Best campaign to open up new accounts the fastest

or Register to post new content in the forum

24 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.
Aug 26, 2009 2:18 pm

the company i'm working for specializes in 401-K rollovers, but I feel that this is the slowest process to opening new accounts.  I'd say a typical benchmark after 90's would be between 8-10 accounts but I feel like if I hit day 1 of production and i'm strictly working on rollover's, i might as well dig my own grave....what are some good ways to open up accounts, and maybe EVENTUALLY get a rollover after I gain some trust?  anyone have any good success with anything?

Aug 26, 2009 2:23 pm

Tax free bonds are always a opener.  Another is "What is your annuity paying these days?"

Aug 26, 2009 2:24 pm
gb0413:

the company i'm working for specializes in 401-K rollovers, but I feel that this is the slowest process to opening new accounts.  I'd say a typical benchmark after 90's would be between 8-10 accounts but I feel like if I hit day 1 of production and i'm strictly working on rollover's, i might as well dig my own grave....what are some good ways to open up accounts, and maybe EVENTUALLY get a rollover after I gain some trust?  anyone have any good success with anything?

 
Do you have any old 401k's that you would like to protect?
 
Do you have any CD's that you would like to earn better rate of return on?
Aug 27, 2009 11:22 am

Ask for an annuity review.  If its in the market, they are probably upset.  If its a fixed rate, you can try to compete on that area.  Find their pain and then you can become their advisor.

Aug 27, 2009 6:39 pm
BioFreeze:
henryhill:

Tax free bonds are always a opener.  Another is "What is your annuity paying these days?"



What happens after you ask what their annuity is paying?

 
 

 
Well, HMMMMMM?  
 
How many times did it take you to fog the mirror?  
Oct 9, 2009 10:43 am

Free toaster or a cooler....

Oct 9, 2009 3:34 pm
noggin:

Free toaster or a cooler....


 
 
Have you been getting marketing tips from Ron14 again?
Oct 9, 2009 4:24 pm
BerkshireBull:
noggin:

Free toaster or a cooler....


 
 
Have you been getting marketing tips from Ron14 again?
 
Keep it down guys ! I also use free suckers and free checking. SHHHHH.
 
Would you like a free checking account with your sh*tty rate fixed annuity ?
Oct 9, 2009 11:08 pm

I liked structured products, especially equity linked cd's.  Minimum rate of returns sometimes, principal protected almost all the time, FDIC insured, market exposure to a cap.  People are
still scared of the markets and want protection, even if it's not the
best course of action in the long run.  

Oct 19, 2009 4:30 pm

Muni bonds are the way to go.  Especially if you cold call someone and
they currently invest in them.  That means they are in a high tax
bracket and likely have investable assets (immediately qualified). Most
muni investors I've encountered are pretty savy, and have been around
the block, so if you have a really nice bond in your inventory and they
don't already have an account at your firm, you stand a chance of
opening an account on the spot.

Oct 28, 2009 8:46 am
army13A:

I liked structured products, especially equity linked cd's.  Minimum rate of returns sometimes, principal protected almost all the time, FDIC insured, market exposure to a cap.  People are still scared of the markets and want protection, even if it's not the best course of action in the long run.  

 
Good luck explaining that too a cold call over the phone.
Oct 28, 2009 8:21 pm
Squash1:
army13A:

I liked structured products, especially equity linked cd's.  Minimum rate of returns sometimes, principal protected almost all the time, FDIC insured, market exposure to a cap.  People are still scared of the markets and want protection, even if it's not the best course of action in the long run.  

 
Good luck explaining that too a cold call over the phone.



"Mr. Prospect, you're worried about the market and losing your principal and I completely understand how you feel.  The product that I'm talking to you about is an FDIC insured CD that is 100% principal protected that will pay a guaranteed 3.5% for the first three years and the last two years the interest is dependent on the 6 month LIBOR."

Oct 28, 2009 9:03 pm

Oh i thought you were using the ones by HSBC that was actually linked to equities.. sorry my bad.

Oct 28, 2009 9:23 pm

QUOTE=Squash1]Oh i thought you were using the ones by HSBC that was actually linked to equities.. sorry my bad.[/quote]



I use whatever offering is available and seems easy to sell.  I also do the ones that are tied to an index:



"Mr. Prospect, you're worried about the market and losing your
principal and I completely understand how you feel.  The product that
I'm talking to you about is an FDIC insured CD that is 100% principal
protected that will pay a minimum interest payment of 2.4% per year for
the next five years under worst case scenarios.  If the S&P does
better over the five years, you can earn up to x%."

Oct 28, 2009 10:12 pm

Not familiar with ones that are equity linked and have guarantees.. who are you using?

Oct 28, 2009 10:23 pm
henrybar:

Not familiar with ones that are equity linked and have guarantees.. who are you using?



JP Morgan and HSBC do a lot of them. 

Oct 28, 2009 10:36 pm

What is the product called ? Do they pay anything ?

Oct 28, 2009 10:54 pm
Ron 14:

What is the product called ? Do they pay anything ?



JP has different names for them but it's pretty much the same stuff; multi-year CD tied to an index or basket of stocks or commodities.  Forgot what HSBC called them but again, the same thing.  All through the bond desk and yes, they do pay.  Up to 4% is what I've seen but of course it depends on your B/D. 

Oct 29, 2009 6:59 am

Couple of examples:







Closing Date:




October 27, 2009 @2:45PM EDT






Settlement Date:




October 30, 2009






Maturity Date:




October 30, 2015






Maximum Annual Coupon:




[9.00-13.00]%






Minimum Annual Coupon:




0.00%






Floor:




-30%






Principal Protection:




100% when held to maturity






Min/Max Cumulative Return:




0.00% / [54.00%-78.00%]






CUSIP:




40431AM66






Denomination:




$1000






Sales Commission:




4.00%








Closing Date:




October 27, 2009 @2:45PM EDT






Settlement Date:




October 30, 2009






Maturity Date:




October 30, 2015






Maximum Annual Coupon:




[9.00-13.00]%






Minimum Annual Coupon:




0.00%






Floor:




-30%






Principal Protection:




100% when held to maturity






Min/Max Cumulative Return:




0.00% / [54.00%-78.00%]






CUSIP:




40431AM90






Denomination:




$1000






Sales Commission:




4.00%


Oct 29, 2009 10:33 am

Call me crazy, bu nowhere does it say FDIC insured. Reminds me a lot of those principal protection funds that rolled out about 7 years ago from ING. This is a lawsuit waiting to happen. I would not use this as an account opener at all.