Cold Calling for Indys

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Sep 9, 2009 8:59 am

First off are there any indys who cold call?


For those who do, do you find it more challenging doing so without a brand name(ML,MSSB,UBS,Banks etc)?
Sep 9, 2009 9:20 am

No I don't cold call per se.  I work my current client base for referrals. I would find using some the of the names you mentioned as a negative, not positive. 

As an Indy, it is VERY important to find your niche.  You have to separate yourself from the competition by working with a certain group or certain large company.  Specialize in something, tax free bonds, IRA's etc.  Become the expert. 
Sep 9, 2009 9:34 am

the indy i work for cold calls, has a brand name as a broker dealer, and specializes in IRA's and 401-k rollovers.  We cold call the niche of employee's that we specialize in by knowing more about their 401K program than they do.  it works out decent.  kind of an added benefit to working for referrals, however you do have to pay someone to cold call.  Our senior advisors just don't have the time.

Sep 9, 2009 9:40 am

I run a RIA and I have started calling again. It seems a bit easier than in my wirehouse days. (maybe its because no BOM is standing over my shoulder)

I have not had any issue with not having a brand name. At the appointment I explain my relationship with the custodian and the safeguards that are in place.

Evan at Mother Merrill, people didn't recognize the firm name (this was about 12 years ago)

Sep 9, 2009 9:49 am

Do many investors seem to have concerns about the RIA or independant model?  I have had two clients transfer to me from another Jones office, where the FA went indy (he's a friend of mine).  Even after I explained that their money was just as safe with him, they felt more "comfortable" staying with a larger firm.  I'm not defending the "brand" image, I am jsut curious how much pushback RIA's and indy's get.  Also, do you think the choice of custodian is a big deal?  Most people have heard of TDA, Schwab, and Fidelity, but very few have heard of Trade-PMR.  I am just curious.

Sep 9, 2009 10:25 am

So the past few weeks I've had transfers from Jones, local bank, JP Morgan, Wachwatever and another LPL office.   I think down deep there wasn't a great relationship, and if it was about staying, why didn't they stay put.  I believe St Louis frowns on poaching. 

Sep 9, 2009 12:38 pm

So for those of you calling with a b/d, do you use the name of your b/d(LPL, whoever) or the name of your business? Some times i think the name of my business may be too cavalier and maybe I should change it to something less provocative and quicker and easier to say, with no hidden meaning

Sep 9, 2009 12:52 pm
chief123:

First off are there any indys who cold call?


For those who do, do you find it more challenging doing so without a brand name(ML,MSSB,UBS,Banks etc)?

 
I am an indy and I cold call when I have time, or need to build up the pipeline again.  I will probably cold call for the first time this year pretty soon as I want to do a big AUM raise for Q4.
 
I have 3 names our clients need to be familiar with, 1. Clearing Firm, 2. B/D, 3.  DBA.  When I cold call, I only use the DBA.
 
I haven't had any problems with people not recognizing the DBA name, either people will listen or they won't.  When I called for MER, I had about the same numbers.
 
If you sell yourself as an independent advisor that provides independent advice, no proprietary products, and sits on the same side of the fence as your client, then you can't go wrong.
 
Spears is right, find a niche and do nothing else...for a while.
Sep 9, 2009 1:53 pm
chief123:

So for those of you calling with a b/d, do you use the name of your b/d(LPL, whoever) or the name of your business? Some times i think the name of my business may be too cavalier and maybe I should change it to something less provocative and quicker and easier to say, with no hidden meaning

 
 
I used to introduce myself with the business name and i got a ton of "what? who? who are you? do i know you?"  and then i'd have to explain to them who i am, why i'm calling, etc etc etc
 
 
switched to b/d and now people recognize the name and know why i'm calling.  i get more honest, serious responses instead of " i have to take my daughter to t-ball"
 
in my opinion your more defined by using the b/d name, not necessarily just another cold caller they are trying to get off the phone
Sep 9, 2009 2:03 pm
gb0413:
in my opinion your more defined by using the b/d name, not necessarily just another cold caller they are trying to get off the phone
 
Depends on who your B/D is.