Anyone know anything about Bear Stearns Private Client Services?
Bear Stearns PCS is run by Steve Dantus. Dantus is a no Bullsh*t guy who demands the best from his people and will go the distance to support them. Only the best get to work for Dantus.
The old prospecting model was to cold call HNW individuals and pitch them stocks using a two call sysyem. This prospecting model, postion building, was taken right out of Lehman Brothers play book. This wasn't boiler room crap, slinging worthless shares on the unsuspecting. It was about coming to wealthy people with good ideas in the stock market. Read the lead article in the current issue of RR and you'll find that the wealthy still want these ideas. It worked very well as most of the brokers doing it had gross production measured in millions not thousands. Many of these brokers have leveraged that intial business into full service fee practices.
Today, I'm sure the model has changed as to approach. And fee management is getting big play, but the message is the same, call rich people and sell them something. If you're not aggresive and you shy from calling the upper management of Fortune 500 companies then you need not apply.
Great boutique firm similar to Bernstein Private Client. Focusing only on upper tier investors, developing strategic partnerships with CPA's, attorneys, etc, and most of the reps do huge business.