Back on the Phone

The most important thing is activity. Even though you may not be closing on getting a meeting, what you are doing is developing that relationship. I have had a dozen conversations with C-level Exec's and never had one meeting. Of late, I have been recommending that we get together and review their strategies ("markets at all time highs, risk management, etc, etc) and 97% of the time- "not interested, my advisor is doing well", blah blah...

Not predicting doom and gloom, but if the markets were to correct at some point, you have positioned yourself as someone they can reach out to. At that point, the heavy lifting has been done on your part. You have shown you are persistent, have good follow-up, are coming to them with ideas, and are willing to help them via a second opinion, etc.

You will get these meetings and if you convey value and perhaps another strategy- you will get the ACAT's...

Thank goodness that there are still good people here like Blarmstorm.  Listen, you got to say something motivating.  I hate to say it, but sell to fears.  Get them out of their chair.

They NEED YOU.  Talk that way and you will get them.

But, I agree, cold calling stinks.  Anybody who says different is LYING. 

Thank you both Blarm and V to the brain.  I just needed to vent.  I am glad to hear you are getting the same response Blarm, so I know it's not just me.

I guess prospecting can be like trying to pick up a girl.  They always go for the a**hole.  I will stop being such a nice guy and just be a d*ck!

Dont change who you are or how you prospect. Its simply a numbers game, followed by persistence and being there when the time comes...

Blarm, what do you figure to be your ratios as of late?

On 100 dials, I will generally have 25 contacts.  Of that, I'll get maybe 5 to request information or that will allow me to call them back.  Of that 5, maybe 1 is a worth while prospect.

Of course they all get put into the system and are dripped on anywhere from 30-90 days.

Excellent posts blarm.<!–
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Its all a crapshoot, but my numbers are within those ranges...

Of course they all get put into the system and are dripped on anywhere from 30-90 days.

I would suggest that for qualified prospects you NEVER stop drip'ping on them. It may be overkill, but I truly believe in the power of persistence and 'wearing down' a prospect...

As Blarm says, definitely drip on them longer than 90 days.  I usually will keep following up until they become clients or I determine that they’re never going to become a client.  After a while you realize that some people will never sign up no matter how much you persist.  But until you reach that point, keep following up.  Recently I decided to give a follow up call to someone I made initial contact with last October.  It turns out he just sold a small business and now wants to talk; right place, right time.  That’s all it is.

[quote=snaggletooth]

Blarm, what do you figure to be your ratios as of late?

On 100 dials, I will generally have 25 contacts.  Of that, I'll get maybe 5 to request information or that will allow me to call them back.  Of that 5, maybe 1 is a worth while prospect.

Of course they all get put into the system and are dripped on anywhere from 30-90 days.

[/quote]

Dude...what are you doing? 25 contacts and NO appointments? ARe you taking "no" for an answer? f**k those five who want information. If the really WANT it, they'll schedule an appt with you.

Noone's got any balls anymore.

[quote=Bobby Hull][quote=snaggletooth]

Blarm, what do you figure to be your ratios as of late?

On 100 dials, I will generally have 25 contacts.  Of that, I'll get maybe 5 to request information or that will allow me to call them back.  Of that 5, maybe 1 is a worth while prospect.

Of course they all get put into the system and are dripped on anywhere from 30-90 days.

[/quote]

Dude...what are you doing? 25 contacts and NO appointments? ARe you taking "no" for an answer? f**k those five who want information. If the really WANT it, they'll schedule an appt with you.

Noone's got any balls anymore.

[/quote]

I don't know.  Obviously not enough.  What might you say to get them to WANT it?

[quote=snaggletooth][quote=Bobby Hull][quote=snaggletooth]

Blarm, what do you figure to be your ratios as of late?

On 100 dials, I will generally have 25 contacts.  Of that, I'll get maybe 5 to request information or that will allow me to call them back.  Of that 5, maybe 1 is a worth while prospect.

Of course they all get put into the system and are dripped on anywhere from 30-90 days.

[/quote]

Dude...what are you doing? 25 contacts and NO appointments? ARe you taking "no" for an answer? f**k those five who want information. If the really WANT it, they'll schedule an appt with you.

Noone's got any balls anymore.

[/quote]

I don't know.  Obviously not enough.  What might you say to get them to WANT it?

[/quote]

Go for the throat and try for the appointment. If they ask you to send something tell them that you've NEVER done business with anyone that you've sent information to and ask them what you could possibly send them that will make them call you back and say "Snaggletooth, get your ass over here, right now! I need to buy that thing that you sent me the info about."

[quote=Bobby Hull]

Go for the throat and try for the appointment. If they ask you to send something tell them that you've NEVER done business with anyone that you've sent information to and ask them what you could possibly send them that will make them call you back and say "Snaggletooth, get your ass over here, right now! I need to buy that thing that you sent me the info about."

[/quote]

Just started dialing again after a very long time of not doing it.

In the past it worked well but for some reason (probably cause it sucks) I stopped.

Today I started (with a list scrubbed against the DNC) and 15% of the dials answered. I hit a few ladies and got discouraged. In the past I  pitched an icome idea (local utility preferred at 8% +).  I'm dialing residential prospects from the coles directory.

Question: I'm not convinced this works anymore with the DNC list and caller ID. Can someone kick me in the ass? I'll post the stats for assitance.

Thanks

[quote=age7877]

Just started dialing again after a very long time of not doing it.

In the past it worked well but for some reason (probably cause it sucks) I stopped.

Today I started (with a list scrubbed against the DNC) and 15% of the dials answered. I hit a few ladies and got discouraged. In the past I  pitched an icome idea (local utility preferred at 8% +).  I'm dialing residential prospects from the coles directory.

Question: I'm not convinced this works anymore with the DNC list and caller ID. Can someone kick me in the ass? I'll post the stats for assitance.

Thanks

[/quote]

Just start calling away and forget about the DNC list. If anyone says anything just apologize, remind them of the fact that you can count on the government to make a lot mistakes with something like this, and promise you'll never call them again.

[quote=doberman][quote=Bobby Hull]

Go for the throat and try for the appointment. If they ask you to send something tell them that you've NEVER done business with anyone that you've sent information to and ask them what you could possibly send them that will make them call you back and say "Snaggletooth, get your ass over here, right now! I need to buy that thing that you sent me the info about."

[/quote]

[/quote]

True enough.... or to be nicer about it.  I explain that it is so very  difficult to talk about all this financial stuff over the phone  (doncha think?) and it would be so much nicer if we could meet and "visit" with each other face to face.   After all "I would feel so much more comfortable if I were to be able to look you in the eyes.... wouldn't you?  Plus all this stuff is pretty complicated so it would be sooooo much better to meet together so I can give you this information.  It is much to difficult to try to explain this over the phone.  When is a good time for you????"  press press press ... shuck and jive

Of course, I'm just a fluffy widdle lady bunny.... no threat here.   Velvet glove treatment.

[quote=Bobby Hull][quote=age7877]

Just started dialing again after a very long time of not doing it.

In the past it worked well but for some reason (probably cause it sucks) I stopped.

Today I started (with a list scrubbed against the DNC) and 15% of the dials answered. I hit a few ladies and got discouraged. In the past I  pitched an icome idea (local utility preferred at 8% +).  I'm dialing residential prospects from the coles directory.

Question: I'm not convinced this works anymore with the DNC list and caller ID. Can someone kick me in the ass? I'll post the stats for assitance.

Thanks

[/quote]

Just start calling away and forget about the DNC list. If anyone says anything just apologize, remind them of the fact that you can count on the government to make a lot mistakes with something like this, and promise you'll never call them again.

[/quote]

LOL - That is golden. I will use that. When all else fails, blame The Man!!!11

If you are calling on an investment idea and they ask you to send the information just ask them: "Okay, so let's say I have sent you the info and you love the idea.  What happens next?"  You find out they will either meet with you at some point (push for the meeting now) or they will steal the idea and go to their current broker (tell them to pound salt).

I had a lady ask me the name of the product I was calling on yesterday after she asked all the specifics.  I laughed at her.  She admitted she just wanted the name so she could check it out herself and has no desire to work with a broker, at this point. 

Calling residences, that's about the number of dials I get answered also.  I still call mostly residences though; I've dialed a lot of business owners and it takes too much time to get put on hold by the gatekeeper, then when the owner picks up, they're busy and don't have time to listen.  I still call them early morning and late afternoon, they're a bit more available then. 

Cold calling is a frustrating/mind numbing thing no matter how you put it.  But the thing is, if you do it enough times, it does work.  Lately I had slacked off the calling a bit because I was out on meetings a lot, and doing a lot of networking in the evenings.  But a few weeks back, I started pounding the phones again in my slack time at the office, and sure enough, I got appointments and it looks like I'm about to close a $1mm prospect and a couple of smaller accounts.  Stuff like that is what keeps me calling.

[quote=age7877]

Just started dialing again after a very long time of not doing it.

In the past it worked well but for some reason (probably cause it sucks) I stopped.

Today I started (with a list scrubbed against the DNC) and 15% of the dials answered. I hit a few ladies and got discouraged. In the past I  pitched an icome idea (local utility preferred at 8% +).  I'm dialing residential prospects from the coles directory.

Question: I'm not convinced this works anymore with the DNC list and caller ID. Can someone kick me in the ass? I'll post the stats for assitance.

Thanks

Prospecting really does seem like meeting women, and Bobby Hull's approach reminds me of advice my brother gave me when I had about a 0.00 batting average with them (okay, it was exactly a 0.00 average, there was no about involved).

He said not to be an a**hole when talking to women, but contrary to popular belief, it's about overconfidence, not just confidence. 

When I took his advice my average went way up.

I still remember when he gained about 40 lbs one year, and wasn't looking his best, and still met this beautiful girl when we went out.  I also remember one of the ridiculous things he said to her, but he did it with overconfidence and she laughed.  He told her, "I'm the coolest fat guy you'll ever meet".  He kept going with goofy things like, "I maybe fat, but the rest of the guys in this place are ugly.  I can diet."

I didn't know it at the time, but maybe I was getting a lesson in prospecting.

call with a specific product. people are busier than ever and don't want general info. get to the point quickly. stand-up when you're calling...motion creates emotion

I've found that people I call from corporate directories are into growth ideas. 

Anyone use individual stocks as the product when calling?  Or is it more of a mutual fund, UIT, preferred, closed end fund idea?

[quote=snaggletooth]

I've found that people I call from corporate directories are into growth ideas. 

Anyone use individual stocks as the product when calling?  Or is it more of a mutual fund, UIT, preferred, closed end fund idea?

[/quote]

dont do stocks. do a UIT with a high track record and use the closing date as a way to apply some urgency or use the opening date, so they can get in at the "IPO price."

Good advice… Or use a closed -end fund that is IPO’ing. Like Hull said, pitch something that has a sense of urgency… Blast to a targeted market (i.e corporate real estate developers or exec’s on a Global Reit CEF IPO) and you may open a couple good accounts…

[quote=blarmston]Good advice... Or use a closed -end fund that is IPO'ing. Like Hull said, pitch something that has a sense of urgency... Blast to a targeted market (i.e corporate real estate developers or exec's on a Global Reit CEF IPO) and you may open a couple good accounts...[/quote]

THe closed end fund idea is good, too. "you will get the IPO price and won't pay any brokerage commissions."

[quote=Bobby Hull]

[quote=blarmston]Good advice... Or use a closed -end fund that is IPO'ing. Like Hull said, pitch something that has a sense of urgency... Blast to a targeted market (i.e corporate real estate developers or exec's on a Global Reit CEF IPO) and you may open a couple good accounts...[/quote]

THe closed end fund idea is good, too. "you will get the IPO price and won't pay any brokerage commissions."

[/quote]

Uhhh - UITs seem like a good thing to pitch if the prospect can handle the complexity but aren't CEFs a little dangerous to your future relationship since many go down on the IPO until they trade at a discount to NAV?

Maybe a UIT in prescious metals like silver would be a good prospecting tool right now for someone looking for a growth story and the benefit of converging markets, a falling greenback and a scarcity factor of above ground supplies.

[quote=LEAP][quote=Bobby Hull]

[quote=blarmston]Good advice... Or use a closed -end fund that is IPO'ing. Like Hull said, pitch something that has a sense of urgency... Blast to a targeted market (i.e corporate real estate developers or exec's on a Global Reit CEF IPO) and you may open a couple good accounts...[/quote]

THe closed end fund idea is good, too. "you will get the IPO price and won't pay any brokerage commissions."

[/quote]

Uhhh - UITs seem like a good thing to pitch if the prospect can handle the complexity but aren't CEFs a little dangerous to your future relationship since many go down on the IPO until they trade at a discount to NAV?

Maybe a UIT in prescious metals like silver would be a good prospecting tool right now for someone looking for a growth story and the benefit of converging markets, a falling greenback and a scarcity factor of above ground supplies.

[/quote]

Someone's given you some bad information about UIT's.

Do you just lead with returns? 

Hello Mr Prospect, I am calling you about an investment idea that will only be available through next Thursday.  It's returned an annualized average of 25.26% for the last 10 years. 

As long as you disclose that typically CEF IPO's trade down about 6 months or so after the first trading day, I dont see a huge problem there... I have been pitching high-dividend paying CEF's to some prospects, and they dont mind the decline in NAV because they know the yield is upwards of 10%.

As these are long-term investments, I position it as this. "Typically the share price will appreciate in the next coming months. Once the demand for this idea begins to tail off, you may see some decline in value on paper. The good thing is you continue to receive the div. yield and any appreciation in the first year is a bonus."

I look for CEF companies that historically have funds that have stood up well in the secondary markets. Alpine comes to mind, as well as a couple from Eaton Vance and so on...

Where do you get your Corporate Directories?

I can buy them, but it seems like the companies I talk to have dated lists.  At least a couple years old, or more. 

I can call headquarters after hours and get numbers by going through the automated system, but this doesn't seem time efficient.

I have asked friends that work at big companies to get me lists, some will help out, some are afraid that they will get in trouble.

What other ways do you get them?  Are there good lead companies out there?  At least better than what I have dealt with?

[quote=Analyst]

Where do you get your Corporate Directories?

I can buy them, but it seems like the companies I talk to have dated lists.  At least a couple years old, or more. 

I can call headquarters after hours and get numbers by going through the automated system, but this doesn't seem time efficient.

I have asked friends that work at big companies to get me lists, some will help out, some are afraid that they will get in trouble.

What other ways do you get them?  Are there good lead companies out there?  At least better than what I have dealt with?

[/quote]

I can call headquarters after hours and get numbers by going through the automated system, but this doesn't seem time efficient.

i used this method when i worked for a wire and landed some large accounts. people also leave their coworkers extinsions on their vm when they are out of town. sometimes people leave a message on their vm that they have left the company and leave a forwarding number - can you say 401k rollover

The best way to get the corporate directory is to sleep with someone in HR. 

If you can't pull that, then I would try a lead list broker. 

A problem I am finding with the corporate directories though is that a lot of these people haven't saved any money except for in their 401k.  And if they've changed jobs, some have liquidated their 401k to buy a condo or to spend on some business venture.  People are horrible savers of money these days.  Also, for the companies I call on, they have continuous meetings throughout the day.  It takes them a little while to figure out this is a personal call and has nothing to do with their company. 

Oh well, as much as cold calling sucks, it definitely beats the corporate world.

Try this line, works like a charm for me (after you quickly qualify them) "Well, mr. prospect, I'm going to be in BFE on Wednesday, would you mind if I swing by and drop off a card around 2:00?"  No? Hows 3:00?, etc.  This will get you in front of them easily (at least compared to the alternative).  Line up 6-7 of these in one day and probably 2 cancels and 1 is a no-show.  If 2 turn out to be even decent prospects, you ask them to setup a time where you can talk more formally (you're in a hurry today--which you will be).  Cake.

I think this market is killing us newbs right now though.  So many do it yourselfers that think they are geniuses.

PM me if you're interested in a list of attorney's for your state.

Thats 2 cancel and attornies.  I am a ten-year-old.

[quote=drewski803]

Try this line, works like a charm for me (after you quickly qualify them) "Well, mr. prospect, I'm going to be in BFE on Wednesday, would you mind if I swing by and drop off a card around 2:00?"  No? Hows 3:00?, etc.  This will get you in front of them easily (at least compared to the alternative).  Line up 6-7 of these in one day and probably 2 cancels and 1 is a no-show.  If 2 turn out to be even decent prospects, you ask them to setup a time where you can talk more formally (you're in a hurry today--which you will be).  Cake.

I think this market is killing us newbs right now though.  So many do it yourselfers that think they are geniuses.

PM me if you're interested in a list of attorney's for your state.

[/quote]

I agree Drew.  The market and summer doldrums are kicking my ass right now.

I'm going to start asking people on cold calls, "How well do you feel you've been participating in this bull market we've been having?"

"Do you have time for an online demo? I'll show you what you should be invested in right now in your 401k and other accounts. Yes, you can do it from your office or where ever you have an internet connection. Yes, tomorrow at 10am is fine. I'll email you the details."

People love the convenience.

it's 3:38 pm and i just got done with call #150. my brain is so numb I could probably use a shotgun blast to the face and not feel anything.

I go straight for the appointment and Bobby Hull's advice on UITs and closed end funds is something I practice. At the evry least it's a fantastic way to engage what the person on the phone is or isn't interested in.

Always go for the appointment imo. I had an older guy in my office tell me "why would they meet with someone they don't know..you gotta engage them (by BS) and spend time talking to them etc"

Prospects don't want mind games. Just tell them what you can do for them and if they're in the buying mode they'll meet with you. You just gotta ask for the meeting.

[quote=snaggletooth]

I'm going to start asking people on cold calls, "How well do you feel you've been participating in this bull market we've been having?"

[/quote]

No, no,no,no,no,no!!!!!!

[quote=anabuhabkuss]

it's 3:38 pm and i just got done with call #150. my brain is so numb I could probably use a shotgun blast to the face and not feel anything.

I go straight for the appointment and Bobby Hull's advice on UITs and closed end funds is something I practice. At the evry least it's a fantastic way to engage what the person on the phone is or isn't interested in.

Always go for the appointment imo. I had an older guy in my office tell me "why would they meet with someone they don't know..you gotta engage them (by BS) and spend time talking to them etc"

Prospects don't want mind games. Just tell them what you can do for them and if they're in the buying mode they'll meet with you. You just gotta ask for the meeting.

[/quote]

GOOD JOB!  What were your numbers 150 dials, how many contacts, warm calls, and appointments?

[quote=Bobby Hull][quote=snaggletooth]

I'm going to start asking people on cold calls, "How well do you feel you've been participating in this bull market we've been having?"

[/quote]

No, no,no,no,no,no!!!!!!

[/quote]

That's a bad question?

[quote=pretzelhead][quote=anabuhabkuss]

it's 3:38 pm and i just got done with call #150. my brain is so numb I could probably use a shotgun blast to the face and not feel anything.

I go straight for the appointment and Bobby Hull's advice on UITs and closed end funds is something I practice. At the evry least it's a fantastic way to engage what the person on the phone is or isn't interested in.

Always go for the appointment imo. I had an older guy in my office tell me "why would they meet with someone they don't know..you gotta engage them (by BS) and spend time talking to them etc"

Prospects don't want mind games. Just tell them what you can do for them and if they're in the buying mode they'll meet with you. You just gotta ask for the meeting.

[/quote]

GOOD JOB!  What were your numbers 150 dials, how many contacts, warm calls, and appointments?

[/quote]

All cold. "Hey I'm Anabuhabkuss, I help people manage their retirement accounts to ensure they hit their goals, provide income that will last their retirement years and are titled properly to leave behind for loved ones. Going to be in the area next week and was hoping we could get together to go over my process?"

Client says yes or no. "No?" Is it because you work with someone? How about I drip from time to time and trade their worst idea for my best? YEs? Thank you mr prospect for your time and i'll be sure to get in touch".

I average 3-4 appointments with set dates a day using this.

I go into a jewelry store, I know I want to buy. I pick the person I relate to to make the sale for me. I just reverse that mentality when I call.

I'm 9 months in production and this, along with a solid and consistent presentation has done very well for me (thank god in heaven)

today i set 2 appointments and one asked me to call them back 3rd week of august.

[quote=drewski803]

Try this line, works like a charm for me (after you quickly qualify them) "Well, mr. prospect, I'm going to be in BFE on Wednesday, would you mind if I swing by and drop off a card around 2:00?"  No? Hows 3:00?, etc.  This will get you in front of them easily (at least compared to the alternative).  Line up 6-7 of these in one day and probably 2 cancels and 1 is a no-show.  If 2 turn out to be even decent prospects, you ask them to setup a time where you can talk more formally (you're in a hurry today--which you will be).  Cake.

I think this market is killing us newbs right now though.  So many do it yourselfers that think they are geniuses.

PM me if you're interested in a list of attorney's for your state.

[/quote]

So are you saying a "newb" who's making 150 dials a day will manage money better and create massive returns with all the market knowledge they've accumulated while cold calling, dropping off cards and chatting on the forum?

today i set 2 appointments and one asked me to call them back 3rd week of august.

Thats the key- generate activity by setting appts (some will stick, some will not), engaging prospects ("call me next week", "call me after Labor Day", etc) for future contacts, and so on...

After several months (years) of killing the phones with targeted calling, you will start to really see some traction being gained... Its nice to get to the point when you have 4-5 quality meetings a week (some initial ones, some 2nds, closings, reviews w/ clients, etc) and you look at your "To Call" list and you have 100 prospects to call back and you are EXCITED to call them because you have qualified tem and ave engagewd them... Beautiful thing....

[quote=anabuhabkuss][quote=pretzelhead][quote=anabuhabkuss]

it's 3:38 pm and i just got done with call #150. my brain is so numb I could probably use a shotgun blast to the face and not feel anything.

I go straight for the appointment and Bobby Hull's advice on UITs and closed end funds is something I practice. At the evry least it's a fantastic way to engage what the person on the phone is or isn't interested in.

Always go for the appointment imo. I had an older guy in my office tell me "why would they meet with someone they don't know..you gotta engage them (by BS) and spend time talking to them etc"

Prospects don't want mind games. Just tell them what you can do for them and if they're in the buying mode they'll meet with you. You just gotta ask for the meeting.

[/quote]

GOOD JOB!  What were your numbers 150 dials, how many contacts, warm calls, and appointments?

[/quote]

All cold. "Hey I'm Anabuhabkuss, I help people manage their retirement accounts to ensure they hit their goals, provide income that will last their retirement years and are titled properly to leave behind for loved ones. Going to be in the area next week and was hoping we could get together to go over my process?"

Client says yes or no. "No?" Is it because you work with someone? How about I drip from time to time and trade their worst idea for my best? YEs? Thank you mr prospect for your time and i'll be sure to get in touch".

I average 3-4 appointments with set dates a day using this.

I go into a jewelry store, I know I want to buy. I pick the person I relate to to make the sale for me. I just reverse that mentality when I call.

I'm 9 months in production and this, along with a solid and consistent presentation has done very well for me (thank god in heaven)

[/quote]

Hey good for you.  You are probably working very hard.  I also thank God for everything I have every day.  Sometimes I am absolutely amazed at how far my God has brought me.

I'll try your line.

thanks vbrainy

another tip on phone: never say you're a financial advisor.

"Hi I'm a doctor want an appointment?"
prospect: "sure see you Tuesday"
Walk in to see Doctor with colonospcopy equipment in hand.
prospect: "Umm....but I have athletes foot"

[quote=anabuhabkuss][quote=pretzelhead][quote=anabuhabkuss]

it's 3:38 pm and i just got done with call #150. my brain is so numb I could probably use a shotgun blast to the face and not feel anything.

I go straight for the appointment and Bobby Hull's advice on UITs and closed end funds is something I practice. At the evry least it's a fantastic way to engage what the person on the phone is or isn't interested in.

Always go for the appointment imo. I had an older guy in my office tell me "why would they meet with someone they don't know..you gotta engage them (by BS) and spend time talking to them etc"

Prospects don't want mind games. Just tell them what you can do for them and if they're in the buying mode they'll meet with you. You just gotta ask for the meeting.

[/quote]

GOOD JOB!  What were your numbers 150 dials, how many contacts, warm calls, and appointments?

[/quote]

All cold. "Hey I'm Anabuhabkuss, I help people manage their retirement accounts to ensure they hit their goals, provide income that will last their retirement years and are titled properly to leave behind for loved ones. Going to be in the area next week and was hoping we could get together to go over my process?"

Client says yes or no. "No?" Is it because you work with someone? How about I drip from time to time and trade their worst idea for my best? YEs? Thank you mr prospect for your time and i'll be sure to get in touch".

I average 3-4 appointments with set dates a day using this.

I go into a jewelry store, I know I want to buy. I pick the person I relate to to make the sale for me. I just reverse that mentality when I call.

I'm 9 months in production and this, along with a solid and consistent presentation has done very well for me (thank god in heaven)

[/quote]

Anahababadudukss,

What is your target market you calling on?  Younger, older, working, retired, pre-retiree?

[quote=anabuhabkuss][quote=pretzelhead][quote=anabuhabkuss]

it's 3:38 pm and i just got done with call #150. my brain is so numb I could probably use a shotgun blast to the face and not feel anything.

I go straight for the appointment and Bobby Hull's advice on UITs and closed end funds is something I practice. At the evry least it's a fantastic way to engage what the person on the phone is or isn't interested in.

Always go for the appointment imo. I had an older guy in my office tell me "why would they meet with someone they don't know..you gotta engage them (by BS) and spend time talking to them etc"

Prospects don't want mind games. Just tell them what you can do for them and if they're in the buying mode they'll meet with you. You just gotta ask for the meeting.

[/quote]

GOOD JOB!  What were your numbers 150 dials, how many contacts, warm calls, and appointments?

[/quote]

All cold. "Hey I'm Anabuhabkuss, I help people manage their retirement accounts to ensure they hit their goals, provide income that will last their retirement years and are titled properly to leave behind for loved ones. Going to be in the area next week and was hoping we could get together to go over my process?"

Client says yes or no. "No?" Is it because you work with someone? How about I drip from time to time and trade their worst idea for my best? YEs? Thank you mr prospect for your time and i'll be sure to get in touch".

I average 3-4 appointments with set dates a day using this.

I go into a jewelry store, I know I want to buy. I pick the person I relate to to make the sale for me. I just reverse that mentality when I call.

I'm 9 months in production and this, along with a solid and consistent presentation has done very well for me (thank god in heaven)

[/quote]

Trade their worst idea for my best? Not bad.

[quote=Bobby Hull][quote=anabuhabkuss][quote=pretzelhead][quote=anabuhabkuss]

it's 3:38 pm and i just got done with call #150. my brain is so numb I could probably use a shotgun blast to the face and not feel anything.

I go straight for the appointment and Bobby Hull's advice on UITs and closed end funds is something I practice. At the evry least it's a fantastic way to engage what the person on the phone is or isn't interested in.

Always go for the appointment imo. I had an older guy in my office tell me "why would they meet with someone they don't know..you gotta engage them (by BS) and spend time talking to them etc"

Prospects don't want mind games. Just tell them what you can do for them and if they're in the buying mode they'll meet with you. You just gotta ask for the meeting.

[/quote]

GOOD JOB!  What were your numbers 150 dials, how many contacts, warm calls, and appointments?

[/quote]

All cold. "Hey I'm Anabuhabkuss, I help people manage their retirement accounts to ensure they hit their goals, provide income that will last their retirement years and are titled properly to leave behind for loved ones. Going to be in the area next week and was hoping we could get together to go over my process?"

Client says yes or no. "No?" Is it because you work with someone? How about I drip from time to time and trade their worst idea for my best? YEs? Thank you mr prospect for your time and i'll be sure to get in touch".

I average 3-4 appointments with set dates a day using this.

I go into a jewelry store, I know I want to buy. I pick the person I relate to to make the sale for me. I just reverse that mentality when I call.

I'm 9 months in production and this, along with a solid and consistent presentation has done very well for me (thank god in heaven)

[/quote]

Trade their worst idea for my best? Not bad.

[/quote]

Agreed.  That's pretty solid IMO.

It is a solid line.  Don't be too horrified when I tell you that has been passed around every Jones call session for a few years now. 

[quote=blarmston]Good advice… Or use a closed -end fund that is
IPO’ing. Like Hull said, pitch something that has a sense of urgency…
Blast to a targeted market (i.e corporate real estate developers or
exec’s on a Global Reit CEF IPO) and you may open a couple good
accounts…[/quote]



Hi, This is Blarmston at Falling Knife Securities and I’m calling you with an investment idea thats pretty sure to lose 10% no matter what the market does. Would you be interested in learning about it?



----

EXG, and ETY are now trading below NAV.



Buying a CEF at issue is like stepping in front of a train.

Hi, this is allreit. I’m the only honest person in the world and I’d like to add a layer of fees to your money that’s guaranteed to pay ME whether you make money or not. How do I add value? Well…I know how to criticize things that I know nothing about.

So Allreit- say you buy a CEF like AOD. It opens at $20 back in January, trades up to about $21.90 before pulling back down to about $20. The dividend yield is nearly 11% if you got in at IPO. I understand the initial demand has waned due to the syndicate and others moving on, but if its a solid long term strategy, with a fund company that has proven in the past to have its offerings trade at a premium, why wouldnt you consider this?

Worse case, and this is how I have positioned it, is that even if the share price does nothing, you are still collecting a double digit dividend yield.

[quote=brandnewadvisor][quote=drewski803]

Try this line, works like a charm for me (after you quickly qualify them) "Well, mr. prospect, I'm going to be in BFE on Wednesday, would you mind if I swing by and drop off a card around 2:00?"  No? Hows 3:00?, etc.  This will get you in front of them easily (at least compared to the alternative).  Line up 6-7 of these in one day and probably 2 cancels and 1 is a no-show.  If 2 turn out to be even decent prospects, you ask them to setup a time where you can talk more formally (you're in a hurry today--which you will be).  Cake.

I think this market is killing us newbs right now though.  So many do it yourselfers that think they are geniuses.

PM me if you're interested in a list of attorney's for your state.

[/quote]

So are you saying a "newb" who's making 150 dials a day will manage money better and create massive returns with all the market knowledge they've accumulated while cold calling, dropping off cards and chatting on the forum?

[/quote]

Nope, I allocate assets.  Let the managers manage.  I'd bet you a pepsi I could put together a better portfolio than 99% of Americans though.  I'm extremely smart and educated in Finance.

Anything else?

Oh yeah and I crap 150 dials a day.  If you’re interested in talking to qualified prospects at their places of business, you’d better consider aiming for 300.

[quote=drewski803]

I’m extremely smart and educated in Finance.

Anything else?

[quote=blarmston]

So Allreit- say you buy a CEF like AOD. It
opens at $20 back in January, trades up to about $21.90 before pulling
back down to about $20. The dividend yield is nearly 11% if you got in
at IPO. I understand the initial demand has waned due to the syndicate
and others moving on, but if its a solid long term strategy (No proof of that.), with a fund company that has proven in the past to have its offerings trade at a premium, why wouldnt you consider this?

Because the vast majority (at least 85%+) of CEF's trade at a discount to NAV. Over time CEFs tend to converge on a discount roughly equal to the present value of future management fee's. Selling someone an investment that is nearly a sure thing to lose value, is IMHO not a good way to build a relationship.

I also have serious reservations about the various high yield equity CEF's that try to pull 10% yeilds out of equity portfolio's. I don't think it can be done in a sustainable fashion. Dividend capture has huge latent trading costs, and covered calls cause the portfolio to have a downward ratchet.

Covered call CEF's were tried before, and they were un popular because they don't work.

http://www.cefa.com/_/docs/content/Learn/ResearchArticles/Wa choviaCovrdCall11.15.05.pdf

Worse case, and this is how I have positioned it, is that even if the share price does nothing, you are still collecting a double digit dividend yield.

Except that its very likely that the share price will go down.

Hey AllREIT, I understand your points but I don't think the same investors would be continually buying closed-ends at the IPO if they didn't feel they were receiving a benefit for it.

I, too, have reservations about those "high yield" equity CEFs, but really just because I'd bet 25% of the people who own them were sold them without fully understanding the risks involved.

I switched around my call this week.  I truly believe you need a different call every few weeks or months just to liven things up some.  The end result can be the same, but try a different way to say it.

[quote=drewski803]Hey AllREIT, I understand your points but I don’t
think the same investors would be continually buying closed-ends at the
IPO if they didn’t feel they were receiving a benefit for it. [QUOTE]

They buy them because their "advisor" recomends them, and doesn't explain the downside risks. Anyone who is knowledgeable about CEF's would never buy them at IPO. 

[QUOTE]I, too, have reservations about those "high yield" equity CEFs, but really just because I'd bet 25% of the people who own them were sold them without fully understanding the risks involved.[/quote]

[quote=AllREIT][quote=drewski803]Hey AllREIT, I understand your points but I don’t think the same investors would be continually buying closed-ends at the IPO if they didn’t feel they were receiving a benefit for it. [QUOTE]

They buy them because their "advisor" recomends them, and doesn't explain the downside risks. Anyone who is knowledgeable about CEF's would never buy them at IPO. 

[QUOTE]I, too, have reservations about those "high yield" equity CEFs, but really just because I'd bet 25% of the people who own them were sold them without fully understanding the risks involved.[/quote]

I think they are dumb since the various strategies are going to erode NAV(income potential) and thus the dividend will eventually be cut. Between the two issues, I think its stupid to own them.

The options overlay results in gradual NAV erosion and puts a downward ratchet on fund NAV.
[/quote]

Hey Asshole, you criticize everything that everyone does. What is it that YOU do? Are you in that Garret Planning Network? Be honest. What do you DO?

If you are looking to offer high yield Investments to prospects, you might try looking at High Yield Investing Newsletter. I have been a subscriber since 2006.

Out of all the ideas they currently have in their portfolio , I have used three and they have done pretty good. They currently yield around seven to nine percent.

I have also used Bryan Perrys service . He calls it the 25% Cash Machine. I have found that prospects are more interested in hearing about things than the usual blue chip stock /mutual fund that gets pitched all the time.

Just do your own homework on the company and go from there .

BTW ,

Please insert "other" between the words things and than in paragraph two. 

Sorry I just woke up a half hour ago!!!

Wild night last night, eh?

[quote=blarmston]

As long as you disclose that typically CEF IPO's trade down about 6 months or so after the first trading day, I dont see a huge problem there... I have been pitching high-dividend paying CEF's to some prospects, and they dont mind the decline in NAV because they know the yield is upwards of 10%.

As these are long-term investments, I position it as this. "Typically the share price will appreciate in the next coming months. Once the demand for this idea begins to tail off, you may see some decline in value on paper. The good thing is you continue to receive the div. yield and any appreciation in the first year is a bonus."

I look for CEF companies that historically have funds that have stood up well in the secondary markets. Alpine comes to mind, as well as a couple from Eaton Vance and so on...

[/quote]

I've been calling on CEFs for a little bit now and basically have come up with this:

"Hello, Mr. Prospect, this is Snaggletooth with XYZ in Po Dunk.  Given the recent sell off in the market as I'm sure you're aware, we're finding opportunities which are at a substantial discount right now yielding north of 10.5%.  How would that kind of yield fit into your portfolio?  

Then I just see where it goes.  I might ask if their current broker is calling them with tactical strategies or not.  I tell them about the qualified dividend income to find out where they be in terms of tax bracket and throw in the possibility of long term capital appreciation.

Any suggestions from those of you pitching yield right now as a way to at least get money in your client's pockets?  What would be the best way to pitch a CEF?   

Myself and another FA just landed an 8 million dollar account off of a cold

call.



It does work people. Just keep dialing. If you know someone has a lot of

money differentiate yourself by leaving messages after hours:





10:00 p.m. Monday -three days after the first brutal rejection:



“Mr. Smith this is Dirty Delta down at Hook & Cook Securities. Today the

market lost about 250 points and I am still in the office finishing up for

the day. We have got to discuss this volatility. I will reach you later this

week”







Thursday morning 5:45a.m- the following week:



“This is Dirty Delta. The market has gained some of its momentum back.

Rates are stable but I think we are going to see more movement in the

next three days. I will call next week”



From this point, if you have called him enough you know when he will be

at his desk. Call him and don’t hang up until he says yes….





DirtyDelta       

[quote=DirtyDeltaBro]Myself and another FA just landed an 8 million dollar account off of a cold
call.

It does work people. Just keep dialing. If you know someone has a lot of
money differentiate yourself by leaving messages after hours:


10:00 p.m. Monday -three days after the first brutal rejection:

“Mr. Smith this is Dirty Delta down at Hook & Cook Securities. Today the
market lost about 250 points and I am still in the office finishing up for
the day. We have got to discuss this volatility. I will reach you later this
week”



Thursday morning 5:45a.m- the following week:

“This is Dirty Delta. The market has gained some of its momentum back.
Rates are stable but I think we are going to see more movement in the
next three days. I will call next week”

From this point, if you have called him enough you know when he will be
at his desk. Call him and don’t hang up until he says yes….


DirtyDelta       
[/quote]

Hey Dirty D, just for inspirational purposes, how long were you prospecting this guy for?  What, besides your willingness to call at extreme hours, was his motivation for moving his accounts?  I can't imagine anyone neglecting $8MM accounts, so was it performance related?  I always appreciate a good story that makes me want to dial more...

The idea behind calling at extreme hours is that is shows a strong work

ethic. Think about it. This guy sits down at his desk, cordially starts

sipping coffee and listens to his messages. He hears me calling at 5 a.m.

He thinks one of two things:



A. This guy is nuts.

B. This guy has an exceptional work ethic.



Either way you have his attention.



Granted I did not land the first appointment after leaving three

messages- l failed to mention there were a series of short conversations

and hang ups. Overall, chances are he is going to go with option B.

When the prospect was starting his small business, as a rookie, he

worked ungodly hours. He will totally identify with that. If he admits to

remembering the grueling hours you can leverage that fact to land the

appointment.   When you are actually in the door you have tune the

aggressive switch from a 10 down to a 1.



I started calling on this account in November of 06 and paperwork was

signed in June 07. We sold him on alternative investments.





DirtyDelta

[quote=Analyst]

Prospecting really does seem like meeting women, and Bobby Hull's approach reminds me of advice my brother gave me when I had about a 0.00 batting average with them (okay, it was exactly a 0.00 average, there was no about involved).

He said not to be an a**hole when talking to women, but contrary to popular belief, it's about overconfidence, not just confidence. 

When I took his advice my average went way up.

I still remember when he gained about 40 lbs one year, and wasn't looking his best, and still met this beautiful girl when we went out.  I also remember one of the ridiculous things he said to her, but he did it with overconfidence and she laughed.  He told her, "I'm the coolest fat guy you'll ever meet".  He kept going with goofy things like, "I maybe fat, but the rest of the guys in this place are ugly.  I can diet."

I didn't know it at the time, but maybe I was getting a lesson in prospecting.[/quote]

That's AWESOME!!  ROTFLMAO.......

[quote=DirtyDeltaBro]The idea behind calling at extreme hours is that is shows a strong work
ethic. Think about it. This guy sits down at his desk, cordially starts
sipping coffee and listens to his messages. He hears me calling at 5 a.m.
He thinks one of two things:

A. This guy is nuts.
B. This guy has an exceptional work ethic.

Either way you have his attention.

Granted I did not land the first appointment after leaving three
messages- l failed to mention there were a series of short conversations
and hang ups. Overall, chances are he is going to go with option B.
When the prospect was starting his small business, as a rookie, he
worked ungodly hours. He will totally identify with that. If he admits to
remembering the grueling hours you can leverage that fact to land the
appointment.   When you are actually in the door you have tune the
aggressive switch from a 10 down to a 1.

I started calling on this account in November of 06 and paperwork was
signed in June 07. We sold him on alternative investments.


DirtyDelta
[/quote]

Wow, and you didn't need sage advice from Devil's Advocate, or DA2? How did you manage? 

Here’s one that got me a couple appointments; I recently took (and passed thank God) the CRPC as a reward for exceeding my training goals with AGE. One day I will get my CFP so I can say this and my conscience feels A OK. I use this on the high net worth prospects I have build good rapport with..

Mr X … As I told you I had to go to the home office and take the final exam for the CRPC. Thanks to the big guy upstairs I passed. Next stop is the CFP. One thing I’m going to be doing is submitting 25 case studies that are complex and extensive financial plans. I’ll be happy to use you in one of these case studies. The information you will receive can quantify your goals down to the penny and the best part is it wont cost you a single cent. Get our your shoe box, put your recent statements and any insurance policies you have in it and lets get together next X or X

[quote=Gaddock]

Here’s one that got me a couple appointments; I recently took (and passed thank God) the CRPC as a reward for exceeding my training goals with AGE. One day I will get my CFP so I can say this and my conscience feels A OK. I use this on the high net worth prospects I have build good rapport with..

Mr X … As I told you I had to go to the home office and take the final exam for the CRPC. Thanks to the big guy upstairs I passed. Next stop is the CFP. One thing I’m going to be doing is submitting 25 case studies that are complex and extensive financial plans. I’ll be happy to use you in one of these case studies. The information you will receive can quantify your goals down to the penny and the best part is it wont cost you a single cent. Get our your shoe box, put your recent statements and any insurance policies you have in it and lets get together next X or X

I don’t really script this one. I kind of just introduce it when it seems like it have a good flow.[/quote]

LOL!!!

[quote=Gaddock]

Mr X … As I told you I had to go to the home office and take the final exam for the CRPC. Thanks to the big guy upstairs I passed. Next stop is the CFP. One thing I’m going to be doing is submitting 25 case studies that are complex and extensive financial plans. I’ll be happy to use you in one of these case studies. The information you will receive can quantify your goals down to the penny and the best part is it wont cost you a single cent. Get our your shoe box, put your recent statements and any insurance policies you have in it and lets get together next X or X.[/quote]

This reminds me of an old joke about training at Merrill Lynch. It costs the firm $75,000 and the clients about $500,000.

True story: I told my biggest prospect (at the time) to call me on a Friday night at 11 pm.  I informed him that I was unbelievable serious about building a successful business for myself and for the clients' that chose to work with me.  Keep in mind that this was someone I cold called yet (knew) they were worth 8 figures.

The phone rang at 11:05 pm.  I answered it in all seriousness.  In the backround I could hear the TV as well as the ice cubes clinking. The prospect laughed and we spoke for about 60 seconds. They called back the following week (at a reasonable hour) and today they are one of my largest accounts'. Yeah- sometimes it pays to be a little bit crazy.  Make it happen.... 

WTF is the CPRC?

[quote=joedabrkr]WTF is the CPRC? [/quote]

Certified Recptionist/Phone Caller.

An American College designation 'lite' IMHO = Chartered Retirement Planning Counselor.<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

I was told it was a "reward" for a job well done. I tried to take a pass on it and the 100 hours of study for it but was told I had no choice. The information was all good and pertinent but I still would have rather spent the time prospecting instead of tossing cold water on a three-month head of steam. But, that's just me.

We were told that the American College will probably allow it as one section for the CFP in the future. If that turns out to be the case I’ll take it.

[quote=Gaddock]

An American College designation 'lite' IMHO = Chartered Retirement Planning Counselor.<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

I was told it was a "reward" for a job well done. I tried to take a pass on it and the 100 hours of study for it but was told I had no choice. The information was all good and pertinent but I still would have rather spent the time prospecting instead of tossing cold water on a three-month head of steam. But, that's just me.

We were told that the American College will probably allow it as one section for the CFP in the future. If that turns out to be the case I’ll take it.[/quote]

A transcript review would have taken 10 minutes, and maybe you could have tested out of 3 sections........:)

[quote=AllREIT][quote=Gaddock]

Mr X … As I told you I had to go to the home office and take the final exam for the CRPC. Thanks to the big guy upstairs I passed. Next stop is the CFP. One thing I’m going to be doing is submitting 25 case studies that are complex and extensive financial plans. I’ll be happy to use you in one of these case studies. The information you will receive can quantify your goals down to the penny and the best part is it wont cost you a single cent. Get our your shoe box, put your recent statements and any insurance policies you have in it and lets get together next X or X.[/quote]

This reminds me of an old joke about training at Merrill Lynch. It costs the firm $75,000 and the clients about $500,000.

[/quote]

Pretty big talk from a guy who charges clients a fee for guaranteed underperformance and buys 2.25% yielding TIPs for "income investors". <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

[quote=DirtyDeltaBro]

We sold him on alternative investments.

[/quote]

GS quant fund... doh!

[quote=DirtyDeltaBro]The idea behind calling at extreme hours is that is shows a strong work
ethic. Think about it. This guy sits down at his desk, cordially starts
sipping coffee and listens to his messages. He hears me calling at 5 a.m.
He thinks one of two things:

A. This guy is nuts.
B. This guy has an exceptional work ethic.

Either way you have his attention.

Granted I did not land the first appointment after leaving three
messages- l failed to mention there were a series of short conversations
and hang ups. Overall, chances are he is going to go with option B.
When the prospect was starting his small business, as a rookie, he
worked ungodly hours. He will totally identify with that. If he admits to
remembering the grueling hours you can leverage that fact to land the
appointment.   When you are actually in the door you have tune the
aggressive switch from a 10 down to a 1.

I started calling on this account in November of 06 and paperwork was
signed in June 07. We sold him on alternative investments.


DirtyDelta
[/quote]

That sounds realistic.  Glad your hard work paid off for you.  Hope your partner is not some senior broker who will steal your comission.

[quote=DirtyDeltaBro]

This guy sits down at his desk, cordially starts sipping coffee and listens to his messages.

[/quote]

How does one cordially sip their coffee?  Do you make small talk with it?

For those who are mature--remember the Jackie Gleason skit where he's teaching Norton to play golf?

"First you must address the ball..."

"Hellooooo Ball......"

I suppose that's a variation called cordially playing golf.

A couple of days ago a city official in Atlanta was on TV.  She said, "I be matriculating this information as quickly as I can."

Stupid people trying out words they heard somewhere along the way.

[quote=Guests]

with it?

For those who are mature--remember the Jackie Gleason skit where he's teaching Norton to play golf?

"First you must address the ball..."

"Hellooooo Ball......"

I suppose that's a variation called cordially playing golf.

A couple of days ago a city official in Atlanta was on TV.  She said, "I be matriculating this information as quickly as I can."

Stupid people trying out words they heard somewhere along the way.[/quote]

What scintillating attempts at spoken verbage you portend to emasculate..........

How does one cordially sip their coffee

Possibly with a double shot of Amaratto or Baileys in the coffee.