What Does It Really Take?
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We've heard over and over how difficult it is for inexperienced FAs to meet ML's hurdles. Yes you do need to learn how to prospect and close; however, isn't it just a numbers game, contact sport, etc.? Or is this naive way of looking at it?
Ahhhhhh I just wrote a long long reply!!
Okay numbers mean something, but at the same time dont mean anything.
If you have a target market then numbers should work, but if you dont have skills it may never work.
Personally I think any sales position requires integrity, vision/goals, focus and commitment. Commitment to stay on top of trends and information pertaining to finance, politics and business.
It also helps if you are diverse. When I say this I mean if you have experience in certain career and industry fields it is more likely that you will have something in common with potential customer. If you are in clubs like Lions, Toastmasters, YMCA or Knights of Columbus you may also have a common connection.
In this industry knowing what the hell you are talking about is critical. I mean who in their right mind is going to listen to someone who knows less about finance then they do. Now of course there are stupid people out there, but its less probable that stupid people are wealthy.
Good luck
[quote=lambda]
We’ve heard over and over how difficult it is for
inexperienced FAs to meet ML’s hurdles. Yes you do need to learn
how to prospect and close; however, isn’t it just a numbers game,
contact sport, etc.? Or is this naive way of looking at it?
No I don’t don’t think that is Naive. The ML program posts steep
goals in an environment that is VERY self motivating (which is why many
are so bitter when they do not make it). It is that way by
design. People that are on the street, or in a bank, that has
Merrill Lynch on their reume as a past employer did not leave ML by
choice. THey likely were fired or failing. If you are
successfull and at Merrill Lynch you stay, which is why they are the
most successfull.
The reality is that more fail than not. To make it, you have to
prospect and call each and every day, set up at least a couple of
appointments each day, and just don’t stop. Obtain leverage in
your process and product so you are not reading charts and getting lost
in the fancy computer system. Get out there and set up
appointments, no matter how, just get it done. I think this is
the recipe wherever youa re, ML just has more to offer your prospects
and clients, offset of course by the higher goals.
If you get through it, the rewards are big.
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Here he uses four different ID's just to be able to talk to himself.
Sad, but true !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!11
Sad. And he is so dense that he thinks everyone else is.
In answer to your question, prospecting is the key. Getting up the energy to contact people in an effective way.
But, I don't think numbers are the key. Two guys in our office. Both dial. One is a very good talker and very smooth. The other guy is an engineer and just can't communicate. You have to feel sorry for him. So anyway, the talker brings in clients. The boor does not. And after awhile, when you are not successful - - you stop and you are dead.
So, I think it is a combination of contacting people and being efficient.
I HAVE HAD SOME SUCCESS with talking about my company RJ first. Have you had any successes???? Good talking with you.
I have seen first hand how tough it is at Merrill. Having been here 4 months, I have already seen 5 FA’s asked to pack up their belongings and turn in their office key. But its not hard to see why, asking around I learned that they used to troll in around 7:30am and leave by 3pm, having MAYBE 2 appointments a week. That aint gonna cut it… Self motivation is huge in another firm, any program… But especially at ML- they expect big things out of you for the first 2 years, 5 years, but IF you make it out alive, it can be a nice gig… I have friends here who are LOS 3 or 4 and are making BANK, with nice recurring income, solid client bases, freedom to dictate their own schedule, etc… BTW, Rightway is not “T-I-P”, dont insult the guy…
I HAVE HAD SOME SUCCESS with talking about my company RJ first. Have you had any successes???? Good talking with you.
Maybeeee- Good post... There are guys here who cold call all day, and once the get a live voice the stutter through until they get hung up on... Sad to hear... As for my technique, I simply talk about meeting to see if there is anything our firm can do to make their strategies more efficient, second opinions, etc. Very low key- it works with some.. Its all a crapshoot numbers game...