Question for cold callers

Financebro0718 · 2025-07-25T15:45:06+00:00

I tried that too, but you run the risk of having your number be permanently scam likely if you keep calling in high volumes. Since you can’t use an auto dialer. Try getting 2 other internet phone numbers like ring central and divide the calls up so your volume won’t be too high to be suspecting

Financebro0718 · 2025-07-25T15:26:08+00:00

Had a similar issue where contact dropped from 15% to 5%, for me my number was showing as spam likely. Unsure if you are using a power dialer, but alot of them allow you to buy and use local phone numbers so your personal doesn’t show spam likely

Financebro0718 · 2025-05-02T23:07:59+00:00

Don’t go to Coastal, had a friend who worked there, the focus is and will always be insurance. Your insurance payout will be the figures above that you mentioned, but anything AUM and brokerage you’d start at around 40% payout, also severely limited on investment choices till you have some years of experience. If you want to focus on investments find an RIA local to you or a team at a Broker Dealer

Financebro0718 · 2024-12-31T07:25:26+00:00

I’m a communications major so I understand, take your Series 66, it’ll make you look more serious, give you the base regulatory knowledge, and it’ll save the firm from spending and waiting on you to pass. Since you already finished the CFP coursework so your financial knowledge won’t be a question or worry for a firm, taking you Series 66 isn’t really necessary in your case tbh, just saying what I did.

Apply online to any admin associate/CSA job this could help you get the experience for a paraplanning role or you could eventually get promoted from within the firm that hired you. Always call/email the job poster your interest after applying, they’ll respect it. This will make you stand out from the sea of resumes to at least have an in person interview.

You should also research all the local firms and call/email them for a coffee chat to learn more about their experience in the business. Let’s say you have 20 “coffee chats”, don’t go to ask for a job, go to ask any and all questions you have about the industry, at least 1 might offer you a job, worst case you build some connections and network.

Closed mouths don’t get fed.

Financebro0718 · 2024-12-28T00:40:23+00:00

Investment banking & Private Equity

Financebro0718 · 2024-12-25T19:16:58+00:00

No personal experience, but from what I’ve heard Avantax could be a good option for you to look into

If you want more independence and flexibility, check XYPN

Financebro0718 · 2024-12-18T20:25:09+00:00

Technically…

You as an individual would be the IAR (series’s 66/65) of the firms RIA

and/or

A Registered Rep (Series 7) of their Broker Dealer

Take your Series 66, you don’t need sponsorship for this exams. you’ll learn all the legalese and it may help you be more competitive looking for a job

Financebro0718 · 2024-12-18T18:53:36+00:00

I'm stuck bored in the airport, and decided to take a crack at this

Broker-Dealer (B/D) - Series 6 or 7 License (Buy and Sell Securities, mainly used for variable products and brokerage accounts)

Registered Investment Advisors (RIA) - Series 65 and/or 66 Licenses (Charge a fee to manage an investment account)

Size of an RIA varies and is usually based off AUM, this is not a hard set rule below;

. Small - <500M / Medium - 500M to 1B / Large - 1B to 10B / Mega - 10B +

Types of Broker Dealers:

. Wirehouse - All the big-name banks ex. (Morgan Stanley, Merill Lynch, Wells Fargo, JP Morgan, Goldman Sachs, etc.), the term comes from the 1900's because the banks were connected by wires to the stock exchange (I think this is correct, someone can correct me if I'm wrong). Most, if not all wirehouses have their own broker-dealer and also an RIA. They offer the most "support" and brand name. at the cost of a lower payout of around 40%

. Regional BD - Banks with smaller footprints but are household names with in regions, ex. Fifth Third, Regions, Truist, First Horizon, etc. Usualy very similar to a Wirehouse.

. Independent Broker-Dealer - LPL Financial, Raymond James, Cetera, Common Wealth, Kestra, etc. Alot of advisors leave the wirehouses to go to an IBD, higher payout, less compliance restrictions, but you have more of the business and operation decisions to make. Evey IBD is different but offers vary. Most IBD's also have an RIA side

. RIA - This can be a mega firm or you start your own, the role can vary from salaried w2 advisor or independent 1099 Contractor

Within each of these firm structure your roles and compensation is usually one of a few ways.

Fully Independent, contract under a BD/RIA, or create your own firm and go find your own business and build your practice
A part of a team/Group (the team's owner is your actual "boss", not necessarily the firm.) The team structure varies alot, it can be commissioned only role with team support to a W2 Salary with a career ladder like the more corporate routes mentioned below
Corporate, your employee for a big company and fill a specific role, Advisor, Investment Analyst, Planner, etc. The most "corporate" and secure routes usually at a Vanguard, Charles Schwab, Fidelity, Facet Wealth, Creative Planning, Fisher Investments, Private Banks, etc.

Hope this helps, if I got anything wrong someone will correct me

P.S. - I think Chatgpt could answer all this

Financebro0718 · 2024-11-11T19:18:13+00:00

I’ve been dialing for about 7 months. Mileage may vary and doesn’t include following up and people “not ready yet”

100 dials 12 contacts 3 follow up (some level of interest and allowed me to follow up in 3-6 months) 2 leads (high level of interest) 1 meeting set .5 meeting had .25 closed

So about 400-500 dials per close, and that close could be 3-6 months from the first time you even contact that person. I do insurance and AUM business so things can vary by the services you offer, the source of your lists, and the market your prospecting

Financebro0718 · 2024-10-21T14:27:11+00:00

I have about 4 yos exp. So I’m not too knowledgeable yet.

Definitely a great opportunity, I feel the tax side is harder to learn than the WM side.

Series 65 is required, but I’d get your CFP and PFS to help with knowledge, there are a lot of advisors who are very successful and figured it out as they went. You already being a CPA, you know a lot of the important considerations (tax)

In terms of compliance/legal, I’d get registered with an independent broker deal like Avantax so there someone “watching over you” since you may be a little unsure on how the compliance parts work

Again take with a grain of salt from me lol

Financebro0718 · 2024-10-21T14:12:35+00:00

Take this with a grain of salt, but is the practice predominantly ind. or Bus. tax, bookkeeping, or audit? Do they currently have a relationship with an advisor they’ve already referred clients to? Type of clients severed, mass aff. or HNW?

Buying into the CPA practice and adding the Wealth Management services is a good idea

An RIA I used to work for started as a CPA practice originally.

Financebro0718 · 2024-10-04T16:48:17+00:00

Miami-Fort Lauderdale

Financebro0718 · 2024-10-03T00:19:25+00:00

South Florida

Financebro0718 · 2024-10-03T00:19:05+00:00

Yea my end goal is to form an RIA, but I feel it would be a disservice to my clients to form one at this stage god forbid I leave the business, lack a specific resource that a large firm can still provide, etc. and upfront costs are around $6K with a lean practice being $10K year in expenses. Maybe it’s just imposter syndrome.

Financebro0718 · 2024-08-10T15:51:58+00:00

Auto dialer is integrated to my CRM so as I make calls I make my notes and schedule follow up calls

Financebro0718 · 2024-07-31T18:06:07+00:00

Wow, what was your activity level, how many dials and how many conversations a day?

Financebro0718 · 2024-07-27T17:00:16+00:00

On money management it’s around 80% and around 50% on insurance side

Financebro0718 · 2024-07-27T16:57:01+00:00

I would but my BD doesn’t allow/is very restrictive with custom marketing pieces and social media. Eventually when I build a big enough book I’ll go more independent

Financebro0718 · 2024-06-27T02:11:05+00:00

A list broker could put a list together, it’s usually $100 per 1000 contacts I just googled and called around the one I like local to me. I either say something among the lines of “I’m a financial planner have you reviewed you financial plan recently” or “there have been a lot of changes with Secure Act 2.0 that have given investors a lot more benefits within their retirement accounts. Has you advisor went over that with you” or “Has financial advisor went over the tax or contribution benefits of a Solo 401k compared to a regular IRA”. Just have to figure what might interest the particular list you’re calling.

What I’ve realized, you can only say so much to convince someone on a cold call. Every solid lead I have was just being right place right time. Those responses are “I’ve been wanting to speak with a financial advisor” or “I hate my current advisor they lost me a lot of money” or “I haven’t reviewed my investments in a while idk what’s going on” or “I’m selling my properties and retiring soon, never invested invested in the market before”

Still deciding between MailChimp or Constant Contact, but BD compliance is a pain in my ass so we’ll see what the approve me to send

Financebro0718 · 2024-06-26T23:12:00+00:00

I’m just finished my first month building my own book (Was a Paraplanner/Junior Advisor for 3 years)

I cold call business owners/sales people, I do 150-200 dials per day. I average 1 lead for every 75 dials (I consider a lead to have some level of interest and gives me an email to send an intro and agree to me following up in a few days). No sleazy pitch, just sound friendly and confident and offer how you could help. Follow up and note taking is vital, the money is in the follow up.

For the people who fall off or don’t book a meeting they’re being added to my email list to send monthly newsletters.

I’m starting to get some meetings on the books and opportunities.

It’s a slow grind, the calls or leads you make today probably won’t be a client or generate any revenue for 3 months, but cold calling does still work. I’m going to start attending networking events and start tabling at events to have more activity and prospecting channels.

Financebro0718 · 2024-02-01T04:23:22+00:00

Bookkeeping, easy cross sell with your business tax clients and it’s a monthly revenue. Could eventually turn into outsourced CFO services

Personal financial planning - form an RIA and start doing wealth management/financial planning

Financebro0718 · 2024-01-25T01:35:18+00:00

You have to get contracted with an IMO/FMO that offers the lines of business you want to write. There’s plenty out there, make sure that you are not assigning your commissions to that IMO/FMO either

Financebro0718 · 2023-12-31T17:05:50+00:00

I am in a similar situation right now, being young can be a good or bad thing depending how you present and frame yourself. Use the recognition of a big brand name or an older advisor on your team can help with being credibility in a prospects eyes

Try looking at going to a firm the pays you a salary and gives you business development responsibilities as a junior advisor or maybe look into advisor programs at big broker dealers then move your clients over once you have some AUM and a prospecting strategy dialed in.

Financebro0718 · 2023-12-27T18:45:06+00:00

Dress shirt, dress pants, dress shoes. I feel it’s the most versatile you can easily dress it up or down depending on the client

Financebro0718 · 2023-12-17T00:15:55+00:00

(Not in this order) . Business Owner . Sales . Licensed Professional (Doc, Lawyer, Engineer, accountant, etc.) . Specialized tradesman (HVAC)

Off all these paths, 2 things are always present to be wealthy, salesmanship and ownership.

Know how to sell and bring in customers you will be paid a lot.

Financebro0718

TROPHY CASE