Cold Calling werks

Aug 3, 2009 3:39 pm

Just a quick FYI to those who are feeling beat up and beat down… I have built my business on CC’ing, last month (July) I raised 1.2M on strictly equities… I have been doing this for 10 yrs. and that was my best raised month.

In June my AUM passed the point to where I was prior to the “crash”…

Keep your heads down and tell your story…

Aug 3, 2009 9:05 pm

That’s damn impressive(how many dials are you making a day/month to do that)?

Aug 3, 2009 9:27 pm

You do know that you spelled "works" incorrectly, right? 

Hooked on phonics werked for me!
Aug 3, 2009 9:48 pm

Did you know Jones sucks…



EDJ advisors one step above TD Ameritrade…



Just kidding, didn’t know you were the spell check police…

Aug 3, 2009 9:59 pm

Oh, c’mon.  Just having a little fun with the guy.  You can’t spell a word wrong in the title of your post and not expect to catch some crap for it. 

  When did you start working for TD Ameritrade? 
Aug 3, 2009 10:00 pm

Of course is it TD Ameritrade or the Institutional side… big difference…



Seriously though, those are some big assets for a month…

Aug 3, 2009 11:08 pm
Squash1:

Did you know Jones sucks…

EDJ advisors one step above TD Ameritrade…

Just kidding, didn’t know you were the spell check police…

  Damn...I was just happy to see someone on this board say that we were ABOVE someone! 
Aug 4, 2009 12:37 am

What type of script are you using? I typically just ask for permission to mail some general info.

Aug 4, 2009 2:16 am

How weak of you? Please explain what a “strong” man would do. I would like to be educated.

Aug 4, 2009 2:26 am

Is your ultimate purpose to send some general info to those who give you permission? 

 If so, you are strong.  If instead, your purpose is to set an appointment or to sell a product over the phone, you are weak.   If you want to set an appointment with someone, call and ask for an appointment.   Why are you adding the two extra steps of calling to send information and then sending the information?
Aug 4, 2009 2:56 pm

I am an indy and typically only do stocks… and yes I know how to spell “works” it wasn’t a typo…

Like I said I do all my business over the phone. Ideally 200-250 dials a day. I will feel a CC out and go as far as I can. I have opened (2) gentlemen within a week from 1 call, yes 1 call.

I believe it is Bondguy who said the only thing stopping you is between your ears, I couldn’t agree more… I go through ups and downs, and 99% of the downs are all the perception of how I see my biz or how I feel after a bad call, Outgoing ACAT, bad earnings call, the list goes on…  Jimmy Hoffa said, " 95% of the things you worry about never happen" another truth in this business.

I have been fortunate enough to either have the balls or the stupidity to leave my prior firm and go it alone and have hired (& fired) many people. The people who don’t make it are those who have 101 objections to what they are doing before they pick up the phone.

I’ve had a guy not call a name from a directory because he knew someone else with the same last name. Bear in mind the person was in CA and we are in FL (where the person he knew lives)…WTF???

I had another guy who would go through a directory 5 pps ahead of where he was calling and cross off names of people for one reason or another, (ie. Co. was a hair salon, didn’t like dentists, florists, etc) talk about stopping before you start… One of the guys I mentioned earlier (I opened on 1 call) was a salon owner, 8 yrs later still a client and (2) referrals… CALL EVERYONE, if you find yourself saying “These leads suck!” Well something sucks but it ain’t the leads…

I know this business is a roller coaster in more ways then one, markets, firms, and most importantly emotions… I used to werk in a officec of all these hardened NY guys and they were the worst… emotionally, don’t think it is ghey to have days and then days in this biz, that doesn’t mean be a puss either… Just be man enough to realize what is happening and aas I tell my guys in here, "Before you blame me, the leads, the stocks- Look in the mirror and if you can still blame those things, we’ll talk."

And lastly, I have gotten a fews PM’s on what and who I call, I start at the ground floor, D&B’s, lead brokers, etc… I DO NOT call home leads, I don’t have the time to make sure those are following the rules and quite frankly it hasn’t really ever worked for me…

Most of my clients I have never met in person, while I am starting to build a local biz, its not because I put much effort into it, I own a local business here now and have met others in my building and they have opened, referred, and shared my details w/ their customers… While its has  helped my business I don’t forsee it being a cash cow like opening a guy on 300-400k in stocks… 

Aug 4, 2009 3:47 pm
jackofalltrades:

I am an indy and typically only do stocks… and yes I know how to spell “works” it wasn’t a typo…

Like I said I do all my business over the phone. Ideally 200-250 dials a day. I will feel a CC out and go as far as I can. I have opened (2) gentlemen within a week from 1 call, yes 1 call.

I believe it is Bondguy who said the only thing stopping you is between your ears, I couldn’t agree more… I go through ups and downs, and 99% of the downs are all the perception of how I see my biz or how I feel after a bad call, Outgoing ACAT, bad earnings call, the list goes on…  Jimmy Hoffa said, " 95% of the things you worry about never happen" another truth in this business.

I have been fortunate enough to either have the balls or the stupidity to leave my prior firm and go it alone and have hired (& fired) many people. The people who don’t make it are those who have 101 objections to what they are doing before they pick up the phone.

I’ve had a guy not call a name from a directory because he knew someone else with the same last name. Bear in mind the person was in CA and we are in FL (where the person he knew lives)…WTF???

I had another guy who would go through a directory 5 pps ahead of where he was calling and cross off names of people for one reason or another, (ie. Co. was a hair salon, didn’t like dentists, florists, etc) talk about stopping before you start… One of the guys I mentioned earlier (I opened on 1 call) was a salon owner, 8 yrs later still a client and (2) referrals… CALL EVERYONE, if you find yourself saying “These leads suck!” Well something sucks but it ain’t the leads…

I know this business is a roller coaster in more ways then one, markets, firms, and most importantly emotions… I used to werk in a officec of all these hardened NY guys and they were the worst… emotionally, don’t think it is ghey to have days and then days in this biz, that doesn’t mean be a puss either… Just be man enough to realize what is happening and aas I tell my guys in here, "Before you blame me, the leads, the stocks- Look in the mirror and if you can still blame those things, we’ll talk."

And lastly, I have gotten a fews PM’s on what and who I call, I start at the ground floor, D&B’s, lead brokers, etc… I DO NOT call home leads, I don’t have the time to make sure those are following the rules and quite frankly it hasn’t really ever worked for me…

Most of my clients I have never met in person, while I am starting to build a local biz, its not because I put much effort into it, I own a local business here now and have met others in my building and they have opened, referred, and shared my details w/ their customers… While its has  helped my business I don’t forsee it being a cash cow like opening a guy on 300-400k in stocks… 

  "The leads are weak? The f***ing leads are weak? You're weak."   -Alec Baldwin
Aug 4, 2009 5:06 pm

Jack-

  are you cold calling on a single stock and opening a bunch of 5K accounts, or are you going after larger assets(ie set min of 250K)?   Also - it seems like you are calling across the country. How does that work with all the ponzi schemes in the news lately? I'd like to expand my calling area, but not sure on the dynamics of closing larger accounts in a different state at a consistant rate.   I agree with calling in this enviroment. I started back up again and I have gotten some nice accounts without much effort.  
Aug 4, 2009 7:33 pm


I am calling FL, CA, and overseas… Ideally I go in w/ several ideas (stocks) and then funnel down to 1 or 2… the ponzi scheme thing is generally easy to overcome, but all in all it hasn’t been a game changer by any means… I do other investments (ie equity linked CD’s) but to really build my business stocks has been the ticket.

I am using the same scripts from 10 years ago, I have altered them a bit but nothing material…

As far as closing people in another state, half the time I don’t know what state they’re in… usually someone will say “you’re 3 hrs behind me”…

trust me if you think expanding your calling base will help your business, don’t worry about ponzi schemes (unless you are one) and don’t worry about how someone will feel if you’re in Seattle and they are in St Louis, your good ideas and confidence over the phone will make them do business with you. 

Remember what Hoffa said, “95% of the things we worry about never happen.” I should note he was likely murdered, no worries…
 

Aug 4, 2009 8:43 pm

I wish I could get my head around cold calling people in other areas that I will never meet.  I just can’t imagine investors still trusting brokers enough to open accounts and trust someone they have never met.  I would do it if I thought it would work, I just don’t know HOW to do it, so don’t know where to start.  What type of script are you using?

Aug 5, 2009 12:15 am
BioFreeze:

[quote=B24]I wish I could get my head around cold calling people in other areas that I will never meet.  I just can’t imagine investors still trusting brokers enough to open accounts and trust someone they have never met.  I would do it if I thought it would work, I just don’t know HOW to do it, so don’t know where to start.  What type of script are you using?[/quote]

Start by being trustworthy.

  I'll start on that next Tuesday.
Aug 5, 2009 2:49 pm
B24:

I wish I could get my head around cold calling people in other areas that I will never meet.  I just can’t imagine investors still trusting brokers enough to open accounts and trust someone they have never met.  I would do it if I thought it would work, I just don’t know HOW to do it, so don’t know where to start.  What type of script are you using?

  B24, I've never met most of my clients.

As for investors not trusting someone they've never met in person- who taught you that?   As I've said, most of the problems with cold calling is between the ears of the caller. If you believe, for whatever reason, that it won't work, you are right, it won't work. It won't work for you because you are defeated before you start.   Back on the trust thing- I recently opened a new account on TF bonds, big surprise huh? The account opened for 25k. A little lite to tell you the truth, but a new account and a new opportunity just the same. I point out this account out of the accounts opened over the last sixty days for this reason: I've never met this person. He is 2000 miles away from me. And even though he gave me only 25k on that first trade the account is now worth $435k. He's given me over 400k over the past two months with more to come. Trust has nothing to do with meeting a person.   We routinely open six figure accounts with people we've never met in person and will never meet. We do this because we believe we can. And we are right, we can and we do.
Aug 5, 2009 3:28 pm
BondGuy:

[quote=B24]I wish I could get my head around cold calling people in other areas that I will never meet.  I just can’t imagine investors still trusting brokers enough to open accounts and trust someone they have never met.  I would do it if I thought it would work, I just don’t know HOW to do it, so don’t know where to start.  What type of script are you using?

  B24, I've never met most of my clients.

As for investors not trusting someone they've never met in person- who taught you that?   As I've said, most of the problems with cold calling is between the ears of the caller. If you believe, for whatever reason, that it won't work, you are right, it won't work. It won't work for you because you are defeated before you start.   Back on the trust thing- I recently opened a new account on TF bonds, big surprise huh? The account opened for 25k. A little lite to tell you the truth, but a new account and a new opportunity just the same. I point out this account out of the accounts opened over the last sixty days for this reason: I've never met this person. He is 2000 miles away from me. And even though he gave me only 25k on that first trade the account is now worth $435k. He's given me over 400k over the past two months with more to come. Trust has nothing to do with meeting a person.   We routinely open six figure accounts with people we've never met in person and will never meet. We do this because we believe we can. And we are right, we can and we do.[/quote]   These dudes are incredible. I imagine that if they weren't cold calling for several million dollars a day they would be dropped out of helicopters into Al Qaeda mudhuts with just a pocket knife or flying top secret military planes with armed nukes as test pilots.  
Aug 5, 2009 3:44 pm

It makes you wonder what separates them from everyone else. Is it simply the fact that they have no “head games” and simply dial until they get an account and build from there?



Or do these guys have incredible skill? And does that come from doing enough of the calling?



Irks me sometimes I can’t do that type of business.

Aug 5, 2009 4:20 pm

Honestly, it’s because I’ve never MET anyone that can do this stuff, so it’s hard to visualize.  I KNOW that people are doing it (i.e. BondGuy), I just can’t envision HOW it works.  I would think msot people that calls from strangers across the country selling them a bond would want details, something in the mail, something to look at on the internet, etc.  Maybe it’s because so many of my clients (and people in my area) are scientists and engineers, so that’s what I am used to.

  But Chief, to your point, if you do it long enough and consistently enough, it will work and you will get better at it (not that I know from experience, but it's like most things in life).  I think most people buy a list, make 100 calls and get nothing so they give up on cold calling(THAT I may know from experience ).
Aug 5, 2009 5:07 pm

Guys, you are over thinking it.

  I have down days just like everyone else. yes, i have self doubt. A day of not getting any qualified leads makes me question everything. So what do i do? i make the next dial.   On the money thing. I found out that it's as easy to ask for big money as it is for little money.  Start closing for big money. If you ask a guy with a million dollars to invest for ten thousand dollars he will do one of two things; he will laugh at you or he will give you the 10 grand. What he won't do is give you the million dollars. If, on the other hand, you ask him for one million dollars he will do one of two things; give you something lesser than one million, like 250k for example, or he will give you the million dollars. What he won't do is give you 10k.   Ask and you will receive. But you have to ask first.   On another note, there is nothing wrong with having smaller accounts. You just need to have a lot more of them. But it can and will work.   Still, i understand the reluctance on advisors part. it's a scary thing asking for big bucks.   Years ago, after a move to a new office one of the guys came to me asked for me to help him. He was struggling. With BOM's permission I had him sit in my office for a few days. Then I went to his space in the board room and sat at the open desk next to his for a few days. There, over the coming week, i proceeded to open account after account 100k, 200k, 500k, and on it went. I also opened a couple of smaller accounts. By then i had the guy ready to pitch his first prospect. I instructed him to close for one million dollars and fall back to 1/2 million from there. The guy did a nearly perfect pitch and only slightly choked on one million. The prospect self closed on 1/2 million in TF bonds. Beginners luck! The guy was so nervous he was having trouble getting the routine new account info. But he got through it. When he was don't he was completely pitted and needed to go home to change his shirt. A worthy trade off for the 7.5k he had just grossed. After that he relaxed and was well on his way to opening larger accounts. Most importantly, he found his confidence. He believed in himself. Which is all it takes. He eventually found his own comfort zone, large 401k rollovers and to this day runs a large retirement biz.   So, yeah, closing big can be unnerving until you get use to it. And even then, there is always that little knot when you ask for the order. That never goes away.    
Aug 5, 2009 5:21 pm

I get the feeling that my prospects don’t have one million dollars(sometimes $250K seems to be a stretch), so asking for $250K in one investment would seem to be insane.

Aug 5, 2009 5:49 pm

[quote=BondGuy]Guys, you are over thinking it.

  I have down days just like everyone else. yes, i have self doubt. A day of not getting any qualified leads makes me question everything. So what do i do? i make the next dial.   On the money thing. I found out that it's as easy to ask for big money as it is for little money.  Start closing for big money. If you ask a guy with a million dollars to invest for ten thousand dollars he will do one of two things; he will laugh at you or he will give you the 10 grand. What he won't do is give you the million dollars. If, on the other hand, you ask him for one million dollars he will do one of two things; give you something lesser than one million, like 250k for example, or he will give you the million dollars. What he won't do is give you 10k.   Ask and you will receive. But you have to ask first.   On another note, there is nothing wrong with having smaller accounts. You just need to have a lot more of them. But it can and will work.   Still, i understand the reluctance on advisors part. it's a scary thing asking for big bucks.   Years ago, after a move to a new office one of the guys came to me asked for me to help him. He was struggling. With BOM's permission I had him sit in my office for a few days. Then I went to his space in the board room and sat at the open desk next to his for a few days. There, over the coming week, i proceeded to open account after account 100k, 200k, 500k, and on it went. I also opened a couple of smaller accounts. By then i had the guy ready to pitch his first prospect. I instructed him to close for one million dollars and fall back to 1/2 million from there. The guy did a nearly perfect pitch and only slightly choked on one million. The prospect self closed on 1/2 million in TF bonds. Beginners luck! The guy was so nervous he was having trouble getting the routine new account info. But he got through it. When he was don't he was completely pitted and needed to go home to change his shirt. A worthy trade off for the 7.5k he had just grossed. After that he relaxed and was well on his way to opening larger accounts. Most importantly, he found his confidence. He believed in himself. Which is all it takes. He eventually found his own comfort zone, large 401k rollovers and to this day runs a large retirement biz.   So, yeah, closing big can be unnerving until you get use to it. And even then, there is always that little knot when you ask for the order. That never goes away.    [/quote]   Don't be modest. Instead tell us about the time you flew to the moon in a 20 year old single engine cessna just so you could crash it into a crater because you thought it would be a cool story, or about the time you climbed Everest in your boxers on a lunch break because you knew your buddies in the office next to you would be impressed by you taking a leak from the highest point on Earth.
Aug 5, 2009 8:20 pm

Its very true about this being all a head game. When I first started I had no fear. I called the owners of every car dealership in the area and opened some very nice accounts. Then my genius BOM started bringing in the"gurus" who told us all the emotional reasons for us not making enough calls.

Those gurus ruined my cold calling. All I heard from these guys was how and why I was scared to cold call, when in reality I was too naive to know any better. Well, my numbers went down and it took me years to get over that hump. Even today I shutter at the thought of calling those very people who became some of my very best clients.

That was 15 years ago. I still fight daily and use mind tricks to get over my first few calls. Thanks f#$#ing gurus!

Aug 6, 2009 4:05 am

When you call a business, do you know the owners name before hand or just say “Can I speak to the owner” and go from there? Does it even matter?

I’m determined I’m going to open an account out of state now with someone I’ve never met, just to say I did it.


Bond guy, seriously, let me come and spend a day with you.  I’ll take you to subway for lunch.

Aug 6, 2009 6:38 pm

go on sales genie or sales lead . com, one of them and you get 100 free leads… sign up and set the parameters (ie male, 45-65, NW, etc)… it will give you the name… if you can, get the first name and call, if not is Mr ______ available?

It is mental, you will get an account anywhere, I wanted to have a client in Amsterdam for no particular reason… and now I have 2 there.

Better yet pick place you want to go, San Fran (never mind) how about San Diego or Fargo, what ever call there relentlessly and think of nothing but you call, your product, and getting better at both. 6 mths from now go there and enjoy it, only meet the clients if you want… games play them…

Let us know how it goes… hopefully tomorrow.

Aug 7, 2009 5:29 pm

Jack & BondGuy:



Are you with wires or “name” BDs?



I’m wondering how to adapt this for an RIA, as the paperwork for an RIA really lends itself to a face to face meeting to get the engagement papers (contract) and disclosures signed at the same time…?

Aug 7, 2009 8:53 pm

yes…what he said

Aug 8, 2009 1:45 am

A strong man looks for an opportunity to mail something out and spends extra time, money  and energy doing that.

A smart man would look to close an appointment on the first call.

If you can't close the appointment on three attempts, only then do you offer to mail something - and you offer to E-mail something, so that it's simple to put into a regular tickling system and automate it.

Aug 8, 2009 1:48 am

I’ve got Bond Guys back on this one.

  It's like walking. One foot in front of the other. You just make dial after dial. You get better on each call. It's so simple that it's beautiful. Elegant.  
Aug 8, 2009 1:45 pm

Where have you been?

Aug 10, 2009 4:20 pm

I’m about to start doing calls to set up appointments with residents in my town.  What do you more experienced phone guys think is something that a prospect would find as the most interesting reason for doing so?  Mind you, these are people I’ve met face to face once or twice (I’m a Joneser) and even dripped on with a mailer since then.

  Fr'instance... "I'd like to get together with you next week for 15 minutes so..."   "I can share some investment ideas." "We can review your portfolio." "I can tell you a little more about what I do for my clients." etc, etc   I know there's no magic combination of words, but from your experience, what aspect of an appointment pitch do people respond best to?   Thanks
Aug 10, 2009 11:28 pm

When qualifying cold calls in terms of money, when would you bring up your minimum. for example: " I am currently working with investors who have at least $100K in the market"…



Should I bring that up right away or after my initial pitch.

Aug 11, 2009 12:29 am

I have been at this since early 2001 and have seen a couple ups and downs.  From your post it sounds like you are doing this in all market conditions, correct? 

Getting back to basics and making your contacts produces results period.  Measure the activities and not the results from what I was taught early on.

Are you talking to people about well known companies?

Aug 11, 2009 2:42 pm

[quote=Potential]I’m about to start doing calls to set up appointments with residents in my town.  What do you more experienced phone guys think is something that a prospect would find as the most interesting reason for doing so?  Mind you, these are people I’ve met face to face once or twice (I’m a Joneser) and even dripped on with a mailer since then.

  Fr'instance... "I'd like to get together with you next week for 15 minutes so..."   "I can share some investment ideas." "We can review your portfolio." "I can tell you a little more about what I do for my clients." etc, etc   I know there's no magic combination of words, but from your experience, what aspect of an appointment pitch do people respond best to?   Thanks[/quote]   One way to find out is to try it and track your results. Come back to us after trying it out for a few days and let us know the results.   Track number of dials/contacts/closes/appointments set/ green cheeries. Also track time to the minute and time of day. lastly track the list you are calling ie biz/residential/etc.   The data you collect while calling the info you'll have to hone your pitch.   If the results are less than spectacular no worries. That's why you're tracking data. You can use that data to make changes to help find the right combination of offer and prospect.
Aug 11, 2009 2:43 pm
tqspygame:

When qualifying cold calls in terms of money, when would you bring up your minimum. for example: " I am currently working with investors who have at least $100K in the market"…

Should I bring that up right away or after my initial pitch.

  What do you mean by right away?   If you mean on the intial prospecting call, that would be the time to qualify for money.
Aug 11, 2009 3:22 pm

An example of a pitch I use…



With all the turbulence in the financial markets over the past year, I am calling to ask, Are you perfectly happy with the financial advice you have been getting and the results of that advice?

If Yes: Thankyouverymuch

If No: I currently work with investors who have at least $100K in the market and would like to speak with you for a few minutes





Or do I had that in at the end and instead use: What are you disappointed in with your current portfolio.





So by at the beginning I meant of the pitch not the process.

Aug 11, 2009 9:48 pm

Either way is fine.

try different versions and track the results
Aug 12, 2009 2:59 am

I’m curious to know, of those of you who are cold calling regularly and getting results, how many of you are in the biz for 10 yrs or more? And of those, have you been cold calling your entire career or did you get back to it recently because of the last years events?

Aug 12, 2009 12:27 pm

Ditto… And if you are having instant success right now(opening accounts in less than a week from the first call) what are you pitching and how does your pitch go?

Aug 12, 2009 9:24 pm

Last week i went to a networking event and met 20+ business owners.  Of the 20, I’d say 2 were people I could see myself doing business with.  One of them said to me “i’m in a networking group and we need a financial guy- I’ll call you tomorrow”.  Do you think he called me?  NO!!

I’ve been networking for the better of 3 years now and have tried very hard at trying to make friends, i’ve tried to help those people i’ve met by putting them in front of other people who might be able to help them.  It has NEVER been repaid to me.

I’ve built the bulk of my business by cold calling.  So, last week after that networking event, i did some cold calling and uncovered a propsect who had 40K coming due within the month.  Not a huge situation on its surface, but i spoke with him for 20 minutes and think he has a good shot at giving me a bond trade at first.  Right there this was a better result than the networking event.

Bottom line is cold calling works for sure, there is no debate.  Anyone who doubts it either has never had success at it, or doesn’t envision himself or herself actually doing the painstaking task of calling strangers.  Or they think they’re above it.  This business is about asking strangers for money, plain and simple.  How you do it is up to you.  You can have fancy seminars (they work), you can network (probably works), you can get referrals (works), or you can cold call (works).  Just analyze your business and see where the bulk of your clients have come from and keep doing what it was that got you to where you are now.

Aug 12, 2009 9:37 pm

I've been a discount stockbroker for  years , between my trading and my customer base I found myself in a very bad situation. Trading killed me and I lost my customer base , they gave me bunch of inactive accounts and I started calling , it's easy for me because of my experience in stocks and options , bottom line is you sell them greed and they'll buy it , I landed 100K+ trading account today , ....that's how it goes you call and sell future profits.

P.S. TO NEWBIES>>>NEVER < EVER PUT YOUR OWN MONEY IN THE MARKET.
Aug 12, 2009 10:39 pm

[quote=ccmachine]Last week i went to a networking event and met 20+ business owners.  Of the 20, I’d say 2 were people I could see myself doing business with.  One of them said to me “i’m in a networking group and we need a financial guy- I’ll call you tomorrow”.  Do you think he called me?  NO!!

  So why don't you say, "Ya know, I'll be in and out of meetings all day tomorrow.  I'll give you a call the first chance I get...what's your number?"

I've been networking for the better of 3 years now and have tried very hard at trying to make friends,   It's not easy for everyone to make friends.  Maybe it's your personality or looks or something...   [/quote]
Aug 12, 2009 10:43 pm

[quote=stickem]

I've been a discount stockbroker for  years , between my trading and my customer base I found myself in a very bad situation. Trading killed me and I lost my customer base , they gave me bunch of inactive accounts and I started calling , it's easy for me because of my experience in stocks and options , bottom line is you sell them greed and they'll buy it , I landed 100K+ trading account today , ....that's how it goes you call and sell future profits.

P.S. TO NEWBIES>>>NEVER < EVER PUT YOUR OWN MONEY IN THE MARKET.[/quote]   That's real good advice.  Why the hell would a newbie put their own money in the market when they can give it to a discount stockbroker like yourself.  What kind of advice is that?  Just because you can't control your sh*t doesn't mean someone of normal aptitude can't.    Discount hookers are really nice too by the way...
Aug 12, 2009 10:47 pm

Personally, I have found networking to be an excellent way to get business.  The key, in my opinion, is to find different networking avenues...i.e. networking groups, service orgs (rotary etc) and then find a hobby that you really love and get involved in some sort of group that does it such as golf, tennis, tiddly winks, quilting...etc...whatever you love to do...then while you are there be sure that after a few meetings, everyone there knows what you do....they will start asking questions because with this economy, everyone wants to know our opinion...then you say "this really isn't the place to go into specifics, i'm really not one of those hard salespeople, but why don't you come to my office on Friday, we will have a cup of coffee and I will give you some good ideas!"

It has done wonders for my business and half the time I don't feel like I am working.  Oh...and by the way, don't just attend the networking functions, clubs, groups....be involved...run for President, get on committees, get known!  If you are a wallflower it will all be a waste of time!  Good Luck!
Aug 13, 2009 3:52 am

Networking is ok for a side gig, but it takes too long to produce results… Call in addition to the networking…

Aug 14, 2009 2:41 pm

Calling on a fixed rate, a lot of people saying, “no money” I am thinking it is a blow off, but can’t figure out a way to work around it…

Aug 14, 2009 7:01 pm
iceco1d:

I smell the equity version of Bondguy…

  I smell boiler room.
Aug 14, 2009 8:30 pm
Squash1:

Networking is ok for a side gig, but it takes too long to produce results… Call in addition to the networking…

  I agree.  Networking is the "buy and hold" of prospect development.  Cold calling, doorknocking, and seminars are the "market timing" version.  Networking works once you have been around a while, and people know you.  Networking is NOT  "Hi, I'm B24, what do you do?  I am a financial advisor - we HAVE to sit down and talk - I have 2:00 tomorrow or 3:30 on Thursday".
Aug 15, 2009 6:40 am

Moving my book, Chief - Moving my book :-).

 
Aug 15, 2009 6:47 am

You identified your problem in your post.

   You are making friends. (Oh great, you made another "friend")   This is business. Get over being popular and get involved in being perceived as an expert at what you do. You're being used.  
Aug 15, 2009 9:32 am

Lots of great advice in this thread! It’s 230am and I can’t wait to get to work tomorrow (Saturday) and hit the phones HARD!

Aug 17, 2009 3:55 pm

How did it turn out Lion?

Aug 17, 2009 4:16 pm

Pretty well. I had some good response Saturday but didn’t reach that many people. I’m back at it this morning, and I am trying some new things and getting into a rhythm. This should be a productive day.

Aug 18, 2009 5:26 pm

So has the question as to how you get the paperwork done been answered yet? Is there a lot of people who agree over the phone and then 3 days later throw the New Account Forms in the trash?

Aug 22, 2009 3:24 pm

Anyone making dials this morning?

Aug 22, 2009 3:46 pm

I’m stuck babysitting for a friend. When the wife gets back from the gym I may go in. How’s it coming for you so far?

Aug 22, 2009 3:52 pm

Slower, there is a community festival today, so i have branched out a little farther…

Aug 22, 2009 4:22 pm

Why are you not there with a booth set up?

Aug 22, 2009 4:24 pm

Why are you not there with a booth set up?

Aug 23, 2009 3:32 am

Great thread, cold calling is a great confidence builder, a great way to sharpen your speaking skills and sales pitch, it is the heart of my business and I love the challenge.I call all over the country and if you project confidence, have a great story for the product your pitching, people will connect with you and being from a different state, continent means nothing.I live in NYC and always treat my clients when they come to town, if they write a big enough ticket, 500k, 1 million, steak dinner at sparks, cigars, Scores for strippers and a sexy call girl at the Waldorf for the weekend

Aug 23, 2009 3:35 am

Btw,the 500 day war posting is a great plan of action.Remember, plan your work,work your plan.

Aug 23, 2009 3:46 am

FA9,I have the new account form next to the phone.After my pitch, usually the second or third call, I close the guy by creating a sense of urgency and tell him in order to hold his spot at the table or to set aside stocks of the limited allotment given to the firm,ipo, secondary, etc. I’ll need new account information, if I get that, the guy is 99% closed.Next if it’s a new client, I schedule a fed ex pick up for the check the next day, better to get a check than a wire from a brand new client, wires are for the next deal,trade.If you can’t get new account information, the guy is either a piker and not real or you’re not closing him the right way and don’t believe in what you’re pitching.

Aug 23, 2009 4:57 am

I agree with just about everything here. I’m in sort of a different world in commodities but I will e-mail the new account documents to print, or walk them through new account documents online. Either way I am on the phone with them, walking them through it (I spend a lot of time on hold). Then it’s all about the Fed Ex. That is the best $15 or so that you could ever spend. Overnighted and ready to rock the next day. I also agree that if they don’t do docs then they are jerking you around. I will usually use the Ziglar scale of 1-10 close and that usually let’s me know right there what my next step should be. The only thing that I disagree with is the wire transfer. I love wire transfers but of course that again puts the ball in their court and you have to wait for and trust them to get to the bank. I will usually tell them to print out the wiring instructions that I e-mail to them, and take it to the bank. That sometimes helps.



[quote=newbee] FA9,I have the new account form next to the phone. After my pitch, usually the second or third call, I close the guy by creating a sense of urgency and tell him in order to hold his spot at the table or to set aside stocks of the limited allotment given to the firm,ipo, secondary, etc. I’ll need new account information, if I get that, the guy is 99% closed. Next if it’s a new client, I schedule a fed ex pick up for the check the next day, better to get a check than a wire from a brand new client, wires are for the next deal,trade. If you can’t get new account information, the guy is either a piker and not real or you’re not closing him the right way and don’t believe in what you’re pitching.[/quote]

Aug 23, 2009 4:56 pm

I also get on the phone at not later than 8,last call between 6:30 and 7, eat lunch at my desk about 15-20 minutes, wear a head set and rarely am I seated when I’m talking to(projecting,animated, loud voice) a prospect.I shoot for a minimum of 3-5 qualified leads a day and have gotten as many as 10 while trying to achieve 250-300 dials a day.My minimum qualifiers,accredited investors liquid for $25k-$50k, can’t do that, we can’t do business.

Aug 23, 2009 10:53 pm

I like your thoughts on cold calling. I have had minimal success cold calling, but I continue to do it. The reason I force myself to do it is because I think it helps me develop the mental toughness I need to make it in this business. I was a college athlete and have been a head high school coach for many years. This background taught me the value of discipline, competitiveness, and mental toughness. I am convinced that these traits must be present to even have a prayer of making it in this business.



Just soliciting some advice from you. Your basic approach is to stand while you call and speak with firmness and conviction and simply move on as quickly as possible once your realize that doing business is not going to happen? It does seem that a large part of making this work is attitude?

Aug 23, 2009 11:18 pm

Try coaching a game while sitting at a desk. The standing and walking is for fluidity. It gets the blood pumping and the creative juices flowing in my opinion. As far as making something work, I know within the first 3-5 minutes of a call if the guy is “my guy”. I will build rapport, then do some fact finding. If the guy doesnlt have time, money (especially money), and interest, I am offf the call. If he has time, money, and interest then we can go deeper. But I’m not gonna spend time trying to force a square peg into a round hole.

Aug 23, 2009 11:59 pm

I agree. Another great question in the qualifying process to help sort out a good prospect from the time wasters is to ask the guy if he’s ok with doing business over the phone.

I get hung up on , told off, threatened, etc. all day long, helps build my confidence, improves my pitch and lets me see the humorous side of the anger of guys on the other side of the phone.I try to keep my head clear and focused every morning, little or no distractions and I try to keep up my routine 3 to 4 days Mon - Thurs, there is no hanging out in the middle of the week unless it’s for business. Friday I end my day at the close of the market and head out for happy hour with the guys, throw in a few hours 1 or 2 Saturdays a month.It’s a great feeling at the end of the week knowing you’re setting up future business by busting your ass today and doing it in a smart productive way.

Remember, each no brings us closer to yes

Aug 26, 2009 2:38 am

My main focus is listening. Listening for cues to mood in the voice, inflection, concerns.  Then, I match it. I match cadence, tone, energy and people who have watched me call say I move my body around in synch. Quiet people, I hunch up, and get quiet. Loud people, I stand and get bombastic. It works.

 or is that werks?
Aug 26, 2009 6:50 pm

now that i finally have the balls to make some cold calls, what do you guys say to get past the gate keepers/receptionists?  this forum has been very helpful BTW!

Aug 26, 2009 7:12 pm

Good afternoon, Is ___________ available…?

“who is this”

This is ______ from _____…

"what does this have to do with…?"

It is of a personal business matter…

"WTF does that mean?"

I am calling to make an introduction to Mr. ______, is he available…?

"Yeah if you tell me why you are calling in more detail…"

Please let Mr. _____ know  ______ from ______ called, and thank you for your time.

HANG UP…

It doesnt get much worse than that…

You can always say, "Thanks for your time my other line is ringing, it must be Mr. _____ " lol

Aug 27, 2009 3:15 am

My BM is pushing HARD for everyone to focus on building fee-based accounts.

Do any of you cold-calling gurus consistently establish fee-based business out of state, or is it mostly transactional business?

It seems like it would be difficult to assemble a comprehensive financial plan over the phone.

I’m sure it can be done, but is it impractical to attempt on a consistent basis?

Aug 27, 2009 5:46 pm

so i just bought bill good’s book after seeing his name so many times on this forum.  gotta do some digging to find the PWs.

Aug 27, 2009 5:52 pm
MBA2FA:

My BM is pushing HARD for everyone to focus on building fee-based accounts.

Do any of you cold-calling gurus consistently establish fee-based business out of state, or is it mostly transactional business?

It seems like it would be difficult to assemble a comprehensive financial plan over the phone.

I’m sure it can be done, but is it impractical to attempt on a consistent basis?

  Everytime someone says BM it makes me think about taking a dump.