Who do you wirehouse brokers cold call? Business owners with debt thru their eyeballs? Financial professionals...dentists, doctors, lawyers, CEOs, etc?

Sucks for you MBA…looks like the honeymoon is over. Now it’s time to “f*** them before they f*** you”. I suggest stealing post-its and maybe a stapler next time you are in the office…cause your patience will run out very quickly in that environment…

ps: this should have been posted under a new thread (my pet peeve)

[quote=Moraen] [quote=MBA2FA]

[quote=Moraen]MBA - are you licensed yet?



I can’t remember. If so, how long?[/quote]I passed my 7 and 66, but I’m still waiting for my production number.  I want to get out and meet some folks (like the Jones guys), or at least make some networking phone calls , but the big boss doesn’t want me too.  I got bored, do I got my CRPC designation.  I’m thinking on getting my CRPS and CLTC designations while I am waiting.  All the “experts” have a bunch of letters after their name, right?  One of the Jones guys I met had about 6 titles after his name.  I have no idea what they meant, but he seemed pretty proud.I am learning (very quickly) that my first BOM was a rare and valuable find. The new one seems more like the ones I hear everyone complaining about.  I believe my new BOM was an FAA for less than three years… during which time he learned more about being a top FA than anyone in the USA. However… in the BOM’s defense, all but one of the other FAA’s are in the fourth or fifth quintile… so he feels the need to kick everyone in the butt.  I’d just like a few months to do it “my way.”  if that doesn’t work, then I’ll follow marching orders.  The freedom to create my own business processes was a big factor in taking the MSSB job over EDJ.   My “fall back” plan was to follow the “Jones Recipe” at MSSB if nothing else worked… the problem is that I don’t know how effective it is when I have $100k new account minimums.[/quote]



The only letters after your name that are impressive to clients are CFP, CPA, ChFC (maybe) and CFA. The only one that is impressive to financial people is CFA.



That’s the problem with choosing a wirehouse and having a “local” manager. I think you should have tried Jones. I now a few guys who have left Jones for MSSB and it worked out for them.



Sorry buddy. Glad to be independent.[/quote]

Perhaps Jones would have offered more freedom, but hindsight is 20/20.  At least with MSSB, I am actually under much less pressure to perform.  The Jones salary was so low that I would have depleted savings much faster (I have a family of six to feed).

I agree with you on the “impressive” designations.  And no, I don’t think ChFC matters to anyone but FA’s.  I got the CRPC and CRPS designations for four reasons:

1. You can’t even get your CFP until you have three years in the industry.  Sure CFP is great, but it’s not even up for discussion, because I don’t qualify.

2. given that… CRPC and CRPS designations were inexpensive and added some letters to my name.  Research has shown a large increase in production to FA’s within the first year of completing these designations.  I believe it to be a foolish argument that someone is better off without additional training than with.

3.  People will be less likely to assume that I have been doing this for 2 weeks, given the fact that I have these designations.  Look around you.  Everyone is saying that it’s stupid and I should focus on other things (since my business plan is complete and my boss won’t let me prospect, I really don’t have a whole lot to do until I get my production number).  How many new reps have these designations?  Virtually NONE!  Thus, people would be much more likely to assume that I may have a little experience and may know what I am talking about. As it turns out, I actually do know what I’m talking about!

4. A large portion of my business focus is on retirement planning (and basic retirement plans) for small business owners and self employed people.  The training for these certifications taught me a great deal about serving these people and I have found that I am more knowledgeable in this area than many of the experienced FA’s.

now… time to get back to work…

What was the cost of getting your CRPC? Also, how many hours of study?

Okay, so I have this new BOM at MSSB that seems to be a total idiot.  Basically, he wants the new guys to quit networking and doing other types of marketing and get on the phones and start cold-calling 10 hours a day.  I think it’s kind of off because all the FAA’s (except 1) are over age 35 and have pretty solid networks and have been making progress.

He wants us cold calling selling muni-bonds.  Not that there is anything wrong with that… except that we don’t get paid on stuff under $100k.  How many $100k accounts do they really think we will open cold calling on the phone.  When I said I want to follow a business model similar to a top producer in the office who built his book to $100MM in under five years, spends most of his time outside the office (networking) and has NEVER made a single cold call…  well the BOM got mad and told us all that we are expected to be in the office on the phone from 8-5 and we are only allowed to leave if we have a cofirmed appointment.

We aren’t even allowed to go “cold walking” if we want to… but the new BOM assured us that we won’t be micromanaged.  My business plan of selling to my network of surgeons is unnacceptable.  Now, I am supposed to cold call lawyers on the phone instead.

This is like a bad dream…

MBA - all certifications show an uptick in production after getting them. The reason? You’ve been in business longer, made more contacts, and closed more business.

[quote=iceco1d] And you’re now dedicating your study/class time to prospecting…

[/quote]



Yep.