Cold calling
32 RepliesJump to last post
So what do you do? Wait for your clients to fall like mana from the heavens? Set really big mouse traps in front of your office door?
Realistically, unless you start out with an inherited book of business or have an extensive network of people who are just dying to throw money at you, you will need to do some cold calling and meeting in person visiting with actual cold prospects at least in the first few years. Later on....like now for me....you won't need to do those things because you will be getting referrals from your existing client base, adding their families and friends to your book and have buillt a reputation in the community to the extent that total strangers who you used to have to call on, are now calling you.
If all you ever do is cold call from your sweaty little cubicle and hammer the phones you are going to get the clients you deserve. But you must, must, must call complete strangers and yes (gasp) even go out to the businesses and press the flesh.
All the marketing in the world, advertisements, web pages, news letters, postcards doesn't mean doo squat until you can look the prospect in the eyes. If you think so, you are fooling yourself.
No Tab Roker…by your last comment you’re obviously the poser; I’ll give you that bit of attention but that’s it. The whole idea of cold calling or any strategy for a rookie is to get enough clients to survive. Then as BL mentions, you do such a great job servicing them that they send you people, etc. etc. It doesn’t really matter how you get those first x households, as long as they have trust and confidence in you and you treat them like the gold they become over time (due to referrals, which seem to increase w/the length of the relationship…I’m not “there” yet, but the referrals are coming in more often over time). So, once something starts working, do a LOT of it. I had some success doorknockinge (aka cold calling in person), so it became a decent piece of that initial push for me. Re: my DNC comments above were for the case where you checked a DNC list, but for whatever reason you still call a DNC#. Lesson is, it’s not something to be afraid of if you really feel like you are calling people to HELP them…if they are jackazzes, it’s their loss (you know, sales psychology and all).
Notabroker is a salesman for a seminar system. Almost every single one
of his post mention a system that he is trying to push. Almost every
successful broker in my office has built his book by cold calling in
the first years. Seminars also work, but you have to call people to get
people in the seats. I have looked at the seminar system he is always
pushing. Sure it has many great ideas, however it bases everything on
mailers. If you think people get numb to calls, then what do you think
about mailers. I get a mailbox full of crap everyday. I surely don’t
take the time to read things from people I don’t recognize or know, and
I don’t think I am too different from anyone else. You rely on just
mail and you will fail. Calling is the fastest way to reach a large
amount of people. I surely need to do more of it. Calling also helps
you practice your pitch and your speaking and communication skills. If
you talk to 100 people a week on the phone you only get better at
communicating what you have to offer. Cold calling works, it just takes
practice and persistance.
tmorris is correct. Ignore the fool that does nothing but advertise his little website.
Success in this business comes from helping as many clients as possible. Universal law states that you must approach as many people as possible, and telephone cold prospecting is far superior than avoidance behaviors such as mass mailings, seminars and referrals to build your business. Review the majority of successful advisor's and unless they inherited a book or are in a bank where their book is pretty much built for them (Consequently at a very low payout with no equity for the broker), cold calling was and still is a superior way to build a client base, if done strategically.
Those critical of telephone prospecting lack understanding of the process. The ones I've encountered who criticize the successful cold calling broker do it out of envy, lack discipline, as well as lead a life of failure and frustration. Telephone prospecting allows one to continually sharpen the saw to think quickly on their feet, which only builds more confidence and success.
I highly doubt the poster has achieved the level of success he has indicated- Building a 50 million dollar book over the past 5 years- through the worst bear market in decades, is himself naive or thinks we're all stupid.
I am amused at this poster- on the outside looking in and only dreaming of being a successful broker. After 16 years in this business and being a successful broker myself, I would advise the poster to pursue another career - one that doesn't require as strong a character and requires less of an intellectual capacity.
Stok
Could some of you people who have been successful cold calling give the rest of us some ideas as to what type of script or introduction to use at the beginning of the call?
I know nothing about NotABroker’s seminars. However, in general I wouldn’t trust a broker who couldn’t put together their own seminar.
Seminars are one of the top three prospecting techniques that I see working out there (the other two are referral channels and networking). I would never represent a broker who relied mostly on cold calling for clients.
I broke out in a little cold calling this week. Not because I really needed to, but because I actually wanted to and wanted to see how rusty I have gotten since I left ML.
I called companies regarding their 401K's...made about 20 calls, got one appointment, and another lead (closing out his 401K and open to talking about managing it in retirement). Both accounts are a little over 1 million.
Maybe I just had a good day, or maybe it was the fact that I didn't HAVE to do it...but I definitely can attest that cold calling can and does still work.