What's everyone's take on this opener (or something along these lines): 

"Hi, my name is John Smith.  I'm affiliated with XYZ Financial and specialize in getting the financing and resources needed for small businesses to expand."

"I'd like to know more about what you do, how long you've been in business, what type of clients (or customers) you handle, and whether you'd be a qualified candidate for what I do.  Do you have a minute or two? "

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I thought about trying it.  Seems less misleading than a survey. And technically I'm in the full-service financial business and I can help clients out however I wish- not just trying to sell them a security, even if it means referring them to some other person. I figure this might be a way to entice a few of these people into making an appointment.  

[quote=iconsult100]

Sarasotabound - You’re not working for the
research division.  You’re here to make money for people. 
Your survey’s don’t help your clients retire or put food on your table.

Try this...."I'm calling to follow up on an invitation that I sent you to my upcoming workshop where I will be explaining my team's planning approach to helping individuals reach their goals. This is a process, not a product."

You can talk to 300 people about NOTHING or you can talk to 300 people about ways to improve their situtation (and yours).  It's your call.

[quote=james_newguy]

What’s everyone’s take on this opener (or something along these lines): 

"Hi, my name is John Smith.  I'm affiliated with XYZ Financial and specialize in getting the financing and resources needed for small businesses to expand."

"I'd like to know more about what you do, how long you've been in business, what type of clients (or customers) you handle, and whether you'd be a qualified candidate for what I do.  Do you have a minute or two? "

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I thought about trying it.  Seems less misleading than a survey. And technically I'm in the full-service financial business and I can help clients out however I wish- not just trying to sell them a security, even if it means referring them to some other person. I figure this might be a way to entice a few of these people into making an appointment.  

Doesn't the "Do Not Call List" cause problems for this type of prospecting.  I would much rather pick up the phone than door knock someone at random, but thought it would create problems.

What do you think calling and offering reviews?  I may just stick with my “would like to receive new investment ideas from time-to-time” or I may try something new like “I am calling to offer you a free second opinion on your portfolio and see if we can increase your return and save you some money on fees as well.” Something along those lines.  I am starting to get very aggressive with my follow-ups, because I am getting tired of wasting my time with people who say they are interested, but won’t commit to an appointment.  When I get face-to-face with people, I close them.

Responding to 2 postings:

Sarasota: "Do you see yourself working on the investment banking side of the house?"

- It was just a thought. Personally I've had recent success in sending a friendly email to prospects saying that I'm a consultant who works with small businesses and I'd like to talk with them, then making a phone call a day or two later.  Even if I get no response, I notice that the call isn't as cold as it normally would be. 

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MediocreBroker: "Doesn't the "Do Not Call List" cause problems for this type of prospecting.  I would much rather pick up the phone than door knock someone at random, but thought it would create problems."

- Correct me if I'm wrong but I think it's still okay if you're calling a place of business or a business number.  The DNC list was meant to protect people from telemarketers who simply run through random names in a phone book- and (i think) only applies to non-work home telephones.  Plus, it's not like we are trying to sell something over the phone, we just want to offer a free appointment.

Sorry if I'm dead wrong and bring a ton of angry posters to this thread.

Business #'s are exempt from DNC laws, however, if a business number is on the DNC list, you better abide by it, just in case.  Not worth the fine.  Some people do run their business out of their home.

If you want specifics on DNC laws, PM me.  I use to work for a call center that did telemarketing for a lot of big companies and am very up-to-date on laws.

Also, for the person who said they were cold calling using a survey, you are NOT exempt from DNC laws.  Don't confuse your survey with a political survey.

[quote=james_newguy]

- Correct me if I’m wrong but I think it’s
still okay if you’re calling a place of business or a business
number.  The DNC list was meant to protect people from
telemarketers who simply run through random names in a phone book- and
(i think) only applies to non-work home telephones.  Plus, it’s
not like we are trying to sell something over the phone, we just want
to offer a free appointment.

Sorry if I'm dead wrong and bring a ton of angry posters to this thread.

[quote=executivejock]

Diversity is a great thing JOE. The fact that
I am doing well out side the financial industry. Yes, I want to be a
financial advisor, but I have a plan that takes a bit of time.

Hopefully there are others out side of finance who also can provide general insight into successful concepts and ideas.

In the end it does not matter what I do, but hopefully every so often I can state something that helps someone on this thread.

Anyone care to share a sample of their opening call?

[quote=Help] Those who say cold calling doesn't work, do not work hard or smart enough.  [/quote]

I CHALLENGE any of those who feel cold calling doesn’t work and or believe that HNW folks will not respond to it for whatever reason ….

 <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

I Challenge YOU to break out your client list and watch just how fast I can reduce your AUM!!

AAAAAAAaaaaaaaaaaahahahahahahaha (Rubbing hands in a sinister fashion)

So please PM me the list and lets set a time I can begin. You can keep track of the ACAT’s.

[quote=Gaddock]

[quote=Help] Those who say cold calling doesn't work, do not work hard or smart enough.  [/quote]

I CHALLENGE any of those who feel cold calling doesn’t work and or believe that HNW folks will not respond to it for whatever reason ….

 <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

I Challenge YOU to break out your client list and watch just how fast I can reduce your AUM!!

AAAAAAAaaaaaaaaaaahahahahahahaha (Rubbing hands in a sinister fashion)

So please PM me the list and lets set a time I can begin. You can keep track of the ACAT’s.

[/quote]

Gaddock is 100% correct. If you don't think it works it won't work. If you think it's tough it will be. If you call people and act scared or intimidated they'll eat you alive, I suggest you search for gaddock's most recent posts in the prospecting section. It should clarify things for you.

Agree with everyone that you have to call.  Some people do it for a short period or forever.  I cannot stand cold calling, but I know it has to be done.  Have fun with it and remember that the person on the other end has no idea who you are.  As long as you are not swearing or a downright jackass you should be fine with your boss.

Hey James,

While you’re out making up pretty seminar invitations and mailing them, I’ll be on the phone and make two appointments. Keep networking.

Farotech

Look, I don’t want to sound sarcastic.

Here is the bottom line: if you do not cold call, you will not survive. Some people who have known you for years won’t throw their money at you to manage. And even if they do, they won’t always give you referrals for a while. Therefore, I’m going to save you some pain by telling you the following:

Do not do this job if you are not willing to humble yourself and cold call. You will only hurt yourself financially if you enter this career and then leave after six months, or worse, a year or two.

[quote=farotech] Look, I don’t want to sound sarcastic.Here is the bottom line: if you do not cold call, you will not survive. Some people who have known you for years won’t throw their money at you to manage. And even if they do, they won’t always give you referrals for a while. Therefore, I’m going to save you some pain by telling you the following:Do not do this job if you are not willing to humble yourself and cold call. You will only hurt yourself financially if you enter this career and then leave after six months, or worse, a year or two.

[/quote]



It’s amazing how many people I see quit just before they hit the stride. Unless you are really tapped in, joined a team or got a book, or are just hitting it big time, it’s tough to make real money in the first few years. I have met many veterans producing 500-750K that said they almost failed out the first few years but persevered until they made it. It also takes a few years to really “get it”.

It’s amazing how many people I see quit just before they hit the stride. Unless you are really tapped in, joined a team or got a book, or are just hitting it big time, it’s tough to make real money in the first few years. I have met many veterans producing 500-750K that said they almost failed out the first few years but persevered until they made it. It also takes a few years to really “get it”.

I have found a straightforward approach that’s not using a script so to speak to be liberating. I’m not doing any fancy dancing on the calls but being right to the point. It’s amazing the response. I’m getting many requests that I don’t handle that has allowed me to make other alliances with those that can referral business back to me.

 <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />

ENTHUSIASM IS THE KEY

Mr. X this is X with AGE here in X.

Mr. X my firm just merged with WB and the combined products we have for companies like yours are NOTHING SHORT OF OUTSTANDING! (Notice I didn’t say what they are, yet)

Mr. X if you were to allow me compete for some of your business what would it be?

Mr X will ask what services are you offering?

Anything from commercial lines of credit to securities to checking accounts that bear a decent rate of interest.

Mr. X will then let you know more than you think he would. If his request is anything other than securities (more than 50% of the time it is) I refer that out to another in my network that’s in a position to refer others to myself. I then have a great reason to call back and make sure he received a prompt and professional response.

I then ask if there is one single thing he would like to improve his firm what would that be?  Typically it has nothing to do with what I do. NOW I try and search out another firm that can fulfill the need. Mr. X I’m bla bla with bla bla and I know of a firm that needs you services. Do you have a moment? I let him know that I’m trying to be a talent scout for my clients and I’ll try to help them in any way I can and I can probably be of assistance to you in the same way.

You know I really hate cold calling not because I am afraid to do it, but it is just so impersonal to me and outdated.  You should be well networked in the community or have good affinity group affiliation to help you out in the start up process.

My situation is a bit different. Since I am a corporate strategist focusing on small companies (often niche oriented manufacturing) I focus on getting them to sign on with me as their strategist. I demand a minimum one year contract. I wear several hats for them while working with them. My goal is to help their business grow. Sometimes I find myself actually working at their place of business one day a week marketing their own products. Setting up meetings with various buyers. This puts me in the lime light so to speak. I not only have the loyalty of my clients when it comes time to sit down and discuss setting up the 401K plans, health and life plans et al for themselves and their employees, but their customers have been added to my list of contacts and already are familiar with me. So I have to say that cold calling small companies to offer a premium service may be the long road approach, but it makes my days more eventful and doesn’t wear the gears down. It also increases my credibility given my roll as a “guru” for my clients. They have no problem soliciting my services to other business owners and individually to their friends and relatives.

Of course it helps if you have a graduate degree in Business and have 15 years of entrepreneurial experience.

When I cold call I actually create a list of about 50 small companies that I might find interesting. I will spend time doing DD on these businesses (I set aside a couple of hours three days a week). Once I understand what they do, how they do it, why and how long they have been doing it, I can call the owner and introduce myself and explain what I do. I will always be open about which companies are clients of mine (allowing me to refer to them publicly as my clients is a mandatory paragraph that all my clients must accept when they sign on with me or I will not execute the contract) and how they are doing.

I provide a two minute case study on what I have done for XYZ Corp. I then begin explaining certain macroeconomic aspects that hit a nerve with most any small business owner here in the US. I do it, because it is real and I am the answer to counter that pain so to speak. I offer them the opportunity for me to come down and check out their facility and see if we would be a good fit together free of charge. After the initial meeting, if it goes well I explain that I would like to set up two times where I can spend an hour discussing their business and how I can help them. Because I will be giving them great advice and pointing the direction they should be headed, I request a $500 retainer for my time. Worst case scenario is they have a refreshed vision of what it is they do, a clear direction of how to get where they want to be, and they are only out the $500 bucks. If after these meetings they are sold on the direction I would help them take their business, they sign a contract of 1 to 3 years and I become their strategist. After that having me take care of their financial services as just one part of everything else I do for them is cake.

Sure they are going to be getting calls from the competition to solicit their services as FA’s, but they won’t budge without asking me first, and when I tell them that while the caller might very well be all that as an FA, I am licensed as well and can take care of that for them when the time is right.

For those under 25 year old rookies in this business I say good luck, because honestly you are going to have days that really suck bad. I have to admit I admire rookies like this who preservere and end up making it. That is a tough road to hoe my friend.