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Jan 29, 2010 10:34 am

So, I cold called an older guy the other day that I am sure has a decent sized account. He was very pleasant on the phone, easy to talk to. When I started to ask for his business he indicated that he was very satisfied with some of the wirehouse guys in town, and has been doing business with them for years. My instinct says to just leave him be and keep looking, but the size of the fish is alluring. So, would you call him back? I doubt I will run out the clock on the other guys, and I am pretty sure he is well taken care of there.

Jan 29, 2010 10:54 am
BioFreeze:

Are you retarded? 



Yes. Are you?

Jan 29, 2010 11:11 am

That is a tough one. He may be well taken care of and you will be chasing a ghost for a couple years. On the other hand you may have raised some doubt in his mind about his current advisor and he may want to throw you a bone. I would mail him some info, follow up in a month or so and just be honest with him. - "From our last conversation you mentioned you have a good relationship with your current advisor. I don't want to disturb that relationship, but I believe what we do here at EJ can complement and even enhance what you are currently doing. I don't want to waste your time or mine, but are you open to a brief meeting next week?" If he won't meet, forget him, but maybe he will.

Jan 29, 2010 11:13 am
SometimesNowhere:

So, I cold called an older guy the other day that I am sure has a decent sized account. He was very pleasant on the phone, easy to talk to. When I started to ask for his business he indicated that he was very satisfied with some of the wirehouse guys in town, and has been doing business with them for years. My instinct says to just leave him be and keep looking, but the size of the fish is alluring. So, would you call him back? I doubt I will run out the clock on the other guys, and I am pretty sure he is well taken care of there.

 
What's it going to hurt for you to keep in contact with him?  If he's happy where he is, he keeps telling you no once a quarter or so.  He'll eventually tell you to stop calling.  Or he'll get pissed at one of his advisors one day and give you a shot at one of the accounts.  You've got nothing to lose except for maybe 15 minutes of phone time, which costs you nothing.
Jan 29, 2010 11:18 am
BioFreeze:
SometimesNowhere:
BioFreeze:

Are you retarded? 



Yes. Are you?



IQ is north of 150. That puts me at the retarded end of genius.



People that quote their IQ are either morons or are dudes that wish they were just a little more flexible so they could blow themselves.

Jan 29, 2010 11:23 am

That wasted phone time builds up as you start piling up prospects that you think are good because they have money when in fact they have no intention of ever doing any business with you. This "5 year drip" philosophy is taught by some at Jones and in my opinion it hurts you mentally and financially.

Jan 29, 2010 12:55 pm
Ron 14:

That wasted phone time builds up as you start piling up prospects that you think are good because they have money when in fact they have no intention of ever doing any business with you. This "5 year drip" philosophy is taught by some at Jones and in my opinion it hurts you mentally and financially.

 
Actually Jones' formal training teaches the 4th call bridge where you're supposed ask them if you're ever going to do business or not.  If the answer is no, delete them.  I found that interesting because they also preach that it takes 5-7 contacts to create a client.   
 
I got the impression that SN just started talking with this guy.  For that, I'd just keep calling for a while and see what happens.  If after a year you're not getting anywhere, forget about him and go find someone else.   
Jan 29, 2010 3:30 pm

Big fish or a whale? Chase the whale indefinitely Captain Ahab.

Jan 29, 2010 5:09 pm

I would say fish, not whale.

Jan 29, 2010 8:01 pm

Call him in two weeks with a good bond.

Jan 29, 2010 9:57 pm

Drip campaign. Keep calling.

Jan 29, 2010 9:59 pm
mlgone:

blo him



What's the sales credit on those BLO annuities?

Jan 30, 2010 10:55 am

Tell him you know he has a good relationship with the other guy(s), but "let's keep them honest... give me 10% and this way you'll have a way to compare advisors.  Think of it as another way to diversify your accounts."  

If he's an older guy, that will appeal to him.  Most old people remember the Depression and feel safer when their money is in several different places.

You'll never get the whole enchilada that way, but you hit enough big fish giving you 10% and you'll do very very well.