UBS Training
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True, cheap is only one answer.
Any more ideas?
Why do people call into discounters and not wirehouses?
Why do people feel more comfortable dealing with some one they never met before over the phone then walking into a wire house office and meeting the person who would manage there money face to face?
This industry has to have a pretty bad reputation to have that happpen in the first place
So what can be done to fix it?
Who cares?
Why would a BMW salesman try to sell a BMW to people that buy Kia's? Stop trying to piss up the tree and let gravity work for you.
[quote=Greenbacks]
True, cheap is only one answer.
Any more ideas?
Why do people call into discounters and not wirehouses? [/quote]
DIY are off the fence, they want to DIY so they seek it out.
BTW, it isn't just wirehouses that get very little of their business from call-ins. I'd dare to say your shop isn't dependent on call-ins for a living.
Now, what does any of that have to do with training?
[quote=Greenbacks]Why do people feel more comfortable dealing with some one they never met before over the phone then walking into a wire house office and meeting the person who would manage there money face to face?
This industry has to have a pretty bad reputation to have that happpen in the first place
So what can be done to fix it?
[/quote]
You're assuming that people don't call into wirehouses due to reputation (before it was training). Tell me, why don't they call into your shop?
[quote=mikebutler222][quote=Greenbacks]
True, cheap is only one answer.
Any more ideas?
Why do people call into discounters and not wirehouses? [/quote]
DIY are off the fence, they want to DIY so they seek it out.
BTW, it isn't just wirehouses that get very little of their business from call-ins. I'd dare to say your shop isn't dependent on call-ins for a living.
Now, what does any of that have to do with training?
[quote=Greenbacks]Why do people feel more comfortable dealing with some one they never met before over the phone then walking into a wire house office and meeting the person who would manage there money face to face?
This industry has to have a pretty bad reputation to have that happpen in the first place
So what can be done to fix it?
[/quote]
You're assuming that people don't call into wirehouses due to reputation (before it was training).
I was asking a question, I do not know if it is training or reputation, or something else.
Tell me, why don't they call into your shop?
I do not know that either. But I do not have the advertising budget wires or insurance companies have.
Reggin said, Who do we cares. I would think reps better care what your BD is doing to promote and grow your business after all that is why reps stay at big wires and insurance companies to grow when they grow.
People call into wirehouses too; you'd be surprised at the size of some walk in accounts here.
I think the big reason people call discounters is that they're cheap and think they can do it themselves. That's the commercials that E-Trade and Schwab use right? Why use an expensive broker, blah blah. The wirehouse commercials seem to be a bit more "upscale". I mean, with our "you and us commercials" there isn't even a number to call. It's just for brand recognition. I also know that when I cold called, some people didn't even know that they could work with us. They had the impression that we had huge minimums and their $300k wasn't enough. When I explained to people like that how it really works, they signed on.
I think it's good that we have to go after clients instead of having people just call in. This means we get to go after the people we'd like to work with instead of just taking anyone. I've taken plenty of accounts from people who used discounters. It's not all roses on that side either; the service is non existent, and sometimes people do want to speak to the same person each time they call in.
Back to the training question. I'm not really sure how they could improve it. The job is primarily a sales job, so of course in training they will focus on that. Of course we went through tons of modules for the consultative process and all that as well as learning about products (not proprietary). But the focus of the job is to get in front of people, so that is a lot of what we were taught. Here's my take on training, it shouldn't have any bearing on where you go. The training program will have very little to do with your success in this business. I would do a week's worth of training materials in 2.5 days, and spend the rest of the time getting out to meet people, my old contacts, and so on. It was more something that had to be done than anything I saw great value in. If someone is going to be successful, they're going to do it at any firm they choose. The opposite is also true.
[quote=Greenbacks]
True, cheap is only one answer.
Any more ideas?
Why do people call into discounters and not wirehouses?
Why do people feel more comfortable dealing with some one they never met before over the phone then walking into a wire house office and meeting the person who would manage there money face to face?
This industry has to have a pretty bad reputation to have that happpen in the first place
So what can be done to fix it?
[/quote]Shadow,
You are absolutely correct. I have learn with other brokers that UBS training is the best in comparison with other wirehouses training. And I also learn a lot in my first 7 months of production. I had learn that UBS is the best company to work for. You & Us.
lol collazo..
Im at ML, have a friend at UBS. AT ubs he has no meetings with his manager (good or bad, but bad from training standpoint), there are no weekly meetings for all trainees for education purposes (as they do at ml), and there are no assigned mentors (as we have it at ML). So they dont do much training at ubs. That said, that may be better for someone who knows what they have to do and doesnt want to bother with all the other crap. But for someone my age it is helpful.[quote=hncollazo]Shadow,
You are absolutely correct. I have learn with other brokers that UBS training is the best in comparison with other wirehouses training. And I also learn a lot in my first 7 months of production. I had learn that UBS is the best company to work for. You & Us.
[/quote]
Beezbol has been berra berra good to me…
[quote=Fixdincome]
lol collazo..
Im at ML, have a friend at UBS. AT ubs he has no meetings with his manager (good or bad, but bad from training standpoint), there are no weekly meetings for all trainees for education purposes (as they do at ml), and there are no assigned mentors (as we have it at ML). So they dont do much training at ubs. That said, that may be better for someone who knows what they have to do and doesnt want to bother with all the other crap. But for someone my age it is helpful. [/quote] Fixed - I do not know where your friend is getting that information. I am currently in the UBS training program and I have weekly meetings with my manager, a weekly conference call with all of the others in my class and in my particular office I do not have an assigned mentor but I know others in my class I have spoken to do have assigned mentors. I have nothing to compare the UBS training to but I feel they have done a good job training me to this point. When I was looking into the various wirehouse training programs there really were not many differences I could find.lol collazo..
Im at ML, have a friend at UBS. AT ubs he has no meetings with his manager (good or bad, but bad from training standpoint), there are no weekly meetings for all trainees for education purposes (as they do at ml), and there are no assigned mentors (as we have it at ML). So they dont do much training at ubs. That said, that may be better for someone who knows what they have to do and doesnt want to bother with all the other crap. But for someone my age it is helpful. [/quote]How to improve training? To be fair much of what's needed to succeed in this business can't be taught. It's about motivation, imagination and drive. These are attributes you either have or you don't. Most that don't won't survive the first or second cut.
Under the heading of improvements that could be made would be to remove the absolute lottery system trainees are faced with in dealing with their BOM. Once through the first phase of training in NY or NJ or Conn., trainees fall under the charge of their BOM. In some places where the old boys network is supposed to have been replaced by a system that places only highly qualified individuals in BOM positions, guess what? The old boys network is still alive and well. As a result some BOMs aren't qualified to train anyone. How could they be as some are failed brokers who used the network to flee the sinking ship of their own sales careers? Yet, the trainee is counting on this person for guidance, support and direction. None will be forth coming. This problem is systemic. The result of this is that trainees assigned to such BOMs have an extra handicap that will most likely sink their ship. The trainee by not getting guidance fails, or, by following the BOM's faulty guidance, fails. Usually by the time the trainee sees this picture clearly they've reached the end of the rope that was their career. A strong trainee can survive a weak BOM. Yet, as we know, many reps who go on to become very successful were slow coming out of the blocks. These trainees were fortunate enough to have strong BOMs who helped them, or in some cases, shielded them giving them more rope thus more time to make it work. How many trainees of this ilk failed soley by luck of the draw? We'll never know.[quote=BondGuy]
How to improve training? To be fair much of what's needed to succeed in this business can't be taught. It's about motivation, imagination and drive. These are attributes you either have or you don't. Most that don't won't survive the first or second cut.[/quote]
I completely agree, but most people don't want to hear it. The fact is if "training" ensured success we could train most anyone, more would succeed and we'd be paid less as a result.Adequate “training” program. Not to be confused with “training”.
Consider finding an independent firm after 1 year of proven success. Nobody should have to work for 35 cents on the dollar.