Wirehouse Business Plan

2 replies [Last post]
Privatequity's picture
Joined: 2010-02-15

I am trying to put together my business plan for a wire. I feel that my target market is strong and I have great marketing ideas to attract and find said clients, however I am at a loss to the type of products I should be pushing. I am not an expert in specific products as my experience is limited in this biz. I was a cold caller/jrbroker at a boutiqe prior. The client ages may range from 35-75, High income earners to High net worth. Also, I feel that I should be including financial goals in terms of AUM by certain time periods, but I have no clue what I would expect to be producing and don't want to talk out of my a**. Any advice would be helpful as I've never put together a business plan aside from undergrad work. Thanks for the help.

Gman7979's picture
Joined: 2010-02-13

I have a couple of years in production under my belt, so I am pretty new as well but having good success.  Your business plan is how you sell yourself to  your potential manager.  You have to show him or her that you have the drive and discipline to make it in this industry.  I would start with the understanding that your business plan will drastically change over time and the plan must change with what is working for you. The number one goal no matter how you prospect is to get appointments!!!  For example, if you have no network then you better start cold calling.  150-200 calls a day is a good start.  If you have a large network, then your goals should be to set a certain number of appointments each week.  Your business plan should include your target market, which I am sure is full of doctors, lawyers, retirees, etc.  What I realized is that everyone else is prospecting these groups as well.  It's a good start, but try to find a good niche where you can tap into a market that is rarely marketed to. Make is activity oriented.  I will cold call 4 hours a day without interruptions in one hour blocks.  I will knock on doors 6 hours per week.   I will (fill in the blank)... and so on. Activities will get you prospects.   Prospects will become clients with good follow up.  Clients will bring in assets.  Assets will get you GDC. Good luck.

newguy44's picture
Joined: 2008-08-29

You are an asset gatherer. Period.

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