Prospecting experiences

Oh yeah, forgot to mention…



If you have a trade secret and don’t want to put it up here, PM’s are always appreciated

I would love to say that I have a special technique, but I am not experienced enough in this career field.

First and formost I think there needs to be a clear goal and plan. One needs to stay active by staying on top of trends, learning from those who are where you want to be, active in organizations and network like a bull!

Now general networking in my sales background included direct sales, refferals and focus on a predetermined target market. In the seafood industry it took about a year for me to get a great network of associates. Also after a few years I know enough to sit with the best brokers and talk the lingo!! SO KNOWLEDGE is critical!!

Try doing a coffee club where all the older retirees gather for breakfast. Buy all of their coffee one morning a week and use that as a way to build your referral base.

Direct mail still works.  You must find a reputable marketing company that has proven mailers.  You may conduct one-on-one appointments or conduct seminars depending on how you structure your mailers.  The same principle applies to email too.

Read the trade mags.  Call all the lead sources that you can find.  Even if you are not independent and cannot use their marketing systems you will be wiser know the marketing techniques that are currently being used.  Ask for free samples.  Ask for any powerpoint presentations that they may have on CD.  Accept anything that is free.

First of all you should develop a business plan. Who is your target market, do you plan to specialize in a segment of the population etc, ie people age 55 getting ready to retire. I own a sucessful business other than financial services and I can tell you as a business owner you have to develop a plan or you have no direction. Once you develop your plan you should break your day into 1 hour segments. Be realistic in your goals. You need to do all this before you start prospecting. That will dictate how you will prospect. Most brokers that are established don’t have to make cold calls anymore-They get continious referrals from their cleint base. You and I don’t have that luxury yet. I am on the phone about 6 hours a day. I do businesses in the morning and households in the afternoon and evening. Join a local chamber of commerce. Do anything and everything you can to get your name out there in front of the public. Its like a 747 Jumbo Jet-it takes a while to get going but once you have momentum you can get off the ground.

I think any direct mail without a call or a handshake is a waste of time.  But, I do like having something dynamite to send them after you reach someone.

Also, many people join Chamber of Commerce.

You might want to post this type of topic on the Prospecting forum.

Good luck.

You must find a reputable marketing company that has proven mailers.  You may conduct one-on-one appointments or conduct seminars depending on how you structure your mailers

What companies do other people use for mailers?  I am currently using Liberty.  Emerald was too expensive and the flyers struck me as garish...too much color and graphics.   I prefer to mail out my materials myself, instead of a mass mailing, and follow with a phone call.  I publish a canned article monthly in the local paper under my by line, in lieu of an ad of the same size and am in the weekly business section of several local papers.  The cost of those weekly ads is small but it keeps my name out there constantly.  Much of my prospecting now comes from referrals from my clients and cold walking the businesses.

Does anyone make their own newsletters?  I have thought about it, but the compliance issues and the time involvled seem prohibitive.

While we are at it, how do you all keep track of your prospects and client contacts?.  I am currently using ACT for Advisors, but must admit to being lazy in not customizing the drip system effectively.

First of all you should develop a business plan.

This is great advice. As a former commercial lender (many many moons ago) I know that a great business that is poorly managed or not completely thought through can fail miserably.  Keeping track of goals, costs, revenue and progress of the business is probably the most boring part of being an entrepeneur, but the most important.

100% DETAILED PLAN OF ATTACK

Even better then that is having a mentor guide you through your plan. I do agree established people in this industry get a ton of refferals. Because of this they may be 10 years behind in the current trends on contacting, but neverless can provide valuable information.

Another critical tool for success is utilize your experience. Think about your past. If you have experience in a certain area find a way to associate with these people. You have an instant connection. If you are a union member offer free consulting for those who are about to retire.

I have a ton of bullets in my sleve so stay close and well go far!!

Creativity and the ability to communicate are essential for success!

Babbling looney is right on the money. Those of us that fail to plan ultimately plan to fail. Most importantly you have to set reasonable goals. I know that I have to contact at least 200 people a day to maybe talk to 20 and out of that 20 maybe get 2 or 3 appointments-real interest-not just talkers. The more exposure you have to the general public the better off you are. You also need to differentiate yourself and your firm vs. the competition. I have found that you only have a couple of minutes to make a lasting impression and if you are not on your game-then you are an after thought to the client.

Are both Babbling Looney and Asset Gatherer = Put Trader.  Is this guy now having conversations with himself? 

You are a paranoid idiot.

Hey maybeeeeeee-



I am not PUT. Allow me to identify myself-I work for Morgan Stanley in Dartmouth MA which is more than I can say for most on this forum. As I said before no one wants to identify themselves. Obsess all you want about PUT. I actually thought some of his responses were kind of funny. Most in this forum seem to have alot of balls because they think that they can’t be identified or mask themselves as some one or something that they are not. I guess thats why most people think that brokers eat their young and will do anything for a sale.



GOOD LUCK WITH YOUR CONSPIRACY THEORIES!

Morgan Stanley eh??? Hope you’re not one of the 10% being shown the door…

No I am not- I am probably one of the last to be hired into the training program here. Its actually a great place to work.

[quote=maybeeeeeeee]Are both Babbling Looney and Asset Gatherer = Put Trader.  Is this guy now having conversations with himself?  [/quote]

Assetgatherer adds value to the conversation and gets attacked? Why?

Because people can hide behind their computor monitor and not worry about reprocussions of what they say if they remain anonymous. That is why I identified myself. Its truely amazing how adults can act like children. I think this could be a really productive forum where people serious about building their book of business could interact but it has become a joke. I don’t mind having some fun but I have a business to run and if I don’t produce I become an afterthought!

[quote=assetgatherer]Because people can hide behind their computor monitor and not worry about reprocussions of what they say if they remain anonymous. That is why I identified myself. Its truely amazing how adults can act like children. I think this could be a really productive forum where people serious about building their book of business could interact but it has become a joke. I don't mind having some fun but I have a business to run and if I don't produce I become an afterthought![/quote]

You make some good points.

You should also be careful about identifying yourself.  You never know who is reading these posts.  What if I was your branch manager?

Joe-I understand your point, but I have nothing to hide. I work my tail off just like you and most in our business. MS has been very good to me and I hope to repay the courtesy by treating my clients right and earning money for the firm and myself.

If someone were to work from 7am to 9pm Monday through Friday and then
put in a half day on on Saturday, would that be enough to "guarantee"
success? 



Or is it more of just getting lucky?

Luck is always a factor

And you can work those hours and never do a thing!!!

I believe it is how you view/approach it.

[quote=assetgatherer]Joe-I understand your point, but I have nothing to hide. I work my tail off just like you and most in our business. MS has been very good to me and I hope to repay the courtesy by treating my clients right and earning money for the firm and myself.[/quote]

You do have something to hide, dummy, if posting here is against your firms' policy.  OR if some muckety muck from MS reads something your write and just doesn't like it.

Hey I'm just trying to save you some potential grief.  Think about it...

Yeah dont post any information. No one needs to know anything about us.

I live in Cali drive a vet. Catch me if you can.

Scorpio brings up a good question about prospecting 7am - 9pm and then 1/2 a day saturday...would that be enough.....

There is an old saying - "Do what you love, and you will find success". In the beginning, this is a very difficult business to "love". One of the most successful brokers in my branch works like a dog. He is mid 30's, took over a book of let's say $300 million, makes shy of 1 mil on his w-2 plus a ton of stock every year. I wonder how much he loved the business in years 1-5. I'm not begrudging him - he's a good guy, and pursued the right situation. Let's face it... he has a lot of work to do. there is a lot of opportunity in his book, and a lot of relationships to manage.

I don't know of anyone who is productive and motivated  for 14 hours per day in the beginning. Again, the rewards are to few and far between to be incented. It's years in the business that make you. It is very difficult to gain passion, especially if you annuitize. If you bring in a $1 million dollar acct. and your lucky enough to get 1 point on the whole thing, that's $10,000 per year - $4,000 after payout - $2400 after taxes - $200 per month!! now go get 50 more of those, and you might make a living. BTW $1 million dollar accounts are not walking in the door every day. Not so long ago, a broker would make $5,000 or more on every $100,000 that came in. It is more likely that you will repeat a process, ie: cold calling - when you can tie a substantial paycheck to it.

The way the margins have been squeezed, we are LUCKY to get 100 bps for a million dollar account…

You are absolutely right…not to mention that the whole mil. is likely not going in to equities. Bonds and cash won’t pay you much. I have found that on an average million dollar account, you are doing well to get 60 bps.

Or you can just slap them in a variable annuity and catch that 4.5% upfront !!!. JUST KIDDING… Its my old AXA training coming back…

[quote=blarmston]Or you can just slap them in a variable annuity and catch that 4.5% upfront !!!!!. JUST KIDDING.... Its my old AXA training coming back...[/quote]

Only 4.5%?

[quote=blarmston]Or you can just slap them in a variable annuity and catch that 4.5% upfront !!!!!. JUST KIDDING.... Its my old AXA training coming back...[/quote]

Can you give me some ammo against AXA?  I am trying to get a client from them.  Thanks.

I am always up against an axa advisor, when talking to prospects retiring from our local utility. Some of the things I will mention....Mr. propsect, Axa has a very good product...the question is, is it right for your situation. Their annuity, also happens to be one of the only products that advisor can sell. It is the most profitable item for their branch, and I can tell you that the advisors at AXA are not only encouraged, but make more money when they sell the equitable accumulator annuity. If that annuity is the best fit for your situation, we happen to offer the AXA product at ML, along with 11 other insurance company's annuities. Also, if it's the 6 percent guarantee that has your interest, you will be paying a lot of money for a feature that you most likely will never need. And I'm quite sure this little benefit to you has not been explained appropriately, meaning you probably think it works a little different than it actual does.

The AXA annuity is actually a good product. I just don't believe that it's a good fit for everyone, and 100% of assets.

Ive had best luck when I offer the AXA vs Met life, client can choose.

(I think these annuities can be awesome investments 

There you go. When I was with AXA, we had other options for our annuity products, but NOBODY EVER sold anything but Accumulator and EquiVest accounts. It had the highest payout, our 401K match was tied to selling those products, the trails were much higher,etc. AND, you are all irght in that that product was the answer for everything, for all of the clients assets. I realized that about 1 year in, and spent my time moving new clients into brokergae and mutual fund wrap accounts- knowing that it would be easier to move when I left… It was a good epxerience with great training, but AXA is a glorified insurance company…

Good feedback, thanks.  I printed that for my war book

Bar none the best marketing systems I've ever seen are from Advisor Marketing Systems.  They do seminars, direct mail and newsletters.  If your serious about financial services marketing then you should take a look at their website at www.advisormarketingsystems.com.

Good luck.

[quote=notabroker]

Bar none the best marketing systems I've ever seen are from Advisor Marketing Systems.  They do seminars, direct mail and newsletters.  If your serious about financial services marketing then you should take a look at their website at www.advisormarketingsystems.com.

Good luck.

[/quote]

I dont know??? Their website looks a little hokey. Has anyone else bought their stuff?

[quote=notabroker]

Bar none the best marketing systems I've ever seen are from Advisor Marketing Systems.  They do seminars, direct mail and newsletters.  If your serious about financial services marketing then you should take a look at their website at www.advisormarketingsystems.com.

Good luck.

[/quote]

So how long have you been working for them?

I just use the door knocking script that EJ has given me on the phone.

I first introduce myself, and tell them I am opening up a business.

My goal to the whole thing is to find a ‘need’, where they do buisness and their favourite type of investment.

I only ask either/or question to obtain the information.

eg. do you have your retirement plans at the bank or an advisor. I dont care really to much who it is.
ask same type of questions for other two things.

then let them ask me anything. verify their info. Good time to get a work or cell number.

Let them on their way.

Call takes 2-3 minutes. Very non abbrasive. The purpose is so when I call the next time I know their need, and investment likes/dislikes.

The sales calls go real smooth after you make that call.

It has been working real well. Another way of doing it.

favourite type of investment

This always bugged me.  As if your favorite type of investment is like your favorite type of ice cream.  Obviously my favorite type of investment is one that makes money.   Most people, and especially the Jones prospects, have no IDEA what types of investment there are much less what is their "favorite". 

I felt plain retarded using their script.  But if it works for you..... 

I understand that…most people even with advisors dont know their favourite type of investment, so it gets that wedge in btw you and the advidsor they have.

Cause most of them go like…I dont know? and you jot that down, and then you can go for the appointment right there.