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BullishT View Drop Down
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    Posted: Nov/29/2019 at 8:07am

I started brand new unlicensed at a wire 16 months ago. I’m not setting the world on fire by any means but I’ve opened enough accounts to stay employed for the foreseeable future. With that limited experience here’s what I would say to other newbies looking to go this route.

Before you start:

Study one hour/day about investments and personal finance as no one will teach you.

Read “million dollar financial services practice” and the prospecting threads on this forum.

Everyone in your friends and family should know you are starting a financial planning practice. Not “becoming a financial advisor” or “got a job at (Wirehouse)”.

When you start:

Series 7/66 is easy if you just follow the study program daily.

Find a senior advisor/team that will let you work their book and give you a 10-20% split on the revenue and new accounts.

But make sure to simultaneously build your own book that you own 100% of as you will probably be looking for a new firm in 1-2 years.

Dress like a professional. What’s the president wearing today? Wear that.

Cold prospecting will take MONTHS to turn cold leads into opened accounts. You need scraps from the team to keep you alive in the meantime.

40-50 hours/week is enough if you are efficient with your time.

Do your own paperwork.

If you’re going to use wholesaler money for events it is expected you will use their products when appropriate.

Prospect your peer group - you’ll be surprised how many have $ and it’s a much easier conversation.

Don’t forget where you are on the totem pole. The sales assistant fresh out of community college is more important than you because she’ll still be employed next month.

The highs will be high and the lows will be low. Don’t worry, be happy.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote advisorman Quote  Post ReplyReply Direct Link To This Post Posted: Nov/29/2019 at 12:23pm
Good word
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Iamlegend Quote  Post ReplyReply Direct Link To This Post Posted: Nov/29/2019 at 1:59pm
So we should wear ties that are too long and shoes with height inserts? 🤣🤣
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Post Options Post Options   Thanks (0) Thanks(0)   Quote luvindy Quote  Post ReplyReply Direct Link To This Post Posted: Nov/29/2019 at 2:25pm
I think I've said this before, but I like this guy.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote PEACH_cm Quote  Post ReplyReply Direct Link To This Post Posted: Nov/29/2019 at 2:44pm
I would say do the opposite of majority of what you mentioned and you would have more success. People don’t like being sold and they don’t like people who “fake it”.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote BullishT Quote  Post ReplyReply Direct Link To This Post Posted: Nov/29/2019 at 3:31pm
Originally posted by PEACH_cm PEACH_cm wrote:

I would say do the opposite of majority of what you mentioned and you would have more success. People don’t like being sold and they don’t like people who “fake it”.


Which part of what I said indicates this?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Ron 14 Quote  Post ReplyReply Direct Link To This Post Posted: Feb/17/2020 at 9:05pm
Originally posted by PEACH_cm PEACH_cm wrote:

I would say do the opposite of majority of what you mentioned and you would have more success. People don’t like being sold and they don’t like people who “fake it”.

So what would you do? You rip the guy for providing content and have nothing? 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote RIArules Quote  Post ReplyReply Direct Link To This Post Posted: Feb/17/2020 at 9:29pm
Originally posted by Ron 14 Ron 14 wrote:

Originally posted by PEACH_cm PEACH_cm wrote:

I would say do the opposite of majority of what you mentioned and you would have more success. People don’t like being sold and they don’t like people who “fake it”.


So what would you do? You rip the guy for providing content and have nothing? 


Ron, these are two very different people with obviously different backgrounds trying to milk a very different demographic. They can get to the same place profit wise, but still be foreign to each other.

I think it’s time for a big group hug, even the Primerica peeps.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Ron 14 Quote  Post ReplyReply Direct Link To This Post Posted: Feb/17/2020 at 10:04pm
When I commented here I had no idea that Peach was getting ripped in another thread. My comment still stands. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote BullishT Quote  Post ReplyReply Direct Link To This Post Posted: Feb/18/2020 at 6:27am
Originally posted by RIArules RIArules wrote:

Originally posted by Ron 14 Ron 14 wrote:

Originally posted by PEACH_cm PEACH_cm wrote:

I would say do the opposite of majority of what you mentioned and you would have more success. People don’t like being sold and they don’t like people who “fake it”.


So what would you do? You rip the guy for providing content and have nothing? 


Ron, these are two very different people with obviously different backgrounds trying to milk a very different demographic. They can get to the same place profit wise, but still be foreign to each other.

I think it’s time for a big group hug, even the Primerica peeps.
They can get to the same place profit wise,

Sure hope so if Peach is $800k producer.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Moraen Quote  Post ReplyReply Direct Link To This Post Posted: Feb/18/2020 at 8:31am
Originally posted by Iamlegend Iamlegend wrote:

So we should wear ties that are too long and shoes with height inserts? 🤣🤣


LOL
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Post Options Post Options   Thanks (0) Thanks(0)   Quote jrayfinancial Quote  Post ReplyReply Direct Link To This Post Posted: Mar/24/2020 at 5:43pm
Originally posted by BullishT BullishT wrote:


I started brand new unlicensed at a wire 16 months ago. I’m not setting the world on fire by any means but I’ve opened enough accounts to stay employed for the foreseeable future. With that limited experience here’s what I would say to other newbies looking to go this route.

Before you start:

Study one hour/day about investments and personal finance as no one will teach you.

Read “million dollar financial services practice” and the prospecting threads on this forum.

Everyone in your friends and family should know you are starting a financial planning practice. Not “becoming a financial advisor” or “got a job at (Wirehouse)”.

When you start:

Series 7/66 is easy if you just follow the study program daily.

Find a senior advisor/team that will let you work their book and give you a 10-20% split on the revenue and new accounts.

But make sure to simultaneously build your own book that you own 100% of as you will probably be looking for a new firm in 1-2 years.

Dress like a professional. What’s the president wearing today? Wear that.

Cold prospecting will take MONTHS to turn cold leads into opened accounts. You need scraps from the team to keep you alive in the meantime.

40-50 hours/week is enough if you are efficient with your time.

Do your own paperwork.

If you’re going to use wholesaler money for events it is expected you will use their products when appropriate.

Prospect your peer group - you’ll be surprised how many have $ and it’s a much easier conversation.

Don’t forget where you are on the totem pole. The sales assistant fresh out of community college is more important than you because she’ll still be employed next month.

The highs will be high and the lows will be low. Don’t worry, be happy.



FADP?
I threw away my old list of excuses, but evidently, you must've found it in the trash!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote BullishT Quote  Post ReplyReply Direct Link To This Post Posted: Mar/28/2020 at 10:01am
Doesn’t matter - what I posted applies to ML, MS, RJ employee channel, etc any large firm with a 3-year training program and production hurdles.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote hmatts Quote  Post ReplyReply Direct Link To This Post Posted: Apr/04/2020 at 11:44am
Thanks! I'm in a similar position, and I agree with you, and am following some of these steps. Looking to impleement more. It is a learning process 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote jrayfinancial Quote  Post ReplyReply Direct Link To This Post Posted: Oct/16/2020 at 10:30am
Originally posted by BullishT BullishT wrote:


I started brand new unlicensed at a wire 16 months ago. I’m not setting the world on fire by any means but I’ve opened enough accounts to stay employed for the foreseeable future. With that limited experience here’s what I would say to other newbies looking to go this route.

Before you start:

Study one hour/day about investments and personal finance as no one will teach you.

Read “million dollar financial services practice” and the prospecting threads on this forum.

Everyone in your friends and family should know you are starting a financial planning practice. Not “becoming a financial advisor” or “got a job at (Wirehouse)”.

When you start:

Series 7/66 is easy if you just follow the study program daily.

Find a senior advisor/team that will let you work their book and give you a 10-20% split on the revenue and new accounts.

But make sure to simultaneously build your own book that you own 100% of as you will probably be looking for a new firm in 1-2 years.

Dress like a professional. What’s the president wearing today? Wear that.

Cold prospecting will take MONTHS to turn cold leads into opened accounts. You need scraps from the team to keep you alive in the meantime.

40-50 hours/week is enough if you are efficient with your time.

Do your own paperwork.

If you’re going to use wholesaler money for events it is expected you will use their products when appropriate.

Prospect your peer group - you’ll be surprised how many have $ and it’s a much easier conversation.

Don’t forget where you are on the totem pole. The sales assistant fresh out of community college is more important than you because she’ll still be employed next month.

The highs will be high and the lows will be low. Don’t worry, be happy.
 
Good luck finding a team. 

Love everything else stated, but I've been here for over a year and haven't found a team who wanted to bring me on to work their book. Plenty of teams who want to eat off my own book though. Plenty. 

If you have a CFP/CFA or some other fancy certification, can do CA work like a pro, and you "look the part" in a way that fits the team's persona (and I'm not talking about dress code), it seems to me that you'll be recruited faster than you can say wirehouse. 

Most advisors are rainmakers. Their business is 100% referrals now. They can build great relationships already. They just don't have a ton of time to do that AND manage portfolios. If you can do all the stuff that they don't want to do and have the "image" that fits their team, you shouldn't have a problem. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mindtech Quote  Post ReplyReply Direct Link To This Post Posted: Oct/16/2020 at 1:59pm
Originally posted by BullishT BullishT wrote:


Dress like a professional. What’s the president wearing today? Wear that. 

Are you saying that wearing a long red tie all the way down to my nut sack will make me successful?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote MoneyBags Quote  Post ReplyReply Direct Link To This Post Posted: Jan/15/2021 at 12:19am
Good thread! Joining a team is tough right now while everyone is working remotely due to Covid-19. I haven't been in the office since March 2020. Hard to make a connection and sell yourself to a team in this work environment on top of being a new advisor. 

Edited by MoneyBags - Jan/15/2021 at 12:26am
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Post Options Post Options   Thanks (0) Thanks(0)   Quote BullishT Quote  Post ReplyReply Direct Link To This Post Posted: Feb/17/2021 at 12:10pm
Not any harder, or arguably easier, than making connections and selling yourself to cold prospects in the remote environment.

In fact, given the demographic of established advisors/teams, there are probably guys out there who are really struggling with technology etc. and could use a younger person to bring their practice into the 21st century. 

Why not ask your branch manager if there are any producers who don't have a junior and may be open to the conversation?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote jrayfinancial Quote  Post ReplyReply Direct Link To This Post Posted: Feb/17/2021 at 5:24pm
Originally posted by BullishT BullishT wrote:

Not any harder, or arguably easier, than making connections and selling yourself to cold prospects in the remote environment.

In fact, given the demographic of established advisors/teams, there are probably guys out there who are really struggling with technology etc. and could use a younger person to bring their practice into the 21st century. 

Why not ask your branch manager if there are any producers who don't have a junior and may be open to the conversation?

Maybe the results will vary based on your location, your ME, your office's culture, whatever else.

I've approached every team member in our office. Some multiple times now. All rejected. No need for a "junior" or someone to help them with tech, linkedin, websites, relationship management, etc. etc..

A few did counter offer me with a super sweet deal though. I get to bring them big prospects I've spent months cultivating a relationship with and give it to them to close (and manage) for a 70/30 split. They get the relationship (like if I leave the firm). But I get credit for gaining a new account in the meantime. Well, more like 70% of the credit.

OAN...I did learn that of all the FAs with teams in the office, not a single one hired a junior FA who approached them to be on a team. They hand-picked the junior FA, based on their needs and based on what they wanted. But again, I'm sure things are different elsewhere. 

Any one of you seniors looking to hire juniors? I'm not looking, just asking.
I threw away my old list of excuses, but evidently, you must've found it in the trash!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote BullishT Quote  Post ReplyReply Direct Link To This Post Posted: Feb/18/2021 at 7:37am
Originally posted by jrayfinancial jrayfinancial wrote:

Originally posted by BullishT BullishT wrote:

Not any harder, or arguably easier, than making connections and selling yourself to cold prospects in the remote environment.

In fact, given the demographic of established advisors/teams, there are probably guys out there who are really struggling with technology etc. and could use a younger person to bring their practice into the 21st century. 

Why not ask your branch manager if there are any producers who don't have a junior and may be open to the conversation?

Maybe the results will vary based on your location, your ME, your office's culture, whatever else.

I've approached every team member in our office. Some multiple times now. All rejected. No need for a "junior" or someone to help them with tech, linkedin, websites, relationship management, etc. etc..

A few did counter offer me with a super sweet deal though. I get to bring them big prospects I've spent months cultivating a relationship with and give it to them to close (and manage) for a 70/30 split. They get the relationship (like if I leave the firm). But I get credit for gaining a new account in the meantime. Well, more like 70% of the credit.

OAN...I did learn that of all the FAs with teams in the office, not a single one hired a junior FA who approached them to be on a team. They hand-picked the junior FA, based on their needs and based on what they wanted. But again, I'm sure things are different elsewhere. 

Any one of you seniors looking to hire juniors? I'm not looking, just asking.

Well, I stand corrected. 
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