First Year

or Register to post new content in the forum

16 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.
Oct 13, 2008 12:40 am

The 500 day war says call 100 people a day. 100 calls x 5 days a week x 50 weeks is 25000 calls. If you close 1% thats twenty million in AUM. Half that is still a good first year. Why does everybody make it so hard?

Oct 13, 2008 9:49 am

Why are you taking a vacation?  What, no Saturdays? 

 
While your newbie-ness is glaringly obvious, you're comments are...well...stupid.  It's a hard business.  Period.  The 500 day war post is one of the best that we've seen as to what it might take for a person to succeed.  But even by making those 25K phone calls is no guarantee of success. 
 
There are a lot of other factors that come into play with this business that you aren't even aware of yet.  What if the first 1000 people hang up on you and then you stop making phone calls?  What if you just can't stand the rejection? 
 
Come back to this post after your first year of selling is over and reread who naive your post sounds.   
 
Oct 13, 2008 1:17 pm

obvious troll

Oct 13, 2008 4:53 pm

The 500 day war says call 100 people a day. 100 calls x 5 days a week x 50 weeks is 25000 calls. If you close 1% thats twenty million in AUM. Half that is still a good first year. Why does everybody make it so hard?




 
Are you planning on saying anything to the people you are calling or just calling and hanging up and redialing?  Cuz.... that's about all the time you will have with that schedule.  No chit chat?  No product explanation?  No getting up and going to the bathroom,  like Cartman in the World of Warcraft episode?  Will you have a catheter and poop bucket handy?
Oct 15, 2008 12:09 am

This is definetly a broad generalization. Get a list of business owners call 100/day. Maybe 50 give you the time of day. Ten chat with you and 1 appointment. Maybe half will show. Maybe get ten appointments a month from this. Can you close half that meet with you? Maybe do ok if they are qualified business owners. 10X200m, if you're lucky. Ask for twenty orders a day and follow up with 20 prospects/referrals. Visit 3-5 business. Ask, ask, ask for appointments. Ask for a referral befor they become your client. A referral will be a lot more successful than cold calling. Mix it up. Do one seminar a month if you can get 50 people to attend, but have your assistant handle everything. Follow up with each person who attends. Ask to speak to HOA's, Lyon's club, Chamber, unions, business' and get articles in their newsletters. Take a cpa/lawyer out to lunch once a week. Knock on doors in upper middle class neighborhoods on saturday. Do this 60 hours a week for three years and strive for 250,000 production. Use fee based when you can.

Oct 15, 2008 11:45 am

Why wouldn't you just target and close one person with $20 million to invest?  You'd save yourself a lot of time.

Oct 15, 2008 4:14 pm
babbling looney:

The 500 day war says call 100 people a day. 100 calls x 5 days a week x 50 weeks is 25000 calls. If you close 1% thats twenty million in AUM. Half that is still a good first year. Why does everybody make it so hard?




 
Are you planning on saying anything to the people you are calling or just calling and hanging up and redialing?  Cuz.... that's about all the time you will have with that schedule.  No chit chat?  No product explanation?  No getting up and going to the bathroom,  like Cartman in the World of Warcraft episode?  Will you have a catheter and poop bucket handy?



Please tell me your hot, smart, and play world of warcraft AND watch Southpark...

Oct 15, 2008 4:28 pm

Why wouldn't you just target and close one person with $20 million to invest?  You'd save yourself a lot of time.

 
This is serious food for thought.
Oct 15, 2008 10:04 pm

Why not just go work at a bank branch and let the tellers lead the client in your door.  Think about it, you can skip the cold leads and go right to the warm leads and save yourself alot of pain and more importantly not waste any time on learning how to prospect. How hard can that be?  This is ultimately what this business is coming to because the few that have prospected hard and kept the pipeline full are said to make too much money for what they do and the regulators are looking down on this, hence putting pressure on the firms to pay less.

Oct 15, 2008 10:21 pm

Note to self: meet hot, smart, young women with $10 million + net worth.  Marry one of them, retire early.  

Oct 16, 2008 10:45 am
walking9:

Why wouldn't you just target and close one person with $20 million to invest?  You'd save yourself a lot of time.

 
This is serious food for thought.
 
I think that was a serious post, and a wise one at that. He's basically showing how unrealistic it is to throw together a bunch of numbers, multiply it by some magic "conversion" percentage, and declare that a game plan.  Until you start calling your market, and see how often you get through to a decision maker, convert that to an appt, etc. You have no idea what numbers to use.  Besides, I don't think that there are many markets that have 25,000 phone numbers that you could call that are clean (ie, not on the DNC list, biz numbers that actually get to a prospect, etc.).
 
And, there are a few advisors out there who are looking for $20MM+ clients only. Probably about the same number who can consistently cold call 100 times day, 5 days a week.
Nov 7, 2008 11:08 pm
Are you planning on saying anything to the people you are calling or just calling and hanging up and redialing?  Cuz.... that's about all the time you will have with that schedule.  No chit chat?  No product explanation?...
 
 
For the short, miserable time I spent as a broker I made 500 calls per day with 50 contacts minimum.  
Nov 7, 2008 11:27 pm
Faily:

For the short, miserable time I spent as a broker I made 500 calls per day with 50 contacts minimum.  

Thanks for sharing your failure.  I guess that just proves it's not ONLY a numbers game.
Nov 7, 2008 11:33 pm

...it's not ONLY a numbers game.




 
No question there is more to it than simply dialing the phone.  I wish I knew what it was.  Does anybody want to venture a guess at what it is?  I watched my former boss make one phone call and open an account, while I made literally hundreds without a single lead.  God, why can't I get a simple job with a steady, halfway decent paycheck?  Is that asking too much?
Nov 7, 2008 11:54 pm
Faily:

I watched my former boss make one phone call and open an account]





By any chance did You watch and listen to what he did?

Cold-call? or someone he had previously spoken to?

What'd he tell the client to get him to open an account that quickly off of one call?

Nov 8, 2008 12:09 am

Of course I listened.  His criticism of me most of the time was that I was too soft spoken.  But that's not it.  Other brokers there were successful without sounding like they spoke through a bullhorn.  What he said... I can't remember exactly.  The guy just has a knack for getting people to trust him enough to give him money over the phone.  Lots of money.  Maybe it's a gift.  Or maybe I just suck.  That could very well be the answer.