Prospecting for the big firms

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Jul 18, 2010 10:31 pm

How do the white shoe firms prospect? Like UBS, Goldman and Merrill lynch 

Jul 18, 2010 11:15 pm

Same as everyone else.. Cold Calling/networking.. But the name recognition helps

Jul 19, 2010 8:46 am

Merrill and UBS are not White Shoe, not even close. Propsecting at those firms is remarkably the same as at all other firms. During my time at Paine Webber cold calling was embraced. After UBS came in it was discouraged.

Shortly after UBS took over my branch got a new branch manager. I was the number three producer in the very high producing branch. During one of our early meetings this dunce looking at my business process says to me 'Do you really think you can attract big money clients using cold calling? I don't think so!" I wanted to call him a moron but thought better of it. After-all, the numbers speak for themselves.  I responded " I understand you've never been on the sales side prior to your coming here, there's probably a good reason for that." I know i should have just called him a moron and been done with it. We never got along after that meeting. Go figure!

Goldman is white shoe, using it's sales force to call on institutions and the ultra wealthy. They hire looking for connections. I couldn't get into Goldman. Not even an interview. Yet, got offers from the Bros and Bear and a few other high touch firms while doing the interview process after coming to fork in the road.

Jul 19, 2010 2:52 pm

[quote=chickenfeed]

Same as everyone else.. Cold Calling/networking.. But the name recognition helps

The names do not give them recognition! If anything it hurts them.

Jul 19, 2010 4:18 pm

Seriously buddy... Goldman Sachs is a damaged name?

Two calls:

1. Hi this is John Frank with Frank Investments

2. Hi this is John Frank with Goldman Sachs

Wonder which one works better?

Jul 19, 2010 4:37 pm

[quote=chickenfeed]

Seriously buddy... Goldman Sachs is a damaged name?

Two calls:

1. Hi this is John Frank with Frank Investments

2. Hi this is John Frank with Goldman Sachs

Wonder which one works better?

[/quote]

"Hi, I'm John Frank, with Frank Investments, we clear through Fidelity Investments. I've got 35 yrs into the business, and I was referred to you by the Board of Directors at XYZ University...."

I think John Frank will do just fine. 

Jul 19, 2010 5:37 pm

Bondguy,

How did your new manager propose you attract the big money?

Jul 19, 2010 5:54 pm

[quote=BigFirepower]

[quote=chickenfeed]

Seriously buddy... Goldman Sachs is a damaged name?

Two calls:

1. Hi this is John Frank with Frank Investments

2. Hi this is John Frank with Goldman Sachs

Wonder which one works better?

[/quote]

"Hi, I'm John Frank, with Frank Investments, we clear through Fidelity Investments. I've got 35 yrs into the business, and I was referred to you by the Board of Directors at XYZ University...."

I think John Frank will do just fine. 

 [/quote]

Completely agree... except not all John Franks have 35 years in the business and clear through Fidelity or have a reference from the Board of Directors..

I was saying apples to apples for a new guy, the name helps..

Jul 20, 2010 9:41 am

[quote=chickenfeed]

Seriously buddy... Goldman Sachs is a damaged name?

Two calls:

1. Hi this is John Frank with Frank Investments

2. Hi this is John Frank with Goldman Sachs

Wonder which one works better?

[/quote]

They both work equally well:

1. Hi Mr. Sixpack, this is B24 at B24 Investments.

2. Hi Mr. Buffett, it's B24 over at Goldman.

Point is, Goldman is calling on an entirely different class of investor.  No matter how well or poorly Goldman does in the mdeia, the uber-wealthy will still do business with them (unless they completely implode). 

And in all reality, there is no such thing as a "new guy" at Goldman.  Chances are it is someone "new" that came from another whiteshoe firm, law firm, consulting firm, etc.

Jul 20, 2010 10:10 am

[quote=chickenfeed]

Seriously buddy... Goldman Sachs is a damaged name?

Two calls:

1. Hi this is John Frank with Frank Investments

2. Hi this is John Frank with Goldman Sachs

Wonder which one works better?

[/quote]

Don't pay any attention to Greenbacks.  She seems to think that all one needs to do is buy pre-booked leads and the rest takes care of itself.

Jul 20, 2010 10:11 am

[quote=Trenkspan]

Bondguy,

How did your new manager propose you attract the big money?

[/quote]

No matter what the manager proposed, I'm guessing BG is still doing it his own way - by asking for the big money.

Jul 20, 2010 11:57 am

[quote=chickenfeed]

[quote=BigFirepower]

[quote=chickenfeed]

Seriously buddy... Goldman Sachs is a damaged name?

Two calls:

1. Hi this is John Frank with Frank Investments

2. Hi this is John Frank with Goldman Sachs

Wonder which one works better?

[/quote]

"Hi, I'm John Frank, with Frank Investments, we clear through Fidelity Investments. I've got 35 yrs into the business, and I was referred to you by the Board of Directors at XYZ University...."

I think John Frank will do just fine. 

 [/quote]

Completely agree... except not all John Franks have 35 years in the business and clear through Fidelity or have a reference from the Board of Directors..

I was saying apples to apples for a new guy, the name helps..

[/quote]

A big name gone bad, is bad. The bad reputation that GS now has, worse than before, is no doubt costing them big bucks. I know folks that literally froth at the mouth when they hear the word Goldman. Republicans, conservatives to a high degree, would never do biz with them. There is a void out there right now, on Wall Street, investors are looking for someone clean, on the up and up. I think it will be the LPL, Raymond James, other Indies if they play their cards right. One big name, lots of former colleagues have gone to, is Wells Fargo. I think currently they have the best operation, best reputation. Trouble is, they're silo'd, segmented, to a somewhat confusing degree.

Jul 20, 2010 12:33 pm

Manager proposed Seminar dinners.

My reply: Yoh dude, I was doing dinner seminars before you got here. You shut it down as part of the cost cutting via machete. Does this mean i can ramp them up again?

Dunce: I'll get back to you.

Whoever posted "asking for big money" has it exactly right. You've got to hunt for big bucks.

On GS, I made money trading the bonds. Nice trade, short hold, out today on the trading position, for better or worse. Still in on LT income accounts. I like GS.

Jul 20, 2010 12:53 pm

[quote=BondGuy]

Manager proposed Seminar dinners.

My reply: Yoh dude, I was doing dinner seminars before you got here. You shut it down as part of the cost cutting via machete. Does this mean i can ramp them up again?

Dunce: I'll get back to you.

Whoever posted "asking for big money" has it exactly right. You've got to hunt for big bucks.

On GS, I made money trading the bonds. Nice trade, short hold, out today on the trading position, for better or worse. Still in on LT income accounts. I like GS.

[/quote]

You are so harsh on that managerial dunce. Surely, he went to a great school that his parents paid for, and probably knows much more about expensive wines than you do! Not to mention, he's been to all sorts of meetings, seminars, and work shops about being successful...

Jul 20, 2010 10:26 pm

[quote=BigFirepower]

[quote=BondGuy]

Manager proposed Seminar dinners.

My reply: Yoh dude, I was doing dinner seminars before you got here. You shut it down as part of the cost cutting via machete. Does this mean i can ramp them up again?

Dunce: I'll get back to you.

Whoever posted "asking for big money" has it exactly right. You've got to hunt for big bucks.

On GS, I made money trading the bonds. Nice trade, short hold, out today on the trading position, for better or worse. Still in on LT income accounts. I like GS.

[/quote]

You are so harsh on that managerial dunce. Surely, he went to a great school that his parents paid for, and probably knows much more about expensive wines than you do! Not to mention, he's been to all sorts of meetings, seminars, and work shops about being successful...

[/quote]

Love your humor...