MSSB Business Plan
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Really just depends what size market you're in. I find some FA's from my class taking anything and everything (smaller markets), while others are only taking 500k and above. The small household policy is 75k. So you either don't take accounts that size or make your money up front on the relationship.[quote=3rdyrp2]Well I just lost a $11,000 account to Morgan Stanley today. Not that I’m worried about it as the clients stopped doing what I told them 2 years ago, but would Morgan have gone after a prospect w/$11,000 of investable assets 2 years ago? Or even 1 year ago?[/quote]
I don’t know if this is a standard best practice at MSSB, but when I was interviewing with MSSB, the BM told me I should only take accounts under $100k if they are a 401(k) rollover where I will never really have to do anything with them or if we set the expectation up front that we will only do a portfolio review once or twice a year (if they want more attention, they need to invest more $$ or find someone else).
For the business plan, I just followed the template they gave me. They ask about my personal goals, so I put stuff about running triathlons and sending my kids to Ivy League Universities.
They asked about personal goals, so I put goals like$30MM AUM in first two years, obtain CFP in four years, etc.
They asked where I’m going to get the business from, so I broke it down by cold calling, networking, speaking, etc. They left the interview with confidence that I know exactly where to get the business from and how I’m going to do it. Hopefully, I’ll have the same confidence in my plan by the time I go into production later this year.
It turns out that my past experience and education was a big factor in me getting the job. I have been writing formal business plans for over a decade, so I made sure I hit on all the important points they wanted. Their format was a little odd, but I just ran with it.
I can’t speak for the rest of MSSB, but at least my branch is very selective in hiring. There seem to be many branches that are only hiring for teams. I passed on a resume to my BM the other day. A contact’s brother is at CS in another state and wants to relocate to my city. My BM just rolled his eyes. He said, “I’ll take a look at it, but don’t expect anything.” He made it clear that he really isn’t anxious to hire any new people right now unless they really impress him. This makes me feel pretty good that I got an offer in just two weeks.
I think that’s more a case of the BM getting a resume from the new guy who’s barely cracked open the series 7 training kit and is now trying to help build the office. No way he has that reaction if one of the trusted vets refers a friend.
If that’s the case, why did he come to me later on that same day to get my opinion on a resume he just received?
BTW, I never claimed the person I referred was a friend. I made it clear that I have never met the person and did not vouch for him in any way.
No idea. I'll bet a shiny U.S. quarter that Harvard or Princeton admissions officers aren't knocking on freshman students dorms asking to look over applications and to give their thoughts.If that’s the case, why did he come to me later on that same day to get my opinion on a resume he just received?
[quote]BTW, I never claimed the person I referred was a friend. I made it clear that I have never met the person and did not vouch for him in any way.
[/quote] "Umm, boss, do you have a minute?" "Sure, newbie. I forgot to thank you for the coffee earlier. 2 hazelnut creamers, just like I like it!" "No problem. I'm really excited about taking these tests. I just thought I'd let you know I'm studying ALL DAY and am averaging a 108% on the practice tests. Isn't that good?" "Sure, whatever, what do you need?" "I wanted to give you something. It's a resume of this guy. No idea who he is or what his background is, I've never talked to him before and I don't vouch for him in any way, but...I thought you might want to look it over." "You are too kind, I just ran out of toilet paper half an hour ago." "What do you mean?" "Nothing. I'll look it over. Now get back to watching the series 7 videos, rook."
I’m guessing your branch manger is starting to question one of his recent hiring decisions. You are doomed to fail, I stand by my statements and look forward to drinking beer at your expense.
No idea. I'll bet a shiny U.S. quarter that Harvard or Princeton admissions officers aren't knocking on freshman students dorms asking to look over applications and to give their thoughts.[quote=MBA2FA]If that’s the case, why did he come to me later on that same day to get my opinion on a resume he just received?
[quote]BTW, I never claimed the person I referred was a friend. I made it clear that I have never met the person and did not vouch for him in any way.
[/quote] "Umm, boss, do you have a minute?" "Sure, newbie. I forgot to thank you for the coffee earlier. 2 hazelnut creamers, just like I like it!" "No problem. I'm really excited about taking these tests. I just thought I'd let you know I'm studying ALL DAY and am averaging a 108% on the practice tests. Isn't that good?" "Sure, whatever, what do you need?" "I wanted to give you something. It's a resume of this guy. No idea who he is or what his background is, I've never talked to him before and I don't vouch for him in any way, but...I thought you might want to look it over." "You are too kind, I just ran out of toilet paper half an hour ago." "What do you mean?" "Nothing. I'll look it over. Now get back to watching the series 7 videos, rook."[/quote]
I am assuming your "scenario" is based on personal past experience, no?
Sorry to hear you had to endure people treating you like that. I haven't had to deal with that kind of stuff since I was in the Army.
Most of my interactions with my boss involve him asking me if I would like to have lunch or making sure the ambient air temperature in my office is to my liking.
[quote=voltmoie]
I’m guessing your branch manger is starting to question one of his recent hiring decisions. You are doomed to fail, I stand by my statements and look forward to drinking beer at your expense.
[/quote]
Why don’t you read my post in “The Lounge” on "The Wise, The Foolish and The Evil."
Who do you think you are acting like?
[quote=MBA2FA]
[quote=voltmoie]
I’m guessing your branch manger is starting to question one of his recent hiring decisions. You are doomed to fail, I stand by my statements and look forward to drinking beer at your expense.
[/quote]
Why don’t you read my post in “The Lounge” on "The Wise, The Foolish and The Evil."
Who do you think you are acting like?
[/quote]
I call’em like I see’em. Prove me wrong and I’ll shut up. Hell, pass the 7 and I’ll take it to 3/4 speed.
No idea. I'll bet a shiny U.S. quarter that Harvard or Princeton admissions officers aren't knocking on freshman students dorms asking to look over applications and to give their thoughts.[quote=3rdyrp2][quote=MBA2FA]If that’s the case, why did he come to me later on that same day to get my opinion on a resume he just received?
[quote]BTW, I never claimed the person I referred was a friend. I made it clear that I have never met the person and did not vouch for him in any way.
[/quote] "Umm, boss, do you have a minute?" "Sure, newbie. I forgot to thank you for the coffee earlier. 2 hazelnut creamers, just like I like it!" "No problem. I'm really excited about taking these tests. I just thought I'd let you know I'm studying ALL DAY and am averaging a 108% on the practice tests. Isn't that good?" "Sure, whatever, what do you need?" "I wanted to give you something. It's a resume of this guy. No idea who he is or what his background is, I've never talked to him before and I don't vouch for him in any way, but...I thought you might want to look it over." "You are too kind, I just ran out of toilet paper half an hour ago." "What do you mean?" "Nothing. I'll look it over. Now get back to watching the series 7 videos, rook."[/quote]
I am assuming your "scenario" is based on personal past experience, no?
Sorry to hear you had to endure people treating you like that. I haven't had to deal with that kind of stuff since I was in the Army.
Most of my interactions with my boss involve him asking me if I would like to have lunch or making sure the ambient air temperature in my office is to my liking.[/quote] You don't need to try to impress us. We know your branch manager doesn't ask you out to lunch all the time or fret about whether a trainee has ample air flow going through his/her office. You are nothing more than a number until you produce enough business to make yourself profitable to the office. You are a long way away from that day.
To : MBA2FA
Please I am going thru the same process at the moment could you please give me some pointers in regards with the business plan?!
Also how thorough is the background check , what can they see?
please help
THANK YOU
Ask some of those Jone’s vets you talked too. I bet they can help.
Said it right!
MBA2FA
My mistake, a few years has passed since, thus much feedback is welcomed!
Have a fabulous day!