Call Script for CDs

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Jan 19, 2007 4:01 pm

Just out of curiousity, does anyone have a good call script for CDs.  I am going to give it a shot in an effort to get the asset numbers up a bit. 

Jan 19, 2007 7:28 pm

"Hello, would you like to buy some CD's?"

Jan 20, 2007 12:31 pm

Mr. Prospect,


My name is Turd Ferguson and I'm an advisor with Stool Securities here in Logville.  I have built my business around raising the investment income of retired individuals.  Do you have any CDs currently paying you 6%? 


Well, I have a limited quantity of just that investment today.



Jan 20, 2007 6:35 pm

No matter what you are cold calling on, the qualifier of your success is volume (especially in these days of the DNC list).  When calling on bonds or CDs I always made it short and sweet:


After intro:  " I'm calling today because I have a (bond/ CD) with a guaranteed rate of 6% would you like to hear about the deal?"  <>  Prospect asks one question about you or the product - full pitch.


Prospect says "no", ask:  "next time I come accross a guaranteed etc. like this would you like me to give you a call?"  If it's "no" move on  -"maybe" or "yes" quallify for when will he be liquid and if he "loves" the idea - how much would he put into it.  It will make him uncomfortable but if he wont answer that, 9 out of 10x, he's not a good  prospect.  Hang up and dial someone else.


Boy, do I miss cold calling (or do I?)

Jan 20, 2007 6:37 pm
ManDate:

Well, I have a limited quantity of just that investment today.





That line smacks of Shelley "the machine" Levine ...

Jan 20, 2007 9:40 pm
wlooney:

Just out of curiousity, does anyone have a good call
script for CDs.  I am going to give it a shot in an effort to get
the asset numbers up a bit. 







Good morning, Mr. Jones this is AllREIT at Pump and Dump Capital and
I'm calling you today with a fantastic CD yeilding 5% This CD probably
has a higher interest rate than any CD your bank offers.  Does
this sound like something you would be interested in?



---

Now make sure to speak slowly with a natural pace, not a bad idea to record yourself and practice your delivery.


Jan 20, 2007 9:42 pm
NOFX:

Prospect says "no", ask:  "next time I come accross a
guaranteed etc. like this would you like me to give you a call?" 
If it's "no" move on  -"maybe" or "yes" quallify for when will he
be liquid and if he "loves" the idea - how much would he put into
it.  It will make him uncomfortable but if he wont answer that, 9
out of 10x, he's not a good  prospect.  Hang up and dial
someone else.

Boy, do I miss cold calling (or do I?)





It does grow on you, being a cowboy with just you and the open range of the white pages.



Learning to shut up on the phone is a critical skill. Make silence and the customer will fill it.

Jan 29, 2007 12:26 pm

YOU can't get paid on CDs so why call on them.


Try IPOs, that is if your firm underwrites them.

Jan 29, 2007 1:46 pm

"YOU can't get paid on CDs so why call on them."


You dont get it.


Having a prospect open an account with an initial CD purchase will make none of us rich. The key is getting the account, mining for their other assets, developing a relationship, bridging to other products/services( i.e closed end income funds, Step Up notes, tax free muni funds, etc), and growing the relationship and revenue from there.


Now you get it. Hopefully.

Jan 29, 2007 2:10 pm
maybeeeeeeee:

YOU can't get paid on CDs so why call on them.


Try IPOs, that is if your firm underwrites them.



Ever heard of a brokered CD?

I'm sure that RayJay has them.

They don't pay much, but they pay something and it gets the assets in house.

Jan 29, 2007 2:45 pm

Do most broker dealers still allow cold calling? (Mine doesn't, not that I care).

Jan 29, 2007 6:32 pm

"Do most broker dealers still allow cold calling? (Mine doesn't, not that I care)."


....Uhhh....  

Jan 29, 2007 8:09 pm

Mine doesn't, so I hooked-up a CB radio in my office and talk to truckers all day. Hey, don't laugh. Indy truckers make good money!


This is my CB script:


"Breaker, breaker 1-9, this is doberman. Anyone lookin' for some high yield, tax-free bonds? Over."

Jan 29, 2007 9:03 pm

Eaton Vance has another closed end fund coming in FEB.


Their funds have good track records, excellent professional mgmt, and high yield. They're leverage free, and pay about 3% yield to pocket.


The NI aspect could get some fence sitters of the ...well you know.

Jan 29, 2007 9:44 pm

I don't think it's a good strategy to prospect with CD's.  You are looking for investors, not savers.  There are more than enough qualified investors out there.  I realize that often you want to get your foot in the door.  Still, you'll spend more time dealing with a friendly saver who (yes) will take your call, yet will rarely do any significant business.  I would rather take a small account where some sort of stock/bond/fund is sold, when you know there is more to come (i.e. 401k rollover). 



Jan 30, 2007 4:18 pm

My firm does does underwrite IPOs, but I'm looking for something guaranteed that can get me in the door.  My strategy with CDs (and don't worry, pitching CDs isn't high on my list of strategies in my business plan) is exactly that which blarmston stated.  Gathering assets and staying in the program #1, then mining for other assets, developing relationships, bridging to other products, and asking for referrals.  If I can develop a few relationships with conservative investors at or near retirement, I'd imagine they will have friends who might need to rollover their 401(k) soon, possibly into an annuity.  I'll let you know how it goes.


maybeeeeeeee:

YOU can't get paid on CDs so why call on them.


Try IPOs, that is if your firm underwrites them.

Jan 30, 2007 4:21 pm

NYSE symbol for the new Eaton Vance fund is EXG.


Jan 30, 2007 10:27 pm

Yes Bondguy, thanks again...that has been pushed down my throat plenty over the last few weeks.  We are one of the underwriters.  I just want to ALSO sell CDs to gather assets and build relationships.  Maybe I am taking this response the wrong way (and if I am let me know) but why are half the people in here so against selling CDs?  We kill any interest rate I have seen. 



BondGuy:

NYSE symbol for the new Eaton Vance fund is EXG.


Jan 30, 2007 10:43 pm

Each year I get a copy of the various annual reports from the banks.  When someone asks me about CDs, I drag one of these out, turn to the page titled "Investments", and ask, "If the bank thinks CDs are such a great idea, why don't they, as a company, own any?"

Jan 31, 2007 2:53 am

I'm sure that spiel works on clients who don't understand how banks operate.



However it is sort of obvious why banks don't own CD's, it's because
they are in the business of earning a spread on deposits and risk free
assets don't generate much NIM. So the difference is CD rates vs Corp
bond rates.



At current rate's CD's are an excellent thing to call with, and you do
get paid for them. I'd much rather sell a CD, than a closed end fund
which is 10-1 going to trade a discount to NAV in ten months. If you
lose clients money, you will lose clients.