Best script for wealth mgmt (really fee based )

WTF is 'wealth management'?

its a self explanitory ,general term used to semi qualify guy on phone,

besides that any actual advice?

[quote=winger004]

its a self explanitory ,general term used to semi qualify guy on phone,

besides that any actual advice?

[/quote]

I agree with Deekay..

general terms don't qualify, questions qualify..(My service is geared towards investors with 250K to invest, i trust that won't be a problem for you?.... I find i do the most good for people with $250k or more in the market, do you fall into that category?... What would be a more comfortable level for you?

Also your pitch doesn't gain any interest...

Hi.. John F Kennedy from ML

Reason for the call is too see what you are doing to protect your assets from the next possible collapse?

Calling to find out what your advisor has done differently this year to help your portfolio in case 2008 happens again.

Calling to find out if your portfolio is back to it's 2007 level and if not what is your advisor doing about that?

Did you lose money in 2008, what is your advisor doing differently to make sure that doesn't happen again?

Are you going to outlive your money or is your money going to outlive you?

Your question is boring and and gives no reason for the prospect to think about it..

no kidding squash, why do you think im asking for input.

i dont really want to lead with 2008 colapse/negative fear right off bat,,,any second opinions, ?

[quote=winger004]

no kidding squash, why do you think im asking for input.

i dont really want to lead with 2008 colapse/negative fear right off bat,,,any second opinions, ?

My opinion?  Fear gets people to act, and then they justify their actions rationally.  Fear works.  The fear of loss is far greater a motivator than the promise for gain.

[/quote]

Remember that "scripts" are required to be filed with your firm's compliance department and FINRA. It is not a grey area, and we can thank Olde Discount brokers for this. They used misleading high pressure sales scripts in the past, and lost a big settlement about 7-8 yrs ago.

So, anyone reading this, might consider what might happen in a complaint? For sure, your firm would NOT support you in using an unregistered script. Written scripts are probably laying all about the firms these days, and a surprise audit by a regulator routinely comes up with these things. Considering the use of the internet, they might find a rep postings here at RR forum as well. 

Don't even get me started on social media networking sites...They too are heavily regulated by FINRA.

If you care about your long term career...play by the rules.

At a recent compliance meeting with our Indy BD, they discussed that most compliance departments do annual google searches on their Reps names, and do annual credit checks as well.

i dont literally use a "script", but i like to have a general idea of what im tring to say

Listen to deekay.  Fear is definetely more powerful than the potential for a reward. 

Think of it this way, you are walking along an icy cold river in the middle of winter and see a $100 bill floating in the river.  Chances are you are not going to risk going into the river to get it.  Now think if you pulled out your cell phone to make a call and one of YOUR bills fell in the water by accident, you would be very motivated to get it back. 

People are simply more motivated in protecting what is already theirs.  I made good money using fear as an insurance agent, I would guess that such a tactic would work just as well for an FA.

[quote=winger004]

i dont literally use a "script", but i like to have a general idea of what im tring to say

[/quote]

Good. I'd then highly suggest you completely remove that word from your vocabulary. Also, do not for any reason have something like that in writing. Never have your "talking points" or "spiel" in written form. It would be a death sentence in a complaint, or confrontation with your firm. "I could tell you more but..."

Ask your firm for the "annual compliance questionnaire" and live by it. If you haven't seen it, it is something you are required to sign under penalty of perjury each year.

BTW, good luck, hunt me down in 6 months, tell me about your victory party.

thanks BIGFP

to clarify the general questions i have are

1) best way to introduce yourself to prospects over phone in first sentence, time is my enemy, i need to do alot on the first sentence, a little enticing a little qualifying? i use the term "welth mgmt" so guys know where i am coming from right away, any input would be helpfull?

2) Selling fear or greed,,semms like all here support selling fear, so far atleast

BigF don't mind "softie", he's an idiot. What jagoff would name themselves get-hard-get-raw??? Must be living in mom's basement.

Don't use Wealth Management.  You think people know what you are talking about, but they don't.  Call with muni's to get the HNW attention and then go for a review.  That is how you get fee based accts---when you get the entire portfolio.

Ive been using a new muni bond thats tax free at 7%, but know one wants to listen. Anyone have some advice on how to start off the conversation?

[quote=gethardgetraw]

[quote=BigFirepower] Never have your "talking points" or "spiel" in written form. [/quote]

Wow you're a tool.

Yeah, winging it from memory is definitely the way to go.

[/quote]

You either file it with NASD, and your compliance department, or you memorize your presentations it. That has nothing to do with being a Tool, it's about being in compliance and passing muster with our regulatory bodies. You deviate that, you take chances with your career. But hey, maybe you are more experienced as a rep, know far more than I do? So please, inform me and everyone else here what you think?

Nah it's cool I filed my script with NASD.

[quote=winger004]

thanks BIGFP

to clarify the general questions i have are

1) best way to introduce yourself to prospects over phone in first sentence, time is my enemy, i need to do alot on the first sentence, a little enticing a little qualifying? i use the term "welth mgmt" so guys know where i am coming from right away, any input would be helpfull?

2) Selling fear or greed,,semms like all here support selling fear, so far atleast

[/quote]

I found in my career, that a good presentation needed 5 things.

Name recognition, special offer/free, sexy/sizzle, limited time, stated rate/benefit

If I missed even one of those items, the results fell by about 50%, remove two, and you may as well not even bother. After a while, I could calculate exactly how many calls would equal how many appointments, and how much gross I would do. My weekly calling plan for years was 150 dials, 5-6 appointments, 3-4 new households, 6-8k gross. I had very good lists....

The presentation, would NEVER be longer than 35 seconds, and was ALWAYS preceded by "the REASON for my call"... People love it when you "get to the point".

The above is based upon theories by the Cold Call Cowboy, Broyles, and some of my own tinkering. Not rocket science, but it sure works.  

[quote=BigFirepower]

[quote=winger004]

thanks BIGFP

to clarify the general questions i have are

1) best way to introduce yourself to prospects over phone in first sentence, time is my enemy, i need to do alot on the first sentence, a little enticing a little qualifying? i use the term "welth mgmt" so guys know where i am coming from right away, any input would be helpfull?

2) Selling fear or greed,,semms like all here support selling fear, so far atleast

[/quote]

I found in my career, that a good presentation needed 5 things.

Name recognition, special offer/free, sexy/sizzle, limited time, stated rate/benefit

If I missed even one of those items, the results fell by about 50%, remove two, and you may as well not even bother. After a while, I could calculate exactly how many calls would equal how many appointments, and how much gross I would do. My weekly calling plan for years was 150 dials, 5-6 appointments, 3-4 new households, 6-8k gross. I had very good lists....

The presentation, would NEVER be longer than 35 seconds, and was ALWAYS preceded by "the REASON for my call"... People love it when you "get to the point".

The above is based upon theories by the Cold Call Cowboy, Broyles, and some of my own tinkering. Not rocket science, but it sure works.  

[/quote]

BigFirepower,

Awesome stats! Give us an example of your scripts if you wouldn't mind. Thanks.

[quote=TenToesDown]

[quote=BigFirepower]

[quote=winger004]

thanks BIGFP

to clarify the general questions i have are

1) best way to introduce yourself to prospects over phone in first sentence, time is my enemy, i need to do alot on the first sentence, a little enticing a little qualifying? i use the term "welth mgmt" so guys know where i am coming from right away, any input would be helpfull?

2) Selling fear or greed,,semms like all here support selling fear, so far atleast

[/quote]

I found in my career, that a good presentation needed 5 things.

Name recognition, special offer/free, sexy/sizzle, limited time, stated rate/benefit

If I missed even one of those items, the results fell by about 50%, remove two, and you may as well not even bother. After a while, I could calculate exactly how many calls would equal how many appointments, and how much gross I would do. My weekly calling plan for years was 150 dials, 5-6 appointments, 3-4 new households, 6-8k gross. I had very good lists....

The presentation, would NEVER be longer than 35 seconds, and was ALWAYS preceded by "the REASON for my call"... People love it when you "get to the point".

The above is based upon theories by the Cold Call Cowboy, Broyles, and some of my own tinkering. Not rocket science, but it sure works.  

[/quote]

BigFirepower,

Awesome stats! Give us an example of your scripts if you wouldn't mind. Thanks.

[/quote]

Golfers never use the word $hank. Brokers would be wise to remove the word $cripts from their memory and vocabulary. There are presentations, spiels, and talking points. These are fully comitted to memory, and responses to questions/objections are available when asked by prospects and customers.

How about this instead. Write down what I wrote on a sheet of paper, all the major points. Then, you create, inside 35 seconds, something that includes all that stuff?  That is how I prepared for a campaign. Then to practice, I kept calling my voice mail, until I sounded like a champ.

And to quote Nick Murray, don't forget to make sure you call folks with MUHNEE. Can't emphasize that enough, and that was a major factor in my relative success.

Coming from the insurance world I would say use a product (muni bond) to get the prospect talking but don't forget that you have to ask for an appointment.

I would do it something like this:

Hello Ms/Mr. ______, this is ________ from ________ . The reason that I'm calling you today is that I have a limited supply of ____ muni bond returning _____ tax free. With most banks paying only 1% I'm sure that you realize that ___muni bond is a much better investment right? (wait for positive response) That's great, Ms/Mr ___, I think we should get together. How about Thursday at 2pm?

Remeber to turn every objection right back and ask for that appointment.

No thanks, I'm happy with what I have
It's great that you have ______. We recently spoke to another client that had ____and they said that what we had would really complement their portfolio. You know something, we should get together. How about next Thursday at 1pm.

I'm not interested
Well Mr ______, a lot of people had the same reaction you did when I first called -- before they had a chance to see how what we do will benefit them. We should get together. How about next Thursday at 1pm.

I'm too busy
Ms _____, the only reason I was calling was to set an appointment. Would next Thursday at 1pm be okay?

Send me some literature
Sure, I can stop by to look it over with you, is next Thursday at 1pm okay?

Any other response
Well that's okay; let's get together anyway.

Remember to shut up everytime you ask for an appointment.

This kind of format worked really good for me with insurance.

BigFirePower,

You said, "My weekly calling plan for years was 150 dials, 5-6 appointments, 3-4 new households, 6-8k gross. I had very good lists...." 

I have gone through and saved most of the posts in this forum regarding cold calling, scripts, etc and I have saved most of the good stuff by several of the members here regarding stats including the prolithic post called the 500 Day War.  I used a lot of that data to gauge my effectiveness when I started...which really helped launch me on the proper trajectory.  Back to the story.  Assuming 50 weeks in a year and 6-8k gross, you grossed on the lines of $300,000 to $400,000 for years.  Not bad, but not necessarily extraordinary.    Furthermore, if I am reading your stats correctly, you made 30 dials per day (less if if you dialed 6 days per week) and basically got an appointment each day off of only 30 dials.  Per your numbers, you also made on average  $1200 to $1600 per day from these dials or to break it down further, $40 to $53.33 each time you picked up the freakin' phone.  You had more than "very good lists".  You my friend are the SUPER BROKER!!!

You should call Bill Good and David J Mullen Jr. and show them how it is done because your effectiveness/stats are better than anyone's I have ever talked to, read about, or even dreamed of!  Given my daily volume of 250-300 dials, I should be grossing $600K to $800K already.  If only I had your lists!!!  LOL! 

He has stated in previous posts, that he worked at a bank.. So my guess is that he scrolled the accounts looking for liquid cash..

Neloza, what if your only going to talk to them over the phone? You have good stuff, but your rebuttals end with coming by and seeing the person. The only time I would see these people is if I'm in the area and they needed to get together with me.

Sorry, I should of explained it better.  This was the type of stuff I used in insurance where all of the closing happened at the clients house and never over the phone.  I was trying to apply my experience in insurance to that of an FA.  I would suggest that instead of asking for an actual face to face meeting ask for an appointment over the phone (make sure they have their financial info handy for that meeting).  Hope that clarified it somewhat.

Yeah it did. I knew what you were talking about, just wondering how you would change it up for phone only appointments. Thanks for the info.

[quote=chickenfeed]

He has stated in previous posts, that he worked at a bank.. So my guess is that he scrolled the accounts looking for liquid cash..

[/quote]

Aha! Yes, we have a winner folks. What he also fails to mention, is that the gross calcs he made, which are accurate, did not include biz from existing clients. As per Nick Murray, the trick is to find out what the number of dials are relative to appointments. The better the list, the more qualified the prospect, the better the ratio. My suggestion to folks is to work hard on hitting dials, but there is a tendency to forget about quality of dials. Lastly, there are NO brownie points for "degree of difficulty". I chose to swim downstream in my career, and I'd never ever apologize to upstream swimmers for that.

I spent the first 17 years of my career with failure and successes, various work places, all the while paying attention to what was going on. There were times I thought I was spinning my wheels, but a few years ago I accepted my past, and realized I had enormous amounts of real experience that might serve me well on the rest of the journey. So, now I'm independent, my transition was about an A-, mostly due to the ability to draw from my experiences.

[quote=TenToesDown]

BigFirePower,

You said, "My weekly calling plan for years was 150 dials, 5-6 appointments, 3-4 new households, 6-8k gross. I had very good lists...." 

I have gone through and saved most of the posts in this forum regarding cold calling, scripts, etc and I have saved most of the good stuff by several of the members here regarding stats including the prolithic post called the 500 Day War.  I used a lot of that data to gauge my effectiveness when I started...which really helped launch me on the proper trajectory.  Back to the story.  Assuming 50 weeks in a year and 6-8k gross, you grossed on the lines of $300,000 to $400,000 for years.  Not bad, but not necessarily extraordinary.    Furthermore, if I am reading your stats correctly, you made 30 dials per day (less if if you dialed 6 days per week) and basically got an appointment each day off of only 30 dials.  Per your numbers, you also made on average  $1200 to $1600 per day from these dials or to break it down further, $40 to $53.33 each time you picked up the freakin' phone.  You had more than "very good lists".  You my friend are the SUPER BROKER!!!

You should call Bill Good and David J Mullen Jr. and show them how it is done because your effectiveness/stats are better than anyone's I have ever talked to, read about, or even dreamed of!  Given my daily volume of 250-300 dials, I should be grossing $600K to $800K already.  If only I had your lists!!!  LOL! 

[/quote]

Well, you can clearly see that the quality of your list, is an incredibly important part of prospecting. Ten, for your sake, when provided valuable information, at no cost at all, you might be a "gracious" listener, instead of a rude one. Sharing my experiences here with rookie brokers certainly doesn't line my pockets. I might give you and the others here a few tips, that strategically used could actually make a huge diff in your career. You may have already noticed, that some of your senior reps in your office are extremely TIGHT lipped. You might ask yourself why that is.

BTW Mr. Genius, I didn't call each day. No, I jammed all those calls in on Friday mornings between 9am-1pm, then starting on Monday I got walk ins and follow up phone calls. I segmented my time. I also had a decent sized book already, and was able to hunt and skin this way. But, after 3 years of that tedious grind in the basement of the branch, I hung it up for 3 reasons. I had 1100 households, a jr partner, and a secretary, figured I'd just coast for a while, make some money. And, that's what I did, until the world turned upside down in 2008. I did a Million in 2007, what did you make/do in 2007 Ten?

[quote=BigFirepower]

[quote=TenToesDown]

BigFirePower,

You said, "My weekly calling plan for years was 150 dials, 5-6 appointments, 3-4 new households, 6-8k gross. I had very good lists...." 

I have gone through and saved most of the posts in this forum regarding cold calling, scripts, etc and I have saved most of the good stuff by several of the members here regarding stats including the prolithic post called the 500 Day War.  I used a lot of that data to gauge my effectiveness when I started...which really helped launch me on the proper trajectory.  Back to the story.  Assuming 50 weeks in a year and 6-8k gross, you grossed on the lines of $300,000 to $400,000 for years.  Not bad, but not necessarily extraordinary.    Furthermore, if I am reading your stats correctly, you made 30 dials per day (less if if you dialed 6 days per week) and basically got an appointment each day off of only 30 dials.  Per your numbers, you also made on average  $1200 to $1600 per day from these dials or to break it down further, $40 to $53.33 each time you picked up the freakin' phone.  You had more than "very good lists".  You my friend are the SUPER BROKER!!!

You should call Bill Good and David J Mullen Jr. and show them how it is done because your effectiveness/stats are better than anyone's I have ever talked to, read about, or even dreamed of!  Given my daily volume of 250-300 dials, I should be grossing $600K to $800K already.  If only I had your lists!!!  LOL! 

[/quote]

Well, you can clearly see that the quality of your list, is an incredibly important part of prospecting. Ten, for your sake, when provided valuable information, at no cost at all, you might be a "gracious" listener, instead of a rude one. Sharing my experiences here with rookie brokers certainly doesn't line my pockets. I might give you and the others here a few tips, that strategically used could actually make a huge diff in your career. You may have already noticed, that some of your senior reps in your office are extremely TIGHT lipped. You might ask yourself why that is.

BTW Mr. Genius, I didn't call each day. No, I jammed all those calls in on Friday mornings between 9am-1pm, then starting on Monday I got walk ins and follow up phone calls. I segmented my time. I also had a decent sized book already, and was able to hunt and skin this way. But, after 3 years of that tedious grind in the basement of the branch, I hung it up for 3 reasons. I had 1100 households, a jr partner, and a secretary, figured I'd just coast for a while, make some money. And, that's what I did, until the world turned upside down in 2008. I did a Million in 2007, what did you make/do in 2007 Ten?

[/quote]

Well, I haven't experienced anyone in my office that was TIGHT lipped because I approached them in a professional manner and respected my time.  I have met with all of the big guns in my office...actually did it when I first got here and experienced zero pushback whatsoever.  Now, some of the other clown a$$ newer guys just barged into some of the big guys offices and were rebuked immediately.  It is all in the approach and respect you show for their time I guess.

In terms of your numbers, it doesn't matter when you made the calls.  The difference is that all you made it seem like you had some great method of list building/finding people that were liquid with at least $250k when all you had to do was look at the bank's client information that was readily available.  No wonder your stats are so good.  Granted, you still had to close the deals and that is no easy task, but it is misleading nonetheless.

Congrats on your 2007 gross.  Since we are in chest thumping mode, your 2007 doesn't impress me though because I wasn't in this business in 2007  but owned a business that grossed $4mm in 2007 while only operating for 9 months and netting me a 25% margin.  $3.2mm in 2006 as well with the same percentage net in my pocket.  Pretty good eh!    Took a year and a half off from work because I could and restarted in this business after originally being in this business when I first got out of college years ago.  Crushing all of my numbers thus far with pure sweat equity and i pretty much outwork everyone around me.  It has brought me amazing success in the past and I have zero doubt whatsoever that it will bring me amazing success again.

[quote=TenToesDown]

[quote=BigFirepower]

[quote=TenToesDown]

BigFirePower,

You said, "My weekly calling plan for years was 150 dials, 5-6 appointments, 3-4 new households, 6-8k gross. I had very good lists...." 

I have gone through and saved most of the posts in this forum regarding cold calling, scripts, etc and I have saved most of the good stuff by several of the members here regarding stats including the prolithic post called the 500 Day War.  I used a lot of that data to gauge my effectiveness when I started...which really helped launch me on the proper trajectory.  Back to the story.  Assuming 50 weeks in a year and 6-8k gross, you grossed on the lines of $300,000 to $400,000 for years.  Not bad, but not necessarily extraordinary.    Furthermore, if I am reading your stats correctly, you made 30 dials per day (less if if you dialed 6 days per week) and basically got an appointment each day off of only 30 dials.  Per your numbers, you also made on average  $1200 to $1600 per day from these dials or to break it down further, $40 to $53.33 each time you picked up the freakin' phone.  You had more than "very good lists".  You my friend are the SUPER BROKER!!!

You should call Bill Good and David J Mullen Jr. and show them how it is done because your effectiveness/stats are better than anyone's I have ever talked to, read about, or even dreamed of!  Given my daily volume of 250-300 dials, I should be grossing $600K to $800K already.  If only I had your lists!!!  LOL! 

[/quote]

Well, you can clearly see that the quality of your list, is an incredibly important part of prospecting. Ten, for your sake, when provided valuable information, at no cost at all, you might be a "gracious" listener, instead of a rude one. Sharing my experiences here with rookie brokers certainly doesn't line my pockets. I might give you and the others here a few tips, that strategically used could actually make a huge diff in your career. You may have already noticed, that some of your senior reps in your office are extremely TIGHT lipped. You might ask yourself why that is.

BTW Mr. Genius, I didn't call each day. No, I jammed all those calls in on Friday mornings between 9am-1pm, then starting on Monday I got walk ins and follow up phone calls. I segmented my time. I also had a decent sized book already, and was able to hunt and skin this way. But, after 3 years of that tedious grind in the basement of the branch, I hung it up for 3 reasons. I had 1100 households, a jr partner, and a secretary, figured I'd just coast for a while, make some money. And, that's what I did, until the world turned upside down in 2008. I did a Million in 2007, what did you make/do in 2007 Ten?

[/quote]

Well, I haven't experienced anyone in my office that was TIGHT lipped because I approached them in a professional manner and respected my time.  I have met with all of the big guns in my office...actually did it when I first got here and experienced zero pushback whatsoever.  Now, some of the other clown a$$ newer guys just barged into some of the big guys offices and were rebuked immediately.  It is all in the approach and respect you show for their time I guess.

In terms of your numbers, it doesn't matter when you made the calls.  The difference is that all you made it seem like you had some great method of list building/finding people that were liquid with at least $250k when all you had to do was look at the bank's client information that was readily available.  No wonder your stats are so good.  Granted, you still had to close the deals and that is no easy task, but it is misleading nonetheless.

Congrats on your 2007 gross.  Since we are in chest thumping mode, your 2007 doesn't impress me though because I wasn't in this business in 2007  but owned a business that grossed $4mm in 2007 while only operating for 9 months and netting me a 25% margin.  $3.2mm in 2006 as well with the same percentage net in my pocket.  Pretty good eh!    Took a year and a half off from work because I could and restarted in this business after originally being in this business when I first got out of college years ago.  Crushing all of my numbers thus far with pure sweat equity and i pretty much outwork everyone around me.  It has brought me amazing success in the past and I have zero doubt whatsoever that it will bring me amazing success again.

[/quote]

You've been in this biz for like what, 12 something months, licensed for less than that, and talking trash? Good grief little buddy...

[quote=BigFirepower] You've been in this biz for like what, 12 something months, licensed for less than that, and talking trash? Good grief little buddy... [/quote]

You've been on this forum for like what, 12 something days, and talking trash?

I think it's hilarious how you misled the entire forum and failed to disclose you were working in a BANK, not a broker/dealer.

You're a tool, BigFirepower.

[quote=gethardgetraw]

You've been on this forum for like what, 12 something days, and talking trash?

I think it's hilarious how you misled the entire forum and failed to disclose you were working in a BANK, not a broker/dealer.

You're a tool, BigFirepower.

[/quote]

If I didn't inform and disclose, then how is it that you know about my career? I've posted literally my entire bio on this place. Grow up kid, quit being the failing Ed Jones 20yr old something you are/acting like, and maybe you'll find some success in this biz. Your responses and actions no doubt shine through to your prospects as well, so that your tireless efforts lead only to getting people from my F book. Maybe if you weren't such a little failing dweeb, many other reps would have given you some decent advice, so you wouldn't be endlessly spinning your wheels.

Zero sales fella, and you call me a Tool? Someone that's been in the biz for nearly 20 yrs, clean compliance record, own my own business (90% payout...), 52m in assets. Ok, if I'm a tool, then what are you?

[quote=BigFirepower]Zero sales fella, and you call me a Tool? Someone that's been in the biz for nearly 20 yrs, clean compliance record, own my own business (90% payout...), 5.2m in assets. Ok, if I'm a tool, then what are you?[/quote]

I think you made a typo. I fixed it for ya

He did disclose it.. He said he had work at banks, wires etc..

[quote=BigFirepower]

[quote=TenToesDown]

[quote=BigFirepower]

[quote=TenToesDown]

BigFirePower,

You said, "My weekly calling plan for years was 150 dials, 5-6 appointments, 3-4 new households, 6-8k gross. I had very good lists...." 

I have gone through and saved most of the posts in this forum regarding cold calling, scripts, etc and I have saved most of the good stuff by several of the members here regarding stats including the prolithic post called the 500 Day War.  I used a lot of that data to gauge my effectiveness when I started...which really helped launch me on the proper trajectory.  Back to the story.  Assuming 50 weeks in a year and 6-8k gross, you grossed on the lines of $300,000 to $400,000 for years.  Not bad, but not necessarily extraordinary.    Furthermore, if I am reading your stats correctly, you made 30 dials per day (less if if you dialed 6 days per week) and basically got an appointment each day off of only 30 dials.  Per your numbers, you also made on average  $1200 to $1600 per day from these dials or to break it down further, $40 to $53.33 each time you picked up the freakin' phone.  You had more than "very good lists".  You my friend are the SUPER BROKER!!!

You should call Bill Good and David J Mullen Jr. and show them how it is done because your effectiveness/stats are better than anyone's I have ever talked to, read about, or even dreamed of!  Given my daily volume of 250-300 dials, I should be grossing $600K to $800K already.  If only I had your lists!!!  LOL! 

[/quote]

Well, you can clearly see that the quality of your list, is an incredibly important part of prospecting. Ten, for your sake, when provided valuable information, at no cost at all, you might be a "gracious" listener, instead of a rude one. Sharing my experiences here with rookie brokers certainly doesn't line my pockets. I might give you and the others here a few tips, that strategically used could actually make a huge diff in your career. You may have already noticed, that some of your senior reps in your office are extremely TIGHT lipped. You might ask yourself why that is.

BTW Mr. Genius, I didn't call each day. No, I jammed all those calls in on Friday mornings between 9am-1pm, then starting on Monday I got walk ins and follow up phone calls. I segmented my time. I also had a decent sized book already, and was able to hunt and skin this way. But, after 3 years of that tedious grind in the basement of the branch, I hung it up for 3 reasons. I had 1100 households, a jr partner, and a secretary, figured I'd just coast for a while, make some money. And, that's what I did, until the world turned upside down in 2008. I did a Million in 2007, what did you make/do in 2007 Ten?

[/quote]

Well, I haven't experienced anyone in my office that was TIGHT lipped because I approached them in a professional manner and respected my time.  I have met with all of the big guns in my office...actually did it when I first got here and experienced zero pushback whatsoever.  Now, some of the other clown a$$ newer guys just barged into some of the big guys offices and were rebuked immediately.  It is all in the approach and respect you show for their time I guess.

In terms of your numbers, it doesn't matter when you made the calls.  The difference is that all you made it seem like you had some great method of list building/finding people that were liquid with at least $250k when all you had to do was look at the bank's client information that was readily available.  No wonder your stats are so good.  Granted, you still had to close the deals and that is no easy task, but it is misleading nonetheless.

Congrats on your 2007 gross.  Since we are in chest thumping mode, your 2007 doesn't impress me though because I wasn't in this business in 2007  but owned a business that grossed $4mm in 2007 while only operating for 9 months and netting me a 25% margin.  $3.2mm in 2006 as well with the same percentage net in my pocket.  Pretty good eh!    Took a year and a half off from work because I could and restarted in this business after originally being in this business when I first got out of college years ago.  Crushing all of my numbers thus far with pure sweat equity and i pretty much outwork everyone around me.  It has brought me amazing success in the past and I have zero doubt whatsoever that it will bring me amazing success again.

[/quote]

You've been in this biz for like what, 12 something months, licensed for less than that, and talking trash? Good grief little buddy...

[/quote]

[quote=BigFirepower]

[quote=TenToesDown]

[quote=BigFirepower]

[quote=TenToesDown]

BigFirePower,

You said, "My weekly calling plan for years was 150 dials, 5-6 appointments, 3-4 new households, 6-8k gross. I had very good lists...." 

I have gone through and saved most of the posts in this forum regarding cold calling, scripts, etc and I have saved most of the good stuff by several of the members here regarding stats including the prolithic post called the 500 Day War.  I used a lot of that data to gauge my effectiveness when I started...which really helped launch me on the proper trajectory.  Back to the story.  Assuming 50 weeks in a year and 6-8k gross, you grossed on the lines of $300,000 to $400,000 for years.  Not bad, but not necessarily extraordinary.    Furthermore, if I am reading your stats correctly, you made 30 dials per day (less if if you dialed 6 days per week) and basically got an appointment each day off of only 30 dials.  Per your numbers, you also made on average  $1200 to $1600 per day from these dials or to break it down further, $40 to $53.33 each time you picked up the freakin' phone.  You had more than "very good lists".  You my friend are the SUPER BROKER!!!

You should call Bill Good and David J Mullen Jr. and show them how it is done because your effectiveness/stats are better than anyone's I have ever talked to, read about, or even dreamed of!  Given my daily volume of 250-300 dials, I should be grossing $600K to $800K already.  If only I had your lists!!!  LOL! 

[/quote]

Well, you can clearly see that the quality of your list, is an incredibly important part of prospecting. Ten, for your sake, when provided valuable information, at no cost at all, you might be a "gracious" listener, instead of a rude one. Sharing my experiences here with rookie brokers certainly doesn't line my pockets. I might give you and the others here a few tips, that strategically used could actually make a huge diff in your career. You may have already noticed, that some of your senior reps in your office are extremely TIGHT lipped. You might ask yourself why that is.

BTW Mr. Genius, I didn't call each day. No, I jammed all those calls in on Friday mornings between 9am-1pm, then starting on Monday I got walk ins and follow up phone calls. I segmented my time. I also had a decent sized book already, and was able to hunt and skin this way. But, after 3 years of that tedious grind in the basement of the branch, I hung it up for 3 reasons. I had 1100 households, a jr partner, and a secretary, figured I'd just coast for a while, make some money. And, that's what I did, until the world turned upside down in 2008. I did a Million in 2007, what did you make/do in 2007 Ten?

[/quote]

Well, I haven't experienced anyone in my office that was TIGHT lipped because I approached them in a professional manner and respected my time.  I have met with all of the big guns in my office...actually did it when I first got here and experienced zero pushback whatsoever.  Now, some of the other clown a$$ newer guys just barged into some of the big guys offices and were rebuked immediately.  It is all in the approach and respect you show for their time I guess.

In terms of your numbers, it doesn't matter when you made the calls.  The difference is that all you made it seem like you had some great method of list building/finding people that were liquid with at least $250k when all you had to do was look at the bank's client information that was readily available.  No wonder your stats are so good.  Granted, you still had to close the deals and that is no easy task, but it is misleading nonetheless.

Congrats on your 2007 gross.  Since we are in chest thumping mode, your 2007 doesn't impress me though because I wasn't in this business in 2007  but owned a business that grossed $4mm in 2007 while only operating for 9 months and netting me a 25% margin.  $3.2mm in 2006 as well with the same percentage net in my pocket.  Pretty good eh!    Took a year and a half off from work because I could and restarted in this business after originally being in this business when I first got out of college years ago.  Crushing all of my numbers thus far with pure sweat equity and i pretty much outwork everyone around me.  It has brought me amazing success in the past and I have zero doubt whatsoever that it will bring me amazing success again.

[/quote]

You've been in this biz for like what, 12 something months, licensed for less than that, and talking trash? Good grief little buddy...

[/quote]

See, that is your problem...er uh...buddy.  You are no different than every other pompous a$$ that thinks time in service is some badge of courage to be exhalted and that somehow I should kiss your feet.  You made yourself out to be some genious prospector with the ability to walk on water when all you did was suck milk out of the big fat titty that was provided by the bank.  YOU offered the advice.  YOU told people to only call people with $250K liquid.  YOU sold us your genius at prospecting ability and so called scripts when in fact all you did was sit back and push the big red button on your computer to sort the best bank customers in Excel.  Like I said in an earlier post, I can qualify all day long once I get people on the phone, but you said you used your expert tactics to already find lists with people with $250k and up liquid.  Hmm...I wonder where you got that information from.  What a freakin' load of bull. 

Congrats on being independent.  Congrats on your ginormous book.  Congrats on everything.  IMO, there is nothing wrong with working at a bank, but to sell yourself as a firebreather is a pure load of you know what.  I gotta go now...I am going to pour myself another glass of bourbon and pretend you never even mentioned that ridiculous crap you wrote.  I am sure you have some breast milk leftover from those large bank mammary glands you are all too familiar with.  Salute!! 

[quote=chickenfeed]

He did disclose it.. He said he had work at banks, wires etc..

[/quote]

He has previously stated he works in a bank in a completely different thread. In this thread, he disclosed the fact AFTER he posted his ridiculous numbers. Calling your bank's clients who have large cash balances is not cold calling.

Look at his numbers. A new household every 37 calls? This job is easy.

Well said, TenToesDown.

This guy's a joke. Get off our forum, BigFirepower. You've far outstayed your welcome.

[quote=gethardgetraw]

Well said, TenToesDown.

This guy's a joke. Get off our forum, BigFirepower. You've far outstayed your welcome.

[/quote]

Too bad all you got is "your forum"...

You and Ten, well, do you really want me to apologize that I stacked the odds in my favor? I'd suggest you're both just a bit jealous that you have it tougher. Instead of both of you acting like little kids, why not take my advice in turning the numbers in your favor. Are you really so dense, that you could not create a list of folks that are at least 250k liquid? I'm trying to help, seriously. Use public records, do some research, and you'd create a prospecting pool that had folks in it that have a far higher propensity to buy than you'd realize. If you'd think a bit, instead of play macho, you'd realize that I'm really suggesting that you create predictable results on dials. Seriously RAW, you put the dials in, but are the folks you are calling really inclined/able to buy from you? I've seen how many dials you make, and that is more than enough. Either you are missing something with your calls, or you're calling the wrong folks. Figure out where you can improve on both sides, you'll get some statistically reliable numbers, then it just becomes a math game. I needed to make only 150 calls, maybe you need to make 450, who cares right? If it took 1000 calls, if you were guaranteed to hit a million in assets, sounds like you'd be all over that. Enough said, with both you and Ten, I'll leave the sand kicking right here. Peace to both of you.

Hold on I'm registering my cold calling script with the NASD

[quote=BigFirepower]

[quote=gethardgetraw]

Well said, TenToesDown.

This guy's a joke. Get off our forum, BigFirepower. You've far outstayed your welcome.

[/quote]

Too bad all you got is "your forum"...

You and Ten, well, do you really want me to apologize that I stacked the odds in my favor? I'd suggest you're both just a bit jealous that you have it tougher. Instead of both of you acting like little kids, why not take my advice in turning the numbers in your favor. Are you really so dense, that you could not create a list of folks that are at least 250k liquid? I'm trying to help, seriously. Use public records, do some research, and you'd create a prospecting pool that had folks in it that have a far higher propensity to buy than you'd realize. If you'd think a bit, instead of play macho, you'd realize that I'm really suggesting that you create predictable results on dials. Seriously RAW, you put the dials in, but are the folks you are calling really inclined/able to buy from you? I've seen how many dials you make, and that is more than enough. Either you are missing something with your calls, or you're calling the wrong folks. Figure out where you can improve on both sides, you'll get some statistically reliable numbers, then it just becomes a math game. I needed to make only 150 calls, maybe you need to make 450, who cares right? If it took 1000 calls, if you were guaranteed to hit a million in assets, sounds like you'd be all over that. Enough said, with both you and Ten, I'll leave the sand kicking right here. Peace to both of you.

[/quote]

You didn't stack anything in your favor.  You got a job at a bank, called their EXISTING customers, sold it as superhuman ability, then got called on the outlandish numbers you posted.  Good luck in your endeavors and with your practice.  As for me...i'm gonna pour myself another glass of Woodford Reserve and flip through the classifieds to see if can get me one of those bank gigs that I lust after!  Peace  

[quote=TenToesDown]

[quote=BigFirepower]

[quote=gethardgetraw]

Well said, TenToesDown.

This guy's a joke. Get off our forum, BigFirepower. You've far outstayed your welcome.

[/quote]

Too bad all you got is "your forum"...

You and Ten, well, do you really want me to apologize that I stacked the odds in my favor? I'd suggest you're both just a bit jealous that you have it tougher. Instead of both of you acting like little kids, why not take my advice in turning the numbers in your favor. Are you really so dense, that you could not create a list of folks that are at least 250k liquid? I'm trying to help, seriously. Use public records, do some research, and you'd create a prospecting pool that had folks in it that have a far higher propensity to buy than you'd realize. If you'd think a bit, instead of play macho, you'd realize that I'm really suggesting that you create predictable results on dials. Seriously RAW, you put the dials in, but are the folks you are calling really inclined/able to buy from you? I've seen how many dials you make, and that is more than enough. Either you are missing something with your calls, or you're calling the wrong folks. Figure out where you can improve on both sides, you'll get some statistically reliable numbers, then it just becomes a math game. I needed to make only 150 calls, maybe you need to make 450, who cares right? If it took 1000 calls, if you were guaranteed to hit a million in assets, sounds like you'd be all over that. Enough said, with both you and Ten, I'll leave the sand kicking right here. Peace to both of you.

[/quote]

You didn't stack anything in your favor.  You got a job at a bank, called their EXISTING customers, sold it as superhuman ability, then got called on the outlandish numbers you posted.  Good luck in your endeavors and with your practice.  As for me...i'm gonna pour myself another glass of Woodford Reserve and flip through the classifieds to see if can get me one of those bank gigs that I lust after!  Peace  

[/quote]

Hey, considering how "easy" it is to get business at a bank, why didn't/don't you go that route? Gee, just tap into the mainframe of the computer, and pick off all the rich folk huh? Either you don't know anything about working at a B/D at a bank, or you're just a fool for working where you do. Clearly, it is one or the other isn't it?

I never sold anything either. No, stupid me was just trying to help some rookie/new folk with some of my past experience. I simply posted the numbers of calls, appts, gross I had. Compared to your wheel spinning, can't blame you for being ticked off. Go drink your pain away, I'm meeting a rich client in a few minutes. ..

I indeed was planning on closing my acct here at RR because I got/didn't get what I was looking for. But, since the three of us are having so much fun, I'll stick around a bit longer. I'll be in touch.

[/quote]

Hey, considering how "easy" it is to get business at a bank, why didn't/don't you go that route? Gee, just tap into the mainframe of the computer, and pick off all the rich folk huh? Either you don't know anything about working at a B/D at a bank, or you're just a fool for working where you do. Clearly, it is one or the other isn't it?

I never sold anything either. No, stupid me was just trying to help some rookie/new folk with some of my past experience. I simply posted the numbers of calls, appts, gross I had. Compared to your wheel spinning, can't blame you for being ticked off. Go drink your pain away, I'm meeting a rich client in a few minutes. ..

I indeed was planning on closing my acct here at RR because I got/didn't get what I was looking for. But, since the three of us are having so much fun, I'll stick around a bit longer. I'll be in touch.

[/quote]

Never said the bank was easy...those are your words not mine.  What I did say is that you misrepresented yourself and your so called goodwill that you were so gracious enough to share with everyone esle...there is no denying that.  Sir, I have ALWAYS been successful at everything I have done in my life.  Why?  Because I am willing to put in the consistent work that it takes...no matter what the endeavor.  Geoff Colvin calls it deliberate practice.  Do this over time and you have no choice, but to be a success.  My military experience (special forces at that) has also given me the ability to know who is a firebreather and who is nothing more than a poser.  And I will leave it at that.  Have a good weekend with your rich clients!

By the way, your credibility goes out the window when you refer to clients as being "rich."

[quote=gethardgetraw]

By the way, your credibility goes out the window when you refer to clients as being "rich."

[/quote]

Little guy, that doesn't even make sense.... She's worth 20m, if that isn't "rich", well....

I've made 5 calls today, done nearly 6k in gross. For the month, at 27k. What have you done?

How many calls you made today? How about all of last week? How about the entire month of June? Get on the phone, get with the program, and "overcome" those obstacles you discussed in your blog. You got until rates start hiking to make some hay. Call on munis, 5% tax free is much better than the 1% their cd/banks are paying... Trust me, you'll regret every moment you wasted.

Back in the late 90s I was moving 7.75% GE paper, AAA rated. I did very well on cold calls to complete strangers at the wire I was working for. I was in a downtown office, the people mailed in checks, opened the accounts over the phone. For a couple months, I was averaging a new account per day doing that. After the Asian Contagion, the fed jacked rates, and my party was over. I regretted that I didn't work harder than I did, it was like shooting fish in a barrel for a while. Find something like that, and call, call, call...

I only need to make 2-3 calls a day, you need to make quite a few more than that. Arguing with me is a serious waste of time for you...

Not hard to do $30-$40K a month at a bank, bigger secret is how to keep MORE of it.  Most banks that have an internal investment firm max out at a 35% payout.  I would rather make 90% as an indie...........:)

way to turn a perfectly good thread into garbage, fellas

A targeted list and message will always give you better conversions. I think I have made the same amt of weekly calls as Firepower has and pulled in a cold 4 million in about 4 1/2 months. So, it can be done. I can do more, but I am either distracted with meetings, bs talk in offices and etc.,  I am starting to see if I can just keep consistent and pull in the big elephants. 

Read Dave Mullen's second book, and they mention a woman who was a million dollar producer in 2 years. She did it by calling on big money - so it can be done. What we are doing is tonka toys compared to that woman. 

[quote=Otane]

A targeted list and message will always give you better conversions. I think I have made the same amt of weekly calls as Firepower has and pulled in a cold 4 million in about 4 1/2 months. So, it can be done. I can do more, but I am either distracted with meetings, bs talk in offices and etc.,  I am starting to see if I can just keep consistent and pull in the big elephants. 

Read Dave Mullen's second book, and they mention a woman who was a million dollar producer in 2 years. She did it by calling on big money - so it can be done. What we are doing is tonka toys compared to that woman. [/quote]

Sounds like a must-read, thanks.  I am not a million dollar producer (yet), but I have to think that most of them are not on here, they have other stuff to do............:)

What are you alls thoughts on leaving a voice mail? I've been getting many offers from the gate keeper to leave a voice mail for the person I'm calling. If I have a good bond im pushing, is it worth it?

[quote=IndieMan]

Not hard to do $30-$40K a month at a bank, bigger secret is how to keep MORE of it.  Most banks that have an internal investment firm max out at a 35% payout.  I would rather make 90% as an indie...........:)

[/quote]

I am indy now. The bank I worked at had a 50% payout at the top end. For 35-40k, it was about 40%. But, since the melt down, most bank programs have trimmed payouts, or they've made cuts in GDSC on certain products. For someone with 3-5 yrs of experience, going from a wire to bank can be a great way to go. Just do your homework very careful. I know lots of folks at Wells Fargo, that program is pretty good if you can find a good manager, and a decent cluster of bank branches, or get lined up with some biz bankers. In my case, I was eventually going to leave, and the melt down did it for me, my timing was good.  

[quote=The Rook]

What are you alls thoughts on leaving a voice mail? I've been getting many offers from the gate keeper to leave a voice mail for the person I'm calling. If I have a good bond im pushing, is it worth it?

[/quote]

I kept very good records when I called. I found that leaving a voice mail was actually better in getting results than talking to someone. Half the folks you talk to, might not be the decision maker. The voice mail can be played over and over again. Trouble is, my calling was done before the national do not call list came out. I tried buying a list from CIS last year, and found that the population is overwhelmingly signed up on that. But, if you can legally call someone, by ALL MEANS, leave a voice mail. Your spiel should be hard hitting, 35 seconds in length. And like many others here, I'd suggest you call with product, that the client is motivated to buy. Munis, are the most obvious, but I also had some success calling on packaged products where I could provide some stated return/benefit. Good luck!

I also leave lots of VM messages.  If they call back, they are interested at some level.  Lots of guys I know who cold call do NOT leave VM, and I think they are leaving a LOT of money on the table...........but to each their own.......:)

I also leave lots of VM messages.  If they call back, they are interested at some level.  Lots of guys I know who cold call do NOT leave VM, and I think they are leaving a LOT of money on the table...........but to each their own.......:)

I never had that much luck with leaving messages. What is the percentage that call back? 10%?

[quote=Otane]

A targeted list and message will always give you better conversions. I think I have made the same amt of weekly calls as Firepower has and pulled in a cold 4 million in about 4 1/2 months. So, it can be done. I can do more, but I am either distracted with meetings, bs talk in offices and etc.,  I am starting to see if I can just keep consistent and pull in the big elephants. 

Read Dave Mullen's second book, and they mention a woman who was a million dollar producer in 2 years. She did it by calling on big money - so it can be done. What we are doing is tonka toys compared to that woman. 

[/quote]

What they failed to tell you in that book is that her husband was partner of a huge law firm.. Most of her clients came from that..(Just saying not exactly equal playing field)

Otane - 0.5-1%

I've tried both. Leaving and not leaving VM. I've found it's worth it to leave a VM. When they call back, they almost always have to funds available and they want to buy today. 200 calls a day and you have 1-2 call backs. Your VM has to be good and leave them wanting to hear more.

"Mr/Mrs ___. This is ___ from ____ here in town. We had a __(state)__ tax-free bond that was paying over ___%. It's ___ rated. Not sure if you've ever bought a tax-free bond, but if you may be interested call me back and I can tell you more about it . __(phone number)___."

Takes 10 seconds.

You are probably right on the VM. By the time you go through your whole list, and call them back in a couple of months, they will forget you. I called on a large account, met with the guy, and he forgot what I pitched him on. 

Squash2

I actually know the name of the fictitious person in Mullen's book 2. Just wondering if we are talking about the same person. Why don't you shoot over the initials, and see if it matches.