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May 14, 2007 7:55 pm

Bobby Hull - I really don't know.  I am a newbie.  At the conclusion of each call I did mention that I understand and respect that situations arise where you might need to cancel.  Please just call my office in advance if you need to cancel or reschedule.  Each person responded favorably to my request.  I believe that acknowledging this vulnerability and my understanding of it drives my value up in their mind. 

Is it unprofessional to cold call?? - Since I am not yet a professional money manager for many clients at this point, I currently consider myself a professional solicitor for people in need of money management services.

At some point, I hope that my results with clients will speak highly enough to refer other prospects.  However, at the current juncture each and every prospecting action is educational enough that it is contributing to my survival.  My cashflow doesn't currently allow me to dump huge amounts of money on outside marketing schemes like seminars and appointment setters, but I am always looking to work smarter.

May 14, 2007 8:02 pm

[quote=LEAP]

Bobby Hull - I really don't know.  I am a newbie.  At the conclusion of each call I did mention that I understand and respect that situations arise where you might need to cancel.  Please just call my office in advance if you need to cancel or reschedule.  Each person responded favorably to my request.  I believe that acknowledging this vulnerability and my understanding of it drives my value up in their mind. 

Is it unprofessional to cold call?? - Since I am not yet a professional money manager for many clients at this point, I currently consider myself a professional solicitor for people in need of money management services.

At some point, I hope that my results with clients will speak highly enough to refer other prospects.  However, at the current juncture each and every prospecting action is educational enough that it is contributing to my survival.  My cashflow doesn't currently allow me to dump huge amounts of money on outside marketing schemes like seminars and appointment setters, but I am always looking to work smarter.

[/quote]

Forget the please call if you have to cancel crap. It makes you sound weak. When you set the appoitment, ask them if you should write it in pen or pencil. When they ask the difference, tell them that pen means that they are highly motivated to solve their problem and that pencil means that they have some type of reservation about the whole thing. It's better to deal with that now than later. It gives you a chance to dig for more pain and convert them to an "ink" appointment.

May 14, 2007 9:06 pm

That sounds like a load of crap, pen and pencil. Just be yourself, but let folks know your time is valuable. If you are giving your time, and they are coming by your office, that is a fair trade. If you act manipulative, you risk being perceived as a schmuck.

Of course you need to get some clients before you can survive. Whatever training you have already makes you a lot more knowledgeable than the average person, so be honest, direct, respectful and business like. Uncover needs and meet them, be persistant, talk with a smile in your voice, and you will find success.

May 14, 2007 9:30 pm

The ‘pen or pencil’ question IS letting the prosect know that your time is

valuable. It’s a good tongue-in-cheek way to make that point.

May 14, 2007 10:18 pm

[quote=joecamelguy]

If a dentist or lawyer or doctor or CPA or even a chiropracter or mortgage broker  called me up randomly at work and offered their services, I would be negatively impressed.

.

[/quote]

I think that if one of these professionals called and was able to convince you as to why a) they were calling you, and b) what made their practice better than the down the street, you might change your tune.  It's all in the delivery.  If you call someone and come off like a spammer or one of those cell phone salesmen from the mall, then sure, it reflects poorly on your practice.  If you are able to create interest, you can then, in turn, show what value you can bring to the client.  It's easy to come up with elevety-bazillion different reasons why you shouldn't CC and much more difficult to pick up the phone and start dialing.

Remember 6-8 touches before anything comes of it.  The people who tell you to f- off are @-holes anyway and you wouldn't want them as a client in a bear market anyway.  It can work, you just need a spine and some patience.

May 14, 2007 10:32 pm

Think about what you just said. A physician takes time out of a busy day to cold call you, and tell you what makes his practice better than your current physician ( he doesn't even know who your current health advisor is). He is very smooth and convincing. After six to eight calls from this doctor, including many missed (caller ID) attempts, you .... become concerned and contact the medical board to find out what is wrong with this psycho ....

I realize you need to get some clients and get started, just don't try to make a virtue out of cold calling. Yes it detracts from our profession.

May 14, 2007 10:58 pm

[quote=pretzelhead][quote=joecamelguy]

If a dentist or lawyer or doctor or CPA or even a chiropracter or mortgage broker  called me up randomly at work and offered their services, I would be negatively impressed.

.

[/quote]

I think that if one of these professionals called and was able to convince you as to why a) they were calling you, and b) what made their practice better than the down the street, you might change your tune.  It's all in the delivery.  If you call someone and come off like a spammer or one of those cell phone salesmen from the mall, then sure, it reflects poorly on your practice.  If you are able to create interest, you can then, in turn, show what value you can bring to the client.  It's easy to come up with elevety-bazillion different reasons why you shouldn't CC and much more difficult to pick up the phone and start dialing.

Remember 6-8 touches before anything comes of it.  The people who tell you to f- off are @-holes anyway and you wouldn't want them as a client in a bear market anyway.  It can work, you just need a spine and some patience.

[/quote]

The 6-8 touches crap is a cop out. You should close for an appointment on the first call and close the deal during the appointment.

May 14, 2007 10:59 pm

[quote=joecamelguy]I got my start like everyone else - no silver bullet, just scrapped appointments with the phone.

Now, it's 100% referrals. I service the heck out of my clients, and they tell folks they know they are happy with me.

For me, the way to book those aquaintances of existing clients comes down to one thing: doing fun things with them in a social setting, along with the client, so I can be " checked out " at arms length.

Since I was successful and good at cold calling, it took a long time to make a 100% commitment to this approach. In terms of positioning as a professional in my own mind, there is no going back.

Some have said that being a money advisor is a little like being a priest or minister, in that people's money - how they feel about it - touches very close to their spiritual values. If that is true, at least for some people,  hiring a financial advisor would be a little different than just hiring someone to do some dental work, write up some legal papers, do taxes and so on.

The more you talk to clients and their friends about this a little - keep it light and honest - the more this resonates and draws people to you. The average person who hires an advisor wouldn't mind working together for decades, and will pay a fair price - they want your knowledge, experience, consistency and so on - the more you can get this message out through " positioning " - the more the business just flows to you. I don't imagine, for advisors who do this, that there is a lot of need or even desire to talk about it, if you know what I mean.[/quote]

This is pretty close to my story, except that the first part was the lazy man's path...I sat in a bank and supplemented my prospecting efforts with referrals from bank employees.  Today, it's all client/professional referrals and I love it.  On a referral, your close rate is very high and you're confident that the prospect is there because he/she/they WANT to be there.

I won't say that cold-calling doesn't work...there are too many proofs that it does.  I simply have no taste for it and I have a hard time believing that with all the obstacles (DNC, saturation, etc.) that it's as effective as it once was.  In fact, some old timers I met last week said that it's nowhere near as effective as it used to be.  The fact that it's still probably among the most effective methods for rookies underscores just how difficult it is to start from scratch today and be successful in this industry.  Hats off to all of you who've made it work.

May 14, 2007 11:03 pm

If you say the same things that everyone else says on the cold calls, you will get the same crappy results that everyone else gets. If I gave a crap about any of you, I’d share some ideas for cold calling.

May 14, 2007 11:21 pm

Nice comment, Indy. It was interesting following your transition thread here.

I think the whole point of the Joe Camel thread series is, we really need to remake ourselves as professionals - there almost comes a point when we just tell the wirehouses to " shove it " and quit screwing up our fishing waters by chumming them with garbage that is self serving and short term - having rookies cold call isn't even a good idea any more, for any one. Why don't we just get on with it.

Bobby, nobody cares what you think, anyway. Time to put on your thinking cap and develop some content, or at least start telling some good jokes here. We're bored with you and your shocking attacks upon civility.

May 14, 2007 11:55 pm

[quote=shorttoday]

Nice comment, Indy. It was interesting following your transition thread here.

I think the whole point of the Joe Camel thread series is, we really need to remake ourselves as professionals - there almost comes a point when we just tell the wirehouses to " shove it " and quit screwing up our fishing waters by chumming them with garbage that is self serving and short term - having rookies cold call isn't even a good idea any more, for any one. Why don't we just get on with it.

Bobby, nobody cares what you think, anyway. Time to put on your thinking cap and develop some content, or at least start telling some good jokes here. We're bored with you and your shocking attacks upon civility.

[/quote]

How can I lose with you serving as my self-esteem director?

May 15, 2007 1:18 am

 No way you can lose, friend.

May 15, 2007 4:20 pm

To this day I still ask people if they invest in Muni’s  when I cold call.  If the answer is yes, they probably have money.  Cold calling is one thing, qualifiying on the phone is key.  If you can qualify quickly, it makes you more motivated to close.

May 15, 2007 4:47 pm

[quote=shorttoday]

Nice comment, Indy. It was interesting following your transition thread here.

I think the whole point of the Joe Camel thread series is, we really need to remake ourselves as professionals - there almost comes a point when we just tell the wirehouses to " shove it " and quit screwing up our fishing waters by chumming them with garbage that is self serving and short term - having rookies cold call isn't even a good idea any more, for any one. Why don't we just get on with it.

[/quote]

You've gotta love the reading comprehension issues in this post.

This thread is entitled  "How many prospecting calls did you make this week?"

It's not "How many cold calls did you make this week?"

Yet the anti-cold calling coalition putting their poor reading skills to good use have decided to use this thread to jump on their just don't cold call soap box. The least they could do is get the thread originator right.

A prospecting call is any call that moves the prospect, regardless of how obtained, one step closer to becoming a client.

And on cold calling:

At least it's straight forward and honest. Which is more than can be said about the disingenuous gladhanding FAs hanging out at charity events, not as true believers in the cause, but for the business contacts.

May 15, 2007 4:48 pm

[quote=bXpress]To this day I still ask people if they invest in Muni's  when I cold call.  If the answer is yes, they probably have money.  Cold calling is one thing, qualifiying on the phone is key.  If you can qualify quickly, it makes you more motivated to close.[/quote]

I used to do the same thing, but instead of asking "if" they buy them, I asked them "where" they were buying them. That little nuance made all the difference in the world in terms of being able to take that conversation in any direction.

May 15, 2007 5:41 pm

"I used to do the same thing, but instead of asking "if" they buy them, I asked them "where" they were buying them. That little nuance made all the difference in the world in terms of being able to take that conversation in any direction."

Good point BH- now go back into your cage.

May 15, 2007 6:12 pm

" Where do you buy your muni bonds, " and " Do you want to play golf?". I really like that.

Aug 14, 2008 7:03 pm

Bumped for good read.

Aug 14, 2008 7:31 pm
BondGuy:

How many will you make next week?



20-25 a day