Mining the Prospect?

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Mar 26, 2007 7:32 pm

Got my target prospects now what investment do I use for;


Local Cities


Churches


School Districts


I am just struggling with how to approach them and with what investment strategies to apply.  I know these prospects have plenty of money to invest, it's just convincing them that I have the best plan for them.

Mar 26, 2007 9:57 pm

That's a pretty rough target market to go after.  You will need to do it through volume.  You need to get on the approved 403(b)/457 approved vendor lists.  The best way is to get some clients that work there to get on your platform.


For example, if you use Franklin Templeton 403(b)'s, get a bunch of teachers to open one, then go to the school district and get approved.  Problem is, any of the "approved" vendors already have reps that are working those channels, so you need to show something new.


Call the benefits managers and ask them to fax you the approved vendor lists, and an explanation of what the participants need to do to enroll (do they need employer forms, or just open an account and have it linked?).


I don't have any experience with churches yet, but cash management is important for larger churches (investing their excess cash, if any).

Mar 31, 2007 1:10 pm

Why not just join a firm that provides emlpoyer approved face-to-face (not a list like many insurance companies) access to employees??? 


It is as close as you can get to simply being handed a book.


Private replies welcomed.

Apr 3, 2007 11:23 am

forget it.  LONG lead time and inside placement.  You probably saw the big $$$$ and got all glossy eyed.  I did the same and did some 401k prospecting, same thing.  Waste of time.


If you are new you need to work WARM leads before COLD leads.  Get some numbers on the the board and then you can chase down giants.

Apr 3, 2007 1:01 pm

Bull Broker - churches, schools, and municipalities are your prospects?  Add one more to your list:  A FUTURE EMPLOYER

Apr 3, 2007 1:34 pm
BullBroker:

Got my target prospects now what investment do I use for;


Local Cities


Churches


School Districts


I am just struggling with how to approach them and with what investment strategies to apply.  I know these prospects have plenty of money to invest, it's just convincing them that I have the best plan for them.



Focus heavily on selling them treasuries, auction rate preferred's and CD's.  You'll be wealthy in no time.

Apr 6, 2007 3:49 pm

thank you, I appreciate your help

Apr 8, 2007 12:27 am
BullBroker:

thank you, I appreciate your help



I was being very sarcastic by the way.  Those are all low margin products and you won't make a plug nickel selling them.

Over the years I've seen lots of Noobs target "asset gathering" with small institutions and cash management.  Why?  Because some piker who couldn't make it as a rep got a job marketing the "cash desk" products for a firm, and gave this noob a long story about how Bob Rookie out in LA started by gathering HUGE assets doing cash management, and oh yeah it's true he didn't generate much gross on it, but he made ALL that up when he got these HUGE personal accounts from the company execs and then topped it off by closing a 25 million dollar 401k transfer case at the end of his first 12 months.  This of course led to him graduating POA early with a huge bonus and is a top producer.

What he doesn't tell you about is the other 200 noobs that starved to death using Bob Rookie's strategy, and now they work for Fidelity, Charles Schwab, or the local grocery store bank branch.  Why didn't he tell you that, because his job isn't to help you succeed, his job is to drive volume to HIS product line and HIS desk.  So if he can sweet talk a few Noobs into dumping a bunch of assets into his desk on a dream and a prayer, who CARES if they flame out.

Not everyone, in fact almost no-one, that you meet while in training at a wire has your best interests at heart.  This is true at other firms and other channels as well, but I think it's the worst at the wires and probably the insurance companies are a close second.

Watch what the vets do, try to make friends with a few and learn from them.

Full Disclosure:  Apparently Blarm has experienced some success going the cash management route, or one of his close colleagues.

Apr 8, 2007 6:02 pm

I understood the sarcasm JOE, this was just a thought that I had been mulling around.  After further thought and through this forum I have come to the conclusion, that while in theory this is a good idea, but I believe I would starve before I got a school board to let me run the district 401K.  Thanks anyway. 

Apr 8, 2007 6:52 pm
BullBroker:

I understood the sarcasm JOE, this was just a thought that I had been mulling around.  After further thought and through this forum I have come to the conclusion, that while in theory this is a good idea, but I believe I would starve before I got a school board to let me run the district 401K.  Thanks anyway. 


You wouldn't make it past the first interview question - Do you have hair under your arms?

Apr 8, 2007 6:57 pm

Thanks for the input Mr. Hull.

Apr 8, 2007 8:41 pm
BullBroker:

Thanks for the input Mr. Hull.


He's such a constructive, helpful dude.