How much?

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Dec 22, 2009 4:56 pm

Hi! I am new to posting on this forum but have read it for years. Any input is greatly appreciated.


As I plan for my 4th year in the business at a major wirehouse I was setting goals for 2010 but parts of me wondered if I was being overly aggressive or too conservative. My question is, How much on average can an advisor bring in in one year through cold calling?
 
On average I hit 200 dials a day 3/4 days a week and then do some networking and referral marketing the other days.
 
My estimates was about $8mm to $12mm through pure cold calling alone. Sadly, and don't ask me why, I have done a poor job of asking for referrals, but plan on making it a strong point this year!
 
Thanks
 
Dec 22, 2009 5:07 pm

It would help if you tell us you have brought in each of the past 3 years.  If the answer is $3mm/year, then I doubt you are going to triple that in one year.  But if you have been doing $5-8mm/yr., then your goal of $8-12mm is doeable.  Keep doing what you have been doing, and if you add a referral process, that should make up the difference.

Dec 22, 2009 5:20 pm

Thanks!


I have averaged bringing in about $7MM but averaged less dials(150) and only cold called 3 days a week. I mainly call small business owners. I am not scared of hard work or of picking up the phone, but want to be realistic. I have hit 300+ dials a day before, but find I cannot keep up that pace consistently, hence, I added a few client events, and networking. I really want to make this a banner year for me and try to bring in $15mm+.
 
Happy Hunting!
Dec 22, 2009 5:46 pm

I am a numbers guys so by your estimates.

 
150 dials/3 days/week(50 weeks, not 52 because of time wasted)=22,500 dials
 
$7MM/22500 calls=$311/call
 
SO if you increase to 2oo dials/4days/week(50)=40,000 dials
 
40,000 dials*$311=$12.4MM
 
Estimating $8mm-12MM is too much variance. Based on your numbers I would say $10.5MM to $12MM shouldn't be a problem.
Dec 22, 2009 6:07 pm

Why do you too?

Dec 22, 2009 8:32 pm

It might be 2-3 hours if I crab walked...

Dec 22, 2009 8:50 pm

Actually Chief, I am gazing into your living room right now ! j/k obviously. I just bought a home in the City of Chief (currently I am 20 minutes away) and our offices are in neighboring cities. I was able to recognize him because I saw a guy doing a seminar at a local restaurant with a nice suit on and a full headdress.

Dec 22, 2009 10:42 pm
AgBroker:

Hi! I am new to posting on this forum but have read it for years. Any input is greatly appreciated.


As I plan for my 4th year in the business at a major wirehouse I was setting goals for 2010 but parts of me wondered if I was being overly aggressive or too conservative. My question is, How much on average can an advisor bring in in one year through cold calling?

On average I hit 200 dials a day 3/4 days a week and then do some networking and referral marketing the other days.

My estimates was about $8mm to $12mm through pure cold calling alone. Sadly, and don't ask me why, I have done a poor job of asking for referrals, but plan on making it a strong point this year!

Thanks

Why are you asking us what you can do? You have the answers yourself. Heck, Stephen Anderson, when he started at 23 years old at a Paine Webber office, opened up 3 accounts a day. Wrote 250k first year, and over a million his second.

Do more of what is working for you. But do you plan on cold calling the rest of your life? I can guarantee you that you dont have 100% of all your clients money. It is easier to generate business from an existing client than to get a new one.

Also, make sure your clients know of everything that you do, planning, investments, insurance, 401k's, etc. If you say most of your clients are small business owners, why not put down the phone and visit the businesses of those clients, meet with their employees and show your face around.

You have put up really good numbers and have a strong worth ethic from the looks of it. Congrats.

Dec 23, 2009 9:52 am

Who is Stephen Anderson.... never heard of him..


Also I agree that it is easier to generate more assets from existing clients, but some of us are still building up a good base.

Apr 30, 2010 1:28 am

So do you guys go through the whole process (cold calling to closing) strictly over the phone?

No face to face meetings?

Thxs