First cold call

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Jul 9, 2009 1:58 am

Any thoughts on how to get an appointment on the first call.  I get about one appointment in 100 on the first call.  It generally takes 3-5.  Many times I treat the first call as an intro, find out about the prospect, drop a card in the mail follow up and if I don't get a meeting on that follow up I then will wait a week or two and follow up with an investment idea.



If I don't go for the longer sales cycle and will call with a good dividend stock or good bond.  They work about the same.



Any ideas how to improve this?

Jul 9, 2009 9:24 am

"Hi Mr. Successful Business owner, I help folks like yourself maximize profits.  Would you be opposed to me stopping by to introduce myself?"


See, the key is to, you know, actually ask for the appointment.
Jul 9, 2009 6:35 pm

Simple but effective.  I can see where that works on business because it's easier to stop by.  I call a lot of residences.  I don't think that would work but I'd give it a shot.  Anyone else tried this on residences?

Jul 9, 2009 10:53 pm

Mr. Jones, would you have an interest in investing in the stock market if you knew you would not lose any money ?    Then shut up.  They will be curious.   They will probably say yes.  Explain that it is an FDIC Insured, 5.5y Indexed CD.  Tell them that you would like to stop by to give them the details in person.

Product is a 5.5y FDIC Insured Market Index CD, issued by HSBC.  FDIC insurance guarantees return of principle after 5.5y.  Market Index component is 50-50 exposure to the S&P 500 and EAFA Index.  Gross return is subject to a cap of between 45% - 55%....or 8.5% per year if the cap is reached.  

Most firms either create these types of products or can get them from 3rd parties.  I am at a bank, going through Raymond James and have several to choose from.

Good Luck.

Jul 9, 2009 11:16 pm
exUBS:

Mr. Jones, would you have an interest in investing in the stock market if you knew you would not lose any money ?    Then shut up.  They will be curious.   They will probably say yes.  Explain that it is an FDIC Insured, 5.5y Indexed CD.  Tell them that you would like to stop by to give them the details in person.

Product is a 5.5y FDIC Insured Market Index CD, issued by HSBC.  FDIC insurance guarantees return of principle after 5.5y.  Market Index component is 50-50 exposure to the S&P 500 and EAFA Index.  Gross return is subject to a cap of between 45% - 55%....or 8.5% per year if the cap is reached.  

Most firms either create these types of products or can get them from 3rd parties.  I am at a bank, going through Raymond James and have several to choose from.

Good Luck.



So....you're going to start with a lie about investing in the stock market with zero risk? The money is NOT in the stock market. No wonder you ended up in a bank.

Jul 9, 2009 11:34 pm
DHK:
exUBS:

Mr. Jones, would you have an interest in investing in the stock market if you knew you would not lose any money ?    Then shut up.  They will be curious.   They will probably say yes.  Explain that it is an FDIC Insured, 5.5y Indexed CD.  Tell them that you would like to stop by to give them the details in person.

Product is a 5.5y FDIC Insured Market Index CD, issued by HSBC.  FDIC insurance guarantees return of principle after 5.5y.  Market Index component is 50-50 exposure to the S&P 500 and EAFA Index.  Gross return is subject to a cap of between 45% - 55%....or 8.5% per year if the cap is reached.  

Most firms either create these types of products or can get them from 3rd parties.  I am at a bank, going through Raymond James and have several to choose from.

Good Luck.



So....you're going to start with a lie about investing in the stock market with zero risk? The money is NOT in the stock market. No wonder you ended up in a bank.

 
I was wondering the same thing...
 
Question exUBS:  What is the liquidity of this 5.5 year index CD?
Jul 9, 2009 11:36 pm
Kudlowfan:

Any thoughts on how to get an appointment on the first call.  I get about one appointment in 100 on the first call.  It generally takes 3-5.  Many times I treat the first call as an intro, find out about the prospect, drop a card in the mail follow up and if I don't get a meeting on that follow up I then will wait a week or two and follow up with an investment idea.



If I don't go for the longer sales cycle and will call with a good dividend stock or good bond.  They work about the same.



Any ideas how to improve this?

 
I have an idea....wait for it....waaaaaaaiiiiiitttttttt for itttttttt....here it comes.........ASK for the appointment.
Jul 10, 2009 4:44 pm
snaggletooth:



So....you're going to start with a lie about investing in the stock market with zero risk? The money is NOT in the stock market. No wonder you ended up in a bank.
[/quote]

 
I was wondering the same thing...
 
Question exUBS:  What is the liquidity of this 5.5 year index CD?[/quote]
 
When I get the opportunity to go over the details, I explain what it is, how it works and where the returns come from.  Of course they receive a  POS, but I also take the time to explain everything.  Heck I've talked people out of this when I felt they didn't fully understand it.  But the concept is as simple as how I initially described it.
 
Liquidity is once per year, subject to an early redemption fee (3-2-1-0-0).  Price is based on current bid for the note.  There is a death put at original Par, without redemption fee.  I emphasise that this is a 5.5y investment; if they think they need access to their money prior to 5.5y, then we will look for a more suitable investment.
 
 
Jul 10, 2009 4:47 pm
exUBS:
snaggletooth:



So....you're going to start with a lie about investing in the stock market with zero risk? The money is NOT in the stock market. No wonder you ended up in a bank.

 
I was wondering the same thing...
 
Question exUBS:  What is the liquidity of this 5.5 year index CD?[/quote]
 
When I get the opportunity to go over the details, I explain what it is, how it works and where the returns come from.  Of course they receive a  POS, but I also take the time to explain everything.  Heck I've talked people out of this when I felt they didn't fully understand it.  But the concept is as simple as how I initially described it.
 
Liquidity is once per year, subject to an early redemption fee (3-2-1-0-0).  Price is based on current bid for the note.  There is a death put at original Par, without redemption fee.  I emphasise that this is a 5.5y investment; if they think they need access to their money prior to 5.5y, then we will look for a more suitable investment.
 
 [/quote]
 
So might an index annuity be better since they can access up to 10% of their money without penalty at any point in the year?
Jul 10, 2009 5:42 pm
snaggletooth:
exUBS:
snaggletooth:



So....you're going to start with a lie about investing in the stock market with zero risk? The money is NOT in the stock market. No wonder you ended up in a bank.

 
I was wondering the same thing...
 
Question exUBS:  What is the liquidity of this 5.5 year index CD?

 
When I get the opportunity to go over the details, I explain what it is, how it works and where the returns come from.  Of course they receive a  POS, but I also take the time to explain everything.  Heck I've talked people out of this when I felt they didn't fully understand it.  But the concept is as simple as how I initially described it.
 
Liquidity is once per year, subject to an early redemption fee (3-2-1-0-0).  Price is based on current bid for the note.  There is a death put at original Par, without redemption fee.  I emphasise that this is a 5.5y investment; if they think they need access to their money prior to 5.5y, then we will look for a more suitable investment.
 
 [/quote]
 
So might an index annuity be better since they can access up to 10% of their money without penalty at any point in the year?

[/quote]

Yes, it would.

Jul 10, 2009 9:24 pm

Yes, target a very specific niche have background info about the niche and already be established in the niche.  Two days ago I landed a lunch appointment with a very tough to get ahold of CPA using this method.  I had done my research had some things in common to talk to him about and set the appointment.  If you don't have a niche client yet find one.  And also find a topic and learn everything about it.  If you put the time in learning about a specific type of profit sharing plan and how it works for example then you can focus on calling business owners and explain how they might not be maximizing their business to put away for their own retirement.  If you can show them something to benefit themselves and their employees your odds of displacing an existing relationship will skyrocket.  If not and you are pushing a bond, cd, etc. like most cold callers you are just another newbie trying to hawk something, and that road is a lot tougher as you are finding out.