Help with my CC script

Way too long. You're almost done with the call before you say anything interesting (new issue) and it's not even that interesting.

Open with "this is ______ with _______, here in ________. Do you mind if I ask you a tough question?" Then go for the throat with a very disturbing question.

Tough question being...?

Another thing. I know the new issue wasn’t that interesting, but my firm does underwrite a ton of these types of issues. Should I go with a closed end fund instead or just muni’s? What works for you?

How does making this investment help the prospect?



What is he working for? What is he building with what he does every day? Does your investment lay a stone in this cathedral or is it just another ‘risk’ he’s taking along the way and with someone he doesn’t know & doesn’t feel compelled to trust.



Your presentation is a good product pitch. I wonder, tho, if you may have more luck with finding out who and what’s important to people, showing them that you’re capable to help them.

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Hi, my name is … with Waddell and Reed, may I speak with … Are you in the middle of something or do you have a moment to talk?



The reason that I am calling is that I am building my practice by showing people what it will take for them to retire when they want to and with the lifestyle that they are accustomed to. If I may ask, what are you doing to make sure you can retire when the time comes?

[quote=Ashland]How does making this investment help the prospect?

What is he working for? What is he building with what he does every day? Does your investment lay a stone in this cathedral or is it just another 'risk' he's taking along the way and with someone he doesn't know & doesn't feel compelled to trust.

Your presentation is a good product pitch. I wonder, tho, if you may have more luck with finding out who and what's important to people, showing them that you're capable to help them.
---------

Hi, my name is ... with Waddell and Reed, may I speak with ... Are you in the middle of something or do you have a moment to talk?

The reason that I am calling is that I am building my practice by showing people what it will take for them to retire when they want to and with the lifestyle that they are accustomed to. If I may ask, what are you doing to make sure you can retire when the time comes?[/quote]

Fantastic! This is what I'm looking for. While my regional manager is pouding away at me on the need to do gross via cold call, I'm hesitant to call pitching a product to someone I have no idea about nor am I aware of their risk tolerance or current holdings.

Your approach is something I feel comfortable building on. Thanks

[quote=707SE]

Tough question being…?

[quote=707SE]Another thing. I know the new issue wasn’t that
interesting, but my firm does underwrite a ton of these types of
issues. Should I go with a closed end fund instead or just muni’s? What
works for you?[/quote]



New issues of bonds/pfd from well known companies are a great thing to run with.



For that Comcast issue, I’d focus on the yeild, and then ask if the
person would be interested. If they are interested, then talk about
credit rating/call provisions etc.



Preferred stock is awesome to run with, since the most junior debt of
an investment grade company is better than the most senior debt of a
junk rated company.()



() Assuming the IG company is not on creditwatch negative.



-----

If someone says they are very busy with their company. The use a
"ledge" to say how important it is for someone to be busy with their
investments.



If you’re going to do cold calling, you should read up Steve Schiffman’s books.

[quote=707SE]

(Now comes the F*** You test)

Regardless of whether you read my note or not, the important thing is that I made a commitment to follow up with you this week and inquire about your investment strategy and discuss the role I'm able to play in developing and executing a retirement savings plan that is acheivable.

What are your least busy days there at the office?

Prospect: Usually we keep a steady stream of patients (?) coming in so I can't really tell you when that would be.

ME: I see. Do you usually make time to grab a bite to eat?

Prospect: I try

ME: I proceed to try to setup a lunch appointment...

or the other direction I was going to take the conversation with a goal of selling a product:

After saying he didn't read it/ recieve it/look at it

ME: I can understand that, with you being busy and all. Tell me Mr. Prospect, surely you are familiar with Comcast Cable, right?

Prospect: Yes

ME: That's great. I calling you this morning with an opportunity to participate in a new offering my firm is underwriting on behalf of Comcast Corp. Comcast has authorized the issuance of $300,000,000.00 worth of Preferred Stock. This issue is set to pay an annual yield of 6.875% on a quarterly basis. It has a 5 year no-call provision and is priced at $25/share. In addition to all of this, it boast a AA Moody rating and a AA- S&P rating, demonstrating it's financial strength.

The availability of these shares are limited and are going quickly. I'm calling to see if you'd be interested in picking up a couple thousand shares?

(Too long, mention the Yield first, and then ask for interest. If they are interested explain the features. )

Prospect: (assuming the worse) No, I don't think that is something I'd be interested in.

ME: May I ask what part of this issuance is unattractive?

(Too technical, just ask Why Not?, and then shup up)

Prospect: It's just that I'd need some time to think about it.

ME: I'm sorry to hear that. Like I mentioned, the availability of these shares are limited so time is of the essence. Are you sure?

(Fake urgency, a classic high pressure sales tactic. This will turn people off so fast.

What I would do is offer to send some material priority mail and schedule a followup meeting for the next day to discuss it. Assuming you have a blocking system, I'd ask if they would like me to hold x-shares for them.)

Prospect: (assuming the worse) Yes, I'm going to pass.

ME: You wouldn't be interested in even a thousand shares?

(Do you sell timeshares? The man said he doesn't want any., you're asking someone to commit $25,000 over the phone to someone they have never met in person. You haven't earned the right.)

Prospect: No, not this time.

ME: How about I call you in a few weeks if my firm is participating in another underwriting that is just as attractive as this one?

Prospect: Sure.

(This is a good save, but I'd make it a split up for pfd/muni's

Also, ask if they have any CD's and keep your term sheet next to the phone. Chances are your CD's will have a higher rate. People are comfortable with CD's. If your firm offers a High yeild savings keep that handy. Same thing for MMF with check writing abilities. How much are you earning on your checking account?))

[/quote]

I can’t help you because I’m strictly a “get the appointment” guy.  However, I’d be very careful about sending out your letter.  It has to be approved by your sales prevention unit, but more importantly, it’s avoidance activity.  Your time spent on your letter would have been better spent picking up the phone and calling the prospects.

[quote=anonymous]I can't help you because I'm strictly a "get the appointment" guy.  However, I'd be very careful about sending out your letter.  It has to be approved by your sales prevention unit, but more importantly, it's avoidance activity.  Your time spent on your letter would have been better spent picking up the phone and calling the prospects.[/quote]

Thanks for the caution. I've run the letter through marketing and compliance and got the green light.

In addition, I've set up the letter as a mail merge using an excel spreadsheet for the leads contact info. To merge, print, stuff and mail 30 mailers a day takes less than 30 minutes. I'm very aware not to waste my time on "busy work". I don't have an SA so I gotta make it happen on my own.

[quote=707SE]

[quote=anonymous]I can’t help you because I’m strictly a “get the appointment” guy.  However, I’d be very careful about sending out your letter.  It has to be approved by your sales prevention unit, but more importantly, it’s avoidance activity.  Your time spent on your letter would have been better spent picking up the phone and calling the prospects.[/quote]

Thanks for the caution. I've run the letter through marketing and compliance and got the green light.

In addition, I've set up the letter as a mail merge using an excel spreadsheet for the leads contact info. To merge, print, stuff and mail 30 mailers a day takes less than 30 minutes. I'm very aware not to waste my time on "busy work". I don't have an SA so I gotta make it happen on my own.

[quote=707SE]

[quote=Ashland]How does making this investment help the prospect?

What is he working for? What is he building with what he does every day? Does your investment lay a stone in this cathedral or is it just another 'risk' he's taking along the way and with someone he doesn't know & doesn't feel compelled to trust.

Your presentation is a good product pitch. I wonder, tho, if you may have more luck with finding out who and what's important to people, showing them that you're capable to help them.
---------

Hi, my name is ... with Waddell and Reed, may I speak with ... Are you in the middle of something or do you have a moment to talk?

The reason that I am calling is that I am building my practice by showing people what it will take for them to retire when they want to and with the lifestyle that they are accustomed to. If I may ask, what are you doing to make sure you can retire when the time comes?[/quote]

Fantastic! This is what I'm looking for. While my regional manager is pouding away at me on the need to do gross via cold call, I'm hesitant to call pitching a product to someone I have no idea about nor am I aware of their risk tolerance or current holdings.

Your approach is something I feel comfortable building on. Thanks

[/quote]

Since you're comfortable with this tired old script, I'm not gonna post any tough question examples. You won't be "comfortable" using them.

[quote=Bobby Hull][quote=707SE]

[quote=Ashland]How does making this investment help the prospect?

What is he working for? What is he building with what he does every day? Does your investment lay a stone in this cathedral or is it just another 'risk' he's taking along the way and with someone he doesn't know & doesn't feel compelled to trust.

Your presentation is a good product pitch. I wonder, tho, if you may have more luck with finding out who and what's important to people, showing them that you're capable to help them.
---------

Hi, my name is ... with Waddell and Reed, may I speak with ... Are you in the middle of something or do you have a moment to talk?

The reason that I am calling is that I am building my practice by showing people what it will take for them to retire when they want to and with the lifestyle that they are accustomed to. If I may ask, what are you doing to make sure you can retire when the time comes?[/quote]

Fantastic! This is what I'm looking for. While my regional manager is pouding away at me on the need to do gross via cold call, I'm hesitant to call pitching a product to someone I have no idea about nor am I aware of their risk tolerance or current holdings.

Your approach is something I feel comfortable building on. Thanks

[/quote]

Since you're comfortable with this tired old script, I'm not gonna post any tough question examples. You won't be "comfortable" using them.

[/quote]

C'mon Bobby! Don't be a little biitch! I'm hoping you guys can lend a hand and I'm willing to put in the time and effort. I can ask the tough questions. Don't be like this.

[quote=707SE][quote=Bobby Hull][quote=707SE]

[quote=Ashland]How does making this investment help the prospect?

What is he working for? What is he building with what he does every day? Does your investment lay a stone in this cathedral or is it just another 'risk' he's taking along the way and with someone he doesn't know & doesn't feel compelled to trust.

Your presentation is a good product pitch. I wonder, tho, if you may have more luck with finding out who and what's important to people, showing them that you're capable to help them.
---------

Hi, my name is ... with Waddell and Reed, may I speak with ... Are you in the middle of something or do you have a moment to talk?

The reason that I am calling is that I am building my practice by showing people what it will take for them to retire when they want to and with the lifestyle that they are accustomed to. If I may ask, what are you doing to make sure you can retire when the time comes?[/quote]

Fantastic! This is what I'm looking for. While my regional manager is pouding away at me on the need to do gross via cold call, I'm hesitant to call pitching a product to someone I have no idea about nor am I aware of their risk tolerance or current holdings.

Your approach is something I feel comfortable building on. Thanks

[/quote]

Since you're comfortable with this tired old script, I'm not gonna post any tough question examples. You won't be "comfortable" using them.

[/quote]

C'mon Bobby! Don't be a little biitch! I'm hoping you guys can lend a hand and I'm willing to put in the time and effort. I can ask the tough questions. Don't be like this.

[/quote]

YOu've got a script that suits you. Take it and run with it.

Hi, thanks for taking my call Mr. Prospect.  Leap from Lillypad investments - I’m sure you’re busy so I will be brief.  Granted your business is doing well(add some smart comment that hints at a downcycle if you understand his business), but like all smart businessmen you foresee the rainy days by planning ahead. What kinds of investments do you have outside your business to pick up the slack for retirement when something unexpected happens?

Mr prospect,

Thank you for taking my call.. Leap from Lilly pad investments and I am calling with information in regard to an investment that has averaged an upside of 10% every year for the past 5 years with no down years along the way.  How does this compare to the return from your business?

For a highly rated corporate bond;

Good Morning Mr Prospect - Thank you for taking my call.  It is early and we are both busy so I will be brief.  I'm calling with an idea because it is working very well for my business clients.  How do you feel about a highly rated A1 bond, taxed at 15%, yielding 6.5%? 

((((Shut UP))))  

Wait - The first person to speak loses.  If you can shut up and wait, he will reveal the subject that will fuel your next question. 

Always ask for the need behind the need.

[quote=LEAP]

For a highly rated corporate bond;

Good Morning Mr Prospect - Thank you for taking my call.  It is early and we are both busy so I will be brief.  I'm calling with an idea because it is working very well for my business clients.  How do you feel about a highly rated A1 bond, taxed at 15%, yielding 6.5%? 

((((Shut UP))))  

Wait - The first person to speak loses.  If you can shut up and wait, he will reveal the subject that will fuel your next question. 

Always ask for the need behind the need.

[/quote]

Tee Hee Hee... you're kidding, right? You make the call longer in order to tell him that you're gonna be brief? What a riot!!!

I had some pretty good success this morning with my calls. Thanks for everyone who chimed in. I ended my morning with 2 appointments and another 3 strong leads, this after making about 50 contacts.

I had trouble working around gatekeepers. For those who were willing to be charmed, I tried. Those who were disgruntled with their place in life...no helping them.

How do you guys work around gatekeepers?

The easy answer: work in a bank environment!

Since you're comfortable with this tired old script, I'm not gonna post any tough question examples. You won't be "comfortable" using them.

Not a bad start but let me add a few of my own thoughts:

- Don't acknowledge that they are busy (or that you are) and don't tell them you'll be brief.  Go right into it.  If that's too much to bear and it makes you feel too direct, then try something like "Mr. Prospect this is Bill Broker over at XYZ securities.  If you have a quick moment I wanted to share an idea with you that has been providing investors with better than a 12% average annual return over the past twenty years.  Would you like to hear about it?"

- Don't try to "charm" gatekeepers.  Ever.  Be professional and treat them with respect.  Tell them who you are and where you are calling from.  If they ask what the call is regarding tell them it's regarding a personal investment recommendation.  That's it.  Remember, cold calling is all about numbers.  You better believe you are going to get screened if you are calling on executives.  No big deal; just keep dialing.  Also- try and reach the executives early morning/late afternoon.  And this is where direct #'s are key, as with corporate directories.  If anyone asks where you got their #, tell them that an advisor who recently left the firm had their name/# on a card.  You're not sure if they've ever spoken with them before but you and your firm make it a point to keep up contact with prospective clients (yeah, it's a little shady but it works every time and diffuses the situation immediately).

- Don't ever compare market returns to the investment in their business.  Same goes with real estate.  It's almost a put down and (believe me) many biz owners and real estate investors have done incredibly well investing in just that.  Simply ask if they might be looking to diversify or reduce the amount of taxes they might be paying.

- Mail=fail.  Unless you are doing a huge mailing on a consistent basis, it's not worth the time or money.  That said, be sure you are mailing something to every new prospect and to all prospects on a monthly basis (minimum).  Don't mail to a cold prospect and "follow up" with a phone call.  They won't remember what you sent them and it just gets awkward.  One exception is a (seriously) personalized letter that you send to someone you say in the paper (hand stamped/written with a copy of the article). Oh- and include a SBUX gift card.  THAT they will remember.

- If I had 6 months to "make it", I would pick a particular mutual fund that I liked and pitch it a minimum of 300 people a week.  Go like crazy.  After 6 months I would probably have opened 80 accounts with an average size of around 50k; that's 4 mm in new assets and probably 100k in gross if you put half in C shares and the other half in A/B shares.  No doubt your firm would be quite pleased and you would have 80 households to go after for more $.  Not a bad start. 

i like calling on the preferred. focus on the yield, and limited amount of shares available for "new accounts". if the prospect isn't intrested, ask them if they are more intrested in growth or income. dividend or intrest, taxable, taxfree, etc.

if you play the #'s game with this, you will open tons of lots of new accts.

[quote=Ashland]

Since you’re comfortable with this tired old
script, I’m not gonna post any tough question examples. You won’t be
"comfortable" using them.

[quote=Vin Diesel]

i like calling on the preferred. focus on the yield, and limited amount of shares available for “new accounts”. if the prospect isn’t intrested, ask them if they are more intrested in growth or income. dividend or intrest, taxable, taxfree, etc.

if you play the #'s game with this, you will open tons of lots of new accts.

[quote=joedabrkr]

And what happens when interest rates go up?
[/quote]



Negative Convexity and Extension risk

[quote=joedabrkr] [quote=Vin Diesel]

i like calling on the preferred. focus on the yield, and limited amount of shares available for "new accounts". if the prospect isn't intrested, ask them if they are more intrested in growth or income. dividend or intrest, taxable, taxfree, etc.

if you play the #'s game with this, you will open tons of lots of new accts.

[/quote]

And what happens when interest rates go up?
[/quote]

I've seen FA's in my office place clients in prfd's in the midst of the Fed's rate increases. Clients are content with the steady yields, especially since the fed has paused since their last round of increases.

These are a great way to begin working with a client. Nothing wrong with this being apart of the fixed income portion of a clients portfolio, or are you against fixed income being apart of a portfolio?

707SE do you really work for Waddell & Reed?  How long does it take for people to figure out you are an investment firm over the phone??

[quote=joedabrkr] [quote=Vin Diesel]

i like calling on the preferred. focus on the yield, and limited amount of shares available for "new accounts". if the prospect isn't intrested, ask them if they are more intrested in growth or income. dividend or intrest, taxable, taxfree, etc.

if you play the #'s game with this, you will open tons of lots of new accts.

[/quote]

And what happens when interest rates go up?
[/quote]

you advise the client to sell them, and "re-position" those assets into your new best idea. now they have a tax loss they can use.

[quote=BullBroker]707SE do you really work for Waddell & Reed?  How long does it take for people to figure out you are an investment firm over the phone??[/quote]

Nah. I just used that firm for the sake of the pitch. Hopefully I didn't violate any industry regualtions

Truth be told, my firm does provoke a pause when I say its name. Sounds like a law firm although it has folks seem to be becoming more familiar with it lately.