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I met someone and their son is a director at Morgan Stanley. He told me to give him a call and potential have a talk about working there . How are Morgan Stanley advisors compensated. I ask because I left another firm and they have tried to charge me charge backs on commissions that have come back.
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I wouldn't say your youth is a problem here. Cold calling/emailing is going to have a very low rate of initial success.
People have to like you before they trust you and trust you before they do business with you. Cold calling/emailing is a hard way to start.
How do your first meetings go?
Are you working at a private bank? UHNW is typically dominated by the private banks, and they usually have training programs for junior bankers, that help them build their network. Just curious what support you have to help you succeed in a very competitive client segment.
Any chance it's the lack of experience that scares them off, not your age?
I’m at a wirehouse and mostly work with the uhnw. I agree with the above, when you have that kind of money everyone in a sales role investing/lending/banking/business partners want your money. What makes you different than me? What makes your email different than the 10k other emails they get from everyone else? There is a longer lead time because they know this and are more guarded and picky. I was either friends with them first before they became clients or had them refer me other uhnw people. A referral from a realtor isn’t as powerful as a referral from a clients who is just as wealthy if not more than your prospect. If Jeff Bezos was your friend and told you to invest with x manger you’d do it because he’s way more successful than you “so knows more about business”. Don’t join rotary or whatever because you won’t meet those type of guys there. Join country clubs and business clubs. Take them for drinks or golf or something they enjoy and don’t bring up business for months. Find the one you’re closest with and get him to invest with you. Let him sell you for you so you don’t have to. By the end of three years you’ll probably have the whole group. With them it’s a slow process. It’ll be expensive. If you pull it off right it’ll be majorly lucrative. I don’t know your timeframe but that’s how I did it. All you need is the one guy you’re closest with (preferably the richest/most influential of the group) and you’re good
Also if you join a club use it. Go to every event. Every golf outing. Join committees. Everyone in the club should know your name
What part of the country are you in and how are you meeting/contacting these prospects with 5 million +? I ask because the "how", here, might be just as big an issue as the follow on request for a meeting.
How old?
I’m in California. I’m emailing first to request a meeting. Also trying to surround myself with people who do business with $5mm plus like realtors or attorneys
@UBS 1 yes I work for a private bank but our goals are crazy. We have to bring on. $20mm in new business or we don’t graduate from our program aka lose our jobs. We can get referrals from internal bankers and RMs but they’ve giving their biz to the more seasoned advisors. It’s really tough
How old are you? When i was 22-25, i had that feeling but it wasn't that clients looked down on my youth, but more of 1. I didn't know how to address them, respect them and educate them properly 2. Was too cocky and that was the bane of my immaturity.
The good news is you’re thrown right into the wolves. Better to learn with the UHNW early on and go through the struggle as it will make you that much more dangerous as you progress in your career. I don’t work with that caliber clientele, but my advice is to write everything down that you are hearing on the phone and craft a response to it so the next time it comes up, you’re prepared. You really are only going to hear a few things over the phone, so have an answer for all of it. Stumble through those answers a few times on your next calls, get beat up, treat your lumps as badges of honor and you will get better. Allow yourself to be new...and don’t compare yourself to the people who have 10 years more than you. Learn from them, don’t let their success compared to your struggles deter you.
Good luck on your journey.
Your issue is that you’re emailing wealthy people asking them for a meeting... wealthy people already have advisors. You need to be networking with attorneys and accounts that can refer them to you because their advisor sucks. Most people don’t know their advisor sucks until a trusted person tells them so.
Hang in there, I remember that’s how I felt at one point. At the end of the day, turn your weakness into your strength. Sale that Prospect on the fact that the really old FA that they’re working with is going to retire at the same time as they do and they will be left with no one. Explain to them that they would rather hire an advisor that was on average 15 years younger than them and that was more updated on the 21st century as it relates to investing.