Not to dig up an old Rrep article, but what do you think of this guy from ML? The article is from 2001. 1.9M production in his 4th year? Doesn't sound like he inherited a book, although he mentions his dad being in the business. Also, I don't think he was a part of the team until after this. Am I missing something, or was this guy just killing it?
Man looks into the Abyss, and there’s nothin’ staring back at him. At that moment, man finds his character, and that’s what keeps him out of the Abys
Stop going for the easy buck and start producing something with your life. Create, instead of living off the buying and selling of others.
thanks for the article. Just goes to reinforce... none of those people were doing anything different. The only thing they did.... they actually pounded the pavement and got it done.
Ie... who here didnt actually think doing seminars may lead to getting in front of prospects, and some of those prospects may become clients.
[quote=The Duke]"That winter, Desenberg was approaching his fourth year in the business and anticipating production of about $1.9 million for the year...." http://registeredrep.com/mag/finance_milliondollar_producers/ Not to dig up an old Rrep article, but what do you think of this guy from ML? The article is from 2001. 1.9M production in his 4th year? Doesn't sound like he inherited a book, although he mentions his dad being in the business. Also, I don't think he was a part of the team until after this. Am I missing something, or was this guy just killing it?[/quote] You obviously can't read... under his name next to his production... TEAM
Here is what he does:Each weeknight, John Desenberg's team of part-time cold callers dials nearly 700 numbers in the Houston area. On average, 150 prospects pick up the phone, 30 express interest in Desenberg's "Planning for the Future" retirement seminar, 15 commit to attend when called a second time, and five out of the initial 700 households dialed actually show up.
Is Desenberg disappointed? Absolutely not. This Merrill Lynch rep has used cold calling almost exclusively to grow his assets under management from §12 million to §100 million. He's now a million-dollar-plus producer.
With the advent of the Internet and other high-tech communication systems, telephone marketing may seem like an archaic strategy. It's not. Developing effective phone skills is still a powerful way to generate business.
The key for Desenberg was hiring a marketing manager and a dozen telemarketers that he pays §8 to §10 an hour, along with a §10 bonus for each household they contact that attends his seminar. He says the most important number, however, is not the 50 or so people who turn out to his biweekly seminars, but the more than 200 a month who commit to attend and become his prospecting base.
"It's nice if they show up, but I can't tell you how many great clients didn't come from the seminar," Desenberg says, adding that frequent contact via phone and mail eventually turns prospects into clients.
http://www.emii.com/articleprint.aspx?ArticleID=1030123Was terminated for too many complaints
Not that I am obsessed but just bored… So he gave a seminar after he got fired put on by PBS training(larry biedermen) and told advisors how he got to $1MM in production by year 3…$640… I would pay that just to hear him…Anyone use Larry Biedermen?
Thanks Squash. I knew he was part of a team, just thought he created the team “after” he hit that production level. You really did some digging on this guy…
wonder what the compalints were about and how many of them he was found guilty on.
As of 2004(when he fell off the map) most were settled by ML and John wasn't asked to participate in the reward to client, however there was one still outstanding for $2.4MM..they were mostly about unsuitbale investments relating to a technology fund run by some district manager's daugheter who got credit($$$) for every client that got put in the fund... Another broker Joel Cessna got nailed for same thing..
wow. esp since most tech funds fell 85 to 90% from their peaks in 01.
Heck, some big funds are still trying to recover from it.
Nice digging Squash, and thanks for the info.
Is his dad still in the business? or the whole team out?
No the other guy, Matt something is at UBS now… I am guessing his dad is done, had been in the business 41 years and that was in 2000 or so…