Attn: Seasoned Vets

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Feb 28, 2007 9:08 pm

If you were to start in the business today, what would be the biggest method of prospecting you would use?

Feb 28, 2007 11:13 pm

Dude this question kills me. It's like asking for a prescription without knowing your symptoms or like a client asking yuo what he needs to do with a mil and you give him an answer bypassing any questions about their situation.


What is YOUR situation? Where do you live? How many Jones' brokers are there in a 5 mile radius to neighbourhoods you're familiar with etc?


**** me if a NY City broker gives you the same answer someone in Little Rock Arkansas gives you.

Mar 1, 2007 7:37 am

Aren't you the one that scored like a 40 on the series 7.  I asked seasoned vets not someone who probably isn't even producing yet. 

Mar 1, 2007 8:39 am
entrylevelFA:

Aren't you the one that scored like a 40 on the series 7.  I asked seasoned vets not someone who probably isn't even producing yet. 


That's a good way to win friends and influence people


I thought he gave you a good answer. Here's a hint when you're prospecting, check the attitude at the door.

Mar 1, 2007 11:37 am

I would use the method that works best for ME.  Since you aren't me you need to find what works for you.

Mar 1, 2007 11:50 am

My point was that I wanted answers from Vets and not more than 3 months ago this guy was telling us about how he failed the 7.

Mar 1, 2007 12:44 pm

...that's harsh...but it's still kind of funny.  Honestly, I thought the same thing...you weren't asking a rookie for an answer...


At any rate, for my personality, which isn't a good cold-calling personality, I would go right back to where I came from...a bank program.  Better yet, a bank program in a locale where I and/or my family is well known (assuming that you're not well known for showing up in the police report).


Bank programs (at least the ones with management that "gets it") can be a great feeder system for a young rep trying to make it in a tough business.  In a well-run program, other employees are well-incented to give you quality referrals.  If you're new to the game, this is a nice way to build a book.  Just beware...


If you leave, banks are inclined to feel like the book of clients is theirs, regardless of your efforts or how well/how poorly you were fed.  I was treated alright when I left.  Far from perfect, but alright.  A friend of mine was treated like crap.  Clients were lied to and told that he was in financial trouble and probably wouldn't make it.  Because he wasn't as well established in his community, some of his clients were hesitant to make the move when fed this line of sh*t.  He's survived and is well on his way to a very successful business, but his road was rocky in the beginning due to some very unprofessional activity.


If you go this direction, you'll likely have to sign a non-compete/non-solicit and if you leave, expect that the bank will likely defend it vigorously as is their right.  If you are happy and stay, it's a non-issue.  Just understand that if you leave, a substantial portion of your clients may very well stay behind.

Mar 1, 2007 12:54 pm

Indyone, can you explain how the bank programs work, and how you approached getting "in". I don't think my local ones have any, but I've only asked several.

Mar 1, 2007 1:16 pm
entrylevelFA:

If you were to start in the business today, what would be the biggest method of prospecting you would use?


Gotta love this website, someone asks a simple question and a food fight breaks out.


There is some good advice intertwined in the previous answers. First, what works for one may not work for you. Second, what plays well in NYC could fall flat in Peoria. So that advice should be heeded.


Prospecting has to be custom tailored to the individual. That said, if I had to start at zero today my primary prospecting channel would be cold calling business owners. There are three reasons I would use this as my primary(but not only) prospecting channel. First, I'm comfortable doing it. I've dealt with business owners and corp execs my entire career. I talk their language. I live among them. I socialize with these people. Second,  as Wille Horton said "It's where the money is." These people have money and the problems that having money can bring. Boo Hoo, hey we can help! Thirdly, cold calling still works. It as hard as it ever was, but still delivers prospects.


There is cold calling done right, then cold calling done wrong and finally there is cold calling done half assed. To do it right I highly recommend Bill Good's book "Prospecting Your Way To Sales Success." Read it cover to cover to understand how cold calling is only one part of a highly organized marketing campaign designed to deliver highly qualified prospects to a chair in your office and to ultimately put cash in your pocket. Lots of cash.


Lastly, cold calling is not the answer for everyone. There are many other channels that can be productive. It is up to you to find what channels or combination of channels best suits your personality.

Mar 1, 2007 2:11 pm

Closer, that's a big question and I need to get back to paying the bills, so I'll give you a short version and perhaps some of the current bank folk can elaborate.


Almost all banks of any significant size have an in-house brokerage program.  Short of that, many smaller banks at least have a trust department where you could potentially get valuable experience in both investment management and trusts and estates (as BG says, that's where the money's at!).  If you aren't finding banks with investment programs, you should look at bigger banks.


As far as how to get in...if you're young, an assistant job or junior broker position to a successful advisor may be your best ticket to getting started.  Do well, and you'll soon get the opportunity to run your own book.

Mar 1, 2007 3:48 pm
entrylevelFA:

Aren't you the one that scored like a 40 on the series 7.  I asked seasoned vets not someone who probably isn't even producing yet. 


A seasoned vet could be sitting ona  cubicle making his comfortable $150 k a year in trailing 12s and you would rather get an answer from that person than receive my 2 cents?


The question was as stupid as your baseless assumptions. Don't attack me for feeling defensive after a legitimate response was given to you (and repeated by your seasoned vets) by someone you incorrectly percieve to be inferior to you. If you did well on your tests, you just proved those scores are mutually exclusive to any glimpse of decency, manners and independent thought.


Asking what's the best way to prospect is as absurd as asking "what's the best way to invest money?".


Think man. Don't get so defensive..you'll scare clients away.

Mar 1, 2007 3:57 pm

Oh and by the way, I got licensed in May with a 79 on my test and am on pace right now to trailing just over 60k in my first year.


Is that "more than 3 months ago" enough to you?

Mar 1, 2007 4:04 pm

anabuhabkuss:
and am on pace right now to trailing just over 60k in my first year.


Sounds like a Jonesy, eh?
?

Mar 1, 2007 4:21 pm

entrylevelFA, ignore anabuhabkuss, the personal attack is useless verbiage.


Good, solid advice from Indyone and Bondguy. You ask a legitimate question and instead of a constructive dialogue the dogs of war come out - that's bul****.

Mar 1, 2007 5:04 pm
entrylevelFA:

Aren't you the one that scored like a 40 on the series 7.  I asked seasoned vets not someone who probably isn't even producing yet. 



Her score on the series 7 has nothing to do with the fact that your question was poorly framed.

It would be as if a new prospect called me or dropped by my office and said "Well what is a good investment for me today?"

Only a fool(or a desparate rookie) would answer that question.

Honestly I think both you and Annabuhkuss have a pretty lousy attitude.  Lighten up!

Mar 1, 2007 7:23 pm
successmagnet:

entrylevelFA, ignore anabuhabkuss, the personal attack is useless verbiage.


Good, solid advice from Indyone and Bondguy. You ask a legitimate question and instead of a constructive dialogue the dogs of war come out - that's bul****.



Irony is obviously lost on you.

Mar 1, 2007 7:36 pm

How could Irony be lost on him? He's a MAGNET!

Mar 1, 2007 7:39 pm

entry--if your a newby at JOnes, my advice is to not spend any time on this site, but to work extremely hard at not reinventing the wheel--simply customize the training to your abilities thru trial and error (i.e. many many hours of prospecting by phone, doorways, and businesses). there is no shortcut--go out there and get beat up til you figure it out

Mar 1, 2007 8:02 pm
newnew:

entry--if your a newby at JOnes, my advice is to not spend any time on this site, but to work extremely hard at not reinventing the wheel--simply customize the training to your abilities thru trial and error (i.e. many many hours of prospecting by phone, doorways, and businesses). there is no shortcut--go out there and get beat up til you figure it out


This is actually the best advice.  No one can tell you the "best way" to prospect since we are all different personalities and so are our clients demographics.  I live in a rural retirement area full of wealthy, mostly younger (55 yrs old), retirees and land rich and cash rich bia the land sales long time residents. My approach is going to be much different than someone in a larger urban area.  You just need to keep trying and watch your results and be willing to change tactics on the fly.

Mar 1, 2007 11:11 pm
joedabrkr:

It would be as if a new prospect called me or dropped
by my office and said "Well what is a good investment for me today?"

Only a fool(or a desparate rookie) would answer that question.





I'd say "TIPS" and not even look up at who asked the question.