Cold calling

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Sep 10, 2009 6:49 pm

Hi guys, reading this board for a while, posting for the first time. I need advise, I am new-new to the industry, I have my CSC+CPH (I assume it’s an equivalent of Series 7 in Canada) and was hired by one veteran broker as his coldcaller. I have read some topics here already and find them really helpful, especially “500 days war” by Judge, but if somebody can give me specifc advise for my situation, I would appreciate it. One difficulty is that the broker that hired me won’t look at accounts less than 200K. I like the industry and the firm, but I’m on my probation now and if I don’t start bringing assets by month 3, I’m out of here… Thanks for your input!

Sep 13, 2009 10:37 pm

Jussi, I would suggest you write the LLQP (Insurance Exam) and talk to another independant firm.  There are several firms who would be happy to take on an eager young broker/advisor/agent, but perhaps giving a slightly lower payout initially. 

  The reason I say this is because I don't see why you would want to be drumming up business for another broker.  If you want to be successful, Man up.  Get the LLQP under your belt.  Go to a solid independent shop.  You can learn very quicky when you're thrown into the business.    Back when I entered the business, I had just finished University and spent the following months obtaining the CSC, CPH, and LLQP..  Then I was fortunate enough to join an independant firm which had an older advisor who just sold his partnership in the firm.  He stuck around for a while, assisting in the operations of the firm, and was able to dedicate some time to sit down and assist me with any prospects/clients I aquired in the first few months.  The mutual fund dealer and insurance company will most likely put you under a 3 month "Training Period" where all transactions you make will be monitored by your branch manager.  Start building a book now for YOURSELF, not another broker.  The CSC and LLQP will give you enough education to begin working with the "small fish".  When I started, mutual funds earned me a net of 3% and a Segregated Fund earned me 4%.  Therefore, a $100k Seg Fund in an RRSP would net me $4000.  Not a very difficult way to start a career.  You have to start thinking like a professional.  If you want to be stockbroker, financial planner, advisor, investment rep, whatever, BE ONE.  If you want to be on the phone all day, earning business for someone else:  Join a telemarketing company, they'll pay you 2x what a broker will anyway.
Sep 16, 2009 5:14 pm

Thanks for your input Duke, I really appreciate it. And I agree with you that it probably is more wise to start working for myself now. But I also look at it as an opportunity to learn the hardest part of the business (prospecting for new clients imho is the only part that makes this business difficult) with a relative safety (I got salary though really basic plus comission). I can concentrate on that for now and see what it really means, and this guy is one of the best in the firm so I could learn something from him too. Plus I like the firm and would like to work for them in the future. My biggest concern for now is getting over my probation and start closing appointments, after I accomplish that I can plan further. But thanks again for your advise Duke!