Day in the life of a newbie wire

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Jun 13, 2009 1:12 pm

Can somebody give an example of what a newbie does at a wirehouse in a day in the life of...

Jun 13, 2009 2:45 pm

.

Jun 13, 2009 2:59 pm
Easy.
 
7:30 AM - read papers - IBD - WSJ print or online, as you drink coffee & listen to morning call, think about a strategy you might want to use for any assets you have in.  If you have an investment "policy" that you use, or matrix - rely on that as your filter. If you don't spend some time on a weekend or late at night to come up with somethin.
8:00 AM Pick up phone, start dialing cold calls
8:50 AM Stretch, get coffee, check market. .
9:00 AM - Pick up phone,  start dialing cold calls
9:50 AM pee, Get coffee
10:00 AM Ifyou have no appointment - pick up phone start dialing cold calls
10:50 - drink water, have snack
11:00 Pick up phone,  start dialing cold calls
11:50 - Heat up the lunch you brought in, listen to noon calls, analyst info
Read and reply to e-mail.
1:00 If you have an appointment, go on it, If not.....Pick up phone,  start dialing cold calls 
1:50 Check with assistant to see if there are any missing paperwork items....etc that need to be dealt with, grab mail. DON"T READ IT yet.
2:00 Pick up phone,  start dialing cold calls
2:50 Scan mail, - toss junk. Put things to follow up on or read aside.
3:00 Pick up phone,  start dialing cold calls
3:50 pee, afternoon snack.....check market close info
4:00 Pick up phone,  start dialing cold calls
4:50 - check e-mail, reply, drink something - coffee or water
5:00 Pick up phone,  start dialing cold calls
5:50 - eat something for dinner, scan headlines, read mail. Think about what you might want to put in for trades for market open. Call any clients you have an pitch that.
6:30 Pick up phone,  start dialing cold calls
 
As you fill your schedule with appointments, analysis, trading - block out the time so that you always leave marketing time for about 1/2 to 1/3 of your time. As your practice matures, it will become easy to stop doing the things that made you successful in the first place. DON"T DO IT. Don't ever let a day go by when you don't spend at least two hours on some marketing activity.
 
Always do analysis at nights or on weekends, not during business hours.
 
Read the post the JUDGE made on this forum called "500 day war" until it is a mantra you can breathe.  I'm well past the 500 days, and keep the 500 day war printed out and I look at it every day.
 
Don't let other brokers eat your time talking about THEIR pet ideas. Keep your ego out of things and DON't compete with anyone on investment ideas.
 
Block out wholesalers from your office (have your investment policy handy and when they ask for your time tell them you want an insured muni portfolio - or something that will hit one of your needs for a client. If they don't have it, tell them you have an appointment.
 
Don't let the operational side of the business suck you in.
 
Jun 13, 2009 5:02 pm

Is that typical of others in your office or are you the exception?

Jun 13, 2009 5:04 pm

Do wires supply you with lists and/or accounts(like sales genie, info usa, etc)?

Jun 13, 2009 5:07 pm
tqspygame:

Can somebody give an example of what a newbie does at a wirehouse in a day in the life of...


 
The typical newbie fails out of the business, so it may be wise to not do what that typical one does.
Jun 13, 2009 8:29 pm

Atypical & it works.

Jun 13, 2009 8:33 pm

No one supplies you with anything. You pull together leads from whatever sources you can and you go and create interest enough that people open their accounts with you.


Some people pool access to sales genie, some people use lists from real estate sales, McRae's Blue book, etc. Find what you like and if it costs you a bit out of pocket - spend the money to access it. Look at it asn an investment in yourself.
 
However, this isn't unique to wires....RIAs have to do this too....
 
Jun 14, 2009 2:42 pm
Takingnames:
Easy.



7:30 AM - read papers - IBD - WSJ print or online, as you drink coffee & listen to morning call, think about a strategy you might want to use for any assets you have in. If you have an investment "policy" that you use, or matrix - rely on that as your filter. If you don't spend some time on a weekend or late at night to come up with somethin.

8:00 AM Pick up phone, start dialing cold calls

8:50 AM Stretch, get coffee, check market. .

9:00 AM - Pick up phone, start dialing cold calls

9:50 AM pee, Get coffee

10:00 AM Ifyou have no appointment - pick up phone start dialing cold calls

10:50 - drink water, have snack

11:00 Pick up phone, start dialing cold calls

11:50 - Heat up the lunch you brought in, listen to noon calls, analyst info

Read and reply to e-mail.

1:00 If you have an appointment, go on it, If not.....Pick up phone, start dialing cold calls

1:50 Check with assistant to see if there are any missing paperwork items....etc that need to be dealt with, grab mail. DON"T READ IT yet.

2:00 Pick up phone, start dialing cold calls

2:50 Scan mail, - toss junk. Put things to follow up on or read aside.

3:00 Pick up phone, start dialing cold calls

3:50 pee, afternoon snack.....check market close info

4:00 Pick up phone, start dialing cold calls

4:50 - check e-mail, reply, drink something - coffee or water

5:00 Pick up phone, start dialing cold calls

5:50 - eat something for dinner, scan headlines, read mail. Think about what you might want to put in for trades for market open. Call any clients you have an pitch that.

6:30 Pick up phone, start dialing cold calls



As you fill your schedule with appointments, analysis, trading - block out the time so that you always leave marketing time for about 1/2 to 1/3 of your time. As your practice matures, it will become easy to stop doing the things that made you successful in the first place. DON"T DO IT. Don't ever let a day go by when you don't spend at least two hours on some marketing activity.



Always do analysis at nights or on weekends, not during business hours.



Read the post the JUDGE made on this forum called "500 day war" until it is a mantra you can breathe. I'm well past the 500 days, and keep the 500 day war printed out and I look at it every day.



Don't let other brokers eat your time talking about THEIR pet ideas. Keep your ego out of things and DON't compete with anyone on investment ideas.



Block out wholesalers from your office (have your investment policy handy and when they ask for your time tell them you want an insured muni portfolio - or something that will hit one of your needs for a client. If they don't have it, tell them you have an appointment.



Don't let the operational side of the business suck you in.





That takes some dedication, but if you are doing that my guess is that it wouldn't take long before you are at $500K then $1 Mil in gross production..

Jun 14, 2009 4:11 pm

That's how I roll. Now, if only I could pee less.......

Jun 14, 2009 5:18 pm
Takingnames:
Easy.
 
7:30 AM - read papers - IBD - WSJ print or online, as you drink coffee & listen to morning call, think about a strategy you might want to use for any assets you have in.  If you have an investment "policy" that you use, or matrix - rely on that as your filter. If you don't spend some time on a weekend or late at night to come up with somethin.
8:00 AM Pick up phone, start dialing cold calls
8:50 AM Stretch, get coffee, check market. .
9:00 AM - Pick up phone,  start dialing cold calls
9:50 AM pee, Get coffee
10:00 AM Ifyou have no appointment - pick up phone start dialing cold calls
10:50 - drink water, have snack
11:00 Pick up phone,  start dialing cold calls
11:50 - Heat up the lunch you brought in, listen to noon calls, analyst info
Read and reply to e-mail.
1:00 If you have an appointment, go on it, If not.....Pick up phone,  start dialing cold calls 
1:50 Check with assistant to see if there are any missing paperwork items....etc that need to be dealt with, grab mail. DON"T READ IT yet.
2:00 Pick up phone,  start dialing cold calls
2:50 Scan mail, - toss junk. Put things to follow up on or read aside.
3:00 Pick up phone,  start dialing cold calls
3:50 pee, afternoon snack.....check market close info
4:00 Pick up phone,  start dialing cold calls
4:50 - check e-mail, reply, drink something - coffee or water
5:00 Pick up phone,  start dialing cold calls
5:50 - eat something for dinner, scan headlines, read mail. Think about what you might want to put in for trades for market open. Call any clients you have an pitch that.
6:30 Pick up phone,  start dialing cold calls
 
As you fill your schedule with appointments, analysis, trading - block out the time so that you always leave marketing time for about 1/2 to 1/3 of your time. As your practice matures, it will become easy to stop doing the things that made you successful in the first place. DON"T DO IT. Don't ever let a day go by when you don't spend at least two hours on some marketing activity.
 
Always do analysis at nights or on weekends, not during business hours.
 
Read the post the JUDGE made on this forum called "500 day war" until it is a mantra you can breathe.  I'm well past the 500 days, and keep the 500 day war printed out and I look at it every day.
 
Don't let other brokers eat your time talking about THEIR pet ideas. Keep your ego out of things and DON't compete with anyone on investment ideas.
 
Block out wholesalers from your office (have your investment policy handy and when they ask for your time tell them you want an insured muni portfolio - or something that will hit one of your needs for a client. If they don't have it, tell them you have an appointment.
 
Don't let the operational side of the business suck you in.
 
 
If you're weren't drinking so much coffee you wouldn't have to take so many pee breaks.
 
Work smarter and harder.
Jun 14, 2009 5:25 pm

Yep yep & yep

 
Even in jest, Taking names works harder/smarter than 99.9% of all of you under the table.
Jun 15, 2009 10:25 pm

 ah shucks, Gaddock.

Now about them there cash backed puts.....
 
Jun 16, 2009 3:19 pm
Takingnames:

 ah shucks, Gaddock.

Now about them there cash backed puts.....
 
 
Only cash backed if erisa money otherwise I max the margin to limit!
 
YEEEEEEEEEEEEEEEEEHA!!!
 
June & July are looking pretty huge at the moment.
Jun 16, 2009 3:31 pm

Unfortunately my firm does not allow cash secured puts - so no ERISA put writing.