Cold Call Idea

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Dec 4, 2008 1:56 pm

Came across this quote, thinking of using it on cold calls.  What do you guys think?


"Introduction, blah, blah, blah.  Mr. Prospect, Vince Lombardi once said, 'The best offense is a good defense'.  How has your investment defense done as of late?"
 
 
Dec 4, 2008 1:59 pm

"It's done poorly, thanks for reminding me. And who the F is Vince Lombardi?"


CLICK
 
Too gimmicky and the answers are the same for a lot of people out there. You need to tell them how your defense plan will further their goals and portfolio...in ten seconds.
Dec 4, 2008 2:22 pm

Screams used car or insurance salesman to me.<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />



 
I just came up with the following and I would love feedback.

 


 “How do you feel about the recent stock market?”


(let them purge)


 “How have your investments held up?”


(let them purge)


“Do you wish there was more that you could be doing?”


(yes)


“Can you block off 15-minutes to meet and discuss in person?  If you like what I have to offer then we’ll talk longer. If not then hopefully you’ll feel a bit more comfortable knowing that you at least explored other options.”


 


--WM

Dec 4, 2008 2:35 pm

WM,

 
I like the last line; that, alone, works. Leave the rest out since we already know the answers to those questions.
Dec 4, 2008 2:42 pm

Snags- it sounds fine to me.

 
Here's an idea- test it
 
Call using that approach for at least one session. Track your results and then compare them to your averages using other approaches. With this info in hand you can decide for yourself how effective it is.
 
Personally, I like it because it's not the same tired canned "we are experts not sales people" approach used by most. Eff that ,we are sales people and unless those expert types can figure out how to live on 30 to 40% less income they are gone by this time next year. You'll get hang ups and flippant responses, but you may also get some leads as well. Those leads will keep you here. And if it doesn't work, well, time well spent trying something new and then on to the next new thing.
 
Lastly, a big mistake in this biz is finding something that works and then changing it. This is right out out of the Bill Good handbook, don't change what's working.
 
Good luck, come back to us with the numbers- good or bad
 
 
 
 
 
Dec 4, 2008 3:02 pm
WealthManager:

Screams used car or insurance salesman to me.<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />



 
I just came up with the following and I would love feedback.

 


 “How do you feel about the recent stock market?”


(let them purge)


 “How have your investments held up?”


(let them purge)


“Do you wish there was more that you could be doing?”


(yes)


“Can you block off 15-minutes to meet and discuss in person?  If you like what I have to offer then we’ll talk longer. If not then hopefully you’ll feel a bit more comfortable knowing that you at least explored other options.”


 


--WM

 
Are you happy with your portfolio's performance?
 
Are you happy with your advisor?
 
Looking for two no's and then go for it.
 
That said, I'll offer you the same advice as I offered to snags-test it.
 
Compare your results to what you usually do. If you haven't cold called before I look for two or three leads per hour, but results will vary. Even one lead an hour could work if it's solid and enough calls are made.
 
I read a WSJ article about ten years ago where the reporter followed a SB trainee for a couple of days. Part of the program was extensive cold calling for five hours a day. The reporter opined that the trainee was getting only one lead per hour despite making hundreds of calls during the session. She couldn't see how the trainee could survive on such a low response rate. So lets do the numbers: 5 leads a day=25per week=1250 per year. Half drop out on the second call. That leaves 625. Close 20% and that gives you 130 new households a year. At 100k average that would be $13,000,000 in new money. At 50k average it gives you $6,500,000 in new money. OK, you get the picture. Do that for five years, adding a few other marketing channels and all of sudden you have a business to manage. It could work to a greater or lesser degree, but it will work. And that reporter was sooo wrong!
 
 
 
 
Dec 4, 2008 3:40 pm

Do you guys brush your cold call lists against DNC lists?

 
I recently purchased a list and then had complaince all over my rear saying I had to use the gryphon system to make sure I do my part to brush against the DNC list. Gets redundant and tiresome after awhile.
Dec 4, 2008 3:44 pm
anabuhabkuss:

Do you guys brush your cold call lists against DNC lists?

 
I recently purchased a list and then had complaince all over my rear saying I had to use the gryphon system to make sure I do my part to brush against the DNC list. Gets redundant and tiresome after awhile.
 
Yes, I paid $150 or $200 for SafeCaller or SafeList.  It was a one time fee.  I log onto donotcall.gov and download the DNC numbers, takes about 3 minutes.  Then I scrub my excel sheet, takes about 2 seconds.
 
Then I don't call.  That's the part I need to fix...
Dec 4, 2008 4:06 pm

Damn, thanks Snags. I need to do this. Do you upload your list onto that website to scrub or am I misunderstanding the process?

Dec 4, 2008 4:10 pm
snaggletooth:
anabuhabkuss:

Do you guys brush your cold call lists against DNC lists?

 
I recently purchased a list and then had complaince all over my rear saying I had to use the gryphon system to make sure I do my part to brush against the DNC list. Gets redundant and tiresome after awhile.
 
Yes, I paid $150 or $200 for SafeCaller or SafeList.  It was a one time fee.  I log onto donotcall.gov and download the DNC numbers, takes about 3 minutes.  Then I scrub my excel sheet, takes about 2 seconds.
 
Then I don't call.  That's the part I need to fix...
 
Snags your choice is to make the calls, find another channel, or move on to another career. I know the phone weighs one hundred pounds but it's the way to a better life. read Bill Good, become the rejector instead of the rejectee. Find something that will get you on the phone. Once you've built up a pipeline it will become easier. With money coming in the front door it always is.
 
Is there someone at your firm who cold calls? if so ask to spend a few days with that person. Bob Dunwoody went from failure to a million dollar producer doing just that. Actually, he went and spent time with several of his firm's top producers. That firm was Paine Webber. He listened, took notes, asked questions and took more notes. He then cloned exactly what these people were doing. He found that many of these guys worked in a similar way, even if their styles and products differed.
Dec 4, 2008 4:11 pm
anabuhabkuss:

Damn, thanks Snags. I need to do this. Do you upload your list onto that website to scrub or am I misunderstanding the process?

 
Misunderstanding it.  You buy the program which you download onto your computer.  You download the DNC numbers from the website.  Then you upload your excel file into the program.  The program automatically finds the DNC numbers you downloaded and scrubs the list.
 
You only have to do this process once a month.  The program keeps a record of all lists you've scrubbed in case you come across someone that wants to sue you. 
Dec 4, 2008 4:21 pm

Snags, you don't need a gimmick or speech..just be Snags.


Call, tell them who you are, what you do and WHY you're calling.  I just say I have no idea if they work with a licensed financial advisor...and then let the conversation move forward. I try to get permission to call down the road with a good Tax free bond rate.  IF they say no...make a note and move on.  If they say yes...bingo ...there is a quarterly call in your pipeline.
 
If you're trying to "come up" with a scripted sales call...you will not feel like doing the calls. IF in turn, you're wanting to know if they work with someone (we all do), the conversation is less about product and more about fact finding.  Don't script it...just be interested in the other person on the line and see if you can help them.  At this stage of the game, we, you, shouldn't have to script anything.
Dec 4, 2008 4:39 pm

Thanks, Snags.

 
 
Dec 4, 2008 10:50 pm

I think everyone does this. I did this for quite a while, built a list, ran it through the DNC and then didn't call it. Then I repeated the cycle. Then I realized I wasted a whole lot of time building these lists, I might as well destroy them(call the crap out of them).

 
I started calling and got good results, then stopped calling..
 
However due to my most recent situation I am getting back on the horse tomorrow morning.
Dec 4, 2008 11:27 pm

Here is what I am using now any thought



"Has your advisor talked to you about portfolio rehabilitation during this volatile market?"



"I am finding that most client's portfolios due to market conditions are not what they resemble last time they were evaluated."



"Lets sit down and make sure your portfolio is line with your current situation"

Dec 19, 2008 3:12 pm

Are you happy with your portfolio's performance?



Are you happy with your advisor?



Looking for two no's and then go for it.



That said, I'll offer you the same advice as I offered to snags-test it.



Compare your results to what you usually do. If you haven't cold called before I look for two or three leads per hour, but results will vary. Even one lead an hour could work if it's solid and enough calls are made.



I read a WSJ article about ten years ago where the reporter followed a SB trainee for a couple of days. Part of the program was extensive cold calling for five hours a day. The reporter opined that the trainee was getting only one lead per hour despite making hundreds of calls during the session. She couldn't see how the trainee could survive on such a low response rate. So lets do the numbers: 5 leads a day=25per week=1250 per year. Half drop out on the second call. That leaves 625. Close 20% and that gives you 130 new households a year. At 100k average that would be $13,000,000 in new money. At 50k average it gives you $6,500,000 in new money. OK, you get the picture. Do that for five years, adding a few other marketing channels and all of sudden you have a business to manage. It could work to a greater or lesser degree, but it will work. And that reporter was sooo wrong!



One of the better post I have read this past year.. Just wanted to revive the idea, after all the holidays will be gone soon and the cold calling days must continue(That and I hate the Mutual Fund Store topic)

Dec 22, 2008 11:25 am

Agree the cold days of January will be an excellent time to cold call.

 
Rest up and get ready!
 
The best is yet to come!
 
2009 will be a fantastic year to build a fabulous business!
 
Just pick up that phone!
Dec 22, 2008 1:24 pm

Catching up on some CE requirements now, while waiting for my new list to arrive. Thought I would take care of some of this admin stuff, before the holidays leave and I calling all day and night

Dec 22, 2008 2:38 pm

The name of the game is number of dials/time on the phone. The more dials equals more contacts. more contacts equals more prospects. More prospects equals mre clients. And more clients equals more assets under management. More assets under management equals higher income. it's that simple. How much energy do you have? (asking everyone generically). It amazes me how many trainees make something like 20 calls a day and call it good. OK, what are you doing with the other eleven hours of your day? To succeed fill the day with activity.


I have something i call Pitch, presso , prospect. They are activities that can be done in person or as i usually do, with a phone.
 



Pitch all your prospects. Anything with a closing quesiton that moves them closer to a decision is considered a pitch. Ask for a meeting/ask for permission to send info/close on a product sale- all pitches that move the prospect closer to a decision or has them make a decision. personally i like finding something that fits and asking them to buy it. That seperates the fence sitters pretty quickly.
 
Presso. Again, i like to do campaigns. Finding a new strategy or product that will fit a large group of clients is where i live. Find it, and present it. And then present it again and then again-all day long. Bonds fit here ,as do MBS, Cds. and stocks. Mutual funds work here as do annuities. Find it, research it, present it. To count as a presentation you must ask for the order.
 
Ok, you've made all your calls to prospects and clients now what? Time to prospect. keep dialing until the clock runs out. 
 
Lots of unhappy people out there. People unhappy with their current advisor. The bad news is two or three hundred of them are your clients! The good news is that 100,000,000 are someone  elses client. See? The numbers are working in our favor.
 
 
Dec 22, 2008 10:59 pm

Chris Gardner's goal was 200 calls/day... He turned out ok. Anyone actually doing more than this?