Godzilla 500 Day War

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Dec 2, 2015 5:51 pm

Hey Folks,

This is going to be a log of my efforts to create a fee based book of business, starting from pretty much $0 AUM as an independent (Well, I have $200,000 AUM right now, lol).

I have been an insurance only producer for some time now and have decided I need and want to slide into this side of the business. Unfortunately my insurance book clients really don't translate over to AUM so I'm pretty much starting from scratch.

My gameplan out of the gates is to follow a 500 day war of sorts and adjust what I need to as time goes on. I've been messing around staring at the phone the last couple of weeks, finally picked it up a few times last week, made a good amount of calls yesterday and started hammering today - so today is officially Day 1 of my 500 day war!

I'll be doing cold calling as my # 1 source of marketing and add some cold walking and other marketing, but keep cold calling as my main activity.

Any comments and criticism, pointers, motivation and anything else you want to throw oy way are more than appreciated! I'm doing this on my own so i can use all the help I can get!

Dec 2, 2015 5:53 pm

Day 1

Called residential today.

278 dials
14 contacts
2 prospects

Dec 3, 2015 3:44 am

Hold up - you got 2 appointments set out of 14? Meaning you talked to 14 people and set 2 appointments? That's awesome. Although it seems like hardly anybody is answering the phone. That's way too many dials to contacts.

Would you mind sharing your opening/hook?

Dec 3, 2015 9:03 am

@ James Pollard - thanks for checking in!

I wish 2 appointments! 2 prospects - which I'm basically defining as someone who agrees to get info/come to a seminar/meet with me so I'm pretty loose. Yesterdays prospects were one who wants to come to a seminar after the holidays and one who might attend, we'll see. Either way he was interested enough to start dripping on him.

I was calling residences, ages 62-74 hoping to get retired folks at home in the morning. I'm probably going to need to get some earlier calls to businesses and later calls to younger folks to get my contacts up. My scripts isn't great and can definitely use some help there, I'll post it later.

Dec 3, 2015 4:33 pm

Day 2

300 dials
23 Contacts
2 new prospects

So I obviously need to get my contacts up, which i guess is a list problem and a calling time problem. I'm thinking 10% prospect to contact is ok? I figure I'll get the next few days calling in the books to force the habit and worry about the rest next week. I'm thinking if i start calling some businesses in the AM that should bump up the contacts, but will worry about that some time next week.

Tomorrow I'm planning on logging another 250 dials or so.

Dec 6, 2015 9:24 am

Day 3 (Friday)

200 dials
20 contacts
2 new prospects
1 appt set

Dec 7, 2015 5:42 am

Bingo....and now you got a meeting booked. Great effort. Keep at it. you'll rocking it.!!!
All The Way

Dec 8, 2015 11:28 pm

Nice work.

Can you share with us the basics of what you're saying?

What do you believe is causing people to agree to a meeting?

How many repeat contacts is it taking to get a meeting?

What is your no-show rate for meetings?

Dec 9, 2015 9:08 am

@ All The Way - Thanks for checking in!! I appreciate your posts - I've read the Rock And Roll Train thread probably 20-30 times!

Dec 9, 2015 9:35 am

@ ZwingDing - I'm not doing anything fancy so there is definitely no magic in what I'm doing. As a matter of fact I feel like my script sucks.

I can't really report on meetings yet, I am literally just getting the ball of wax started so only have 1 meeting booked so far for next week. The other prospects have agreed to come to a seminar in January or have agreed to receive info from me.

All I'm saying at this point is 'Hi ______ this is Godzilla with XYZ here in your state. We are an investment advisory firm and the reason for the call is we are holding some brief information sessions for folks in your area who are looking to make the most of their retirement portfolios while still controlling risk. Is that something you'd be interested in?

Thats it.

Now almost everybody says no, not interested, I have an advisor I'm happy with, etc. I haven't really done too much in trying to bat down objections, just roll through the calls until I find someone who will engage in conversation a bit. Then depending on how it goes ask if they will take information of push towards a seminar in January.

As I said earlier I feel like my script sucks and would be open to any input to improve there. I'm strictly building AUM so can't pitch bonds, stocks, etc to get a foot in the door. I am life licensed and that is where I did my previous work so I can sell life, DI, fixed and indexed annuities if that comes up. However I don't think its a great idea to pitch those products as an opener and get labelled as an insurance guy. Maybe I'm wrong but I think it would be better to pitch the investments and look the insurance on the back end...

Dec 9, 2015 9:38 am

I missed Monday, sick as a dog.

Got back at it yesterday...

Day 4 (Tues)

260 Dials
17 contacts
2 prospects

Dec 9, 2015 5:06 pm

Day 5 (Wed)

240 Dials
21 Contacts
3 Prospects
1 appt set

Dec 10, 2015 11:38 am

Hey Bro,
good posts. I'll get back to you on the weekend with ways to deal with objections and create excited in attending your seminar.
your doing great.
All The Way

Dec 15, 2015 6:16 pm

Thanks ATW. So the past few days have been a tough run...

Day 6 (Thurs)

200 dials
16 Contacts
0? Prospects

I missed Friday and Monday, had a family catastrophe that I needed to deal with.

Back on the phones today

Day 7 (Tues)

250 Dials
24 Contacts
2 Prospects

I also had one of my appointments i set last week stand me up which is disappointing, but later set up an appointment for after Xmas that could potentially be 1.5M ballpark. We will see, the battle continues tomorrow...

Jan 7, 2016 8:57 am

Finished 2015 with $5.2MM AUM. Goal this year is to double that. With 2016 already off to a rough start, best time to prospect. Who's bringing home the bacon this year?
-bullish

Jan 7, 2016 8:58 am

Correction, NNM..not AUM.

Jan 28, 2016 7:38 pm

I'll be jumping in and creating a post regarding this as well. I am currently with MSSB in their FAA program and start Month 0 of production on Monday Feb1. I am starting a scratch book as well.

How is your AUM looking now?