| Topic Name: |
Merrill FA - 15-20MM goal |
| Message Name: |
It can be done |
| Date Posted: |
02/24/2006 |
| In Reply To: |
Hi,
I am currently interviewing with Merrill Lynch, Smith Barney, UBS & Bear Sterns.
I am leaning towards Merrill, bcs I feel its a better fit for me. But, the goal that they have for me, depending on the location of the branch is between 15-20 million must have between 18-24months.
Through cold calling and opening 80-150 accounts within 2 years, is this 15-20 million dollars realistic?
What is the success ratio of new FA's makeing this goal??
Please advise, need to pick one soon. |
| Message: |
Honestly, in order to be successful in this game...your goals should be at least 15-22m. Keep in mind that after 2 yrs you're living off fee based business so do the math.
Not to scare you but when I started w/ Morgan Stanley 3 yrs ago, 27 trainees were in my branch. When I left 6 months ago (for Smith Barney) only I and one other girl were still there. 25 trainees either quit or were fired. I??m still friends w/ four of the guys I started out with. Three are out of the game all together and the fourth managed to get into IB as an analyst (no sales). From the day you get that ??can sell date?? its game on! Imagine horses leaving the gate at a race track. Don??t waste any time and hit it hard. I can't stress this enough.
That said cold calling isn't going to get you 15-20 m. Its funny hiring managers even bring it up during the interview process. If you??re under the impression you??re going to buy some leads, lists or some sort of data base forget it. The higher net worth clients your going to need (to hit 15-22m) are not sold by telemarketing. Take some time and put together a solid business plan. Figure out a nitch then Network and ask for referrals. Also, team up w/ a Sr Broker if possible. Call on his book and focus on generating referrals. But be careful and protect your ass when negotiating a split with him.
Good choice on Merrill! Smith Barney has been great so don't rule them out.
Best of luck
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