Marketing Support

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Nov 16, 2006 4:07 pm

I've been reading this forum for a while now and have found it very helpful and insightful.  This is my first post. 


I've recently taken a FA trainee job at a major wirehouse in NY.  My question is about marketing support.  The branch manager has assured me that most marketing costs will be paid for by the firm and won't be out of pocket.  Some larger expenses (T&E expenses, advertising etc) may also be covered, but will be considered on a case by case basis.  I'm assuming this means preferential treatment will be given to tier 1 producers.


That said, realistically, what kind of marketing support should rookie FAs expect from their firm?  Reading some of the posts on this forum, it sounds like some of the smaller firms charge their FAs for postage, phones, and other basic expenses.  I don't expect these types of charges will be a problem at a wirehouse, but I'd like to have an idea what kinds of expenses I will be responsible for so I can set aside a marketing budget from my salary.


Thanks.


Nov 16, 2006 5:17 pm
georgicaclose:

I've recently taken a FA trainee job at a major wirehouse in NY.  My question is about marketing support.  The branch manager has assured me that most marketing costs will be paid for by the firm and won't be out of pocket.    




Nov 16, 2006 5:27 pm

have a wholesaler pay for some

Nov 16, 2006 6:41 pm
georgicaclose:

I've been reading this forum for a while now and have found it very helpful and insightful.  This is my first post. 


I've recently taken a FA trainee job at a major wirehouse in NY.  My question is about marketing support.  The branch manager has assured me that most marketing costs will be paid for by the firm and won't be out of pocket.  Some larger expenses (T&E expenses, advertising etc) may also be covered, but will be considered on a case by case basis.  I'm assuming this means preferential treatment will be given to tier 1 producers.


That said, realistically, what kind of marketing support should rookie FAs expect from their firm?  Reading some of the posts on this forum, it sounds like some of the smaller firms charge their FAs for postage, phones, and other basic expenses.  I don't expect these types of charges will be a problem at a wirehouse, but I'd like to have an idea what kinds of expenses I will be responsible for so I can set aside a marketing budget from my salary.


Thanks.




They have a huge budget for rookies. Here's how it looks:


1. You cold call from 8 am until 9 pm


2. They pay the phone bill.


3. Free coffee.

Nov 16, 2006 7:42 pm

Coffee is for CLOSERS

Nov 16, 2006 7:51 pm

georgi,


Present your manager with a marketing campaign and its costs, then ask how much he'll cover. With rookies, it's rare that a manager will cover any of the costs. However, once you prove yourself as a closer, your manager will be more forthcoming with marketing support. Till then, you might also ask some of your wholesalers what support they offer.

Nov 16, 2006 7:58 pm

Thank you, Doberman.

Nov 16, 2006 10:14 pm
My Inner Child:
georgicaclose:

I've been reading this forum for a while now and have found it very helpful and insightful.  This is my first post. 


I've recently taken a FA trainee job at a major wirehouse in NY.  My question is about marketing support.  The branch manager has assured me that most marketing costs will be paid for by the firm and won't be out of pocket.  Some larger expenses (T&E expenses, advertising etc) may also be covered, but will be considered on a case by case basis.  I'm assuming this means preferential treatment will be given to tier 1 producers.


That said, realistically, what kind of marketing support should rookie FAs expect from their firm?  Reading some of the posts on this forum, it sounds like some of the smaller firms charge their FAs for postage, phones, and other basic expenses.  I don't expect these types of charges will be a problem at a wirehouse, but I'd like to have an idea what kinds of expenses I will be responsible for so I can set aside a marketing budget from my salary.


Thanks.




They have a huge budget for rookies. Here's how it looks:


1. You cold call from 8 am until 9 pm


2. They pay the phone bill.


3. Free coffee.

Nov 17, 2006 7:22 pm

If your manager is reluctant to shoulder any of the upfront costs of your marketing campaign, then negotiate with them about the backend results. For example, if your marketing campaign costs you $500, ask the manager if they'd reimburse you for half the costs if you open 10 accounts and/or gather $500,000 in new assets, in 30 days. Or 100% of the costs if you double those expectations. 


Managers are usually more flexible about reimbursing expenses for good marketing results versus fronting the money for a questionable campaign.