Wealth Management entry level job-cold calling who?
So last week I interviewed at this boutique investment bank, for a wealth management position. I'm waiting on the decision, but in the mean time, during the interview, they told me I'd be doing a lot of cold calling. I know what cold calling is, I've worked on political campaigns. But there we had a list of people who signed up their email addresses on a website.
If I get this wealth management position, WHO exactly will I be cold-calling? Where will the names come from? I hope this isn't like Primerica is, who offered me a job but told me I'd be cold-calling every friend and family member I had.
You'll cold call people likely to be wealthy, local business leaders, politicians, doctors/dentists, financiers, CPA's, Lawyers, etc. You'll try to also build relationships with these people, and try to get them to like you in order to network through them for more clients (mutually beneficial relationships, tax lawyer recommends wealth manager, in turn wealth manager recommends tax lawyer).
Is a list provided of possible names? Do we troll the phone book? A database of people compiled by the SEC?
Hell no, you'll be compiling the lists if its a no name boutique. All of the types of folks I mentioned have business websites, contact info and you'll be cold calling them to attend an "information session" or whatever or a social event like a golf tournament or something. You won't be trolling the phone book unless your looking for someone/something in particular, most people are deadbeats with no $$ (47% don't pay federal income tax - I'm a registered independent don't monkey shit!) and depending on what the minimum portfolio is for your firm, you might network through private schools, high class clubs/bars, etc wherever there are people wealthy enough to invest.
This is all based from my experience, your firm could target different avenues but I think this gives you a decent picture.
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