Bill Good: Hot Prospects
I’ll tell you this, in training for SB, we were given a Bond book (written by Michael Brandes), “The Warren Buffett Way” and “Never Eat Alone”. They should have given us this book instead of the Buffett book (we’re asset gatherers, not portfolio managers), or made us buy it (or the previous one, which I ordered from BN). I think back to how much time I wasted on “pits” when I could have been spending time better suited looking for “cherries”.
In fact, a lot of the new FA training should focus on prospecting skills and techniques rather than overcoming objections. Like the ideas espoused in the 500 Day War.
Bills first book, Prospecting your way to sales success (2nd ed) is a must read for the aspiring financial adviser. I use his cherry principal in my Act ! program ( prospects broken down into info lead, pitch & miss, green cherries, cherries, hot prospects and under review).
The point is to have a system and this has worked well for me. Prospects are your "inventory" after all, and it helps to cut ties with those that are just wasting your time by labeling them as jerks and pits. I wasn't crazy about his most recent book, Hot Prospects, as it is just a rehash of PYWTSS. Stok[quote=C_FA]I’ll tell you this, in training for SB, we were given a Bond book (written by Michael Brandes), “The Warren Buffett Way” and “Never Eat Alone”.
I saw Never Eat Alone and almost picked it up when I got Hot Prospects. So, you liked it? I was talking with a Jones guy not too long ago and he told me he takes someone to lunch every day. I rather like the idea. In fact, a lot of the new FA training should focus on prospecting skills and techniques rather than overcoming objections. Like the ideas espoused in the 500 Day War. I think that if you properly craft a pitch, then it's not so much about overcoming objections as it is simply answering questions. The proposal will speak for itself; if the prospect is really not interested or inventing reasons why it can't be done or shouldn't be done, you're wasting your time. If you create the desire, a client that genuinely wants to do it will overcome his own objections.[/quote]
[quote=Potential][quote=C_FA]I’ll tell you this, in training for SB, we were given a Bond book (written by Michael Brandes), “The Warren Buffett Way” and “Never Eat Alone”.
I saw Never Eat Alone and almost picked it up when I got Hot Prospects. So, you liked it? I was talking with a Jones guy not too long ago and he told me he takes someone to lunch every day. I rather like the idea.In fact, a lot of the new FA training should focus on prospecting skills and techniques rather than overcoming objections. Like the ideas espoused in the 500 Day War. I think that if you properly craft a pitch, then it's not so much about overcoming objections as it is simply answering questions. The proposal will speak for itself; if the prospect is really not interested or inventing reasons why it can't be done or shouldn't be done, you're wasting your time. If you create the desire, a client that genuinely wants to do it will overcome his own objections.
The book (Never eat alone) has good ideas, especially related to networking, giving something of value first, and being a conduit; meaning, being connected with a lot of people strategically. it was given to us as part of a training package with Series 7 study materials. In hindsight, I just thought something like Bill Good's book is much more applicable, because it's really about prospecting-closing-asking for referrals.
And doing a good job for clients in the process. The Jones guy has it right in his approach-better there, in front of new people, than in the wholesaler lunch. I don't dispute that. Get out of the office. Having said that, you can be a conduit all you want, giving, giving, giving, and unless people come to you and open accounts, and bring in real assets, it's not a good use of time. Judge has it right, keep up contact w/friends at night (after 7-8 pm) and on weekends. When I first started, I was in the office 5 days a week, 8-5, with my nose in a study manual. I should have been out reconnecting with people from the past, playing golf with new people, getting in front of and meeting as many people as possible, and then studying at night. But, they don't tell you that at first. Yes, you have to pass the 7 and 66. Yes, you need a certain working knowledge of the capital markets. They give you all these exercises and assignments to do, academic work in nature, and it won't do a lot for building a list of qualified prospects.
Agreed--I have had discussions at length with my sales manager about this, about prospecting and thinking about speed--rather than working people over, over, and over again. I did that early on as well-and probably should have just cast some of them aside. Getting as many prospects into that pipeline as quickly as possible--and then adding more--this should also be covered--the numbers to really make it work (# of dials, # of prospects, # of meetings). David Mullen's book does this very well.
[quote=stokwiz]Bills first book, Prospecting your way to sales success (2nd ed) is a must read for the aspiring financial adviser. I use his cherry principal in my Act ! program ( prospects broken down into info lead, pitch & miss, green cherries, cherries, hot prospects and under review).
The point is to have a system and this has worked well for me. Prospects are your "inventory" after all, and it helps to cut ties with those that are just wasting your time by labeling them as jerks and pits. I wasn't crazy about his most recent book, Hot Prospects, as it is just a rehash of PYWTSS. Stok[/quote]Stok,
Is Hot Prospects that close to "Prospecting..."? Reason I ask is, I ordered "Prospecting" as well.
I’m starting with EJ on Monday. I know they focus on doorknocking as their primary mode of prospecting, but recently I’ve felt “the recipe” might need some extra ingredients. A few of the newer FA’s I’ve met recently have been struggling since Oct 08. It seems that cold calling may be the most viable alternative to supplement my doorknocking. The problem is that I’ve never cold called before, so I’m almost completely clueless. I’ve heard alot of good things about both of Bill Good’s books. Which one should I get? Also, how do I obtain good quality call lists? Any other resources I should look into regarding cold calling? Books? Techniques? etc.
Also, I've been hearing (mostly on here) that seminars are a great prospecting tool. I'm not familiar with this either. How do you go about conducting a productive seminar? Where do you find people to attend? How do you choose topics? Any resources that can help give me some information on this subject? Thank you all for your help!My father-in-law was a liquor salesman for decades and he always used to tell me "Ya gotta make 'em embarassed not to give ya the business." Which is why the liquor industry has tons of free giveaways, everything from bar napkins to liquor themed tee-shirts and mirrors/wall hangings. And every industry does it in some form or other, from the fuller brush salesman that hands you a free sponge when you answer the knock at the door to pharmacy reps showering doctors offices with bagels and sandwich platters. I guess it kind of puts the client in an "obligatory" position, of sorts.[The book (Never eat alone) has good ideas … giving something of value first
[quote=Fud Box]I’m starting with EJ on Monday. I know they focus on doorknocking as their primary mode of prospecting, but recently I’ve felt “the recipe” might need some extra ingredients. A few of the newer FA’s I’ve met recently have been struggling since Oct 08. It seems that cold calling may be the most viable alternative to supplement my doorknocking. The problem is that I’ve never cold called before, so I’m almost completely clueless. I’ve heard alot of good things about both of Bill Good’s books. Which one should I get? Also, how do I obtain good quality call lists? Any other resources I should look into regarding cold calling? Books? Techniques? etc.
Also, I've been hearing (mostly on here) that seminars are a great prospecting tool. I'm not familiar with this either. How do you go about conducting a productive seminar? Where do you find people to attend? How do you choose topics? Any resources that can help give me some information on this subject? Thank you all for your help![/quote]What do you mean 'start with Jones on Monday'? Where are you in the process? Surely before they turn you loose they will provide you with a field trainer who will teach you how to make cold calls.
Jones will teach you a recipe and you would be wise to follow it; but at the same time you have the right idea here of trying to find other ways to prospect and sell.
Get to know the FAs in your region and find some who will help you.
[quote=buyandhold] [quote=Fud Box]I’m starting with EJ on Monday. I know they focus on doorknocking as their primary mode of prospecting, but recently I’ve felt “the recipe” might need some extra ingredients. A few of the newer FA’s I’ve met recently have been struggling since Oct 08. It seems that cold calling may be the most viable alternative to supplement my doorknocking. The problem is that I’ve never cold called before, so I’m almost completely clueless. I’ve heard alot of good things about both of Bill Good’s books. Which one should I get? Also, how do I obtain good quality call lists? Any other resources I should look into regarding cold calling? Books? Techniques? etc.
Also, I've been hearing (mostly on here) that seminars are a great prospecting tool. I'm not familiar with this either. How do you go about conducting a productive seminar? Where do you find people to attend? How do you choose topics? Any resources that can help give me some information on this subject? Thank you all for your help![/quote]What do you mean 'start with Jones on Monday'? Where are you in the process? Surely before they turn you loose they will provide you with a field trainer who will teach you how to make cold calls.
Jones will teach you a recipe and you would be wise to follow it; but at the same time you have the right idea here of trying to find other ways to prospect and sell.
Get to know the FAs in your region and find some who will help you.
[/quote] As of today, I'm officially in training! I've already met my field trainer, super nice guy and a Seg 4. I'm sure I'll learn a lot from him. I believe "the recipe" is to my benefit, and I intend to follow it. At the same time, for reasons I stated above, I feel that the recipe may need some tweeking for the current environment. I'm not saying the recipe is bad, or that I want to go my own way. I'm not trying to reinvent the wheel. What I AM trying to do is ensure that if doorknocking isn't effective enough, that I'm prepared with some alternatives. I'm completely new to this, and I don't want to be caught with my pants down with nowhere to run. In lieu of that...any suggestions for my previous questions (pasted below), or insight as to what quetions I should be asking? I've heard alot of good things about both of Bill Good's books. Which one should I get? Also, how do I obtain good quality call lists? Any other resources I should look into regarding cold calling? Books? Techniques? etc. Also, I've been hearing (mostly on here) that seminars are a great prospecting tool. I'm not familiar with this either. How do you go about conducting a productive seminar? Where do you find people to attend? How do you choose topics? Any resources that can help give me some information on this subject? Thanks again for any help!
Bud, I would suggest NOT WAITING to find out if doorknocking is not effective enough. At that point, it will be too late. I would suggest starting to network (it won’t pay off for some time) at Chambers, BNI, whatever works in your area. Do some very light seminars (maybe see if you can sit in on some with a veteran in your region first to get an idea of how to present), start thinking about where the money is (big employers, retirement communities, etc.), and come up with a strategy. But don’t wait until you find out doorknocking won’t work. It will be too late by then.
Thanks for the information. As it pertains to waiting, I couldn't agree more. Which is why, although I just started studying for the licensing today, I feel it necessary to start coming up with multiple marketing strategies. After all, I only have about 4 months before I start my business from absolute zero. I like the idea of the "canned" seminars. That'll at least get my feet wet. I assume any seminars I create will have to be Compliance approved, so these will save a ton of time I'm sure. What's the best way to promote attendance? The local Chambers, Rotary, and BNI groups seem to already have a Jones (as well as other FA) presence. Would that limit the potential gain from joining these groups? At the end of the day, they're really not that cheap. My area does have several large employers, particularly in high tech fields (computers, pharma, etc.). My guess would be the best resource would be a company directory, but how do you get those? Sorry about all the follow up questions, but I'm really trying to get as many specific ideas as possible, so that I can figure out what "fits me" when the time comes to start building my business. Do you have any suggestions for general resources for marketing strategies that I can look into? Like books, websites, etc. The cheaper or "free-er" the better!Bud, I would suggest NOT WAITING to find out if doorknocking is not effective enough. At that point, it will be too late. I would suggest starting to network (it won’t pay off for some time) at Chambers, BNI, whatever works in your area. Do some very light seminars (maybe see if you can sit in on some with a veteran in your region first to get an idea of how to present), start thinking about where the money is (big employers, retirement communities, etc.), and come up with a strategy. But don’t wait until you find out doorknocking won’t work. It will be too late by then.
[/quote]
I've heard alot of good things about both of Bill Good's books. Which one should I get? Also, how do I obtain good quality call lists? Any other resources I should look into regarding cold calling? Books? Techniques? etc. Also, I've been hearing (mostly on here) that seminars are a great prospecting tool. I'm not familiar with this either. How do you go about conducting a productive seminar? Where do you find people to attend? How do you choose topics? Any resources that can help give me some information on this subject? Thanks again for any help! [/quote] Jones has many seminars to pick from, at least one every month, that are very easy to do. Also, you will meet mutual fund wholesalers who would probably do a lunch seminar with you. You can invite your prospects. You don't need lists. If you put 15 new prospects in your system every day you will have hundreds of people to call a month from now. You can easily do that by DK'ing three hours a day. I still think you can build a business with effective DKs, but most Jones brokers do other things.[quote=buyandhold][/quote]
I've heard alot of good things about both of Bill Good's books. Which one should I get? Also, how do I obtain good quality call lists? Any other resources I should look into regarding cold calling? Books? Techniques? etc. Also, I've been hearing (mostly on here) that seminars are a great prospecting tool. I'm not familiar with this either. How do you go about conducting a productive seminar? Where do you find people to attend? How do you choose topics? Any resources that can help give me some information on this subject? Thanks again for any help! [/quote] Jones has many seminars to pick from, at least one every month, that are very easy to do. Also, you will meet mutual fund wholesalers who would probably do a lunch seminar with you. You can invite your prospects. You don't need lists. If you put 15 new prospects in your system every day you will have hundreds of people to call a month from now. You can easily do that by DK'ing three hours a day. I still think you can build a business with effective DKs, but most Jones brokers do other things. [/quote] The recipe says "25 quality contacts per day". If I can pull 15-25 prospects per day doorknocking, then I won't be as concerned about using other methods (provided those prospects bear fruit). I'm just trying to find alternative measures in the event doorknocking isn't that effective. A couple of the newer FA's in my area seem to be struggling with generating leads lately. As far as seminars are concerned...I know they are a great tool for developing the leads you have, but I was trying to get some tips as to how you would use them as a lead generating tool. Particulary when you don't have an existing client base or prospect list to invite. Any thoughts?Bud, I really wouldn’t start semianrs from day 1. I would wait until you are licensed (well, you have to), and even then, wait until you have some clients first. Also, as someone noted earlier, you can use seminars as a way to entice prospects you doorknocked to come see you. In other words, when you doorknock, “Hi, I’m Fud Box…one fo the things we do is hold seminars…blah, blah.” At least they may allow you to call them or send invites. That’s much less invasive than asking for an appointment or talking about product on a doorstep. It’s chicken-and-egg thing.
[/quote] The recipe says "25 quality contacts per day". If I can pull 15-25 prospects per day doorknocking, then I won't be as concerned about using other methods (provided those prospects bear fruit). I'm just trying to find alternative measures in the event doorknocking isn't that effective. A couple of the newer FA's in my area seem to be struggling with generating leads lately. As far as seminars are concerned...I know they are a great tool for developing the leads you have, but I was trying to get some tips as to how you would use them as a lead generating tool. Particulary when you don't have an existing client base or prospect list to invite. Any thoughts?[/quote] 10 to 15 DKs at the door, PLUS 10-15 phone conversations with the people you DK'd two weeks ago equals 25. Do that and then supplement it by an hour of cold calling, volunteer work with rich people and hanging out with CPAs. Your job right now is to prospect and pluck the low hanging fruit. There is no list of those people; you have to go find them yourself.[quote=buyandhold]
This is strange, the email I sent Bill Good is being bounced back to me as undeliverable.
The worksheets he has on his website have these EULA type agreements so that you can't circulate his proprietary materials -- problem is, I can't make them disappear as they're supposed to, which makes the worksheet useless. I emailed him via his website and it got bounced back to me. A little frustrating.Someone mentioned that Bill Good’s new book addressed the issue of the DNC list. Does anyone that has read it know what he suggest for working within the DNC guidelines? The % of people in my area on the DNC list is over 90%. It doesn’t leave a hell of a lot of people to call (I did a list within my parameters that returned about 11,000 names. 10,000 of them were on the DNC list ).
His previous book (which I have) obviously didn't address the DNC list.Yes. I can buy the book, but I have heard it’s more or less the same, except that he addresses the issue of the DNC list.
How do you really address something like that?? You can’t call those people… So my guess is he spends a chapter explaining how to call the other ones
[quote=B24]Someone mentioned that Bill Good’s new book addressed the issue of the DNC list. Does anyone that has read it know what he suggest for working within the DNC guidelines? The % of people in my area on the DNC list is over 90%. It doesn’t leave a hell of a lot of people to call (I did a list within my parameters that returned about 11,000 names. 10,000 of them were on the DNC list ).
His previous book (which I have) obviously didn't address the DNC list.[/quote] I'm brand new to this industry, just started training, and I haven't prospected a single day in my life (for this industry). But here's a couple of thoughts: 1. 1000 names to cold call - assuming you eventually convert about 1-2% into clients - will create 10-20 new clients (I'm really good at math!) Call it 15. This obviously will vary depending on how targeted the list is. If it's just any-ole-body, then the close rate will be lower; however, if the list is of presumably qualified prospects, then it will be higher. Again, duh. 2. For the remaining 10,000 names you may consider a direct mail campaign. Something simple and as cheap as possible. 10,000 of anything can ramp up your marketing budget. Something like a simple introductory letter with a Business Reply envelope and a perforated request for more info might work. Or you might try a post card with a removable section that can be mailed back to you (pre paid postage as well). Don't forget to include a "Permission to contact?" section that asks for a phone number. Assuming you get a response of around 1% (Bill Good actually says a good mailer will bring a .8% response if I remember correctly). That's 100, highly motivated new prospects. You should close a high percentage of these guys....hell, they mailed YOU for more info, right? Let's say you eventually close half of 'em. That's about 50 new clients. 3. That leaves 9900 names that you haven't heard from yet. You could start a cold walking campaign. Group the names by Address and start a plan of attack. Lets say that we have 9000 actual addresses. Doorknock 100 doors a day for 6 months (unless you're with EJ like me, then it'll be 6 weeks!). When you doorknock, you have an opportunity to request permission to contact. WHETHER IT'S A MAILER OR VERBAL...PERMISSION TO CONTACT MAKES DNC MOOT. I think the general consensus for closing rate of doorknocked prospects is 2-3%. That's another 180-270 clients down the road. We'll call it 225. 225+50+15 = 290 new clients out of 11000 names. Not to mention you're still dripping on a lot of the remaining 10,710 names. Even if my estimates are double what the actual expectation would be....that's still 150 new clients. If they bring an average of just $50K in assets...that's an addtional $7.5 million or roughly $75,000 in annual gross. The few thousand dollars worth of postage and good shoes may just pay off! Again, this is coming from a guy who hasn't doorknocked or cold called a single soul yet. But boy am I jazzed up now!!!!I love the youthful exuberance of Fud’s post! Exactly exactly exactly right!!!
Stop thinking of reasons it won't work and get out there and do it. Start with a I won't be denied attitude. Contacting folks in a high DNC rate area is nothing more than a business problem that needs to be solved. Fud gave us his way of solving it. There are other avenues to explore as well. All are worth a drive through. The only wrong answer is that won't work.Thanks Guys. Fud, I appreciate your well thought-out response. I could very well do the mailing/cold walk thing, and have thought through it many times. However, I really was just curious what Bill Good said in his book about his cold calling campaign RE: the DNC list, hence the title of the thread. I’m not saying anything can’t work, I was just looking for an answer to what I asked.
BG has to hedge his answer regarding cold calling. Which is exactly what he does in his book. Selling a “How to cold call” seminar to financial firms was what gave Bill his start. Industry consolidation forced him to find a product/service he could sell to individuals rather than firms. That product, The Bill Good System, is primarily a contact management system on steroids, matched with a direct mail program that utilizes possibly the best letter library on the planet. Thus when the DNC law was first passed Bill saw a potential big pay day. While for years he marketed his direct mail derived program as an alternative to cold calling, he saw the DNC as a death nell for the competition. He has recently stated that with 140 million people on the DNC the public has spoken. The message: People don’t want to be solicited at home. And most likely at work either. He says as much in his book and goes about giving alternatives that will allow you to call these people. As usual good stuff and there is truth in those words.
However, Bill's using the DNC as a reason for us to get the messege that people don't want to be solicited and thus shouldn't do it is at best self serving. The messege to Bill Good is people never wanted to be solicited. Even back in the days when Bill was making living teach all of us how to do it. However, at the time the public at large couldn't do anything about it. The only thing that has changed is the law, not the public's psychology or acceptance of cold calls. The public has always disliked cold calling. Yet they buy and invest money and thank us for helping them. In other words, nothing has changed. Work within the DNC and still build a fabulous business. And if you want to build it bigger faster buy the Bill Good System and do that TOO. (not instead)Source URL:https://www.wealthmanagement.com/forums/prospecting-marketing-and-selling/bill-good-hot-prospects