Cold calling

or Register to post new content in the forum

32 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Jan 14, 2006 10:40 pm

To all cold caller experts in this forum,
When you call, during work hours, are there really "decision makers" in the house ? I mean, I'm just thinking...for people who have money (other than retirees) they've got to be working, so most of them not at home. So the phone is either not picked up or the wife says hello and can't make the decision. So what do you do ? I think this question applies to the EJ door-knockers too....heheh....

Thanks...

Jan 14, 2006 11:21 pm

If what you're doing isn't working, do something else.

Jan 15, 2006 7:34 am

I am with EDj and I have had success with cold calling and door knocking.  During the day I am trying to reach retired people since they have the $.  You can often find the decision maker if you focus on this group.  It is not fun, but cold calling will bring results.

Jan 15, 2006 8:49 pm

I don't even bother calling people at home unless they are already clients or referrals.With the do not call laws, voice mail and caller id, I think it is a complete waste of time.


Call people at work, (business owners, corporate execs, etc.)Daytime activity, no DNC laws, aren't rude, they are decision makers, used to writing big checks, don't need to check with the wife or husband, etc. etc. etc.


Call early before they get too many other calls.


Stok

Jan 15, 2006 8:51 pm

The only people not on the do not call list are people too stupid to get on the do not call list.

Jan 16, 2006 10:56 am

Great contribution to the post Dirk...Reminds me of my office...The olders brokers butting in to tell the younger guys how impossible it is to build a bussiness

Jan 16, 2006 11:29 am
bluehorseshoe:

Great contribution to the post Dirk...Reminds me of my office...The olders brokers butting in to tell the younger guys how impossible it is to build a bussiness


If I may butt in...you spelled "business" wrong.

Jan 16, 2006 1:20 pm

Don't be so hasty to give Dirk very much credit for being a
"veteran."  I am sure their are more than one wannabes who get on
here to fantasize about being a real producer...and I have a feeling
Dirk is one of them. 

Jan 16, 2006 2:28 pm
BankFC:

Don't be so hasty to give Dirk very much credit for being a "veteran."  I am sure their are more than one wannabes who get on here to fantasize about being a real producer...and I have a feeling Dirk is one of them. 



I'm getting the feeling that someone can pass the GED without knowing anything about spelling, grammar, or punctuation.

Jan 16, 2006 2:37 pm

Dirk,



How's that series 7 book treating you?

Jan 16, 2006 3:43 pm

Picked the perfect time to jump on that Bears bandwagon, eh?

Jan 16, 2006 8:20 pm

Sorry for the spelling Dink (I mean dirk...Must be the spelling again)

Jan 16, 2006 10:30 pm
BigLew:

I am with EDj and I have had success with cold calling and door knocking.  During the day I am trying to reach retired people since they have the $.  You can often find the decision maker if you focus on this group.  It is not fun, but cold calling will bring results.




door knocking? are you kidding me? I would rather light fire to myself then walk door to door, peddling stocks...

Jan 17, 2006 10:32 am

From what I have found, most FA's are scared to actively pick up the phone and make outbound calls to people who arent expecting their calls... The fact that you make cold calls puts you ahead of the game.. It takes a certain mentality to dial 100's of numbers a week and have 97% tell you to F- off.. Personally, I enjoy the task.. It doesnt really matter who you call ( residents, businesses, etc) or when you call ( mornings to catch retirees or small business owners or evenings for residentail), as long as you make it a consistent habit, and dont get dejected by the inevitable rejection, it can still be done effectively....


With DNC, it has been an excuse for reps to not call. There are still plenty of prospects who arent on DNC- it just takes that little extra effort that most FA's arent willing to make..... "oh, therese DNS, so I cant build my business that way..." Thats a HACK way to look at it, and the easy way out.....


Good- more people for me to call who arent get saturated with dials from other reps.....

Jan 18, 2006 8:22 pm

So do you call people on the DNC list?  What about that little $10k fine? 

Jan 18, 2006 9:03 pm

I'm all for following the law--by the way, I hope none of you guys EVER go faster than the posted speed limt--BUT, how much would you have to annoy someone for them to go to the trouble of filing a DNC complaint?!


Seems like a "oh, I'm sorry, you're number didn't come up on our system as being on the DNC...sorry to disturb you--have a nice day/evening" would severely limit that risk.  The DNC was to prevent annoyances, and to me going to the trouble to file a claim would be a bigger annoyance than someone who begged off as I soon as I said "DNC!"  I've not been a diligent prospector lately, but I'm with blarm--DNC is one of many excuses not to initiate contact with potential long term clients.

Jan 18, 2006 9:45 pm

"So do you call people on the DNC list?  What about that little $10k fine?"


So thats what you took from my post huh??? Maybe I should have clarified for the hacks, but many FA's simply feel that EVERYONE is on DNC, so cold calling isnt a fruitful avenue of prospecting...


I stay away from DNC- it isnt worth it for me to get dinged by my compliance for calling some $ss on the DNC. And the fine wouldnt help my nightlife any either.....Although I do agree with Cowboy in that it probably would take a great deal of effort for someone to file a DNC complaint.....

Jan 18, 2006 10:59 pm

I don't know if I like being called a hack.  I don't even know what it is but it doesn't sound nice  But you have to admit- once you delete all of the DNC #'s you don't have very many left.  Referral's to the Nth power ya know.


I do get the jist of what your sayin' and I have gotten lazy with dials so I'll pick it up.


Cowboy, I hear what UR sayin' but goin' 5-10mph over the speed limit doesn't scare me as much as my compliance officer

Jan 19, 2006 10:29 am

Lean on your mutual fund or annuity wholesalers for support and leads... This service isnt as prevalent as a few years ago, but some guys will be more than happy to pay 500 bucks and provide you with a somewhat qualified list... My jack$ss buddy here recently got a scrubbed list of 700 annuity holders in the area... He has been calling them asking to give reviews of their current programs- the results have been amazing. He schedules 2-3 appts per day and actually has people call him back... Amazing... He has slated about 3 MM in appts for the next 2 weeks.....


Something to consider at least......

Jan 20, 2006 7:57 pm

I would rather make-out with a Rottweiler than cold call or door-knock? 


Don't fool yourself - Any Advisor who has built a $50,000,000 or larger book in the past 5 years and makes over $250,000 of annual income; did not do it with these prehistoric methods.


This is a business.  It should be treated that way.  If you haven't got the cash to market your business effectively you shouldn't be in the business.


Every Million Dollar producer who's built it from scratch (including myself), in the past 5 years, with no contacts, doesn't cold-call.  If you feel like being a poser and calling me out, then go ahead.


I'm sure this will upset many, but come on, be realistic.  90% of the "cold-callers" out there will never make $100,000 or more/yr in the next decade unless they're churning their clients or selling s**t annuities that pay 10% comp.  So don't cheat yourself or the people in your community with this embarassingly idiotic way of prospecting.


(I can't wait to hear the crap I get from this!)