Description of Workday
Would new Merrill Lynch advisors be expected to do continuously calling for the first year or two for 10 hours per day for five or six days a week or are there other methods introduced by corporate management for making the quota requirements? How many hours on the phone per week does it take to succeed?
I don't work for ML, but I think I can speak for their corporate management, in this regard. ML doesn't care what you do, as long as you make quota-plus.
If you can make quota-plus working 2 hours per day, they'll be "tickled pink". On the other hand, if it means working the phones for 12 hours per day, then that's what you'll have to do. Maybe seminars are the key or even door-to-door prospecting. As a trainee, you'll have to decide what to do, in order to make quota.
Go with your best strength and work it to death. Face-to-face, phone, group settings, whatever just do it.
I'm 23 just completed college. Played sports and worked at the local bar. Went to a lot of parties and talked to a lot of 20 year old ladies. I know I can network and communicate with the best of them.
Phone call: Hello sir, my name is joe bob and I work for Smell Blaaaa. I would like to talk to you about blaa blaa blaa....
No wonder the failure rate is 95%...
Do you guys at the wirehouses see the ones who make it under the wing of a successful broker?
Really, you just have to make your numbers. Who cares if you played sports???
BUT, can you make the numbers? Do these 20 year olds have at least $50,000 of investable assets they will GIVE you?
Good. Now get your calculator. Min. requirements your first year are $5 million in assets and $50,000 of revenue off those assets. PUT YOUR CALCULATOR BACK if it cost $9.99 or less at Walmart. Because you do not have money and your friends and family (who are the easiest people to get money from) may not have money either.
But, if you think you can honestly book 100 people with at least $50,000 in assets, then you will make your number. Do you know people with more money than $50,000???? Good, you will need to book less sales. Do you know people with less than $50,000??? Put a fork in your rump, you are done.
Why? Because, for the most part, people with that little money are best off buying some T Rowe funds and managing money on their own. You need to get paid, and wealthy people are the ones who will pay you.
Good luck. Hope this helps.
Start developing your network now. Come up with an excuse to call every
CPA and attorney in town (not the "injured in a car accident" guys on TV).
Sponsor some CPE and CLE courses for them. Give them some referrals.
Buy them lunch. Do some employee education at a few area businesses.
Look for some small business retirement plans so you can get to know
the owners (and get their $$). Do client/prospect events. Sponsor a golf
tournament or charity event (or both).
Bottom line, you do not want to be cold calling the rest of your life. If you
can add some of these things to your tackle box, you can make cold-
calling just a complementary activity, rather than a 10-hour a day activity.
Get active outside the office. The only problem is if you really don't have a genuine passion or interest it may never evolve. People may smell you out as a salesman trying to get in their pocket. Either way get active outside the office and use the phone to compliment your actions.
The poeple that make it have a combination of traits.
1. They work HARD.
2. They "get it" when it comes to how they spend their time.
3. They spend litttle time with analysis, and most of their time prospecting and closing.
4. They do not spend time fighting the system or Mother's policies.
5. They typically have an established network, but not always.
6. They are older that 25.
7. They have tons of discipline.
8. THey are somewhat "light hearted" in their personality.
9. They find a niche and exploit it.
10. They have a generally pleasant, aproachable, outgoing
personality...but not too gergarious (don't correct my spelling, I hate
that out here).
I think Rightway sums it up ... I might only add that no matter what your process you need to commit to it heart and soul.. because it is your lfie there is no 9-5 in this biz..