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Fee Based Pitch or Product pitch for a wirehouse trainee (repost)

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Nov 29, 2011 7:28 pm

Hey guys I am reposting my question becuase the last time I posted the question it got moved and nobody could reply anymore. I am taking my series 7 in one month and work at a wirehouse, I am fresh out of college just fyi.

Anyway I got a few good repsonses and wanted to get more opinions to my question which is:

1. Is it better for a rookie adviser to focus his pitch on fee based solutions vs transactional like muni bonds?

(Better is defined as the probability of finding people who are more willing to do business and close accounts with me so that I can make my hurdles)

I'll explain more, with a product I feel like I'll be able to capture the transactional business but also pique the interest of the person on the phone offering them a tangible solution and THEN setting an appointment, leading with a product and then transitiong to other services once they come in. Or should I gun straight for offering service and value and nothing tangible and try and make an appointment?

I feel like a service based approach with no product trying to setup an appointment is not as strong as a product that the other person can put value on instantly and will be less hestitant to part with their time on their phone.

Lots of senior FA's and books that I am reading advise against pitching a product because they feel it pigeon holes the FA into that one product and it is similar to just throwing sh*t at the wall and seeing what sticks. 

I recently read a book about prospecting and it had to say this "What the average advisor does is go for the meeting by "reaching into the bag" of products and servicesand throwing them at the prospect until something sticks and they get the appointment. Then at the meeting they will attempt to identify a need.

Now I am confused, because as a rookie other than offering a product my credibility is shot, since they will see me in person and know that I dont have experience managing money and wont trust me.

Doesn't it make sense then to forget about offering services to people as a rookie and just gun for product?

Dec 1, 2011 1:32 am

If you are just out of school, pitch product. If you uncover additional assets, find some grey hair in your office who is willing to go to a meeting with you for <30%. Make sure the grey hair knows it is just to help close the business, and that you will do all the actual work. Use them to help close.
The goals are EXTREMELY difficult if you do not already have a network of people willing to give you money. You just need as many $25-50k sales as you can to last x years. Then once you have that you can create service and get additional assets from your current clients.

Dec 2, 2011 2:09 am

Yeah I got one senior FA who Ive connected with who is willing to help me close. So that is taken care of thankfully, yeah its all about hurdles and right now that means products.

That also means lots of cold calling I am assuming

Dec 2, 2011 4:20 pm

Product Pitch as per

Dec 7, 2011 8:37 pm

How about prospecting on a couple products and then with the client agreeing to throw them into a fee account not just one bond but a couple bonds and justify the opening of a fee account and sell it to the client as being wholesale prices and managed with a higher degree of service?