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Nov 23, 2010 2:40 pm

So I'm new to the FA side of the business, I came from Oppenheimer funds wholesale side and recently joined a successful team as a junior.  My role is not exactly what I thought it was going to be, that’s fine with me I just need to shift gears and get moving.  Basically I was brought on to take over the bottom of a book, learn from my senior and go from there.  My actual role is more along the lines of I need to get 10mil under management in the next 12 months to keep my job.  My firm does not hire newbie’s and I got brought on strictly because my senior is the number 2 producer in the company.  So this means little systems to help someone from the ground up.  Now to my questions:

1.  I do not get lists of any sort provided to me, any suggestions on where to get those from?  If I am going to be making 150+ calls a day I need numbers.

2.  I do not have any internal compliance that helps with the DNC list, any suggestions on that.

3.  Finally any advice negative and positive is always appreciated.

Nov 23, 2010 3:25 pm

I'm going to assume, you never got the part about being a Jr Partner, work the small book in writing? And, I'm also going to assume, that your adjusted role, get 10m then you can keep your job, was also...NOT in writing.

Ok, so, let me tell you. 10m, is a ton of money, especially for a new rep that doesn't even have a list to call upon!

Ok, so you call a ton of folks, do well, and give him all the accounts, money, then what the heck is in it for you? What's to say they don't just kick you to the curb regardless of anything? Not like you have anything in writing...

Wow, how did you possibly get into a mess like this?

I'm sorry to tell you this, but you've made a huge mistake.

Nov 23, 2010 3:38 pm

Also all the info is on this website already, use the search key..

Nov 23, 2010 4:25 pm

[quote=BigFirepower]

I'm going to assume, you never got the part about being a Jr Partner, work the small book in writing? And, I'm also going to assume, that your adjusted role, get 10m then you can keep your job, was also...NOT in writing.

Ok, so, let me tell you. 10m, is a ton of money, especially for a new rep that doesn't even have a list to call upon!

Ok, so you call a ton of folks, do well, and give him all the accounts, money, then what the heck is in it for you? What's to say they don't just kick you to the curb regardless of anything? Not like you have anything in writing...

Wow, how did you possibly get into a mess like this?

I'm sorry to tell you this, but you've made a huge mistake.

[/quote]

you are mostly right here.

1.  Jr. Partner small book was not in writting.

2.  The 10 mil was in writting (finally appeared in the final contract) to late for me to turn back.  Oh yeah I turned down a job at Goldman for this as well.

3.  10 mil is a ton I agree.

4.  I have my own rep code so all the accounts are my name it is just set up where he gets 10% of my production.

I am concerned about the chioce I made but I am going to give it 100% and make it happen.  Any new advice in lew of these facts?

Nov 23, 2010 4:43 pm

What is the senior advisor doing for you to justify his 10% slice of your pie? 

Nov 23, 2010 4:54 pm

[quote=newregrep]

What is the senior advisor doing for you to justify his 10% slice of your pie? 

[/quote]

He has given me over 100 accounts (granted 4k average) to mine for other assets, but most important he helps me with how to manage the money.  We are extremelly active in the syndicate, reg D and restricted stock area and the exposure I get is worth the 10%.  Oh yeah most important I get his pay out rate

Nov 23, 2010 4:59 pm

Sounds like you already have your licenses? Have you called Goldman back, asked them to reconsider you? Are able to do any kind of business you want? How do you envision yourself doing biz? Are there any other issues in your contract? Do you trust these people, have you "checked them out" at Finra via broker check? Would it be difficult, serious problem, to keep looking for employment?

Nov 23, 2010 5:15 pm

Cold calling is so old school. Even old guys like me have figured out how to do a little drip marketing using social networking. Especially if you know where your next meal is cooking.

Nov 23, 2010 6:18 pm

[quote=Times7]

Cold calling is so old school. Even old guys like me have figured out how to do a little drip marketing using social networking. Especially if you know where your next meal is cooking.

what are you doing for your drip campaign, I am having a tough time with compliance with that.

Nov 23, 2010 9:13 pm

Hi,guy

I can help you!

Nov 23, 2010 11:27 pm

[quote=Times7]

Cold calling is so old school. Even old guys like me have figured out how to do a little drip marketing using social networking. Especially if you know where your next meal is cooking.

[/quote]

I disagree. 

Cold calling works the best...forget seminars, networking, and the other time wasters. Problem with cold calling is that people get tired of having their frail egos get bashed on a daily basis - especially if they have a decent size book already. 

Nov 24, 2010 4:26 am

 Jenkins, you need to grok your way out of chasing marks.  You are a professional, FGS. Be thankful and multiply.

Nov 24, 2010 8:26 am

Without infrastructure to weed out DNC  call busnesses only. When you say "we' specailize in Reg D and syndicate market do you mean the sell side? If so, what's the track record of your group? Did you chk out the guys you are working for? I ask because while there is much opportunity to make dough with legit guys, that area is overloaded with fraud. Even Goldman is borderline with some of it's deals in that area. if your firm is one of these bucket shop touts, quit today and don't mention them on any future resume. ! If your firm is clean, go for it!

I picture your firm as strictly or mostly a stock shop.

Using a Lehman system of call/mail/call pitching opportunity and exclusivity pitched to high end biz executives and biz owners should easily net you 10 mil AUM within a year. Set a minimun new acct size of $100,000. Close for a larger amount. I've seen more people than i can count raise that much and more within a year using that system to pitch stocks or bonds.

Essentially your presentations will be an appeal to greed hitting on the hot buttons motivated by human nature. Unfortunately, this is the way it is. Everyone wants high returns etc. if you present your product the way your accountant presents his, you will never sell a single share of stock to anyone. Again, just the way it is.

First call intro:

Mr. Smith, I'm looking for a very unique investor today, one who could raise a $250,000 for the right idea , on a phone call. Does that describe you?

From there you either get blown off the phone or 30 seconds to wow them. Make it good!!

At avg acct size of 250k you need only 40 people to meet your goal. With 3 months to fill the pipeline that's about 4 new accts per month. Assumes you will open at least 4 new accts while filling the pipeline. Very doable.

You need to at least double the amt of calls you have planned.

Ok, my 8:15 finally showed up, gotta go.

Good luck.

Nov 24, 2010 9:25 am

Jenkins, if the senior advisors are helping you and you are netting a good payout, you may have a good deal on hand.  But when it's not inked on a contract or an agreement, you should take a second look.  I'd follow BG's advice and do your due dilligence on the folks you are employed with.

Nov 24, 2010 9:37 am

[quote=BigFirepower]

Sounds like you already have your licenses? Have you called Goldman back, asked them to reconsider you? Are able to do any kind of business you want? How do you envision yourself doing biz? Are there any other issues in your contract? Do you trust these people, have you "checked them out" at Finra via broker check? Would it be difficult, serious problem, to keep looking for employment?

[/quote]

Yeah I have my 7 and 66 (and 6 but thats worthless), I know Goldman will hire me on if I wanted I am still conected to management there.  I can do any tyoe of business I want, my senior is 70-30 fee based to transactional with a little over 70 mil in fee.  I want my book of business to be fee based accounts along with 401k s (my senior works with a lot of CEO's and business owners), we are working at getting all their 401ks and then I hold enrollment meetings to uncover more assets.  I absolutely trust my broker he is one of my very wealthy friends brokers, I have no reason to not trust him, its the managers that have changed my contract twice my senior seems dedicated to making this work for me as he really needs me to help him mange his book.  Hes to the point where partial retirement is around the corner and he needs to groom me so his clients are comfortable. 

I think I made it sound a little worse than it is in my previous post, as I was jumpnig through corporate hoops all day and was a little demotivated.  I have sold on the phone and been very succesful in the past I just need to know where to get lists to call on.

Nov 24, 2010 9:38 am

[quote=banggoodok]

Hi,guy

I can help you!

[/quote] do tell

Nov 24, 2010 9:50 am

[quote=BondGuy]

Without infrastructure to weed out DNC  call busnesses only. When you say "we' specailize in Reg D and syndicate market do you mean the sell side? If so, what's the track record of your group? Did you chk out the guys you are working for? I ask because while there is much opportunity to make dough with legit guys, that area is overloaded with fraud. Even Goldman is borderline with some of it's deals in that area. if your firm is one of these bucket shop touts, quit today and don't mention them on any future resume. ! If your firm is clean, go for it!

I picture your firm as strictly or mostly a stock shop.

Using a Lehman system of call/mail/call pitching opportunity and exclusivity pitched to high end biz executives and biz owners should easily net you 10 mil AUM within a year. Set a minimun new acct size of $100,000. Close for a larger amount. I've seen more people than i can count raise that much and more within a year using that system to pitch stocks or bonds.

Essentially your presentations will be an appeal to greed hitting on the hot buttons motivated by human nature. Unfortunately, this is the way it is. Everyone wants high returns etc. if you present your product the way your accountant presents his, you will never sell a single share of stock to anyone. Again, just the way it is.

First call intro:

Mr. Smith, I'm looking for a very unique investor today, one who could raise a $250,000 for the right idea , on a phone call. Does that describe you?

From there you either get blown off the phone or 30 seconds to wow them. Make it good!!

At avg acct size of 250k you need only 40 people to meet your goal. With 3 months to fill the pipeline that's about 4 new accts per month. Assumes you will open at least 4 new accts while filling the pipeline. Very doable.

You need to at least double the amt of calls you have planned.

Ok, my 8:15 finally showed up, gotta go.

Good luck.

[/quote]

Thanks BG I have followed your posts for awhile now and you always seem to have great input, I would like to clear a couple things up for you though.  By Reg D yes we do a lot of sell side (going down as corp is trying to stop this type of business and I'm sure you know why) we have 3 clients that provide finanxcing for smaller companies and get stock in return we sell this for them, this is where our transactional business comes from.  We do not openly market for this as our firm does not allow us to take on new clients for this type of business.  As far as syndicate goes I work for Wedbush (best research team in the business 2 years running) so we are underwritters and co-managers on a lot of deals, my senior is the #1 broker for syndicate business so we work hand in hand with them and our banking department one of the hot deals my senior found and we underwrote was croc's (to bad I wasnt here for that)

We are far from a stock shop as fixed income is the majority of our fee accounts, this works becasue we have our own bond trader in our office on our payroll (when I say our, my senior and myself, we have our own office seperate from the other reps in a different part of Denver) we package some very unique fixed income portfolios built from odd lots of Fannie, Freddie, and Ginne bonds that people on fixed income love, but bond supply is a little tough right now

Other than that the rest of you post is very helpfull and I am going to use some of you ideas, in light of this new info any additional ideas?

Nov 24, 2010 11:32 am

Jenkins, there are list companies that will provide you a variety of leads, and they certify them scrubbed. I've worked with CIS before with pretty good results. But, my last purchase with them, is my only experience after the DNC thing started. 85% of the leads, were on the DNC list....not good.

But, the good news is, that you have a very interesting marketable niche market, that should be pretty viable over the many years ahead. We should see a growing, rapidly, syndicate market, and many of the smaller ones, are going to be big winners in the years ahead. 

I'd suggest talking to the senior about the ideal profile of a client. Using the newspaper, industry publications, google searches, you could create a home made list (the best kind), made up of only business phone numbers. Like Bondguy says, then you create a very quick hot presentation that you can just repeat over and over again. And, like he says, you're not looking for hundreds of clients, you're really looking for just a few dozen.

Your contract, current relationship at the firm, is meaningless if you don't stack up.... or if you hit it out of the park. If you got the talent, later you can dictate the terms, or find a better place to work doing the same thing.

Nov 24, 2010 1:27 pm

[quote=BigFirepower]

Jenkins, there are list companies that will provide you a variety of leads, and they certify them scrubbed. I've worked with CIS before with pretty good results. But, my last purchase with them, is my only experience after the DNC thing started. 85% of the leads, were on the DNC list....not good.

But, the good news is, that you have a very interesting marketable niche market, that should be pretty viable over the many years ahead. We should see a growing, rapidly, syndicate market, and many of the smaller ones, are going to be big winners in the years ahead. 

I'd suggest talking to the senior about the ideal profile of a client. Using the newspaper, industry publications, google searches, you could create a home made list (the best kind), made up of only business phone numbers. Like Bondguy says, then you create a very quick hot presentation that you can just repeat over and over again. And, like he says, you're not looking for hundreds of clients, you're really looking for just a few dozen.

Your contract, current relationship at the firm, is meaningless if you don't stack up.... or if you hit it out of the park. If you got the talent, later you can dictate the terms, or find a better place to work doing the same thing.

[/quote]

thanks BFP, I realize I have my work cut out for me, but I am in a situation if I faiL FA is not for me.

The only thing I need is a freaking list!! I dont want to drop $600.00 on 6000 numbers from info USA...Any help on this is appreciated.

Nov 24, 2010 2:46 pm

I find it a bit surprising that this firm you are going to work for, is too cheap to buy a list? Well, you could ask the Senior FA if one of the mutual fund wholesalers will cover the cost of a paid for list?

I think some of the best lists are what you create yourself. Use the internet, and go to the library to find work numbers and names of folks in various industries that are in your area. At some libraries, they have internal magazines of corporations, years and years of archives, with names, positions, retirement announcements and all sorts of valuable stuff. LIsts you create on your own, are less likely to have been called too often.