List parameters

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Jan 12, 2011 5:46 pm

What parameters (Household income, home value, etc)  do you guys typically set within sales genie, reference usa, etc to generate the best leads?

Jan 18, 2011 12:26 pm

Sbairtime,

What does your current book look like? What common characteristics do your
tops 5% share? If you want to expand your "current" market, use that
as your base. Once you know what your top 5% looks like, you can better gauge
how much you want to step up to open your "new" market.

Leads help generate activity, which will help you expand your practice. Referral
/ Recommendations are the best way to get to new qualified clients. Consider
holding off a month on your list purchase and spend 1/12 of your budget taking
your top 5% out for coffee or breakfast.

You
catch mostly what you fish for.

I
do buy leads, but focus my on practice base on client referrals and recommendations.

Jan 25, 2011 9:51 pm

Have you ever thought of prospect researching tools? They are a lot less expensive than sales genie, list services et al. And provide much more accurate and deeper information sets, which are updated continuously.

Jan 26, 2011 11:33 am

Most people with a book already know what parameters to set for prospecting lists. I think the OP is looking for parameters to build a list when you are starting out.

I have never built a list or used cold calling but I would guess things like net worth, liquid net worth, investable assets, income and zip codes would all be places to start. one of the CPAs I use will refer a client that either has 50k+ income or max out retirement account or has 5k div/int income per year. But I will at least have a phone conversation with anyone they send my way.

For those of you that built your business cold calling, what way would you build your first list using the experience and knowledge you have now?

Another question I have that may help new guys would also be - where are some good places to work that are not in the office nor at home which are two places that have many distractions? I have used Borders and the Library but what are some other places?

Jan 26, 2011 11:48 am

The key is M-O-N-E-Y! Dah, Ok, that you knew that. Who has it? That's tougher. Wealthy looking neighborhoods can produce but you run the risk of a high percentage of cashed out homeowners. Cold calling the wealthiest neighborhood in my wealthy town yielded me a $2500 account. You read that right. Not one, but two Mercedes parked in the driveway of this million dollar home and they didn't have two dimes to rub together.

When calling neigborhood directories think outside the box. The A type homes in the C type neighborhoods haven't gotten their fair share of calls.

By far, lists of business owners is the most consistant at producing wealthy propspects. Chances are a guy with 100 employees doing 10 to 20 mil a year in revs has got some dough. That's not to say one should ignore the mom and pops, because you'd be surprised who can pony up $100k on a phone call. The only way to find out is to dial.

Jan 26, 2011 11:57 am

BG - is that information available via library (reference USA) or a D&B list (available online via purchase) or some old fashioned roll up the sleeves research/development of business lists starting locally then spreading out?

Also, what about a place not at work and not at home to get away from the distractions? Any suggestions on that?

Jan 26, 2011 6:48 pm

Thanks guys for the feedback.  I am new to the business and have been playing around with Hoovers to build a good list to call when I go live in the coming weeks. 

Bondguy, I have read a few of your posts and I had a question.  I plan on primarily calling businesses.  I know your biz plan is to call on product.  The feedback I have gotten when calling businesses is to pitch ways to help them improve the bottom line, etc to get in the door with the goal being to eventually get a piece or all of their investment assets in house.  When you call business owners are you calling with a specific product (bond, preferred, etc)?  Or do you just call residential?

Thanks in advance!

Jan 27, 2011 8:27 am

[quote=ZwingDing]

[quote=Spinn99]

Have you ever thought of prospect researching tools? They are a lot less expensive than sales genie, list services et al. And provide much more accurate and deeper information sets, which are updated continuously.

[/quote]

What do you mean by "prospect researching tools?" Do you mean things like Hoover's? What resources are you referring to?

[/quote]

A prospect researching tool is a web site where you can enter the criteria you are looking for in a potential client and it will return a list of all the clients in your area that meet the criteria you specify. The better ones then deliver a full wealth profile for all prospects in the list. This will list things such as real estate owned, net worth, and net income as well as a lot more. They are are usually much cheaper than hoovers and offer a lot more data, along with full contact details.

Jan 27, 2011 10:26 am

[quote=Spinn99]

[quote=ZwingDing]

[quote=Spinn99]

Have you ever thought of prospect researching tools? They are a lot less expensive than sales genie, list services et al. And provide much more accurate and deeper information sets, which are updated continuously.

[/quote]

What do you mean by "prospect researching tools?" Do you mean things like Hoover's? What resources are you referring to?

[/quote]

A prospect researching tool is a web site where you can enter the criteria you are looking for in a potential client and it will return a list of all the clients in your area that meet the criteria you specify. The better ones then deliver a full wealth profile for all prospects in the list. This will list things such as real estate owned, net worth, and net income as well as a lot more. They are are usually much cheaper than hoovers and offer a lot more data, along with full contact details.

[/quote]

Why wouldn't you just post the website addresses instead? From what I remember they are not worth the price. Especially since most of that info is publicly available anyway.

Jan 28, 2011 3:06 pm

[quote=N.D.]

[quote=Spinn99]

[quote=ZwingDing]

[quote=Spinn99]

Have you ever thought of prospect researching tools? They are a lot less expensive than sales genie, list services et al. And provide much more accurate and deeper information sets, which are updated continuously.

[/quote]

What do you mean by "prospect researching tools?" Do you mean things like Hoover's? What resources are you referring to?

[/quote]

A prospect researching tool is a web site where you can enter the criteria you are looking for in a potential client and it will return a list of all the clients in your area that meet the criteria you specify. The better ones then deliver a full wealth profile for all prospects in the list. This will list things such as real estate owned, net worth, and net income as well as a lot more. They are are usually much cheaper than hoovers and offer a lot more data, along with full contact details.

[/quote]

Why wouldn't you just post the website addresses instead? From what I remember they are not worth the price. Especially since most of that info is publicly available anyway.

[/quote]

Sorry about the delay. I usually do this from home and the power here in Washington, DC has been out for two day.....why couldn't Congress of been out?

Anyways the firm we use is www.wealthengine.com .  I have tried lists too and they are a joke, a complete waste of money. This firm has provided us with quality contacts and even a way to reach their friends. The Information has been accurate and very useful. I was reluctant to post it because some firms hate people listing sites, it hurts their paid advertisers.

Jan 28, 2011 3:25 pm

Yeah if your pimping just one site then it is best to keep it to yourself. If you list several (3 or more) and then give your opinion about each, it usually goes over much better.

So you were saying?

Jan 29, 2011 3:09 pm

[quote=N.D.]

Yeah if your pimping just one site then it is best to keep it to yourself. If you list several (3 or more) and then give your opinion about each, it usually goes over much better.

So you were saying?

[/quote]

That is why I was  a bit reluctant to mention it. The site has really given us a leg up when we know so much about a prospect before we even call that I thought it was worth a mention on this thread, as it was relevant.

Jan 28, 2011 10:27 pm

[quote=Spinn99]

[quote=N.D.]

Yeah if your pimping just one site then it is best to keep it to yourself. If you list several (3 or more) and then give your opinion about each, it usually goes over much better.

So you were saying?

[/quote]

That is why I was  a bit reluctant to mention it. The site has really given leg up when we know so much about a prospect before we even calling that I thought it was worth a mention on this thread, as it was relevant.

[/quote]

Spinn, I'm not sure what N.D.'s issue is. I appreciated the input and the clarification. Thanks.

Jan 30, 2011 8:35 am

My issue is obvious. Thanks for telling us which list provider you prefer but do the members a favor and mention some others and why you chose this one in particular so we may find the one that fits best for each of us. Im guessing you did some research on a couple and didn't just pick the first one in the phone book, right?

(Its almost like you two are the same person?)

Jan 30, 2011 8:50 pm

[quote=N.D.]My issue is obvious. Thanks for telling us which list provider you prefer but do the members a favor and mention some others and why you chose this one in particular so we may find the one that fits best for each of us. Im guessing you did some research on a couple and didn't just pick the first one in the phone book, right?

(Its almost like you two are the same person?)[/quote]

we evaluated the usual suspects, sales genie, Hoovers, and a few list companies. We went with Wealth engine because they provide more data than the others, and have a way to contact friends of our clients. This allowed us to leverage introductions and schedule a few workshops. We want to know our customer before calling, this was a good fit.

Jan 31, 2011 10:11 am

[quote=Spinn99]

[quote=N.D.]My issue is obvious. Thanks for telling us which list provider you prefer but do the members a favor and mention some others and why you chose this one in particular so we may find the one that fits best for each of us. Im guessing you did some research on a couple and didn't just pick the first one in the phone book, right? (Its almost like you two are the same person?)[/quote]

we evaluated the usual suspects, sales genie, Hoovers, and a few list companies. We went with Wealth engine because they provide more data than the others, and have a way to contact friends of our clients. This allowed us to leverage introductions and schedule a few workshops. We want to know our customer before calling, this was a good fit.

[/quote]

Your original quote implied that there are other options besides the traditional "expensive" services most advisors use. I agree that all sources should be considered but to ask if someone "thought of prospect researching tools? They are a lot less expensive than sales genie, list services et al" when in fact you only wanted to promote this one service.

notice the keyword "tools" as in more than one.

[quote=Spinn99]

Have you ever thought of prospect researching tools? They are a lot less expensive than sales genie, list services et al. And provide much more accurate and deeper information sets, which are updated continuously.

[/quote]

Either way the exposure has been made for your "favorite" site and I should have digressed long ago.

May 20, 2011 11:52 am

I think he works for them cause his inputs here were just for that website...plus that is also the website that registered reps uses...my question is how is it cheaper if sales genie costs like a 1000 a year while this one cost 5k a year...I think from what ive read that you were just here to promote that website.

May 20, 2011 2:42 pm

Notice the guy reccomending the sites has only posted on this topic and suggested wealth engine..

Sales Genie, reference usa, etc are all the same company (INFO group) everyone else is most likely a lead reseller except (D&B and a few others)..

Start with free lists (library has stuff, if you go to the right library..sometimes it takes 2-4 different libraries in your area, go on a saturday so you aren't wasting time)