Wirehouse: Apply online or walk-in?

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Nov 18, 2008 5:57 pm

What's the best approach in catching someone's attanetion at a wirehouse?  Go through the online rigamarole or pick a branch, hunt down the manager and convince him you'd be a valuable asset?

 
If the latter, should I make an appointment or just show up?  Bring a business plan?
 
And finally, any recommendations on a good wirehouse or is ML, MS etc all interchangeable?
 
Thanks for your input, this forum is an invaluable resource.
Nov 18, 2008 7:41 pm

Depends where you live, in a major city they won't let you past security to even get upstairs in most high rise buildings, post 9/11 world we live in here, not to mention in a down market an unexpected visitor might raise concerns. Like I said though, could be totally different outside of major cities but all the offices I have been in you need your name on the list and you need to show a picture ID.

Nov 19, 2008 9:49 am

call the branch manager and make an appointment.  everyone needs good people

Nov 19, 2008 10:37 am

Thanks for the advice, I much prefer an aggressive approach to the online passive approach.


A few follow up questions, if you will indulge me:
 
1) Since I assume most wirehouse prospecting is done by phone, does it make a difference if I pick a branch closer to a big-money city?  If I drive an extra 20 minutes, I can be in the heart of NJ which has a much higher household income than does the area I live.  Would that be beneficial?
 
2) I am unfamiliar with ML hiring practices.  Is each branch an entity unto itself?  That is, does it make sense for me to swing by 2 or 3 branches looking for a position?  Or is it that once I am under consideration at one branch, I cannot be under consideration at another?
Nov 19, 2008 11:25 am

Branches are part of a Complex. A BOM will manage a complex and usually has his office in the largest branch.

 
I would do some research on which branch has the BOM and interview there. As far as which one to work in, he may have a deficit (especially now) in a particular branch an put you in that one. I would focus on getting your foot in the door before worring about the location.
 
It's easy to move within branches of the same compex, but more difficult to move from complex to complex.
 
If you get shot down at one complex you can always go to another, but chances are that it would be a significant drive.
Nov 19, 2008 11:47 am

BOM = Branch ??? Manager; Branch Office Manager?

 
Apologies for not knowing the jargon yet.
Nov 19, 2008 11:03 pm

In person.



Most major wirehouses are not hiring now with the meltdown.



Also most wirehouse prospecting is not done by phone with the no call list. Managers are looking for canidates with creative ideas and proven sales background. If you do not have a sales background your chances are really hurt. You may want to ask the manager about teams looking for a junior partner. There will be major contraction in this industry with many licensed advisors leaving the business (like in 2001)but there will be diamonds in the ruff who start next year and will be future million dollar producers. Find a branch manager you have good chemistry with from a (once - they are all tarnished now) well respected brand name and has a good salaried, commission & bonus program. Work your tail off for the first few years and you can be a big success!



but go see the manager face to face interview him/her while they are interviewing you.

Nov 20, 2008 9:36 am
Not sure i agree ABOM
My BOM has hired 3 New FA's this month.
Nov 23, 2008 1:08 pm
iceco1d:

Walk in.  Without a doubt. 

 
I can't thank you enough for this piece of advice.  I walked in without an appointment and the meeting was fantastic!
 
The manager made 20 minutes for me, and when a scheduled call arrived, he asked me to wait in the lobby while he took the call.  Five minutes later, he invited me back into his office and we talked for another 20 minutes.  He asked me to come back on Tuesday when he could give me some uninterrupted attention.
 
And on my way out, he stopped me to tell me how impressed he was that I just cold called him.  Said it told him a lot about me.
 
I'm so psyched!  Thanks again!
Nov 27, 2008 9:32 pm

You're definetly gonna succeed. Maybe you could just post your resume on here and wait for them to beg you for a position.