Script for the 500 day war?

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Jun 22, 2009 7:59 pm

Let me say that my firm, UBS, is about getting all the money and placing it into a wrap account. However, I cannot get The Judges' "500 Day war" post out of my head. I would love to open up an account on a cold call. My thinking is it would best be done through a Bond offer, but I could see a UIT or even a Mutual Fund. This is what I imagined this business to be. Much to my surprise, we spent only 2 hours of training on the phones. And we talk about gathering assets and managed accounts. It has benefits, but it is different. Not what was expected.

 
Back to my point, would The Judge (if you are still here) or Bond Guy, or others who call with a product be willing to share some ideas as far as a script?
 
I wish I could listen to you guys over a days time and see how you structure your calls, how you take a prospect to a client over the phone. Simple things like getting them to give you their social security number, or do you send them all the paperwork mostly filled out and put the little "sign Here" stickers on them? Do they send the paperwork and a check back to you? How could you sell them stock, if it takes a week to get them to send the money in. The stock could go up before the account was funded??????????
 
So, I am thinking short term muni bond fund.  A little more aggressive than CDs but may be viewed conservative enough to give it a try.
 
If you guys were pitching a product, started from day one with NO contacts or family money, what would you pitch and how.
 
I spend my dialing time now trying to set appointments. It has been good to me so far, but the numbers that The Judge used, while very difficult work, is very good math.
 
 I am 8mos into production and I have a little over 4million in assets. My production is quite good due to 4 nice annuity tickets. I had been determined to only open accounts over $500,000. That lasted about a minute and now I am looking for activity and think a campaign like The Judges could help build relationships and drive both assets and production.
 
Thanks for taking the time out of your schedule to help a complete stranger.
Jun 22, 2009 8:04 pm

Hmmm, with a name like that, you must be a white guy at UBS International along the Tex-Mex border, no?

Jun 22, 2009 8:26 pm

LOL Hank, most people don't catch it due to the intentional spelling difference (bolillo). They are thinking bolio as in polio.


But, I have been known to kill a little texmex in my day.
Jun 22, 2009 10:32 pm
BOLIO:

LOL Hank, most people don't catch it due to the intentional spelling difference (bolillo). They are thinking bolio as in polio.


But, I have been known to kill a little texmex in my day.
 
Some say Bolio, some say Bollio.  It's all white bread to me.  I am personally wonderbread.
Jun 23, 2009 1:05 pm
BOLIO:

Let me say that my firm, UBS, is about getting all the money and placing it into a wrap account. However, I cannot get The Judges' "500 Day war" post out of my head. I would love to open up an account on a cold call. My thinking is it would best be done through a Bond offer, but I could see a UIT or even a Mutual Fund. This is what I imagined this business to be. Much to my surprise, we spent only 2 hours of training on the phones. And we talk about gathering assets and managed accounts. It has benefits, but it is different. Not what was expected.

 
No surprise here. There is a saying "Those who can, do, those who can't, teach. With regards to your trainers, they can't sell yet they are charged with teaching selling. I'd say go figure, but this is fairly typical of the old boys network managing the big firms.  
 
Back to my point, would The Judge (if you are still here) or Bond Guy, or others who call with a product be willing to share some ideas as far as a script?
 
Go to www.billgood.com for script ideas. Cold call with whatever product you'd like. I like tax free bonds. However, any fixed income product would work the same.
 
As far as script ideas on TF bonds you can call on a specific bond or call with a generic bond oriented appeal to greed type of call. All fixed income calls use high yields to get attention.
 
Something like this:
 
Mr, jones this bondguy at Last Firm Standing Securities we're seeing  a lot of tax free bonds yielding over 6% tax free, in your tax bracket thats the same as a CD yielding over 10%. I have nothing today, could i call you the next time i see one?
 
Or; do you have any CDs yielding over 10%?
 
or; Does this sound like something you could have an interest in? 
 
If yes then qualify. If no thankyouverymuch click dial tone next dial.
 
The key is making lots of dials. Keep stats, a minimum of 50 contacts a day is needed. 75 to 100 is better. That's 12 hours min of cold calling every day.  A contact is reaching the person you are attempting to reach.
 
 
I wish I could listen to you guys over a days time and see how you structure your calls, how you take a prospect to a client over the phone. Simple things like getting them to give you their social security number, or do you send them all the paperwork mostly filled out and put the little "sign Here" stickers on them? Do they send the paperwork and a check back to you? How could you sell them stock, if it takes a week to get them to send the money in. The stock could go up before the account was funded??????????
 
You are over thinking this. Gather this info when you open the account. To do that you need to close the sale first. Here's a close that covers that base:
 
Mr. jones the way this works is this; I take some information from you over the phone to open the account. The money is due here in three days from today. I will email you a confirmation with all the trade details including the amount due. We also send that confirmation by regular mail. In addition i will send you a UPS return envelope. Just enclose your check and send it back to us. It's that simple. How would you like to title the account?
 
That's just one example. Somewhere in the call and usually after the close explain the process to the new client. Also, let'em know they'll be getting the New account paperwork in the mail and to call with any questions.
 
I've taken all the new account info and put it on one sheet of paper. rather than fill out a form i just jott down the info on this sheet and then give it my assistant to enter into the system.
 
Once the prospect has committed i call the trader and have them hold the bonds pending the issuance of a new account number. I give my assistant the new account sheet and i get back on the phone. my assistant pings me when the NA is ready to go and i enter the trade. Done deal!
 
Go to you BOM and ask how they handle new accounts settlement dates etc.
 
Once the account is opened and has a position a margin agreement will help cover any future slow pays.
 
So, I am thinking short term muni bond fund.  A little more aggressive than CDs but may be viewed conservative enough to give it a try.
 
As long as you believe it to be a good investment go for it. Remember, yield gets attention.
 
If you guys were pitching a product, started from day one with NO contacts or family money, what would you pitch and how.
 
Tax free bonds. TF bonds appeal to the demographic we need to reach. We are doing something good for the clients and doing it with something that can't hurt them. Once we have a seat at the table we can offer services to "add value" to the client's situation. Those services include portfolio reviews and asset management products.
 
I spend my dialing time now trying to set appointments. It has been good to me so far, but the numbers that The Judge used, while very difficult work, is very good math.
 
 I am 8mos into production and I have a little over 4million in assets. My production is quite good due to 4 nice annuity tickets. I had been determined to only open accounts over $500,000. That lasted about a minute and now I am looking for activity and think a campaign like The Judges could help build relationships and drive both assets and production.
 
If it ain't broke don't change it. Sounds like what you are doing works just fine. Do more.
 
Thanks for taking the time out of your schedule to help a complete stranger.
Jun 23, 2009 4:18 pm

This is the best sales training I have received since joining the firm. You should be receiving a check from the home office in no time.  Thanks again

Jun 23, 2009 10:18 pm
BOLIO:

This is the best sales training I have received since joining the firm. You should be receiving a check from the home office in no time.  Thanks again

 
If it is UBS Itnernational  it is all about Monterrey, NL. I suggest a heavy dose of Rosetta Stone, an extra set of thick skin armor, and a mentor that is fluent....
Jun 26, 2009 11:23 am

Bondguy...

Who are you calling with this script? Residential, SBOs, Corporate?