A prospect

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Aug 6, 2007 2:22 pm

That I've been going after for about 11 months just got his entire 401(k) sold into an EIA -- about 600m.


Even bought the guy lunch twice and he flew to Chi town behind my back and did this with his other guy.

Aug 6, 2007 2:28 pm

What an idiot.  Hope he likes his money tied up.

Aug 6, 2007 2:47 pm

drewski, Did you do a better job talking than listening?

Aug 6, 2007 3:02 pm
drewski803:

That I've been going after for about 11 months just got his entire 401(k) sold into an EIA -- about 600m.


Even bought the guy lunch twice and he flew to Chi town behind my back and did this with his other guy.



If you spent 11 months going after this guy, you didn't have a prospect - you had a guy that was too afraid to let you down and say no.

Aug 6, 2007 3:28 pm

[quote=Bobby HullIf you spent 11 months going after this guy, you didn't have a prospect - you had a guy that was too afraid to let you down and say no. [/quote]



Bobby's right.........a lesson learned........ I swear, the longer I'm in this business, the less crap I'm willing to take........


The other day I talked to a guy that I know is getting treated like crap from his FA.  I asked him why he was still with him, and his answer was "I don't know".  I told him when he wanted a real FA, let me know.  I got a call an hour ago, he wants to meet.........


Aug 6, 2007 4:20 pm

drewski- just smile and let it go... It all goes back to one of the hardest aspects of our job, especially when starting out- handling the emotional ups and downs... It goes against human nature to not be overly excited at a big ACAT, and to not get down when for whatever reason the deal falls through. I have seen NUMEROUS newbies succomb to the swings, and it eventually kills them....

Aug 6, 2007 4:22 pm

Yeah I listened alot.  I was actually planning on leading with an insurance product because he wanted guaranteed income, etc.  Maybe he wasn't a prospect, or maybe he just got sold a bill of goods, I don't think I could say either way.  I certainly have opened accounts that took 11 months of prospecting before, however.

Aug 6, 2007 4:27 pm

blarm, thanks for the words.  I wasn't really counting on this one but it is frustrating to lose a decent prospect to a single product with a questionable history.

Aug 6, 2007 5:09 pm

He'll come back and you can then charge him more.

Aug 6, 2007 5:18 pm
drewski803:

That I've been going after for about 11 months just got his entire 401(k) sold into an EIA -- about 600m.


Even bought the guy lunch twice and he flew to Chi town behind my back and did this with his other guy.



What were you showing him?

Aug 6, 2007 5:58 pm

No words except to echo what Blarm said.  Don't get too up or down with this.  Just keep doing what you are doing as you have had success.

Aug 6, 2007 6:33 pm

I was on step 2 of three.  My first step I just introduce myself and talk about my team and MPT, etc.  I tell them we'll sit down and 'roll up the sleeves' and talk business at the next meeting.  We did that, I profiled him as probably being a great prospect for a combo annuity/corp bond program and we were set to sit down around this time for me to make a presentation (he's been all over the earth--including apparently Chicago--over the last few months).


I'm not bitter, it happens, but it does lead me to an interesting question and I'd love to hear your thoughts on it.  It seems to me that my clients have become clients within a 1-2 month window of the first contact (except my largest) and those that I have been told to religiously follow-up with never seem to come to fruition.  At this point should I be looking to set the appointment, get the statements, get the acats signed immediately and if not move on?  Or should I continue to 'drip' for 11 months on 600m prospects?



Input appreciated.

Aug 6, 2007 7:12 pm

I have been talking and DRIP'ping on prospects for over 2 years in some cases... As long as you mentally prepare yourself that this prospect may NEVER become a client- that's fine.


Whenever I get frustrated and want to delete a qualified prospects info from the system, I never do... I make a note to call them in 6 weeks and keep it going. What do you have to lose? In 6 weeks you spend what, 45 seconds, following up with them??? Its the whole "hey, you never know" attitude...

Aug 6, 2007 7:35 pm

Drip, drip, drip, but only if they meet your criteria for what the ideal client looks like.  Get their emails and send them a monthly update.  Set one afternoon every month and call everyone in your drip file.  Keeping your name in front of them may produce results and it may produce nothing.  I have known guys who have opened accounts for people they dripped for years. 

Aug 7, 2007 11:29 am
drewski803:

I was on step 2 of three.  My first step I just introduce myself and talk about my team and MPT, etc.  I tell them we'll sit down and 'roll up the sleeves' and talk business at the next meeting.  We did that, I profiled him as probably being a great prospect for a combo annuity/corp bond program and we were set to sit down around this time for me to make a presentation (he's been all over the earth--including apparently Chicago--over the last few months).


I'm not bitter, it happens, but it does lead me to an interesting question and I'd love to hear your thoughts on it.  It seems to me that my clients have become clients within a 1-2 month window of the first contact (except my largest) and those that I have been told to religiously follow-up with never seem to come to fruition.  At this point should I be looking to set the appointment, get the statements, get the acats signed immediately and if not move on?  Or should I continue to 'drip' for 11 months on 600m prospects?Input appreciated.



If they're truly a qualified prospect, I will call them forever.  However, you have to "check in" throughout the process.  A guy with $600K?  I've got a lot of those, and I drip on a lot of them.  Folks with $500K plus take time to make decisions, unless they're so pissed at their broker that they're desperate for a way out (only happened THREE times to me in 10 years).


So, you need to get them to meet with you while their investments are on their mind, AND you need to know who you are in competition with...........