Need help with Cold Call Rebutal

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Oct 4, 2010 3:48 pm

I need help with a Cold call rebutall.  Today is my first day calling and I keep hearing I already have an Advisor.  I need a good rebutal to this.  Thank you guys.  I new im a newbie and this is a silly question but I thought you guys might be able to help. 

Oct 4, 2010 3:50 pm

There is no rebuttal, other than "thankyouverymuch.." dial the next number as fast as humanly possible. 

Oct 4, 2010 5:16 pm

Every one of our clients had an advisor when they joined us;

We were able to suggest some material improvements to their current investments, and I just wondered if we could show you how to get more income or reduce risk, etc. would it be worth a few minutes of your time to let us show you what we're discussing with our clients right now

Why don't I stop by with my card and brochure tomorrow at 3pm...(push for the meeting!)

Oct 4, 2010 4:13 pm

Do you have a car?

"Yes"

Is it a Ferrari?

"No"

If I gave you a Ferrari, would you drive it?

"Yes"

Why would you drive it if you already have a car?

"Oh I see what you did there"

Oct 4, 2010 5:56 pm

Great advice..... Rough day but Im just calling away I think I'll eventually get the hang of it.  This is my first day ever calling and I am not gunna give up.   F***k Em and keep dialing

I got faith it works from reading everyones post. 

Oct 4, 2010 7:47 pm

Of course it works, if it doesn't then you are not calling enough people to overcome your lack of selling skills, product offered, accent or whatever it is that the callers do not like. If you call enough people, you will be successful. Those that fail do not call enough. Also you will not know how much is enough until you are done. Sooo just keep calling, just keep calling, just keep calling.

"Yeah so does most other investors I talk to. Mr. Client, why don't you replace his worse investment with my best investment and see how things go?"

Oct 4, 2010 8:44 pm

I just finished calling today.  My call ratio is terrible.  Here are my numbers

Cold calls 210

Contacts (People I actually talked to.... including people that said no thank you) 36

Prospects (people who agreed to join my e-newsletter and agreed to me mailing them a thank you card) 4

Appointments set 0

This is my first day ever cold calling.  Are these normal results?

Oct 4, 2010 8:47 pm

YEP!!!!

I have an advisor….

#1 "I know. How do you think I got your name and number?"

#2 Are you confident enough in your broker to get a second opinion from a professional advisor?

#3"Thats ok, my wife had a boyfriend when i met her"

#4 I am so glad to hear you have an advisor....good thing they are not like Wives....you can have more than one

Oct 4, 2010 8:51 pm

Awesome comments.  Is it normal not to book an appointment on the first call?  Does it usually take multiple calls to set up an appointment?  Did I do the right thing by mailing them a thank you card and putting them on my E news letter that gets sent out monthly for a touch point?

Any help will be greatly appreciated!!!! I want this business so bad I will not give up!!!!!

Oct 4, 2010 9:17 pm

On average it takes 5-7 contacts to turn a prospect into a client. If you get one client a week averaging about 100k in investable assets, you are knocking the cover of the ball. Now think 1 client a week and it takes 5-7 contacts (which are usually about two weeks apart) to turn a prospect into a client, how much work/time does it take to get this process started? You could get clients real quick or you could get clients 2-3 months from now, who knows. What you should know is that the more prospects you can get into the top of the funnel the more that will make it through to the bottom. That is why it is VERY important for you to call as many people as possible.

Oct 4, 2010 10:37 pm

If you're very good 1% will be interested.

If you're excellent 2% will be interested.

If you're superb 3% will be interested, you're still gonna get slapped in the face 97 times...

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

Qualify for 1mm; Almost all successful investors have over 1mm now... ( I normally say btw I would assume your portfolio is over 2mm, would that be about right? No about 1mm?, No about 250k? You need to call with a simple product like a Tax Free bond paying 5% tax free, or a preferred than you can get fancier. I use MFM to show 7% tax free just to get the conversation started. 

Rarely does someone buy what was mentioned on the first call...

Build a list of 200 people with portfolio's over 1mm and call them every 40 days or so with a new product till you open them on anything. 

Only write them up and put them in your list on (ZOHO.com free) if they have over 1mm...

My2c

Oct 5, 2010 10:32 am

I have another question for all you gentleman.  Should I leave voice mail when cold calling?

Oct 5, 2010 10:37 am

dont bother ; unless you say ;Jack  " would you mind calling me back at 555-1212 I need to check with you ... and then hang up "  kinda hokey but you will get calls back and if you are good at diffusing the anger you may be able to get a lead...

Ask everyone for their cell phone for your next call...

Oct 5, 2010 11:03 am

Dashover what is MFM?

Oct 5, 2010 11:19 am

I disagree with anyone that uses dishonest tactics on the phone. Essentially, you're proving that you're not honest, trustworthy. I found leaving vm to be just as effective, if not more effective, when calling on a good product. If an income inclined, interest rate inclined prospect hears something they really, really like, why on earth would they NOT call you back?

Oct 5, 2010 5:24 pm

Hey Balls - MFS Municipal Income Trust (MFM) - after you are in the business a while you will learn about the advantages of closed-end funds vs open end funds.

Oct 5, 2010 8:50 pm

Balls: goto Yahoo type in MFM ,  MFS closed end fund

see "HIstorical Prices on left"

check "dividends only" note the 250 consecutive or so dividends paid etc.

Certainly these funds are very rocky and may be very sentive to rates increasing but they do have a LONG history of paying dividends and over say 15 year periods may do ok ; and you can quote the current yield at 7% tax free which is a great conversation starter.

I prefer 20 year zero's myself at 5% tax free ; but I'll start with a high yield or even JNK at 10% just to get things rolling.

My2c