You need sales training to raise money. If you’re afraid of rejection, you have to hire someone to do this for you. Money will not walk in the front door because you are licensed, have an office, or even a decent track record.
You want to run public money because of the incentive fees. If you’re good at trading, those incentive fees help you grow your own wealth or allow you to reinvest into your company to fund further growth.
You need to ask for the business, ie, ask for the money. Clients will not decide to give you money to manage unless you ask them to do so.
In the beginning, you might not be able to hire anyone because of lack of revenue. That means, you’ll have to learn to raise assets yourself.
You can rehearse and practice your “pitch” by recording it into your smartphone. Then listen back to it and hear your own voice. Are you exhibiting confidence? Where does your voice change, crack, get louder, emphasize certain points of a sentence? This is revealing information because as you know, any type of verbal communication is a combination of what you say and how you’re saying it.
What do you sound like to yourself? That’s exactly how you will sound to potential clients.
Record yourself reading your disclosure document. Record yourself explaining your trading process and risk management. Then record yourself pitching a friend or colleague and have them ask you questions about what you’re saying. See if they can poke holes in your presentation. By doing this, and getting a little uncomfortable now, you’ll be much better presenting when it counts.
I promise you there are guys running money who can’t spell “disclosure document” but they are good salesmen. If you think that isn’t fair, you might be right, but at least you know now that you have to find a way to sell and raise assets.
Imagine your first incentive fee wire transfer as a deluge of capital into your account. If you’re good at managing risk, you’re clients will gladly pay you to do so. You owe it to the world to put yourself out there and you owe it to yourself to get paid what you’re worth.
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