Colder Calling Jornal

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Apr 28, 2012 9:18 pm

Hello all, here is my story:           (feedback is appreciated)

I had a roommate in the biz at a wirehouse for 2 yrs.  He left for a better job, less stress.  I guess I am getting a worse job, more stress :) Long story short he taught me a ton and I took over some of his clients(2.5mm all fee based).  This helps me for the first 6 months.  I watched him work and I believe I am way ahead of the rookies around me.  I start production next week.  I am not partnering up yet, there are a couple people I could partner with but one is contemplating leaving the firm the other is smart, but moody as hell.  For now it's just me and the large firm backing my rookie ass up for now

I am going to start a journal for several reasons: for personal help, for motivation, for accountability, for fun.

I will probably try to cold call a solid 3 days per week, the other time I am going to use other methods.

Goals:

1) 8mm in AUM in 1st yr

2) Secure one 1mm+ account per quarter

3) Secure one 5mm+ account

4) Secure one < 250K account per month(why? to have a diverse basket of clients early in career)

5) No account minimum(small business will turn into bigger business later, money isn't moving like it was)

6) Open as many accounts as possible with understanding that portfolio reviews and great service come at 250+, under that I cannot deliver the same service.  If that is understood, let's do business.

I have several cold calling tactics which I will detail as things progress, they are well thought out but I don't know if they will work.  Also my scripts are going to start out quite different, if they don't work I will morph them into the normal pitches.  I think I need a fun script to enjoy cold calling.  I don't know though as I haven't cold called at all yet.

Thanks.

Apr 28, 2012 9:26 pm

Below i am articulating my thoughts to help me out----------->


Here is a sample of what I would enjoy pitching, this could change:


'Hi this is joe speaking from the best firm in the world, I invest in companies paying over a 5% dividend, how do you feel about getting 5% on your money?'



'Hi this is joe speaking from the best firm int he world, Are there any stocks or bonds you are considering selling right now?...yes, let's talk, no, bonds are expensive people are capitalizing on this right now...'


'Hi this is joe speaking from the best firm in the world, I work with people that don't have the time or interest to invest their own money.  I start by building a relationship and educating people, would you be interested in meeting up?"


'Hi this is joe speaking from the best firm in the world, we have the deepest research team and I'd like to get feedback from any industry or stock report you may want.  No thanks, where do you get your advice from?'


Not interested---What rate of return would interest you


No time---Those are the people I work best with, I get paid to absorb the time they don't have, how much time do you spend on your finances.


No money---Do you have any old 401K's, IRAs or any money coming due soon.  My best client started with a small investment with me, do you have 50,000 you could invest.


Already have an advisor---I prefer my clients have more than one advisor, what is your advisors specialty, let me send you a report that may show you some overlooked areas.


I'm all set---How so?


I manage my own money---What is your focus?  We have the best research on the street, could you use some research reports?


Don't trust the market---2008 scared most people, what do you know about the bond market?


Lost too much money---Who was managing your money in the past?  How much do you know about bonds?

Apr 29, 2012 9:47 am

[quote=optionsguy]

....


Already have an advisor---I prefer my clients have more than one advisor, what is your advisors specialty, let me send you a report that may show you some overlooked areas.

[/quote]

How can you possibly make that work?  If a client won't give me 100% of the funds I walk away.

Amber

Apr 29, 2012 12:03 pm

Instead of savying that you prefer your clients have more than one advisor why not try something like this: 

"The fact that you have an advisor is the vey reason we should talk. Either two things will happen: one we'll confirm that you're on the right track with your current advisor and the second is I could perhaps show you some new ideas that weill help improvey our portfolio, either way you win" 

Apr 29, 2012 12:42 pm

[quote]

How can you possibly make that work?  If a client won't give me 100% of the funds I walk away.

Amber

[/quote]

Amber,

Is that picture your real eye?  You have nice eyes if so.  I doubt if the prospect says they already have an advisor they are going to budge but I try to be as real as possible on the calls.  Everyone has a focus and my goal was to expose that and find a solution.  Maybe I should use Ulairi's below:

[quote]

"The fact that you have an advisor is the vey reason we should talk.
Either two things will happen: one we'll confirm that you're on the
right track with your current advisor and the second is I could perhaps
show you some new ideas that weill help improvey our portfolio, either
way you win" [/quote]

Apr 29, 2012 8:44 pm

OptionsGuy,

Seriously man, with eyes like Amber_M  ...it's all or nothing. Look, she's built a good practice and when you get to that level, you can dictate how it's going to be. You're still out there gathering assets like a nut, you're pitches are great, keep your foot on the gas pedal and post your activites

Bottom line, when you're talking to a lot of people a day, the deck is staked in your court, so a bit of fine tuning helps, but volume carries you through....

....sounds like it's going to work very well....go get'em.....keep us posted.

All The Way

Apr 30, 2012 10:09 am

I'm still adding clients.  Still accumlating assets.  Don't suspect I will ever NOT be.

Options:  Its good you are trying to overcome objections.  Its a critical skill in this industry. 

But my point is... you need to determine who you want to work with and accept only those folks as clients.  Don't fall into the trap of accepting anyone breathing.  It will only be a negative in the future.

In my 10 years I've found that those with $500,000 of assets usually require less hand holding than those with $50,000.  Guard you time!

Good luck

Amber

May 2, 2012 3:16 pm

Amber is right. There are accounts that are a pain, and they are almost always smaller than they warrant, or so big that you will do anything to make them happy. Both are bad for the rest of your biz.

In my demographic, the best range of hh's is 250k up to 3m. There are peaches at 3m plus, but mostly they are hard to get, hard to keep, hard to satisfy, and have lower margins.