Wirehousee goals vs reality

Welcome to the industry get comfortable being used as an asset gatherer.

I have no prob with that, they pay me a decent salary and give me nice benefits, all they are asking is i carry my weight,,,any advise, does it sound achievable given what i've written above????

I just started myself. What areas are you targeting, or are you just calling anyone?

calling everywhere until i get a feel for whats what,,,

where are you targeting?

All over right now. I've been trying funeral homes for the most part.

wow really hows it going?

Well I've gotten a few warm leads, but most of the time the owners are out or with a family.

How many dials are you guys making per day?

75 to 100, why?

It's not enough..

If you actually call for 48 hours (which is highly unlikely) you will not only make your goal, you will CRUSH it.  I am being serious when I say that., but please clarify.  Is your only goal to dial and set up appointments for the big game hunters?  Or, are you tasked with dialing, setting appointments, meeting with prospects and closing them as well? 

Figure, 40 to 60 dials per hour and the numbers quickly add up.  I average 50 dials per hour and an hour for me is roughly 45 minutes of dialing and a 15 minute goof off break to clear my mind.   My contact rate has definitely gone done in the summer months though because people are on vacation or whatever.  Five or six of these call blocks per day has my pipeline overflowing and "a million in 6 months" was accomplished pretty quickly.  No friends and no family money either.  All money came from complete strangers so it can be done if you are willing to put in the sweat equity...and not stop. 

There are tons of cold call experts on this forum and you should Search their posts.  Lots of good information is in the archives.  Good luck!

BTW, 75-100 per day won't cut as mentioned above. 

TenToes-  I'm calling for myself to build a book. I work in a firm that deals in bonds mainly. What were you offering or how did you start the call off?

It would be better to call 25 people with money each day, than call 250 of gawd knows what.

Before going indy, I worked at a big bank, had about 1100 households. Every time an ACAT went out, it was the same old thing. Some well meaning ed jones guy, being nice enough to take an itty bitty household from me.

Here is a good stat for you. When I had 250 hhlds over 100k, I found that only 3% had started with less than 50k. 

AGAIN, make for darn sure you only call people that have a minimum of 250k liquid.

Big, how do you get that info?

I would like to know how you only call people that have a minimum of $250k liquid as well!  LOL!  While there are ways to qualify on a call once you get a prospect, you can only qualify so much before you actually make the call.  I can do certain screens to determine likelihood of a specific net worth, but knowing they are liquid isn't something that I have figured out.  And let's face it.  As a rookie, you are going to have to take some smaller households because you simply don't have the luxury or the time to wait for all of the plus $250k accounts.

If you are selling bonds, search for BondGuy's posts on this board.  I personally don't do a lot of individual bonds although many people in my firm do.  In fact a lady in my office who is a million dollar producer focuses   almost exclusively on bonds.  It can be done.  At any rate, one of BondGuy's script is something to the effect of "Mr Jones, we have been seeing a lot of tax free bonds in our inventory that are paying upwards of 4% which depending on your tax bracket, is the equivalent of a 7 percent CD at your bank.  This is a lot higher than the 1% or so we are seeing in the banks these days.  Tell me Mr Jones, does 4% to 5%  TAX FREE sound attractive to you?" 

Rinse and repeat 200+ times per day and you are set!

I am more of a financial planning/risk management and retirement income planning guy.  Those are my buckets so I prospect the type of clients that have those types of needs.  I would also take a look at Nick Murray's latest book The Game of Numbers and anything by Bill Good.  Both would be perfect for you in terms of mindset since you are just starting the grueling marathon that we refer to as prospecting!

Sharpen your knife, load your weapons, and bring plenty of rations.  But above all, have fun with it!

Ten how many conversations do you get out of 50 dials per hour?

and ow many prospects does this produce per day?

Funeral homes have always led to cold leads for me...

The people making 150+ calls a day. Are you calling businesses or people? If your calling businesses are you calling everyone or certain types?

Where do you work?

i call businesses only, a cross section to sample, its my first week on the phones

i make about 200 calls a day but i am only getting 75 people(conversations) avg per day

[quote=The Rook]

Big, how do you get that info?

[/quote]

Well, it means you do your homework. Public records...be creative, think... If you spent a few hours a week doing that, trust me, it would be worth more than just dialing and dialing. Two cars head off from NY to Los Angeles... one has no map, but the car goes extremely fast....the other car goes 35 mph with GPS.... Which are you?

If you get 25 households with 1m+, you're pretty much set. Open one of those a month, instead of 10 of those crappy accounts the Jones guys would take from me. 

Other suggestions to you rookies. ALWAYS call with product, bonds WORK, and be quick about it.

Mr. Jones, the REASON for my call....I have a 5% tax free bond rated AA. With bank rates at 1%, thought you might be interested? Yes=talking, No=next call

Debating a "no" is a waste of your time and theirs.  

[quote=winger004]

Ten how many conversations do you get out of 50 dials per hour?

and ow many prospects does this produce per day?[/quote]

Bad Day = 1 contact for 10 dials

Good Day = 1 contact for a little under 8 dials

I don't leave messages.  I don't stay on hold for too long either because I have found that is a convenient gate keeper trick.   So 50 dials yields roughly five to seven contacts per hour.  I am pretty stringent on what is and what isn't a prospect so 4-5 prospects per day is a good number for me.  20-25 prospects per week plus my usual weekly appointments (these are yielded from that weeks calls as well as previous prospects that are already in the pipeline) adds 100-125 new prospects to your pipeline every month allowing me to grade and dismiss prospects that aren't being responsive.   

The beauty of this is that continual prospecting keeps building on itself which makes each prospect less important and makes you less desperate sounding on the phone when you talk to each prospect!  Why?  Because you will have a constant supply of prospects that are at different stages of your closing process

[quote=BigFirepower]

[quote=The Rook]

Big, how do you get that info?

[/quote]

Well, it means you do your homework. Public records...be creative, think... If you spent a few hours a week doing that, trust me, it would be worth more than just dialing and dialing. Two cars head off from NY to Los Angeles... one has no map, but the car goes extremely fast....the other car goes 35 mph with GPS.... Which are you?Problem with that assumption again is that your GPS works...GPS is great because it is run by satellites that can be verified, there is no way to consistently verify $250K liquid(except to call). Sure you can increase your probability but no be as accurate as gPS

If you get 25 households with 1m+, you're pretty much set. Open one of those a month, instead of 10 of those crappy accounts the Jones guys would take from me. Isn't that everyones dream?

Other suggestions to you rookies. ALWAYS call with product, bonds WORK, and be quick about it.

Mr. Jones, the REASON for my call....I have a 5% tax free bond rated AA. With bank rates at 1%, thought you might be interested? Yes=talking, No=next call

Debating a "no" is a waste of your time and theirs.  

[/quote]

How do you find out if they are liquid?

Just ask.

Mr. Jones, this program requires a minimum investment of $250,000, I assume if you like the idea that wouldn't be a problem for you?

Or any other of a dozen ways to ask for money.

If  Mr. Jones chokes ask: How long would it take you to raise $250k for a good idea? (or this program/investment etc)

Take it from there.

Lot's of good info on this thread. The guys giving the advice are the real deal. Their numbers are right on - 50 dials - 7 to 10 contacts per hour.

How much you make and how fast you make it depends only on how much you dial.

Bond Guy:

The newbies where you are at banging the phones, how long is it taking them to bring in $1MM in assets? 6Months? 3 Months?

You need to bring in 100k per week minimum.

[quote=N.D.]

You need to bring in 100k per week minimum.

[/quote]
is that even possible from scratch?

[quote=chickenfeed]

[quote=N.D.]

You need to bring in 100k per week minimum.

[/quote]
is that even possible from scratch?

[/quote]

Is that even possible in general?

its gotta be 1mil into fee based in 6 months or im dismissed

it seems like there is alot of relationship building needed to get guys into fee based, is this even possible in 6 months?

[quote=winger004]

i call businesses only, a cross section to sample, its my first week on the phones

i make about 200 calls a day but i am only getting 75 people(conversations) avg per day

[/quote]

When you say conversation, if you are referring to a conversation with the ultimate decision maker, your numbers are off the charts!  That is one conversation every 2.6 dials!!!  Holy $hit Batman!

[quote=winger004]

its gotta be 1mil into fee based in 6 months or im dismissed

it seems like there is alot of relationship building needed to get guys into fee based, is this even possible in 6 months?

[/quote]

It's very easy (actually, below average) when you 've been in the business for a bit of time.  But it can be difficult getting momentum at day 1 of your career.  You will (must) get $1mm in assets in 6 months, but you are right, it can be tough to get $1mm in fee-based from zero.  However, if you are really smoking with activity, stuff just happens.  You will get a bunch of $100K accounts, then one day, an $850K lands in your lap and you're there.

Bottom line, $1mm is EXTREMELY easy in 6 months.  You could do it with one account.  However, luck will play into it, as you need to FIND that money.  The more you look, the more likely it is you will FIND.

[quote=TenToesDown]

[quote=winger004]

i call businesses only, a cross section to sample, its my first week on the phones

i make about 200 calls a day but i am only getting 75 people(conversations) avg per day

[/quote]

When you say conversation, if you are referring to a conversation with the ultimate decision maker, your numbers are off the charts!  That is one conversation every 2.6 dials!!!  Holy $hit Batman!

[/quote]

i do internet research etc to try to verify as many numbers as possible for 1 to 2 hours a night over dinner, i find that about  30% of numbers are incorrect or just incomplete or can reach guy directly by a similar number

Using a product pitch it's possible to start opening accounts in month one. However, to get serious traction will take about 3 months. You must first fill the pipeline to reach critical mass. Once full, accounts start coming from new prospects as well as prospects that have been in the pipeline for some time. Additionally, production starts to pick up as you develope clients to call or meet with to present new ideas.

New(er) people in my office are all over the range. That said, out of the box, first month bringing 100k, maybe, usually luck. However, by second month 100k would be under performance. By month three, it should be two to three times that amount. By month six 5x that amount. One year in you should be hitting 600 to 800k per month. Exceptional performance would put you at a mil or better.

We have new guys hitting these numbers. Not magic. Hard work, no bullshit. don't let a bad day become a bad week. Don't let a bad week become a bad month. Keep dialing and pitching. And yes, even managed money/wealth management is a pitch.

Realize that over the first couple weeks to a month you are like a baby bird learning to fly. Not pretty or efficient. Still, hard work will yield results.

[quote=winger004]

its gotta be 1mil into fee based in 6 months or im dismissed

it seems like there is alot of relationship building needed to get guys into fee based, is this even possible in 6 months?

[/quote]

At a million, they anticipate making at least 70k per year off that money, for a decent while. Whether you are there, or not.... I suppose, that some of that intense pressure, is meant to lead to your personal relationships and family members. When I started, at a big wire house, it wasn't a 6 month program, it was 2 years. I have to wonder what kind of firm you are at? BondGuy is very good, I know lots of successful folks like him over the many years, and I do very similar kind of stuff. His advice is solid.

Anyone new in this business..a word to the wise. You'd better make some hay while the sun is shining, because when interest rates start the likely long and steady climb, the average retail investor is going to be hard to convert from bank deposits into bonds or stocks. Ask anyone that started their careers in the mid 70s what it was like!

The future of this business is consolidation, the big getting bigger. Not good for new folks, but a blessing for those with deeper pockets and a desire to grow. This consolidation thing is BOOMING in the insurance business, and I figure that RIA and Investment Consultants will see this picking up in a few more years.

Newbies, you got probably less than 24 months before retail prospecting goes from tough as nails, to impossible.

BIGFP is int it always gonna be something? selling is selling, cars, insurance whatever it is isint there always a reason not to buy?

Prospecting will never be impossible and it has always been hard.

Money is always in motion from crappy advisor to next advisor, from crappy 401k to ira.

As long as you keep talking to people the money will always come in..But you have to bring a different idea...allocation of American Funds doesn't count.

I am ML/BofA and in my first year of production.  While my goals were a little different, annuitized business is all they care about now.  On my first day the goals were daunting but in all honesty if you put any kind of effort into cold calling you will get your $1m easily.  I started focusing on $250k + and B24 is right, eventually a large account will present itself.  I just landed a $3.5m account wrapped at 1.5% for 1st million, and 1.25% for the rest.  It's a great feeling to land those types of accounts, especially when I did so from cold calling and working my ass off.

I have recently been using Sales Genie for my call lists because my branch bought a subscription, but good old fashion research is the key if you do not have a database subscription.  Before I used Sales Genie I was looking at jigsaw.com.  It is a database where for every contact you input you get credit to download a new contact.  I also used the Polk directory at my neighborhood library and when you call smaller companies they will often have an automated directory of employees where you can dial by name so I start with A, b, C, D.... you get the pciture.  It's dirty work but it pays dividends in the near future if you stay focused.  Good Luck

[quote=winger004]

BIGFP is int it always gonna be something? selling is selling, cars, insurance whatever it is isint there always a reason not to buy?

[/quote]

Yes, there is always a reason for not buying. And, Wall Street is always "creative" enough to manufacture products to appeal to customers regardless of markets. A bit before my entry into the business, some reps made a living doing money market funds. When rates were high enough, you could actually build some profit into them. All that said, there's a big difference in prospecting when comparative bank rates are high, vs low. So, bust your butt like there's no tomorrow.

[quote=BullRunt]

I am ML/BofA and in my first year of production.  While my goals were a little different, annuitized business is all they care about now.  On my first day the goals were daunting but in all honesty if you put any kind of effort into cold calling you will get your $1m easily.  I started focusing on $250k + and B24 is right, eventually a large account will present itself.  I just landed a $3.5m account wrapped at 1.5% for 1st million, and 1.25% for the rest.  It's a great feeling to land those types of accounts, especially when I did so from cold calling and working my ass off.

I have recently been using Sales Genie for my call lists because my branch bought a subscription, but good old fashion research is the key if you do not have a database subscription.  Before I used Sales Genie I was looking at jigsaw.com.  It is a database where for every contact you input you get credit to download a new contact.  I also used the Polk directory at my neighborhood library and when you call smaller companies they will often have an automated directory of employees where you can dial by name so I start with A, b, C, D.... you get the pciture.  It's dirty work but it pays dividends in the near future if you stay focused.  Good Luck

[/quote]

I assume that's an SMA platform?  If not, that's pretty steep.

Nice catch...how much of that groos hits your production grid?

[quote=B24]

[quote=BullRunt]

I am ML/BofA and in my first year of production.  While my goals were a little different, annuitized business is all they care about now.  On my first day the goals were daunting but in all honesty if you put any kind of effort into cold calling you will get your $1m easily.  I started focusing on $250k + and B24 is right, eventually a large account will present itself.  I just landed a $3.5m account wrapped at 1.5% for 1st million, and 1.25% for the rest.  It's a great feeling to land those types of accounts, especially when I did so from cold calling and working my ass off.

I have recently been using Sales Genie for my call lists because my branch bought a subscription, but good old fashion research is the key if you do not have a database subscription.  Before I used Sales Genie I was looking at jigsaw.com.  It is a database where for every contact you input you get credit to download a new contact.  I also used the Polk directory at my neighborhood library and when you call smaller companies they will often have an automated directory of employees where you can dial by name so I start with A, b, C, D.... you get the pciture.  It's dirty work but it pays dividends in the near future if you stay focused.  Good Luck

[/quote]

I assume that's an SMA platform?  If not, that's pretty steep.

Nice catch...how much of that groos hits your production grid?

[/quote]

I don't think it is steep at all.  I run ETFs, and I hit my clients for 1.5% for the first half mil, and it tapers to 1.25% after that.  Remember, depending on my model, each ETF portfolio is only about 35 basis points.  I think BullRunt has a very viable way of doing business.  How do you survive off of anything less?

[quote=squash2]

[quote=BigFirepower]

[quote=The Rook]

Big, how do you get that info?

[/quote]

Well, it means you do your homework. Public records...be creative, think... If you spent a few hours a week doing that, trust me, it would be worth more than just dialing and dialing. Two cars head off from NY to Los Angeles... one has no map, but the car goes extremely fast....the other car goes 35 mph with GPS.... Which are you?Problem with that assumption again is that your GPS works...GPS is great because it is run by satellites that can be verified, there is no way to consistently verify $250K liquid(except to call). Sure you can increase your probability but no be as accurate as gPS

If you get 25 households with 1m+, you're pretty much set. Open one of those a month, instead of 10 of those crappy accounts the Jones guys would take from me. Isn't that everyones dream?

Other suggestions to you rookies. ALWAYS call with product, bonds WORK, and be quick about it.

Mr. Jones, the REASON for my call....I have a 5% tax free bond rated AA. With bank rates at 1%, thought you might be interested? Yes=talking, No=next call

Debating a "no" is a waste of your time and theirs.  

[/quote]

[/quote]

My point would be that if you only prospect the affluent, you'll only have wealthy clients. There are tell tale signs of affluence, and there are ways of figuring that out. But, it takes a bit of work. I read a book about a guy that did just that, and his point was that the reason why he was bigtime, was because he only went after the big fish. I'd do that if I started all over again. In my case, I ONLY went after folks that had 50k in cash. I had the access to that information, so I had an edge. I've done this a long time, and at various outlets. A big key to my success was to "cheat" the system. Find a way, to skew the odds in your favor. Legally of course.  I spent my first 5-6 yrs beating my head against the wall, then some luch/fate helped out. For sure, there are no brownie points, to doing this biz the hard way.  

I have to agree.  You have to go after the money.  And I have actually found that bigger clients can actually be easier to close than the $25K crap.  For some reason small fish seem to squeeze so tightly onto their money.  And often it's spread in 10 different places (an old $7K 401K, a few CD's, an old $12K 401K, a $4K IRA they opened at their bank, etc.) and it's too big a PIA.  However, someone retiring with a $750K nest egg is likely successful and realizes that they know far too little about finance to chance screwing up their retirement. 

I basically stopped taking accounts under 100K a few years ago.  Result?  I now seem to "find" larger accounts, and those larger clients only seem to refer other large prospects.  I don't open "10 accounts a month" like Jones likes, but my average household is WAY higher than the average Jones FA with my tenure (probably more than double).  So in the short-term I have probably made less dough (fewer ancillary products due to fewer clients, and higher breakpoints because of higher balances, and more advisory business - most of the "Jonesies" are doing A-shares on everything and getting 3.5-5% rips on everything), but in the long run I will have larger clients paying fees, versus a book of 3X as many clients and the same assets and much less income.

guys, what the best way to qualify prospects on the phone, in one sentence or less?

Hey pal, are you a putz or a petunia?...Really, it works in Brooklyn!

[quote=winger004]

guys, what the best way to qualify prospects on the phone, in one sentence or less?

[/quote]

"I've got two plans - one is for folks with liquid net worth above $X (you pick), one is for folks below $X.  Where do you fit?"

I run all of my clients through PIA and 100% of the fee is splattered against my grid.  I use portfolios with ETFs, individual Stocks, and Commodities.  I refuse to use Mutual Funds (possibly market nuetral fund) because I like the transparency I can present to my clients as well as the accountability.  We focus on Risk Management and MF managers are required to stay in a certain style box which turns me off especially when that particular class is dropping like a lead weight.  I want to be nimble and be in and out of the market when I see fit, so that's why the PIA.

Hi guys, I have a few questions.

I come from an office that NEVER cold calls, ever. I want to, since it seems like all of you are doing it, and are doing well with it. I can roll about 400k a month, but it seems like a joke vs what everyone else is doing here.

I know you guys generate your own leads, but since I am new I figured I can use sales genie? DnB?

Do you guys call homes (scrubbing involved) or businesses???

Any and all feedback are welcome, positive ones at least. Thanks in advance from a rookie!

[quote=BullRunt]

I run all of my clients through PIA and 100% of the fee is splattered against my grid.  I use portfolios with ETFs, individual Stocks, and Commodities.  I refuse to use Mutual Funds (possibly market nuetral fund) because I like the transparency I can present to my clients as well as the accountability.  We focus on Risk Management and MF managers are required to stay in a certain style box which turns me off especially when that particular class is dropping like a lead weight.  I want to be nimble and be in and out of the market when I see fit, so that's why the PIA.

[/quote]

How did you qualify for PIA within 1 year? You need an LOS > 1 year just to apply. Then it takes another 3-4 months to get Level 1.

Btw, the Merrill goals are not easy especially if you are on PIA. They are really bent on having you sell high fee based products - that is reflected in their low  requirements for NNA after 3 years. 

I work with a Senior Partner and he is the PIA Senior Portfolio Manager.  You are right about the goals.  While the NNA is not hard to acheive, PCs can prove to be a lot of people's downfall.  While ML goals are measured on a "Meets" or "Does Not Meet" basis, everything I have done has allowed me to keep my job.  I have brought the assets in and when I meet with my BM every week, there is no denying my effort has gotten results.  NNA is my key to success.  As long as I keep on bringing in new assets and throwing them into PIA, my PCs will follow and the PC hurdles become soft hurdles rather than sink or swim.  I am sure my experience is different than many others out there, but my BM and Director have been very helpful and have allowed me the opportunity not to simply push for high up front sales loads but cultivate meaningful advisory relationships.

I am beginning to think a team approach with a senior advisor is better. The PC goals can transform you into an insurance saleman (not that there is anything wrong with that) but it really doesn't help you to focus on trails. Only thing about partnering is that you have ot split your efforts.

[quote=Buddy Fox]Hi guys, I have a few questions. I come from an office that NEVER cold calls, ever. I want to, since it seems like all of you are doing it, and are doing well with it. I can roll about 400k a month, but it seems like a joke vs what everyone else is doing here. I know you guys generate your own leads, but since I am new I figured I can use sales genie? DnB? Do you guys call homes (scrubbing involved) or businesses???? Any and all feedback are welcome, positive ones at least. Thanks in advance from a rookie![/quote]

Bud,

I'm a new guy at Wire myself, and cold calling is slim to none. I call it the the BEAR pen. Before I started here, I was a cold caller for a boutique and wasn't even allowed off the phone until I had some leads on the edge of my desk. I would say to you don't let that stop you. YOU should create that energy, maybe they'll follow.

One question for the pro's, If you didn'tstart production for 4 months, knowing what you know now, what would you bee doing to set yourself up to fly out the gate on day one? Going from being on the phones all day to doing computer modules is more demoralizing than getting hung up on.

[quote=TenToesDown]

[quote=B24]

[quote=BullRunt]

I am ML/BofA and in my first year of production.  While my goals were a little different, annuitized business is all they care about now.  On my first day the goals were daunting but in all honesty if you put any kind of effort into cold calling you will get your $1m easily.  I started focusing on $250k + and B24 is right, eventually a large account will present itself.  I just landed a $3.5m account wrapped at 1.5% for 1st million, and 1.25% for the rest.  It's a great feeling to land those types of accounts, especially when I did so from cold calling and working my ass off.

I have recently been using Sales Genie for my call lists because my branch bought a subscription, but good old fashion research is the key if you do not have a database subscription.  Before I used Sales Genie I was looking at jigsaw.com.  It is a database where for every contact you input you get credit to download a new contact.  I also used the Polk directory at my neighborhood library and when you call smaller companies they will often have an automated directory of employees where you can dial by name so I start with A, b, C, D.... you get the pciture.  It's dirty work but it pays dividends in the near future if you stay focused.  Good Luck

[/quote]

I assume that's an SMA platform?  If not, that's pretty steep.

Nice catch...how much of that groos hits your production grid?

[/quote]

I don't think it is steep at all.  I run ETFs, and I hit my clients for 1.5% for the first half mil, and it tapers to 1.25% after that.  Remember, depending on my model, each ETF portfolio is only about 35 basis points.  I think BullRunt has a very viable way of doing business.  How do you survive off of anything less?

[/quote]

If you do not have to give 60% of it to some crappy wirehouse it is easy to charge less alot less!

Like 0.5%

I believe I read somewhere that the market expectations for your total ROA should be ~90bps.

ML's new PMD program calls for:

250,000 PC's

30 million "suggested" total assets by the end of the 3 year program (50% fee based)  looking at 10 million in assets per year...

realistically how attainable are these goals vs reality starting from scratch?

[quote=Kresge]

ML's new PMD program calls for:

250,000 PC's

30 million "suggested" total assets by the end of the 3 year program (50% fee based)  looking at 10 million in assets per year...

realistically how attainable are these goals vs reality starting from scratch?

[/quote]

$10 mil a year for someone brand new sound pretty steep.

I'm guessing that the wire's want you to bring in whatever...  Then can you after the 3 years and keep a good portion of the assets.

Never worked for a wire, so thats mearly a guess.

Amber

It's actually not quite 10mm a year if you have any growth of your book due to market gains during that period. 

Either way, it's a stretch. Who cares though.  Keep your head down.  Work your tail off.  Build it as big as you can and if they send you packing go to another firm or go Indy.  The pretty Bull logo and the salary are better than alot of other firns offer. 

ive watched multiple people do it.  Its not impossible.  Most of the people I see NOT doing it are people that I could have told you day 1 had no chance of doing it.  

There are only a few common themes if you haven figured it out yet:

1) bust it for 3 years and have a good chance of making it.

2) Don't bust it and hope (pray?) to inherit when someone leaves.

3) be related to a current 7 figure producer.  

If you have no relatives doing this and you don't like "chance", then start working.

I had a discussion about this with an attorney friend the other day.  He is working himself up the partner ladder rather quickly at a sizable firm.  He said "its amazing how many good things happen when you decide to do NOTHING MORE than SHOW UP."  So show up.  

[quote=Kresge]

ML's new PMD program calls for:

250,000 PC's

30 million "suggested" total assets by the end of the 3 year program (50% fee based)  looking at 10 million in assets per year...

realistically how attainable are these goals vs reality starting from scratch?

[/quote]

I started in production 4 years ago (wire) just in time for the yiled curve to invert and recession to loom on the horizon. I beat all the hurdles and was recruited hard. I moved wires 2 years in.

When I started, I decided to do it cold no natural network,etc. and have never regretted that decision. Do a little networking now, and some seminars, but I still cold call every day. Today (164 dials today, 2 prospects developed).  I brought in 9.5 million in new money/transfers this year. 

Next question?

Takingnames,

You mentioned that you moved to a different wire 2 years in....how hard is it to move your book with companies having no contact clauses in place?