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Apr 26, 2008 11:45 pm

What criteria do most of you like when purchasing a list for cold calling purposes? Currently, the list that I have was set up for me by another person in my office and he set the age form 55-70. Personally, I thought that was a little too high. Mostly because the people in this age bracket don't like change because of their advanced age, that is unless it's just terrible for them.


Any insight into this subject would be helpful.
 
Sincerely,
OneCleverCookie
Apr 27, 2008 9:21 am

This is the right demographic, IMHO.

The people in this age bracket either have a lot of money, or are nervous enough about outliving what they have, that they need your help (its up to you to find that out about them and convince them that you can help
 
Dont overthink it. Just do it.
Apr 27, 2008 9:30 am

OCC,

Are you serious? So, your strategy would be to prospect the under-50 crowd?? You mean, the people that DON'T have money yet, or the ones that have all their money tied up in 401K's?



I am guessing you are very new, and relatively young. My general prospecting focus is the over-50 crowd but generally only up to 70. Almost without fail, all of my clients with serious money are over 50. Yes, I have some GOOD clients under 50, but that's because I consider them good people, with good saving habits and strong wealth building potential. But they are my future, not the ones paying my bills today.



People over 50 tend to leave their jobs due to downsizing, retirement, sick of company, etc. - and have large balances in their 401K. How much can a 35-year old have? The over 50 crowd is selling businesses, or trying to diversify beyond their business, thinking about retirement, thinking about their estate, etc. Generally, people under 50 "know everything", and don't need to plan yet (in their minds). People over 50 have kids that are out of the house and out of college, and are almost paid up on their mortgage (i.e. lots of disposable income in their highest earning years). How many 40 year olds' kids are out of college? How many own their homes outright?



People over 50 are receiving inheritances. God willing, most under-50 are not yet.



People over 50 are now wise enough to know what they don't know, and realize it's time for serious planning. How many 40 year olds are more concerned about their estate plan than how to get their kids to softball practice, mow the lawn, cook dinner, finish that project at work, and pay the mortgage?



I have a 45 year old client that makes 650K a year (salary, bonus, options, RSU's, etc.). He's got 2 in college and 1 in private high school. Maxes out his 401K, but can't even afford to use the deferred comp plan his employer offers. Has a healthy 401K balance, but that's about it. Big, fat mortgage, a few boats, nice cars, etc.

I have a 55 year old, just eclipsed the 100K income mark for the first time in his career. Owns his home ouright, kids out of school, and has about $1.4mm in his 401K, on top of about 350K in other investments. Maxes his 401K (with catch-up), and is saving an additional $1,000 per month. And his pension is going to pay him about 35K per year. His total net worth FAR exceeds the other guy.



Although it may still be 15+ years from retirement, most people think of age 50 as the "homestretch", where their most serious planning occurs. Most people under 50 think Money Magazine's "Top 10 Funds to Own Forever (until next year's issue)" and the girl that answers the phone at Fidelity is all they need.



Just some food for thought.

Apr 27, 2008 10:14 am
OneCleverCookie:

What criteria do most of you like when purchasing a list for cold calling purposes? Currently, the list that I have was set up for me by another person in my office and he set the age form 55-70. Personally, I thought that was a little too high. Mostly because the people in this age bracket don't like change because of their advanced age, that is unless it's just terrible for them.

Any insight into this subject would be helpful.


You want insight into this subject?

You can ignore the points Broker 24 made and target the 20-something crowd rather than those of "advanced age" who "don't like change."

Of course, you will wash out of the business in short order because you can't make a living helping people who have no money to manage, but at least you won't have been forced to put up with people of such an advanced as as 55!    Eeeuuwww - those old folks just gross me out!

More seriously, since you are trying to find people who are more likely to become paying clients, you need to use criteria that indicates they may have money to invest, and age is a significant criteria for that.  That's not the only one, but you if you intentionally avoid this age group you make you quest much more difficult. 

Apr 27, 2008 1:49 pm
In the interest of beating a dead horse:
The biggest opportunity in front of us right now is the rollover market. The first Baby Boomers turn 62 this year. Think about the amount of money being rolled over by the 50+ crowd, and more so the 60+ crowd. Its staggering. That is your opportunity, not those under 50.
In addition, there are companies (mostly the larger companies) who allow in-service distributions from their 401k's - if the plan has shitty investment choices, there is good reason for them to move the $$ out into an IRA with you, even before they retire.
Apr 27, 2008 2:27 pm

OneCleverCookie,  whatever you believe will be proven to be correct.  If you believe that the 55-70 year olds don't want change, your calls will confirm that.


The more correct answer is probably that these people don't want to do business with you.  Shouldn't most people feel this way since they've never met you?


Broker, Morphius, and Pratoman are all right on the money if you are going to make most of your money from asset gathering.    Does your insurance business go through the grid?  Do you have big AUM hurdles in the beginning?  The answer to these questions will go a long way towards determining how to build your business.

Apr 27, 2008 10:05 pm

Ah, a simple that is a good starting demographic would have suficed. However, for a group of "professionals", some of you guys seem to be a tad thin skinned.


I guess if I want a friend, I should buy a dog, huh?
 
P.S. Please don't waste your energy on trying to define who I am, or what my character is. That is, unless you'd care to make a wager. Then I'll book your bet, because I will always bet on me.
 
Pony up boys, if you're feeling froggy, JUMP! 
Apr 27, 2008 10:26 pm

WHO is thin skinned?

Dude, we're trying to help. You gotta be freakin kidding me. Did you come here looking to get into it with someone?
 
Dont even bother asking any more rookie questions here.
Apr 27, 2008 10:55 pm
OneCleverCookie:

Ah, a simple that is a good starting demographic would have suficed. However, for a group of "professionals", some of you guys seem to be a tad thin skinned.


I guess if I want a friend, I should buy a dog, huh?
 
P.S. Please don't waste your energy on trying to define who I am, or what my character is. That is, unless you'd care to make a wager. Then I'll book your bet, because I will always bet on me.
 
Pony up boys, if you're feeling froggy, JUMP! 
 
Wow.  Every response to your post listed a simple demographic, 55-70 yr olds.  You are just another noob in the business who is going to build a better mousetrap.  You are going to show all those that have gone before you how it should be done as your vast amounts of life experience have equiped you with more knowledge and savvy than any of the "elitists" could possibly have.  You are going to be a "broker of the common man" and talk to prospects instead of at them.  This is a tired excuse for your lack of self esteem.  While I credit you for the attitude that you can make it without the degree or the pedigree, your task is the same as every other broker who responded to your question.  Gather assets.  Period.  Your boasts about how you scored on the 7 and how short a time you studied are worthless.  That will not help you gather a single dollar.  What will help you in this business is the ability to take advice from those who have done what you are about to attempt, even when it seems you have a better way.  All the "better ways" have been tried.  More than once.  The tone that you "read" into this board as elitism is in fact experience from a select group of professionals who have made it in the business.  God gave you two ears and one mouth, you would be well advised to act accordingly.
Apr 27, 2008 11:30 pm

I guess that's just how the clever cookie crumbles!!!

Apr 28, 2008 7:55 am

"Any insight into this subject would be helpful."

 
"Ah, a simple that is a good starting demographic would have suficed."
 
Cookie, you got what you asked for.  Prato, Morphius, and Broker24 gave you excellent insight.   If you simply wanted to know if it was a good demographic, you should have asked. 
 
Put your last post up to a mirror.   It makes you appear to have a real lack of professionalism along with an inability to handle even a hint of criticism.  Let me give you hint of what a more appropiate response would have been, "Thanks for taking the time to give me a little insight."
Apr 28, 2008 2:04 pm
OneCleverCookie:

Ah, a simple that is a good starting demographic would have suficed. However, for a group of "professionals", some of you guys seem to be a tad thin skinned.


I guess if I want a friend, I should buy a dog, huh?
 
P.S. Please don't waste your energy on trying to define who I am, or what my character is. That is, unless you'd care to make a wager. Then I'll book your bet, because I will always bet on me.
 
Pony up boys, if you're feeling froggy, JUMP! 
 
Hey Cookie, as far as I can tell, there was nothing in our posts that indicated we are thin skinned.  I think there was more a sense of surprise at you not wanting to prospect the over-50 crowd.  I also don't think giving you our opinions on prospecting was a shot at your character.  Think of it this way....how would you respond to a post that said "What do you guys think about prospecting people WITHOUT money?  Sort of a contrarian approach to prospecting?  Whatdya think?"
May 28, 2008 2:09 pm

On the topic of leads.  Anybody heard of salesleads.tv  for getting lists.  I was thinking of using them because I was looking for specific niche that salesgenie doesn't have. 

Anybody use them before or heard of anybody that has.

Thanks guys

May 28, 2008 6:52 pm

Or would you guys know of datacorpusa.com ?