, also get a lot of their business because they have made their clients money. Also, there are a lot of people who "don't have to call" but continue to do so.
I make my own recommendations as well. Email is a great way to do that. There are some compliance issues with what he is putting out, but maybe he's found a way around that so far.
Just keep in mind that your friend committed a lot of hard work to this job and just because it is easier for him now, doesn't mean that it always was.
Yeah, clearly it does take a lot of hard work. Close friends I can understand if you convinced them long enough, or showed how you managed your own cash well.
However, convincing total strangers to "give you money" must be mind boggling! A sales man to the n'th degree - except you also have to follow up with incredible skill as well.