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Jun 4, 2009 4:07 pm

If you were starting brand new, no contacts, no rich family... and had 30 days to do $6K gross.. what would you do...?



Jun 4, 2009 4:15 pm

bang doors or bang phones..

Jun 4, 2009 4:22 pm

Find someone who'll buy an equity indexed annuity.

 
One sucker with $60,000 will get you to where you need to be.
Jun 4, 2009 5:43 pm

Go the top broker in the office and see if he would consider a junior partner. If no, then go down the list.

Jun 4, 2009 5:59 pm

I agree with Chief..

Jun 5, 2009 2:26 pm
Borker Boy:

Find someone who'll buy an equity indexed annuity.

 
One sucker with $60,000 will get you to where you need to be.
 
ARE YOU SERIOUS?!?  these net 10%?
Jun 5, 2009 2:31 pm

yes.  that is why the cdsc charges usually start at 20% for year 1.

Jun 5, 2009 2:59 pm

good God.

Jun 5, 2009 3:45 pm

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Jun 5, 2009 3:47 pm
chickenfeed:

If you were starting brand new, no contacts, no rich family... and had 30 days to do $6K gross.. what would you do...?

 
No pipeline or time to ramp up?
 
Aint going to happen.
 
But
 
GOOD LUCK!
Jun 5, 2009 3:54 pm

You should find another firm to work for.

 
You wil not be happy there, and going forward you will not make.
  
Selling crap is bad for every one!
Jun 5, 2009 5:43 pm

Break it down. 6k gross is most likely two 100k accounts that you put into mutual funds at 3 percent gross.
It takes about two weeks to transfer an account and get it invested.
So you have two weeks to find a rollover or an orphaned account. In those two weeks, you have to meet the prospect, set an appointment and then convince them on the first appointment to move their funds. You can then do a second appointment while the money is on the way over to pick the investments.
So you would have to prospect like hell for two weeks and look exclusively for the guy who says, 'Yeah, I have an old 401k that I need to roll. Here, let me show it to you.'

Jun 5, 2009 5:47 pm

Or just sell some muni's and some fixed annuities to people who have CDs coming due..

$240k @ 2.5% on some muni's

$150K @ 3-4% on some fixed annuities.



Not that hard really, find some people with CDs coming due...

Jun 10, 2009 6:05 pm

How goes it... I have landed 2 clients in the passed 3 days.. Getting checks today for a total of $100K($75K and 25K) from some local banks that wanted to renew their CDs at 2.75% for 5 years... so we got two tax free bonds instead.. yielding 6%.. maturity 7 years..

Jun 10, 2009 6:06 pm

You mean to tell me no one on this forum can do $6K gross(not net) in a month...kinda sad..

Jun 10, 2009 6:16 pm
Squash1:

You mean to tell me no one on this forum can do $6K gross(not net) in a month...kinda sad..

 
He said if you were starting over, so that means no clients to call or prospects in the pipline I assume.
 
Choose one product, a fixed or indexed annuity would do well, learn the product inside and out and then call, call, call.  Then call some more.
Jun 10, 2009 6:23 pm
etj4588:
He said if you were starting over, so that means no clients to call or prospects in the pipline I assume.
 
Choose one product, a fixed or indexed annuity would do well, learn the product inside and out and then call, call, call.  Then call some more.
 
Agreed.  I would pitch rate.  I'm seeing a lot of frusturated CD owners.  If you had something with a short time committment (1-3 years), I think you could find a lot of people.
Jun 10, 2009 6:30 pm

So it's possible then... Some previous posters said not going to happen.. i would think if you have 30 days(6 days more than a month, assuming you work saturdays) that you could generate $6k..



$85K in a Pru VA @ 7%(it would suck because no trail, but its gets him there)

$165k in a fixed annuity @4%(American General, Sun Life- both on a 5 year) and if he is indy that is $6k net..



$120K in funds with no breakpoints..



$6k divided by 30 days is $200/day.. shouldn't be too hard to get.. But you will have to pound the phones, looking for low hanging fruit(CD buyers, people getting bad service and haven't heard from their broker, etc..) challenging but not anywhere near impossible..



Second nobody has no connections, your family may not be the investing type, but they have friends, neighbors, neighbors friends...4th of July is coming up go to a couple of parties..



Jun 10, 2009 7:57 pm

If I realistically only had 1 month, and had a few bucks to spend, I would send out 5000 rate cards with something attractive.  You are sure to get at least a .25% response.  That would mean 10-15 clients very quickly.  Even at 25K per account, that's 250K+ right out of the shoot.  And chances are, at least one of those people would have 100K+ to put to work.  I bet one postcard mailing of 5000 cards would bring 500-700K quickly.

 
The tough part about cold calling is having enough time to call enough people quickly enough, getting them in the door, and then selling them something.  And with no experience, starting from day 1 it would be tough.
Jun 10, 2009 10:02 pm

I would call anyone 55+ and start quoting tax free rates or fixed annuity rates... insured only.. bound to get some people coming out of 5% CDs and looking at 2% to renew...