[/quote]

Well like I said they are pretty blunt about what they are looking for, people with a rich network. which is why the "500 day plan" thing confused me where it said to not do business with people in your own network.  I guess each place has its own best strategy to follow and the point is to use any resources you have. 

I haven't ever come across a position, whether front or back office that wasn't "plug and play".  Either you produce or you get out and get replaced with someone who will.  I'm pretty sure this applies to almost any position in any company in any industry, I guess except for the government where you can not produce and live like a king.

[/quote]

Strategy? That's funny! When they look at you they are looking at someone, who in their eyes, has less than a one in five chance of making it. So, for the roughly 100Gs that they are going to have to pay to train you and support you as you figure out this was a career mistake they want something in return. How about a wealthy network of family and friends that they can victimize with their tried and failed pie chart for a fee management? Your friends, family, and anyone else you are dumb enough to hand over to these guys will be paying them fees long after you've left to start your new career at Auto World Imports. That's the strategy. Maybe you bring in 2 or 3 million dollars or maybe you bring 10 or 15 million before you get pink slipped or pink slip yourself. That's 30k to 300k in fees every year until one by one your family and friends figure out they've been screwed. If that's what you want, well, go work for them.

Ok, maybe you think i'm being tough on you, well I am. You are being played by these guys. There are plenty of offices with good firms that are more interested in you than your network. Find one of those. As soon as they start asking networking questions politely get up extend your hand,thank them, and leave.

Your take on plug and play, not exactly.  This isn't about producing. It's about how that production is achieved. They want you to become part of the "Me-too" fee army of interchangable advisors that bring little if any value to the table. You are easily replaced because you are of little value to your clients. Verses someone like the guy who wrote the 500 Day War who, because of his unique skill set and vast knowledge, is irreplaceable to his clients. Which maybe explains why you are confused. Two very different competing philosophies. Your choice, both will make you money, one will make money for your clients. Personally, I'd go with the guy who built the big book from scratch.

[quote=BondGuy]

[/quote]

Well like I said they are pretty blunt about what they are looking for, people with a rich network. which is why the "500 day plan" thing confused me where it said to not do business with people in your own network.  I guess each place has its own best strategy to follow and the point is to use any resources you have. 

I haven't ever come across a position, whether front or back office that wasn't "plug and play".  Either you produce or you get out and get replaced with someone who will.  I'm pretty sure this applies to almost any position in any company in any industry, I guess except for the government where you can not produce and live like a king.

[/quote]

Strategy? That's funny! When they look at you they are looking at someone, who in their eyes, has less than a one in five chance of making it. So, for the roughly 100Gs that they are going to have to pay to train you and support you as you figure out this was a career mistake they want something in return. How about a wealthy network of family and friends that they can victimize with their tried and failed pie chart for a fee management? Your friends, family, and anyone else you are dumb enough to hand over to these guys will be paying them fees long after you've left to start your new career at Auto World Imports. That's the strategy. Maybe you bring in 2 or 3 million dollars or maybe you bring 10 or 15 million before you get pink slipped or pink slip yourself. That's 30k to 300k in fees every year until one by one your family and friends figure out they've been screwed. If that's what you want, well, go work for them.

Ok, maybe you think i'm being tough on you, well I am. You are being played by these guys. There are plenty of offices with good firms that are more interested in you than your network. Find one of those. As soon as they start asking networking questions politely get up extend your hand,thank them, and leave.

Your take on plug and play, not exactly.  This isn't about producing. It's about how that production is achieved. They want you to become part of the "Me-too" fee army of interchangable advisors that bring little if any value to the table. You are easily replaced because you are of little value to your clients. Verses someone like the guy who wrote the 500 Day War who, because of his unique skill set and vast knowledge, is irreplaceable to his clients. Which maybe explains why you are confused. Two very different competing philosophies. Your choice, both will make you money, one will make money for your clients. Personally, I'd go with the guy who built the big book from scratch.

[/quote]

All possibly and probably true except one tihing. The  "plenty of offices with good firms that are more interested in you than your network" are not hiring inexperienced people, and definetly not hiring them with some kind of compensation plan that allows them to have some kind of salary/loan until they build their book.  I've tried.  Are you hiring?  Sad but true.  Since we all have to start somewhere the choice is limited. The choice comes into play a few years later if you are happy with the place you are in or not.  At that point, do you have the choice of bringing your book elsewhere or do you have to leave it behind? Thats a real question and since i'm new i dont know the answer.

do you know more about the guy who wrote the "500 day war" other than the article itself? because to me that isnt a unique skill set or vast knowledge, its good advice that anybody with a brain and some discipline can follow or duplicate. but maybe you know him better to know that he is irreplaceable because to me making a ton of phone calls during the day and closing deals over the phone isn't irreplaceable to the client, maybe to the firm. 

Be tough on me all you want, i'll be the first to tell you that I'm new to this, will appreciate all information,  and my only knowledge of it is what I am told or find online.

bump...i keep coming back to this and have been seeing posts from  a lot of newer newbies than me that could use it.

Been in the business a long time and I don't think I've read more useful information for rookies, or even veterans for that matter. This should be a cut-and-paste job, a thread that should be absolute must reading for all trainees and newer FA's. 

Spent 25 years at PaineWebber (UBS).  They put a rookie training branch within my branch office about 12 years ago.  As sure as I'm sitting here, I saw 300 to 400 rookies come through the system over a 5 to 6 year period.  Class after class would wash out - they were taught very little of this.  Having spent my first year in the business at First Jersey Securities, I knew what it took to make it and could see these people were kidding themselves.

After they closed down this 'experiment' we came to realize that exactly 3 people had made it.  One became a junior...was saved by a million-dollar producer ,one survived long enough to get a little deal at Merrill and one made it and stuck.

Back then I would try to suggest to these people that they literally had to drop out of society for two years - you know, "live like no one else will for two years and you can then live like no one else can for the rest of your life." Went in one ear and out the other - they were more interested in what was for lunch every day.

Hats off to the judge and bond guy.  Listen to every word (and the those of Bill Good) they say.

Reading this stuff is 'effing inspirational.

 JJM

First and foremost i would like to thank everyone who has contribued priceless advice to this thread, i found the thread while googling for information on advice for FA's

Im 22 yrs old and in my last year of college my major is Human Resources however i have a passion for finance and investing and plan to become a FA i have a few questions

What are the absolute bare minimums i need to get started including the necessary liscenes etc

So far i have

A Series 65 Liscene,
A Phone,
An extensive list to cold call,
A few good suits,
an unstoppable desire to succeed,

am i missing any thing?

Ive had numerous bill collector jobs so cold calling is not a problem at all to me..250-300 calls a day is nothing so that it s the least of my concerns

I am more concerend about the technical paper work end, the proper forms to open accounts etc

Now i know some of you may suggest i work for a wire house first then start on my own, that is not what i want to do. I want to start solo and build a book from scratch, my personal friend/family network is no where near wealthy so i actually like the challenge of building a book from scratch

I can follow the 500 day war no problem

i just need more info on the technical side of the business

BUMP

Read it, learn it, and learn it well

Rather than start a new post, I'd love to find out best ideas for "high quality" lists.  Salesgenie? Prestige? Create your own?

After using ReferenceUSA for business/business owner lists and a mail/call/mail system, I am getting too many returned mailers with wrong/misspelled names, outdated addresses etc.  Is mail/call/mail too inefficient?

Has anyone found a good "occupational niche" like Dentists, Doc's, attorneys etc, that has worked particularly well?  Or is it best to stay more broad in scope (business owners)?

[quote=Stockguy2011]

Rather than start a new post, I'd love to find out best ideas for "high quality" lists.  Salesgenie? Prestige? Create your own?

After using ReferenceUSA for business/business owner lists and a mail/call/mail system, I am getting too many returned mailers with wrong/misspelled names, outdated addresses etc.  Is mail/call/mail too inefficient?

Has anyone found a good "occupational niche" like Dentists, Doc's, attorneys etc, that has worked particularly well?  Or is it best to stay more broad in scope (business owners)?

[/quote]

Make your own list.

Bad names is a list problem. Get your money back. Too expensive to mail to wrong name/addresses

Mail/call/mail is not too ineffecient. However, update to incorporate email.

Occupational niches can work well. Realize it's a well worn path. Do something to seperate yourself from the crowd. And do it in the first 10 seconds of the call.

That said, I'm a broad scope guy. Anyone with money is a potential prospect.

Great thread. Thanks to all who have contributed. I can tell you in my own business experience, (not FA yet), the real people you want out there, will respect the guy who puts it out there to hang with a cold call. My best experiences in life have come form cold calling people in my former businesses, and pitching them with zeal. :) The self made guy, non lawyer or doctor who will hide under neath their diplomas, had to let it all hang out for himself at one point. Dial with pride.

There is alot more to be read in between the lines in the 500 day plan.

Judge:

Are you implying that we should open wrapp fee accounts with a 1% fee? Or do you lead with some sort of product first?

Hi all,

I'm starting with a wirehouse on the 28th of November and I do not have a background in sales. I am going to be completing my MS in Accounting and my CPA in 2012. I'm a level III CFA candidate as well. I was hoping to use accountants as my niche. My current plan is to cold call like crazy until I have my CPA and then start using that network to expand my book of business. Anyone have any experience with something like this?

[quote=BondGuy]

[/quote] The answer seems simple and so does the objective "make as many contacts as possible"....Sometimes the "fear" just multiplies itself and making those contacts seem impossible(as does picking up the phone)

[/quote]

Horton, fear will put you on the unemployment line. Pick up the phone and do it.

This is the way i figure it; if I don't make the call I won't make the sale. If i do make the call and get blown off the phone I won't make the sale. So, in making the call I have nothing to lose. OTOH, if in making the call i gain a prospect i have much to gain.

Same goes with investment reccos. Worst the client or prospect can do is say no. That's exactly the same result I would get for not making the call or not closing. So, what's my downside? There is no downside.

All gain with no downside?

With those odds why not make the calls?

[/quote]

I was looking for something to help pump me up every morning/hour/crappy call.  I think I just found it.  Must have missed this before. 

Just wanted to bump this beauty into 2013.

Awesome post. Timely advice. Heading into year 3 of the PMD program at ML in beginning 2013. Start everyday day with 100 cold call dials in the first 100 minutes. Will keep your business going and growing.

Love the thread. Just started cold calling at a wire. Here are the 12 commandmends I put on my wall:

Awesome post. Timely advice. Heading into year 3 of the PMD program at ML in beginning 2013. Start everyday day with 100 cold call dials in the first 100 minutes. Will keep your business going and growing.

Some questions for you:

What are you cold calling for? Product or service?

When you get a live one what is your follow up strategy?

What is your conversion ratio of those who are initially interested to new account?

Thanks.

How do you get 250 business owners to call a day? Do you purchase leads? You mentioned corporate directories, are you calling these people while they are working?

I want to churn out a ton of calls, but curious how to get past gatekeepers, etc.

Get a subscription to infofree.com. It will run you about $300 p/y and you can get plenty of lists. Look for a discount code online to get it down to the $300 price.

I plan on doing a lot of cold calling to get my start as soon as Im licensed, but I don’t thinking leading with product will be as effective as introducing a value proposition. Value, cash flow, liquidity, risk management.

I will quickly find out which method works for me, but anytime someone on the phone leads with investments, the phone will hang up. Trust must be established first before someone will hand over their hard earned money.

Great thread, I’m with Bond Guy, contacts…talking to people and doing it on a regular basis…it all comes together.
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