Cold calling hope for those who doubt

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Sep 19, 2009 11:42 pm
I haven't been posting because I'm super busy. But with a little time on my hands, I thought it important to share for those who doubt the power of cold calling.... for those who aren't sure it will work & for those who live by the phone.
 
This month - all 19 days of it (14 business days)...I've :
~closed a small 200k 401k with a 1.5 million succession plan being implemented. The owner will use me to manage the assets from liquidity. Met these people on a cold call.
~opened 350 K Rollover from a referral. Person who referred me is a client. Client first met me on a cold call in April 2008.
~Received another referral from a client I met via cold calling for a 250k account. Meeting is scheduled for Oct. 7.
~1.6 mill retirement plan agreed to come on board for November.  First met them in October 2008 - on a cold call.
~added 50k more to an account household - family that I met on a cold call in Feb 2007.
~Met with 2 retirement 1.2 mil and 500k plans for discovery - made appointments by cold calling.  By the way, the person I met on the smaller plan, handed me their personal statements to review....another 200k there.
~Booked a 6.5m plan for discovery.
 
If you don't believe cold calling works, you are missing the boat. Pick up the phone, dial, talk, repeat.
 
 
 
 
Sep 20, 2009 10:08 am

Good stuff!

 
Keep it coming!
Sep 20, 2009 10:26 am

The thing I like to see and take away from posts like this are the dates first contact was made.  Many of them are over a year ago and now coming to fruition.  As much as we'd like to have immediate sales, activity now will breed results both now (hopefully) and down the road.  Takingnames must do an excellent job of keeping on top of his prospects, yet another reason not to give up on a prospect if things don't happen immediately.

Sep 20, 2009 11:13 am

I was wondering where you get your lists from, I use salesgenie a lot, but that has not been working as well recently.

Sep 20, 2009 11:17 am

There are certainly exceptions, but what often happens with cold calling is that nothing happens until the person forgets that they were reached via a cold call. 


Cold calling tends to lead to a slower sales process. 
 
For instance, in my practice, with a referral, I'm calling them and trying to get them to have a first meeting in my office that will last 45 -60 minutes.  With a cold call, I'm calling them and trying to get a 5 minute introduction in their office.
Sep 22, 2009 12:39 am
iceco1d:

I'd like to see the # of dials, contacts, etc. stats for this campaign too.

 
 
OK  - Average is
98 calls to an appointment, 431 calls to an account of at least 100k
 
I don't view cold calling as a single campaign. Instead, I think of it as as a technique I employ with different campaigns. those campaigns are business and residential.
 
I PM'd you with more.
Kicking
Sep 22, 2009 12:41 am
ChrisVarick:

I was wondering where you get your lists from, I use salesgenie a lot, but that has not been working as well recently.

 
Sales Genie. I have no issues with them. They are reasonably clean, accurate and DNC is a moving target.
 
Sep 22, 2009 12:53 am
anonymous:

There are certainly exceptions, but what often happens with cold calling is that nothing happens until the person forgets that they were reached via a cold call. 


Cold calling tends to lead to a slower sales process. 
 
For instance, in my practice, with a referral, I'm calling them and trying to get them to have a first meeting in my office that will last 45 -60 minutes.  With a cold call, I'm calling them and trying to get a 5 minute introduction in their office.
 
Nah, plenty of them remember it was a cold call and some think that's funny.
 
 
So, I can partially agree with you based on what I'm seeing and experiencing though a lot of people come to my office for the initial meeting, at least 50% of them....& I have no problem going to someone's office for a 5 million dollar 401k. I don't book time unless they are qualified before the appointment gets booked.  Cold calling might be a slower process - but it is a process and one that is steady and repeatable.

 
You know, there was another that broker start in the business when I first started. When I landed a million dollar account from a cold call, their observation wasn't "Hell - that's great" It was "Anyone can get lucky making cold calls." If they were still in the business, I'd ask them how it is I keep getting so lucky.
 
 
   
Sep 22, 2009 9:37 am

Cold calling for retirement/fee biz will generally lead to a longer process pipeline. Of course Ira Walker got it down to a couple weeks. Product sales can shorten the pipeline to days or weeks. Generally there are two types of prospects, those with money now and those with money later. Bill Good calls these cherrys and green cherrys. The goal with a green cheery is to stay in touch on a regular basis, building a relationship, so when the dough is ready to roll you are the natural choice. This verus the norm where the advisor who contacted the prospect once six months ago calls a week before the money due date.


Quite a valuble pipeline can be built just "Finding the future money due." Commercial insurance agents work this way. They cold call businesses with two questions: When is your renewal date?" And "Can we compete for your business?"


Sep 24, 2009 9:04 am

The part I love about being an indy and cold calling are days like today. I have nothing on the calendar, so time to bang out 200-300 calls in jeans and a polo. And if i happen to set something for this afternoon, I am only 5 miles from my house for a quick change.

Sep 24, 2009 10:12 am

At my office, almost know one cold calls. I suspect it is the same for many offices (with the exception of commodities boiler rooms or aggressive FA's).



I am still scratching my head over it.

Sep 24, 2009 10:26 am

What kind of office are you in? Established office working on referrals? Then they probably don't need to cold call.

Sep 24, 2009 10:45 am

The part I love about being an indy and cold calling are days like
today. I have nothing on the calendar, so time to bang out 200-300
calls in jeans and a polo. And if i happen to set something for this
afternoon, I am only 5 miles from my house for a quick change.

The better part of being indy is having a second office set up at the house and cold calling in your pjs (which is what I did this morning)

Sep 24, 2009 11:26 am

I am currently planning the layout of the new house i am building and in this house I have included an office(don't currently have one) so that will be 10x better.



Sep 24, 2009 11:59 am

Squash - I just did the same thing. My house has a stand alone office - I am very tempted to not renew my lease on my "real" office. However, I think my wife would kill me if I stayed at home all day.

Sep 24, 2009 12:04 pm

Do you have clients come to your "office"? That is my concern, if I don't have a real location

Sep 24, 2009 12:42 pm

Mostly no. However,I do occasionally invite my A clients over. I tell them to come over on a Saturday, we will review the accounts and I will cook out on the grill. They seem to like that.

When I first went indy, I worked out of my house and used a virtual office (like Regus). I would rent the conf room for meetings. Nobody had any clue that I worked from home.

In my area, office space is $$$. It would save me about 5 grand a month to go back to that set up. However, I am not sure how to handle the two assistants I have working for me.


Sep 24, 2009 1:05 pm

I am curious - don't some clients/prospects get nervous about having an investment advisor that works out of a house, or even just a single-room office?  My area is overrun with wirehouses, banks and a couple of mammoth indy firms (like 25+ employees).  So people just equate nice offices and multiple employees with investment advisory practices.  Maybe this varies from region to region and city to city?  Some clients find it strange that I only have me, my assistant, and one other advisor in my office....and I have REALLY nice office space on the water.

 
Do you think the perception is different if you are an RIA versus a registered rep?
Sep 24, 2009 1:15 pm

I went indy a few years ago, then RIA. I didn't notice the difference between RIA and indy-b/d. I don't think clients understand it.

I was worried about going out on my own after working at a wire for so many years. But I figured I only need to move half of my clients to break even (since the payout was so much higher). Fortunelly all but one client moved with me.

But, I do sell assuming the prospect will have an issue with a small shop. I explain the relationship between me and the custodian. How the checks and balances work to keep me from stealing their money. I also tell them it is my dream to build a multi-generational business that I can hand over to my kids. At that point the prospect WANTS to "help me out" and gives me the business.

I do think you need to assume that being a small shop will be an issue with some,but not all. I once had someone who game me a million dollar account becasue she didn't think she had enough money for Smith Barney.


Sep 24, 2009 8:13 pm

Month 25 in retail.

 
$264k TTM already taking home a paycheck well into the six figures.
 
ALL from cold calls.