Money In Motion

or Register to post new content in the forum

21 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Jun 1, 2005 8:32 pm

Anyone, with experience in this business, realizes that a broker's best shot at obtaining new assets is capturing "money in motion". For those who aren't familiar with the term, it basically means money that is in transition or money that hasn't found a purpose, yet. Examples would be lottery winnings, sale of a home, inheritance, etc.


The quicker you contact prospects who have received such money, the better the odds the prospect will hire you as their broker. The trick, of course, is finding these people and fast.


One prospecting technique I use is to canvass real estate records for sales within the last week or so. You can search these records at your local courthouse or (depending on the state) search online for the entire state. My state operates a statewide database that I can access from my computer. I pay a fee to access these records, but it's normally only $30-$40 per month. The listed records are normally 1 or 2 weeks old. 


I've had some success at obtaining new clients, using this process. It certainly beats many of the "lists" that are sold to brokers.


Anyone else using this technique?

Jun 1, 2005 8:52 pm

I've never used that technique, but when I was a broker in the 80's I used to write down the license plates of expensive cars, and then call the State Motor Vehicle Department for the owner of record. It worked very well for about a year, and then they state put an end to releasing the info. At one point, I had a client that owned a Ferrari and an another who owned an Aston Martin DB5 (a la James Bond).


Hard work is important, but a little creativity never hurts either. Both of these guys had unlisted numbers and when I finally tracked them down they were quite impressed. The guy who owned the Aston Martin wasn't even working with a broker! 

Jun 2, 2005 3:51 pm
doberman:

Anyone, with experience in this business, realizes that a broker's best shot at obtaining new assets is capturing "money in motion". For those who aren't familiar with the term, it basically means money that is in transition or money that hasn't found a purpose, yet. Examples would be lottery winnings, sale of a home, inheritance, etc.


I've had some success at obtaining new clients, using this process. It certainly beats many of the "lists" that are sold to brokers.


Anyone else using this technique?



Money in motion is a good thing. Bill Good identifies it a a key to building a "future funds due" call back list. While you're down at the courthouse go to the register of wills and get a list of the recently probated wills. That should give you some names of prospects with found money and a need for service.


In the past I've called the classified ads of people selling expensive cars, boats, planes etc. I told them that I had good news and bad news for them. The bad news, I wasn't a buyer for their car/plane/boat, the good news was I had a fantastic tax free bond for them to consider. The responses ranged from laughter to getting blown off the phone. It also has opened accounts.


Lastly, look for A streets in C neighborhoods. These people aren't getting their fair share of contacts. All from Bill Good.

Jun 2, 2005 4:07 pm

"Lastly, look for A streets in C neighborhoods. These people aren't getting their fair share of contacts. All from Bill Good."


Thats a good idea. Most people who live in the affluent areas of town get absolutely hammerred with calls ( if they arent on DNC). By focusing on "the diamonds in the rough" who may not get all the love, you could probably find some decent prospects. A good way to find names for particular streets would be the Haines Directory. Not sure if they provide numbers though.

Jun 2, 2005 8:09 pm

While you're down at the courthouse go to the register of wills and get a list of the recently probated wills. That should give you some names of prospects with found money and a need for service.


In the past I've called the classified ads of people selling expensive cars, boats, planes etc. I told them that I had good news and bad news for them. The bad news, I wasn't a buyer for their car/plane/boat, the good news was I had a fantastic tax free bond for them to consider. The responses ranged from laughter to getting blown off the phone. It also has opened accounts.


------------------------------------------------------


A former co-worker (wirehouse broker) once sent sympathy cards to the family members mentioned in the obituary column of the local newspaper. He did this for about three months and got ZERO responses.


Sometimes, it's easy to get in a "marketing" rut in this business. Doing something new and creative perks me right up!


Great pointers, thanks!


Jun 8, 2005 11:17 am

i would recommend actually standing in front of the funeral home.  might as well REALLY try to stand out

Jun 9, 2005 2:19 pm

The obit idea would work better if you held off for several months and
then got stronger.  Most people don't see the money for 6-18
months so his cards were long lost by the time they were seeing
anything.



A spouse on the other hand who is desperate might see an immediate need.

Jun 23, 2006 6:11 pm
doberman:

While you're down at the courthouse go to the register of wills and get a list of the recently probated wills. That should give you some names of prospects with found money and a need for service.


In the past I've called the classified ads of people selling expensive cars, boats, planes etc. I told them that I had good news and bad news for them. The bad news, I wasn't a buyer for their car/plane/boat, the good news was I had a fantastic tax free bond for them to consider. The responses ranged from laughter to getting blown off the phone. It also has opened accounts.


------------------------------------------------------


A former co-worker (wirehouse broker) once sent sympathy cards to the family members mentioned in the obituary column of the local newspaper. He did this for about three months and got ZERO responses.


Sometimes, it's easy to get in a "marketing" rut in this business. Doing something new and creative perks me right up!


Great pointers, thanks!





thats a great idea about the wills, but its a touchey subject. How would you go about contacting these prospects without coming off cold??

Jun 23, 2006 6:45 pm

Years ago there was a Taxi episode--it was a TV show--where Louie, played brilliantly by Danny DeVito, became a stock broker.


He used the obits to prospect.  But his approach was a bit more aggressive--he would call widows and demand that they pay for things their husbands bought the day before they died.


I suspect the NASD would not appreciate the effort as much as the writers of that particular episode.

Jun 23, 2006 7:38 pm
louise00:
doberman:

While you're down at the courthouse go to the register of wills and get a list of the recently probated wills. That should give you some names of prospects with found money and a need for service.


In the past I've called the classified ads of people selling expensive cars, boats, planes etc. I told them that I had good news and bad news for them. The bad news, I wasn't a buyer for their car/plane/boat, the good news was I had a fantastic tax free bond for them to consider. The responses ranged from laughter to getting blown off the phone. It also has opened accounts.


------------------------------------------------------


A former co-worker (wirehouse broker) once sent sympathy cards to the family members mentioned in the obituary column of the local newspaper. He did this for about three months and got ZERO responses.


Sometimes, it's easy to get in a "marketing" rut in this business. Doing something new and creative perks me right up!


Great pointers, thanks!





thats a great idea about the wills, but its a touchey subject. How would you go about contacting these prospects without coming off cold??



I would use the telephone.

Jun 24, 2006 4:47 am

That Taxi episode is classic- I still have it on tape.  "Well is your mommy home? No? Well do you know where she keeps her checkbook?"....."Oh oh I'll call you after the funeral services.  In the meantime, think chemicals and electronics."


On another note...do people actually still call homes in the DNC era? I always hated calling residences.  Get corporate directories; pitch an idea and regardless of the response ask everyone if they are looking to retire or change jobs in the near future.  Yes, it's the 401k rollovers your after. 


If people ask how you got the phone #, tell them that Joe Broker, who left your office a little while back, had your name/number on a card and that your firm wanted you to keep up contact with prospective clients.  Works terrific.

Jun 24, 2006 8:35 am
Jun 24, 2006 1:40 pm

Prospect- "How did you get my name?"


FA- " Thats a good question... My partner and I specialize in helping individuals in your area in terms of wealth management strategies... Our team, along with our marketing group out of NY, have identified you as someone we should be working with... The purpose of my call today is to introduce myself and inquire into how we may be able to work with you to achieve your financial goals... Based upon the current volatility in the markets, can I answer any questions or concerns you may be having of late???"


Of course, it doesnt always work.. But it addresses their question, flatters them as being 'selected', and gets them engaged.... Ahhhh, its all a numbers game and crapshoot in the end.....

Jun 24, 2006 8:22 pm

Good response, Blarm.


It beats my response, "Oh, uh, well, (papers shuffling) today I'm calling everyone who's last name starts with 'B'. Say, could I interest you in....hello...hello?"


Then a little light bulb lights up over my head: "I know, I'll mail this person some brochures and wait for them to call me! Gee, this business is easy!"

Jun 25, 2006 10:52 am

why not just hang out at funeral homes?

Jun 25, 2006 12:01 pm

frumhere:


why not just hang out at funeral homes?


---------------------------------------------


Even better, locate your office next door to a funeral home. Put big, poster-sized signs in your windows; such as:


"Don't Wait Till It's Too Late, Buy Life Insurance NOW!"


"Your Loved-one Can't Come Back From the Dead, But Their Investments Can! Ask About Our Variable Annuities With Principal Guarantees!"


"Death And Taxes. We Can Help You Avoid The Latter." 


"Give New Life To Your Departed One's Investments. See Us, Today!"


"You Can't Take It With You; So, Make Sure You Have Something To Leave Behind. See Us, Today!"


"Make Sure The Financial Security Of Your Loved Ones Isn't Buried With You. See Us, Today."

Jun 25, 2006 1:53 pm

well done  

Jun 25, 2006 2:15 pm

doberman:

CORRECTION:


"Make Sure The Financial Security Of Your Loved Ones Isn't Buried With Them. See Us, Today."


-------------------------------------


In all seriousness, my hat's off to the guys who coordinate funeral proceedings, in the deep South. I've seen them, wearing dark suits, standing in 100+ degree heat, directing the funeral procession.

Jun 26, 2006 2:44 pm

...hey that was me, handing out my card.   

Jun 26, 2006 10:53 pm