Success Oddsmaker

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Aug 19, 2007 7:34 pm

Well, I have been on this forum for about 6 months or so, and am pretty familiar with all of the usual characters here. I have really appreciated the advice dispensed here, and it has been maybe the best resource for developing an understanding of the business.

As some of you know, tomorrow I am starting at Morgan Stanley. I figured I'd get some input, advice, and especially the odds that I will succeed. This could be entertaining. I will throw out some of my information and allow all of you veterans and rookies to make judgments.

-22 years old (look and can act late 20's at best)
-graduated with a Psychology degree from a well-known university in May (although I coasted through college instead of over-studying)
-spent the last 4 months working for an insurance company
-pre-licensed: Series 65 (76%), Series 7 (85%), Series 63 (91%)
-plan on beginning mainly with cold-calling campaigns, similar to the Judge's 500 day war.

What are the odds that I succeed? >

Aug 19, 2007 8:01 pm

Be the first one in the office and the last one out of the office EVERY day.  Work harder than everyone else.  Contact as many people as possible.

Aug 19, 2007 8:04 pm

Bobby, you may not like me, and sometimes I dont like you either, but you make me laugh.

Aug 19, 2007 8:06 pm
pratoman:

Bobby, you may not like me, and sometimes I dont like you either, but you make me laugh.


I like you, potatoman.

Aug 19, 2007 9:22 pm

Hello Closer,


Congratulations!


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Two things I know…your success is in your heart and between your ears.



Distilling things down to the lowest common denominator. Make sure you keep score. My research indicates that if you can speak with 50 people a day you’ll do just fine.



When you find comfort in cold calling you are probably closer to the goal than the start.



Last and perhaps most important. Run from negativity like it’s cancer, example



Success Oddsmaker”


 


If you are starting with MS my bet is you already know the attrition rates in this biz



Go out and kick some arse!!


Good luck.
Aug 19, 2007 9:35 pm

Closer,


You have no downside, probably not married no kids that you can think of and the salary plus commission is the most money you have ever made... I started in this biz 2 weeks prior to Sept 11th, no one from my class left and I'll gross $500k this year.  Your age is only an excuse (not that you will make one) if your competent, trustworthy and likeable then your chances are significantly higher then the average...and hey I only scored an 82% on my 7, by the way not really applicable to your success in this business.

Aug 19, 2007 9:37 pm

continued: I was hired at 21 and 22 when I started selling.

Aug 19, 2007 11:23 pm

Thanks for the advice/support. I was actually looking for some numerical odds just for fun. How far along are you now advisor28? Did you go wirehouse?

Aug 20, 2007 9:08 am

I'm at AG/ Wachovia and I like it.

Aug 20, 2007 9:25 am

The odds are stacked against you simply because most people aren't willing to do on a daily basis what needs to be done.  If you do what needs to be done, you will succeed in this business.  That does not mean that you will succeed at Morgan Stanley. 

Aug 20, 2007 10:52 am

"-22 years old (look and can act late 20's at best)"


Good, dishonesty is a great start. Fake it till you make it, right? And, at 22 why in the world do you think you should take responsibility for other people's financial future?!



"-graduated with a Psychology degree from a well-known university in May (although I coasted through college instead of over-studying)"


No financial background. And maybe you can coast through telling people how to invest and hit the bar early.


"-spent the last 4 months working for an insurance company"


Gotta love that sales experience..4 months of it.


"-pre-licensed: Series 65 (76%), Series 7 (85%), Series 63 (91%)"


http://www.efmoody.com/whouse.html


"-plan on beginning mainly with cold-calling campaigns, similar to the Judge's 500 day war."


I thought cold-calling was illegal...or is it just unethical?


"Definition

The ethically questionable practice by full-service brokers of making unsolicited phone calls to people they don't know in order to attract new business."


 http://www.investorwords.com/926/coldcalling.html

Aug 20, 2007 10:59 am

William, cold calling is certainly not illegal.  Why does William think that it is unethical?

Aug 20, 2007 11:45 am

"Every sales cold call breaks the Golden Rule, period.  A person who occupies someone else's time for the purpose of pitching a product is not treating their time and privacy with the same respect he would have for himself."


This was interesting:


"Certain ploys undoubtedly are unethical, if not illegal. One popular trick? “You know those fish bowls at restaurants where if you put your business card in you can win a free lunch?” asks Stan Grubman, of Corporate Contacts, a cold-call listing service based in Silver Spring, Md. “Well, brokers steal those cards.”


http://registeredrep.com/mag/financecold_calling_ice/


The unethical and the unethical.


Aug 20, 2007 1:29 pm

closer, nice ambition.



just take the advice and pay attention to the ones who respond in a professional manner to you.  there are a lot of grumps and scrooges on this board who are negative as one could be. personally i think its because of poor job performance that has kindled frustration.



you will be able to tell if you havent already who here is has success in their pockets, and the ones who have let it eat them alive.



stay strong brother!

Aug 20, 2007 1:34 pm

Why should I never average down?

Aug 20, 2007 1:50 pm

William,


I'm not talking about unethical ploys.  I am talking about the simple act of cold calling.  So, are you saying that cold calling is unethical behavior because it breaks the Gold Rule or are you just quoting someone else who said that?


Also, if a financial advisor doesn't mind receiving cold calls, is it ok for that financial advisor to make them?  How do calls to referrals fit into the equation?

Aug 20, 2007 1:51 pm
Aug 20, 2007 3:23 pm
william1:

"-22 years old (look and can act late 20's at best)"

Good, dishonesty is a great start. Fake it till you make it, right? And, at 22 why in the world do you think you should take responsibility for other people's financial future?!  Gee, little willie...what are YOUR qualifications?  Forum trolling is not an education.



"-graduated with a Psychology degree from a well-known university in May (although I coasted through college instead of over-studying)"


No financial background. And maybe you can coast through telling people how to invest and hit the bar early. Again, what are YOUR qualifications?  I haven't seen any evidence of ability out of you yet.


"-spent the last 4 months working for an insurance company"


Gotta love that sales experience..4 months of it.  ...and how much sales experience do YOU have?


"-pre-licensed: Series 65 (76%), Series 7 (85%), Series 63 (91%)"


http://www.efmoody.com/whouse.html  You can save your links...just tell us what YOUR scores on the tests were, OK?


"-plan on beginning mainly with cold-calling campaigns, similar to the Judge's 500 day war."


I thought cold-calling was illegal...or is it just unethical?  Not illegal - subject to the DNC list, but not illegal.  Once again, you show your complete and utter stupidity with posts like this.  Unethical?  Who died and made you God?


"Definition

The ethically questionable practice by full-service brokers of making unsolicited phone calls to people they don't know in order to attract new business."


 http://www.investorwords.com/926/coldcalling.html  You're basing your assertion on the opinion of a web article?!!  You can't get a much weaker argument that an opinion based on another opinion.


Hey troll...did you somehow start your career with all the credentials and twenty years of experience?  Keep posting...as your credentials keep sliding further and further down the toilet.

Aug 20, 2007 3:59 pm

It's also unethical to advertise or go to networking groups.

Aug 20, 2007 4:24 pm

I have to ask you what is an ethical way to prospect?  Is it more ethical to call someone, state your reason for calling up front and take up 20 seconds of their time?  Or is it better to join a networking or volunteer group with the ulterior motive of finding clients?  At least with cold calling, the person on the other end knows who you are and why they are being called.  All they have to do is say not interested, that's it.


I fail to see how cold calling is unethical.  If one follows the DNC rules, then I don't see where the problem is.  I personally do take cold calls, if I'm not interested in what they are selling, then I just say no.  Cold calling may be bothersome to some people, but it's certainly not unethical.  Some of my best clients came from cold calls.  I've been told by several of them "I'm glad I took your call that day."


What I find unethical are those who join social and volunteer groups without any real interest in the cause.  They're only there to pick up business. 


FWIW, someone stealing cards from a fishbowl does not make cold calling unethical.  Stealing is unethical, cold calling is at worst annoying.



william1:

"Every sales cold call breaks the Golden Rule, period.  A person who occupies someone else's time for the purpose of pitching a product is not treating their time and privacy with the same respect he would have for himself."


This was interesting:


"Certain ploys undoubtedly are unethical, if not illegal. One popular trick? “You know those fish bowls at restaurants where if you put your business card in you can win a free lunch?” asks Stan Grubman, of Corporate Contacts, a cold-call listing service based in Silver Spring, Md. “Well, brokers steal those cards.”


http://registeredrep.com/mag/financecold_calling_ice/


The unethical and the unethical.