Observations and Conflicting Answers

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Sep 12, 2009 2:44 am

One of the things that killed me was the answer - "use your contacts" when starting out. Well, f***, if I had that many contacts that would put 30 million in my account why would I need you? I would convince an Indy B/D to sponsor me. "Contacts" can only go so far. Realistically, how many contacts does one have when starting out? I am a small business owner in a fairly large niche, and I don't have that many contacts.



Another thing that killed me was the lack of a system. You only have so many hours in the day, and have to plan it like clockwork. Am I missing something here? I mean that is why you have a list, scripts, software to keep track of calls and appts, mailing and etc.?







Sep 12, 2009 11:55 am

Thanks for the advice, especially with friends and family. I am going to just go the cold calling route, and if I graduate from the program take them on later.



That is what I thought would happen with the contact dilemma. Probably going face-to-face is not a good idea either. If I can stay on the phone, I would rather do that. My own Merrill broker is someone I never met, and that dude is only 30 mins away. I will just do everything opposite on what he is doing, since I never see an email or peep from him.



What do you think of the Bill good system? At least it is a system. Proven or not, it is better than shooting from the hip with 3-lines of advice from experienced advisors.

Sep 13, 2009 6:34 pm
Otane:

One of the things that killed me was the answer - "use your contacts" when starting out. Well, f***, if I had that many contacts that would put 30 million in my account why would I need you? I would convince an Indy B/D to sponsor me. "Contacts" can only go so far. Realistically, how many contacts does one have when starting out? I am a small business owner in a fairly large niche, and I don't have that many contacts.

Another thing that killed me was the lack of a system. You only have so many hours in the day, and have to plan it like clockwork. Am I missing something here? I mean that is why you have a list, scripts, software to keep track of calls and appts, mailing and etc.?



 
You are not missing anything. In fact you've made a very astute observation. There is no system. And you have only one asset going in-time! Spend it wisely and you will have a successful career. Not so wisely and maybe no career.
 
The correct way to look at this as a trainee is you have a desk and a phone and one more thing. Your resourcefulness. That's it!  Your business will become whatever you make it.
 
As for the 500 day war-excellent post. And to many here a revelation. WOW, that's how it's done? Yup, that's all you gotta do, is talk to people all day long every day, and you gotta ask them to buy something from you, or meet with you so you can ask them to buy something from you, or send them some information so that you can ask them to buy something from you. It is a daily search for money to invest. Do that everyday for 12 or 14 hours and you will become a wealthy advisor.  To the old work horses among us JUDGE was putting into writing what each of us has been doing for years. No revelation, just reality.
 
Your business will become what you make it. It is up to you as the owner of that business to put the systems in place that will enable you to accomplish your goals. It is that simple and that complex.
 
FIND THE MONEY!!!
Sep 13, 2009 6:52 pm

Thanks for the advice.



I don't know if some of these experienced reps had amnesia when they talk to me. Or they don't want anyone else to succeed. I hope it is not the latter and but the former.



When I start to cold call, I will make sure I am prepared. How the other successful reps did (without a plan)it is still a mystery to me.







Sep 14, 2009 9:27 am

Actually, Otane, it is amnesia.  Most of the veterans have long sicne forgotten how they got where they are.  They are only thinking of what works for them NOW.  If you have a $100mm book, you are not out cold calling for 50K accounts.  You are mining your book and trolling for referrals.  But that doesn't work for someone new in the business.  But veterans can't imagine cold prospecting.

 
A little persepctive: I was heavily recruited by a team at Merrill early last year.  One was a friend of mine (really just an industry friend).  We sat down to talk over lunch one day, and his comment to me was "I didn't realize anyone started from scratch in this business anymore.  How do you do that?"  This was a guy with about a $125mm book, and he's like 40.  He's inherited more assets than he's brought in, and he stands to inherit/buy another $150mm+ from his senior partner (who is about 70).
 
It's all perspective.
Sep 14, 2009 11:02 am

That is what I thought.



A BM at MSSB said that I could bring in assets from my hedge fund days.....geez I wish it was that easy. When I heard that, I thought he was talking to an introducing broker (in that case I wouldn't need him in the first place) or he was delusional.



It is weird when all of the B/D's ask how you will raise money. I guess, if you answer, "I will cold call 12 hours a day, with a refined list, and follow-up system" that would fail. I had one BM said to use my industry contacts....I mean how would that help? I can imagine a conversation like, "Hey, I am such and such and have a business in the same industry"...and their answer would be "so?"



The amnesia part is a mystery to me. I am no strange to opening up businesses and making them successful, but I have not forgotten what it was like - liquidating 401k's, employee' stealing, robberies and etc.,



I will tell you one thing. I will continue to cold call like a mad man, and eventually hire a cold call team for as long as I am in this business. I just see opportunity when FA's begin to get lazy,delusional, and acquire Alzheimer's.