1) Everyone is different. I do tax efficient value investing and that's what I build and sell to my clients. I'm not expected to sell anything.

2) You call the person, you introduce yourself, tell them how you can help them ask them if they are interested. Some people call on muni bonds, but I haven't tried that yet. I try to get the meeting, get to know them, and then I sell them on my investment philosphy. If you push products you're easy to replace. If you sell them on you, you can take them with you.

3) Being on an experienced team will be HUGE! If they split the PCs with you to meet your hurrdles you'll do great.

1.  This might sound like a stupid question, but I was wondering if anyone could give insight as to what type of financial services you are supposed to advertise/market as a PMD? (besides investments of course)

Here is my strategy:

Anything under $100k I put in A-Shares. The idea being that the client has a lot of catching up to do and almost always, the goal is growth.

Also, I take ANYTHING. I took a $2000 equity trade a few weeks ago. Why? Because, the guy has the potential to move over $100k with me. The other reason.....referalls. They may or may not have other money lying around, but I'm going to treat them like I would a $100k+ account in hopes that I can generate referalls from them.

I discuss with bigger accounts if they prefer A-Shares. Depending on the fees, you can put a client in A-Shares, convert them over to managed money several years later when you are more established, and in the long run, save the client in fees. At this point in the game, it's survival. I want to be there for my clients, they all love me and I consider every one of them friends. I don't want to tell them they were assigned to another advisor in the office, because I couldn't find a way to make it through the program.

First come first serves- It's a way to average over 5% PC revenue on your accounts AND MAKE THE CLIENT HAPPY. Everyone hates paying fees, so why not have a 3rd party pay me for them? Any clients with big money and don't want to move it all over, I pitch them this. They may have $50-100k with me, but I can turn that into 5000+ PC's and they are so happy that a few have already referred me other business. I'm boosting YTD returns on some clients as much as 7-8% with FCFS' (We hit big on Sally's Beauty Supply). You be the judge on that one...

2.  For those of you who are actively participating in the PMD Program, how does a typical cold call pan out and what is the conversation like?  What type of things do you say to these people, and how do you sell them on the ML services?

*I'm not interested   *I already have an advisor  *I don't have any money

I tell them something simple "That is the exact reason we need to talk." It gets them confused but more importantly it get's them thinking.

I still have plenty of "leave me alone" or "Quit F'ing calling me" responses but you learn to get over those.

I'm also not a product guy. I've tried the "leading with a conservative product" approach and it doesn't work FOR ME. I find out about the person, find a common ground and get them talking. I'm almost never meeting in the office either. I hate it, and it makes some people uncomfortable. Coffee or lunch almost always.

Everyone has different strengths, find out what yours are and stick to them. The worst thing you can do is act like you're reading off a script or come across as fake. I think everyone will agree with that.

3.  I have been interviewing for a PMD position and will possibly be put on an experienced team as well.  How much of an impact or advantage does it give you to be able to sell the names of the advisors who are on your team?  Does being on a team help as much as people say it does?

It makes an enormous difference. Because, now I'm using a senior advisor to boost myself to a prospect. I'm no longer John Doe from Merrill Lynch, I'm the head of "New Client Aquisitions" of the X,Y,Z, and associates team at Merrill Lynch. Being on a team will help you get through the program. Just make sure you negotiate the terms in your favor. I should note that I'm not in a team, but rather a pool. I have my own individual clients, but I also pool certain clients that I need help closing. My senior advisors have this deal worked out: They give me leads, I call, schedule the appointment, they close it. I make 50%, they make 25% each. All I have to do is get them to meet with us. They don't make anything off the clients I close on my own which should always be the case, unless they're giving you assets.

First come first serves- It's a way to average over 5% PC revenue on your accounts AND MAKE THE CLIENT HAPPY. Everyone hates paying fees, so why not have a 3rd party pay me for them? Any clients with big money and don't want to move it all over, I pitch them this. They may have $50-100k with me, but I can turn that into 5000+ PC's and they are so happy that a few have already referred me other business. I'm boosting YTD returns on some clients as much as 7-8% with FCFS' (We hit big on Sally's Beauty Supply). You be the judge on that one...

Can you explain what you mean?  what is first come first serve? and how do you get 5000 PCs on 50-100k investment.

thanks

struggling ML PMD 

One other question, does Merrill Lynch offer Money Market Accounts?  I have numerous amounts of personal contacts who would be able to open Money Market Accounts, would those count towards my PC hurdles as well?

[quote=linsanity]

One other question, does Merrill Lynch offer Money Market Accounts?  I have numerous amounts of personal contacts who would be able to open Money Market Accounts, would those count towards my PC hurdles as well?

[/quote]

They do offer money market accounts but you're going to charge a fee for that? I don't think so. Why won't they move into high quality muni bonds? Get some tax savings.

[quote=therightadvisor]

1.  This might sound like a stupid question, but I was wondering if anyone could give insight as to what type of financial services you are supposed to advertise/market as a PMD? (besides investments of course)

Here is my strategy:

Anything under $100k I put in A-Shares. The idea being that the client has a lot of catching up to do and almost always, the goal is growth.

Also, I take ANYTHING. I took a $2000 equity trade a few weeks ago. Why? Because, the guy has the potential to move over $100k with me. The other reason.....referalls. They may or may not have other money lying around, but I'm going to treat them like I would a $100k+ account in hopes that I can generate referalls from them.

I discuss with bigger accounts if they prefer A-Shares. Depending on the fees, you can put a client in A-Shares, convert them over to managed money several years later when you are more established, and in the long run, save the client in fees. At this point in the game, it's survival. I want to be there for my clients, they all love me and I consider every one of them friends. I don't want to tell them they were assigned to another advisor in the office, because I couldn't find a way to make it through the program.

First come first serves- It's a way to average over 5% PC revenue on your accounts AND MAKE THE CLIENT HAPPY. Everyone hates paying fees, so why not have a 3rd party pay me for them? Any clients with big money and don't want to move it all over, I pitch them this. They may have $50-100k with me, but I can turn that into 5000+ PC's and they are so happy that a few have already referred me other business. I'm boosting YTD returns on some clients as much as 7-8% with FCFS' (We hit big on Sally's Beauty Supply). You be the judge on that one...

[/quote]

This is exactly why I left Merrill Lynch...

I try to get the meeting, get to know them, and then I sell them on my investment philosphy. If you push products you’re easy to replace. If you sell them on you, you can take them with you.

A newbie selling prospects on their ‘investment philosophy’ as opposed to products seems awful silly. Products come with history, newbs do not. Find what the products they want and sell it rather than bore them with philosophy. Whether they stay with an advisor or not depends on things that happen after the sale, not before.

[quote=KingBobby][quote=Ulairi]I try to get the meeting, get to know them, and then I sell them on my investment philosphy. If you push products you're easy to replace. If you sell them on you, you can take them with you.[/quote]

A newbie selling prospects on their ‘investment philosophy’ as opposed to products seems awful silly. Products come with history, newbs do not. Find what the products they want and sell it rather than bore them with philosophy. Whether they stay with an advisor or not depends on things that happen after the sale, not before.[/quote]

I’m CPA and will be sitting for my level III CFA in June. I think I can talk about my philosphy. 

[quote=Ulairi]

[quote=KingBobby][quote=Ulairi]I try to get the meeting, get to know them, and then I sell them on my investment philosphy. If you push products you're easy to replace. If you sell them on you, you can take them with you.[/quote]

A newbie selling prospects on their ‘investment philosophy’ as opposed to products seems awful silly. Products come with history, newbs do not. Find what the products they want and sell it rather than bore them with philosophy. Whether they stay with an advisor or not depends on things that happen after the sale, not before.[/quote]

I’m CPA and will be sitting for my level III CFA in June. I think I can talk about my philosphy. 

[/quote]

You should probably retake that ethics course.

[quote=business_horn]

[quote=Ulairi]

[quote=KingBobby][quote=Ulairi]I try to get the meeting, get to know them, and then I sell them on my investment philosphy. If you push products you're easy to replace. If you sell them on you, you can take them with you.[/quote] A newbie selling prospects on their 'investment philosophy' as opposed to products seems awful silly. Products come with history, newbs do not. Find what the products they want and sell it rather than bore them with philosophy. Whether they stay with an advisor or not depends on things that happen after the sale, not before.[/quote]

I'm CPA and will be sitting for my level III CFA in June. I think I can talk about my philosphy. 

[/quote]

You should probably retake that ethics course.[/quote]

There is nothing unethical about discussing my investment philosophy with prospective clients. I'm not a product salesman.

[quote=Ulairi]

[quote=business_horn]

[quote=Ulairi]

[quote=KingBobby][quote=Ulairi]I try to get the meeting, get to know them, and then I sell them on my investment philosphy. If you push products you're easy to replace. If you sell them on you, you can take them with you.[/quote] A newbie selling prospects on their 'investment philosophy' as opposed to products seems awful silly. Products come with history, newbs do not. Find what the products they want and sell it rather than bore them with philosophy. Whether they stay with an advisor or not depends on things that happen after the sale, not before.[/quote]

I'm CPA and will be sitting for my level III CFA in June. I think I can talk about my philosphy. 

[/quote]

You should probably retake that ethics course.[/quote]

There is nothing unethical about discussing my investment philosophy with prospective clients. I'm not a product salesman.

[/quote]

I'm sure you know this but he might be talking about dumping someone in A shares and then switching them to managed money down the line. If you reach the break point its not as bad but a small time investor usually gets burned on the up front sales charge--heaven forbid he/she has to raise cash.  It is a more complicated discussion and I'm sure you help your clients make the decisions based on all the risk, time, etc...

[quote=linsanity]

I have three questions in regards to the Merrill Lynch PMD Program that hopefully a few of you could shed some light on.  I have been lurking these boards for a little bit and have read some very insightful posts (most notably the 500 Day War, which everyone loves.)

My three questions are as follows:

1.  This might sound like a stupid question, but I was wondering if anyone could give insight as to what type of financial services you are supposed to advertise/market as a PMD? (besides investments of course)

2.  For those of you who are actively participating in the PMD Program, how does a typical cold call pan out and what is the conversation like?  What type of things do you say to these people, and how do you sell them on the ML services?

3.  I have been interviewing for a PMD position and will possibly be put on an experienced team as well.  How much of an impact or advantage does it give you to be able to sell the names of the advisors who are on your team?  Does being on a team help as much as people say it does?

Thanks!

[/quote]

get in the business, get some experience, build some relationships and then move intoFA