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Dec 31, 2005 3:55 pm

I am seeing these posts about “under X Million the private bankers send
them over to us…(praphrased).”  Tha tis BULLSH^T!!! 
Common!  YOU should be handling ALL of the business YOU dig
up!  Everyones goal should be to have 100 clients that are perfect
and 3 million plus.  It can
happen!!!  Its actually not
that hard!!!  In every respect a $5 million client is easier
than a $40,000 one.  It is funny how once your set a minimum on
your client size how many you attract over that limit.  Banks suck.

Dec 31, 2005 9:19 pm


What would you suggest for a new FA at ML who is plannig to use Cold Calling/Cold Walking to Seniors and SBO as his priimary target the way of Account Minimums. (No big rolodex, no prior client base to rollover, etc.)

I hear two schools of thought. 

1.)  As a new FA, take anyone you can your hurdles...and clean up your book in a couple of years. 

2.) Set a client minimum from day one and honor it.  Identify your ideal client and accept only those who fit the ideal.

I respect your thoughts in your posts and I'd appreciate your thoughts on this.

Others respond as well...please.

Happy New Year One and All!

Dec 31, 2005 9:41 pm

Good Luck prospecting in the era of the DNC! Work in a wire and enjoy running into other reps clients all day.

Dec 31, 2005 9:44 pm

I advise all of our POA professionals to open eveything they can. 
This builds experience and confidence.  I do, however, think the
target market should be more affluent…$250K plus…however no account
minimums for opening. 

As far as cold calling and cold walking I always suggest they get a
product/service and know it very well, and lead with that.  We
have one POA who calls only business owners, in th emorning, and leads
with VRDO’s as cash alternatives.  He sells 28 day paper that pays
the same as a 6 month CD’s.  Then he grows the relationship from

Anyway- To start I say have a minimum on the target but not the account size.

Jan 1, 2006 1:05 am

You've got to ask yourself, "Why would anyone give me all their money to manage?".

Your answer should consist of 3 parts:

- I listen to the client.

- I determine what their problems are.

- I offer solutions to their problems.

Selling a prospect a few bonds might get your foot in the door, but it won't gain their trust, at least, with respect to their entire portfolio. I agree with rightway, start small, impress the hell out of them, and gather more assets.