Parad0x Accountability Journal

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Oct 25, 2011 9:39 am

As evidenced by this forum, and the hardworking people who post here everyday, accountability is the key to success.

 

As follows is my accountability journal.

 

LOE of 2.5 years, but LOS 2mo. at current well-known wirehouse

Located in the Northeast, my area is not ripe with opportunity but close enough to some very large markets. Will begin with residential calling, sprinkled with an hour or two a day of business calling.

My leads come from sites I’ve used in the past, and some from RefUSA. I will be calling mainly retirees in lead listed areas of 250K-1MM.

My “talking points” (as BG wisely refers to them) will mostly be

“Hi Mr.___, I currently have a supply of high quality, insured municipal bonds getting around 3% tax-free, how does this compare to the rates you’ve been seeing at your bank” and other variants

 

I think giving in to your own excuses and social anxiety are the two biggest pitfalls to anyone entering this business. I am in an office with a large amount of senior advisors and I don’t love picking up the phone for them to hear me calling. But hey you gotta get over that, because they all did it, and hopefully they see I am working hard and going through the same things they did when they started.

The other hardest part is picking up the phone for the first call of the day, I can always find some training or market reading to do to put that off as long as possible. I just gotta print out my list for the next day, and start calling as soon as I sit down at my desk, and if I get there early enough the other advisors won’t be there to hear my first calls which are always my worst till I find my groove.

 

I’ve also decided to add a physical component and an educational component to my calling to keep my mind fresh and stay motivated. I will begin with 50 push-ups for every 75 calls, and will reward myself with 1 hour of CFA Level 1 studying for every 4 hours of calling I do.

 

"Scared money, don't make no money"

-Ernest Hemmingway

Oct 26, 2011 8:35 am

Slow day, had paperwork and longer calls to make

Dials: 147

Contacts: 19

Prospects: 2, 1 with a 401k opportunity, 1 with a large lending opportunity.

I'm worried my muni script is too choppy. Once I get them talking I'm fine, but when I start out its just awkward. I also never say "how are you today", I feel they know this is a saleman, and he doesn't care how I am, and a sales defense goes up.

Peace be with you.

Oct 27, 2011 9:19 am

Dials: 124

Contacts: 17

Prospect: 1

Had a slow day, and half of it was meetings or conference calls in the afternoon. Really gotta get after it today and get minimum 300 calls in to go home happy. Anyone having any luck on changing scripts. I've been reading that annoying never cold call book that you see on EVERY google Adwords and Every cold call/prospecting search you try. Its actually not that bad, and I dloaded it on my phone so I can read it waiting for people to pick up. There is some decent advice in there, not sure if anyone has tried it, I am at a large wirehouse so I'm worried that alot of the suggestions won't work or will get me in trouble. Everyone have a great calling day, thanks for reading.

Trying to keep the How to make it... theme song in my head to keep dialing

Closed mouths, do not get fed on this boulevard

-Antoine "Ace Hood" McColister

Jan 3, 2012 7:09 pm

Was hoping for some advice. Right now my calls are comprised of 20% muni/high dividends, and the other 80% I am calling for some senior advisors for a seminar we are doing. They are paying for the dinner at an upscale restaurant and it has to be Qualified investors for a dividend portfolio strategy

Unfortunately the pitch and restaurant have not had much response, I am trying to do it low-key to pre-select out the plate-lickers, but I'm getting nowhere. I have good lists, and they are business owners and high income. I am leading with

"Hello this is [me] from [wirehouse] here in [my city]... The reason for my call is that we are holding a dinner at [fancy restaurant] at the end of the month. A couple of our senior portfolio managers will be presenting some conservative strategies which have done well over the past [6,7,8] years against the market, as well as some pitfalls and tax savings strategies going into 2012. I am just wondering if this is something you might be interested in, as we get closer to the date..."

I realize its a lot, and finished with a closed-ended question (which may be my only problem) and I have switched some wording around as I call. But there really is only space for 10-12 people and they Have to be qualified.

Any advice would be greatly appreciated

Feb 7, 2012 7:09 pm

Need some advice, maybe ATW, King Bobby, BG, dashover, etc...maybe even Amber_M.

I have been calling on muni's without much luck, but now a senior advisor and I are starting a campaign on dividend yield strategies. I will be mailing 25/day (firm limit) and dropping off 25/day (time limit), then calling with follow-up, my other calls will supplement until my list is big enough for 300 dials/day. I feel my delivery is weak, and I need to be more forceful.

Basically my follow-up is

"Hello Mr. Johns, this is [me] from [WH], here in town. I dropped off some information regarding a time-tested high quality strategy we have been using here with great success. I wanted to set up a time to come in and speak with our senior broker some more about it. Is Tuesday or Thursday better for you?" 

Thanks to anyone for your help

Feb 7, 2012 11:52 pm

In cold calling quantity of calls is more important than quality...

Where else does that apply?

I would try :

Our Firm, based at Smith and Apple Streets ; Is Reaching out to the community...
and Based on Market conditions, We're mostly recommending Programs that are providing HEAVY cash flow...

In fact we have 8 ideas providing yields over 8% ... (See Closed ends,preferreds, yada,yada)

and what I'd like to do is have one of my partners (Our Branch's Cash Flow Portfolio Manager)
Give you a quick call in the next day or so to review some ideas? (No Pause)

What's a good time to call you in the next day or so?

By the way if you like some of these ideas ; They require a minimum of $50,000 or ?

If you like the ideas would that be a problem for you right now?

My 2c

Dash

p.s.  Ask " When you look at your portfolio and add it all up , Are you working with over $2,000,000 Mr Jones.If he says yes ... thats a nice lead , get 300 of those and you'll be ok... ( Don't be shy )
If he says no say ; About $1,000,000?
Try and narrow it down from too high...

Try to Gather lead potential assets of $1,000,000,000
   500 x $2,000,000   ( U can do it ! )

p.s.s  read my post on list building

p.s.s  Sales 101 ; Always end your sentence with a question, Does that make sense?
The person who asks the last question controls the conversation, Are we clear about that?

-----------

It's going to be tough to have them "come in"

I would try and either have the senior guy call the leads and setup the appointment if possible. or Say ; I'll be in the area Thursday and I'll drop off my card and a brochure, OK?!  (Take 3 hours Thursday to drop off Cards); Face to Face for the 1st meeting is ALWAYS the best even if it's only for 5 minutes. Ask them to buy $25,000 of something on the phone ; Let me put this idea in your account; OK?!
Feb 8, 2012 4:31 pm

Yeah......I think DahOver has it nailed....salvage the diner calls and call backs with the senior broker call back if that's Ok with you....and always qualify for areas of interest to them........and since this is your neck of the woods...do get out the car and drop in to introduce yourself, shake a hand and give  them a card or so.....makes a HUGE difference.

Remember.....when it comes to phone calls......stack the deck in your favour and do VOLUME.....

All The Way

Feb 8, 2012 5:23 pm

[quote=parad0x01]

Need some advice, maybe ATW, King Bobby, BG, dashover, etc...maybe even Amber_M.

I have been calling on muni's without much luck, but now a senior advisor and I are starting a campaign on dividend yield strategies. I will be mailing 25/day (firm limit) and dropping off 25/day (time limit), then calling with follow-up, my other calls will supplement until my list is big enough for 300 dials/day. I feel my delivery is weak, and I need to be more forceful.

Basically my follow-up is

"Hello Mr. Johns, this is [me] from [WH], here in town. I dropped off some information regarding a time-tested high quality strategy we have been using here with great success. I wanted to set up a time to come in and speak with our senior broker some more about it. Is Tuesday or Thursday better for you?" 

Thanks to anyone for your help

[/quote]

First, what do you mean calling on muni's without much luck? Can you give an example your opening and maybe some #'s.. (basically I'll just want to know how many contacts on avg to get an acct) That'll reveal alot.

Next, your followup looks fairly good, if not real good. (As well as the advice given imo) My followup is more aggressive and direct then yours and I'll give you an example since it seems that's what you're wanting or considering to implement.

"I sent you information on a tax-free municipal (or I'll say it specifically) bond that pays the equivalent of X%. I wanted to get in touch because we’re down to only 500 left. Is this something that you want? If yes (with 500 left, would you like them all or a portion?)

If no, find out if its a component of the bond (maturity, yield, rating, state, type) and find out what works simply by asking. If no, and it's not a component of the bond, find out what they buy and repeat.

If no and it's timing, well you know what to do.

If no and it's another reason, try to persuade if you feel like it, but I almost always cut em loose and call them again in 6-8 weeks with something else when their name comes up on the lists, just like anyone else.   Just find the buyers.