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Apr 23, 2008 10:26 pm

I was wondering if anyone here has placed a post on craigslist advertising their services.  I'm a new RIA and am looking for alternative methods of prospecting.  CL seems like it could be a good way to go.  Any suggestions would be helpful and much appreciated.

Apr 24, 2008 12:11 am

I think your post is a representation of your name.

 
Craigslist is a FREE online garage sale.
Apr 24, 2008 2:09 pm

Wow.  Are you serious?  How many people with serious money will call a financial advisor on Craig's List?....


"Needed....wealthy clients looking for financial services....Please call Sanford & Son's Financial...."  (some of you newbs might be too young to get the reference! )
Apr 24, 2008 4:13 pm

Just a little "outside of the box thinking".  I know this can be frightening for anyone over the age of 30, but there really is nothing to lose in trying.  The fact that this idea is so reviled leads me to think that it might be only a little bit stupid.  I've heard worse.

Apr 24, 2008 4:34 pm
Ferris Bueller:

Hey while you're at it, get a big cardboard sign and write your info on it.  Stand on the nearest street corner next to the newspaper hawker and the hobo begging for change.

 
You do that champ.  Be sure to report your results.  I don't know about the rest of you, but I can't wait!
 
Dude Ferris, you're giving away my trade secrets.  I don't need anymore competition on my corner.
Apr 24, 2008 4:47 pm

The only thing I will say, is that if you are trying to jump-start your career with some new accounts and a few bucks to keep you going, you may find some young people out there that like the idea and will call you.  But you better be careful how you present it.  You would likely ONLY appeal to a young crowd, so tailor the message appropriately.

 
One other thing, not sure how RIA's deal with compliance exactly, but you would have a tough time getting this one past a B/D compliance department (unless it was a pre-approved ad).
Apr 24, 2008 5:22 pm
mrdead:

Just a little "outside of the box thinking".  I know this can be frightening for anyone over the age of 30, but there really is nothing to lose in trying.  


Prospecting is about being effective or not, not being outside the box for the sake of being outside the box.

If you recognize that this approach would be fruitless or counterproductive for those over the age of 30, does that mean your target market is those under the age of 30? 

If not, why consider an approach your target market is likely to find unappealing?

Apr 24, 2008 5:54 pm

Somewhat related, I've seen profiles of Advisors that are advertising on Facebook. 

Apr 24, 2008 7:07 pm

"I'm a new RIA and am looking for alternative methods of prospecting."
 
 You are confusing "alternative methods of prospecting" with "prospecting avoidance".
 
 

Apr 24, 2008 8:11 pm
mrdead:

Just a little "outside of the box thinking".  I know this can be frightening for anyone over the age of 30, but there really is nothing to lose in trying.  The fact that this idea is so reviled leads me to think that it might be only a little bit stupid.  I've heard worse.

 
Apr 24, 2008 8:54 pm

Getting past the utter stupidity of an ad on CL, wouldn't the ad be a violation?  You are soliciting business and may come into contact with prospects in states you are not licensed to do business in.

Apr 24, 2008 9:42 pm
Akkula:
mrdead:

Just a little "outside of the box thinking".  I know this can be frightening for anyone over the age of 30, but there really is nothing to lose in trying.  The fact that this idea is so reviled leads me to think that it might be only a little bit stupid.  I've heard worse.

 


Why don't you tell your BOM at ML - as soon as you complete training - that you want to try this "outside the box" thinking, Akkula.  We can't wait to hear his reaction!! 

Apr 25, 2008 11:20 am

Ya gotta love kids these days. They ask for advice and when they don't like the answer they take a cheap shot.

 
And not to give credit to us over thirty 'Dudes" the phrase "outside of the box thinking" refers to thinking outside the box. Thinking outside the box relates to the Nine Dots Puzzle. To solve the puzzle connecting all the dots with one continuous line requires going beyond the boundries created by the dots. The puzzle was created by a "dude" who is way over thirty,  Sam Loyd, who published it in 1914. Another over thirty guy, John Adair, coined the phrase 'Thinking outside the box." For about ten years consultants used the puzzle and the phrase to intimidate clients. By now it is so cliche that using the phrase or the puzzle is no longer considered thinking outside the box.
 
As a member of the over thirty group there are things that frighten me. Like the thought of 20 somethings that use 40 year old catch phrases that incorporate 90 year old puzzles and think they know it all. Yeah, the world is a scary place.
 
Good luck with CR
 
Apr 25, 2008 12:05 pm

jeez, why is everyone here so serious?  lighten up a little bit.  you'll no doubt find life a bit more enjoyable.  If I had any idea I was going to ruffle feathers and stir such deep-seeded resentment I would never have asked the question.  The last thing I want to do is upset anyone

Apr 25, 2008 12:07 pm

advertising on craigslist is not meant to replace any other prospecting methods, just to supplement them.  How can you consider that lazy?

Apr 25, 2008 12:35 pm

This is exactly my point.  Some of you guys have no sense of humour. i'm not taking any cheap shots, bond.  It was a friendly jab at the over thirty crowd.  I apologize for the misunderstanding.   Next time i'll use an emoticon to make it easier for you to differentiate between a joke and a serious statement.  Thanks for the history lesson, although it isn't anything any AP eighth grader doesn't already know.  What's next, a lesson on Schroedinger's Cat?  Where do you teach? I'd love to sit in on one of your lectures  Just because the nine dots is a 90 year old puzzle doesn't make a less valuable concept.  I will be the first to admit I don't even come close to knowing it all.  The fact that you think that I think I do, just because I quoted a cliche is what is scary to me. 

Here is another obvious cliche for you:  the insecure man who tries to build himself up by putting others down.  time for some serious introspection, bub.(insert emoticon here)

On a more sincere note. I have however found most of these replies to be helpful.  There are many points that I didn't consider and I thank all for participating.  Thank you to all who responded with constructive criticism and advice and not purile attempts at sarcasm.

Apr 25, 2008 2:58 pm

Listen, don't do it.  What would you think if you saw a Doctor advertising their services on Craig's list?   You would think they were the WORST doctor in town and you would NEVER consider going to their office.  Is that what you want people to think of you when they see your ad?  

Apr 25, 2008 4:46 pm

Using CL was a dumb idea, however, I wouldn't rule out using the internet to prospect for clients.  As long as it meets compliance and you don't solely rely on it to prospect for clients.

Apr 25, 2008 10:58 pm
Morphius:
Akkula:
mrdead:

Just a little "outside of the box thinking".  I know this can be frightening for anyone over the age of 30, but there really is nothing to lose in trying.  The fact that this idea is so reviled leads me to think that it might be only a little bit stupid.  I've heard worse.

 


Why don't you tell your BOM at ML - as soon as you complete training - that you want to try this "outside the box" thinking, Akkula.  We can't wait to hear his reaction!! 

 
Not that I think it is a good idea--he just characterizes you old, stuck in your ways codgers quite well.    For such "risk takers" and "entrepeneurs" some people on this board really like to stick to the same old, same old.  Even if the idea has little merit, no harm in kicking it around a bit.  I am sure people thought selling a $5 cup of coffee was dumb too and $2 a bottle tap water.  I wish I had some of those dumb ideas. 
Apr 25, 2008 11:08 pm

You don't need any more dumb ideas, you have plenty already.