[quote=BondGuy][quote=Closer]

Bondguy, thanks. Yeah I am basically just trying as hard as I can to get some lists ready for production.

I like all of your product ideas (I don't have the language perfected yet). What about playing the "I am an FA who works exclusively with MDs" card?

[/quote]

Why limit yourself?

Try

I work with high net worth individuals developing strategies to reduce their taxes.

about the product ideas:

my prospecting process has always been what I call "earn a seat at the table."

To do this I pitch a product all HNW people love or should love, Tax Free Bonds. Note the word "pitch." I assume all the prospects i am persuing have existing advisor relationships. Trying to gain access by competing head on usually isn't going to work. Simply put, most people won't give you a chance. So instead I revert to the trusty old appeal to greed. I find something to sell them. Something with a high yield. I have built a career getting my foot in the door in this way. People will buy just one bond from you without feeling like they are cheating on their long time advisor. Yet, if they buy I'm in. Because I will treat them in a way their advisor isn't or won't. I smother them with service and attention. it's what I call the wonder of me phase. And it's very important. I show them how good I am. It's the new guy versus the old boyfriend thing.  If they tell me to back off i do so. That doesn't happen often. Over a short time I try to SELL them two or three more fixed income products. By that time I have climbed the wall of trust. I  ask for an appointment to see if there is any other ways I can add value. It's at this appointment that their current advisor is in serious trouble because I'm going for the whole portfolio.  I get more than I don't, regardless I've got another bond buyer. I've got accounts valued at 2 million plus where I'm still the number two or number three guy. As the saying goes it sure beats a sharp stick in the eye. And I'm always right there if the number one guy stumbles.

I'm not saying that my way is the best way, and it certainly isn't the only way, only that it has worked well for me.

[/quote]

AWESOME!!!!!!!!!!!!!!  TY

[quote=Guests]Gaddock...

A - I need 15MM in 2 years of production

B - Plumbers DO NOT make more than MDs

C - The reason I am focusing on that market is because I have some really good MD contacts, but I also want to do cold biz with them

D - Plumbers DO NOT make more than MDs
[/quote]

Let me narrow that ... those plumbers that own their own company

**DO**    Stanley

A- I need 25MM

B see above

C AWESOME ROCK ON!!!

D I do not agree but I don't know much.

If you think otherwise ... cool I'm wrong go for it. That was only my $0.02

Gad,
The main obstacles I see with MD’s

-they won’t trust a younger guy
-they are mostly foreign-born, so there is a major language and trust barrier. how are you building your practice?

Closer ... The main obstacles I see with MD's<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

You must be in their circle. Like a German sub in a Wolf pack. You must surface in the middle of their pier group.

IM NOT SAYING DONT GO AFTER THEM

IM SAYING Don't count on any one group to survive & my family are not Dr.'s

But ladies and Gents that's , just my $0.02

[quote=Bobby Hull]What pier would that be?[/quote]

Yawn ,  the one that has the correct spelling or symantics or whatever.

Elvis has left the building, Im baked.

Make it happen.

Adios

Bobby Hull???

I thought you were pouting on some other forum.

Right on, Joe. 

Read "The Millionaire Next Door".  It will give some great insight into who really holds the wealth in America. 

It is a shame, however, you left MM.  You could have prospected all of the wealth outlined in the book.  Instead, you'll be limited.  Good luck nonetheless.

Tom has destroyed this forum.

[quote=joedabrkr]

Why are most doctors forgeign born? 

Is it because the US school system is incapable of producing graduates who have the ability to complete medical school?

[quote=joedabrkr] [quote=deekay]

Right on, Joe. 

Read "The Millionaire Next Door".  It will give some great insight into who really holds the wealth in America. 

It is a shame, however, you left MM.  You could have prospected all of the wealth outlined in the book.  Instead, you'll be limited.  Good luck nonetheless.

[/quote]

Yes I've read the book.  I should probably re-read it given that I'm working on a new marketing plan.

Left "MM"?  Are you referring to "Mother Merrill"?  I left them a long time ago, and never felt that it limited my prospecting capabilities.
[/quote]

I was replying to "Closer".  He left MassMutual for MS.  Now he has to get AUM.  If he had stayed at MM, he could've prospected any business.  Sorry for the confusion.

[quote=joedabrkr]

[quote=deekay]

Right on, Joe. 

Read "The Millionaire Next Door".  It will give some great insight into who really holds the wealth in America. 

You are correct in that a small number of people control the majority of wealth in this country.  But from our business’ perspective, who does it make more sense to go after?  Bill Gates?  Or the guy next door who is retiring comfortably with ~$2 million?

[quote=AllREIT] [quote=joedabrkr] [quote=deekay]

Right on, Joe. 

Read "The Millionaire Next Door".  It will give some great insight into who really holds the wealth in America. 

[/quote]

Yes I've read the book.  I should probably re-read it given that I'm working on a new marketing plan.

[/quote]

If people understood how power laws worked, they would understand that the vast majority of the wealth in this country is *not* owned by the millionaire next door. As a class, they sit between the vital few and the trivial many, as thin as a latex condom.

Take someone like Sheldon Adelson, who is comfortably wealthy, and he is worth the same as ~26,000 millionaires living next door. Now you take someone really rich, (i.e Bill Gates) and they are worth roughly 2.5 Sheldon's each, or about 55,000 millionaires

You combine the wealth of the the collective forbes 400 (1.25 trillion) and that's the equivalent of 1.25 million, millionaires next door. That's just 400 people equivalent to 1,250,000 trivial millionaires.
[/quote]

I think the reference was to the millionaires that will be our clients.  I doubt most of us will ever have someone on the Forbes 400, or close to it.  The thread related to where the middle-class wealth is in terms of number of millionaires, not total dollars.  Yes, the richest few control most of the wealth, but there are far more fish in the pond with $1-2mm than $100-200mm (and up).

check out lirp’s.  check out the north american IUL.  Doctors are hammered by taxes and have large cash flows.  dr’s undertand this solution and they can afford it.  Just dont provide short-term cap gains or taxable interest, that would be a dis-service.  and 401k’s are far too much trouble.

[quote=jackbauer]check out lirp's.  check out the north american IUL.  Doctors are hammered by taxes and have large cash flows.  dr's undertand this solution and they can afford it.  Just dont provide short-term cap gains or taxable interest, that would be a dis-service.  and 401k's are far too much trouble. [/quote]

OP is not paid to sell insurance.  He is paid to gather AUM. 

Besides, why would you have him sell something that is almost guaranteed to blow up in the future?