Man it's difficult to attract new money!

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Nov 9, 2009 6:54 pm

If you're getting it done. How are you doing it?

Nov 10, 2009 11:53 am

We have a some fairly large companies in my area and I have been able to get a list with some of the current and former employees.

 
I was thinking about mailing a stock report to the ones that are on the DNC and calling the others to offer it..
 
Good idea?
Nov 10, 2009 3:00 pm

Yes, good idea!

 
The only way to find out if something will work is to do it. I've failed at so many prospecting ideas I've lost count. The Minnesota land fill methane gas deal being the most expensive flop! Sounded good at the time.  Flying Jersey to Mn expensive! OTOH, doing a mail/call/mail campaign to college alumni regarding an upcoming Tax free muni Neg deal to finance building at their school, huge success!
 
get an idea and go for it! Then  judge the results.
 
 
Nov 10, 2009 3:10 pm

BOND GUY IS BACK... on vacation in the tropics?

Nov 10, 2009 3:54 pm
BondGuy:

Yes, good idea!

 
The only way to find out if something will work is to do it. I've failed at so many prospecting ideas I've lost count. The Minnesota land fill methane gas deal being the most expensive flop! Sounded good at the time.  Flying Jersey to Mn expensive! OTOH, doing a mail/call/mail campaign to college alumni regarding an upcoming Tax free muni Neg deal to finance building at their school, huge success!
 
get an idea and go for it! Then  judge the results.
 
 
 
Are you seeing a slow down in asset transfers in your area, branch, newbies...
Nov 10, 2009 4:01 pm

Actually, I have seen a pretty decent increase in activity this year.  A LOT of interest from people that are disenchanted with their wirehouse brokers.  Just brought on a 850K relationship with someone who was getting NO attention from their advisor at Merrill. 

 
I have to say though, it totally depends on the specific office.  There is a local Merrill office that is completely locked in with their clients (a legacy Advest team).  Great guys, real good with their clients, good money managers.  The other, larger Merrill office a little further away - lots of turnover, lots of newbies, and LOTS of unhappy clients.  I never even get to TALK to clients of the former, but get people from the latter all the time.
Funyy, I am starting to get inquiries from the SB office.  That office is a bunch of 67 year-olds that never come to the office.  Some of their clients are tired of being pushed off on the newbies in the office when they have questions.  I have picked up a few from there as well.
Nov 10, 2009 4:29 pm
B24:

Actually, I have seen a pretty decent increase in activity this year.  A LOT of interest from people that are disenchanted with their wirehouse brokers.  Just brought on a 850K relationship with someone who was getting NO attention from their advisor at Merrill. 

 
I have to say though, it totally depends on the specific office.  There is a local Merrill office that is completely locked in with their clients (a legacy Advest team).  Great guys, real good with their clients, good money managers.  The other, larger Merrill office a little further away - lots of turnover, lots of newbies, and LOTS of unhappy clients.  I never even get to TALK to clients of the former, but get people from the latter all the time.
Funyy, I am starting to get inquiries from the SB office.  That office is a bunch of 67 year-olds that never come to the office.  Some of their clients are tired of being pushed off on the newbies in the office when they have questions.  I have picked up a few from there as well.
 
How are you picking them up?
Nov 10, 2009 4:37 pm
henrybar:
B24:

Actually, I have seen a pretty decent increase in activity this year.  A LOT of interest from people that are disenchanted with their wirehouse brokers.  Just brought on a 850K relationship with someone who was getting NO attention from their advisor at Merrill. 

 
I have to say though, it totally depends on the specific office.  There is a local Merrill office that is completely locked in with their clients (a legacy Advest team).  Great guys, real good with their clients, good money managers.  The other, larger Merrill office a little further away - lots of turnover, lots of newbies, and LOTS of unhappy clients.  I never even get to TALK to clients of the former, but get people from the latter all the time.
Funyy, I am starting to get inquiries from the SB office.  That office is a bunch of 67 year-olds that never come to the office.  Some of their clients are tired of being pushed off on the newbies in the office when they have questions.  I have picked up a few from there as well.
 
How are you picking them up?
 
"You shop here often?"
 
Honestly, mostly professional referrals.  Someone meets with their CPA or attorney and complains about how bad their advisor is.  I am known for having good "bedside manner" with clients, so I am a good referral for CPA's/attorneys that don't want to have to "worry" about their referral.
Nov 10, 2009 5:12 pm

The one tool that really did well for me came from a VV in StL ... when you get a retiree, have him invite all his/her buddies out to lunch on you before he leaves. Very low-key on your behalf, three minutes talk at the start of the lunch and then it's all about him.


Very successful referral business out of this exTREMELy cheap way to meet people. EJ picks up the tab on the first 75% of a lunch, and its all low key. (Additional hint: send the folks back to the office with a plate of desserts to share and some business cards).
Nov 10, 2009 5:46 pm

Did you all here that today Bank of America/Merrill Lynch made the formal name change announcement and filed it with the SEC.....

 
LYNCH AMERICA!!!!!!!!!!!!!!!!!!!!!!!!!!
Nov 10, 2009 6:47 pm

I attract $$, and some rather large accounts by making money in the ones I have. Funny thing they left out in training, make money for HNW folks and they love it. Anybody can send their money to some far off place to a group of people they will never meet yada yada yada. I've found HNW crave an honest to God STOCK BROKER!!!

 
True stock brokers, I consider myself one, are all but extinct as most people buy into the idea that those other people are OHHHHH so much smarter than we are. I say BULLsh*t Mr. Banker it was you that just about destroyed our economy. The less I listen to them the better I do.
 
When did these ideas start? IMHO when the The Glass-Steagall Act of 1933 was butchered by the special interest groups on November 12, 1999, by the Gramm-Leach-Bliley Act. We all know the result.
 
The ideas and products they love are sticky and can easily remove the salesman from the formula.
 
And yet another RANT by me. Just my VHO. I'm becoming more and more inflexible of my opinions of errr uhhh lets say bankers at the higher levels as time goes bye.
Nov 12, 2009 1:57 pm
Squash1:
BondGuy:

Yes, good idea!

 
The only way to find out if something will work is to do it. I've failed at so many prospecting ideas I've lost count. The Minnesota land fill methane gas deal being the most expensive flop! Sounded good at the time.  Flying Jersey to Mn expensive! OTOH, doing a mail/call/mail campaign to college alumni regarding an upcoming Tax free muni Neg deal to finance building at their school, huge success!
 
get an idea and go for it! Then  judge the results.
 
 
 
Are you seeing a slow down in asset transfers in your area, branch, newbies...
 
Sorry for the delayed response.
 
Slow down in asset transfers? What do do you mean "asset transfers, branches, newbies?"
Nov 12, 2009 2:36 pm

I meant a decrease in new money coming in from new prospects: Does it matter by branch or newbies?

Nov 13, 2009 3:03 pm

No decrease in money coming in among myself and those i know. Opening new accounts is about the same as it's been. Popped off two this week, one for 1/2 mil, the other for $25k. The 25k guy has $300k waiting on the sidelines. I get it if i pass the 25k test. No problem, its as good as done!

 
 However, biz is off somewhat from earlier in the year. For me it's a function of the bond markets which have moved up in price rapidly. Where have all the good bonds gone? They're still out there, but fewer than we've seen in recent months. We got 1.9 mil of a very attractive bond in inventory yesterday and it was gone in less than five minutes. I got a piece but not nearly what i wanted. I could have taken the whole thing. My lack of taking on discretionary accounts cost me. But, so it goes. There is always tomorrow.
Nov 13, 2009 4:11 pm

Bond Guy mind if I ask how long you have been prospecting those 2 accounts you opened?

Nov 13, 2009 5:45 pm
henrybar:

Bond Guy mind if I ask how long you have been prospecting those 2 accounts you opened?

 
The 25k guy was a prospect from about six months ago that went no where. Nice guy but couldn't get much info out of him. I kept dripping via email with offerings and he finally bit. The effort wasn't directed solely at him. Just general kind of offerings to a lot of prospects. He called me two weeks ago and off we went.
 
The 500k woman took about 3 weeks from start to finish. She too responded to an email offering. One thing led to another and poof!! new account!
 
Two weeks ago i opened a 1.2 mil account off a referal. Do they count? I thought i had another 500k account for this month, but that's gonna take until at least December to close. I thought it was a done deal but not so fast there young man!So, we'll see. Also another 50k plus account that will open next week. And, then there's the normal call'em and close'em who knows what's gonna happen accounts that I open all the time.
 
Stay on the phone and all sorts of good things happen.
 
That and to clear your mind come here to RR forums and get into a dog fight with others who don't see the world the same way as you. Good fun!!!
Nov 13, 2009 6:05 pm

Regarding email offering: I was under the impression you aren't allowed to email to people unless you have permission? Or did you talk to $500K lady before and got her email address.?

Nov 13, 2009 8:26 pm

First contact was a cold call. That led to emailing offerings which led to opening the account.