PWM Leads?
Do firms usually give employees a list of leads? Or are employees usually expected to generate their own leads? Are employees aloud to bring the list home?
My parents are an hour and a half train ride away from NYC, so I figured I could kill 2 birds with one stone by living with them for 1-3 years after graduation. I can do an extra 3 hours of cold calling per day, while on the train and I can live rent free, until I establish a book of business. I'm also am an obsessive investor, so I would probably be able to invest half my take-home pay, which would also be nice. Don't be afraid to call me a bum. =]
I'm pretty sure they don't give you leads; you have to start from scratch.
I'd say I'd have enough time to go through every number in the phone book, but I'm assuming PWM only wants wealthy people. Hmm, maybe I can spend that time on linkedin stalking people who might be wealthy, or cold calling business owners.
Cold calling business owners/executives is what I do for my firm and it has been working well. In relation to your question, I do get some target leads to take home for research purposes, but I am not allowed to cold call out of the office.
At first I hated cold calling. Was being told to never call again, a bunch of fuck offs, and my personal favourite, “The owner/president has died, sorry.” But now, I am more articulate, smart, and choose my words wisely in which has resulted in a big boost in confidence.
Practice makes perfect, and cold calling is a very useful skill to have.
Good luck!
Haha, I bet you've heard some interesting excuses over the years.
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calling through phone book? there's better ways than that. And NEVER call prospective clients while on a car or train: people are very sensitive to these things. Of course PWM only wants wealthy people, the wealthier the better. In the beginning, you are bound to get a load of tiny clients that will barely break even for you, but as you move your way up, you have to make a conscious effort to seek out larger high net worth clients among your current network. Sometimes, one large client = 100+ small clients.
PWM is something that really demands a lot of perseverance in the long run because you have to deal with all kinds of people from all walks of life. I'd say that it's even more challenging than the i-banking jobs because every successful pwm advisor has to build his/her portfolio from scratch. Some PWM firms don't even have a base salary (not to mention those nice bonuses) so there's always a lot of pressure on individual advisors to generate their own business. Sometimes it can be very painful to see a few months go by without any new clients signing up. I speak from personal experience as my own parents own a pwm firm.
What do you think is the best use I can make out of those 3 hours on the train each day? Maybe read the WSJ, sales books, investment books, etc... I doubt I'd be able to afford an apartment in the beginning, based off what I've been hearing, if I choose to go into PWM. I just hate the idea of losing 3 hours of productivity each day.
Also, is it worth it to purchase leads? http://investorslists.com/
wake up earlier and get to the office earlier and sleep on the train
Yes, wake up early sleep on train is one trick. Might not work on the way back.
Get a good fast wireless service you can use with your tablet or pc (not smart phone) and catch up on email.
Use some of the time to review your activity of the day, and put together the game plan for the next day.
And decompress, so you don't beat up your parental landlords.
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