Cold Calling Journey

how do you have no munis in inventory at a wirehouse?  

You guys do realize that they don't have to be in state, right?  While buying out of state may subject the buyer to STATE tax, they are still fed tax free.  That means you are talking 5-8% instead of 35%.  Check your state laws.  Some states (like indiana) don't tax ANY munis - you can buy out of state.  I believe there are 3-4 other states like this.

I have never witnessed a wirehouse having 0 bonds.  That would be absurd.  

[quote=FADavo]

how do you have no munis in inventory at a wirehouse?  

You guys do realize that they don't have to be in state, right?  While buying out of state may subject the buyer to STATE tax, they are still fed tax free.  That means you are talking 5-8% instead of 35%.  Check your state laws.  Some states (like indiana) don't tax ANY munis - you can buy out of state.  I believe there are 3-4 other states like this.

I have never witnessed a wirehouse having 0 bonds.  That would be absurd.  

[/quote]

we have tons of munis just havent considered on calling on ones that are out of state...

edit: double post

What kind of list are you calling on to get that dial/contact ratio? Business or residential?

[quote=BigRedFan]Here is where I am struggling to figure out about where to go next.  When I start cycling through and calling them back, should I have a concrete bond, or simply ask if they have had a chance to read the info I sent and start uncovering need.   Any advice on that would be awesome.[/quote]

Well that depends.

If you're calling due to being curious as to whether or not they had a chance to read the info you sent, then ask them if they had a chance to read the info you sent.

If you're calling because you want to sell a bond and make commission and acquire a new client, then followup and pitch a bond. In doing so, don't ask if they received the info, tell them you spoke earlier and you sent that info and you have a couple things to go over.. (have you bought muni bonds before? etc)

[quote=Mr. Net New]

What kind of list are you calling on to get that dial/contact ratio? Business or residential?

[/quote]

some business/some residential I would say a 50/50 split right now

Another 150 dials with 9 prospects added 

Started making some cold calls today on preffered stock and not really sure of a good script. I have something along the lines of "hello, this is blank with blank and we have a limited amount of blank preffered shares that are yielding 7% while cds are just yielding 1.15% would you be interested?

Can anyone offer any recommendations

Worked the whole day on the scipt posted my stats for the day are

206  calls

50 contacts

4 prospects(one guy seemed very interesting and we set a phone appointment for 9:30 tomorrow morning)

When calling on these preffered and they say they are interested I ask them for an order of 25,000.  I had a few people say ok, but when people balk I ask "Mr./Mrs. whoever what kind of investment would you be comfortable with at this time"

I asked a few brokers in my office about this and they said since I am just getting going there is nothing wrong with opening an account with a 5-10,000 dollar ticket if they mention other accounts you could go after once you show that you wont lead them astray.

Am open to any more advice that some of you cold calling allstars can provide(bondguy, longshot, alltheway)

Big Red,

Great job, good for you working the phones to drum up business. Still a bit early to gauge results. If your firm allows you to open at those levels, great......stick to making those contacts for the next 2 weeks to get over th teethin period....build confidence and get into a steady prospecting rythme of doing it consistently.

On the first call, if you don't get an order, mention you WILL be getting back to them with something of value......and try and get a feel for what they do, bonds, munis, shares......ask where could you add value, and so on.

Then, make sure they have done this before (buying bonds, stocks.... on the phone)maybe they only buy from the local bank...so ask......" You have done this before, buying bonds, stocks,etc..like this...RIGHT? if yes, great, go back later and present a good solution.

If No, be honest and say you would like to be a trusted and sensible provider of tailored solutions, if I came back to you with something that would do XXXXX like you said, would you be willing to give myself and my firm the opportunity to work with you in this regard? The answer will help keep the pipeline clean of unqualified's and enable you to zero in on the types of products to focuss on.......

Still, build prospecting momentum, and the numbers will catch up to your activities......Good luck...keep us posted.

All The Way

Interesting thoughts all the way. I have only been on the phone for about a week and have mailed 30 people information at this point. I guess with anything new it is tough to see the direction that this activity will take, as far as how callbacks go etc.

Still getting used to asking questions and i never ask how much is in their Ira, or how much in cds they have. It is something I am still getting comfortable with.

Brutal Day today, was in sort of a funk all day

204 calls

43 contacts

2 prospects

My prospect count has gone down since I first started cold calling, i think it is due to the fact that I am qualifying for interest on the project(still looking for that on the phone close).  We got a decent muni bond in inventory today that I started calling on this afternoon, and didnt have any prospects off of that.  My pitch for that was very brief and was just "Hi this is ____ from ____.  I just had a new university of ___ muni bond that came across my desk that is paying 3% TFree.  Would you be interested?"  Shutup and listen a couple people said no, and I just said thanks and hung up, started thinking that maybe I should have asked what kind of investments do you do.  Still feel like I need to refine my pitch to really get people to stop and think about it for a moment.  Still looking for some help on a good script

[quote=BigRedFan]

Brutal Day today, was in sort of a funk all day

204 calls

43 contacts

2 prospects

My prospect count has gone down since I first started cold calling, i think it is due to the fact that I am qualifying for interest on the project(still looking for that on the phone close).  We got a decent muni bond in inventory today that I started calling on this afternoon, and didnt have any prospects off of that.  My pitch for that was very brief and was just "Hi this is ____ from ____.  I just had a new university of ___ muni bond that came across my desk that is paying 3% TFree.  Would you be interested?"  Shutup and listen a couple people said no, and I just said thanks and hung up, started thinking that maybe I should have asked what kind of investments do you do.  Still feel like I need to refine my pitch to really get people to stop and think about it for a moment.  Still looking for some help on a good script

[/quote]

Everything's good except the 3%, I'd hang up too. Are you serious? Find something better.

That’s the ytc as it is callable in 5 yrs. Coupon on the bond is 5% should I use that

Pretty interesting day today

174 calls

47 contacts

2 prospects added

1 appointment set(called someone back who I sent info to on monday about this bond)  they are coming in tomorrow morning.  hoping to sell 25-50 bonds and move the rest of their bonds over

chop chop chopping wood

Saturday was an interesting day, numbers below

75 calls
7 contacts
1 prospect

Had the meeting and for my first meeting ever it really helped me gain some confidence in what I was doing. The guy said he wasn’t interested in moving forward at that time but there is always a chance so who knows

Today’s activities

211 calls
50 contacts
2 prospects

Called back 5 existing prospects and was able to eliminate one, will am to call 5 a day back since I mailed out so much info.

Pitch revision is happening albeit it slowly. Itching for that first account or person to open an account? Had a woman tell me she was gonna sleep on a bond idea tonight. Pretty positive that’s a constructive way of telling me no.

It will come, I will get it. Just keep dialing 200 dials a day 50 contacts no excuses get it done. Someone will buy.

Also, one other question. How Long should I wait between initial contact when I mail something and then the follow up contact

Hey...BigRed...well done on your 1st meeting....stick to everything you mentioned in your last post...and you'll be just fine. hats off.....good job.

All The Way

[quote=All The Way]

Hey...BigRed...well done on your 1st meeting....stick to everything you mentioned in your last post...and you'll be just fine. hats off.....good job.

All The Way

[/quote]

Thanks All the Way.  just keep pluging away. 

Todays Stats:

236 calls

54 contacts

5 prospects

4 call backs

I found a solid five prospects today which I felt really good about.  A guy told me he needed to do something with 10k before the end of the month and he had lots of accounts elsewhere.  I am going to try and close him this next week and then work on bringing over the rest of his accounts.  Another guy that I did not count to my prospects list told me he would just end up sharing my idea with his current advisor, not sure how I felt about that or how to respond.

On my call backs I have been split between pushing a product or just building a little bit more rapport.  Yesterday I focused on a specific idea, and today with prospects who could be much bigger I focused on asking if they got my info, and just talking for a few minutes finding details to connect to them with(i.e. big trips for christmas, major purchases upcoming).  Of course one of those guys told me before that he was upset with his current broker and I figure taking an interest in him is a good place to start, and another guy just bought about 300k of land last week and we are targeting mid jan for something

[quote=BigRedFan]

[quote=All The Way]

Hey...BigRed...well done on your 1st meeting....stick to everything you mentioned in your last post...and you'll be just fine. hats off.....good job.

All The Way

[/quote]

On my call backs I have been split between pushing a product or just building a little bit more rapport.[/quote]

That's easy, close.  Build rapport after they're a satisfied buyer.

[quote=BigRedFan]

[quote=All The Way]

Hey...BigRed...well done on your 1st meeting....stick to everything you mentioned in your last post...and you'll be just fine. hats off.....good job.

All The Way

[/quote]

On my call backs I have been split between pushing a product or just building a little bit more rapport.[/quote]

That's easy, close.  Build rapport after they're a satisfied buyer.

Today’s stats are as follows

185 calls
40 contacts
2 prospects
4 callbacks with nothing to show for it

Morning was brutal. Started calling businesses and had it thrown back in my face. Called some residential tonight and had much better luck.

On to the next one

Hey Big Red,

Before running off and moving on......once you got a bit of rapport built up...just ask" how could myself and my firm help you over the next 12 months"....(then say nothing)....

you'll soon find out what's important...then....focuss on solutions....what do you think?

I used your question today all the way and had some fairly productive results with it.  it gets people talking, even one lady who said she was comfortable with her current advisor asked what kind of return the fund I had was paying...

Couple meetings today and just a busy day all around

170 calls 

33 contacts

4 prospects

Calling businesses only today, talked to a couple good people but it is amazing the difference between business owners.

1) Some people are just jerks...Glad they identify as such before being potential clients

2) People who have a family member in the business are great.  Most of the time the call goes nowhere but it almost seems that they know of the struggle with cold calling. same goes for retired brokers.  Always say they wish me luck and stuff. 

Today was a very difficult day for me to get going. Lots of distractions around the office and just wasnt focused

80 calls

14 contacts

2 prospects

A positive is that one of the prospects was ready to put some money to work right away after the first of the year, so we will be scheduling an appt after the holidays

going to enjoy my weekend with some christmas festivities and just decompressing then will hit it hard next week gearing up to christmas.  Still working on pitch revision for the small business owners, I seem to get decent numbers calling with the TF bond fund so i will keep doing that.  Need to get over the mental block of business owners being tougher to deal with than retired indiviudals

BR, hat's off for trying to train yourself to sell bonds. Wires are useless!!!! Lots of layers of know nothing managment.

Ok a few things.

1. Shorten your script. Use BG as a template but don't follow word for word. Shorter, is better.

2. On money, if they say no, ask, is there any time in the near future, nxt six months where that could change? CDs coming due, bonuses etc? If answer is no, thankyouverymuch/click/dialtone. Anything else is what Bill Good calls pit polishing. it's great for giving you a sense of comfort, not so hot on generating income.

3. 3% is a good bond? I think someone else said it better than I but noooooooooo, 3% is not a good bond for prospectiing. In fact it sucks!!!! 6% would be better. Mr Johnson i have a bond available that pays 6% tax free, in your tax bracket that's the same as a 9% CD. You have any CDs paying 9%? (no) let me tell you about this bond...

3. Mr Johnson were seeing preferred stocks yielding over X%, that compares to CDs yielding 1% right now. I have nothing for you now, but the next time i see one would you like to hear about it? (could I call you about it/is it something you would have an interest in/etc/just ask a closing question to your liking). (yes) terrific, Mr. Johnson our minimum investment in these preferreds is $100, 000, I trust if you like the idea that wouldn't be a problem for you? (ask for whatever money amt you are comfortable with. Less or more than 100k is OK as long as you ask the money question. If the answer to the money question is no, and no money in near future thankyouverymuch/click/dialtone). There a plenty of people out there who will talk to you, you need the ones who will give you money. A prospect is someone who is interested and has money now!!!!!!! All others are not prospects. A person with interest & money due later is a green cherry. Someone who is interested but has no money now or later is a waste of your time.

3. Max out your time on the phone to get your contacts up. 12 hours a day with 40 dials per hour. Contacts will follow dials.

3. Start tracking your closing calls. What is a closing call? That sweaty palm call where they've said OK call me and you are calling to sell them something. Hey, my palms still sweat on those calls. And I sit there saying to myself "Please say yes and make this easy." Your goal is to make as many of these calls per day as you can. Remember, a new account a day keeps your useless manager away. Any call that furthers the process along is a closing call ie a call to set an appointment or a fact finding call to zero in on needs. Sooner or later the process has to come to a point and you need to ask for the order. Of course, just going for it is best when doing bonds and other fixed income.

3. Old prospects are like bananas, they will go bad, so call them within a week of establishing them as a prospect.

3. Pitch and miss - OK you are calling and pitching bonds, preferreds etc and while you are getting yeses, you are also getting no for an answer. Put all the pitch and misses into one big pile. Let'em pile up for a while. When you've got 50 to 100, combined with folks that slipped thru the cracks find something really good, high yield pref , bond, new issue ETF, call'em up and sell'em something!!!! The goal is to open'em or trash'em. So go for broke!!!! This is a very good exercise for anyone who is afraid to close or isn't opening accts. Close'em 3x or more. Ask them "What do we have to do to do business?"  Have fun!

By my count that's three tips, so I kept it to a few, good luck, let us know how you do.

Thanks man...great post.....like the banana thing......will pick up on your pitch and misses idea......actually today.....I  was going through my list of 2011 prospects and was about to ditch a bunch....maybe not yet........really sensible to pile 'em up and give it another try or two.

All The Way.

Thanks for the words bondguy and all the way. Managed to eliminate a few people I mailed information to today. Pretty solid day

230 call
44 contacts
3 prospects

Ended the day with a guy who said he may want to buy 10-15 bonds. Would be a good start to the account for them. Which brings me to my next problem, I have decided that I will start opening accounts with 10-20 bonds if the people have other assets. I am going to do things the way I think they should be done, not my first. I turned away an order of prolly 10 bonds this morning and I have been kicking myself since. And I wouldn’t get paid on that order but the guy had more assets i could have gotten over time

If you beleive there is value behind the first sale- go for it!!!!!

I have one client $800,000 aum, built 5 and 10 bonds at a time. Hey, fivzys and tenzys is what she buys!!!!!

My largest client - over 15 million under management started with a 25k bond order and ordered me never to call him again - he already had five brokers but my bond was too good to pass up.  In addition to his accts he has given me a string of referrals that has lead to about another 25 million under managment. So, yeah, small first order, go for it!!!!!!

So how did i get around his do not call instruction? I had nothing to lose so i called him two weeks later. This owner of a large business in our area laughed, said you've got some balls calling me back, I told him too good a deal not to at least listen - he bought $50,000 of offer number two and from there a relationship was born.

Lastly, I cut the commish to zero on bond one in competitive situations to get the buyer's attention. if they have dough, i want a seat at the table. Plenty of money to make down the road.

Been away for a couple days but i thought I would give a quick little update. I am still plugging away. Yesterday was a hectic day and only got 100 dials, but got 2 prospects. I also opened up two new accts yesterday so that was great. Been calling small businesses all day and I may need some pitch revision

"Mr. Smith, this is my name with my firm. I have some 5% triple tax free bonds available which is like a cd paying 7%. Do you own any cds paying 7%?

From there they either hang up, say no or say something like i dont buy cds

Is this a good line for a small business owner it has had a lot of success with people at home, but business owners don’t seem to gravitate to it as much. Back to work, another update later

An update for the day and the week. 

Calls:160

Contacts: 35

Prospects: 1

Had a meeting and uncovered at least 150k that will be coming in after the new year in the next couple weeks.  Called back another guy, and we are good to go on a bond once his cds get called next month.  

I also set an appointment to meet with a guy and sell him 10-15 bonds(what he said he felt comfortable with). I will take the 10-15 bonds because he has been with the same company for 30 yrs and has been contributing to a 401k, and has another account with stocks with a competitor.  Am going to talk with him tomorrow to confirm the appointment but would love suggestions on how to qualify his 401k and make sure I plant the seed that when he retires, I want that rollover...

Chop Chop Chop

Busy week so far which is good. Brining in some assets. During cold calling today had a guy tell me he has a cd coming do, great let’s meet next week.

Calls:150
Prospects: 3

Have an appointment tomorrow morning from a cold call Wednesday night, so hopefully that goes well

Been awhile since I’ve updated. Ended up closing that guy Friday morning for a small bond order but did uncover a larger portfolio I will start working towards.

Yesterday’s stats, I lost my piece of paper so this is from rough memory.

237 calls
42 contacts
4 prospects

Chop chop chopping until 2012

Hey Big Red,

Hope to see more of your posts in 2012....well  done on the last run.....keep going!!!

All The Way

[quote=All The Way]

Hey Big Red,

Hope to see more of your posts in 2012....well  done on the last run.....keep going!!!

All The Way

[/quote]

Thanks. This week has been a challenge for prospecting and have not really gotten into a flow overall...looking for a solid day tomorrow morning to springboard me to really hitting it hard in jan.  ready for some of these first contacts to start reaping rewards and appointments.  

I have a phobia that I will not know what to talk about during appointments/meetings(I have done 3-4 and closed 2 for small amounts).  When yall finally get meetings/appointments with people and you are looking at their statements or discussing their needs whatever, do you usually find yourself reccomending something that same day or a few days later(even though you probably know what you will reccomend immediately)

Happy new year to everyone first day back and am ready for action. Today was a trying day as it took all day before I even got two slight indications of interest.

Calls: 236

Contacts: 51

Prospects: 2

Was calling on a muni bond and my script was just "Mr. ___? This is ++ with firmname.  I have a X% tax free bond available, while cd rates are below 1%(or which is the same as a cd paying 7%.  Would you be interested in that?

Thinking about trying to call on a high yielding stock like CTL or ATT the rest of the week with a script like this:

Mr. ____? This is ___ with firmname.  I have a limited number of shares available in a stock paying a 7%.  What do you generally look for in stocks?

Definently needs some refinement, looking for some crituqes with other product scripts

[quote=BigRedFan]

Happy new year to everyone first day back and am ready for action. Today was a trying day as it took all day before I even got two slight indications of interest.

Calls: 236

Contacts: 51

Prospects: 2

Was calling on a muni bond and my script was just "Mr. ___? This is ++ with firmname.  I have a X% tax free bond available, while cd rates are below 1%(or which is the same as a cd paying 7%.  Would you be interested in that?

Thinking about trying to call on a high yielding stock like CTL or ATT the rest of the week with a script like this:

Mr. ____? This is ___ with firmname.  I have a limited number of shares available in a stock paying a 7%.  What do you generally look for in stocks?

Definently needs some refinement, looking for some crituqes with other product scripts

[/quote]

Thanks for the comments hacksaw I did half the day using my standard bond pitch and then switched to a preffered scrip that bond guy gave me. Cold calling has a funny way of working itself out, it was a brutal 3/4 of a day until I ran into a lady who was fed up with her broker, we are meeting in a couple weeks. And then also another hh that doesn’t shy away from the minimums and likes preferreds.

I also called back two old leads and set the groundwork for a meeting at the end of the month. They are a couple hours away so i wanna give myself the opportunity to line up 2 more appointments in the area.

Today’s stats
265 calls
57 contacts
3 prospects

Feel an order coming my way soon from cold calling

The thing about cold calling is, I do it for an average of 4-5 hours a day and I could not fathom building my business any other way. It will all pay off in the end.

Hey BigRed,

Great post....superb attitude and good for you. Keep at it.....always a pleasure to read your posts......business in about to hit your doorsteps....keep working and posting......

All The Way

[quote=All The Way]

Hey BigRed,

Great post....superb attitude and good for you. Keep at it.....always a pleasure to read your posts......business in about to hit your doorsteps....keep working and posting......

All The Way

[/quote]

Thanks All the way..I appreciate the positive comments. I check in on your thread often and love reading your updates as well

BR, +1 on the great attitude.

One thing - set the appointments for as soon as possible. No further out than the nxt week. If the appt is for the nxt week, send out a confirmation note/letter. You can keep the letter simple or outline what you'd like the prosect to have available for that meeting.

Keep it going!!

[quote=BondGuy]

BR, +1 on the great attitude.

One thing - set the appointments for as soon as possible. No further out than the nxt week. If the appt is for the nxt week, send out a confirmation note/letter. You can keep the letter simple or outline what you'd like the prosect to have available for that meeting.

Keep it going!!

[/quote]

Just an update for today. No numbers to report spent the majority of the day at the hospital with my pregnant wife at some appointments, and then had a required office meeting as part of my training. Did get a few items mailed out and proposals ready. The next couple weeks should be wild as I get closer to my wife delivering, just gonna keep pushing on

More positive day today

191 calls
32 contacts
4 prospects

Feel hood. Rocking and rolling pitching preffereds now it is time to get some biz done. Coming in tomorrow to work for a little while

Saturday morning update for all of my followers out there.

188 calls
1 prospect

Didn’t accurately keep track of my contacts but I would put it around 20 or so. You know what I should be mad because I only found one prospect today but I’m not. That is one more person who said ya your preferred idea sounds good and I could do 50k now, call me back when you have something.

Couple new lines I am using

If someone tells me they have an advisor (especially if they mention they have been working with them for years) is what happens when your current broker retires?

Feel good love this job

One thing I am working on getting better at is asking for the order on the call back...at this point they told me like preffereds, told me they have 50k to invest, now lets get some action.

going to use this and stick to it, often I find myself waffering when asking for the order. I am afraid that they wil say NO, but I need to realize a NO is just a reason to move onto the next yes.

Mr/Mrs ______. This is ___ with ZYX we spoke last week.  I have a ABC company preffered that is paying a yield of 7.4 percent right now.  Like I mentioned before we can start with 50k and go up in multiples of 5k.  How much would you like today??

If they say yes - awesome start taking their information to open the account, explain how a check is due in 3 days.

If they wafer at all I will say this

Alright Mr.Mrs ____.  Why dont we get together to take a look at how this preffered could fit into your portfolio.  Would Tuesday or Wednesday work better for you?

I feel like at this point it will either lead to an order, an appointment, a chance to follow up in a week or two(well my cd comes due in 2 months), or I will move this prospect from my Hot leads pile to my "Burn Pile"

My burn pile is a group of prospects who have basically shut me down, who I will call with whateveR I have that day and pitch to them.

Sales really is like a drug, it is tough and frustrating but their is no better satisfcation than hearing I will take what you are selling.  This comes from my previous sales expereince at my old job, and my limited experience in closing new clients now

COFFEE IS FOR CLOSERS DAMNIT!

Today was an absoluetly demoralizing day...but we need to have those every now and then to keep ourselves in check

226 calls

42 contacts

0, thats right 0 prospects.  

I was pretty down to end the day but tomorrow is a new day and a blank slate.  Have some clients coming in tomorrow to discuss a few trades on their account and hopefully some things that they hold outside the firm to bring in.  

It is a process, but I am looking forward to my next win and it could come tommorow either with my meeting, cold calling or both.

I know one thing though, it wont happen unless I show up and try

Had a good and progressive meeting this morning. Today’s stats are as follows

Calls: 275
Prospects: 3

Feel good middle of month two ready to drop a big ticket. It is coming soon

Today’s stats

270 calls
1 prospect

My prospect count is really low for the week not happy about that at all. Pisses me off but it is what it is. Just will keep making the dials. Have an appointment tomorrow morning and am calling back the first batch of prospects since I switched to a preffereds script and stuck with a firm limit. Maybe something will sprout out of that

Hope everyone had a good day off.  Just a little update about my past week, brought in about 600k last week.  It resulted from a cold call and it turned out their current broker only spoke to them once a YEAR at most.  

Having that done, with the acats signed and everything is a very good feeling.  Also have another appointment set for another 100-150k(my guess) tommorow...Need a big day cold calling to keep moving the needle further.  Goal is to have month 6 hurdles done by end of month 3.  Going to be tough but I think I can do it

BigRed,

Keep up the good work!  I look forward to checking in and following your progress...let us know how that meeting tomorrow works out.

Just a quick update to help myself remain accountable...have definently hit a wall the last couple of days.  Yesterday was absoluetly brutal.

today I banged out 160 calls and got 2 prospects moved a lot farther.  Have also managed to disqualify a few people through the process which is always fun.  Funny how it is so tough to get ahold of certain people after the intitial contact though

[quote=BigRedFan]Funny how it is so tough to get ahold of certain people after the intitial contact though

[/quote]

I agree. I've been making a gradual shift to try to close the same day if not on the opening call. Create the urgency of limited amount/going fast/won't last etc

Many days will result in 0 closes and 0 prospects but I really think the ratio of closes to contacts comes out ahead by eliminating processes/steps and days that the prospect is in buying mode or interested in your offer. Also if you talk to older advisors that called in the 80's, it seems many did it this way with great success. Not sure why it wouldn't work today or why it always seems discredited. I keep an extremely limited amount of 'prospects'.

A quick update so everyone knows I havent fallen off the wagon...it has been abit slower lately with a whole bunch of exciting personal stuff happening.  Right now I am about 2+ months ahead of my hurdles and that is the goal to maintain that or even increase it.  Ultimate goal is year 1 goals down by 6 months.  I have started setting appointments with calls from my first days back in december...Just gotta keep on chopping wood.  Once the personal stuff settles down I Will start posting daily updates again.  Until then it will be rather sporadic and I imagine the next couple weeks will be crazy having a baby and all

best of luck with the kiddo.  A lot of people told me they would take away from my work, but looking at a picture of my kid everyday while I am grinding only makes me want it more.  Kids are the greatest gift on the planet - I am glad you get to experience them.  Best of luck with the family and book building!

Time to really get back after it.  I have been throughly enjoying my daughter and both her and mom are doing great.  

Tomorrow is going to really set the stage, I have a couple big follow up calls with some prospects that are about 2 hours from my office.  Have been planting the seeds for meetings with them.  One of them has nearly a million in assets and the other prolly about 250k...

Ready to hit the cold calling hard again to build that pipeline back up

Good luck with everything - been following your journey. I wish i had the mindset you do

Wow it has been awhile since I posted.  I am sure there is some wondering how I am doing so I thought I would give a quick update

after 3 months in production I have officially brought in 800k, and I have another 350k that I am waiting on the checks for this month.  I also have about 1.2m in the pipeline that I feel I have a 50/50 shot at getting.  Another 1m or so in uncovered assets that we havent been able to move forward.

My favorite experience has been getting close to setting an appointment with someone and then one day their wife answers and basically stone walls you.  Its one of those things like I have never talked to you before.  What is the deal.  The biggest benefit for me right now is time.  I will have my 6 month goals accomplised at the end of month 4.  That gives me time to start filling in my prospects list with new grapes.

My cold calling has been spotty lately and it is showing in the amount of new leads that I have.  All the way summed it up pretty good that after 2.5 months of hitting it hard I have definenitly hit a wall.  Recharging getting ready to take that wall down.  

My big focus for this next stretch is going to be finding a way to reach out to people 35-50 who are switiching jobs and looking at rollovers.  Still pitching product, actually a local corporate bond that is paying pretty decent with a shorter maturity.  

What is everyone else having sucess doing.  I may try doing a pitch for a month that is more along the lines of pitching reviews and saying I work with people above xxx to maximize quarterly income

Good luck to all

Quick update for Monday

211 dials zero new prospects

Tomorrow is a big day for me have a big prospect coming in for an appointment in the morning. Praying it goes well and praying I’m not stood up

Should clarify that a big prospect for me is 1 million. An account like that puts me in the drivers seat of having 12 month goals done by 6

Well sure enough appointment was rescheduled this morning. Kind of a bitter sweet day when you get a check for 150k, are told another 60 will be in the mail, but the big fish reschedules. I must say he did not avoid my calls and was very cool about everything.

Back to the grind and cold calling. Interesting reading other threads on here about peoples expectations of new people falling out of the business. I see it in my own office with other trainees who have not brought in any new assets in the first 2 months of the year!

Was on a random cold call with a super old guy who due to it being lunch and me enjoying our conversation I talked to for about 15 minutes. He gave me a great line that applies to TRAINEES

“COASTING IS ALWAYS DOWNHILL”

Taking some personal time friday so it is time for two more big days to finish the week

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That’s a nice spam post above me but I digress. Just stared at the phone today and it stares back at me like an evil monster. That was for new calls, follow ups whatever. Somehow someway I need to get my focus back on working the phones. I know it is all part of it but man I need the motivation to get back in. Need that phone to stop weighing 100lbs. Need to keep pushing, keep gathering assets. Need to hit my 1 year goals by month 8.

What’s working for everyone else. Would love a pick me up right now

BRF, what you are going thru is normal. Though it is normal, unless you work thru it you are done. CC is about momentum. getting leads everyday to build up the prospect list. The hitters with most at bats get the most hits. Or, at least the opportunity to get a hit. You are prospecting for at bats. The opportunity to get a hit. Less calls equals less at bats equals less hits. Of course you know all this.

The phone weighs 100 pounds because everything is riding on too few calls and too few prospects. It's called fear of failure. You don't call, they don't say no, you don't fail. Except you do. And, in the worst way, without going balls to the wall.

The only answer is to blow the doors off. To get so many prospects that your life isn't riding on one yes or no. The guy you thought was a slam dunk is a no show.?Screw him, his loss, next!!!!  If your pipeline is full that strike out won't kill you for the day.

Recently I had a prospect blow me off on what was to be $10,000 day. I had done all the work and was ready. This was a done deal! Guy makes an excuse and that was that. That was about 10am. Now I've got two free hours. Hmm what to do?  I immediately went to work. Found some bonds I really liked and banged them out. I had 11k by 1pm, and 27k by the end of the day. Maybe I should get stood up everyday?

I know you can't do those numbers now. But if you work as hard as you can now, someday you will. Using the wayback machine, there was a day I was wishing someone would by 10 bonds from me. And, there were plenty of days that nobody did. The 100 pound phone isn't something new.

Thanks for the post bondguy and you definitely hit the nail on the head. I lost a lot of momentum the last month with the baby and everything.

What is everyone’s experience on dialing into another market. I have been considering calling San Diego for an hour a day

Been running up hill the past few days trying to make the contacts everyday. And I have made them but can not get a serious prospect to save my life. I need more meetings, need a more full pipeline. Really depressing seeing the pipeline empty and not be refilled.

Need a switch need to reach out drive meetings. Need to kill it

OK after my meltdown I regrouped myself and have gotten a handle on how to attack this next block of new assets i want to bring in. I am going to focus on pitching meetings on the first call. I am using something like a script that all the way was using but am specifically asking for accounts with at least 150k in retirement accounts (no reason for that number is just arbitrary) could adjust up to 200.

I will group people into two categories. The first being people that agree to a meeting the second is those that say I’d like to but not right now. That second group will be dripped on until appointment is scheduled.

Let’s see how this goes

Well been banging out at least 30 contacts a day(asking people my full opening pitch) and have been generating two solid leads per day to rebuild my pipeline.   I am fortunate that I am about 5 months ahead of my goals thanks to a couple big accounts I got from cold calling right away.

Still pitching bonds to generate interest and on the call back a week later suggesting a meeting to see how it fits into their portfolio(end goal managed money).  My goal is to bring in an additional 1.5mm in managed money by end of july.  If I can do that I will be on pace.

Ive had a come to jesus moment lately that I have to be more forceful in asking for the business and letting them tell me, whereas before I got to apprehensive.  Case in point today with a gentleman that has 1mm in an IRA and we have been talking for a couple months.  FInally today asked him point blank after some random bs talk "XXXX, what do I have to do take our relationship to the next level"  He finally gave me the answer that we need to meet with his wife, he is ready to go but she wnats to me first. Great lets schedule an appointment.  

Thats with everyone on call backs, pitching a bond ok Tom, how about we start with 20 bonds.  Or Would tuesday or THursday work better for you to come in and look at your portfolio.  

Bondguy, ALLTHEWAY do you have a list of questions that you have goto when talking to someone.  Sometimes I struggle coming up with the next logical step.  CAse in point someone says im interested in tax frees and then they mention their IRA.  well obviously boom fuck TF's lets get that IRA business.  But I dont know how to direct the convo to that point.

FInally today asked him point blank after some random bs talk “XXXX, what do I have to do take our relationship to the next level”

What? No wonder he mentioned he’s already married. You should’ve asked him if he wants to buy the bond today.

[quote=KingBobby][quote=BigRedFan]FInally today asked him point blank after some random bs talk "XXXX, what do I have to do take our relationship to the next level"[/quote]

What? No wonder he mentioned he’s already married. You should’ve asked him if he wants to buy the bond today.[/quote]

It was in regards to moving his whole 1mm portfolio otherwise I would have said buy the bond. This truly was about a relationship

so i didn't feel like reading all the posts so i apologize if you guys have already talked about it. but i am doing due dilligence on a good company to buy lists from. any suggestions?

[quote=KingBobby][quote=BigRedFan]FInally today asked him point blank after some random bs talk “XXXX, what do I have to do take our relationship to the next level”

What? No wonder he mentioned he’s already married. You should’ve asked him if he wants to buy the bond today.[/quote]

It was in regards to moving his whole 1mm portfolio otherwise I would have said buy the bond. This truly was about a relationship[/quote]

Nice. Is he not happy with his current IRA or something? Make sure to really narrow in on the problem. That’s awesome. Generated through an initial cold call? Biz or residential?

Generated from a cold calling, he is with the bank right now. His broker has 70 percent of his account in a target date fund. Easy to pick apart when I show him how to generate 45k in income a year

It was a call to home. Best part is his son in law has about 5-10mm with an independent here in town. You want to talk about future potential if I can knock it out of the park

What time are you calling residentials? I just purchased a list of 1,300 homes and I don't want to waste it. I've been doing businesses and having pretty good luck but I haven't moved to homes yet.

I call retired individuals age 65-72 during the day and at night I call people aged 50-65 from about 5-7:30

BigredFan…how has your cold calling been going lately? Ive just started seriouslly calling in the last few months and found it refreshing to hear I’ve been getting some of the same results as yourself.

Just wanted to post a quick update…Still chopping wood cold calling everyday. Summer was absoluetly brutal for me as I barely brought in any assets. It goes to show that you can not take any time off from prospecting.

End of year 1 is at Nov. I am looking to do about 80k production for my first year which all in all isnt too bad. Hoping to double that for year 2.

Current strategy is cold calling just to send them info, and then calling back 7-10 days later and pushing for appt.

Other guys in the office working relationships and networking are running up against the brick wall. I know I am just a dial or two away from my next account that is mad at their broker or has their $400,000 401k sitting at their old employer.

CHOP CHOP CHOP!!!

Oh and If I dont get an APPT by the second or third call they go back in the contact list for a call back in 3-4 months. NO more wasting time with people who just want someone to talk too

The first 4 to 6 months of year one was spent filling the pipeline. Now your pipeline is built. Or, should be. You should be at critical mass with new accts falling out the other end of that pipeline at a predictible rate. Depending on your biz model anywhere from 4 to 12 new accts per month. More importantly is the size of those accts. If they are of the 1mil variety one a month will keep the suits away. If they are of the 100k level, then more is way better than less.

If none of the above is happening because of a prospecting slow down don’t beat yourself up over it. Just move forward!! While it is no fun to repush the rock up hill at least now you know how to do it.

Sales is such a head game! You go thru a slump where nothing is working. You wonder where the magic went? The downturn in results makes you feel like a loser. Those feelings zap your energy for doing everything you need to be doing and should be doing. The loser syndrome becomes a self fulfilling prophesy. That is unless you recognize it and change it. Easier said than done! Many new FA’s have gotten caught in this trap.

The cure? Pick up the phone 300 times today. Take your pitch and miss prospects, you know, the one’s that have blown you off a dozen times? Call them and sell them something. Screw the appointment! Find a new issue Pref or MLP, something with a decent dividend, and pitch it! Open the account and now you’ve got something going for you! A seat at the table to get at the real money. Try it, it works! And it is the absolute cure for the loser’s syndrome.

[quote=BondGuy]The first 4 to 6 months of year one was spent filling the pipeline. Now your pipeline is built. Or, should be. You should be at critical mass with new accts falling out the other end of that pipeline at a predictible rate. Depending on your biz model anywhere from 4 to 12 new accts per month. More importantly is the size of those accts. If they are of the 1mil variety one a month will keep the suits away. If they are of the 100k level, then more is way better than less.

If none of the above is happening because of a prospecting slow down don’t beat yourself up over it. Just move forward!! While it is no fun to repush the rock up hill at least now you know how to do it.[/quote]

Currently opening about 2 accts per months with about 250-300k managed per account.

Sales is an absolute head game, and really this career is all about numbers. I am looking at opening fee based business as it fits in with what we are trying to accomplish. I pitch appt and keep going. Tuesday I made probably 250-300 dials didnt get anything zip zilch nada. Yesterday I came in called back a few folks, set an appt, found out Im moving the ball forward with a vp at a very large company, and generated an additional 3 prospects to call back next week.

You know why cold calling is great, when I call i do not know if that person was the VP of marketing for a fortune 500 company, a sucessful business owner or a blue collar worker who saved every penny and now has 400k in a 401k. I just know that I am always one dial away from someone who has interest.

The biggest thing for me when on the phone is if someone says they have a broker, I say Im just wanting to send you some info. They either say no or yes. I dont prod further, Im not looking for a 30 minute conversation about your current allocation on this call. Let me send you some info, find out where you work or retire from, and this is key for me ESTABLISH one point I can draw back to when we talk again(whether it is family, a trip, or somethin sports related)

BONDguy I sent you a private message. please take a look at it and let me know what you think

I have some big news. On Friday, I signed my first $1,000,000+ client. With my 1.5% fee-based program and the bond ladder I’m building him, it will be $20,000 in production next year. I’m really excited.

All from a cold call on a Saturday morning.

Ulairi lets her the details…

did you pitch a product or appointment??? How long was the lead time to close him.

CONGRATS BY THE WAY!!

80,000 in production your first year? Is that PCs or revenue? All that from transactional preferreds/munis? That is huge. A little insight?

[quote=BigRedFan]Ulairi lets her the details…

did you pitch a product or appointment??? How long was the lead time to close him.

CONGRATS BY THE WAY!![/quote]

I come in on Saturday mornings and make cold calls. 4 saturdays ago, I was in and called the guy. He took my call, I talked about preservation, tax efficiency and income and it sounded good. He actually came to my office that Saturday morning because he couldn’t believe I was in making calls. We met, he then mailed me his statements and I built the proposal for my portfolio. It really wowed them by doing better than the shitty mutual funds he was holding. I drove into his office last Friday, presented it to him and his wife, he agreed and he just signed the paperwork to bring over $1,000,000 and he still has another $2,000,000 in taxable assets (I won the IRA assets) that I’m going to work on and hopefully close by March 31st of next year.

I pitched three things I can do really well and better than most other advisors: preserve what you have, make sure you save on taxes, and get you better income.

He also referred me to a coworker and I’m going after another $500,000 account. I think I’ll be able to close that by the end of the year. I am hoping for another $2,000,000 in assets by December 31st. Which would bring my fee based to over $4,000,000!!! And total assets over $7,000,000!!!

I charge 1.5% which means I’m on great target for next year.

Nice Job Ulairi.

I emailed BondGuy I am working on doing some transactional stuff right now. I am trying to open up an inordinate amount of acounts in the next 2 months. I have a great product Im pitching.

What is the callback like. I am trying to develop a list of questions to push them to the sale. I have qualified by saying my account minimum is 100k(in all reality I would accept orders of 25k).

MY list of questions:

What other investments have you made?
Who do you currently rely on for financial advice?
Would you like to reinvest the dividends or have the cash sent to you?

And then the big banger. Why dont we get started with an order for 25k(still unsure if I should try higher or not) and see how the relationship goes from there?

at that point if they say no I say “What do I have to do to do business together?”

Ulari, what kind of lists are you using? Where do you get them?

Ulari, what kind of lists are you using? Where do you get them?

CIS and CIT leads. I’m changing how I’m cold calling starting in a couple weeks. I have a seminar planned from December through may, one a month and it’s being fully paid for by my firm and wholesalers. I’m going to call to get people to the seminar. I have a big enough book now that I feel more confident pitching the seminar and using that to build business. I’ll still call for meetings/muni bond sales on top of that but it’s another line of attack for getting clients.

KingBobby, Bondguy anyone else who closes on a product on the phone. What are your closing questions. I want to do this but we get no direction on doing trasnactional business it is all about getting the whole pie.

Big Red, first off it looks like you’re hitting some good numbers for AUM, so if you’re in goal territory make sure to only tweak things, no overhauls.

One thing to point out, during the call mail call process (looks like that’s what you described a couple posts above) I would not say ‘let me send you some info’, or ‘I’m just wanting to send you info’ because the purpose of that process is to qualify for interest and money. From interest you can move the process to sale, but without interest it’s difficult, so qualify for it.

For closing questions… it depends… but if it’s in inventory I keep it as simple as letting them know we’re running low so yes or no. ‘We have 200 left, is this something you want?’ etc… For funds, what you said probably works as good as anything, how would you like your dividends for this fund, reinvested or sent?

And hopefully BG will add (and nice week Ulairi!)

[quote=KingBobby]Big Red, first off it looks like you’re hitting some good numbers for AUM, so if you’re in goal territory make sure to only tweak things, no overhauls.

One thing to point out, during the call mail call process (looks like that’s what you described a couple posts above) I would not say ‘let me send you some info’, or ‘I’m just wanting to send you info’ because the purpose of that process is to qualify for interest and money. From interest you can move the process to sale, but without interest it’s difficult, so qualify for it.

For closing questions… it depends… but if it’s in inventory I keep it as simple as letting them know we’re running low so yes or no. ‘We have 200 left, is this something you want?’ etc… For funds, what you said probably works as good as anything, how would you like your dividends for this fund, reinvested or sent?

And hopefully BG will add (and nice week Ulairi!)[/quote]

Thanks KB. I am hitting my tiers and doing well, but I want to start a campaign to bring in some small business owners and a higher number of households. I will still be using the same process for retirees. But At this point I want to add “x” number of households to my list to start building the AUM further

BigRed,

When someone says “I already have an Advisor” why not try something like: That’s the exact reason why I want to talk to you. Either two things will happen as a result of meeting with me, either you’ll confirm everything you’re doing is good or I’ll give you some suggestions on how we can improve your portfolio but either way you win" I’ve had luck with that.

BIg, U, way to hit it out of the park!!! The first of many to come!

BR, Closing questions?

easy close:

Does this sound like something in which you’d have an interest? (yes) What would be a comfortable level for you start with?

or

Terrific, how much would you like to start with?

or

My largest clients are investing well over 1 million dollars in XYZ, how much would you like to commit?

or

let’s start with 1000 shares. That’s about $50,000 cash or $25,000 if we use margin, which would be better for you? ( OK, i don’t want them to open on margin, but it allows a forced choice close. I’m not asking if they want the investment, that’s assumed. The question is how do they want to pay for it)

Another version of the forced choice close

We have two programs available for this investment. One for invesmtents over $100,000 and another for under $100,000, which would you like to choose? (where do you see yourself - which is is a better fit for you etc etc)

I started this morning with 500,000 of these bonds, I’m down to my last $100,000, let’s start with this $100,000 block. Do you have any questions before we open your new account? ( or is that a comfortble level for you?)

On and on there are thousands of version of these same closes, find one or two that you like and go for it.

I have hit a wall. And I’m trying to fight through it. Been in production since May and I have brought in around 6 million dollars by the way of of 5 accounts. I should land a couple more million in the next few weeks if all goes according to plan. However my pipeline is a little dry right now and it’s because I have not been making the dials I’m supposed to be doing. Maybe it’s because I’m somewhat comfortable with my progress but I know you can never be too comfortable in your seat. Anyway I’m looking for some motivation and or thoughts about how to keep it up and thought that this thread might help. The phone is staring me in the face as we speak and for some reason I’m having a hard time picking it up. Thank you for any thoughts or suggestions. My boss thinks I should be able to get two appts per day with a million plus client. I’m about two per week right now. Any thoughts on this?

$6 million…on 5 accounts…via the phone? In 5 months? That is the fastest turn times I have ever seen and heard of in the history of the business…certainly on this board. No offense but does anyone else smell bullcrap? Maybe I’m in the wrong area, but doesn’t that sound a bit off?

Wasn’t the kind of feed back I was looking for. Didn’t mean to brag, wasn’t my point. So first off I work with a senior partner. Who has many relationships of that size. Secondly I work in the Bay area which has a number of tech and biotech firms that love to compensate their employees with options. I split it 50 50 with my boss. So in reality I have to bring in double what everyone else here brings in. All I was trying to do to was look for some motivation or advice.

Like I said…I’m in the wrong area. Those numbers would make you a rock star at most places. Not sure what you need motivation for, but sorry if I came down on you. Keep doing what you’re doing…sound like youre killing it.

The numbers look good but I’m still just as drained as everyone else. I might work on a team but there is no gifting of assets. I cold call just like everyone else but I have help closing the business which is huge, when going after bigger clients. However the phone is heavy right now. I think it might be due to the fact that I’ve done pretty good up to this point. Just wondering what everyone else does when the going get’s rough? That’s all.

Sounds better than me. Im in South Florida, the home of the snowbirds. They are starting to trickle back down, but there are like eleventybillion Wealth Management firms in a 2 mile area. Heavy heavy competition. I would love a crack at some of those asset numbers. I am just hitting singles and doubles…no home runs as of yet. But I’m just trying to raise my At Bats as much as I can.

Uliari what is a CIS or CIT lead? And outstanding job btw

There are a ton of wealth management firms here in the bay area as well. I worked at a wire for 2yrs but wasn’t get much help on bringing in larger accounts so after two yrs I was let go. After that debacle I decided to work with someone who could help me bring in those type of accounts. Good or Bad I’m not allowed to go after singles. But I still need to get as many at bats as possible as well. I think it’s easier calling on corporate directories, I’m not sure how I would do calling on residences. Good luck to you.

Uliari what is a CIS or CIT lead? And outstanding job btw

list companies.

I know CIS, but I couldn’t find CIT lead, because when you search on Google, anything with Citibank keeps coming up. You have a website for CIT lead?

Use CIS. I use the “Incredible” list.

Pretty sure that’s residential, you’ve been doing better with residential? Lots of pros/cons to both…

[quote=Ulairi]Use CIS. I use the “Incredible” list.

Pretty sure that’s residential, you’ve been doing better with residential? Lots of pros/cons to both…[/quote]

I use Lord Abbett’s database for businesses/business owners (call them at work) and I use residentials for night time calling. I found that if I just used businesses (small, medium or large) that I wasn’t able to get the dials I need. So now, I call from 5pm to 7pm the residentials and on saturday, 9/930 to 12/1230.

I figured I might as well try to call everybdoy I could.

What do you say to either business owners and residential? How does your script go?

What do you say to either business owners and residential? How does your script go?

I call on muni bonds themselves (product call) and I do a general call that is “I help investors who are worried about preservation, taxe efficieny and income, which of these are a concern to you?” that is my res pitch.

with business owners if you can pitch them dependable cashflow they’ll love you.

Ulari, how did the call go with the $1 million guy you closed?

Ulari, how did the call go with the $1 million guy you closed?

I help my clients with preservation, tax efficeiny and income. I think a lot of times we’re the guy who’s calling selling a vacuum and we have to hope that the person picking up the phone wants to buy a vacuum that day. A lot of it is just the numbers game. You’ll get these guys who are unhappy with their current advisor and you call with something that can help them.

I have hit a wall. And I’m trying to fight through it. Been in production since May and I have brought in around 6 million dollars by the way of of 5 accounts. I should land a couple more million in the next few weeks if all goes according to plan. However my pipeline is a little dry right now and it’s because I have not been making the dials I’m supposed to be doing. Maybe it’s because I’m somewhat comfortable with my progress but I know you can never be too comfortable in your seat. Anyway I’m looking for some motivation and or thoughts about how to keep it up and thought that this thread might help. The phone is staring me in the face as we speak and for some reason I’m having a hard time picking it up. Thank you for any thoughts or suggestions. My boss thinks I should be able to get two appts per day with a million plus client. I’m about two per week right now. Any thoughts on this?

This biz is simply a numbers game. If what you were doing before worked, then continue doing it. You might have a streak where you get no appts. Then, all of a sudden you get lots.

A numbers game. Simple as that.

Good luck. This is the BEST career out there.

Amber

How’s everyone doing so far this month? Last week was a complete waste due to the election but I did get to call my prospects and clients after and touch base. I sold $100,000 in muni bonds this morning! Brand new client and the account is being opened over the phone. We’re fedexing the paperwork with an overnight return folder. Great way to start the week!

Ulairi what are the general characterisitcs of the bonds your selling

What is their YTW and credit quality? and are they in your state or out of state(the bonds)

just curious whats working out there?

Closed a new account friday for initially 150k and more money coming next month(all told prolly 250-300k). They have another 600k with a different broker. Wonder why they didnt even want to give him a shot at this money…I smell oppurunity to get a million dollar household

[quote=BigRedFan]Ulairi what are the general characterisitcs of the bonds your selling

What is their YTW and credit quality? and are they in your state or out of state(the bonds)

just curious whats working out there?

Closed a new account friday for initially 150k and more money coming next month(all told prolly 250-300k). They have another 600k with a different broker. Wonder why they didnt even want to give him a shot at this money…I smell oppurunity to get a million dollar household[/quote]

I’m buying intermedite bonds (5-10 years) high credit quality and a coupon at least 3%. I’m helping my clients buy cashflow. right now so many bonds are callable that I work with them on that.

I sold $100,000 in muni bonds this morning! Brand new client and the account is being opened over the phone. We’re fedexing the paperwork with an overnight return folder. Great way to start the week!

Congrats! Ive been following yours, and others success via CC-ing for a while now. I take it this new account was from a cold call and you have never met face to face(?). If so, could you elaborate on the process and how difficult it was to close someone ALL over the phone?

I cant imagine that being easy to do.

If you beleive there is value behind the first sale- go for it!!!

I have one client $800,000 aum, built 5 and 10 bonds at a time. Hey, fivzys and tenzys is what she buys!!!

My largest client - over 15 million under management started with a 25k bond order and ordered me never to call him again - he already had five brokers but my bond was too good to pass up.  In addition to his accts he has given me a string of referrals that has lead to about another 25 million under managment. So, yeah, small first order, go for it!!!

So how did i get around his do not call instruction? I had nothing to lose so i called him two weeks later. This owner of a large business in our area laughed, said you’ve got some balls calling me back, I told him too good a deal not to at least listen - he bought $50,000 of offer number two and from there a relationship was born.

Lastly, I cut the commish to zero on bond one in competitive situations to get the buyer’s attention. if they have dough, i want a seat at the table. Plenty of money to make down the road.