PROSPECTING for FAs--FROM $0 to $1BILLION in AUM

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Prospective MS FA in Charleston, Illinois

35 months ago

To all active FAs out there who have built a substantial book of clients ($100m+), I pose a question to you: IF YOU HAD TO START OVER AGAIN WITH ZERO BOOK, IN OUR CURRENT ENVIRONMENT, HOW WOULD YOU PROSPECT TO (A) KEEP YOUR JOB AND (B) BUILD A RELATIVELY SUBSTANTIAL BOOK, SAY $20M, IN THE SHORTEST AMOUNT OF TIME (UNDER 12 MONTHS)? The long term strategy will be different and likely include referrals, networking with accountants and estate attorneys as well as higher minimum account requirements. One gentleman in these forums got canned from MS after 4 months due to production and he had just such a long term strategy which failed in the short term. Is it worth it to go after $250k accounts or should one not waste time on small accounts and go only for $1m+ in liquid assets? What are the best niches when first starting out to build a book in the first year as an FA (money-in-motion, family trusts, doctors, executives, etc)? What marketing methods would you use (ie seminars, cold calling, newsletters, door-to-door etc.)? The goal here is to try to learn from the collective experience of FAs that can look back and see 20/20, how they would get to a substantial book in the least amount of time. What works and what doesn't. After reaching that threshold, the strategy will change of course, however, to get there one must survive and try to thrive. Thanks in advance for your feedback.

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Sapient Cap in Florida

33 months ago

Get into a bank as the FA. Make sure it's a wealthy branch in affluent area, with a respectable branch that is high traffic and has at minimum $100mm on deposit. I started at a wirehouse and made it through the 2 year program. After 3 years with The firm I realized I was not in the position I wanted to be - bringing in assets daily. Went to a bank program. You give up a lot of pay on trades and a lot of flexibility, but if done right you can build your book very fast. I did this, and after less than two years in that style program I just took a deal from another wirehouse that I never thought I'd have this early in my career.

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Prospective MS FA

33 months ago

That is some great advice based on experience! Thank you.

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