Best script for wealth mgmt (really fee based )

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Jul 14, 2010 9:56 am

i need help , my script for fee based is basically,,

Hi mr Jones, its joe from the wealth mgmt div of abc wirehouse, how are you  today?

response = im good joe = im calling you today to see how the market is treating you,,,qualify etc

response = bad time joe , something nasty = when would be best to reach you to speak about wealth mgmt, if he actually gives a time i try to get a direct # or a home or cell # then qualify

im one week into calling any advice guys?

i can only do fee based, prom my previous post i have to raise 1 mil in fee based in 6 months to keep job

Jul 14, 2010 10:21 am

WTF is 'wealth management'?

Jul 14, 2010 10:28 am

its a self explanitory ,general term used to semi qualify guy on phone,

besides that any actual advice?

Jul 14, 2010 11:08 am

[quote=winger004]

its a self explanitory ,general term used to semi qualify guy on phone,

besides that any actual advice?

[/quote]

I agree with Deekay..

general terms don't qualify, questions qualify..(My service is geared towards investors with 250K to invest, i trust that won't be a problem for you?.... I find i do the most good for people with $250k or more in the market, do you fall into that category?... What would be a more comfortable level for you?

Also your pitch doesn't gain any interest...

Hi.. John F Kennedy from ML

Reason for the call is too see what you are doing to protect your assets from the next possible collapse?

Calling to find out what your advisor has done differently this year to help your portfolio in case 2008 happens again.

Calling to find out if your portfolio is back to it's 2007 level and if not what is your advisor doing about that?

Did you lose money in 2008, what is your advisor doing differently to make sure that doesn't happen again?

Are you going to outlive your money or is your money going to outlive you?

Your question is boring and and gives no reason for the prospect to think about it..

Jul 14, 2010 11:23 am

no kidding squash, why do you think im asking for input.

i dont really want to lead with 2008 colapse/negative fear right off bat,,,any second opinions, ?

Jul 14, 2010 1:12 pm

[quote=winger004]

no kidding squash, why do you think im asking for input.

i dont really want to lead with 2008 colapse/negative fear right off bat,,,any second opinions, ?

My opinion?  Fear gets people to act, and then they justify their actions rationally.  Fear works.  The fear of loss is far greater a motivator than the promise for gain.

[/quote]

Jul 14, 2010 1:53 pm

Remember that "scripts" are required to be filed with your firm's compliance department and FINRA. It is not a grey area, and we can thank Olde Discount brokers for this. They used misleading high pressure sales scripts in the past, and lost a big settlement about 7-8 yrs ago.

So, anyone reading this, might consider what might happen in a complaint? For sure, your firm would NOT support you in using an unregistered script. Written scripts are probably laying all about the firms these days, and a surprise audit by a regulator routinely comes up with these things. Considering the use of the internet, they might find a rep postings here at RR forum as well. 

Don't even get me started on social media networking sites...They too are heavily regulated by FINRA.

If you care about your long term career...play by the rules.

At a recent compliance meeting with our Indy BD, they discussed that most compliance departments do annual google searches on their Reps names, and do annual credit checks as well.

Jul 14, 2010 2:26 pm

i dont literally use a "script", but i like to have a general idea of what im tring to say

Jul 14, 2010 2:37 pm

Listen to deekay.  Fear is definetely more powerful than the potential for a reward. 

Think of it this way, you are walking along an icy cold river in the middle of winter and see a $100 bill floating in the river.  Chances are you are not going to risk going into the river to get it.  Now think if you pulled out your cell phone to make a call and one of YOUR bills fell in the water by accident, you would be very motivated to get it back. 

People are simply more motivated in protecting what is already theirs.  I made good money using fear as an insurance agent, I would guess that such a tactic would work just as well for an FA.

Jul 14, 2010 2:49 pm

[quote=winger004]

i dont literally use a "script", but i like to have a general idea of what im tring to say

[/quote]

Good. I'd then highly suggest you completely remove that word from your vocabulary. Also, do not for any reason have something like that in writing. Never have your "talking points" or "spiel" in written form. It would be a death sentence in a complaint, or confrontation with your firm. "I could tell you more but..."

Ask your firm for the "annual compliance questionnaire" and live by it. If you haven't seen it, it is something you are required to sign under penalty of perjury each year.

BTW, good luck, hunt me down in 6 months, tell me about your victory party.

Jul 14, 2010 3:13 pm

thanks BIGFP

to clarify the general questions i have are

1) best way to introduce yourself to prospects over phone in first sentence, time is my enemy, i need to do alot on the first sentence, a little enticing a little qualifying? i use the term "welth mgmt" so guys know where i am coming from right away, any input would be helpfull?

2) Selling fear or greed,,semms like all here support selling fear, so far atleast

Jul 14, 2010 5:49 pm

BigF don't mind "softie", he's an idiot. What jagoff would name themselves get-hard-get-raw??? Must be living in mom's basement.

Jul 14, 2010 8:14 pm

Don't use Wealth Management.  You think people know what you are talking about, but they don't.  Call with muni's to get the HNW attention and then go for a review.  That is how you get fee based accts---when you get the entire portfolio.

Jul 15, 2010 10:47 am

Ive been using a new muni bond thats tax free at 7%, but know one wants to listen. Anyone have some advice on how to start off the conversation?

Jul 15, 2010 12:17 pm

[quote=gethardgetraw]

[quote=BigFirepower] Never have your "talking points" or "spiel" in written form. [/quote]

Wow you're a tool.

Yeah, winging it from memory is definitely the way to go.

[/quote]

You either file it with NASD, and your compliance department, or you memorize your presentations it. That has nothing to do with being a Tool, it's about being in compliance and passing muster with our regulatory bodies. You deviate that, you take chances with your career. But hey, maybe you are more experienced as a rep, know far more than I do? So please, inform me and everyone else here what you think?

Jul 15, 2010 12:25 pm

Nah it's cool I filed my script with NASD.

Jul 15, 2010 12:26 pm

[quote=winger004]

thanks BIGFP

to clarify the general questions i have are

1) best way to introduce yourself to prospects over phone in first sentence, time is my enemy, i need to do alot on the first sentence, a little enticing a little qualifying? i use the term "welth mgmt" so guys know where i am coming from right away, any input would be helpfull?

2) Selling fear or greed,,semms like all here support selling fear, so far atleast

[/quote]

I found in my career, that a good presentation needed 5 things.

Name recognition, special offer/free, sexy/sizzle, limited time, stated rate/benefit

If I missed even one of those items, the results fell by about 50%, remove two, and you may as well not even bother. After a while, I could calculate exactly how many calls would equal how many appointments, and how much gross I would do. My weekly calling plan for years was 150 dials, 5-6 appointments, 3-4 new households, 6-8k gross. I had very good lists....

The presentation, would NEVER be longer than 35 seconds, and was ALWAYS preceded by "the REASON for my call"... People love it when you "get to the point".

The above is based upon theories by the Cold Call Cowboy, Broyles, and some of my own tinkering. Not rocket science, but it sure works.  

Jul 15, 2010 1:32 pm

[quote=BigFirepower]

[quote=winger004]

thanks BIGFP

to clarify the general questions i have are

1) best way to introduce yourself to prospects over phone in first sentence, time is my enemy, i need to do alot on the first sentence, a little enticing a little qualifying? i use the term "welth mgmt" so guys know where i am coming from right away, any input would be helpfull?

2) Selling fear or greed,,semms like all here support selling fear, so far atleast

[/quote]

I found in my career, that a good presentation needed 5 things.

Name recognition, special offer/free, sexy/sizzle, limited time, stated rate/benefit

If I missed even one of those items, the results fell by about 50%, remove two, and you may as well not even bother. After a while, I could calculate exactly how many calls would equal how many appointments, and how much gross I would do. My weekly calling plan for years was 150 dials, 5-6 appointments, 3-4 new households, 6-8k gross. I had very good lists....

The presentation, would NEVER be longer than 35 seconds, and was ALWAYS preceded by "the REASON for my call"... People love it when you "get to the point".

The above is based upon theories by the Cold Call Cowboy, Broyles, and some of my own tinkering. Not rocket science, but it sure works.  

[/quote]

BigFirepower,

Awesome stats! Give us an example of your scripts if you wouldn't mind. Thanks.

Jul 15, 2010 2:04 pm

[quote=TenToesDown]

[quote=BigFirepower]

[quote=winger004]

thanks BIGFP

to clarify the general questions i have are

1) best way to introduce yourself to prospects over phone in first sentence, time is my enemy, i need to do alot on the first sentence, a little enticing a little qualifying? i use the term "welth mgmt" so guys know where i am coming from right away, any input would be helpfull?

2) Selling fear or greed,,semms like all here support selling fear, so far atleast

[/quote]

I found in my career, that a good presentation needed 5 things.

Name recognition, special offer/free, sexy/sizzle, limited time, stated rate/benefit

If I missed even one of those items, the results fell by about 50%, remove two, and you may as well not even bother. After a while, I could calculate exactly how many calls would equal how many appointments, and how much gross I would do. My weekly calling plan for years was 150 dials, 5-6 appointments, 3-4 new households, 6-8k gross. I had very good lists....

The presentation, would NEVER be longer than 35 seconds, and was ALWAYS preceded by "the REASON for my call"... People love it when you "get to the point".

The above is based upon theories by the Cold Call Cowboy, Broyles, and some of my own tinkering. Not rocket science, but it sure works.  

[/quote]

BigFirepower,

Awesome stats! Give us an example of your scripts if you wouldn't mind. Thanks.

[/quote]

Golfers never use the word $hank. Brokers would be wise to remove the word $cripts from their memory and vocabulary. There are presentations, spiels, and talking points. These are fully comitted to memory, and responses to questions/objections are available when asked by prospects and customers.

How about this instead. Write down what I wrote on a sheet of paper, all the major points. Then, you create, inside 35 seconds, something that includes all that stuff?  That is how I prepared for a campaign. Then to practice, I kept calling my voice mail, until I sounded like a champ.

And to quote Nick Murray, don't forget to make sure you call folks with MUHNEE. Can't emphasize that enough, and that was a major factor in my relative success.

Jul 15, 2010 3:41 pm

Coming from the insurance world I would say use a product (muni bond) to get the prospect talking but don't forget that you have to ask for an appointment.

I would do it something like this:

Hello Ms/Mr. ______, this is ________ from ________ . The reason that I'm calling you today is that I have a limited supply of ____ muni bond returning _____ tax free. With most banks paying only 1% I'm sure that you realize that ___muni bond is a much better investment right? (wait for positive response) That's great, Ms/Mr ___, I think we should get together. How about Thursday at 2pm?

Remeber to turn every objection right back and ask for that appointment.

No thanks, I'm happy with what I have
It's great that you have ______. We recently spoke to another client that had ____and they said that what we had would really complement their portfolio. You know something, we should get together. How about next Thursday at 1pm.

I'm not interested
Well Mr ______, a lot of people had the same reaction you did when I first called -- before they had a chance to see how what we do will benefit them. We should get together. How about next Thursday at 1pm.

I'm too busy
Ms _____, the only reason I was calling was to set an appointment. Would next Thursday at 1pm be okay?

Send me some literature
Sure, I can stop by to look it over with you, is next Thursday at 1pm okay?

Any other response
Well that's okay; let's get together anyway.

Remember to shut up everytime you ask for an appointment.

This kind of format worked really good for me with insurance.