Greetings, PMD at ML

1. ask friends and family aka "the low hanging fruit". So far $1.5M from 3 households, more to come

2. Alumni directory from undergrad and grad. I have googled notable CEO's, presidents, and board officers that went to my school and looked up their phone number and mailing address. I have yet to decide how ill connect with them, but perhaps a combo of mailing, email, and cold call

3. I am compiling a list of medical offices. Targeting single practioners and boutiques with 0-5 employees. Im gonna ask them about their employee plans and segway to help the doctor with his/her investments and retirement

4. Access the database for physicians that are specialized and self-employed (radiologists, ect.) and do a combo of mailings, cold walk ins, and such

5. Door knocking residential neighborhoods

6. Cold calling, but tee up the call by mailing first so they sorta know me before i call

7. Set up seminars, educational in nature at various locations including public libraries, hotels, hospitals, ect.

 

if all else fails, ill go inside a bank of america branch and get warm referrals.

 

ML has a new program where a PMD can go inside a Bank of America branch and be the designated FA there. Im actually meeting up with the complex director next week to learn more about this opportunity. The great thing is, if I qualify, I can go solo and not have to team up with anyone.

 

Any insight would be helpful

 

 

 

And every 14 months, switched out of one bond fund to another to get more a share commissions~

 

I admit, I was not aware that A share load fees are waived in a wrap. I assumed otherwise because when I looked up the funds there was a % fee upfront for that particular ticker.

That does seem crazy and certainly expensive, but it's not common.  Again, most reputable B/D's- wirehouse, regional, Indy, etc. all have compliance restrictions in place preventing these practices.  Also, how do you see a $1200 planning fee on a statement?  Usually those fees are invoiced to the client directly.  Also, are you actually seeing the commission on the A share?  Simply holding one in the wrap account might be another story.  They could also be positions that were imported from a previous firm where the account was a taxable (non-wrap) account and the FA/client needs to manage a potential tax hit from selling those shares.