Here is my sales plan

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Apr 1, 2011 11:30 pm

Boyz and Girlz

SO much good information on this forum. Accepeted a position with ML and will start in 17 days. I am in my early 40's and after 20 years as a hotel GM I burned out and want to pursue my true passion which is being a (yeah, yeah I know, get over it) a stock broker. Have read the 500 day war and that is going to be the majority of my workday (old salts info, seems very logical, most efficient way to bring $ to the bottom line). Here is what I am composing in my head for a sales plan. ML only wants HNW individuals, so I exhaust my natural market in a month. go to the 500 day war, okay so what next. Thinking of hitting the public employee roles using freedom of information act and hitting 100K+ payroll. Targeting public employees about to retire which get a PLS of 3 yrs of full salary if it makes sense for them. My question for the board is that everyone is in a proactive sales approach which is great, however there are no reactive sales in place. Thought about doing the Dave Ramsey ELP as this vehicle, but am worried about the finders fee stripping any positive benefit besides  the addition to the AUM, which would keep me employed but not pay for itself. Thoughts?

BTW Sorry Charlie (handle) refers to the StarKist commercial about Charlie the Tuna, I am an addicted Deep Sea Fisherman.

Apr 3, 2011 7:49 am

Sorry, wish you the best of luck!  From all accounts and in my opinion the FA Opportunity is one of the best opportunities in America to make money and run a business within a business.  I'm not in the business yet but hope to be within the next year.  Ramsey ELP program is not something that come's easy and aside from your desire you have to be able to make it through his process which is pretty darn tough.  At this stage in the game being a new advisor it would be likely that you wouldn't make it through his process.  Again best of luck and keep us posted on how things are coming along. 

Apr 3, 2011 4:49 pm

I think the Dave Ramsey ELP system would provide you too many prospects which wouldn't be good ML clients since many of them would be smaller investors.

Apr 3, 2011 4:59 pm

Create YOUR OWN unique value proposition. My guess is the ML wants to you sell primarily on their name, strategy, and value prop, which undoubtedly is strong and carries good recognition. However, if people are buying into ML, and not into a relationship with a quality advisor (you), they won’t be as portable if things at ML ever go belly up for you. People want an advisor who looks out for their best interests. Be that person.

Apr 4, 2011 1:58 am

[quote=Sorry Charlie]

Boyz and Girlz

 Have read the 500 day war and that is going to be the majority of my workday (old salts info, seems very logical, most efficient way to bring $ to the bottom line). 

[/quote]

explain please... I'm a total newb here and I am about to undertake my own journey into the FA world, about to graduate with my MBA . Is this a book? If so, who is the author? I'm all about reading as much as possible right now. Any other suggestions on books?

Apr 4, 2011 11:09 pm

[quote=playinJ30]

[quote=Sorry Charlie]

Boyz and Girlz

 Have read the 500 day war and that is going to be the majority of my workday (old salts info, seems very logical, most efficient way to bring $ to the bottom line). 

[/quote]

explain please... I'm a total newb here and I am about to undertake my own journey into the FA world, about to graduate with my MBA . Is this a book? If so, who is the author? I'm all about reading as much as possible right now. Any other suggestions on books?

[/quote]

graduating with an mba and you don't know how to use google?

Apr 4, 2011 11:24 pm

[quote=j20a00g]

[quote=playinJ30]

[quote=Sorry Charlie]

Boyz and Girlz

 Have read the 500 day war and that is going to be the majority of my workday (old salts info, seems very logical, most efficient way to bring $ to the bottom line). 

[/quote]

explain please... I'm a total newb here and I am about to undertake my own journey into the FA world, about to graduate with my MBA . Is this a book? If so, who is the author? I'm all about reading as much as possible right now. Any other suggestions on books?

[/quote]

graduating with an mba and you don't know how to use google?

[/quote]

boy, what a productive post... thanks a lot man. I appreciate it. Aren't there other boards on the internet that you can troll and be totally unhelpful on? 

I have clearly googled the 500 day war, and no specific book has come up... so I'll ask the question again... is this a book? Or is it just a concept? 

I found the 500 day war blog, which doesn't have much content. 

Apr 5, 2011 9:03 am

I searched on "500 Day War" on this board and got 1,629 results.  It's not a book.

Try your search again.

Apr 5, 2011 9:39 am

The 500 day war is a post on this forum. It should be the mantra for a new FA. Read it, learn it, love it, and pray that it works, because I am basing my sales plan around it. Trying to dind other vehicles that are low effort to roll into my sales plan.

Apr 5, 2011 12:27 pm

The 500 day war, I haven't read it, but I think I understand what it is.

Many folks have tried to copy that, but few succeed like that. Why?

Because it is one thing to have a plan, another to execute the plan.

5% inspiration, 95% perspiration.

Don't know how old that 500 day war thing is, but eventually, it will be outdated by the market, regulators, management of participants firm, whatever.

Apr 5, 2011 12:39 pm

500 Day War from The Judge

This is some advice that I would give to someone starting out for their first 500 days as a producing advisor.  A new broker with no substantial contacts/connections; someone who is willing to put in the sweat equity to survive and eventual prosper.  After all, survival is the key as any successful veteran broker will tell you.  Some of these may appear somewhat controversal; it is simply my experience/view and what I would do.  In no particular order:
- Speak to 25,000 people via telephone; business owners and corporate directories only.  It will amount to 2500 leads and 250 new accounts (households). Average account should be 100k; that's 25 million @ 1% paying you 250k gross on an annual basis.
- Make an effort to open all accounts over the phone; discourage appointments (we'll revisit this theory later on) unless it is high 6 figures or a million dollar prospect.  Takes too much time.  With the travel, meeting time, etc; we are solely focusing on the numbers here. Eventually you'll meet with them AFTER they become clients.
- Purchase a laptop for your contact management; have this in front of you at all times and place the firm workstation BEHIND you.  Too distracting and you will rarely need it anyway in the first two years.
- Have all of the compliance approved marketing material as well as new account/ACAT documents available via email to send to prospects.  Make every effort to utilize this at all times to speed up the process.
- On a monthly basis, send a blast email as well as a paper-based copy of some idea/market related info to all of your prospects.  This is to be done on Saturday unless you can afford to hire someone to do it for you.
- If there is no "sale" on the first follow up call, make every effort to (politely) try and disqualify them.  This is done to prevent clogging up the pipeline with nice people who are (in reality) not interest or not qualified.  Or both. 
- Don't consider spending any of your time on seminars, networking, wholesalers.  Too much time/effort with unpredictable results.  These activities can be initiated after you've survived and have built a base to build on.
- Make 3 cold calls for every follow up call during the day.  It insures you are always talking to new people and not getting comfortable/lazy speaking only with existing prospects who will likely treat you in a kinder manner.
- Don't solicit or accept friend or family accounts. In addition, politely let them know that you are not to be called at work before 6 pm unless there is an emergency.  No time for idle chit/chat and friendly calls often turn into long conversations.  Keep up contact evenings/weekends.
- Plan the next day (in particular you call list) before you leave.  30 minutes after arriving to work you should be on the phone.
- Do not take active traders for clients, especially fee-based traders.  Takes too much time and interferes with prospecting.
- Ask every prospect if it would be ok to call them on Saturdays; great day to call/reach people in a relaxed state; this is the only time I would call home #'s and only after they've given you permission.
- Use regular mail and email to keep your name in front of prospects on a regular basis.  However, ALL outgoing phone calls should be dedicated to asking for orders.
- During the week, gather all research/articles/etc and put it in a pile; this is to be read on Sunday when you have time, and not interfering with prospecting efforts.
- Keep diligent notes on conversations with prospects; quickly peruse them before following up and mention previous things they've said.  Sets you apart and will impress any prospect.
- Promote referrals immediately after the first sale is made.  Something along the lines of sending them an additional brochure for someone they may know.  Do not ask for specific names, simply let them know you would appreciate any introductions.
- Be the first to arrive and generally the last to leave.  Do not socialize with fellow brokers as they want you to fail.  Bust your tail and impress them via your work ethic and results.  You are the only one who decides your paycheck.
- Find a city that you would like to visit often, preferably on the opposite coast (different time zone).  Spend 1-2 hours calling this area every day.  If you are on the East Coast and calling SF, this can be done in the evening (your time) while it's still afternoon out there.  Conversely, West Coast people can be calling east at 6 am. 
- Keep a daily scorecard and be diligent tracking activity/results.  Set ambitious (yet reasonable) goals and exceed them.  Time management is crucial; waste one hour a day and you have just wasted 25 working days a year. Yeah, it's that much.
- Assume everyone has caller ID and always leave messages for existing prospects; no messages on cold calls. Leave one message a week for a prospect.  And when you get a new prospect, ask them what time and what # they prefer to be contacted.
- Work for today but keep tomorrow in mind.  Try and build a business that is primarily fee-based/recurring revenue.  It's a great feeling to come into year 3 with 250k already "done" and to see dividends for years to come as a result of the 500 day war.
So there's a start and I'll try and add more as I think of them.  In addition, I'll post some ideas on what a broker in their 3rd year should start considering doing to grow the business.

Apr 7, 2011 3:04 pm

somebody likes the 500 day war i see