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Dec 28, 2006 1:39 am

BondGuy,  Starka, Joey, Indyone, etc…. :


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If you are under the age of 28-30 less than 1% of your collage bros are banking 100K+; if are, they came from professional programs they are just beginning to repay their student loans.  Problem # 1. 



Problem # 2, if your family has an unlimited amount of wealthy friends these individuals are already locked down with broker who has been working with them for more than 4 years- I don’t give a flying **** who you are no one is going to yank their funds form a seasoned FA who has shown them significant returns just to cut a 26 year old punk a break.



Problem # 3; you can find numerous names to cold call using donor reports from United Way, Habitat, etc.  80%, that’s being really GD generous, of these people are on the DNC list.  Do I say screw the DNC list and start hammering these people at home?  Or will that really lead to trouble?  I have no problem calling attorneys, doctors, SMO, etc at work; but disregarding the DNC list for residences is a completely different story.


    



.I am almost on the clock, I have signed ACAT forms, but I am not at my goal yet.   .



Ideas? 



Thank You



DirtyDelta



++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ +++



If::



You do not work for a wirehouse please do not post any suggestions- only questions. 


You are considering a career in this profession and you only real knowledge comes form this forum please do not post any suggestions…   



        



 

Dec 28, 2006 2:26 am
DirtyDeltaBro:

BondGuy,  Starka, Joey, Indyone, etc…. :

 <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />


If you are under the age of 28-30 less than 1% of your collage bros are banking 100K+; if are, they came from professional programs they are just beginning to repay their student loans.  Problem # 1.  Yes, but your friends are probably not the best place to start prospecting anyway.



Problem # 2, if your family has an unlimited amount of wealthy friends these individuals are already locked down with broker who has been working with them for more than 4 years- I don’t give a flying **** who you are no one is going to yank their funds form a seasoned FA who has shown them significant returns just to cut a 26 year old punk a break. That's also an accurate assessment, but this is a marathon...not a sprint.  Prove yourself and be patient and those accounts will eventually start coming your way.



Problem # 3; you can find numerous names to cold call using donor reports from United Way, Habitat, etc.  80%, that’s being really GD generous, of these people are on the DNC list.  Do I say screw the DNC list and start hammering these people at home?  No. Or will that really lead to trouble? Yes.  I have no problem calling attorneys, doctors, SMO, etc at work; but disregarding the DNC list for residences is a completely different story.  Yes it is...that's probably a quick way out the door...


    



.I am almost on the clock, I have signed ACAT forms, but I am not at my goal yet.   .



Ideas? 



Thank You



DirtyDelta



++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ +++



If::



You do not work for a wirehouse please do not post any suggestions- only questions. 


You are considering a career in this profession and you only real knowledge comes form this forum please do not post any suggestions…



If you're in a wirehouse, I'd pay the closest attention to Bond Guy, Blarmston, Rightway, San Francisco Broker(?), Mike Butler and others who actually work in a wire setting.  Us indies can give you advice that may or may not work in a wire setting.



One thing I believe to be universal...your chances of success are much, much higher if you have a decent cash reserve and can live frugally for awhile until you gain critical mass.  You may have to make a living and cut your teeth on smaller accounts than you want to deal with, but for all but a lucky few, the first few years are all about survival.

Dec 28, 2006 8:50 am

ODB, I mean DDB:  I remember similar challenges starting at a young age.  One thing the EJ method does have that is wise is to get eyeball to eyeball with people...so if you can use those donor lists and find people where they are, you drastically increase the chances of developing a relationship with them...especially since no one can call them any more (as you mentioned).  HOW you get in front of them is another challenge, but if you figure it out and actually do it you're ahead of 98% of new people who are too stupid, lazy, or fearful (or all 3) to do so.  And Indyone is right on--the #1 goal is to survive long enough that it becomes inevitable that you prosper (maybe 3 or 4 years before you get past survival mode).

Dec 28, 2006 11:18 am
DirtyDeltaBro:

BondGuy,  Starka, Joey, Indyone, etc…. :


 <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />


If you are under the age of 28-30 less than 1% of your collage bros are banking 100K+; if are, they came from professional programs they are just beginning to repay their student loans.  Problem # 1. 



Problem # 2, if your family has an unlimited amount of wealthy friends these individuals are already locked down with broker who has been working with them for more than 4 years- I don’t give a flying **** who you are no one is going to yank their funds form a seasoned FA who has shown them significant returns just to cut a 26 year old punk a break.



Problem # 3; you can find numerous names to cold call using donor reports from United Way, Habitat, etc.  80%, that’s being really GD generous, of these people are on the DNC list.  Do I say screw the DNC list and start hammering these people at home?  Or will that really lead to trouble?  I have no problem calling attorneys, doctors, SMO, etc at work; but disregarding the DNC list for residences is a completely different story.


    



.I am almost on the clock, I have signed ACAT forms, but I am not at my goal yet.   .



Ideas? 



Thank You



DirtyDelta



++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ +++



If::



You do not work for a wirehouse please do not post any suggestions- only questions. 


You are considering a career in this profession and you only real knowledge comes form this forum please do not post any suggestions…   



       



First, I'm no longer with a wire, I'm now with a regional. As happy as I am with that decision, am I still qualified to answer? Wait a minute, I did stay at a Holiday Inn Express last night, so here goes:



Problem one: As I understand it your network of well educated friends is poor and in debt? Now is the time to establish relationships with these people, while noone else is farming them. This soon to be earning lots of dough group would be a great place to spend some time. In a non self serving way help them with their 401k selections. Start them on a pay themselves first program using dollar cost averaging into a conservative MF family. American Funds for example. Use this time to rebrand yourself from college bud to trusted advisor. All your marketing should be as professional as possible. Of course this isn't going to make you much today, but could pay huge dividends 5, 10 ,15 years down the road.



Problem two: This one is easy, stay away from family. That is unless you want to work everytime you see them. Additionally, as good as you are at picking investments you can't predict the market. Lose them money and I guarantee that the turkey won't be the only thing that gets roasted at Thanksgiving. Besides, unless your last name is Getty, or Gates, family isn't going to get you over the bar in this biz anyway. Stay away, stay away and stay way. Also, stay away.



Problem three: Again a non problem. Unless you are looking to get yourself thrown out of the biz on your butt do not violate the DNC. Not ot mention the $11000 dollar per incident fine that you'd be on the hook for WHEN someone turns you in. Find other ways to contact these people, direct mail or advertising for example. Cold calling businesses still is a valid way to go.



If this advise does help, well I'm only a lowly regional advisor, so...

Dec 28, 2006 11:59 am

Good words from BG.

I'd only add this-

First-the idea of securing your position with young friends by helping them with the 401k and building a professional image with them is great.  Be mindful too, that as they get married and/or buy homes and have kids, they will also need life insurance.  Problem is at a wire you won't really get paid very well for doing that business.  The idea of setting them up on a dollar cost averaging plan is also good.  But-be VERY careful how much you let these activities take time away from projects that should have a more immediate favorable impact on your business.  It's a long term project, and won't yield many dividends in the first 2-3 years.

Second-STAY AWAY FROM FAMILY!  (In case it wasn't clear the first time...be very careful about pursuing most family business.)  Don't be afraid to let them know what you're doing, how you're studying for certifications to improve you knowledge, and how things are going "great" when they ask.  But, beyond that, I'd advise you to let them come to you.  Learn with other people's accounts and money.  And when you DO get family members as clients, be very careful with their money, and make sure you set expectations and ground rules as to expected returns and how they will be treated as a client right from the beginning.  It sucks to land a good family/friend client and then find out that you are subject to unreasonable expectations.

I speak from experience on both of these issues.

Dec 28, 2006 11:59 am
BondGuy:
DirtyDeltaBro:

BondGuy,  Starka, Joey, Indyone, etc…. :


 <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />


If you are under the age of 28-30 less than 1% of your collage bros are banking 100K+; if are, they came from professional programs they are just beginning to repay their student loans.  Problem # 1. 



Problem # 2, if your family has an unlimited amount of wealthy friends these individuals are already locked down with broker who has been working with them for more than 4 years- I don’t give a flying **** who you are no one is going to yank their funds form a seasoned FA who has shown them significant returns just to cut a 26 year old punk a break.



Problem # 3; you can find numerous names to cold call using donor reports from United Way, Habitat, etc.  80%, that’s being really GD generous, of these people are on the DNC list.  Do I say screw the DNC list and start hammering these people at home?  Or will that really lead to trouble?  I have no problem calling attorneys, doctors, SMO, etc at work; but disregarding the DNC list for residences is a completely different story.


    



.I am almost on the clock, I have signed ACAT forms, but I am not at my goal yet.   .



Ideas? 



Thank You



DirtyDelta



++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ +++



If::



You do not work for a wirehouse please do not post any suggestions- only questions. 


You are considering a career in this profession and you only real knowledge comes form this forum please do not post any suggestions…   



       




If this advise does help, well I'm only a lowly regional advisor, so...



There I go again, make that: If this advice doesn't help

Dec 28, 2006 12:13 pm

Calling on Family:


I agree to not do it with the investments.  They'll call you soon enough.


However, you have a responsibility to call them if you are in the insurance business.  I believe very strongly in calling family because of the importance of this business, but I didn't follow my own advice with my uncle.  He now has Parkinsons.  Providing this care is crushing his family financially and emotionally. 

Dec 28, 2006 12:26 pm

BG good catch!  Like I told you before, download Mozilla Firefox 2.0 with the built in spell check!  (not that it will help with "advice" and "advise".....)

I didn't realize you'd left the wire world!

Dec 28, 2006 12:56 pm
anonymous:

Calling on Family:


I agree to not do it with the investments.  They'll call you soon enough.


However, you have a responsibility to call them if you are in the
insurance business.  I believe very strongly in calling family
because of the importance of this business, but I didn't follow my own
advice with my uncle.  He now has Parkinsons.  Providing this
care is crushing his family financially and emotionally. 





Well selected insurance sales, and CD's only for family members.



Again, people forget that money runs thicker than water, and together
with the "secret privacy" aspect should drive you away from family
business.

Dec 28, 2006 1:08 pm
BondGuy:
DirtyDeltaBro:

BondGuy,  Starka, Joey, Indyone, etc…. :


 <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />


If you are under the age of 28-30 less than 1% of your collage bros are banking 100K+; if are, they came from professional programs they are just beginning to repay their student loans.  Problem # 1. 



Problem # 2, if your family has an unlimited amount of wealthy friends these individuals are already locked down with broker who has been working with them for more than 4 years- I don’t give a flying **** who you are no one is going to yank their funds form a seasoned FA who has shown them significant returns just to cut a 26 year old punk a break.



Problem # 3; you can find numerous names to cold call using donor reports from United Way, Habitat, etc.  80%, that’s being really GD generous, of these people are on the DNC list.  Do I say screw the DNC list and start hammering these people at home?  Or will that really lead to trouble?  I have no problem calling attorneys, doctors, SMO, etc at work; but disregarding the DNC list for residences is a completely different story.


    



.I am almost on the clock, I have signed ACAT forms, but I am not at my goal yet.   .



Ideas? 



Thank You



DirtyDelta



++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ +++



If::



You do not work for a wirehouse please do not post any suggestions- only questions. 


You are considering a career in this profession and you only real knowledge comes form this forum please do not post any suggestions…   



       



First, I'm no longer with a wire, I'm now with a regional. As happy as I am with that decision, am I still qualified to answer? Wait a minute, I did stay at a Holiday Inn Express last night, so here goes:



Problem one: As I understand it your network of well educated friends is poor and in debt? Now is the time to establish relationships with these people, while noone else is farming them. This soon to be earning lots of dough group would be a great place to spend some time. In a non self serving way help them with their 401k selections. Start them on a pay themselves first program using dollar cost averaging into a conservative MF family. American Funds for example. Use this time to rebrand yourself from college bud to trusted advisor. All your marketing should be as professional as possible. Of course this isn't going to make you much today, but could pay huge dividends 5, 10 ,15 years down the road.



Problem two: This one is easy, stay away from family. That is unless you want to work everytime you see them. Additionally, as good as you are at picking investments you can't predict the market. Lose them money and I guarantee that the turkey won't be the only thing that gets roasted at Thanksgiving. Besides, unless your last name is Getty, or Gates, family isn't going to get you over the bar in this biz anyway. Stay away, stay away and stay way. Also, stay away.



Problem three: Again a non problem. Unless you are looking to get yourself thrown out of the biz on your butt do not violate the DNC. Not ot mention the $11000 dollar per incident fine that you'd be on the hook for WHEN someone turns you in. Find other ways to contact these people, direct mail or advertising for example. Cold calling businesses still is a valid way to go.



If this advise does help, well I'm only a lowly regional advisor, so...




Dec 28, 2006 1:33 pm

Do I say screw the DNC list and start hammering these people at home? 


Sure! Why not? $10,000 is a reasonable fee to pay for a lead! Especially for a lead who's already chizzed off that you called him after he specifically said DO NOT CALL!


Mr. A

Dec 28, 2006 1:52 pm
joedabrkr:

BG good catch!  Like I told you before, download Mozilla Firefox 2.0 with the built in spell check!  (not that it will help with "advice" and "advise".....)

I didn't realize you'd left the wire world!


I'd do that but, without my spelling missteps, fractured grammar and multiple maloprops, you guys would have no way of knowing whether my musings were genuine BondGuy posts.


Seriously, I'm just lazy along with being not all that smart.

Dec 28, 2006 2:07 pm
BondGuy:
joedabrkr:

BG good catch!  Like I told you before, download Mozilla Firefox 2.0 with the built in spell check!  (not that it will help with "advice" and "advise".....)

I didn't realize you'd left the wire world!


I'd do that but, without my spelling missteps, fractured grammar and multiple maloprops, you guys would have no way of knowing whether my musings were genuine BondGuy posts.


Seriously, I'm just lazy along with being not all that smart.



yeah right....you're crazy like a fox....