2 New Households Month

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Feb 1, 2010 5:11 pm

I am an Indy and already have an established business. I am bringing in 70% of my goal passively from trails. I can probably get the other 30% from working my book.


I want to continue to grow my business and not just get by. I want to bring in new households. My goal is to bring in 2 new households a month with $100k +  once I fill the pipeline with prospects. I figure maybe 3 months to fill the pipeline.
 
I was going to do this by cold calling residences for appointments and prequalifing so I would avoid the $100/mo 529 plan and the $5000 Roth IRA contribution.
 
I'm good on the phone and know what to say so that's not a problem.
 
My question is how many dials do I need to do per day to reach this...2 New Households with a minimum of $100k each.
 
I want this to be sustainable day in day out...I don't want to yoyo on activity. Also remember that I am still working my book so this is a supplement.
 
I'm just trying to figure out the math so I can plan my days going foward.
 
Thanks.
 
OMO
 
 
 
 
 
Feb 2, 2010 12:02 am

Not sure I can really answer your question but I started my cold calling campaign today.


I have no book, own a mortgage company and decided to start my own RIA from scratch.
I will make 250 calls 4 days a week. 
I did a 5 second excel sheet numbered 1 through 250 and will not leave until I cross that last one off.
Best advice is tape record the conversation.  I have a digital recorder that I can plug into my car through an aux port to listen to on the ride home.
 
Tonight I asked a guy if he invests in muni blondes.
He said no his wife never lets him.
 
Feb 2, 2010 8:57 am

Do you tell the caller you are recording them?  Also, I assume you have no track record - how do you address that?

Feb 2, 2010 9:10 am
BioFreeze:

Pathetic. 

What's pathetic about my question?
 
Feb 2, 2010 9:12 am

2 clients per month, assuming a 40% close ratio =

5 new prospect meetings per month. Assuming 20% of cold called prospects agree to a meeting, then
25 new prospects in the pipeline every month. Assuming 10% of folks you have a phone conversation with qualify themselves and agree to receive some info then you need to have
250 new phone conversations with prospects every month. And assuming you are able to have an intelligible conversation on 10% of your dials then you need to  dial
2500 times per month or
125 per day.
 
Of course, if your average client is $100k, this only yields you $2.4 million per year, so if you wanted $5 mill per year you would need to double this math.
 
This math has remained one of the few constants in our ever-changing business. Try it, you'll see what I mean.
Feb 2, 2010 10:05 am

No I am not recording the other party, only myself.

 
No one has asked me about my track record yet.
I was a FA with MS for 3 years prior to getting into the mortgage business.
Feb 2, 2010 10:24 am
yield spread:

No I am not recording the other party, only myself.

 
No one has asked me about my track record yet.
I was a FA with MS for 3 years prior to getting into the mortgage business.
 
Oh, geez, sorry.  Sooo, what did you do BEFORE you were a mortgage broker?  Please oh please tell me
Feb 2, 2010 10:39 am
B24:
yield spread:

No I am not recording the other party, only myself.

 
No one has asked me about my track record yet.
I was a FA with MS for 3 years prior to getting into the mortgage business.
 
Oh, geez, sorry.  Sooo, what did you do BEFORE you were a mortgage broker?  Please oh please tell me
 
Wow, B...that was an uncharacteristically feisty response! I like it!
Feb 2, 2010 10:54 am
B24:
yield spread:

No I am not recording the other party, only myself.

 
No one has asked me about my track record yet.
I was a FA with MS for 3 years prior to getting into the mortgage business.
 
Oh, geez, sorry.  Sooo, what did you do BEFORE you were a mortgage broker?  Please oh please tell me


 
 You asked about my track its all I got.  Want to hear more?
Feb 2, 2010 10:55 am
Northfield:

2 clients per month, assuming a 40% close ratio =

5 new prospect meetings per month. Assuming 20% of cold called prospects agree to a meeting, then
25 new prospects in the pipeline every month. Assuming 10% of folks you have a phone conversation with qualify themselves and agree to receive some info then you need to have
250 new phone conversations with prospects every month. And assuming you are able to have an intelligible conversation on 10% of your dials then you need to  dial
2500 times per month or
125 per day.
 
Of course, if your average client is $100k, this only yields you $2.4 million per year, so if you wanted $5 mill per year you would need to double this math.
 
This math has remained one of the few constants in our ever-changing business. Try it, you'll see what I mean.

I think this person has posted this before, but one of the best posts ever...
The dials/day seems light for someone just starting out with nothing to do, but overall seems very good.
 
I also like the idea of 40 contacts/day(though under these numbers, your dials would need to be in the 400 dial range).