Starting from the bottom
Hey everyone this is my formal introduction to the site/ my back story.
I am completely new to the industry, I come from a very poverished back ground with just the essentials. When I was offered an opportunity to embark in a career that inspired some of my favorite films, well I was all for it! haha
Full disclousr I am still in my first week, I am working for a boutique firm with a few veterains that all seem to be very to exteremly succesful. They offered to sponser me for my series 7 as well as provide me with all the material to ensure that I pass.
I have always had sales jobs and even spent a few years studying social dynamics so I feel like I have a great grasp on speaking and working with others/clients. I am not afraid of the challanges this industry offers but am actually extremely motivated to work a field where my salesmenship and interest in the markets can collide and offer me a great oppotunity to lift myself and those around me into a better quality of life.
Now onto the fun stuff
I work everyday from 8 am to 4 pm but usually stay late to get some studying done because it just works out better then if I go home. Ive spent everyday so far cold calling leads that my boss has accumilated through out the years ( some dating back 1995 ) essentially, all I am doing is qualifying and nothing else, so I can get a grasp on what it takes to succeed later on.
Knowing that I was planning on posting I actually kept track of my numbers today
calls - 126
contacts - 13
leads - 2 ( the third did not qualify only had 25k in the market )
If for any reason I am not dialing its because I am studying. I want to get into the habit of making over 200 calls a day because it seems that the only way I will ever make any real success for myself. I have no wealthy friends, I am just now learning about the market and industry sooooo yeah im literally starting from the bottom.
I have three months to pass the exam, another three to open 30 accounts then I will be on my own. Any thing else, just ask? any feedback, on my situation such as mistakes im making or whatever will be appreciated....
one last question, some guys at my firm say that its very much so possible to make 100k in your first year, in reality would be after my first 6 months so like 100k after 1 year and 6 months. I understand he pointed out thats the high end but even if I can manage half of that my first year, It would be worth the pursuit! Following my cold calling plan that I laid out, is that possible? keep in mind my limited knowldge :( so far. One other trainee who been there longer told me that realisticlly ill only make 200 a trade or new account and that ill be making shit my first 3 years and only good money after five. Anyone would like to weigh in, I dont mind the hard work, shit I actually enjoyed qualifying people, felt good and the rejection lol its no hard feelings.
p.s I did not proof read, I am sorry :/
Don't take offense Lou. The site is overwhelmed with spam, so people are getting over it.
Sounds like you're on the right track and in a good place where you've got opportunity. 100K is not unheard-of in the industry. Depends a lot on you and your support system.
Thank you, I appreciate the response and feedback. I have been a long time reader but just recently opened up an account. Most of the post I have read were dated 2008-2010 mostly from legends like Bondguy ect.. so I guess what you just told me explains why I havent seen much of anything recently of great value...
good luck to you also with your endeavors
I would just focus on the test right now - too many distractions will cause you to fail them.
Absolutely focus on the test. You cannot make any commissions until you pass those. I still haven't even taken the test for the 66 yet. Once I go into production I'm in the same shoes you are as far as being brand new to this business. I have no wealthy friends/family to bring to the table so I'm going to be cold calling like crazy. If I come accross anything good I'll make sure to pass it on to you. Please do the same!!
Yes, focus on the tests first.
As for the cold calling, you need to try to ignore the total number of calls you make. Whether I'm calling for qualifying or appointments makes a huge difference in the "total" calls I've made. People that say you need to make x amount of calls are saying it to usually provide a benchmark for beginners. Although this may provide you with an initial benchmark, constantly tracking total calls actually makes the job of calling much more tedious: It's a proverbial double edged sword.
So forget the numbers. What you want to focus on is being able to constantly call for a set period of time, and trying to have meaningful conversations. I'm not sure what kind of conversations you're having, but if all I was doing is qualifying and had made around 120 calls with 13 contacts, realistically that many calls would only take maybe a little more than an hour at most; Granted these conversations would be fairly straight forward.
Typically I call in about 90 minute increments. During those 90 minutes, I am constantly doing one of the following: dialing, listening to the ring tone, speaking with someone, or hanging up and immediately dialing again. I usually don't stop to enter data. Most of that data can be entered during a conversation or while you're listening to the ring tone for the next call. The ring tones become your breathers and give you a chance to collect your thoughts.
Before you know it, you look up and you're making 400 calls a day. But the irony is that you only really get to that point when you stop caring how many calls you actually make. Hope this helps.
One thing that caught my eye: 10 accounts a month is a fast pace, even without account minimums. And if you did open 30 smaller accounts, they wouldn't support you and the servicing would drain your time from building a self supporting book. But otherwise it seems a good plan. Get used to working 14 hour days, though. Especially cold calling, you want to work the phones from 5-7pm. Also, the leads your boss is providing are warmer than a lead list, so keep that in mind for your own future business plan.. Good luck!