Making the 2nd Call

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Oct 8, 2006 9:09 pm

Hey fellow reps, I am having a hard time with the second call. I enjoy cold calling and qualifying, but have been stuck moving towards an appoitment. Could some of the seasoned veterans help with their closing techniques and lines in the second call.


Thank You

Oct 8, 2006 10:55 pm

Second calls are for people who failed on first calls.

Oct 9, 2006 12:46 am

Well, how to go about a second call certainly depends on exactly what you

achieved on your first call. What did you tell the prospect, and what did

you learn about the prospect? Give us some more info

Oct 9, 2006 8:28 am

present something and ask for the order.

Oct 9, 2006 12:39 pm

You are nuts.  You enjoy the first call?  You haven't made any money or brought clients in.  Do you just like gabbing on the phone.


If someone told you to call them back, JUMP ON IT


and sell something.

Oct 9, 2006 2:48 pm
nyhavn17:

Hey fellow reps, I am having a hard time with the second call. I enjoy cold calling and qualifying, but have been stuck moving towards an appoitment. Could some of the seasoned veterans help with their closing techniques and lines in the second call.


Thank You



The second call is where the rubber meets the road. We find out what we've really got.


There are several routes to take one second calls:


If you sent info on a product:


Reintro yourself, then: Mr. Jones last week we talked about our new energy hedge fund and i sent you some information about it. Before I could ask you to make an investment in it or any other investment I need to know a little more about you. I need about ten minutes of your time, is now a good time to talk or should we set a time for later in the week?


[note, I didn't ask if he got or read the info I sent. I don't care.]


[note, I've asked a closing question. The answer is either yes, proceed, or no, stop. If yes, have list of qualifing question to ask to qualify the prosect and find their true needs and wants. Also uncover an hot buttons or hot button issues. Ask all questions in a conversatal versus interrogation way. If you are going to get blown off the phone this is where it will happen]


If yes:


Ask qualifying questions. money, experience, likes, dislikes, taxes etc.


At the end of the qualifying questions you will reach a decesion point. That is Pitch or Appointment. In Pitch you are going to use the info gathered to pitch the product sent. With appoinment you are going to use the info gained to set an appoinment.


Pitch: Mr. Jones based on the information you've shared with me today I believe the new Up Down Sideways Energy Ginnie Mae Fund is a perfect fit for your situation........


Appointment: Mr. Jones, based on the information you've shared with me this afternoon I believe we should meet. For a meeting what works best for you, days or evenings?


[note, either way you are closing and moving the prospect forward]


If no to proceed:


Set a phone appointment.


prospect  " I'm busy right now"


Mr Jones, that's not a problem. What I've found works best is to set a time, about ten or fifteen minutes, where we can talk uninterupted on the phone. Would that work for you? or...what is best for you, calls at the office or would home be better?[pre-close, asking for a commitment]


Other second call options include pitching( yes, I know some of you don't like that old time sales term) the product, qualifying without going for an appointment/pitch and one of my favorites, pitching a different product.


A second call product pitch is appropriate when presenting a fixed income product such as a muni bond. The goal here is to open the account or move the prospect forward. In opening the account, you now have someone to work with, get to know and penatrate to move from product suppier to trusted financial advisor. An account relationship gets you a seat at the table. This person will always take your call.


Mr. Jones this is BG from ABC securites. When we spoke last week you mentioned you were intersted in high yield investments and I have a fantastic tax free bond yielding over 5% tax free available.That's the same as a CD yielding 8% in your tax bracket. Would you like to hear about it? [asking for permission to proceed is a closing question. If the propect says no, qualify further. If the prospect trys to blow the the yield away say, how many 8% CDs do you have? etc,etc,etc,]


Preferred stock is a very good two call product, as are UITs.


On pitching a different product:


BG -   "Mr. Jones this is BG at ABC securites and last week I sent you some information on our tax free bond fund"


Prospect -  "I didn't have time to read it yet"


BG -  "That's OK, thats not what I'm calling about today. Today we are in the selling group of a fantastic preferred stock yielding over 7%. Do you have any CDs yielding 7%?... Would you like to hear more about it?


[pitch the pref stock and close for the new acct. Fall back position is to further qualify. Of course we want to open an acct, but even the fall back advances the prospect in the pipeline or eliminates them. By the way ripping up prospect cards is a positive in that they no longer get to waste your time and you're not lulled into a false sense of security by thinking you've got something when you don't]


That should get you started.

Oct 9, 2006 2:51 pm
BondGuy:
nyhavn17:

Hey fellow reps, I am having a hard time with the second call. I enjoy cold calling and qualifying, but have been stuck moving towards an appoitment. Could some of the seasoned veterans help with their closing techniques and lines in the second call.


Thank You



Conversatal is my way of screwing up conversational. I didn't read my post any further. Your on your own for any other idiot typos.


The second call is where the rubber meets the road. We find out what we've really got.


There are several routes to take one second calls:


If you sent info on a product:


Reintro yourself, then: Mr. Jones last week we talked about our new energy hedge fund and i sent you some information about it. Before I could ask you to make an investment in it or any other investment I need to know a little more about you. I need about ten minutes of your time, is now a good time to talk or should we set a time for later in the week?


[note, I didn't ask if he got or read the info I sent. I don't care.]


[note, I've asked a closing question. The answer is either yes, proceed, or no, stop. If yes, have list of qualifing question to ask to qualify the prosect and find their true needs and wants. Also uncover an hot buttons or hot button issues. Ask all questions in a conversatal versus interrogation way. If you are going to get blown off the phone this is where it will happen]


If yes:


Ask qualifying questions. money, experience, likes, dislikes, taxes etc.


At the end of the qualifying questions you will reach a decesion point. That is Pitch or Appointment. In Pitch you are going to use the info gathered to pitch the product sent. With appoinment you are going to use the info gained to set an appoinment.


Pitch: Mr. Jones based on the information you've shared with me today I believe the new Up Down Sideways Energy Ginnie Mae Fund is a perfect fit for your situation........


Appointment: Mr. Jones, based on the information you've shared with me this afternoon I believe we should meet. For a meeting what works best for you, days or evenings?


[note, either way you are closing and moving the prospect forward]


If no to proceed:


Set a phone appointment.


prospect  " I'm busy right now"


Mr Jones, that's not a problem. What I've found works best is to set a time, about ten or fifteen minutes, where we can talk uninterupted on the phone. Would that work for you? or...what is best for you, calls at the office or would home be better?[pre-close, asking for a commitment]


Other second call options include pitching( yes, I know some of you don't like that old time sales term) the product, qualifying without going for an appointment/pitch and one of my favorites, pitching a different product.


A second call product pitch is appropriate when presenting a fixed income product such as a muni bond. The goal here is to open the account or move the prospect forward. In opening the account, you now have someone to work with, get to know and penatrate to move from product suppier to trusted financial advisor. An account relationship gets you a seat at the table. This person will always take your call.


Mr. Jones this is BG from ABC securites. When we spoke last week you mentioned you were intersted in high yield investments and I have a fantastic tax free bond yielding over 5% tax free available.That's the same as a CD yielding 8% in your tax bracket. Would you like to hear about it? [asking for permission to proceed is a closing question. If the propect says no, qualify further. If the prospect trys to blow the the yield away say, how many 8% CDs do you have? etc,etc,etc,]


Preferred stock is a very good two call product, as are UITs.


On pitching a different product:


BG -   "Mr. Jones this is BG at ABC securites and last week I sent you some information on our tax free bond fund"


Prospect -  "I didn't have time to read it yet"


BG -  "That's OK, thats not what I'm calling about today. Today we are in the selling group of a fantastic preferred stock yielding over 7%. Do you have any CDs yielding 7%?... Would you like to hear more about it?


[pitch the pref stock and close for the new acct. Fall back position is to further qualify. Of course we want to open an acct, but even the fall back advances the prospect in the pipeline or eliminates them. By the way ripping up prospect cards is a positive in that they no longer get to waste your time and you're not lulled into a false sense of security by thinking you've got something when you don't]


That should get you started.

Oct 9, 2006 3:17 pm

nyhavn17 - if you think the second call is tough, wait until you're on the 8th or 9th call.  That's when it gets tricky.

Oct 9, 2006 8:14 pm

Let's assume the prospect says he's happy with his current broker, does his own investing, doesn't have any money for investing, or lets his/her psychic pick the investments; do you trash the prospect card? No, you're simply starting the countdown to when that prospect becomes a client. Huh?????


A marketing book geared toward FA's prospecting HNW prospects stated that a study concluded that your chances of getting a prospect to become a client increase to 80% after the eighth contact. (Don't ask me the name of the book, I can't remember it; besides, I have so many that I read.) The study did not explain the nature of the eight contacts; for example, 3 phone contacts, 3 letters, 2 face-to-face, etc. However, I would imagine that the word "contact" would mean a phone call or face-to-face; letters or left messages wouldn't count as a contact.


As for me, I've never compiled a statistical survey to see how many contacts I average before opening an account. Once I've determined someone is qualified to invest with me, I never toss the prospect card. My "strategy" is to contact them numerous times the first few months, then if there's only a lukewarm reception, I space out my contacts over a period of time. Note that I try to close with each contact, but I never, ever toss the prospect card of a qualified investor.

Oct 9, 2006 8:44 pm

I would agree that the hardest part is being persistent and making those calls #3-10. For accounts really worth having, sometimes it takes that many contacts to generate true interest.


If someone tellls me on a first phone call that they are completely happy with their Smith Barney or Northern Trust advisor (for example), or even that they are happy with their FA and has been with them for 15 years,then I know they are qualified and worth getting yelled at for 10 phone calls over the course of a 10- month time period. I know that the more contacts I make with them( either a phone call, DRIP-ping the firms economic outlook, sending a mutual fund slick with an idea, etc) the greater likelihood that at some point I will get a shot, their advisor will mess up ,etc. That means I am in with a chance to bid, and the effort I have put in may pay off....


Most advisors quit after the second call back after they mail and follow up. "Sorry not interested" is a blowoff line for someone to say during the 2nd call. If I call a whale and they tell me to F- off for 10 straight phone calls, then I will lay off them.... And move them from the "every 6 weeks" to "every quarter" contact file.....


It's all a game of pleasant peristence.....

Oct 9, 2006 10:06 pm

Great Post Blarmston,

That is inspirational

Oct 10, 2006 5:11 pm
blarmston:

I would agree that the hardest part is being persistent and making those calls #3-10. For accounts really worth having, sometimes it takes that many contacts to generate true interest.


If someone tellls me on a first phone call that they are completely happy with their Smith Barney or Northern Trust advisor (for example), or even that they are happy with their FA and has been with them for 15 years,then I know they are qualified and worth getting yelled at for 10 phone calls over the course of a 10- month time period. I know that the more contacts I make with them( either a phone call, DRIP-ping the firms economic outlook, sending a mutual fund slick with an idea, etc) the greater likelihood that at some point I will get a shot, their advisor will mess up ,etc. That means I am in with a chance to bid, and the effort I have put in may pay off....


Most advisors quit after the second call back after they mail and follow up. "Sorry not interested" is a blowoff line for someone to say during the 2nd call. If I call a whale and they tell me to F- off for 10 straight phone calls, then I will lay off them.... And move them from the "every 6 weeks" to "every quarter" contact file.....


It's all a game of pleasant peristence.....



come on, you must be kidding.  give us an example of the type of account you have gotten from this type of prospecting.


sorry, but I am very skeptical.

Oct 10, 2006 7:06 pm
maybeeeeeeee:
blarmston:

I would agree that the hardest part is being persistent and making those calls #3-10. For accounts really worth having, sometimes it takes that many contacts to generate true interest.


If someone tellls me on a first phone call that they are completely happy with their Smith Barney or Northern Trust advisor (for example), or even that they are happy with their FA and has been with them for 15 years,then I know they are qualified and worth getting yelled at for 10 phone calls over the course of a 10- month time period. I know that the more contacts I make with them( either a phone call, DRIP-ping the firms economic outlook, sending a mutual fund slick with an idea, etc) the greater likelihood that at some point I will get a shot, their advisor will mess up ,etc. That means I am in with a chance to bid, and the effort I have put in may pay off....


Most advisors quit after the second call back after they mail and follow up. "Sorry not interested" is a blowoff line for someone to say during the 2nd call. If I call a whale and they tell me to F- off for 10 straight phone calls, then I will lay off them.... And move them from the "every 6 weeks" to "every quarter" contact file.....


It's all a game of pleasant peristence.....



come on, you must be kidding.  give us an example of the type of account you have gotten from this type of prospecting.


sorry, but I am very skeptical.



Once again gleefully demonstrating that useless ball of gelatinous goo you call a brain.  Do you think that your words are more convincing if they appear to be typed by a teenage girl?


Maybeeeeeeeee?

Oct 10, 2006 7:36 pm

I could care less whether you view my post with a grain of salt or not... I could lie and say I have gotten 14 $2M and up accounts...The point is that it takes time to break through with some prospects...


One account I opened about 2 months ago took me over a year to bring in. My first contact was back in May 2005. The guy is a professor and had Smith Barney who handles the trust account. His 403B was at TIAA Cref (surprise, surprise).  After 9 'touches' ( 5 calls, 2 research mailers, and 2 403B related income ideas), he finally agreed to meet me for coffee over on campus in early August before the semester got going.


Long story short, I transferred the TIAA account (about $770K eventually came over) after a second meeting with him. The guy still has about $1.6M at Smith Barney that I will get a chance to bid for at some point. His SB FA will drop the ball, or he may realize the service model we have here is more superior,etc,etc


Now please dont mistake my earlier post to suggest that ALL prospects evnetually 'come around' after those numerous DRIP's.


I guess my main point is that we are all in this for the long haul, and it never hurts to be consistent and persistent when you identify a prospect worth spending a little extra time trying to get....

Oct 10, 2006 7:40 pm
blarmston:

I could care less whether you view my post with a grain of salt or not... I could lie and say I have gotten 14 $2M and up accounts...The point is that it takes time to break through with some prospects...


One account I opened about 2 months ago took me over a year to bring in. My first contact was back in May 2005. The guy is a professor and had Smith Barney who handles the trust account. His 403B was at TIAA Cref (surprise, surprise).  After 9 'touches' ( 5 calls, 2 research mailers, and 2 403B related income ideas), he finally agreed to meet me for coffee over on campus in early August before the semester got going.


Long story short, I transferred the TIAA account (about $770K eventually came over) after a second meeting with him. The guy still has about $1.6M at Smith Barney that I will get a chance to bid for at some point. His SB FA will drop the ball, or he may realize the service model we have here is more superior,etc,etc


Now please dont mistake my earlier post to suggest that ALL prospects evnetually 'come around' after those numerous DRIP's.


I guess my main point is that we are all in this for the long haul, and it never hurts to be consistent and persistent when you identify a prospect worth spending a little extra time trying to get....



That's an interesting way to put it.  Now we're required to purchase an idiot translator so we cna atculaly udnersatnd yuo.

Oct 10, 2006 8:01 pm

Persistence pays...eventually. One of my top ten accounts came over in one lump sum, after 3 years of persistent attempts. My contacts to this prospect tapered-off, in frequency, after about the first 10 months. By contacts, I mean either phone or face-to-face. (Of course, I always called during significant market events.) 


At some point, the calls became less and less about investing and more about "tell me about yourself" (although not that brazen, of course). I switched gears from making "sales" calls to making "info gathering" calls, when I realized this prospect was going to take a long time to make the switch.


After 3 years, I knew a lot about this prospect, his family, job, and his investments. And it finally paid-off.


But you know what's the best part of this relationship? 99.9% of the brokers out there, who contact my client, will walk away after getting shot down for the 3rd or 4th time. Unless I royally screw-up his account, he's my client for life.


As a rookie, I made the mistake of tossing the prospect cards of qualified prospects. Then it was ego, "HUMPH!, They don't deserve a broker like me". Finally, lightning struck, and I learned the meaning of "sales persistence".


Oct 10, 2006 8:04 pm
doberman:

Persistence pays...eventually. One of my top ten accounts came over in one lump sum, after 3 years of persistent attempts. My contacts to this prospect tapered-off, in frequency, after about the first 10 months. By contacts, I mean either phone or face-to-face. (Of course, I always called during significant market events.) 


At some point, the calls became less and less about investing and more about "tell me about yourself" (although not that brazen, of course). I switched gears from making "sales" calls to making "info gathering" calls, when I realized this prospect was going to take a long time to make the switch.


After 3 years, I knew a lot about this prospect, his family, job, and his investments. And it finally paid-off.


But you know what's the best part of this relationship? 99.9% of the brokers out there, who contact my client, will walk away after getting shot down for the 3rd or 4th time. Unless I royally screw-up his account, he's my client for life.


As a rookie, I made the mistake of tossing the prospect cards of qualified prospects. Then it was ego, "HUMPH!, They don't deserve a broker like me". Finally, lightning struck, and I learned the meaning of "sales persistence".




Thank you for your compliance and excellent adherance to proper grammatical etiquite.

Oct 10, 2006 8:37 pm

Grammar Police:

Thank you for your compliance and excellent adherance to proper grammatical etiquite.


------------------------------


Internal Affairs, of the Grammar Police, wants to question you over your misspelling of the word: etiquette. Until that time, you are relieved of your command.

Oct 10, 2006 10:57 pm
doberman:

Persistence pays...eventually. One of my top ten accounts came over in one lump sum, after 3 years of persistent attempts. My contacts to this prospect tapered-off, in frequency, after about the first 10 months. By contacts, I mean either phone or face-to-face. (Of course, I always called during significant market events.) 


At some point, the calls became less and less about investing and more about "tell me about yourself" (although not that brazen, of course). I switched gears from making "sales" calls to making "info gathering" calls, when I realized this prospect was going to take a long time to make the switch.


After 3 years, I knew a lot about this prospect, his family, job, and his investments. And it finally paid-off.


But you know what's the best part of this relationship? 99.9% of the brokers out there, who contact my client, will walk away after getting shot down for the 3rd or 4th time. Unless I royally screw-up his account, he's my client for life.


As a rookie, I made the mistake of tossing the prospect cards of qualified prospects. Then it was ego, "HUMPH!, They don't deserve a broker like me". Finally, lightning struck, and I learned the meaning of "sales persistence".




What a pathetic story.

Oct 10, 2006 10:59 pm
doberman:

Grammar Police:

Thank you for your compliance and excellent adherance to proper grammatical etiquite.


------------------------------


Internal Affairs, of the Grammar Police, wants to question you over your misspelling of the word: etiquette. Until that time, you are relieved of your command.