DTA's Accountability Journal

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May 18, 2011 1:26 pm

I decided not to call it a cold calling journal because I am obviously going to cold call. It is definitely an accountability tool. I have been reading the 500 day war and and have crunched the numbers. 35000 calls over 10 months only working 5 days a week equates to 175 call a day. Am I wrong? I feel like I should bump up this number to 200. I have some admin things to take care of and will be starting fresh on Monday, May 23rd. Any info, wisdom or ideas would be greatly appreciated. 

May 18, 2011 1:38 pm

DTA,

Give some background....how old, area of country, yrs in the biz, main pitch.

i like how you are calling it an accountability journal. spot on. it is tough to hold yourself accountable.

May 18, 2011 2:22 pm

31 years old tomorrow! I am in the Pacific Northwest, but licensed and connected in California as well. I am brand new, but have cold calling experience. I am still trying to figure out my pitch and whether to lead with a product or service/ portfolio review. 

May 18, 2011 2:56 pm

great! im 26.  New England area. been in the biz since 06, production since jan 2010.

i have ftried everything for attracting assets and all have been some what successful, but i think the only way to build a book is by cold calling. it sucks completely but it is effective. i would def. lead with product. im saying that from experience. and it has to be eye opening. today i pitched a tax free investment grade bond getting 7.5%. that opens a few doors.

i like that you are trying to be accountable. that is the most important thing. if you say you are going to do it, do it. i look forward to seeing your progress and sharing ideas and call logs.

May 19, 2011 11:12 am

Rook-

i've seen on a couple posts you have been writing about how you lead with product and sometimes ask for appointment.  As some relatively new, could you enlighten me on how you do that?  I have been going back and forth with the product/appt pitch and I think as a young guy (23) product is the way to go.  How to you segway to appt?  Do you try to close if they seem somewhat interested? 

Any thoughts you could share would be greatly appreciated.

May 19, 2011 12:43 pm

my advice (and i may not be the best to give advice) is to do both. do a 100 dials of each. it doesnt matter. anyway to open the door and talk. Personally, i lead with product because there is a talking item.

Mr smith, i have a high quality tax free bond paying 7.5%/year. do you invest in bonds or have money tied up in CDs

that makes more sense than

mr. smith, would you like to sit down for a portfolio review so i can show you how you and your "advisor" screwed everything up?

i have done the appt approach and just didnt like it.

May 19, 2011 1:06 pm

I like your approach.  I am two years in and one piece of advice I wish I would of been giving, is to not over think things.  Stick to what works FOR YOU, and keep doing it.  You can spend a lot of time tweaking things and pondering "what ifs", but when you boil it all down it is as simple as, it's nothing more than a numbers game.  And I think you have that figured out.

Take advice with a grain of salt.

You're very much on the right track.  Looking forward to seeing ur success.

May 23, 2011 8:59 pm

After a fun day of fixing a flat tire and having to deal with meetings most of the day, I finally was able to start cold calling. I know the numbers are extremely weak, but I am happy I was able to get on the phone. I consider tomorrow my first day.

Calls: 27

Contacts: 11

Prospects: 1 

May 23, 2011 9:18 pm

DTA,

it is tough to get started huh? never feels you are prepared enough which i hate.

dials - 122

contacts- 11

prospects- 1

what are you calling on? product or appt? residents or business owners? just curious what is working?

May 24, 2011 12:45 pm

I am calling on residents between the ages of 40 and 60 who have express interest in working with a different investment firm. In my area, the best approach seems to be call/mail/call. I would rather just go for the appt. on the first call, but most people are very reluctant. I have a pretty large list of business owners I will call beginning in the fall.

May 24, 2011 12:52 pm

[quote=DTA]

I am calling on residents between the ages of 40 and 60 who have express interest in working with a different investment firm. In my area, the best approach seems to be call/mail/call. I would rather just go for the appt. on the first call, but most people are very reluctant. I have a pretty large list of business owners I will call beginning in the fall.

[/quote]

Are your contact number for calling people a second time?

Otherwise how would you know they have expressed interest in working with a different investment firm?

May 24, 2011 12:53 pm

Also how does 1 person make 27 dials and get 11 contacts and another makes 122 dials and gets the same number?

What are each of you defining as a contact?

Just curious..

May 24, 2011 1:31 pm

Squash,

The list I am using is one that my manager provided for me. He subscribes to a service and thats about as much as I know about that. I consider a contact as a person who let me get through my pitch and possibly asked a question. A prospect is someone who was interested in receiving some info from me.

If I should be going at it differently?

Please, any input is greatly appreciated.

Also, my calls were made between 4:30 and 6:00 in the afternoon when people were more likely to be home.  

May 24, 2011 1:33 pm

Guys & Gals

I'm new this forum and have been reading a lot of posts lately.  It's time for me to start cold calling as well and I see a few of you have started posting results here.  I'd like to join a "Group" or the forum to hold myself accountable as well. I had a coworker and I hold each other accoutable for a few weeks until he left, and that was the end of it.

IMO,  I consider contacts as (An adult who answers the phone)

Prospect - (One that has sizeable assets, Somewhat interested and I want to call back)

May 24, 2011 1:48 pm

[quote=squash2]

[quote=DTA]

I am calling on residents between the ages of 40 and 60 who have express interest in working with a different investment firm. In my area, the best approach seems to be call/mail/call. I would rather just go for the appt. on the first call, but most people are very reluctant. I have a pretty large list of business owners I will call beginning in the fall.

[/quote]

Are your contact number for calling people a second time?

Otherwise how would you know they have expressed interest in working with a different investment firm?

[/quote]

Squash, you can buy lists from companies with that criteria.  The person interested in "working with a different investment firm" sent back a mailed questionaire piece that was located in a credit card statement, cable bill, etc.

DTA let me know if those work for you?.

May 24, 2011 1:56 pm

[quote=Stockguy2011]

[quote=squash2]

[quote=DTA]

I am calling on residents between the ages of 40 and 60 who have express interest in working with a different investment firm. In my area, the best approach seems to be call/mail/call. I would rather just go for the appt. on the first call, but most people are very reluctant. I have a pretty large list of business owners I will call beginning in the fall.

[/quote]

Are your contact number for calling people a second time?

Otherwise how would you know they have expressed interest in working with a different investment firm?

[/quote]

Squash, you can buy lists from companies with that criteria.  The person interested in "working with a different investment firm" sent back a mailed questionaire piece that was located in a credit card statement, cable bill, etc.

DTA let me know if those work for you?.

[/quote] Find those "lists" are mostly crap...

May 24, 2011 2:20 pm

[quote=squash2]

[quote=Stockguy2011]

[quote=squash2]

[quote=DTA]

I am calling on residents between the ages of 40 and 60 who have express interest in working with a different investment firm. In my area, the best approach seems to be call/mail/call. I would rather just go for the appt. on the first call, but most people are very reluctant. I have a pretty large list of business owners I will call beginning in the fall.

[/quote]

Are your contact number for calling people a second time?

Otherwise how would you know they have expressed interest in working with a different investment firm?

[/quote]

Squash, you can buy lists from companies with that criteria.  The person interested in "working with a different investment firm" sent back a mailed questionaire piece that was located in a credit card statement, cable bill, etc.

DTA let me know if those work for you?.

[/quote] Find those "lists" are mostly crap...

[/quote]

Wouldn't disagree... Can be expensive too - $2-4 a name.

May 24, 2011 2:23 pm

My "crap list" was free so if it only produced one client, my ROI would be acceptable...

May 24, 2011 2:55 pm

All I can say is, don't do any business with "Prestige Management"  Awfull Lead Service company and terrible customer service.

May 24, 2011 3:03 pm

Any services that are worth it?