Essential Cold Calling Techniques

Feb 3, 2009 1:08 am

Hey guys! <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />

I wanted to post a series of topics pertaining to cold calling. Coming from a guy who has made close to a half million cold calls, and trained dozens of financial professionals, which the vast majority have went on to have considerable success in the business. I would humbly consider myself qualified.<?: prefix = v ns = "urn:schemas-microsoft-com:vml" />

 

Cold calling is the lifeline of the sales business. The formula is very simple: dials=leads=account=assets raised=$$$. I've found the majority of people dislike cold calling for 3 simple reasons, they have a fear of rejection, they don't know how to effectively call, or most importantly they were never trained properly from their superior. Cold Calling is a science, that is not very difficult to master, it just takes time, repetition and a lot of dialing. Thats what I'm gonna help you with today, for anyone willing to listen.  

 

Today I'm going to discuss 2 vital things:  (Sales Intro, and Quality Leads)

 

A cold call is determined within the first 5-8 seconds of the initial contact, so it's imperative that it's very strong. The way I used to explain it to my trainees, is if you were meeting a prospect in person for the first time. What would do when you first meet him? You would shake his hand firmly and give strong eye contact, to convey confidence and cabability right? Well, you have to do the same thing when you cold call, but in a different way. When your weak on the phone you convey a weak handshake and limited eye contact.  It's very simple! Follow me.

 

Example #1:  (Wrong Way)

-Hi Mr.Gekko this is Bud Fox over at xyz capital. How are you doing today? (he replies good) you reply: How's the weather? How's your day going? Whats your kids names? Soon after you hear that familiar dial tone. It's ok to be friendly and build rapport, once you get all the info you need for the lead, but until then, it's a complete waste of yours and his time. Lets break this down:

 

-Never call someone Mr or Mrs on a cold call (unless they request you to) this automatically gives them the upper hand to control the conversation. Knowbody is above you. Always use their first name

 

-A cold call is supposed to be quick and to the point. Time is $$$, for both you and him. Business people are very busy, and don't have time for small talk, when your calling interfering w/ the middle of their day. You always want to convey to the prospect that your extremely busy. Furthermore small talk like that tells the prospect, that your not busy, and are probably a rookie, not worthy of his time.

  *Small Talk is vital to build rapport w/ your prospect once he's your CLIENT, until then keep it brief and direct.

 

-Always ask direct questions. Can you tell...  prospect replies No I can't.  Would you... Prospect replies No I would not. Direct questions get direct answers.  Name me one.. How much do you.. Tell me one..  ASK DIRECT QUESTIONS....

 

Example 2: (Right Way)

 

Hi Gordon! (he replies speaking:) Gordon this is Bud Fox SPEAKING (pause) from xyz capital (pause). How are you?

 

-Always use speaking when cold calling (e.g. This is Bud Fox SPEAKING from xyz capital) . This demands attention and respect.

 

-Always be firm and loud during the introduction. This part of the call is the equivolent of you shaking hands and making strong eye contact, if he were sitting before you.

 

- Here's a tip: On the way to work in the morning I used to scream as loud as I could in the car, this way by the time I got into the office my voice was loud, confident and powerful. Try it!! Works Great!

 

The Last Thing I wanted to touch on is QUALITY LEADS:

To me there is absolutely no substitute for a good quality lead source. I've heard people say things like: don't ever pay over 10c for a name, or don't buy from vendors. From my own experience this couldn't be farther from the truth. From my own experience there is nothing worse than cold calling people day in and day out who are not interested in your products. You can have the best product in the world but without a qualified investor/buyer you're not gonna make it very far.

 

 I and others use liquid leads. Their a reputable lead company. I would buy quality leads, cold call for a fraction of the time, get 5-10 times more leads, and open a slew of new accounts, compared to someone who was calling cheap stuff. It's a complete waste of time. I've been down that road many times, and it always came back to bite me in the. Besides the extra money you pay in leads comes back to you 10,000 fold, with the business you generate from quality leads.  Good Luck!!!

 www.liquidleads.net

         
Feb 3, 2009 2:58 am

No offense but this was a great post, until the infomercial at the end…

Feb 3, 2009 3:36 am

Thanks Chief, you are more of a diplomat that I.

 
Feb 3, 2009 3:41 am

That's funny...

Feb 3, 2009 4:10 am

needs to be banned.

Feb 3, 2009 4:29 am

 

    HaHa...    I guess it does sound like an infomercial..  I was only mentioning a company that I and others have had success with.  Only trying to help!   Sorry..
Feb 3, 2009 1:12 pm

[quote=hedge212]


<o:p></o:p>

 

Hi Gordon! (he replies speaking:) Gordon this is Bud Fox SPEAKING (pause) from xyz capital (pause). How are you?

 


[/quote]

Do you really recommend asking "how are you"?
Feb 3, 2009 2:41 pm

[quote=Hank Moody] [quote=hedge212]


 

Hi Gordon! (he replies speaking:) Gordon this is Bud Fox SPEAKING (pause) from xyz capital (pause). How are you?

 


[/quote]

Do you really recommend asking "how are you"?
[/quote]   No.  He states in the beginning that's the wrong way to open a call.  I thought the same thing at first, but I guess he's not a complete idiot.   The shilling of that website at the end was priceless, though...
Feb 3, 2009 2:48 pm

I hate strangers who call me by my first name, shout at me and try to wrestle me to the ground with a ‘firm handshake.’

 
Feb 3, 2009 3:04 pm

Judging by the fact that he is a newbie, maybe I can give him the benefit of the doubt that he was just trying to be helpful at the end…(Because there are 1,000 different topics on where to buy lists(maybe he should have just posted that part there))… Anyways

  I find it odd that he says "don't ask them how there day is going" but in the second "correct" one he says "how are you"... is that really that different..   I think the "speaking" thing is interesting... Either it will throw people off, Piss people off(thinking he is a professional caller), or like he says demand respect.   Of course then he doesn't say anything after??? I think transitioning from opening "Hi my name is" to what you are calling about is the toughest part..product? review? appt? etc....
Feb 3, 2009 3:33 pm

I took it as he didn’t want to post his entire script with this post. He mentioned he was going to do a series.  So, kids, stay tuned for our next episode.  Same bat time, same bat channel. 

Feb 3, 2009 7:20 pm

Thank You Spaceman Spiff!! 

  I'm even going to post an entire cold calling presentation.     With addressing, and overcoming objections correctly.   For All: Tip: If an objection pops up during your presentation, (which in most cases will occur), and you address it with a rebuttal, usually if  that same objection comes up again, it means 1 of 2 things: Either you haven't overcome that objection properly, or he's more than likely telling you the truth.....   Stay tuned for my next episode.  Same bat time, same bat channel. Smile and dial baby!   That' s great spaceman spiff!     
Feb 5, 2009 4:43 am

I’m looking forward to the addition to this script since I am unfamiliar with cold calling.  I always called people who I had an idea of their needs.

Feb 5, 2009 5:58 am

The best cold calling advice ever: It’s a gigantic wast of time!  Don’t do it!  Kiss a baby and kick a dog!

  Parkinson's Law:  Work expands so as to fill the time available for its completion Pareto Principle: Known as the 80-20 rule, the law of the vital few and the principle of factor sparsity   Cold calling works, just not well.  People use it to fill time because they have time to fill.  They are confused by the notion that "working long hours" or "working hard" will create good results.  This is mathmatically incorrect thinking that will doom an advisor to extreme inefficiency.  Limited time used efficiently will produce far greater results out of the combination of Pareto's Principal and Parkinson's Law.   In plain english:  Only do the 20% of activities that produce 80% of the results and do it with a very specific and limited amount of time.  Cold calling when compared to other client aquisition techniques is not in the top 20%.  By limiting your time spent on cold calling you can spend more time at the bar picking up chicks anyway (Parkinson's Law - substitute whatever free-time enjoyable hobby cold callers have these days).  Life is way too short and the world is way too great to waste some of the best years of your life "dialing and smiling".
Feb 5, 2009 3:21 pm
schlemoc:

I’m looking forward to the addition to this script since I am unfamiliar with cold calling.  I always called people who I had an idea of their needs.

  Cold calling IMO, is an essential part of the business. I've seen, and landed MONSTER clients from cold calling.  
Feb 5, 2009 6:54 pm

Ok so we got your opening line… where do you go next?

Feb 5, 2009 8:55 pm

[quote=chief123]Ok so we got your opening line… where do you go next?[/quote]

“I was just calling to see if you’d like to sell all of your shit and buy some new shit from me.”

Feb 5, 2009 9:57 pm
Hank Moody:


“I was just calling to see if you’d like to sell all of your shit and buy some new shit from me.”

  Straight and to the point.  I like it.
Feb 5, 2009 10:25 pm
hedge212:

[quote=schlemoc]I’m looking forward to the addition to this script since I am unfamiliar with cold calling.  I always called people who I had an idea of their needs.

  Cold calling IMO, is an essential part of the business. I've seen, and landed MONSTER clients from cold calling.  [/quote]   Said the man that works for a lead list company.....
Feb 6, 2009 2:20 pm
B24:

[quote=hedge212][quote=schlemoc]I’m looking forward to the addition to this script since I am unfamiliar with cold calling.  I always called people who I had an idea of their needs.

  Cold calling IMO, is an essential part of the business. I've seen, and landed MONSTER clients from cold calling.  [/quote]   Said the man that works for a lead list company.....[/quote]   haha...  ...   That's so off, but hilarious.  Said the man who's seen and landed MONSTER clients from cold calling..
Feb 6, 2009 3:07 pm

So Hedge give us your complete script, I would like to try it vs what I am using now if it is working so well…

Feb 6, 2009 7:31 pm
hedge212:

[quote=B24][quote=hedge212][quote=schlemoc]I’m looking forward to the addition to this script since I am unfamiliar with cold calling.  I always called people who I had an idea of their needs.

  Cold calling IMO, is an essential part of the business. I've seen, and landed MONSTER clients from cold calling.  [/quote]   Said the man that works for a lead list company.....[/quote]   haha...  ...   That's so off, but hilarious.  Said the man who's seen and landed MONSTER clients from cold calling..[/quote]   I'll call your landing a "MONSTER client from cold calling", and raise you dropping off a monster from eating some warm mashed potatoes last night.
Feb 6, 2009 7:41 pm
SometimesNowhere:

[quote=hedge212][quote=B24][quote=hedge212][quote=schlemoc]I’m looking forward to the addition to this script since I am unfamiliar with cold calling.  I always called people who I had an idea of their needs.

  Cold calling IMO, is an essential part of the business. I've seen, and landed MONSTER clients from cold calling.  [/quote]   Said the man that works for a lead list company.....[/quote]   haha...  ...   That's so off, but hilarious.  Said the man who's seen and landed MONSTER clients from cold calling..[/quote]   I'll call your landing a "MONSTER client from cold calling", and raise you dropping off a monster from eating some warm mashed potatoes last night. [/quote]
Feb 6, 2009 7:44 pm
SometimesNowhere:

[quote=hedge212][quote=B24][quote=hedge212][quote=schlemoc]I’m looking forward to the addition to this script since I am unfamiliar with cold calling.  I always called people who I had an idea of their needs.

  Cold calling IMO, is an essential part of the business. I've seen, and landed MONSTER clients from cold calling.  [/quote]   Said the man that works for a lead list company.....[/quote]   haha...  ...   That's so off, but hilarious.  Said the man who's seen and landed MONSTER clients from cold calling..[/quote]   I'll call your landing a "MONSTER client from cold calling", and raise you dropping off a monster from eating some warm mashed potatoes last night. [/quote]   What??  Your mind is like a parachute jr, if it doesn't open it doesn't work... 
Feb 8, 2009 5:57 pm

I agree with Hedge- cold calling works and will continue to work forever. There is a reason why wirehouses do not greet the average public like “Talk to Chuck” or Fidelity on every street corner in the city welcoming Tom, Dick and Harry. The wirehouses give off a prestigious image- which is GREAT; however, those prospects with decent lump-sum pensions and large 401(k) Rollovers who have never spoken with an advisor would be more than intimidated to “walk-in” to a wirehouse and ask to speak with an FA. The call will break that ice if you filter and find these prospects.

  The problem today is- no one is doing ANYTHING with regards to decision making- it seems everyone is sitting the sidelines waiting for a official "OK" from somebody-anybody who states you can work with an unfamiliar person again and open the doors to trust.   Anyone agree or disagree?? Feedback?   Built my entire book from cold calling- have enormous success in today's market acquiring prospects, but the decision making has never been more slow or at a point of avoidance like we are witnessing today.   Thoughts?        
Feb 9, 2009 3:13 am

[quote=whosthis]The wirehouses give off a prestigious image- which is GREAT; however, those prospects with decent lump-sum pensions and large 401(k) Rollovers who have never spoken with an advisor would be more than intimidated to “walk-in” to a wirehouse and ask to speak with an FA. The call will break that ice if you filter and find these prospects.

  The problem today is- no one is doing ANYTHING with regards to decision making- it seems everyone is sitting the sidelines waiting for a official "OK" from somebody-anybody who states you can work with an unfamiliar person again and open the doors to trust.   Anyone agree or disagree?? Feedback?   Built my entire book from cold calling- have enormous success in today's market acquiring prospects, but the decision making has never been more slow or at a point of avoidance like we are witnessing today.   Thoughts?     [/quote]   I love that first part.  Wirehouses have a prestigous image.  Yeah - that is precisely why you are getting resistance from new prospects.  There is no wirehouse out there that isn't in jeopardy of completely folding.   Chuck and Fidelity ain't got to worry about that.   Cold calling works.  Kinda like walking is a good way to get from NY to LA.  It's worked for years and will always work - only you have to be as dumb as Forrest Gump to do it.
Feb 9, 2009 5:41 am

[quote=brandnewadvisor][quote=whosthis]The wirehouses give off a prestigious image- which is GREAT; however, those prospects with decent lump-sum pensions and large 401(k) Rollovers who have never spoken with an advisor would be more than intimidated to “walk-in” to a wirehouse and ask to speak with an FA. The call will break that ice if you filter and find these prospects.

  The problem today is- no one is doing ANYTHING with regards to decision making- it seems everyone is sitting the sidelines waiting for a official "OK" from somebody-anybody who states you can work with an unfamiliar person again and open the doors to trust.   Anyone agree or disagree?? Feedback?   Built my entire book from cold calling- have enormous success in today's market acquiring prospects, but the decision making has never been more slow or at a point of avoidance like we are witnessing today.   Thoughts?     [/quote]   I love that first part.  Wirehouses have a prestigous image.  Yeah - that is precisely why you are getting resistance from new prospects.  There is no wirehouse out there that isn't in jeopardy of completely folding.   Chuck and Fidelity ain't got to worry about that.   Cold calling works.  Kinda like walking is a good way to get from NY to LA.  It's worked for years and will always work - only you have to be as dumb as Forrest Gump to do it.[/quote]   It sounds like you're affraid to pick up the phone.  How would you suggest a rookie meet new prospects if they have no clients?  It always sounds good to build a business off referrals, personal introductions, networking, seminars....but it's all BS if you're starting from scratch.  Those methods of business building are best used after you actually have a business.    The bottom line is rookies have to pick up the phone and introduce themselves to people they don't know.  Don't hate.
Feb 9, 2009 4:09 pm

[quote=Baba Booey][quote=brandnewadvisor][quote=whosthis]The wirehouses give off a prestigious image- which is GREAT; however, those prospects with decent lump-sum pensions and large 401(k) Rollovers who have never spoken with an advisor would be more than intimidated to “walk-in” to a wirehouse and ask to speak with an FA. The call will break that ice if you filter and find these prospects.

  The problem today is- no one is doing ANYTHING with regards to decision making- it seems everyone is sitting the sidelines waiting for a official "OK" from somebody-anybody who states you can work with an unfamiliar person again and open the doors to trust.   Anyone agree or disagree?? Feedback?   Built my entire book from cold calling- have enormous success in today's market acquiring prospects, but the decision making has never been more slow or at a point of avoidance like we are witnessing today.   Thoughts?     [/quote]   I love that first part.  Wirehouses have a prestigous image.  Yeah - that is precisely why you are getting resistance from new prospects.  There is no wirehouse out there that isn't in jeopardy of completely folding.   Chuck and Fidelity ain't got to worry about that.   Cold calling works.  Kinda like walking is a good way to get from NY to LA.  It's worked for years and will always work - only you have to be as dumb as Forrest Gump to do it.[/quote]   It sounds like you're affraid to pick up the phone.  How would you suggest a rookie meet new prospects if they have no clients?  It always sounds good to build a business off referrals, personal introductions, networking, seminars....but it's all BS if you're starting from scratch.  Those methods of business building are best used after you actually have a business.    The bottom line is rookies have to pick up the phone and introduce themselves to people they don't know.  Don't hate.[/quote]   I couldn't agree more bababooey..  It's essential to get on the phone to  build a business in the beginning.  Like you said, I don't see many alternatives in the beginning.     For the beginner search the posts and topics, there's tons of great ideas for prospecting and cold calling.   Look how far Chris Gardner from Pursuit of Happyness has come from cold calling.  "Tell him cold calling doesn't work".  People who make idiotic replies, saying cold calling don't work, are smurfs in the business, who project out there own weak insecurities, and inner conflict onto posts and topics, because they don't have what it takes, and try and make themselves feel better, by putting other peoples advice and experiences down..   Again, to quote the Pursuit of Happyness  " People can't do something themselves, they wanna tell you, you can't do it".  "You want something; go out and get it, period". If that means cold calling make it happen.  Here, I posted the link to that segment in the movie...    http://www.youtube.com/watch?v=a_yW3152Ffc&feature=related   My advice if you wanna be successful in the business, stand on the shoulders of giants. Be very wary, taking advice from rookies in the business, or brandnewadvisors..  
Feb 9, 2009 11:59 pm

Cold calling is great for the uncreative mind.



People who cold call are hard-working and intelligent, just uncreative. There are myriad of ways to build a book of business.



To each his own I say. Although I still think knocking on doors is the stupidest thing I’ve ever seen, done or heard of as far as business building.



“Um, excuse me, but I’m building a business in the area and I’m out to meet my neighbors. Won’t you be, won’t you be… please won’t you be… my neighbor,”

Feb 10, 2009 1:42 am

Could you tell me again how it doesn't take creativity to capture a prospect's attention when they are about to hang up on you, and turn them into a client? I respectfully disagree.

It takes creativity and it takes skill.    If there is one thing it ain't, it ain't luck when someone builds their business cold calling.   
Feb 10, 2009 2:01 am

Where in my post did I say that it did not take skill, or that it was luck building a business cold calling?



I believe what I said was that people who cold-called were hard-working and intelligent.



Listen, I’ve cold-called and built a part of my business doing it. The Bill Good way. You write a script, if they are not interested, YOU get THEM off of the phone.



Very little creativity. Almost none. It is a numbers game. It is a VERY uncreative process.



Please walk me through the creative process as it relates to cold calling. I’m pretty sure that somebody who cold calls and tries to get creative on every call will soon find themselves unemployed.



Feb 10, 2009 4:26 am

Who cares about creativity.  It’s about opening accounts, bottom line.  I’m the most boring MFer around, but it works.

Feb 10, 2009 5:41 am

Moraen… what are your other methods??

Feb 10, 2009 1:58 pm

I’m sure some of these have been re-hashed over and over. But here goes:



There are two worlds: the broker world and RIA world.



I will point out some methods in each that work other than cold calling.



Broker world - find attorneys and CPAs (not CPAs and attorneys with established practices). Try to find recent graduates who are also looking to grow their businesses. This can be difficult as most attorneys and CPAs don’t know the first thing about marketing.   Before you try to flame, notice I said “most” not all.



Get a will from them, or send a friend or family member to get a will from them - this builds trust. And makes them want to do a good job too.



- Become and expert on anything. I don’t care what it is. Helping divorced men deal with the amount of alimony they are paying, helping divorced women deal with managing finances. Helping newlyweds merge their finances. Something that does not necessarily have anything to do with investments. TELL people this is what you are good at. The more obscure, the better. You don’t want to be like everybody else.



- Ask your friends to come to seminars. If they are young that’s great. Ask them to bring a grandparent or parent to a seminar. Grandparents love spending time with their grandkids. They probably don’t get to do it often when the grandkids are grown up. Instant access to the older crowd. If you have ten friends bring grandparents, that’s a lot of old people at a seminar.



- Find people you work well with and capitalize on it. I work well with professional women, so the majority of my clients are professional women. You may work best with biker guys, or plumbers. What do you have a background in? Did you used to work for a general contractor in college? Talk to them. Go ask if you can help out on the weekends. Tell them, “you miss getting your hands dirty”. If you’ve never worked, what about your fraternity? Or bong smoking group? Does someone know someone in a band?



- If you have no friends, no family and have never worked - cold call.



RIA world - All of the above, but you can also write articles.



- Blog on websites



- Create a neat, FINRA - compliant, interactive website



- Use social networking sites and Twitter to drive traffic to your media (articles, podcasts, etc.)



- Write a book, write an article (once again, become and expert)



- Create brochures that brand your business



- Sponsor a road race. Give t-shirts out at a road race. Any kind of event.



- Volunteer to help people who are having trouble with their finances (bankruptcy, debt, etc.) This gets you in front of some people who are NOT having trouble with their finances and they look at you as a huge help and a nice person.



- Write a newsletter



- Volunteer at hospitals to help families that are having difficulty paying their medical bills (usually terminally ill patients).



- Be controversial



- Be controversial, but true to your own thoughts and feelings. Find something you don’t like about the industry and set out to change it… could be anything. This separates you from “the rest of them”.



- I hear people complain about Suze Orman and some of the other people who are using mass media - don’t get left out. Make a creative podcast that allows you to make an impact.



Once again, I am not all of that creative. These are things I thought of in ten minutes. You can’t tell me that people who can come up with some colorful posts on this board can’t be creative enough to find alternative methods of engaging prospects.



I will reiterate - cold calling works. It’s not for me and I have generated much more business from utilizing relationships and skills I’ve gained in other places in my life.



Think about it.

Feb 10, 2009 3:29 pm

After reading that I think I’m gonna stick to cold calling.

Feb 10, 2009 3:38 pm

Of course you will. And that’s fine. I never said that my techniques are for everybody. But neither is cold calling.



And I’ve only used about half of those.



What I’m saying is that there are alternatives to cold calling. But people don’t want to use them. Hell, I would assume that half the people on this board have taken a marketing class at some point in their lives.



I’ll stick to what works for me, you stick with what works for you. All I’m offering is a little insight into how I work.



My methods have allowed me to grow my business with very little effort. And the things I do are fun.



For example: I gave away five coffee mugs at a road race for Autism speaks. Spoke with two trust attorneys. This was two weeks ago. Since then, we’ve begun work on three special needs trusts.



I spent two hours three miles from my house. I gave away five coffee mugs and now I will be earning close to $20k in fees. Not a bad two hours. I could have spent that time on the phone and POSSIBLY got some business. Spinning my wheels, boring myself to death.



Whatever works for you. Just don’t tell everybody that they HAVE to do it your way.

Feb 10, 2009 5:00 pm

How did you pick which five people to give the mugs to? Or were there only five people at the race?

Feb 10, 2009 5:58 pm

Why would an RIA have to create a “FINRA-compliant” website?

Feb 10, 2009 6:51 pm
BondGuy:

How did you pick which five people to give the mugs to? Or were there only five people at the race?

  Thats hilarious.....  ...  lol....
Feb 10, 2009 7:07 pm
Moraen:

Of course you will. And that’s fine. I never said that my techniques are for everybody. But neither is cold calling.

And I’ve only used about half of those.

What I’m saying is that there are alternatives to cold calling. But people don’t want to use them. Hell, I would assume that half the people on this board have taken a marketing class at some point in their lives.

I’ll stick to what works for me, you stick with what works for you. All I’m offering is a little insight into how I work.

My methods have allowed me to grow my business with very little effort. And the things I do are fun.

For example: I gave away five coffee mugs at a road race for Autism speaks. Spoke with two trust attorneys. This was two weeks ago. Since then, we’ve begun work on three special needs trusts.

I spent two hours three miles from my house. I gave away five coffee mugs and now I will be earning close to $20k in fees. Not a bad two hours. I could have spent that time on the phone and POSSIBLY got some business. Spinning my wheels, boring myself to death.

Whatever works for you. Just don’t tell everybody that they HAVE to do it your way.

    Nobodys saying that cold calling is the only way moraen..  I think the post is for those who cold call and would like to learn some different techniques for their arsenal.    I'm sorry brother, but to say that "cold calling is for the uncreative mind" is just downright idiotic. Cold calling is one of , if not the hardest ways to prospect, although it has the potential to yield you the highest returns in the least amount of time and $$$.  To really master cold calling, takes an incredible amount of creativity.    The quickest way from A-Z is a straight line...  FROM MY EXPERIENCE , cold calling has been that straight line.  Especially for rookies in the business.
Feb 10, 2009 8:45 pm

deekay - I don’t know about your RIA, but I had to file with FINRA. they get $675 a year from me.



As for the coffee mugs - all sorts of people brought swag. Just gave them away to the first five finishers. Simple.



hedge212 - I think we’ve already established that you are trying to sell your listing service. But tell me again how you are being creative by using the method that everyone uses? Walk me through a typical creative, phone session.



I am more than happy to eat crow when I am wrong - I do it often because I’m married. Just tell me how cold calling is so creative.



Once again, I wasn’t knocking it, just saying that it was uncreative. Not exactly tearing you down there buddy!



Feb 10, 2009 8:55 pm

Cold walking or calling -- introducing yourself to somebody and asking for their business -- seems a lot more upfront than asking your friends to invite their grandparents to a seminar .... or, worse, hanging around intensive care units under the guise of helping people.

Feb 10, 2009 9:00 pm

[quote=buyandhold]

Cold walking or calling – introducing yourself to somebody and asking for their business – seems a lot more upfront than asking your friends to invite their grandparents to a seminar … or, worse, hanging around intensive care units under the guise of helping people.

[/quote]

Hard to quarrel with that.
Feb 10, 2009 9:29 pm

[quote=buyandhold]

Cold walking or calling – introducing yourself to somebody and asking for their business – seems a lot more upfront than asking your friends to invite their grandparents to a seminar … or, worse, hanging around intensive care units under the guise of helping people.



[/quote]



I think asking your friends to invite their grandparents to a seminar is incredibly upfront. “Hey, my buddy is putting on this seminar - he’s a financial planner and wants your business”. They get a free meal, time with their grandson and maybe they might learn a little. What are people learning from your approach, that you have a good 50-year bond? That people “have the money available today, they should by some American Funds”?



Never said the “guise” of helping people. I’ve worked with the parents of cancer patients in helping them reconcile their debts and even finding money to do fun things with their children. The business I’ve gotten from that has been completely ancillary from doctors and nurses. Don’t think for a second you understand my motives.



I’m not questioning yours working for the get rich quick Ponzi scheme that is Edward Jones. Can you really tell me that your 80-year old retiree is a LONG TERM investor? I doubt it. How about those Lehman brothers bonds that up until the Friday before they went bankrupt your fixed income department was telling everybody that Lehman didn’t have a cash flow problem. I don’t think you can be holier than thou with me.



My approach is honest and forthright. I balance volunteerism with growing my practice. And if my volunteerism feeds my practice, then I am helping even more people.



Feb 10, 2009 9:43 pm

Can you explain how Edward Jones is a get rick quick Ponzi scheme? I think I understand your motives with the comment but better to have you explain them.

Feb 10, 2009 9:48 pm

[quote=Moraen] [quote=buyandhold]

Cold walking or calling -- introducing yourself to somebody and asking for their business -- seems a lot more upfront than asking your friends to invite their grandparents to a seminar .... or, worse, hanging around intensive care units under the guise of helping people.


[/quote]

I think asking your friends to invite their grandparents to a seminar is incredibly upfront. "Hey, my buddy is putting on this seminar - he's a financial planner and wants your business". They get a free meal, time with their grandson and maybe they might learn a little. What are people learning from your approach, that you have a good 50-year bond? That people "have the money available today, they should by some American Funds"?

Never said the "guise" of helping people. I've worked with the parents of cancer patients in helping them reconcile their debts and even finding money to do fun things with their children. The business I've gotten from that has been completely ancillary from doctors and nurses. Don't think for a second you understand my motives.

I'm not questioning yours working for the get rich quick Ponzi scheme that is Edward Jones. Can you really tell me that your 80-year old retiree is a LONG TERM investor? I doubt it. How about those Lehman brothers bonds that up until the Friday before they went bankrupt your fixed income department was telling everybody that Lehman didn't have a cash flow problem. I don't think you can be holier than thou with me.

My approach is honest and forthright. I balance volunteerism with growing my practice. And if my volunteerism feeds my practice, then I am helping even more people.

[/quote]   You could volunteer at the soup kitchen, but I guess even rich people need a free meal every now and then.    
Feb 10, 2009 9:53 pm

Back to cold calling… was reading Chris Gardener’s book… he made 200 calls a day and landed some huge accounts from it… I know naysayers will say, but that was before the DNC… well now you know the list is smaller and when you get to the end of it you can start over…

  Plus there is lot more wealth today then there was back then and in less concentrated areas then it was back then..
Feb 10, 2009 10:05 pm

[quote=buyandhold] [quote=Moraen] [quote=buyandhold]

Cold walking or calling – introducing yourself to somebody and asking for their business – seems a lot more upfront than asking your friends to invite their grandparents to a seminar … or, worse, hanging around intensive care units under the guise of helping people.



[/quote] I think asking your friends to invite their grandparents to a seminar is incredibly upfront. “Hey, my buddy is putting on this seminar - he’s a financial planner and wants your business”. They get a free meal, time with their grandson and maybe they might learn a little. What are people learning from your approach, that you have a good 50-year bond? That people “have the money available today, they should by some American Funds”? Never said the “guise” of helping people. I’ve worked with the parents of cancer patients in helping them reconcile their debts and even finding money to do fun things with their children. The business I’ve gotten from that has been completely ancillary from doctors and nurses. Don’t think for a second you understand my motives. I’m not questioning yours working for the get rich quick Ponzi scheme that is Edward Jones. Can you really tell me that your 80-year old retiree is a LONG TERM investor? I doubt it. How about those Lehman brothers bonds that up until the Friday before they went bankrupt your fixed income department was telling everybody that Lehman didn’t have a cash flow problem. I don’t think you can be holier than thou with me. My approach is honest and forthright. I balance volunteerism with growing my practice. And if my volunteerism feeds my practice, then I am helping even more people. [/quote]



You could volunteer at the soup kitchen, but I guess even rich people need a free meal every now and then.



[/quote]



Funny you should say that. My wife and I volunteered at a soup kitchen this past Thanksgiving. Got an nice client out of it.
Feb 11, 2009 1:09 am

Back to my question 3 pages ago.  Who in the hell cares about being creative?  What the hell does creativity have to do with opening accounts?  All this talk about creativity makes me think Morean is a little light on his toes....

Feb 11, 2009 1:30 am

Bottom line: Cold calling is labor intensive. Using creative methods that take up less of your time - Not as labor intensive. It’s called working smarter, not harder.



Being creative is another way for working smarter. How’s that?



I also find it odd that someone named Baba Booey would question anyone’s sexual orientation.

Feb 11, 2009 1:47 am

[quote=voltmoie] Can you explain how Edward Jones is a get rick quick Ponzi scheme? I think I understand your motives with the comment but better to have you explain them.

[/quote]



Let’s see: General partners recruit like crazy, throw brokers at the wall until they stick. Those brokers gather assets, wash out. New brokers come in and say, “oh, your old broker messed up. sign this switch letter”. Using the new broker to generate more commissions. Rinse. Repeat. How does that sound?



Not a get rich quick scheme for the broker. But for old Jimmy boy and his crew.

Feb 11, 2009 2:02 am

The creativity in cold calling comes from how the calls are handled. A good cold caller is creative because they handle themselves with confidence, are adept at handling objections and are adaptive with their responses, tone, and listening skills.   

"Bottom line: Cold calling is labor intensive. Using creative methods that take up less of your time - Not as labor intensive. It's called working smarter, not harder."   Cold calling can be done in your cozy office, feet up, sipping a cup of joe, no driving, parking, nothing in your way. Just you and the next prospective client. There is no risk of picking up nasty diseases "volunteering" in the hospital waiting for a "weatlh transfer", either!     Working smarter gets a job done efficiently, it doesn't do it by adding layers or complexity.    <> & $$$=costs.   Labor intensive? 1. Dial 2. Ask for appointment   OR Labor Intensive? 1. "Volunteer" 2. Sit at the hospital 3. "Help" someone 4. Wait for someone to die {You aren't helping them die, are you?} 5. Ask for appointment   OR Labor Intensive? 1. Book a room 2. Pay for dinner <$$$> 3. Invite young people and tell them to bring a friend or their grandparents 4. Mail fancy invitations <$$$> 5. Arrange a menu 6. Put together a presentation 7. Flyers 8. Handouts.... 9. Ask for appointment.     You be the judges.    
Feb 11, 2009 2:16 am

How much time do you spend talking on the phone?



I go to a run, run 3.1 miles, meet two attorneys at the end. I got exercise, was not in the office.



Seminar - qualified prospects already with a level of trust



Oh, and I don’t use flyers. And paying for lunch (I never do dinner) quite inexpensive, especially if you find some wholesaler to buy it.



Go to a hospital, spend time with people who are suffering - really, you think that’s labor intensive.



I’ll tell you this. I spent eight years in the infantry, been to war and done this. If you think that volunteering to help people is “work”, then I feel for you.



And if I spend ten hours a week at the hospital and get a total of $3.2 mil in assets for helping cancer patients parents - I think that the hours you spend dialing will garner you less goodwill and assets than my time.



Really? There’s no comparison.

Feb 11, 2009 3:18 am

If you don’t know who Baba Booey is then you just made my point.  I’m bored with you on this thread.  Move on.

Feb 11, 2009 5:22 am

[quote=Moraen]How much time do you spend talking on the phone?

I go to a run, run 3.1 miles, meet two attorneys at the end. I got exercise, was not in the office.

Seminar - qualified prospects already with a level of trust

Oh, and I don't use flyers. And paying for lunch (I never do dinner) quite inexpensive, especially if you find some wholesaler to buy it.

Go to a hospital, spend time with people who are suffering - really, you think that's labor intensive.

I'll tell you this. I spent eight years in the infantry, been to war and done this. If you think that volunteering to help people is "work", then I feel for you.

And if I spend ten hours a week at the hospital and get a total of $3.2 mil in assets for helping cancer patients parents - I think that the hours you spend dialing will garner you less goodwill and assets than my time.

Really? There's no comparison.[/quote]

Moraen please stop!!!  You're trying harder and harder with each reply to defend your prospecting technique and your ship is taking on more and more water, with every reply.

I hope you have tremendous success with your prospecting technique. I really do!! But, man you sound like you need a hug!! 

My best advice if your anti cold calling, stay away from pro cold calling topics in the forums!!!!!!!!
Feb 11, 2009 5:32 am
hedge212:

[quote=Moraen]Of course you will. And that’s fine. I never said that my techniques are for everybody. But neither is cold calling.

And I’ve only used about half of those.

What I’m saying is that there are alternatives to cold calling. But people don’t want to use them. Hell, I would assume that half the people on this board have taken a marketing class at some point in their lives.

I’ll stick to what works for me, you stick with what works for you. All I’m offering is a little insight into how I work.

My methods have allowed me to grow my business with very little effort. And the things I do are fun.

For example: I gave away five coffee mugs at a road race for Autism speaks. Spoke with two trust attorneys. This was two weeks ago. Since then, we’ve begun work on three special needs trusts.

I spent two hours three miles from my house. I gave away five coffee mugs and now I will be earning close to $20k in fees. Not a bad two hours. I could have spent that time on the phone and POSSIBLY got some business. Spinning my wheels, boring myself to death.

Whatever works for you. Just don’t tell everybody that they HAVE to do it your way.

    Nobodys saying that cold calling is the only way moraen..  I think the post is for those who cold call and would like to learn some different techniques for their arsenal.    I'm sorry brother, but to say that "cold calling is for the uncreative mind" is just downright idiotic. Cold calling is one of , if not the hardest ways to prospect, although it has the potential to yield you the highest returns in the least amount of time and $$$.  To really master cold calling, takes an incredible amount of creativity.    The quickest way from A-Z is a straight line...  FROM MY EXPERIENCE , cold calling has been that straight line.  Especially for rookies in the business.[/quote]   Hey Moraen - maybe I can help.   I suppose this forum is open; so people can write whatever they want so long as the intent is to be helpfu.  Though I do like some of the one-off comments for a laugh.   If I had to pick a side here, I'd go with Moraen.  Assuming the people who come to this board for help the most often are rookies or those who are trying their best to grow their book...the sharing of ideas can only be beneficial.   I happen to be an RIA.  I cold called for two years and, I guess I was pretty good at it.  However, my old wirehouse didn't think I was good enough and after 2 years they kindly gave me the opportunity to resign.  I had about $8 million under managment and it was 2002.  My production was about $110,000 and my 'take home' was $24,000.  The minumum my firm paid any FA at the time while under their training program.    About 1/2 of the business was had from cold calling and took about 1 1/2 years to get.  The other 1/2 of the business came from seminars and only took 6 months to get.   When I cold called I worked every evening and every weekend.  I hated my job and often wondered why the he*l I chose to be in the business in the first place.  My friends who tended bar 3 nights a week and partied 4 were making more money than I was.   Once I found some modest success doing seminars I decided to stay in the business, but go independent and do nothing but seminars.  Because I was scared to death of my non-compete I started all over again from zero.   Long story short - I'm pretty sure that my AUM and production (fees in the RIA world) are greater than all but 1 of the 20+ reps in my old office.  I enjoy what I do, haven't made a cold call in 7 years, and never intend on making another again.   There are a lot of ways to make it in this business.  I've yet to meet an advisor who committed to the seminars or another "cold calling alternative" that, if giving 100% commitment to the task for at least 2 years, didn't become a big producer.  About 90% of my class of 220 from 3/2000 at the old MSDW didn't make it 2 years.  All we were taught was cold calling, and it was the aquistion process of choice for almost everyone.   Draw you own conclusions from this, maybe others experiences are different.
Feb 11, 2009 5:45 am
[/quote]    The bottom line is rookies have to pick up the phone and introduce themselves to people they don't know.  Don't hate.[/quote]   I couldn't agree more bababooey..  It's essential to get on the phone to  build a business in the beginning.  Like you said, I don't see many alternatives in the beginning.     For the beginner search the posts and topics, there's tons of great ideas for prospecting and cold calling.   Look how far Chris Gardner from Pursuit of Happyness has come from cold calling.  "Tell him cold calling doesn't work".  People who make idiotic replies, saying cold calling don't work, are smurfs in the business, who project out there own weak insecurities, and inner conflict onto posts and topics, because they don't have what it takes, and try and make themselves feel better, by putting other peoples advice and experiences down..   Again, to quote the Pursuit of Happyness  " People can't do something themselves, they wanna tell you, you can't do it".  "You want something; go out and get it, period". If that means cold calling make it happen.  Here, I posted the link to that segment in the movie...    http://www.youtube.com/watch?v=a_yW3152Ffc&feature=related   My advice if you wanna be successful in the business, stand on the shoulders of giants. Be very wary, taking advice from rookies in the business, or brandnewadvisors..   [/quote]   Sorry bababoey - wasn't trying to hate   Hedge - yeah, the name is a little deceiving.  I joined the board a couple of year ago and was a "brandnewadvisor" to the board.  I've been in the business for about 9 years.  Was once a rookie too, not that long ago.  I guess I do okay now, and even hired my first rookie to join my own firm about 2 years ago.  He never had to do a cold-call and works about 30 hours per week.  Rather, I tought him exactly what I did to grow my book and today he manages about $15 million and brings home about $150k/year.  Not great, but a whole lot better than I was doing after cold-calling for a couple of years.   So I do know a thing or two about being a rookie; from my own experience of how to ef it all up, and the experience of someone who I showed to do it right.   Cheers - no offense to anyone who is a success from cold calling; it just didn't work too well for me and I'm always a little bitter about it.
Feb 11, 2009 2:18 pm

What kind of seminars did you run?  How did you market them?

Feb 11, 2009 3:23 pm

[quote=brandnewadvisor]

[/quote]    The bottom line is rookies have to pick up the phone and introduce themselves to people they don't know.  Don't hate.[/quote]   I couldn't agree more bababooey..  It's essential to get on the phone to  build a business in the beginning.  Like you said, I don't see many alternatives in the beginning.     For the beginner search the posts and topics, there's tons of great ideas for prospecting and cold calling.   Look how far Chris Gardner from Pursuit of Happyness has come from cold calling.  "Tell him cold calling doesn't work".  People who make idiotic replies, saying cold calling don't work, are smurfs in the business, who project out there own weak insecurities, and inner conflict onto posts and topics, because they don't have what it takes, and try and make themselves feel better, by putting other peoples advice and experiences down..   Again, to quote the Pursuit of Happyness  " People can't do something themselves, they wanna tell you, you can't do it".  "You want something; go out and get it, period". If that means cold calling make it happen.  Here, I posted the link to that segment in the movie...    http://www.youtube.com/watch?v=a_yW3152Ffc&feature=related   My advice if you wanna be successful in the business, stand on the shoulders of giants. Be very wary, taking advice from rookies in the business, or brandnewadvisors..   [/quote]   Sorry bababoey - wasn't trying to hate   Hedge - yeah, the name is a little deceiving.  I joined the board a couple of year ago and was a "brandnewadvisor" to the board.  I've been in the business for about 9 years.  Was once a rookie too, not that long ago.  I guess I do okay now, and even hired my first rookie to join my own firm about 2 years ago.  He never had to do a cold-call and works about 30 hours per week.  Rather, I tought him exactly what I did to grow my book and today he manages about $15 million and brings home about $150k/year.  Not great, but a whole lot better than I was doing after cold-calling for a couple of years.   So I do know a thing or two about being a rookie; from my own experience of how to ef it all up, and the experience of someone who I showed to do it right.   Cheers - no offense to anyone who is a success from cold calling; it just didn't work too well for me and I'm always a little bitter about it.[/quote]   Hey now problem brandnewadvisor!  My motto is: If it ain't broke don't fix it.  If cold calling didn't work for you, and your method of prospecting yields you the highest returns God bless. Keep doing it!   There's more than 1 way, to get to the top of a mountain!!!!
Feb 11, 2009 3:41 pm

[quote=Moraen] I’m sure some of these have been re-hashed over and over. But here goes:



There are two worlds: the broker world and RIA world.



I will point out some methods in each that work other than cold calling.



Broker world - find attorneys and CPAs (not CPAs and attorneys with established practices). Try to find recent graduates who are also looking to grow their businesses. This can be difficult as most attorneys and CPAs don’t know the first thing about marketing.   Before you try to flame, notice I said “most” not all.



Get a will from them, or send a friend or family member to get a will from them - this builds trust. And makes them want to do a good job too.



- Become and expert on anything. I don’t care what it is. Helping divorced men deal with the amount of alimony they are paying, helping divorced women deal with managing finances. Helping newlyweds merge their finances. Something that does not necessarily have anything to do with investments. TELL people this is what you are good at. The more obscure, the better. You don’t want to be like everybody else.



- Ask your friends to come to seminars. If they are young that’s great. Ask them to bring a grandparent or parent to a seminar. Grandparents love spending time with their grandkids. They probably don’t get to do it often when the grandkids are grown up. Instant access to the older crowd. If you have ten friends bring grandparents, that’s a lot of old people at a seminar.



- Find people you work well with and capitalize on it. I work well with professional women, so the majority of my clients are professional women. You may work best with biker guys, or plumbers. What do you have a background in? Did you used to work for a general contractor in college? Talk to them. Go ask if you can help out on the weekends. Tell them, “you miss getting your hands dirty”. If you’ve never worked, what about your fraternity? Or bong smoking group? Does someone know someone in a band?



- If you have no friends, no family and have never worked - cold call.



RIA world - All of the above, but you can also write articles.



- Blog on websites



- Create a neat, FINRA - compliant, interactive website



- Use social networking sites and Twitter to drive traffic to your media (articles, podcasts, etc.)



- Write a book, write an article (once again, become and expert)



- Create brochures that brand your business



- Sponsor a road race. Give t-shirts out at a road race. Any kind of event.



- Volunteer to help people who are having trouble with their finances (bankruptcy, debt, etc.) This gets you in front of some people who are NOT having trouble with their finances and they look at you as a huge help and a nice person.



- Write a newsletter



- Volunteer at hospitals to help families that are having difficulty paying their medical bills (usually terminally ill patients).



- Be controversial



- Be controversial, but true to your own thoughts and feelings. Find something you don’t like about the industry and set out to change it… could be anything. This separates you from “the rest of them”.



- I hear people complain about Suze Orman and some of the other people who are using mass media - don’t get left out. Make a creative podcast that allows you to make an impact.



Once again, I am not all of that creative. These are things I thought of in ten minutes. You can’t tell me that people who can come up with some colorful posts on this board can’t be creative enough to find alternative methods of engaging prospects.



I will reiterate - cold calling works. It’s not for me and I have generated much more business from utilizing relationships and skills I’ve gained in other places in my life.



Think about it.[/quote]





I sent you a PM asking this, but I thought I read somewhere that they weren’t working well, so here goes:



I am putting together a business plan for my second interview with a firm, and I wanted to get an idea of how exactly you handle finding business by volunteering at the hospital. I was trying to think of places to volunteer in the community anyways, and this sounds like a phenomenal idea. How do yo do it, though? How do you find prospects through this?



I also wanted to let you know you have posted some of the most helpful prospecting tips I have seen on this forum, and I thank you for that. It’s been a tremendous help for me. My hopefully future boss wants me to come to the next interview with an idea of how I will build my business and get people in front of me. The road race promotionals idea is another great one. My husband is actually huge into marathons and other races (he’s a wheelchair racer) so that would work great for me.



I appreciate you taking the time to share these techniques.

Feb 11, 2009 3:55 pm

Moraen, personally i have no problem with the work smarter set. Certainly there are many ways to get this business done. However, i have problems with your posts on three levels. First: bashing cold calling by calling it uncreative. That you were unsuccessful with it or didn’t like it is no reason to put it down.  While it is a numbers game, the key word is game. A game is a challenge between you and an opponent. Winning the prospecting game is stimulating. Second: as a social networker you have an incredible closing ratio. No wonder you don’t like cold calling! Show up once at a soup kitchen and snag an account. Work with the terminally ill at the hospital and it just happens to turn out that those sick people are also very wealthy. How do pick out the ones with money? Show up at a charity 5k and in the 15 to 20 munutes it takes you to finish in the top five you manage to talk to not one, but two people who happen not only to be attorneys,  but trust attorneys. Wow, what incredible luck on your part! In fact, a little too lucky for my internet BS antenna. Also, it’s been my experience that it usually takes more than an informal conversation to get the deal done. And, as for a 5k, most of the top runners are in a zone, and not interested in talking about anything. Third: As a person who gives to charity, and as someone who sets up charity events, I can’t stand the leeches who show up looking to make a business connection. Most are one and done types who have no real interest in the charity. Most raise little or no money and most only give the minimum  gate or entry fee. I sit here thinking that the people who run the soup kitchen, while happy for the help, are wondering why you show up only on Thanksgiving while feeding the homeless and the poor goes on everyday?

  Those who use charity and service organizations strictly for networking hit a nerve with me, obviously. That said, i do have members from my Rotary as clients. I didn't solicit any of them. They came to me. And i will tell you it took a lot more time than a 20 minute charity race.   I've been doing this a long time. I know what it takes to get people to move toward a business relationship. For an attorney or other trusted professional to hire a new advisor. Based on that experience much of what you say dsoesn't ring true.   My question to you is: Did you volunteer your time before you found a business purpose to do so?    
Feb 12, 2009 1:45 am
1. 4-5 hours a day. Talking to prospects, clients, referrals and good will building.   2. Good for you. I do deep knee bends, stretch while making 50 calls to attorneys in an hour, setting up 5 appointments. Play racquetball and lift at the gym, ride horses and run from home. Point? Wanna compete in a road race?   3. Lunch. Nice. No handouts?   4. Former CFO of one of the largest (scale, scope, revenues) health delivery corporations in my area.  Spent more time at it than you did in the infantry (thank you for your service) - before I came to this.     So, tell me about hospitals. Tell me about people suffering, dying when they shouldn't or surviving when no one thought they could. Show me family challenges, law suits, claims, donations, charitable trusts, families donating their homes and tell me about patient abuse at the hands of staff people you know and you thought were trustworthy. Tell me about fund accounting, grant accounting, Uniform Prudent Investment Act, challenging boards, foundations, and endowment management.  Teach me about Medicaid and SSI billing systems and Representative Payee. Enlighten me about what it feels like to know you are responsible for the financial decisions that affect all 250 of your staff and their families and the patient care, the families of those patients.    Advise me on how it feels to see the largest fiscal crisis of your organization looming when you take the helm and wondering if the quality of care is going to suffer for decisions made before your time at the helm affecting the finances as you took the lead. Tell me about the fire in a building that almost cost the lives of patients, did injure some of the staff, and that created enormous financial liabilities and insurance increases for the organization.  Tell me about people dying from cancer, AIDs and let me know about lonely old people who want nothing more than for someone to listen to them in a hallway. Ask me about the god daughter born with a hole in her heart who suffered irreparable brain damage in the surgery and who required 24/7 specialized nursing care for every day after that.   Please, let me know the weight one carries on one's shoulders when in a hospital. I'm curious.    I know nothing of weeping at my desk at 10:00 at night when only the night shift is on, and the cash flow is not looking good. I know nothing about leaving my office on a night like that and meeting a gentle soul in a corridor who smiled sweetly and said god bless you dearie, for the work you do. You see,  I've never given up a raise so staff could have one, and I've never donated my time on a weekend to help host a dance for the holidays for all the people who had no family to visit. I've never bought things, donated time, or given anything to help any of them. At least not in your mind. I've done all that and more, kiddo.   I can tell you right now, I'd be warning my former staff and corporate directors to look out for people trying to offer "financial advice" to the families of patients and warning the security people to invite you out for it.     Am the current board member with several non profits.  Volunteer in a number of charitable ventures.  Volunteer for things that matter to me and my family. It's work when you are doing it to get business, instead of helping people do something important to them. When you are doing something because it's the right thing to do - then it's volunteering.   Cold called a foundation today. Interestingly, they were happy to speak to me. Why? Reputation preceded the call.   Fundraising by cold calling works like a charm too.     5. I'll see your 3.2 mill from ambulance chasing and  raise you one 2.5 mill account with a 1.5 mill referral from a cold call.   Conclusion -I still disagree with you on cold calling.     There is still nothing less labor intensive and cost effective than cold calling. One can build enormous good will referring people you cold call and can't help to people who can. It's called networking.
Feb 12, 2009 4:34 am
Dianna912:


I sent you a PM asking this, but I thought I read somewhere that they weren’t working well, so here goes:

I am putting together a business plan for my second interview with a firm, and I wanted to get an idea of how exactly you handle finding business by volunteering at the hospital. I was trying to think of places to volunteer in the community anyways, and this sounds like a phenomenal idea. How do yo do it, though? How do you find prospects through this?

I also wanted to let you know you have posted some of the most helpful prospecting tips I have seen on this forum, and I thank you for that. It’s been a tremendous help for me. My hopefully future boss wants me to come to the next interview with an idea of how I will build my business and get people in front of me. The road race promotionals idea is another great one. My husband is actually huge into marathons and other races (he’s a wheelchair racer) so that would work great for me.

I appreciate you taking the time to share these techniques.

  Shiiiit... I just lose respect by the minute, first you are niaeve enough to post your picture here and shit talk your former boss, then you are saying that you want to volunteer at a hospital to get clients. I mean, if this is your true goal maybe be a little discreet about it, how can you sleep at night? Shame on you. Maybe you should volunteer and then the clients might come as a byproduct of that effort, but you are basically just going in their fronting like you want to help with the main goal to spin a pitch, to me that's just scummy, yuk.
Feb 12, 2009 2:36 pm

If you noticed in my thread, I said I was putting together a business plan. Before I put “volunteering at hospital” on there, I wanted to make sure if the guy interviewing me asked for details on this, I would have them. I have been a volunteer in the community for years. I was a candy striper in high school, a big sister with BBBS, and put in many hours a week at a local youth center as a mentor. We are living somewhere different now, and I was looking at some other activities I could be doing around here. If I can eventually benefit my biz by doing it, thats even better, but not my main objective by any means. I wasn’t sure if he was talking about going in as a candy striper or doing something different, i.e. working with the hospital on working with patients having billing issues, putting together a budget for them so they don’t have to worry about that and can focus on their health.



Both of his suggestions, running and volunteering, are something I have been involved with previously (currently with the running, actually) and I just had never thought of the opportunity that could come from that.



There is an incredible amount of judgement being passed around here.

Feb 12, 2009 2:50 pm

Bond Guy - First - I’ve been involved with various charities for a long time. My wife works in Special Education and we foster two special needs kids. She teaches at the local University as well as being involved in the county. Our names are known as people who participate. The trust attorneys work together and have autistic children, so that is why they “happened” to be there. They saw the mugs and asked what I did - I simply told them. They have worked with people in the past who were not competent.



We volunteer at the soup kitchen EVERY year. Been doing it for eight years. And yes, it was someone who had been there the first time. We were there ALL day and this lady was interested. It is common ground that builds the connection.



Third, you don’t know anything about me, how I spend my time or anything. I am sorry that you have to spend so much time building trust. You must not be genuine enough.



Fourth - I NEVER BASHED cold-calling. I said that it worked. I simply said it was uncreative. If uncreative is offensive to people, like people say on this board - get into a new line of work! If you are that thin-skinned, get out.



Cold-calling works. Door-knocking works (although I’ve got to say I don’t see how - but I’ve known people who’ve done it).



I enjoy the time I spend with cancer families at the hospital. I feel good about what I do. I feel good about volunteering my time. If that time is spent out of the office and during the week and I make business connections great. I am providing a good service at a competitive price. I provide a good service to people who need it for “free”.

Feb 12, 2009 3:47 pm

Taking - Thanks for your service as well.



1. I’ve used cold-calling it works. It worked better than door-knocking when I was at Jones.

2. I get business from social relationships I’ve built up over the years.

3. I can’t imagine what that is like with your CFO experience. Just like when I was in the service, I do my part on the micro-level. I deal with one patient family at a time. Maybe two. It is devastating to watch a family watch their child die, and something I hope I never have to go through. Although not as bad as losing someone on the battlefield (which I have), it is tough.

4. I’m not trying to teach you anything.

5. Smart people cold-call. Uncreative is not meant as a put-down.

6. I still think what I do with my time is less labor intensive. I get to do things I ENJOY, rather than doing things I don’t enjoy (cold-calling). It helps me with my business.

7. People trust me with good reason. I don’t ask them for their business. I SHOW them how dedicated I am to people.

8. I volunteer because it makes me feel better for the destruction I’ve caused elsewhere.

9. I have NEVER charged a patient family for my services, only the health care providers who have requested me to look at their situation - and I give them a discount.

10. From what you’ve said, it’s obvious you’ve been through a lot. Should I list all of the patients I’ve worked with over the years?

11. Ask them to escort me out and you may find your security guards balking - they see me up with the families, they see my wife taking care of funeral arrangements, they see me setting up scholarships and endowments for their loved ones.

12. I can’t see why you are offended that doctors and nurses trust me after having seen me care for their patients as if they were my own. You can call it ambulance chasing, you can call it “camping out at the hospital”.

13. Someone on this board asked me for advice on how to get business this way. That person will tell I told them, “Be genuine and do NOT go there looking to make money”. Trust sells, it seems we agree on that.

14. You have had an interesting life. I commend you for all you have done.

15. Don’t condemn me for the things you don’t know about me.



Good on you, dial baby dial!





Feb 12, 2009 4:52 pm

[quote=Moraen]Bond Guy - First - I’ve been involved with various charities for a long time. My wife works in Special Education and we foster two special needs kids. She teaches at the local University as well as being involved in the county. Our names are known as people who participate. The trust attorneys work together and have autistic children, so that is why they “happened” to be there. They saw the mugs and asked what I did - I simply told them. They have worked with people in the past who were not competent.

  So to get this straight- the lawyers were there because they believed in the cause, while you were there to make a business connection?

We volunteer at the soup kitchen EVERY year. Been doing it for eight years. And yes, it was someone who had been there the first time. We were there ALL day and this lady was interested. It is common ground that builds the connection.   Wow, you stayed all day! OK, that leaves 364 days a year that you are no where to be found.

Third, you don't know anything about me, how I spend my time or anything. I am sorry that you have to spend so much time building trust. You must not be genuine enough.

Fourth - I NEVER BASHED cold-calling. I said that it worked. I simply said it was uncreative. If uncreative is offensive to people, like people say on this board - get into a new line of work! If you are that thin-skinned, get out.

Cold-calling works. Door-knocking works (although I've got to say I don't see how - but I've known people who've done it).

I enjoy the time I spend with cancer families at the hospital. I feel good about what I do. I feel good about volunteering my time. If that time is spent out of the office and during the week and I make business connections great. I am providing a good service at a competitive price. I provide a good service to people who need it for "free".
[/quote]
Feb 12, 2009 4:56 pm
Moraen:

13. Someone on this board asked me for advice on how to get business this way. That person will tell I told them, “Be genuine and do NOT go there looking to make money”. Trust sells, it seems we agree on that.



He told me exactly that. Find something that you are interested in. If you go in looking to make money, they will smell that from a mile away.
Feb 12, 2009 5:02 pm

[quote=hedge212]

[quote=Moraen]How much time do you spend talking on the phone?

I go to a run, run 3.1 miles, meet two attorneys at the end. I got exercise, was not in the office.

Seminar - qualified prospects already with a level of trust

Oh, and I don't use flyers. And paying for lunch (I never do dinner) quite inexpensive, especially if you find some wholesaler to buy it.

Go to a hospital, spend time with people who are suffering - really, you think that's labor intensive.

I'll tell you this. I spent eight years in the infantry, been to war and done this. If you think that volunteering to help people is "work", then I feel for you.

And if I spend ten hours a week at the hospital and get a total of $3.2 mil in assets for helping cancer patients parents - I think that the hours you spend dialing will garner you less goodwill and assets than my time.

Really? There's no comparison.[/quote]

Moraen please stop!!!  You're trying harder and harder with each reply to defend your prospecting technique and your ship is taking on more and more water, with every reply.

I hope you have tremendous success with your prospecting technique. I really do!! But, man you sound like you need a hug!! 

My best advice if your anti cold calling, stay away from pro cold calling topics in the forums!!!!!!!![/quote] Sounds like he's probably pro fishbowl.
Feb 12, 2009 5:24 pm

ok…that was uncalled for…i apologize

Feb 12, 2009 5:39 pm

[quote=BondGuy] [quote=Moraen]Bond Guy - First - I’ve been involved with various charities for a long time. My wife works in Special Education and we foster two special needs kids. She teaches at the local University as well as being involved in the county. Our names are known as people who participate. The trust attorneys work together and have autistic children, so that is why they “happened” to be there. They saw the mugs and asked what I did - I simply told them. They have worked with people in the past who were not competent.



So to get this straight- the lawyers were there because they believed in the cause, while you were there to make a business connection?We volunteer at the soup kitchen EVERY year. Been doing it for eight years. And yes, it was someone who had been there the first time. We were there ALL day and this lady was interested. It is common ground that builds the connection.



Wow, you stayed all day! OK, that leaves 364 days a year that you are no where to be found. Third, you don’t know anything about me, how I spend my time or anything. I am sorry that you have to spend so much time building trust. You must not be genuine enough. Fourth - I NEVER BASHED cold-calling. I said that it worked. I simply said it was uncreative. If uncreative is offensive to people, like people say on this board - get into a new line of work! If you are that thin-skinned, get out. Cold-calling works. Door-knocking works (although I’ve got to say I don’t see how - but I’ve known people who’ve done it). I enjoy the time I spend with cancer families at the hospital. I feel good about what I do. I feel good about volunteering my time. If that time is spent out of the office and during the week and I make business connections great. I am providing a good service at a competitive price. I provide a good service to people who need it for “free”. [/quote] [/quote]





Did you read the first part of that post, where I said WE FOSTER TWO SPECIAL NEEDS KIDS. MY WIFE TEACHES AT THE LOCAL UNIVERSITY?



Fud, read the ENTIRE post before you respond.
Feb 12, 2009 5:41 pm

Sorry about that Fud. Got mixed up. I am definitely NOT pro-fishbowl.

Feb 12, 2009 5:44 pm

hedge 212 - My ship is sailing just fine. i was not the one promoting my friends’ call list service or pretending your method of cold calling is better than the awesome techniques for cold calling on this forum. I mean, Really?



Feb 12, 2009 5:48 pm

it was a cheap, unsolicited, unwarranted, unhelpful result of being bored. As soon I realized what an ass I was...I posted an all-too-ingenuous-sounding retraction...but at least I tried.

Feb 12, 2009 5:52 pm
Fud Box:

it was a cheap, unsolicited, unwarranted, unhelpful result of being bored. As soon I realized what an ass I was…I posted an all-too-ingenuous-sounding retraction…but at least I tried.



Not a problem. As long as somebody gets a laugh out of it.
Feb 12, 2009 5:53 pm
Moraen:



I am sorry that you have to spend so much time building trust. You must not be genuine enough.

Fourth - I NEVER BASHED cold-calling. I said that it worked. I simply said it was uncreative. If uncreative is offensive to people, like people say on this board - get into a new line of work! If you are that thin-skinned, get out.

  Ok, I was a little too fast on the post button there on that last reply.   Moraen, you are sorry that I have to spend so much time building trust?   This statement more than any shows that you simply do not get it. While you look at  service organizations/charities as a target rich environments in which you have to build trust in order to cash in, i look at them from a completely different perspective. I join them solely because I believe in the cause. My goal isn't to gain trust.  I am anti business, shutting down conversations that go in that direction.   That said, I do solicit service groups. But the solicitation is up front. Usually i'm asked to give a talk or speech to a group. My fee: a membership list. See the difference? The group knows i there for business, not the cause. Where as in your method you are gaining their trust simply to hunt them and skin them. And yet you have the gall to call me disingenuous? The irony is just too funny!   Lastly, regarding your coffee mug 5k win win, it just smacks of "How to become a real estate millionaire in two easy steps. " First, buy a worthless piece of land locked property at a tax sale. Then hold out for at least a million dollars when Wal-Mart decides it's part of a must have new location.   Lightning strikes. The old saying "The harder you work the luckier you get" applys in many cases, but you hit gold everywhere you go. Way off the believability scale in my view.   When I first read your post I was going to let it go. But you came off as arrogant in my opinion. You called cold calling uncreative thus putting down those of us who do it, and then gave us a list of your way is better examples. Non repeatable examples that are for the most part useless to most on this board. Honestly, what are the chances that two trust attorneys will not only show up at a 5k, but will want the swag being offered, and just so happen to be looking for a new advisor? The line of dominos that have to fall to make that work is getting pretty long. Too long to hang a business plan on.   I would advise all to join sevice organizations. But join to work, not to cash in. In time you will be approached and you need not shoo them away as i usually do. That's the ethical way to network within a group. cause first and foremost and business, if at all, second.    Or do as i do and get on the speaking circut. these groups are begging for guest speakers.            
Feb 12, 2009 6:06 pm
BondGuy:

[quote=Moraen]I am sorry that you have to spend so much time building trust. You must not be genuine enough. Fourth - I NEVER BASHED cold-calling. I said that it worked. I simply said it was uncreative. If uncreative is offensive to people, like people say on this board - get into a new line of work! If you are that thin-skinned, get out.



Ok, I was a little too fast on the post button there on that last reply.



Moraen, you are sorry that I have to spend so much time building trust?



This statement more than any shows that you simply do not get it. While you look at service organizations/charities as a target rich environments in which you have to build trust in order to cash in, i look at them from a completely different perspective. I join them solely because I believe in the cause. My goal isn’t to gain trust. I am anti business, shutting down conversations that go in that direction.



That said, I do solicit service groups. But the solicitation is up front. Usually i’m asked to give a talk or speech to a group. My fee: a membership list. See the difference? The group knows i there for business, not the cause. Where as in your method you are gaining their trust simply to hunt them and skin them. And yet you have the gall to call me disingenuous? The irony is just too funny!



Lastly, regarding your coffee mug 5k win win, it just smacks of "How to become a real estate millionaire in two easy steps. " First, buy a worthless piece of land locked property at a tax sale. Then hold out for at least a million dollars when Wal-Mart decides it’s part of a must have new location.



Lightning strikes. The old saying “The harder you work the luckier you get” applys in many cases, but you hit gold everywhere you go. Way off the believability scale in my view.



When I first read your post I was going to let it go. But you came off as arrogant in my opinion. You called cold calling uncreative thus putting down those of us who do it, and then gave us a list of your way is better examples. Non repeatable examples that are for the most part useless to most on this board. Honestly, what are the chances that two trust attorneys will not only show up at a 5k, but will want the swag being offered, and just so happen to be looking for a new advisor? The line of dominos that have to fall to make that work is getting pretty long. Too long to hang a business plan on.



I would advise all to join sevice organizations. But join to work, not to cash in. In time you will be approached and you need not shoo them away as i usually do. That’s the ethical way to network within a group. cause first and foremost and business, if at all, second.



Or do as i do and get on the speaking circut. these groups are begging for guest speakers.











[/quote]



Bond - never said I hit gold everywhere I go or that often it doesn’t take time. Someone asked for alternative techniques to cold-calling - I told them how my life works.



My life takes me in the direction of causes I believe in.



And how is it ethical to shoo people away who NEED your advice and NEED your help and you don’t give it to them? Explain to me again how that is ethical.



I think it’s ice who said it best. If you are in front of people, people will come.



You ask for payment with a LIST? Are you kidding me? How in the world is that even remotely ethical?



I am NOT hunting down and skinning. Let me say this again. I do pro bono work. People see how much I care. They come to ME. I do not say, “hey, now that I’ve helped Johnny’s parents out, why don’t you give me them assets, Doc?”.



Business and life are a little more complex than that.



The 10k Wounded Warrior race yielded no contacts. Neither was I looking for them. I ran a buddy in his wheelchair. But someone remembered me from being there and knowing that I am a vet and called two months later to ask me if I would take a look at his situation.



It’s all about ACTIVITY. Doesn’t matter if it’s cold-calling. Doesn’t matter if it’s out participating in groups.



Is cold-calling a more direct way to earn business? You bet. Is my way in any way, shape or form unethical? Not at all. My way frees me from the office (with the exception of today and tomorrow) and allows me to be a member of the community by volunteering WORK hours to help. If it comes back to me in business - it’s providence.



Also, remember someone ASKED for those examples. I was not at any moment condescending. This will be my last post on this matter, and then I will read your reply and then I’m done with this topic.



So here goes: COLD CALLING IS DONE BY INTELLIGENT PEOPLE. THEY UTILIZE A PLAN, AND THOSE WHO SUCCEED EXECUTE THAT PLAN WELL. The technique is SIMPLE, yet EFFECTIVE. YOU CAN BECOME QUITE SUCCESSFUL SPENDING YOUR TIME ON THE PHONE.





I CHOOSE TO SPEND MY TIME IN OTHER WAYS. MY VOLUNTEERISM LEADS TO BUSINESS NOT BECAUSE I AM LOOKING FOR IT, BUT PRECISELY BECAUSE I AM NOT.





Feb 12, 2009 6:21 pm

Does anyone have any tips for prospecting in front of congress?

Feb 12, 2009 6:44 pm

Sorry. Got no tips.

Feb 12, 2009 6:52 pm
Moraen:

Bond Guy - First - I’ve been involved with various charities for a long time. My wife works in Special Education and we foster two special needs kids. She teaches at the local University as well as being involved in the county. Our names are known as people who participate. The trust attorneys work together and have autistic children, so that is why they “happened” to be there. They saw the mugs and asked what I did - I simply told them. They have worked with people in the past who were not competent.

We volunteer at the soup kitchen EVERY year. Been doing it for eight years. And yes, it was someone who had been there the first time. We were there ALL day and this lady was interested. It is common ground that builds the connection.

Third, you don’t know anything about me, how I spend my time or anything. I am sorry that you have to spend so much time building trust. You must not be genuine enough.

Fourth - I NEVER BASHED cold-calling. I said that it worked. I simply said it was uncreative. If uncreative is offensive to people, like people say on this board - get into a new line of work! If you are that thin-skinned, get out.

Cold-calling works. Door-knocking works (although I’ve got to say I don’t see how - but I’ve known people who’ve done it).

I enjoy the time I spend with cancer families at the hospital. I feel good about what I do. I feel good about volunteering my time. If that time is spent out of the office and during the week and I make business connections great. I am providing a good service at a competitive price. I provide a good service to people who need it for “free”.

Feb 12, 2009 7:05 pm
Moraen:

hedge 212 - My ship is sailing just fine. i was not the one promoting my friends’ call list service or pretending your method of cold calling is better than the awesome techniques for cold calling on this forum. I mean, Really?

     ... Seriously!  Go away.   This post was about me helping people, and giving them additional techniques for cold calling, not pretending they were better than anyone elses.  Then you come into the forum and start spewing your insecurities all over the posts. Please stay away! Please                                        
Feb 12, 2009 9:04 pm

When is the next installment of “Essential Cold Calling Techniques”??? If and when you decide to do it, I’d recommend a new thread.

Feb 12, 2009 11:58 pm

I’d recommend a new poster to that thread. His essential “cold calling” techniques will get you hung up on.

Feb 15, 2009 11:43 pm

Spot on Bond Guy.

Mar 4, 2009 5:54 am

A few of my favorite clients came from cold calling. Every one of those clients has told me they hate cold callers and can’t believe they became my client from a cold call. Yes, I had to go through hundreds of hangups etc before I found them, but it was worth it.



Cold calling isn’t for everyone tho. A broker in my office told me when she got started she cold called for 3 days. On the fourth day, a senior broker came out of his office and told her she needed to find another method of prospecting. On the phone, her voice was shrilly, she was loud, nervous, and couldn’t get control of the conversation. She took his advice and is quite successful now.



So I don’t think it works for everyone. But I don’t understand why people get so bent out of shape over it. It’s a prospecting method, like a number of other methods. It works for many, doesn’t work for others.



Hedge, I’m glad you started this thread and provided some good info, I’m always looking for new ideas.

Mar 4, 2009 6:27 am
SometimesNowhere:

Does anyone have any tips for prospecting in front of congress?



"Tell me, are taxes an issue for you?"
Mar 4, 2009 9:07 pm

I’m brand new on this list.  Been a Reg. Rep. reader for years and got a call about buying leads today from Skyview.  When I did a Google search I found the site and registered.  Then I found this thread.

  It amazed me that so many people reacted so personally in their post(s).  Some of you folks need to take a breath and relax.  My expectation of forums is that members try to help each other.  No one can guess the motives of another's actions, and you sure can't guess the motives of a post to a forum.   Is this the way most of the threads are on this site?  (however, I must say i read some pretty funny posts.)
Mar 10, 2009 3:46 am

Just downloaded another 5,000 names… time to nail the phones again…

Mar 9, 2010 8:34 pm

Hey Squash!

Wanna do a call off smackdown? We relay our stats back and forth.

In?

Kicking and Taking

Mar 9, 2010 9:25 pm

Sorry took me a bit to get back on and had to change username(should have read the disclosures about checking your email)...

When are you doing the call off?

I should join you i have been slacking lately..

Mar 7, 2012 5:04 pm

What happened to the Essential Cold Calling Techniques?

Jan 20, 2014 2:43 pm

Gentlemen:

I will stay out of the bickering. I don’t even know if anyone is reading this thread anymore.

I was trained with Oppenheimer, Wall Street Headquarters, Lehman Style.

If you have the constitution for it, there is nothing more effective than cold calling. I open a minimum of one new account per business day doing this (often more - 43 in the month is my record, including a $1mm first trade, DVP), calling D&B cards.

But I digress:

I will give you a simple way to open your call without saying “How are you?”

This is weak, insincere (you don’t really care, and he knows it), and it creates an uncomfortable break in your rhythm, which gives him a chance to start objecting before you have gotten your point across.

The issue, of course, is to come in professionally, without seeming like an uncultured bull in a china shop.

Solution:

GOOD DAY SIR, this is _____ with Oppenheimer and Company.

I’ll be brief.

Then do your thing.

No wondering if you should call him Mr. or call him by his first name.

No: How are you?

The Good Day gets a more sincere sentiment across.

And this is a total upper-hand, power open.

I typically slow down just a little (nanosecond), and clearly enunciate my name.

But I have an unusual name.

It is interesting, though, how many prospects remember my name and use it at the end of the call.

These are generally the guys that convert…

Food for thought.

Jan 20, 2014 4:59 pm

Dicey in these times, I know, but still…

Jan 20, 2014 4:59 pm

Dicey in these times, I know, but still…

Feb 21, 2014 7:07 pm
TheMachine:

What happened to the Essential Cold Calling Techniques?

Here is what happened… DO NOT CALL LAWS is what happened

Mar 26, 2014 3:12 pm

Interesting thread. I’ve worked at a very conservative firm for 20 yrs. By policy, we don’t advertise and don’t do cold calls, so we are 100% reliant upon quality referrals. Our target market is $5mm+ net worth, so working with narrow universe. Clients and COIs are typically good with providing referrals, but we wanted to find a vehicle to politely encourage more without asking, which again would have violated policy.

One of our 24 yr. old admins recently came across a gift idea that I fought as I liked the nice wine we sent clients. I was wrong, the new gift is far out producing the wine in terms of ‘thank yous’ and referrals. It is a good read and a beautiful publication, wife loves it! It is called Life Refined magazine, I don’t have website but sure a search will pull it up.

PM

Apr 20, 2014 2:57 am

[[email protected]]Interesting thread. I’ve worked at a very conservative firm for 20 yrs. By policy, we don’t advertise and don’t do cold calls, so we are 100% reliant upon quality referrals. Our target market is $5mm+ net worth, so working with narrow universe. Clients and COIs are typically good with providing referrals, but we wanted to find a vehicle to politely encourage more without asking, which again would have violated policy.

One of our 24 yr. old admins recently came across a gift idea that I fought as I liked the nice wine we sent clients. I was wrong, the new gift is far out producing the wine in terms of ‘thank yous’ and referrals. It is a good read and a beautiful publication, wife loves it! It is called Life Refined magazine, I don’t have website but sure a search will pull it up.

PM[/quote]

lol

May 9, 2014 10:29 pm

Here is the deal if you are good at telling stories and building trust they all work. My team consists of myself, junior partner , 2-3 interns and 2 assistants. I work at one of the big 3 wirehouse firms. Some will not agree and think I am full of shi* but we bring in 2-4 million a month from COLD prospects due to our cold calling campaign. First call is the most basic her is an idea interest or no interest, I know it’s mail to fail but we still send the idea. This call is 100% the responsibility of our interns, we have 2-3 at all times. Second call is from my Junior partner who does more fact gathering and during that call he schedules a formal time for me to talk with the. If they get to me, our meeting ratio is almost 100%. It’s really simple, we then do weekly seminars again mail to fail but we do and have anywhere from 12-20 prospects. If they don’t meet or don’t become a client and as long as they don’t tell me to go to hell, they are now part of our drip campaign.

Raising money is real real easy!!! I can give you the formula but if you are not good at what you do, forget it nothing will work…

May 9, 2014 10:29 pm

Here is the deal if you are good at telling stories and building trust they all work. My team consists of myself, junior partner , 2-3 interns and 2 assistants. I work at one of the big 3 wirehouse firms. Some will not agree and think I am full of shi* but we bring in 2-4 million a month from COLD prospects due to our cold calling campaign. First call is the most basic her is an idea interest or no interest, I know it’s mail to fail but we still send the idea. This call is 100% the responsibility of our interns, we have 2-3 at all times. Second call is from my Junior partner who does more fact gathering and during that call he schedules a formal time for me to talk with the. If they get to me, our meeting ratio is almost 100%. It’s really simple, we then do weekly seminars again mail to fail but we do and have anywhere from 12-20 prospects. If they don’t meet or don’t become a client and as long as they don’t tell me to go to hell, they are now part of our drip campaign.

Raising money is real real easy!!! I can give you the formula but if you are not good at what you do, forget it nothing will work…

May 9, 2014 10:35 pm

Here is the deal if you are good at telling stories and building trust they all work. My team consists of myself, junior partner , 2-3 interns and 2 assistants. I work at one of the big 3 wirehouse firms. Some will not agree and think I am full of shi* but we bring in 2-4 million a month from COLD prospects due to our cold calling campaign. First call is the most basic here is an idea interest or no interest, I know it’s mail to fail but we still send the idea and our team bio if agree to receive info. This call is 100% the responsibility of our interns, we have 2-3 at all times. Second call is from my Junior partner, who does more fact gathering and during that call he schedules a formal time for me to talk with the prospect. If they get to me, our meeting ratio is almost 100%. It’s really simple, we then do weekly seminars again mail to fail but we do and have anywhere from 12-20 prospects. If they don’t meet or don’t become a client and as long as they don’t tell us to go to hell, they are now part of our drip campaign. You would be shocked at the amount of clients we get after hearing our story 2-3 times. I know I was!

Raising money is real real easy!!! I can give you the formula but if you are not good at what you do, forget it, nothing will work…

May 16, 2014 3:16 pm

Econ_23 - Sounds like you have a great system going there. What products are you selling? Business or residential? Given that you are obviously well established, any advice would you give a rookie who is building their business by cold calling?

cheers, SND