Financial Advisors

I’m feeling really discouraged. I’m in the merrill lynch fa program and I’m prospecting a lot and going to tons of high end networking events. I have good convos but then struggle to get meetings...

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Try to find a niche or carve out that will separate you from every other advisor and make it more appealing for them to become a client (this may have to be a product), at the end of the day you just want them to become a client so you can build the relationship and get more assets. Try using something like exchange funds for highly concentrated stock positions or structured notes for older prospects

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Every successful fa in my branch has inherited accounts. I don’t understand how to build my book of business in such a short amount of time. I’m doing a lot of all the right things and getting nowhere

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How many other people are in the program with you? Are any of them making a lot of money?

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Everyone new seems to be getting help or some kind of hand-outs! And all the experience advisors who are making boat loads of money all say they never made a cold call and just inherited their accounts or had friends and family give them accounts!

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They aren’t meeting with you because you are literally just giving random people your business card without knowing if they already have an advisor or have any need for your services. You are basically just talking to wealthy people without them having any need or reason to move to you. Why don’t you try hosting a workshop for pre-retirees on social security planning or how to invest for income in retirement and then the people that show up will actually be interested prospects.

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Trust me I was in your position at Morgan Stanley when I started at 27. Meeting everyone will end up producing no one. You need to meet people that are in a decision making mindset and are looking for answers on whatever it is that you can be the solution for. Find a marketing company compliance will let you use. Get a simple easy to understand presentation put together, and spend some money to get in front of the right people.

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