Friends and Family, Seminars

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Feb 11, 2012 4:21 pm

Great info, much value add by many. One of the best industry advice/resources I've ever come across. Thanks, from me and others who have benefitted.

I'm a former engineer (top school), top-5 b-school grad, spent a combined decade as a stock analyst on the buyside & sell side in NY & Boston, have my CFA, worked as a CFO in a small pvt company and recently started and sold a small business. Mid-40s, interviewing/meeting with ML, MSSB, RBC, UBS, RJ, NWFN, WFA, SunTrust & Northern Trust next week.  ML, MSSB & RJ were set up via warm intros from 15+ year FAs who are friends.

I've spoken with several FAs and from their comments and those of this forum, I get that it doesn't matter how smart one may or may not be, nor how good an investor you are, that this is a sales job until you hit a certain critical mass, at which point it becomes a sales job.  I also get  that how you build your business (calling, seminars, networking, etc.) doesn't matter.  Find something that works and exploit it, and cold-calling works.

All that said, I have two questions:

1) Why not start w/ friends & family if it could quickly get you over the first year numbers hurdles? (yes, read Bond Guy's eavesdropping friend stock blow-up story)

2) What are your preferred/effective ways for filling seminars?

Thanks for your thoughts.

Feb 11, 2012 5:48 pm

If you'd like to discuss #1 then you'll really enjoy next week. Those companies will love to grab your friends/family. If you think they have enough assets to carry you through your first months goals, go for it. For the rest of us 99.999% it's no where near enough. If it takes you 1/4 the way to your yearly goal or quota, and haven't managed a process effectively to bring in other assets consistently, then you're stuck. But the firm isn't, they'll keep what you brought and replace you.

Just something to keep in mind..

Seminars I don't have experience in. I haven't seen many good threads on it either which is a little surprising.