It doesnt matter. Whether you lead with a bond or your services, your goal on the first call is still the same, to get them talking so you can qualify or disqualify. So the answer is whichever you feel most comfortable and confident with, because whats important is that you sound confident.

It doesnt matter. Whether you lead with a bond or your services, your goal on the first call is still the same, to get them talking so you can qualify or disqualify. So the answer is whichever you feel most comfortable and confident with, because whats important is that you sound confident.

Thanks for your take.



I hear FA’s talk about relationship building, and that to do it correctly you have to have a face to face meeting, since you want to be the client’s focus for all financial matters. Does it matter?



I know one of the classic blow-offs is to say send something in the mail, and if you are just wanting to do everything my phone, how do you deal with this issue?



Comments?

1st call - qualify and send something

I've always led with product. But SFBob has exactly right. It matters more that you make as many calls as possible. Call/mail/call is a well traveled road to success in this biz.

You will get blown off, everyday, dozens of times. You will need find a way, through experience, to weed out those w/o money or intent. Everyone else, you keep calling and talking and sending info and meeting until they open or die. Over time a relationship is built. With that comes trust.

Here is a question related to that. I know some prospects will blow you off by saying send something in the mail. I don’t mind mailing them, but I guess what you guys are saying the percentages will still hit?



What is a good thing to mail? The standard stuff why my firm is good and etc., or a research report?

Doesn’t matter what you mail, just like it doesnt matter what they say.

Thanks for the advice on that one. Your approach gives you an opportunity to mine the mailing prospects. You guys are great.



I have to call like a mofo within 2 weeks. I was thinking of calling the East Coast (since I live in CA) for a couple of hours and then hit the West when it gets to be 7:30. Just want to see what I can open just through the phone. I figure calling 8-10 hours daily and working up to 12 should eventually cause some money to flow. If that works (just by opening by the phone) the way Judge and Bond says it does then I will by psyched.

Can you invite to your office a cold call lead

Great article, maybe a stupid question (and from what i've read you guys are brutal with stupid questions) but can someone provide the reasoning for the below...

"- Don't solicit or accept friend or family accounts."

be kind..

I think for two reasons:

1. Gives you a false sense of security that you are actually prospecting

2. If you fail, how happy will those people be when you do?

Thanks for the reply.  It just seems to me like you're ignoring a huge market, family, friends and friends of family & friends. These are people who already trust you, know your character and you'd have to spend less time selling to. 

Maybe for this specific plan, its best to target these people after the first 500 days once you are settled and more confident? Would be great to have a sure thing waiting for you after going through the 500 days...

I am asking these questions because I am seriously considering a career change and am willing to put in the work hell for the success. 

as for the second point, i try not to think about failure as an option. but for discussion sake, lets say you do fail. what happens to their accounts? transferred to another advisor? 

How would you have handled family/friend accounts if you had started in 2007, and you proceeded to lose 40% of their money in 2008 and not know WTF to do or say to them?

As far as I know, the majority of people, Goldman excluded, lost money during that time.  whether they went with a stranger or family member/friend doesnt change what the economy does, and arent you supposed to educate them on the risks of investing before they choose their investments?

so do you personally not do any business with friends/family? I'm just trying to learn..

Smokey this is a sales job, until you have enough assets to maintain a decent living..

First year expectations at a wirehouse are $7-10 million in assets, and then next year it is the same and the next year it is the same... So you need $21-30 million by year 3 to make around $120k(if you fee based it all)...

So if your family and friends have $21-30M and are willing to go into a fee program, then use friends and family... problem for most people is that friends and family will take them to about $5M(you would be surprised how many people won't go with you... and why would they, you just started you have no idea what you are doing).. People never prospect instead they "avoid" and go after friends and family..

Your friends and family will be xfered to another broker, who may or may not churn them or even call them...

I accepted friends and family after year 4...

Thank you guys, this has been very helpful. Makes sense. I hope Judge comes back and updates his list for the next few years like he said..

[quote=squash2]

Smokey this is a sales job, until you have enough assets to maintain a decent living..

First year expectations at a wirehouse are $7-10 million in assets, and then next year it is the same and the next year it is the same... So you need $21-30 million by year 3 to make around $120k(if you fee based it all)...

So if your family and friends have $21-30M and are willing to go into a fee program, then use friends and family... problem for most people is that friends and family will take them to about $5M(you would be surprised how many people won't go with you... and why would they, you just started you have no idea what you are doing).. People never prospect instead they "avoid" and go after friends and family..

Your friends and family will be xfered to another broker, who may or may not churn them or even call them...

I accepted friends and family after year 4...

[/quote]

The sad thing is that the majors expect you to bring in this kind of money without any training - I wonder what happen to the old days of training guys to call on the phone. I don't see it a Merrill. 

Then there's this:

The poisoned well.

Years ago I was part of a large sailing group. As is my rule, i won't do business with recreational affinity groups as i don't want to work while i play. However, that didn't save me from poisoned well syndrome within this group. One week I invited a co-worker to join me as crew. During some downtime the co-worker was picking my brain about what i was buying and why. Unknown to me at the time one of the group members, Frank, a wealthy businessman,overheard what I was buying, called his broker, and bought it away from me. A few weeks later i sold my entire position in this stock as the fundemental story was detoriorating. Then about two months later negative news hit the stock sending it plummeting. Only then did my phone ring. It was Frank, he wanted to know what the story was with X. I was horrified. I told him that I had been out of the position for months. On the phone he told me it was his fault for not buying the stock from me. True!!!! But within the group I got the reputation as the guy who screwed Frank on a bad stock recco. This, though all my CLIENTS made money on the trade.

Think you can explain to a group of friends that so and so screwed himself? Good luck!

Bond Guy:

For those of us not at a wire: Give us an update on what new guys are doing... In my area it is nothing but seminar and "networking", no calling at all..

Just curious

I'm at what might be called a super regional, but it's wire-like enough to qualify as one. I can speak only for my office, referrals and cold calling.