Impact of DNC list

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May 25, 2005 12:19 am

While working as an intern I would scrub lists and found that about 7
or 8 out of every 10 numbers are on the do not call list.  But I
always hear of brokers today making 250-300 dials a day.  That is
1250-1500 or more dials a week!  I wouldn't think there would be
that many people left to call.  Who are you calling?  I know
you can call people at work but is that it?  Did the DNC list
dramatically change the way prospecting is done or did it just have a
minor impact on things?  Your thoughts... 

May 25, 2005 7:32 am

They are just pretending to be on the phone.  If you look, you'll see that it isn't even plugged in.  




May 25, 2005 7:50 am
inquisitive:

They are just pretending to be on the phone. 
If you look, you'll see that it isn't even plugged in.  








That damn phone can get really heavy.  I broke in with another guy
who was in the training class ahead of me--we sat side by side in the
bull pen and became great friends.



Anyway, we used to talk to each other on the phone even though we were
side by side so that it would appear that we were always on the phone.



The reality is that it is the most efficient--but not most effective--way to prospect.


May 25, 2005 8:43 am

Many of the calls are probably to business #s as you note.   Also, while they may be making 1500 calls/week, they're only reaching a small percentage, so they're recalling #s where they couldn't get through the first time (i.e., that's not 1500 new numbers every week). 

May 25, 2005 10:27 am

Alright, heres a scenario. A young broker calls a HNW on Cali DNC list. While never soliciting a specific product, the broker offers the prospect to have an intitial meeting. How do you all interpret this? My take is that the broker can be flagged because he is offering the prospect his services, even though he is not slinging stock or fund advice.. Ah, the grey area that compliance makes so difficult...

May 25, 2005 10:39 am
blarmston:

Alright, heres a scenario. A young broker calls a HNW
on Cali DNC list. While never soliciting a specific product, the broker
offers the prospect to have an intitial meeting. How do you all
interpret this? My take is that the broker can be flagged because he is
offering the prospect his services, even though he is not slinging
stock or fund advice.. Ah, the grey area that compliance makes so
difficult...





Do not call means do not call--it's not that difficult a concept.



Real life horror story for you.



Broker calls prospect and is told to not call.  Tears up phone number and adds to DNC list.



Months later broker returns from lunch to find a message slip asking
that he call a name and number that he vaguely remembers.  Dials.



"Mr. Johnson, this is Vince Victim at Acme Brokerage......"



Before he could add, "Returning you call" Mr. Johnson jumps in with Mr.
Victim I have repeatedly asked that you not call me, why do you keep
doing it?" and then slams the phone down.



The next day an attorney--Shakespeare was right about them--overnights
a copy of a tape of the conversation along with a law suit.



The firm listens to the tape, talks to the broker, and then gives the client $15,000 to drop the case.



It's a big bad world out there boys and girls.

May 25, 2005 10:41 am

My bad--they did not give the client $15,000 they gave the prospect $15,000.



You can call a client at 3 AM if you feel the need to piss them off for some reason.