[quote=riaassociate]King Bobby,

I beg to differ on this but maybe you could give me some insight. I’m not someone’s assistant we are working on a joint split. To be quite honest I don’t think I could have landed some of our clients by myself so for me it works. I’m just curious as to how landing 100k accounts works for building a business. Eventually you’ll run out of time as the fees generated off the accounts won’t allow you to survive if you’re in a fee based model. 100k accounts will take up all of your time. Would you mind me asking if you’re in Wirehouse or if you’re independent?[/quote]

I’m at a wirehouse and I am building relationships through transactional based sales and I am working towards taking my clients from transactional bond based relationships to getting their equity portfolios as well.

Fair enough,

Our entire business is fee based. We’re looking for 500k accounts and up. But in reality we’d really prefer million dollar accounts. I make 150-200 calls per day specifically targeting corporate execs in the tech industry. In my cold call I go straight for the meeting. Most of the time it doesn’t work but I can get about 1 apt per day. Sometimes two. Happy hunting.

Sounds awesome ria… again I was just disputing the comment about not going after 100k accounts, your way looks great too… One appointment per day, if qualified for that amount, will be huge.

[quote=riaassociate]Fair enough,

Our entire business is fee based. We’re looking for 500k accounts and up. But in reality we’d really prefer million dollar accounts. I make 150-200 calls per day specifically targeting corporate execs in the tech industry. In my cold call I go straight for the meeting. Most of the time it doesn’t work but I can get about 1 apt per day. Sometimes two. Happy hunting.[/quote]

There are so many ways to do it which is great. You guys have a very specific niche which is great. I started going after $500,000 and above and trying to be fee based (except for FI, I think its dirty to charge people a fee to hold a bond. In my business I charge a fee for equity portfolios but for FI, it’s all on the credit for the sale of the bond) but being in my 20’s, without family money, and not on a team it wasn’t working. Good luck!

I’m young as well which is why I decided to team up with a senior FA with a track record, It makes going after bigger clients easier than if I were to do it on my own. As for the bonds, I get where you are coming from on charging a fee for it. I guess we make up for it by doing a ton of small bond transactions, thus heavily diversifying the the bond portfolio. Wouldn’t make sense in that case to do charge for each transaction. Plus since most of our clients are older we put a lot of time into the financial planning part of this business. So I’d like to say that we earn our fee even on the fixed income piece. I don’t really come from a lot of family money either and I’m not sure it would work for me approaching my parents friends. I think they still see me as the 10 year old kid running around. Maybe in a few years I’ll be to change that perception but for now, I’ll stick to my phone dialing up unknown prospects and trying to convert them into clients. I’m just curious Ulari and King Bobby have you been able to open up accounts over the phone. I tried that at the wirehouse and didn’t have much success at it. And where I am now that’s not our business model so I don’t even attempt it.

I’m young as well which is why I decided to team up with a senior FA with a track record, It makes going after bigger clients easier than if I were to do it on my own. As for the bonds, I get where you are coming from on charging a fee for it. I guess we make up for it by doing a ton of small bond transactions, thus heavily diversifying the the bond portfolio. Wouldn’t make sense in that case to do charge for each transaction. Plus since most of our clients are older we put a lot of time into the financial planning part of this business. So I’d like to say that we earn our fee even on the fixed income piece. I don’t really come from a lot of family money either and I’m not sure it would work for me approaching my parents friends. I think they still see me as the 10 year old kid running around. Maybe in a few years I’ll be to change that perception but for now, I’ll stick to my phone dialing up unknown prospects and trying to convert them into clients. I’m just curious Ulari and King Bobby have you been able to open up accounts over the phone. I tried that at the wirehouse and didn’t have much success at it. And where I am now that’s not our business model so I don’t even attempt it.

I’m prospecting in my midwestern state so I haven’t opened accounts over the phone but I have made our first meeting the meeting that they bring me the check and fill out the paperwork. I try to have the first “meeting” on the phone. I want to know two things: do they have money and are they willing to pay an advisor to invest it. If they meet those two things, I’ll send them out information on FI and do a follow up. I talk to them about any CDs coming due, cash in the back all the M2 stuff. I talk to them about how muni bonds have a much lower default risk, better yields, cash flow all of that. Then when we meet I go for the sale. I’m making my way little by little (I met for a $25,000 check today) but I want to earn their business. If they had $25,000 today, they’ll have other money and I want to win that business. It is really hard for me as a guy in my 20’s to get someone to give me their life savings and my folks are teachers, they don’t have money. But, I can earn a little business and show through my client service model that they should give me more of their business.

Got it, thanks for the insight. Sounds like you have a good system and it appears to be working for you. Good luck and keep hunting.