Help with my CC script

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Jun 3, 2007 10:56 pm

I have sent a very brief note to some prospective business owners and residents in my area. The context of the note/letter introduces myself, a brief description of my practice and my intentions to call them in a few days. In addition to this, I included a fact sheet of one of my favorite investment ideas. The fact sheet is not necessarily something that I would be calling to sell to the prospect, but it was something I included to whet the appetite sort to speak. I'll begin calling these prospects tomorrow morning and I am having trouble ironing out my script. I'd appreciate some advice, criticism and direction. Here is what I have so far:


ME: Hi, this is Rich Nicolet calling from Wadell and Reed. I sent a brief note to you in the mail along with a fact sheet outlining an investment idea I thought you might enjoy. What did you think of that?


Prospect: (I'm expecting a response of:) I didn't see it/I haven't had a chance to look at it.


ME: No doubt you're plenty busy running your business.
AND THIS IS WHERE I GET STUCK. These are the two directions I am considering taking the conversation:


Regardless of whether you read my note or not, the important thing is that I made a commitment to follow up with you this week and inquire about your investment strategy and discuss the role I'm able to play in developing and executing a retirement savings plan that is acheivable.


What are your least busy days there at the office?


Prospect: Usually we keep a steady stream of patients (?) coming in so I can't really tell you when that would be.


ME: I see. Do you usually make time to grab a bite to eat?


Prospect: I try


ME: I proceed to try to setup a lunch appointment...


or the other direction I was going to take the conversation with a goal of selling a product:


After saying he didn't read it/ recieve it/look at it


ME: I can understand that, with you being busy and all. Tell me Mr. Prospect, surely you are familiar with Comcast Cable, right?


Prospect: Yes


ME: That's great. I calling you this morning with an opportunity to participate in a new offering my firm is underwriting on behalf of Comcast Corp. Comcast has authorized the issuance of $300,000,000.00 worth of Preferred Stock. This issue is set to pay an annual yield of 6.875% on a quarterly basis. It has a 5 year no-call provision and is priced at $25/share. In addition to all of this, it boast a AA Moody rating and a AA- S&P rating, demonstrating it's financial strength.


The availability of these shares are limited and are going quickly. I'm calling to see if you'd be interested in picking up a couple thousand shares?


Prospect: (assuming the worse) No, I don't think that is something I'd be interested in.


ME: May I ask what part of this issuance is unattractive?


Prospect: It's just that I'd need some time to think about it.


ME: I'm sorry to hear that. Like I mentioned, the availability of these shares are limited so time is of the essence. Are you sure?


Prospect: (assuming the worse) Yes, I'm going to pass.


ME: You wouldn't be interested in even a thousand shares?


Prospect: No, not this time.


ME: How about I call you in a few weeks if my firm is participating in another underwriting that is just as attractive as this one?


Prospect: Sure.



So there you have it. This is clearly assuming the prospect lets me speak this much. To say it's rough around the edges is an understatement. I guess my biggest problem is determining if I should call to setup an appointment or just hit them with a product, probably a preferred. These mailers I've sent out have gone primarily to doctors and residents in areas of my city that have real estate values as low as $850K and as high as $1.8 Million. I'm sure these folks have capital to invest.


Please provide some constructive feedback. Rip it apart and help me fix it. I don't expect 100% success, but something that will yield quality results and at the very least, a decent prospect to put in the pipeline.


Thanks guys. Despite all the bickering, this site has been very helpful and I do appreciate everyones contribution.

Jun 3, 2007 11:18 pm

Way too long. You're almost done with the call before you say anything interesting (new issue) and it's not even that interesting.


Open with "this is ______ with _______, here in ________. Do you mind if I ask you a tough question?" Then go for the throat with a very disturbing question.

Jun 3, 2007 11:20 pm

Tough question being...?

Jun 3, 2007 11:22 pm

Another thing. I know the new issue wasn't that interesting, but my firm does underwrite a ton of these types of issues. Should I go with a closed end fund instead or just muni's? What works for you?

Jun 3, 2007 11:34 pm

How does making this investment help the prospect?



What is he working for? What is he building with what he does every day? Does your investment lay a stone in this cathedral or is it just another 'risk' he's taking along the way and with someone he doesn't know & doesn't feel compelled to trust.



Your presentation is a good product pitch. I wonder, tho, if you may have more luck with finding out who and what's important to people, showing them that you're capable to help them.

---------



Hi, my name is ... with Waddell and Reed, may I speak with ... Are you in the middle of something or do you have a moment to talk?



The reason that I am calling is that I am building my practice by showing people what it will take for them to retire when they want to and with the lifestyle that they are accustomed to. If I may ask, what are you doing to make sure you can retire when the time comes?

Jun 3, 2007 11:38 pm
Ashland:

How does making this investment help the prospect?

What is he working for? What is he building with what he does every day? Does your investment lay a stone in this cathedral or is it just another 'risk' he's taking along the way and with someone he doesn't know & doesn't feel compelled to trust.

Your presentation is a good product pitch. I wonder, tho, if you may have more luck with finding out who and what's important to people, showing them that you're capable to help them.
---------

Hi, my name is ... with Waddell and Reed, may I speak with ... Are you in the middle of something or do you have a moment to talk?

The reason that I am calling is that I am building my practice by showing people what it will take for them to retire when they want to and with the lifestyle that they are accustomed to. If I may ask, what are you doing to make sure you can retire when the time comes?


Fantastic! This is what I'm looking for. While my regional manager is pouding away at me on the need to do gross via cold call, I'm hesitant to call pitching a product to someone I have no idea about nor am I aware of their risk tolerance or current holdings.


Your approach is something I feel comfortable building on. Thanks

Jun 3, 2007 11:55 pm
707SE:

Tough question being...?





Have you lost money as the result of securities fraud?



If yes, hang up.



If no, proceed with EIA pitch.

Jun 4, 2007 12:03 am
707SE:

Another thing. I know the new issue wasn't that
interesting, but my firm does underwrite a ton of these types of
issues. Should I go with a closed end fund instead or just muni's? What
works for you?





New issues of bonds/pfd from well known companies are a great thing to run with.



For that Comcast issue, I'd focus on the yeild, and then ask if the
person would be interested. If they are interested, then talk about
credit rating/call provisions etc.



Preferred stock is awesome to run with, since the most junior debt of
an investment grade company is better than the most senior debt of a
junk rated company.(*)



(*) Assuming the IG company is not on creditwatch negative.



-----

If someone says they are very busy with their company. The use a
"ledge" to say how important it is for someone to be busy with their
investments.



If you're going to do cold calling, you should read up Steve Schiffman's books.














Jun 4, 2007 12:16 am
707SE:

(Now comes the F*** You test)


Regardless of whether you read my note or not, the important thing
is that I made a commitment to follow up with you this week and
inquire about your investment strategy and discuss the role I'm
able to play in developing and executing a retirement savings plan
that is acheivable.

What are your least busy days there at the office?

Prospect: Usually we keep a steady stream of patients (?) coming in so I can't really tell you when that would be.


ME: I see. Do you usually make time to grab a bite to eat?


Prospect: I try


ME: I proceed to try to setup a lunch appointment...


or the other direction I was going to take the conversation with a goal of selling a product:


After saying he didn't read it/ recieve it/look at it


ME: I can understand that, with you being busy and
all. Tell me Mr. Prospect, surely you are familiar
with Comcast Cable, right?


Prospect: Yes


ME: That's great. I calling you this morning with
an opportunity to participate in a new offering my firm is underwriting
on behalf of Comcast Corp. Comcast has authorized the issuance of
$300,000,000.00 worth of Preferred Stock. This issue is set to pay an
annual yield of 6.875% on a quarterly basis. It has a 5 year no-call
provision and is priced at $25/share. In addition to all of this, it
boast a AA Moody rating and a AA- S&P rating, demonstrating it's
financial strength.


The availability of these shares are limited and are going quickly.
I'm calling to see if you'd be interested in picking up a couple
thousand shares?


(Too long, mention the Yield first, and then ask for interest. If they are interested explain the features. )

Prospect: (assuming the worse) No, I don't think that is something I'd be interested in.


ME: May I ask what part of this issuance is unattractive?


(Too technical, just ask Why Not?, and then shup up)

Prospect: It's just that I'd need some time to think about it.


ME: I'm sorry to hear that. Like I mentioned, the availability of these shares are limited so time is of the essence. Are you sure?


(Fake urgency, a classic high pressure sales tactic. This will turn people off so fast.


What I would do is offer to
send some material priority mail and schedule a followup meeting for
the next day to discuss it. Assuming you have a blocking system, I'd
ask if they would like me to hold x-shares for them.)

Prospect: (assuming the worse) Yes, I'm going to pass.


ME: You wouldn't be interested in even a thousand shares?


(Do you sell timeshares? The
man said he doesn't want any., you're asking someone to commit $25,000
over the phone to someone they have never met in person. You haven't
earned the right.)

Prospect: No, not this time.


ME: How about I call you in a few weeks if my
firm is participating in another underwriting that is just as
attractive as this one?


Prospect: Sure.


(This is a good save, but I'd make it a split up for pfd/muni's


Also, ask if they have any CD's
and keep your term sheet next to the phone. Chances are your CD's will
have a higher rate. People are comfortable with CD's. If your firm
offers a High yeild savings keep that handy. Same thing for MMF with
check writing abilities. How much are you earning on your checking
account?))


Jun 4, 2007 12:25 am

I can't help you because I'm strictly a "get the appointment" guy.  However, I'd be very careful about sending out your letter.  It has to be approved by your sales prevention unit, but more importantly, it's avoidance activity.  Your time spent on your letter would have been better spent picking up the phone and calling the prospects.

Jun 4, 2007 1:03 am
anonymous:

I can't help you because I'm strictly a "get the appointment" guy.  However, I'd be very careful about sending out your letter.  It has to be approved by your sales prevention unit, but more importantly, it's avoidance activity.  Your time spent on your letter would have been better spent picking up the phone and calling the prospects.


Thanks for the caution. I've run the letter through marketing and compliance and got the green light.


In addition, I've set up the letter as a mail merge using an excel spreadsheet for the leads contact info. To merge, print, stuff and mail 30 mailers a day takes less than 30 minutes. I'm very aware not to waste my time on "busy work". I don't have an SA so I gotta make it happen on my own.

Jun 4, 2007 1:17 am
707SE:
anonymous:

I can't help you because I'm strictly a "get the appointment" guy.  However, I'd be very careful about sending out your letter.  It has to be approved by your sales prevention unit, but more importantly, it's avoidance activity.  Your time spent on your letter would have been better spent picking up the phone and calling the prospects.


Thanks for the caution. I've run the letter through marketing and compliance and got the green light.


In addition, I've set up the letter as a mail merge using an excel spreadsheet for the leads contact info. To merge, print, stuff and mail 30 mailers a day takes less than 30 minutes. I'm very aware not to waste my time on "busy work". I don't have an SA so I gotta make it happen on my own.



So....how many phone calls can you make in 30 minutes?

Jun 4, 2007 9:18 am
707SE:
Ashland:

How does making this investment help the prospect?

What is he working for? What is he building with what he does every day? Does your investment lay a stone in this cathedral or is it just another 'risk' he's taking along the way and with someone he doesn't know & doesn't feel compelled to trust.

Your presentation is a good product pitch. I wonder, tho, if you may have more luck with finding out who and what's important to people, showing them that you're capable to help them.
---------

Hi, my name is ... with Waddell and Reed, may I speak with ... Are you in the middle of something or do you have a moment to talk?

The reason that I am calling is that I am building my practice by showing people what it will take for them to retire when they want to and with the lifestyle that they are accustomed to. If I may ask, what are you doing to make sure you can retire when the time comes?


Fantastic! This is what I'm looking for. While my regional manager is pouding away at me on the need to do gross via cold call, I'm hesitant to call pitching a product to someone I have no idea about nor am I aware of their risk tolerance or current holdings.


Your approach is something I feel comfortable building on. Thanks



Since you're comfortable with this tired old script, I'm not gonna post any tough question examples. You won't be "comfortable" using them.

Jun 4, 2007 9:27 am
Bobby Hull:
707SE:
Ashland:

How does making this investment help the prospect?

What is he working for? What is he building with what he does every day? Does your investment lay a stone in this cathedral or is it just another 'risk' he's taking along the way and with someone he doesn't know & doesn't feel compelled to trust.

Your presentation is a good product pitch. I wonder, tho, if you may have more luck with finding out who and what's important to people, showing them that you're capable to help them.
---------

Hi, my name is ... with Waddell and Reed, may I speak with ... Are you in the middle of something or do you have a moment to talk?

The reason that I am calling is that I am building my practice by showing people what it will take for them to retire when they want to and with the lifestyle that they are accustomed to. If I may ask, what are you doing to make sure you can retire when the time comes?


Fantastic! This is what I'm looking for. While my regional manager is pouding away at me on the need to do gross via cold call, I'm hesitant to call pitching a product to someone I have no idea about nor am I aware of their risk tolerance or current holdings.


Your approach is something I feel comfortable building on. Thanks



Since you're comfortable with this tired old script, I'm not gonna post any tough question examples. You won't be "comfortable" using them.



C'mon Bobby! Don't be a little biitch! I'm hoping you guys can lend a hand and I'm willing to put in the time and effort. I can ask the tough questions. Don't be like this.

Jun 4, 2007 9:34 am
707SE:
Bobby Hull:
707SE:
Ashland:

How does making this investment help the prospect?

What is he working for? What is he building with what he does every day? Does your investment lay a stone in this cathedral or is it just another 'risk' he's taking along the way and with someone he doesn't know & doesn't feel compelled to trust.

Your presentation is a good product pitch. I wonder, tho, if you may have more luck with finding out who and what's important to people, showing them that you're capable to help them.
---------

Hi, my name is ... with Waddell and Reed, may I speak with ... Are you in the middle of something or do you have a moment to talk?

The reason that I am calling is that I am building my practice by showing people what it will take for them to retire when they want to and with the lifestyle that they are accustomed to. If I may ask, what are you doing to make sure you can retire when the time comes?


Fantastic! This is what I'm looking for. While my regional manager is pouding away at me on the need to do gross via cold call, I'm hesitant to call pitching a product to someone I have no idea about nor am I aware of their risk tolerance or current holdings.


Your approach is something I feel comfortable building on. Thanks



Since you're comfortable with this tired old script, I'm not gonna post any tough question examples. You won't be "comfortable" using them.



C'mon Bobby! Don't be a little biitch! I'm hoping you guys can lend a hand and I'm willing to put in the time and effort. I can ask the tough questions. Don't be like this.



YOu've got a script that suits you. Take it and run with it.

Jun 4, 2007 10:55 am

Hi, thanks for taking my call Mr. Prospect.  Leap from Lillypad investments - I'm sure you're busy so I will be brief.  Granted your business is doing well(add some smart comment that hints at a downcycle if you understand his business), but like all smart businessmen you foresee the rainy days by planning ahead. What kinds of investments do you have outside your business to pick up the slack for retirement when something unexpected happens?

Jun 4, 2007 11:10 am

Mr prospect,


Thank you for taking my call.. Leap from Lilly pad investments and I am calling with information in regard to an investment that has averaged an upside of 10% every year for the past 5 years with no down years along the way.  How does this compare to the return from your business?


Jun 4, 2007 5:00 pm

For a highly rated corporate bond;


Good Morning Mr Prospect - Thank you for taking my call.  It is early and we are both busy so I will be brief.  I'm calling with an idea because it is working very well for my business clients.  How do you feel about a highly rated A1 bond, taxed at 15%, yielding 6.5%? 


((((Shut UP))))  


Wait - The first person to speak loses.  If you can shut up and wait, he will reveal the subject that will fuel your next question. 


Always ask for the need behind the need.



Jun 4, 2007 5:18 pm
LEAP:

For a highly rated corporate bond;


Good Morning Mr Prospect - Thank you for taking my call.  It is early and we are both busy so I will be brief.  I'm calling with an idea because it is working very well for my business clients.  How do you feel about a highly rated A1 bond, taxed at 15%, yielding 6.5%? 


((((Shut UP))))  


Wait - The first person to speak loses.  If you can shut up and wait, he will reveal the subject that will fuel your next question. 


Always ask for the need behind the need.





Tee Hee Hee... you're kidding, right? You make the call longer in order to tell him that you're gonna be brief? What a riot!!!

Jun 4, 2007 5:28 pm

I had some pretty good success this morning with my calls. Thanks for everyone who chimed in. I ended my morning with 2 appointments and another 3 strong leads, this after making about 50 contacts.


I had trouble working around gatekeepers. For those who were willing to be charmed, I tried. Those who were disgruntled with their place in life...no helping them.


How do you guys work around gatekeepers?