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Feb 10, 2006 3:28 pm

[quote=younggunz]So does anyone have a reply to the original rebuttals.

Also, what are the most OUTRAGEOUS things you have heard people say to get you off the phone.

And what are rebuttals that can be used today?
[/quote]

I had a guy tell me to go f**k myself and if I call on him again he'll come down to my office and kick my ass.

I'm going to pass him name and number to all my other broker buddies.

Feb 10, 2006 3:31 pm

"I had a guy tell me to go f**k myself and if I call on him again he'll come down to my office and kick my ass. I'm going to pass him name and number to all my other broker buddies"

You should have asked him to describe himself, so you knew who to look for when he came in to kick your $ss. Thats great, i wish we worked in the same office because I would call him everyday..

Feb 10, 2006 4:29 pm

[quote=bankrep1]Now I know why I have all of my clients money & not 100 shares of some crappy stock and a $400 commission.  Does anybody really do this?[/quote]

If you did a 100 share order at Lehman, Oppco, or Bear Stearns, they wouldn't process the order, and most likely you'd find yourself on the street. These firms didn't and probably still don't deal with "pikers", their word, without money. Nor do they employ them. These companies gave you six months to meet some incredible production and new account goals. The production goal was somewhat flexible as long as assets, new accounts, and work ethic were up to snuff.

Nor were the stock recommendations made by brokers at these firms crap. Many might be what were called story stocks. Companies in the news, their price driven down by some factor, creating a buy opportunity. Citicorp (now Citigroup) at $11 comes to mind. Others might be playing a take over story, or little known foriegn companies like telefonos de Mexico and TNT. Both huge companies. Coming to prospects with well known companies played a big part in making this work. The prospect might not have known the broker, or his firm, but, he always knew the company being recommended. Screwing clients was strictly forbidden. In the stock position building end of our business you are only as good as your last recommendation. While we tried to diversify clients as quickly as possible, your first recco had to work, to maintain credibility. Ultimately we were only as good as our last reccomendation.

The key to the system was to build huge positions in these stocks. We weren't looking to capture all a client's assets, only their equity portfolio. We were looking for investors who could put 50 to $100,000 into our first recommendation, over the phone, and then build it up from there. Putting 3 to 5 million in each idea, you can see how the money flowed when it came time to sell. Not uncommon to pull 100K months. To manage risk and liability,we limited each position to the 3 to 5 mill range and no more than a couple dozen clients. We further limited risk by using only brand name companies. It was unlikely that these companies would seriously hurt any client. Being a name brand gave us some shelter, and the opportunity to make another recco.This wasn't boiler room, it was building a practice using stock position building. 

 I still have many of the clients I opened on those cold calls. That was almost 20 years ago. Does it work? You betchya!

I decided to use what I learned from my short 15 month stint at a Lehman clone( ego forces me to tell you that i quit because the 2 hour commute each way was killing me. you can call me a piker. my ex manager still does. we laugh) to build a bond business that is highly successful. I open them on a tax free bond. Diversify with 2 or 3 income sales and then hit'em with my "let me show you how we can add value to what you're trying to accomplish" call. i then meet and go for the whole ball of wax. By this time, the customer has become a client, knows me and trusts me. I've given them service the likes of which they've never seen and knocked my competition off their chairs at the table. It's still the Lehman system, only modified to our times. If nothing else, I've got a bond buyer to call and do business with.

Feb 10, 2006 5:59 pm

TJC45 and Skee:

Thanks for the stories.  Really fascinating.

Feb 10, 2006 6:18 pm

TJC45:

Do you remember Rich Saperstein from Opco? He's at Bear now and was 3 positions below Marty on that 2005 Barrons' list.

Just out of curiousity (and no, I am NOT a headhunter), have you considered Bear Stearns lately? Satellite offices springing up all over the place these days. Steve Dantus (head of PC) was one of the best cold call brokers ever 25 years or so ago (so I am told---before my time, you see).

Feb 10, 2006 11:49 pm

Bear Stearns is only talking to guys with 7 figure production numbers. Its the

only way they can justify the added risk of satellite offices.

Feb 11, 2006 12:31 am

I would not want to be in that business.  While I don't deal with the most affluent client I try to focus on those with $100,000 to 2,000,000 in investable assets.  I have a few clients with 3-5 million but I don't have their entire portfolios yet (they want someone to recommend individual stocks, not my cup of tea), but they realize I know a heck of alot more than there advisor pitching them the latest stock. 

In time they will realize the portfolios I create, while boring, are more effective, have less risk and don't involve much.  The downside to the bank is having to weed through the crap to find the quality clients, but I much rather do that then go door to door or spend thousands of dollars and work nights and saturdays doing seminars.

Feb 11, 2006 1:03 am

Mike Damone

I had a guy tell me to go f**k myself and if I call on him again he'll come down to my office and kick my ass.

I'm going to pass him name and number to all my other broker buddies.

------------------------------------

I fantasize about pulling-up about 10 boiler room websites and, posing as that client, emailing them the name and phone number as someone who is interested in more information. 

[/quote]
Feb 11, 2006 1:24 am

[quote=youcanhatemenow]

Here's a few I use.

 "I'm too busy":  That's ok, write the check and I'll take care of it for you.

I was hoping you'd say that...

 "I'm working with someone":  I don't expect to earn ALL your business today, but the average serious investor has 3 advisors, and no one broker has the corner on good ideas.

I was hoping you'd say that...

"All my money is tied up": When's the next time you have something coming due?  If I run an appropriate investment by you when the money does comes due, will you run that business by me?

Good. That's the money I want to talk about.

"I'm not interested": What is it about a pay raise that you don't like?

I know. I haven't said anything interesting, yet...

"The bank handles all my money": Banks can't even manage your checking account correctly, why would you put your serious money there?

I know. How do you think I got your name on this list of bank clients?

Let me know if you want more

[/quote]
Feb 11, 2006 3:12 am

Prospect:  "I'm not sure about that recommendation.  I've got to ask my financial advisor."

You:  "Would you ask your wife if your new girlfriend were pretty?"

****************************************************

Prospect:  "What is this?  Dialing for dollars?"

You:  "Of course.  I knew you would be sitting by the phone with a bag full of money."

****************************************************

Prospect:  "Let me ask my wife."

You:  "Sure...go ahead.  My wife already said that I could sell it to you."

****************************************************

Feb 11, 2006 3:37 am

Metell- good stuff right there…

Feb 11, 2006 4:01 am

[quote=Dirk Diggler][quote=youcanhatemenow]

Here's a few I use.

 "I'm too busy":  That's ok, write the check and I'll take care of it for you.

I was hoping you'd say that...

 "I'm working with someone":  I don't expect to earn ALL your business today, but the average serious investor has 3 advisors, and no one broker has the corner on good ideas.

I was hoping you'd say that...

"All my money is tied up": When's the next time you have something coming due?  If I run an appropriate investment by you when the money does comes due, will you run that business by me?

Good. That's the money I want to talk about.

"I'm not interested": What is it about a pay raise that you don't like?

I know. I haven't said anything interesting, yet...

"The bank handles all my money": Banks can't even manage your checking account correctly, why would you put your serious money there?

I know. How do you think I got your name on this list of bank clients?

Let me know if you want more

[/quote] [/quote]


How about some other rebuttals to those common.  I"M NOT INTERESTED, or I"M TOO BUSY.  OR I ALREADY HAVE SOMEONE HANDLING THAT. 
those are the ones I handle with the most.  ESPECIALLY "I'm not interested"  I need some good rebuttals to those.

Also I'm not selling stock.  I'm just trying to get an appt. with the doctor.  I'm gotten about 3 a week now, but the problem is I"m only making like 50 dials a day.  I'm always on hold or with the gate keeper.  Its getting really frustrating.  Next week I'm hoping to get up to 100 dials, then 200 dials.  I just need to get more efficiant on dialing and not being on hold so much for the Gate Keeper just to tell me "he's with patients"

Any ideas?
Feb 13, 2006 5:31 pm

[quote=ymh_ymh_ymh]

TJC45:

Do you remember Rich Saperstein from Opco? He's at Bear now and was 3 positions below Marty on that 2005 Barrons' list.

Just out of curiousity (and no, I am NOT a headhunter), have you considered Bear Stearns lately? Satellite offices springing up all over the place these days. Steve Dantus (head of PC) was one of the best cold call brokers ever 25 years or so ago (so I am told---before my time, you see).

[/quote]

Dantus still is the best, even though he no longer cold calls.

I'm happy with my current situation. Bear wants at least a million dollar trailing 12 with the commitment to do much more.  I'm not doing a million. I'm not embarrassing myself either, but, not doing a mill trailing 12, just the same. Nor am I looking to kill myself to increase my production.  20 years ago I had three of these firms fighting over me, today I couldn't past the lobby. Before anyone breaks out a hanky, realize that my current production puts me in the top quintile of my current firm, as it did with my former firm. So the electric is still on at the tjc household and the repo man isn't going to drag my Jeep away at midnight. Still, I wouldn't even get a tryout for the Bear farm team today.

Feb 15, 2006 2:05 am

"I'm working with someone":  Thankfully financial advisors aren't like wives, you can have more than one...Having said that, I can give you 15 minutes tomorrow at 2:40- Work for you?

"I'm working with someone":  Oh that's no problem. I can see you tomorrow at ___

"I'm not interested" - Quick question before you go- Who do you know that's lost money in the market?

"I'm not interested"- Preciate your time-click,dial, Hi, _____please?

Put your wife on the phone-She's more of a man than you are!

Reach in you pocket and grab your groin- Tell me, what do you feel?

Ahh the good old days-

Stok

Feb 15, 2006 4:43 pm

[quote=stokwiz]

"I'm working with someone":  Thankfully financial advisors aren't like wives, you can have more than one...Having said that, I can give you 15 minutes tomorrow at 2:40- Work for you?

"I'm working with someone":  Oh that's no problem. I can see you tomorrow at ___

"I'm not interested" - Quick question before you go- Who do you know that's lost money in the market?

"I'm not interested"- Preciate your time-click,dial, Hi, _____please?

Put your wife on the phone-She's more of a man than you are!

Reach in you pocket and grab your groin- Tell me, what do you feel?

Ahh the good old days-

Stok

[/quote]

"Mr. Jones, look between your legs, what do you see, grapes or grapefruits? Let's face it, if you weren't a risk taker you'd be working as a clerk somewhere, not as the owner of the largest (fill in blank) company in (fill in blank state). You take business risks every day. I'm asking you to take a business risk. Work with me here on my best idea, let's start small, with just 1000 shares. Would you like to work with me on a margin basis, or would you prefer we open the account with cash?

Feb 17, 2006 9:42 pm

Seriously, you guys are not really using this stuff are you?

Feb 17, 2006 9:53 pm

[quote=maybeeeeeeee]

Seriously, you guys are not really using this stuff are you?

[/quote]

Why not?
Feb 17, 2006 10:45 pm

Seriously, you guys are not really using this stuff are you?

I'm with you....especially the part where you ask some stranger on the phone to reach down and grab his balls.   I can just imagine my husbands response to that     

Or better yet if I asked some one to do that on the phone.  (For those that don't know...I'm female)

Feb 21, 2006 11:23 pm

There is a chance if you asked someone that, they might set an appt!

Feb 22, 2006 3:53 am

[quote=babbling looney]

Seriously, you guys are not really using this stuff are you?

I'm with you....especially the part where you ask some stranger on the phone to reach down and grab his balls.   I can just imagine my husbands response to that     

Or better yet if I asked some one to do that on the phone.  (For those that don't know...I'm female)

[/quote]

Yes that would in fact be interesting.....