RW,

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 markets...in 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 find...meet 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!

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

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
there.



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

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.