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How I Failed My Way Into This Business

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Sportsfreak View Drop Down
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Wise Old Perv

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Sportsfreak Quote  Post ReplyReply Direct Link To This Post Posted: Apr/24/2014 at 7:57pm
Originally posted by mvirden mvirden wrote:

Very informative post. Thanks for sharing.
Seriously, are you a troll? 
I have a feeling we wont be keeping you around here for very long.
Sorry MINT, SF is right, I was wrong......Helado...March 8th, 2014
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ca$h_money View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote ca$h_money Quote  Post ReplyReply Direct Link To This Post Posted: Apr/24/2014 at 8:11pm
Really SF? He's probably just trying to get enough posts to view the rest of the forums
Success is 100% guaranteed if you simply never quit prospecting.
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Sportsfreak View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Sportsfreak Quote  Post ReplyReply Direct Link To This Post Posted: Apr/24/2014 at 8:14pm
Originally posted by ca$h_money ca$h_money wrote:

Really SF? He's probably just trying to get enough posts to view the rest of the forums

Yeah, i thought of that after i posted. But was too lazy to delete the post. Fuck it. I'm sure he has a thick skin.
Sorry MINT, SF is right, I was wrong......Helado...March 8th, 2014
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Post Options Post Options   Thanks (0) Thanks(0)   Quote rosscar123 Quote  Post ReplyReply Direct Link To This Post Posted: Apr/07/2018 at 5:21am
interesting read indeed..
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bc2051 Quote  Post ReplyReply Direct Link To This Post Posted: Apr/07/2018 at 1:28pm
This is a good thread. So Egg if you’re starting today, how would you do it with DNC?

Biggest acct I’ve even been in front of was from a cold call where I ignored DNC. Sadly I didn’t get it. Asshole signed transfer paperwork for part of it (2 mil) to give me a shot and told me to wait to scan it in til he gave his guy the heads up it was coming. The call never came and I hounded him til I finally gave up. That one still bothers me
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Post Options Post Options   Thanks (0) Thanks(0)   Quote RIArules Quote  Post ReplyReply Direct Link To This Post Posted: Apr/07/2018 at 1:50pm
Originally posted by BigFirepower BigFirepower wrote:

I just love this topic.

I know far more people that failed their way to success, than started some place and got off to a good start and beyond.

Into the biz, knocked down, got up, knocked down, got up, knocked down, got up..... eventually people are scared to f'n death of you, because you are like Brad Pitt in Fight Club. Blood oozing out year eyes and ears, and you're laughing like a maniac! This is FUN!


I miss BFP.
We may "rob you slowly," but you're not going to see that shit.

Edward Jones Newb, Circa September 2016
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SometimesNowhere Quote  Post ReplyReply Direct Link To This Post Posted: Apr/08/2018 at 12:46pm
My all-time favorite BFP inspired post:

Originally posted by iceco1d iceco1d wrote:

I can picture it now...

[ring, ring, ring]

Client: Hello?

BFP: Hi Bob, it's BFP.

Client: Oh, hi BFP, what's up?

BFP: We need to sell your position in JNJ, WMT, and GS.

Client: What? Why?!

BFP: Don't question me! I've been in this business 25 years. I've seen this game a million times. We need to move now, and move quickly.

Client: But that doesn't really address why we need to trade them?

BFP: I told you. We must act quickly. I've seen this happen before. I've been in this business long enough to know when to hold'em and when to fold'em. I mean, I've been doing this 25 years now, you know?

Client: I can appreciate that. But what's wrong with JNJ?

BFP: Bob, I really need you to pull the trigger on these trades right now. In my 25 years, I've seen this type of thing before. Heck, I've seen clients and brokers alike burned by schemes like these jokers are playing.

Client: But BFP, we just sold all of my munis 2 weeks ago to buy this stuff? I lost a point and a half on the munis on each side of the trip, paid 2 points to buy these stocks, and now I'm supposed to sell them?

BFP: Yes.

Client: That's a lot of trading, and this is just the past 30 days!

BFP: Yes.

Client: Could we look at moving to a fee-based relationship? I heard that...

BFP: NO! Absolutely not! These fools have you brainwashed friend! I've been doing this 25 years and I've never seen a bigger racket than this fee-based gig...well, besides internet stocks, real estate, gold, variable annuities, indexed annuities, brokered CDs, structured products, mortgage backed securities, ARS, MARS, and well you get the point. Buying and selling stocks and bonds on a transactional basis is what we need to do, and we need to do it NOW before the month is over.

Client: Before the month is over?

BFP: Yes. Actually before the 27th. You know, T+3 for settlement.

Client: I don't understand.

BFP: You don't have to. Like I said, we need to do this NOW! I've been doing this for 25 years for fuck's sake!

Client: But wouldn't it be better to do this in a fee-based account? Rather than pay a point or two on 1/3 of my portfolio ever month?

BFP: Why on Earth would you want to pay 1.25% per yearr?

Client: Well if my math is correct...

BFP: Your math is WRONG! I told you already. 25 years! We need to act now.

Client: I really don't think so BFP. I can't be doing this every month.

BFP: But what about the club? And private jets? And yachts? And all that stuff?

Client: I don't know what you're talking about.

BFP: Everyone says that. I mean, 25 years! Jesus!

Client: I have to go BFP. Have a nice day.

BFP: In my 25 years I've never seen this type of vile behavior from a client! I'm making you a house account! Do you hear me! In fact, I'm just going to leave the business!

Client: Well do what you have to do I guess. I just asked a simple question.

BFP: I gave you 25 years of my life! And you give me horseshit! I'm leaving the business, I MEAN IT!

Client: Whatever you think is best.

BFP: I'M GOING TO POLL MY CLIENT BASE AND ASK THEM IF I SHOULD LEAVE THE BUSINESS, I'M FUCKING SERIOUS!!!

Client: I heard you.

BFP: I'M SERIOUS, I'LL DO IT!

Client: Ok.

BFP: Really.

Client: Ok?

BFP: I'M GOING TO DO IT THIS TIME!

Client: [Click]

BFP: I'm going...huh?

[crickets]

[ring, ring, ring]

Client #2: Hello?

BFP: Hi Jane, it's BFP. Hey listen, we have some serious action going on in WMT, JNJ, and some of your other holdings we picked up last month and we need to do some trimming...



I sort of give a fuck.
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helado View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote helado Quote  Post ReplyReply Direct Link To This Post Posted: Apr/08/2018 at 2:04pm
That guy was a genius. Wish he would come back.
My posts are for abrasive entertainment only. Nothing posted is investment, legal, tax or any type of advice, nor is anything mentioned true or even based on real events. Posts are complete fiction.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SometimesNowhere Quote  Post ReplyReply Direct Link To This Post Posted: Apr/08/2018 at 2:05pm
Too bad he was such an asshole 
I sort of give a fuck.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote luvindy Quote  Post ReplyReply Direct Link To This Post Posted: Apr/08/2018 at 2:33pm
I miss Jay Wenk.
8/31/12,Sportsfreak:
"If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time."
Dow 13,090 S&P 1406
5/23/13 UC:Dow 20k before 20% crrectn Dow 15,322
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helado View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote helado Quote  Post ReplyReply Direct Link To This Post Posted: Apr/08/2018 at 5:00pm
well played.  x2
My posts are for abrasive entertainment only. Nothing posted is investment, legal, tax or any type of advice, nor is anything mentioned true or even based on real events. Posts are complete fiction.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Muky13 Quote  Post ReplyReply Direct Link To This Post Posted: Apr/09/2018 at 12:52pm
Hey great info, I was wondering if you guys ever left messages on cold calls/followed up a week later or something on those messages. 
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eggward View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote eggward Quote  Post ReplyReply Direct Link To This Post Posted: Apr/09/2018 at 6:03pm
Originally posted by bc2051 bc2051 wrote:

This is a good thread. So Egg if you’re starting today, how would you do it with DNC?

Biggest acct I’ve even been in front of was from a cold call where I ignored DNC. Sadly I didn’t get it. Asshole signed transfer paperwork for part of it (2 mil) to give me a shot and told me to wait to scan it in til he gave his guy the heads up it was coming. The call never came and I hounded him til I finally gave up. That one still bothers me

 
I do not know what would work for me if I were a rookie today.  What I do know is I would try at least three different ways to prospect, do them as much as time and $ allows, track their success (or failure), try other methods if needed, find the two methods that are the most successful for me....and then do them relentlessly for the next five years.
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eggward View Drop Down
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Post Options Post Options   Thanks (1) Thanks(1)   Quote eggward Quote  Post ReplyReply Direct Link To This Post Posted: Apr/09/2018 at 6:04pm
Originally posted by Muky13 Muky13 wrote:

Hey great info, I was wondering if you guys ever left messages on cold calls/followed up a week later or something on those messages. 

 
Never.  At best you will be ignored; at worst you will irritate potential prospects.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SometimesNowhere Quote  Post ReplyReply Direct Link To This Post Posted: Apr/09/2018 at 6:09pm
Originally posted by Muky13 Muky13 wrote:

Hey great info, I was wondering if you guys ever left messages on cold calls/followed up a week later or something on those messages. 

I always left messages...as the Ameriprise guy in town. 
I sort of give a fuck.
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