Huh? Cold calling?! With brands like ML and SB?!  You didn’t know that at ML and SB new FAs are handed a $25 MM book to start, and they get all their new clients from walk-ins begging them to please manage their money? 

Gross generalization:

One big difference is that many wirehouse advisors join teams, and aer "handed" a portion of the book.  Like a Jones Goodknight plan, they are often the samller, neglected accounts that the team no longer has time to service, but if they want you to stay, they will generally give you enough assets in order for you to clear your probationary "hurdles".

Here we go again…“Jones sucks”.  “I wanted one of them there brokerage jobs that gave you clients”  “This is America.”  “Where is my free money”.  “How do them there other firms give away free clients, especially in times like this?”  Jezzzusss Renter, remove your head from a lower part of your body.  Read your own question.  Dumb eh?  You could have been working while you were typing.  I know this is harsh but these are, to quote just about everyone, “unprecedented times”.  Those of us who survive this will be the incredibly hard workers.  All others will fail.  We will reap huge rewards.  Enough of these stupid questions and go back to work.  People are scared shitless and they need you.  This forum does not need more stupid questions.  It has enough without you.  Ok, I have pissed off enough members for tonight.  Sorry, just telling the truth.

Hey ytrewq, you dumb prick, I thought I made it clear that I didn’t need any negative rhetoric, but let me make it clearer: I have 500 households, I don’t want for much. I have numerous residential rental properties and 1 commercial property. I have a successful business; one that has won several customer sat. awards. As I said, I don’t want for much. I know you’re gonna laugh & say “customer sat. doesn’t mean anything, blah blah blah” but to me, it means a lot. I’m well into 6 figures a year, in an area whose average household income is under $50k a year. I’m under 40 years old & my home is almost paid for. I’ve done this work for 11 years, so I think I’m going to be okay. I’m well aware that people need me, and have already proactively contacted my clients during this debacle & hear “thank you so much for calling.” I not only read my question, I wrote it, you dumb prick, and it’s not a dumb question. The phrase “I’m just curious . . . how other firms do it” should have clued you in. I could have been working while I was typing? It was 11pm you dumb prick, I don’t work at 11pm. In the future, please don’t respond to my posts, you dumb prick, unless you can do it in a somewhat decent way. I’d be happy to get along, but it seems you have issues to work out first.

I didn’t mean to make you this mad.  I know I was pretty blunt.  I was really commenting on the “Yes, I think new FA’s should get a starting book” comment you made.  I was not attacking your success as a person.  I guess the point was in this environment where is that book gonna come from?  Who is the person to give it up?  I am sure you realize that it was a human being that built it from scratch.  Why would they give it up to someone else?  Why would they not expect someone else to build their own?  I know I was a “blunt prick” for sure.  “Dumb prick”.  I don’t think so.  Somebody that gave you their hard work for no reason would be the “dumb prick”.  With 500 households you do not need anyone’s hand me downs.  I sincerely apologize for coming across as hard as I did.  I did not mean my post as an attack.  No excuse but work has been a bit harder than usual, as I am sure you realize.  Once again I apologize for offending you.  I hope you can take it as I mean it.

Renter,
Let me be a bit more clear.  I am sorry for being a jerk.  No excuses.  My tone was not necessary.  I am sorry.

ytrewq, apology accepted, thank you for admitting to it. Let’s let bygones be bygones. See, you’re right - work has been tough on not just us, but also on one of my trainees. He’s a new/new, and very good guy who’s also very capable in this business (doing right by the customers, etc.). He just doesn’t seem to be doing as well at landing new clients to hit the commissions. Yes he doorknocks, he’s involved in the community. I even told him I’d go doorknocking with him again to help. My thoughts were that I wonder how many truly good people we lose because of the new/new startups. Frustrates me to see him struggle with a wife & 3 kids. He’s pulling money from his IRA now to stay afloat (under age 45). I’d happily give some clients to him, but I’m too far away. So my wondering was: if the other wirehouses give something to get someone started, I’d be all for it here, too. I also know that you know how hard it is starting new/new. Thanks for listening.

The bottom line is that most firms do not prepare new/new’s for the tough road.  Even at Jones, with all of their warnings, they still paint too rosey a picture.

Renter - at wirehouses, unless someone is hired to join an existing team or to be a junior broker under someone (partnership arrangement), they start out just the way your new-new does - no book, no clients.  The wire doesn’t care how they get their clients, but are mainly taught and encouraged to cold call.  They can cold walk.  They can also conduct seminars (but the wirehouse & wholesalers generally won’t help with these costs and most news don’t have the funds to pay for their own).  The washout rate at Jones I would guess is basically the same as the rest of the industry.  I agree it is idiotic. 

As OldLady said: Wirehouses are still strongly encouraged to cold call.  You can reach out to meet the most people this way, however, actually talking to someone is a whole different story. 

I have found networking with business owners, CPA’s, and doing seminars/teaching to be most effective. You can’t get in front of the most people, but it is a faster way to the referral business. The problem with cold-calling, is that it takes much longer to start generating referrals this way.

I don’t believe that new brokers should be handed books.  That would be too easy.

I am sorry for being a jerk.

glass man, let me respectfully disagree.  I turned 23 years old nearly 20 years ago when I started.  I got the end of the S&L Crisis.  Memories of '87 crash fresh in everyone’s mind.  CD rates were so high people would have been nuts to invest with me.  We had no “stock market” tv channel.  We had no internet trading or advertising.  Mutual Funds?  Nobody bought mutual funds.

You could argue that tv, the internet, and investment advertising today are competition.  Let me give you a perspective of someone that went through it.

These things have created more “awareness” and more “potential customers” than a lifetime of door knocking or cold calling could ever do.  If I had a time machine and I could get rid of all the online do it yourself crap I would not do it in a million years.  I may have to work harder to get the client with all the competition but atleast I have a shot.

The easiest time to start is always when SOMEONE else did.  The hardest time is always when WE did.  We are humans.  We always feel our own pain.  The current pain is always worse than the pain we felt in the past.  It does not matter if it is true or not because we are humans and we feel it now.

Old Spice, I know I can be a jerk.  My dog weighs 6 pounds and I can’t kick him after a bad day so I come here and argue for no reason.  I feel bad later.  I apologize.  My dog is smarter than me.

Jones just doesn’t prepare new/new’s for the job.  I know they say they have the best training in the industry, but realized that is for the series 7.  I didn’t “get” what needed to be done until about 6 months out, and now it might just be too late for me.

Azure you are partially right.

Jones does a fine job. It’s just that most new FA’s don’t want to do the work that it takes. It doesn’t matter how well you are trained, YOU have to do the work. Your BD can’t do it for you. When people claim the “training” is bad at their BD, what they really mean is “my BD didn’t give me an clients or assets to start with.” Therefore their training sucks. It’s the truth. If you joined a team, did a Goodknight, inherited an office or a book, you think everything is rosey. If you are new/new from scratch, you’re going to have a bitch of a time growing your book no matter how much they teach you.



Let me ask this…there are offices and brokers all over this country. How can a BD tailor their training to adapt to every market, every region, every area, every personality (of FA), etc.?? They can’t. They give you as many of the basic tools as possible, then you have to figure it out. Jones didn’t teach me how to communicate effectively with CPA’s. They gave me tons of tools, and advice, and training. But it doesn’t change the fact that I, ME, has to meet with the CPA’s. I AM THE ONE that has to develop the relationship properly, not my damn broker/dealer. And that goes the same for interacting with clients.



Too many people come on here bitching and whining about their lack of something from their BD. Well you know what, that’s life. Some get lucky, some don’t. But some people also know how to play the game of life and the game of business. Some don’t. Generally, younger people don’t quite have it figured out yet. That’s why older people tend to do better in this business. It’s life experience. No broker/dealer can teach that.



If people spent half as much time researching new opportunities in their market as they do crying on this forum, they might just be a little more successful.

As far as any bitching in my post...there wasn't any.  I merely stated that there is a lack of sales training.  I never knew anything about what would be tested on the Series 7, but passed because I was trained.  I never would have been successful at doorknocking but I was because I was trained.  I never knew anything about sales....get the picture?