My first 6 months

Chris, you really should learn to write--what you presented above reveals an immature kid.

That carries over to the rest of your world.

Over a couple of months on this forum and many other forums for financial advising, I have realized no matter where you are and in whatever situation, your writing and grammer should be perfect.  Although you may think it’s great when writing to your clients or talking to them, it probably is not, because practice makes perfect.  If you don’t practice 24/7 you will never be perfect.

[quote=brothaK]Over a couple of months on this forum and many other forums for financial advising, I have realized no matter where you are and in whatever situation, your writing and grammer should be perfect.  Although you may think it’s great when writing to your clients or talking to them, it probably is not, because practice makes perfect.  If you don’t practice 24/7 you will never be perfect.
[/quote]

"grammar"

Couldn’t resist!

If you’re selling insurance or Fuller brushes. If you’re peddling

investments, advice about 401(k) roll overs and the like having the guy

walk up the sidewalk, pulling his collar to let some air into his shirt, is not

the most impressive thing to see.



The reality is that seminars are the most effective way to market this

stuff–the problem is that you have to actually know what you’re doing

and talking about.



This is a business filled with Catch 22s. You can’t get the job without a

Series 7 and you can’t get the Series 7 without the job.



Once you have the job you can’t really be effective without great

experience, yet you can’t get the great experience because you don’t have

great experience.



One of the best lines to be uttered on this forum was the one from the

guy who said to invite people to a seminar, and tell them to bring their

doggy bag. Clever.



Because of something I’ve done within the last year–I suspect it was

opening a naked options writing account with Fidelity, but it could be

something I subscribed to–I get invitations to dinners at least once a

week. Some are very, very, fancy invitations. I have never gone and don’t

suppose I ever will–but I’m not the typical boomer you guys are trying to

reach.



On the other side of the coin is my mother and father. They too get

them, and they go. They eat the free food and sit there an politely listen

to the pitch, then leave. When they are asked to sign in they do, but they

leave the phone number blank and if pushed my Dad just makes one up.

This does not make me proud of my folks–but it’s an outting for them

and I encourage them to get out as often as they can. Plus the invitation

clearly says that they are welcome to come eat and don’t have to buy a

thing.



Personally I think seminars where you don’t give them food are better

because if somebody actually shows up they’ve got “Buying Signal” written

across their forehead in red lipstick.



Over the years I’ve known several brokers who charged for seminars. It

gives the impression that you really have something to tell them, and if

they’ll pay to hear you they too are obviously buyers.



Women in particular can get older women to show up at seminars–or be

invited to speak at women’s gatherings.



Go fifty to one hundred miles from a major city and you’ll find all sorts of

people who have money and don’t know what to do with it.



You don’t have to live in Waxahachie to do business there–that Jones

broker down there doesn’t know what he’s talking about, go steal his

customers by baffling them with BS and a song and dance.]



There are so many ways to make it–but you have to do something. And

your voice has to have changed and you have to have some wrinkles and

a touch of gray hair.



I keep reminding you kids–give it the Mom and Dad test. If you cannot

imagine your own parents allowing you to run their finances why in the

world would anybody else who is their age let you run theirs?

registeredchris, I'm willing to bet that you don't work very much.  By "work", I'm not talking about putting in hours.  Start tracking your time.  How much of your time is spent either seeing people or fighting to see them?  This is the only thing that counts.  Do you look at your mail during the day?  Work on case preparation?  Go to lunch without a prospect?  These activities all need to stop.

Immediately, start only seeing people and fighting to see them and you'll see a turn around. 

NASD has never done cold walking, so he is not in a position to tell you that it doesn't work.  I can tell you that cold walking business owners works great.   

Wouldn't that depend on your definition of "great?"

If a broker started to cold walk businesses, what type of prospects do you suppose he would uncover?

I'm willing to learn, teach me.

The prospects that he would uncover is business owners. 

Nothing is wrong with seminars, but business owners don't attend.  They are too busy running their business.   Many of them also won't answer the phone for a cold call.  This leaves me the choice of waiting to get referred or just cold walking.

Several things can happen with a cold walk.  I'll give you my rough guess on the % of time each of these happens:

1)They are rude and kick me out very quickly. (10%)

2)We both have time to have a serious conversation and I take a fact finder on the spot or we focus on a specific concern that they have.  (10%)

3)We have a brief introduction and they schedule a time to have an in-depth conversation. (15%)

4)We have a brief introduction and they don't agree to allow me to stay in touch with them (20%) 

5)We have a brief introduction and they agree to allow me to stay in touch with them (45%)

In short, about 70% of the business owners allow me to at least stay in touch.  They all get dripped on weekly in a professional manner.  It does not matter that the majority of them may never become clients.  Many of them will.

If we use a baseball analogy, batting average doesn't count.  All that matters is the number of hits.

In short, cold walking business owners works because the advisor is spending his time talking to prospects. 

So, who are these business owners?  Not names, just types of businesses.

There's no need to discriminate.  Walk in on all of them. 

You have nothing to lose.  Mr. Prospect from "Mr. Prospect's Auto Repair" is currently not a client.  If I walk in on him, the worst case scenario is that he remains not a client.

[quote=NASD Newbie]So, who are these business owners?  Not names, just types of businesses.[/quote]

I would think that the success of this strategy would vary depending on your location.  In an urban area you might not have as warm a reception as you would in a more laid back rural/suburban area.  It also depends on the time of day that you approach the business owners and the size of the business.  Many times the "owner" isn't really on-site.  At that point, you can prospect the employees or store manager.

It has worked for me to some extent.  It's very difficult to get business owners or the decision makers of the business to attend seminars.  As someone else stated, they are busy running their businesses.  The best seminar contacts I have had in this area is through presentations at Rotary or Chamber of Commerce meetings.

That being said, the cold walking works best on smaller businesses (in my experience): retail establishments like hardware stores, clothing stores, dry cleaners, auto mechanic shops, small privately owned restaurants (not franchises), trucking companies, construction firms, landscaping firms and beauty shops.  Big companies will not usually have a decision maker on site and usually have their affairs in order already.  Not to say you can't try to compete, just that cold walking doesn't get you in the door.

Forget cold walking on Lawyers, Doctors or Dentists.  Unless you know them personally, all you will get is body blocked by the gate keepers.

Why not franchises?

One of the best retail clients I had was a couple who owned a couple of Baskin Robbins.  They alternated between the stores during the typical business day because the business was relatively slow and their staff was in class over at the high school.

On more than a few occasions my wife, or I, would fill in for one of them if they had to go to the doctor or dentist.  They rarely went on vacation--but when they did they just closed the stores in the dead of winter for a few days.

Nothing sweeter than picking up large checks in an ice cream joint--not to mention the ability to go to the head of the line on a hot summer night.

I guess it depends on where you are.  In my area the franchise owners don’t live locally.  They actually reside in localites that are hundreds if not thousands of miles away.   Same thing goes for the local motels.  The absentee owners are never there during working hours and only come up once in a while, if at all, to meet with the on-site managers.

Every place is different.

Again, walk in EVERYWHERE.  There is no reason to discriminate.  So what if you usually can't get past the gatekeeper with certain businesses.  It takes 2 minutes of time and you'll find out that often you can get in.  At the very least, you'll get the name of the owner and you can follow up with a phone call.

I think you'll find that Best Westerns and Choice Hotels are almost always owned by somebody who is very nearby--often right there behind the desk.

If all you're doing is walking from door to door it never hurts to stop in and ask if the owner is in--it would be wrong to prejudge any business door.

Except Lucy's "The Doctor is In" practice in Charlie Brown's front yard.

We're all slowly learning around here.

1.  host seminars at Holiday Inn conference centers

2.  fill in for my clients at Baskin Robbins so they can go the doctor

DON'T WE ALL KNOW WHAT WE HAVE TO LOOK FORWARD TO IN THIS BUSINESS!!!

So, I'm not living up to my full potential because I wear a golf shirt on many days..........I guess I need to prioritize my daily schedule to fit in filling in for my clients at their work.  Did you wear a dark suit, white shirt and red tie while putting the one of the original 21 flavors in a cone? 

[quote=ribsnwhiskey]

We’re all slowly learning around here.

1.  host seminars at Holiday Inn conference centers

2.  fill in for my clients at Baskin Robbins so they can go the doctor

DON'T WE ALL KNOW WHAT WE HAVE TO LOOK FORWARD TO IN THIS BUSINESS!!!

So, I'm not living up to my full potential because I wear a golf shirt on many days..........I guess I need to prioritize my daily schedule to fit in filling in for my clients at their work.  Did you wear a dark suit, white shirt and red tie while putting the one of the original 21 flavors in a cone? 

You are so right and so wrong, but I was trying to bring us back in time to when Newbie claims to have actually been a rep/ice cream ---server.  Surely that was at least 54 years ago. 

------------------------------------------------------------ -

Dunkin' Brands was a part of Allied Domecq until its purchase in 2006 by a group of private equity firms - Bain Capital, Thomas Lee and The Carlyle Group.[1]

Baskin-Robbins was known for its "31 flavors" slogan. When the first Baskin-Robbins store opened, they offered 21 flavors, an innovative concept at the time. The idea for 31 Flavors came from Carson-Roberts advertising agency (later became Ogilvy & Mather) in 1953 along with the slogan "Count the Flavors. Where flavor counts."

[quote=ribsnwhiskey]

You are so right and so wrong, but I was trying to bring us back in time to when Newbie claims to have actually been a rep/ice cream —server.  Surely that was at least 54 years ago. 

------------------------------------------------------------ -

Dunkin' Brands was a part of Allied Domecq until its purchase in 2006 by a group of private equity firms - Bain Capital, Thomas Lee and The Carlyle Group.[1]

Baskin-Robbins was known for its "31 flavors" slogan. When the first Baskin-Robbins store opened, they offered 21 flavors, an innovative concept at the time. The idea for 31 Flavors came from Carson-Roberts advertising agency (later became Ogilvy & Mather) in 1953 along with the slogan "Count the Flavors. Where flavor counts."

22 is a very young compared to the old farts around here.  It's an uphill battle to win business from a 50 year old guy who has been around the block unless it is a quality referral.  I dont try because I have a harder time connecting with them.  However, it is very reasonable to work with recent new grads entering corporate america.  You will more likely connect with them and acquire accounts. 

I am 28, and look 24.  I work the yuppie asian american market.  I have 10 close MD friends in their residency.  My network revolves around them, their nurses, their brothers, sisters, optometrist friends, chiropractor friends, etc....  I treat each relationship like gold.  Get in a niche circle that you are absolutely comfortable with; Of course find one that has money.  Do a great job with your niche and they will be your advocates. 

I'd recomend reading:  Book yourself solid by Michael Port & Super networking for sales pro by Salmon

[quote=ribsnwhiskey]

  Did you wear a dark suit, white shirt and red tie while putting the one of the original 21 flavors in a cone? 

[/quote]

you'll need a jerry garcia tie if you're serving 31 flavors-- for the freaks and to camoflage the stains....and don't forget to slip the customer a new client form to sign at the same time they're signing their credit card receipts....

You’re doing so poorly you have to charge an ice cream cone?

[quote=NASD Newbie]You're doing so poorly you have to charge an ice cream cone?[/quote]

no, it's when i start following your marketing advise seriously, you'll need to worry about me...

errrr...you were joking about the serving-ice-cream-in-a-tie-thingy, right?

The noun is advice, the verb is advise.  Please children don’t strut your stupidity as if you are peacocks.

Take your own advice old man.

[quote=NASD Newbie]The noun is advice, the verb is advise.  Please children don't strut your stupidity as if you are peacocks.[/quote]

i know, i just can't type it consistantly correctly for some reason...that it upsets you, is only a collateral benefit.

[quote=TexasRep]

[quote=NASD Newbie]The noun is advice, the verb is advise.  Please children don't strut your stupidity as if you are peacocks.[/quote]

i know, i just can't type it consistantly correctly for some reason...that it upsets you, is only a collateral benefit.

[/quote]

Don't flatter yourself--I've been around long enough to not let anything upset me.

[quote=NASD Newbie]

Chris, you really should learn to write–what you presented above reveals an immature kid.

That carries over to the rest of your world.

Poor Chris--he started a message board and nobody came.

Any wonder why with all that anger.

NASD Newbie

well, i suppose most people who try to be in this business or actually become successful in this business are egotistical to a certain extent. I can write very effectively with absolutely no spelling or grammatical mistakes. people in my office tell me all the time that they thought i was older than 22 at initial meeting/intro. i am not immature and conduct appointments and phone conversations in a very professional manner.

i haven’t been checking this board because i’m busy prospecting.

last friday i had a good close:

1. $160k wrap account
2. $12k life insurance annual premium
3. $50k variable annuity

this was from a cold call! but i most definitely need to push my marketing, which up to this point has been nonexistent.

it’s funny … i really don’t care when anyone says i’m too young to be in this business. my skin is pretty thick and i actually think there are a few advantages to being young. half the battle of survival in the financial services industry (or any sales field) is maintaining a positive attitude at all times. so to wrap up, nasd newbie, let’s encourage each other and not bash people on a freakin forum.

Why don’t you know that sentences begin with a capital letter?

After asking for encouragement, you are still behaving like an immature child. I hope you don’t treat clients this way.

I have a couple of questions for you:

1. How long have you been in the business? (Losers always complain and are afraid of losing. Winners put crap behind them and aren’t afraid to lose. )
2. Why are you posting on this forum 24/7 and not growing your business? (1000 posts in approximately 2 weeks  )
3. How many spelling bees have you won as a child? (I won 2 competitions. )

*edit - I was mistaken. You’ve been a member since Aug '05. So you have 1000 posts in 1 year. But you love to tease 1 minute after I put up a post.

registeredchris,

Your odds are more against your when you are young, but that shouldn't discourage you.  There are older advisors who fail too who don't have as much energy as you do and who are not as flexible.  I find that the ones who made it being young penetrated a niche market.  Rather than market to every person out there, focus on a group that you build the best rapport with. 

If you are apart of a tight knit country club, I'd milk the heck out those people.  If you have lots of engineering friends in corporations, I'd penetrate that.  If you have medical school friends, I'd piggy back off of them. 

If you focus on the quality of the relationship with people you naturally would be friends with, you will gather more assets and not feel miserable doing so. 

[quote=JimmytheRocker]

registeredchris,

Your odds are more against your when you are young, but that shouldn't discourage you.  There are older advisors who fail too who don't have as much energy as you do and who are not as flexible.  I find that the ones who made it being young penetrated a niche market.  Rather than market to every person out there, focus on a group that you build the best rapport with. 

If you are apart of a tight knit country club, I'd milk the heck out those people.  If you have lots of engineering friends in corporations, I'd penetrate that.  If you have medical school friends, I'd piggy back off of them. 

If you focus on the quality of the relationship with people you naturally would be friends with, you will gather more assets and not feel miserable doing so. 

[/quote]

If you're 22 and a "part" of a country club you're probably the kid who rakes the sand traps--you'll have zero credibility with the 55 year old guys who you see around the putting green.

If you're 22 and you have engineer friends those friends are also starting their careers and will have approximately zero investable income, and even less influence with the older engineers with whom they work.  Those older engineers almost certainly have a broker already, so why would they want to meet the friend of one of their junior associates?

If you're 22 and you have friends in medical school you have friends who have no time, or money to invest.  They won't know anybody to refer you to who has any time or money.

What you do is you wait.  You come into this business when you're at a point in your life when you have some investable assets because if you don't there is no reason to think your peer group does either.

Give it the Mom and Dad test--if they wouldn't trust you with their retirement why should somebody else's Mom ann Dad trust you either?

There are two twenty-two year old kids.  One goes to work at Smith Barney as an assistant on a team.  The other goes to work at Prudental Insurance.

Thirteen years later the kid who went to Smith Barney has left Smith Barney and is working at Prudential with his buddy.  The buddy, having not already failed at Smith Barney, is recruited by them and by the time he's 45 he's crusing.

Meanwhile the other buddy, who is still at Prudential is doing OK, in fact not bad at all.  But he's disappointed that he failed as a stock broker and ended up as an insurance agent--instead of the other way around.

Do it right, and you'll only do it once.

I’d say a 22 year old who looks 26 or 27 can work with those between the ages of 22 to 35.  To survive, he’ll be selling lots of cash value life insurance.  Most in this age bracket are not going to have 100s of thousands of dollars to move around, but can definitely save $300/month.  If suitable, have them dump it all in a whole life policy and that’s $3k commission right there.  Closing 4-6 accounts a month is not bad for a 22 year old.

I have a 25 year old friend who is Japanese american, who struggled his first year.  Now he would never consider talking to a 55 year old white male in a country club about financial planning. He gets in where other brokers could not.  Other japanese americans...since that market is underserved, he sweeps through like a wild fire. 

[quote=JimmytheRocker]

I have a 25 year old friend who is Japanese american, who struggled his first year.  Now he would never consider talking to a 55 year old white male in a country club about financial planning. He gets in where other brokers could not.  Other japanese americans...since that market is underserved, he sweeps through like a wild fire. 

[/quote]

Let me see if I have this right.  You're using the example of a 25 year old Japanese kid sweeping through the Japanese community to suggest that a 25 year old American kid can similarly sweep through the American community?

Maybe if he's in Japan servicing the American ex-pats who are there--but 25 year old American kids are fairly common in Baltimore--even in Denver.

Please do not listen to NASD Newbie and his pathetic syntax. You can succeed in this business if you are young. I am 24 years old at MS and I have been in the business for two years, I have 30mm under management and I am looking to add another 12mm this year.

I have been following some of his responses and I have troube finding one positive insight that he has to offer. I do not think his wife or his kids like him because God knows that no one on this discussion board does. I cannot speak for him but I would not model anything that I do after him.

You want to be successful in this business this is how you do it, no matter what your age is.

(1) Business plan - You must have a business plan, develop your target market and stick to the plan. Some are broad and some are very specific. Mine was broad because I wanted to adapt to changes and implement them as needed.

(2) Don’t waste time - Who gives a flip what the market is doing. Educate yourself about the market at home, not at work. Remain active and be in contact with people. The more people you talk to, the better your chances of having success quickly.

(3) Work, work, work - Success in any industry is not easy. Do you think it was easy for me to graduate from the Ross School of Business at the University of Michigan? Hell no, I had to bust my ass. Let me tell you though, I thought it was a lot harder than this business is. The people that tell you that it is hard have probably never been challenged much in life. Born with a silver spoon in their mouth I am sure. This is not an 8 - 5 your first 5 years.

(4) Be optimistic - Do not listen to people on this board who want to bring you down and say sh*t like, you will fail because of your age blah, blah, blah. That is a load of crap. Your age does not matter, maturity perhaps. Then this is where NASD Newbie comes back and says, “how many 24 year olds do you know that are mature?”. Well dildo, I know alot, but I also know 30, 40, and 50 year olds that are not very mature also.

Success or failure hinders on your ATTITUDE. The formula for success is preparation.

God Bless

What does, "Success or failure hinders on your ATTITUDE" mean?

Regardless of what this child has to say, it is stupid to attempt this business until you're at least thirty--and being thirty five would be even better.

It takes a hell of a lot more than hard work and attitude.

Also remember, anybody can come on here and say anything they want.  Ross School of Business at Michigan?  Maybe, who knows.

$30 million AUM?  Perhaps, who knows.

Morgan Stanley?  Who knows.

What you do know is there are several older guys who have said that if they could do it again they'd wait till they were older--and there are thousands of younger guys who took their Series 7 test when they were twenty-two.  Then proceded to wash out within five years.

As I mentioned earlier, it seems so curious that kids will ask advice then ignore it as if those of us who really know what it's all about are crazy, and that only the two year veteran 24 year olds know the truth.

NASD Newbie, I think your a little jealous of (a) my education (I am sure you went to popcorn university, if at all (b) well lets just say that I am better than you in all aspects…

[quote=NASD Newbie]

 Regardless of what this child has to say, it is stupid to attempt this business until you're at least thirty--and being thirty five would be even better.

[/quote]

Why do you say this?  What do you say to the 45 yo guy who started when he was in his early 20s and now has a 100 mil book?  He would have been better off selling copiers in his 20s?  He now has a huge leg up on all of these "career changers" starting from scratch at thirty five.  Do you think they can quickly learn the business and gather enough assets to supports their families the way 30 year old people must?   Do you think their "maturity" and contacts they've made in the copier industry will be their saving grace to get business off ground?

Your arguments are very weak and suspect in this "rookie- what is right age" discussion.

I have been in this business for 12 years. I started in my mid 20's. I have seen stars and busts of all ages. Quite honestly NASD is dispensing what he/she believes is sage advice and in many instances I agree. IMHO, however, the most important criteria to success in this industry are maturity,charisma, intelligence and lack of debt (which allows one to be patient).Just to name a few. Many points about starting younger now vs. when I did over a decade ago is that it was more transaction oriented which allowed you to open an account with a trade and forge a relationship. Everyone seems to think their asset allocation model is "special". It's not. This is the part where charisma and intelligence allow you to make in-roads. Finally, lack of debt allow your positive charecteristics to take hold with your prospects/customers/clients. Some times it just takes time for people to decide to do business wtih you. I will say at this stage like anyone who has been around awhile and who intends to be around a while longer both my age and experience are attributes to clients and referrals.

I think for prospective advisors a more interesting question is not if you can make it but do you want to be in this industry. I would bet any top producer and I am in that category (barely) asks themselves what if I would put the same energy into building something in a different industry. Whether it be construction, service or fast food franchises ... how would it compare. Sorry for the rambling but  everyone fell asleep early tonight and I was bored. 

[quote=skolbrother]I think for prospective advisors a more interesting question is not if you can make it but do you want to be in this industry. I would bet any top producer and I am in that category (barely) asks themselves what if I would put the same energy into building something in a different industry. Whether it be construction, service or fast food franchises ... how would it compare. [/quote]
Good point skolbrother.  I assume a common retort is that, in this business, your own capital (and potential BK) isn't on the line.  That being said, your point is certainly food for thought.

nice post brother

One of the most insightful things that have been written on this forum is the statement that before everything became asset gathering you could start the relationship with a single trade.

That really isn't possible now.  You have places like Scottrade out there on TV talkng about $7 trades.  Who in their right mind is going to buy $1,000 worth of stock and pay the going rate at a wirehouse when $7 is available?

Only your family, friends, and a few dumb people.  What you can never forget is that dumb people don't have any "real" money and your family and friends won't be enough if they trust you at all with their real money.

[quote=NASD Newbie]

One of the most insightful things that have been written on this forum is the statement that before everything became asset gathering you could start the relationship with a single trade.

That really isn't possible now.  You have places like Scottrade out there on TV talkng about $7 trades.  Who in their right mind is going to buy $1,000 worth of stock and pay the going rate at a wirehouse when $7 is available?

Only your family, friends, and a few dumb people.  What you can never forget is that dumb people don't have any "real" money and your family and friends won't be enough if they trust you at all with their real money.

[/quote]

from newbie's closet of experience ...

[quote=joedabrkr] [quote=brothaK]Over a couple of months on this forum and many other forums for financial advising, I have realized no matter where you are and in whatever situation, your writing and grammer should be perfect.  Although you may think it's great when writing to your clients or talking to them, it probably is not, because practice makes perfect.  If you don't practice 24/7 you will never be perfect. [/quote]

"grammar"

Couldn't resist!
[/quote]

Perfect.  That idiot.