Simple changes that brought big returns

Aug 5, 2007 7:33 pm

A few simple changes dramatically increased the productivity of my cold calling.

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

1)      I now call people with the purpose of disqualifying THEM.

2)      I speak to them with courtesy and respect but at the same time as if they are subordinate to me.

3)      I make my voice loud and clear trying to make it as forceful as I can.

4)      I stand up while calling and look in a mirror and force myself to smile even if a fake smile. I built a little calling station in a back room to facilitate this.

5)      I set my daily goal. Then one of two things will happen … I will call until 8 PM or meet my goal and go home.

6)      The most common knee jerk objections are simply ignored and I proceed with the call.

7)      I give my manager my efforts and results (cold calling daily sheets) each Friday and asked him to keep me accountable as to effort and results that are no less.

The above I’m sure is simple and common knowledge to most. BUT these simple changes have made my recent calling beyond my wildest.

I’m now looking forward to making my calls, THANKS Joe for making me get my head around things.

Hope this helps somebody out there.
Aug 5, 2007 8:41 pm

[quote=Gaddock]

A few simple changes dramatically increased the productivity of my cold calling.

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

1)      I now call people with the purpose of disqualifying THEM.

2)      I speak to them with courtesy and respect but at the same time as if they are subordinate to me.

3)      I make my voice loud and clear trying to make it as forceful as I can.

4)      I stand up while calling and look in a mirror and force myself to smile even if a fake smile. I built a little calling station in a back room to facilitate this.

5)      I set my daily goal. Then one of two things will happen … I will call until 8 PM or meet my goal and go home.

6)      The most common knee jerk objections are simply ignored and I proceed with the call.

7)      I give my manager my efforts and results (cold calling daily sheets) each Friday and asked him to keep me accountable as to effort and results that are no less.

The above I’m sure is simple and common knowledge to most. BUT these simple changes have made my recent calling beyond my wildest.

I’m now looking forward to making my calls, THANKS Joe for making me get my head around things.

Hope this helps somebody out there.[/quote]

What are you going to do with all the money you make from having this attitude? Good stuff.

Aug 5, 2007 8:59 pm

[quote=Gaddock]

5)      I set my daily goal. Then one of two things will happen … I will call until 8 PM or meet my goal and go home.

[/quote]

Only 8 PM!! Geesh, what a lightweight!

Really though, good stuff.

Proof positive that some people want what they can't have:

YOU: "Oh, I'm sorry you don't qualify for our minimum trade of $100,000."

PROSPECT: "Uhhh, wait, hold on....(murmuring in background). Oh, uh, yes, I'll take $125,000 on second thought.

*******************************

I understand that leaving work early is your reward for reaching your daily goal. However, don't you smell blood when you open a significant account? When I smell blood, I keep going...The adrenaline rush is great!

Good luck!

Aug 5, 2007 10:07 pm

Bobby,

I’m not counting my chickens until they hatch and at this time it’s more about assets than commission. I’m shooting for $25 million in two years and $100 in five.

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

Doberman,

My goals are 50 **meaningful** conversations, 5 appointments set of $5k in gross. When I hit one and get a little extra time with my family that goal will then increase from that point on. Have not gone home early yet. But I will soon

Thank you both for your comments
Aug 5, 2007 11:01 pm

Three questions:

Do you buy lists?  Residential and business or just one of these?

I’ve found that when I make the point to setup appointments, my time for calling dissipates, what do you do to counteract this?  If I don’t make this point then I just end up qualifying people and never going for the throat.

Thanks

Aug 5, 2007 11:12 pm

Sounds like a great process.  Are you calling on a product or a general call to get an appointment?

Aug 6, 2007 12:33 am

It was a rhetorical question.

[quote=Gaddock]

Bobby,

I’m not counting my chickens until they hatch and at this time it’s more about assets than commission. I’m shooting for $25 million in two years and $100 in five.

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

Doberman,

My goals are 50 **meaningful** conversations, 5 appointments set of $5k in gross. When I hit one and get a little extra time with my family that goal will then increase from that point on. Have not gone home early yet. But I will soon

Thank you both for your comments[/quote]
Aug 6, 2007 1:04 am

drewski803,

I have an annual subscription to everything Sales Genie and the polk e-reverse directory has to offer, so far most calls have been residential. As far as appointments to be completely frank and honest, half or more are no shows. I counteract this by spending zero time preparing for the a first appointment, a question and answer session, unless it’s what I believe to be a high net worth person.

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

Bondo,

Most of the time it’s the typical AGE general generic call unless they are a female with age (no pun) then I switch to a product call for a aaa muni, CD or some such.

Bobby,

I know…I thought an elaboration was in order and context for those in my newbie ranks.

Thank you for you time and interest. Getting back to the first post, it’s all inside. All between the ears. Now that I truly have my mind where it needs to be I’m going to kick some serious arse.
Aug 6, 2007 5:26 pm

Nice job keep up the good work.  I am going to mirror your efforts.

Aug 7, 2007 1:30 am

I agree with your approach. I simply do not want to waste my time if they are not interested. I ask if I can mail some information. I put together a letter with some relevant information; therefore, I try to disqualify them because if they are on the fence about receiving my information it usually turns out that they are not interested when I call back. I make sure they are worthy of receiving my information. No one can tell me cold calling doesn’t work. I have opened many good accounts through cold calling. If you want to be in this business you simply have to have the guts to talk to people you don’t know.

Aug 7, 2007 1:45 am

[quote=Stonewall]

I make sure they are worthy of receiving my information.

[/quote]

Is that the same as being sponge worthy?

Aug 8, 2007 12:11 am

[quote=Gaddock]

drewski803,

I have an annual subscription to everything Sales Genie and the polk e-reverse directory has to offer, so far most calls have been residential. As far as appointments to be completely frank and honest, half or more are no shows. I counteract this by spending zero time preparing for the a first appointment, a question and answer session, unless it’s what I believe to be a high net worth person.

 <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><?:NAMESPACE PREFIX = O />

Bondo,

Most of the time it’s the typical AGE general generic call unless they are a female with age (no pun) then I switch to a product call for a aaa muni, CD or some such.

[QUOTE]

Two questions for you regarding this reply.

1. What is AGE general generic call? Does AGE mean age or is it an acronym for something?

2. When I was cold calling everyday I called mostly with product. Just to understand you correctly, unless it is someone as you mentioned such as an elderly woman, you are usually calling with the intentions of landing an appointment?

Aug 8, 2007 1:02 am

forgive me if this is stupid... but for what or How do you use the reverse directory, and what is the site address of polk?

thanks for the good posts

Aug 8, 2007 3:39 am

I am so glad I work for a bank.  I sit at my desk and people call me, email me poke their head in my door, get introduced to me etc.  Some of them may not be qualified but it sounds a heck of a lot better than acting like a meathead and working 15 hour days,

Aug 8, 2007 3:48 am

[quote=bornagainbankr]I am so glad I work for a bank.  I sit at my desk and people call me, email me poke their head in my door, get introduced to me etc.  Some of them may not be qualified but it sounds a heck of a lot better than acting like a meathead and working 15 hour days, [/quote]

Uh yeah. I work 6 hours a day and my income is about 300K.  You are a sh*theel.

Aug 8, 2007 12:20 pm

[quote=bornagainbankr]I am so glad I work for a bank.  I sit at my desk and people call me, email me poke their head in my door, get introduced to me etc.  Some of them may not be qualified but it sounds a heck of a lot better than acting like a meathead and working 15 hour days, [/quote]

If that's what you have to tell yourself to keep from commiting suicide, so be it. There's lots of people like you who have failed to thrive and can only perform at their highest level by being told what to do. Don't be ashamed.

Aug 11, 2007 6:28 pm

Chris,

1 AGE is the symbol for AG Edwards, generic call is the call they teach you in training.

2 My first call is to get permission to send my card and make future calls but if its an elderly woman I tell her what our best CD rates are or the like to see if I can get her to talk. Subsequent calls are with a product that I think may be their hot button and to set an appointment

Malcom,

A reverse phone directory list people in order by number or by street address etc. Chances are you will see a big thick book in your office that is the POLK directory. Basically Sales Genie is Polk under another name utilizing the same functions plus a lot more.<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Bornagainbankr

I could have worked at a bank. Better yet I had an offer from Allstate as an EFS. I want more than a job working for somebody else and simply brining home a paycheck. I want to build an empire that’s mine. Something I can pass to my children. Like most things in life you get what you pay for. Go ask Merrill how much they will pay you for your book.

I had a great week. I graduated from training at the end of July. So far in August I’ve written 19 tickets and have just over $6k in gross. My manager is a very happy man. I have $50k I'm waiting for from a annuity (index annuity bought 8 years ago from a ‘bank broker’ the “meathead” put the annuity into a IRA and made the beneficiary the estate even though the guy has been married for 40 years. I took it by agent of record as well as the other $300K plus from BAC) it is only paying 3%. They guy doesn’t care about the surrender charges. Even the thought of that annuity ticks him off. We have agreed to put the proceeds into a UIT blend. That will put my gross up over $7k. I’m hoping for $9.

I'm trying to get my call volume up and manage my time much better.

 

Aug 11, 2007 6:37 pm

if you’re happy sitting on your behind all day and limiting your income and payout, by all means, the bank is the way to go.  quite the entrepreneur you are.

Aug 11, 2007 6:41 pm

My calls are 10 times what they were in April May and June. I get better every day. BUT I also have to say that the market tanking has helped in a big way. Cold calling during a raging Bull market was tough. I got the feeling most people didn’t even want to talk to their own Broker when they were getting double-digit returns. A couple more weeks of this crazy volatility on top and I feel I can get way ahead of things.

Still having a 50% no show on the appointments. I’ll post my stats for the last two weeks once I’ve added them up.
Aug 11, 2007 9:34 pm

[quote=Gaddock]

My calls are 10 times what they were in April May and June. I get better every day. BUT I also have to say that the market tanking has helped in a big way. Cold calling during a raging Bull market was tough. I got the feeling most people didn’t even want to talk to their own Broker when they were getting double-digit returns. A couple more weeks of this crazy volatility on top and I feel I can get way ahead of things.

Still having a 50% no show on the appointments. I’ll post my stats for the last two weeks once I’ve added them up.[/quote]

The market volatility of late, represents the best opportunity I've had to snag the accounts from brokers who sold on "high, steady returns". I love this market!

Aug 13, 2007 8:16 pm

[quote=Gaddock]

Chris,

1 AGE is the symbol for AG Edwards, generic call is the call they teach you in training.

2 My first call is to get permission to send my card and make future calls but if its an elderly woman I tell her what our best CD rates are or the like to see if I can get her to talk. Subsequent calls are with a product that I think may be their hot button and to set an appointment

Malcom,

A reverse phone directory list people in order by number or by street address etc. Chances are you will see a big thick book in your office that is the POLK directory. Basically Sales Genie is Polk under another name utilizing the same functions plus a lot more.<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Bornagainbankr

I could have worked at a bank. Better yet I had an offer from Allstate as an EFS. I want more than a job working for somebody else and simply brining home a paycheck. I want to build an empire that’s mine. Something I can pass to my children. Like most things in life you get what you pay for. Go ask Merrill how much they will pay you for your book.

I had a great week. I graduated from training at the end of July. So far in August I’ve written 19 tickets and have just over $6k in gross. My manager is a very happy man. I have $50k I'm waiting for from a annuity (index annuity bought 8 years ago from a ‘bank broker’ the “meathead” put the annuity into a IRA and made the beneficiary the estate even though the guy has been married for 40 years. I took it by agent of record as well as the other $300K plus from BAC) it is only paying 3%. They guy doesn’t care about the surrender charges. Even the thought of that annuity ticks him off. We have agreed to put the proceeds into a UIT blend. That will put my gross up over $7k. I’m hoping for $9.

I'm trying to get my call volume up and manage my time much better.

 

[/quote]

Well, I applaud your desire.  Not sure how long you can last.  Seriously, you sound like many others who meant well, but burnt out.  I am telling you this just because i have seen it happen.

Do yourself a favor, build a fee based practice.  If you are taking all upfront comissions, you will have a good start, but fail in the long run.  A transactional book with all A shares is not worth very much.

Are you an asset allocator?  Good luck, but take a longer term perspective.

Aug 17, 2007 8:48 pm

Hello Vbrainy,<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

 

I’m far more concerned about starving out than burning out. I have built two other small businesses. One a failure, one was successful and sold for a pretty penny. Both required the same amount of time and commitment to get off the ground. The salary I’m receiving leaves me on a burn rate. I could have got a bit more from the other firms I spoke with but not enough to make a difference in the long run. I went with AGE for local opportunities that existed in the branch I’m in and a 120-year-old firm with a stellar reputation. Fee based business and a partnership were part of the long-term business plan.

 

Enter the “merger” and all has been turned upside down. I have had to rethink my entire strategy to not find myself stuck in the mud with my pants down in the mid term future. WB has not made me feel warm & fuzzy tp present.

 

I’m thinking firms love fee-based business, as it’s much harder to ACAT than a transactional relationship. That would be another reason WB is hot and heavy on teams. You get involved with a team that has a fee-based book and the strings have turned into chains. The “it’s your book” shtick is nothing more than lip service IMHO.

 

That being said, my current train of thought is to build a transactional book heavily utilizing UIT’s where appropriate. If I can crank out six figures in TTM commissions in my first year I believe my options will be multiplied and offer a new set of options that currently don’t exist. The contracts I have seen for a new FC just out of training vs. one with a good solid year under his/her belt greatly differ.

 

I’m forced to make a change that is beyond my control (WB/AGE “merger”) so I’m thinking I’ll try to leverage the best possible options with this strategy.

 

Any thoughts on this would be appreciated.

 

Yes I believe in Asset Allocation. My personal preference would include strategic allocation models with a satellite that is as opportunistic as the clients risk aversion will allow.

Aug 17, 2007 8:58 pm

Yes I believe in Asset Allocation. My personal preference would include strategic allocation models with a satellite that is as opportunistic as the clients risk aversion will allow.

Just out of curiosity- I am 35 and come to you a 20 year timeframe, an aggressive investor, looking to put $250K to work from cash. Taking lets say 80% and investing in the usual Large Cap, small/mid, International, and a slight amount of fixed income... Where would you put the remaining 20%?

Just interested to see what tactical ideas you would recommend...

Aug 17, 2007 9:16 pm

Blarm.  personally, I use Morningstar software and build a portfolio with globalization, mix between growth and value, then rebalance annually.  The morningstar software is very good and if you use good mutual funds you will do well by your clients.

Aug 17, 2007 9:19 pm

Gaddock, the buyout probably does stink for you.  I think you are very wise seeing that teams can be chains.

And numbers DO talk.  High revenue floats alot of boats.  You still may well be at a good firm to build and stay. 

Noone can tell you how to feed yourself and your family.  Unlike others here, I assume you do the best for your clients.

As soon as you do hit your number, start wrapping EVERYTHING you can.  C shares, fee based, UITs whatever.

Good luck.  I think they got a good one in you.

IGNORE the idiots here on this forum.  Don't give away too much personal information on this forum or any forum.

Aug 17, 2007 9:54 pm

Gad,

You mentioned a 50% no show. I'm curious, do you call the prospect the day before to confim? Do you send an appt reminder in the mail? If you're not doing these, I would recommend, at least, confirming the appt the day before.

Aug 18, 2007 2:44 pm

[quote=doberman][quote=Gaddock]

My calls are 10 times what they were in April May and June. I get better every day. BUT I also have to say that the market tanking has helped in a big way. Cold calling during a raging Bull market was tough. I got the feeling most people didn’t even want to talk to their own Broker when they were getting double-digit returns. A couple more weeks of this crazy volatility on top and I feel I can get way ahead of things.

Still having a 50% no show on the appointments. I’ll post my stats for the last two weeks once I’ve added them up.[/quote]

The market volatility of late, represents the best opportunity I've had to snag the accounts from brokers who sold on "high, steady returns". I love this market!

[/quote]

Agree with that - and the best question to ask before you let them go, and after they say they are not interested, is "oh, by they way, just curious, what does your current advisor think about whats going on in the markets.?" Most of them dont know, because they havent heard from him or her.

Aug 18, 2007 3:00 pm

If you're busy calling other guy's clients trying to swing them your way, who is the other guy calling?

Your clients?

Aug 18, 2007 3:24 pm

If you’ve been prepping your clients all along for an inevitable downturn it shouldn’t take that long per client to chat and reassure them of their strategy, make changes if warranted and move on to the next.  Unless you are carrying thousands of clients all with different portfolio make ups.

Aug 18, 2007 8:57 pm

[quote=pratoman][quote=doberman][quote=Gaddock]

My calls are 10 times what they were in April May and June. I get better every day. BUT I also have to say that the market tanking has helped in a big way. Cold calling during a raging Bull market was tough. I got the feeling most people didn’t even want to talk to their own Broker when they were getting double-digit returns. A couple more weeks of this crazy volatility on top and I feel I can get way ahead of things.

Still having a 50% no show on the appointments. I’ll post my stats for the last two weeks once I’ve added them up.[/quote]

The market volatility of late, represents the best opportunity I've had to snag the accounts from brokers who sold on "high, steady returns". I love this market!

[/quote]

Agree with that - and the best question to ask before you let them go, and after they say they are not interested, is "oh, by they way, just curious, what does your current advisor think about whats going on in the markets.?" Most of them dont know, because they havent heard from him or her.

[/quote]

The highlighted part is GOLD. Good come back!

Aug 18, 2007 9:49 pm

[quote=DAtoo]

If you're busy calling other guy's clients trying to swing them your way, who is the other guy calling?

Your clients?

[/quote]

My clients. But I dont care, because every one of them heard from me in the last two weeks and they all KNOW what I think.

Aug 19, 2007 7:02 pm

Blarm,<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

To answer the question with the information available would like a Dr. giving you a script from a phone call where you only tell him you are sick. That being said I might put $20K in a sector rotation strategy, keep the other $30 in cash and wait for a good opportunity (probably sooner than later given the nice correction). Would give a lot of thought to maybe buying some puts or a crutch trade for protection on any larger positions in the portfolio until things settle down.

Vbrainy,

Good stuff and 100% agreement on fee based asap. You wrote …”I assume you do the best for your clients” YES that is my first and foremost goal. As I gain clients and always do what I believe to do the right thing a payoff in spades will surely be the result.

Now_indy,

Yes I have started using measures to get the no shows in. Now I’m sending a letter with directions from their house to my office, calling the day before and telling them there is one little detail I forgot like a birthday to put the finishing touches on the HUGE AND GRANDIOS presentation, a little guilt can’t hurt for motivation.

DAToo,

You wrote …”If you're busy calling other guy's clients trying to swing them your way, who is the other guy calling?”

Not mine LOL. All mine have from one way or another found themselves on the DNC list. Many good prospects seem to be on there now as well J
Aug 20, 2007 10:56 pm

Some of the older clients like it when you help them register for the DNC list. 

Aug 21, 2007 10:56 am

[quote=maybeeeeeeee]Some of the older clients like it when you help them register for the DNC list.  [/quote]

In all seriousness.  That is as clever an idea as I have ever heard in thirty-six years of hearing ideas.

Aug 21, 2007 3:21 pm

That is as clever an idea as I have ever heard in thirty-six years of hearing ideas.

Kind of like this idea?

"Hey, you made Charman's Council in only your 2nd year. Great job! Sorry your career flamed out because you blew up Grand Ma's muni portfolio... Hey!!! Want a job in the back office? Maybe, after slurping the nut off of every manager you have for the next 30 years, you can make it to within 7 people of actually saying hello to our CEO! What do you think?"

"UMMMMMM... That sounds fantastic!"

 

Aug 21, 2007 5:49 pm

[quote=blarmston]

That is as clever an idea as I have ever heard in thirty-six years of hearing ideas.

Kind of like this idea?

"Hey, you made Charman's Council in only your 2nd year. Great job! Sorry your career flamed out because you blew up Grand Ma's muni portfolio... Hey!!! Want a job in the back office? Maybe, after slurping the nut off of every manager you have for the next 30 years, you can make it to within 7 people of actually saying hello to our CEO! What do you think?"

"UMMMMMM... That sounds fantastic!"

 

[/quote]

Blarm, why all the hate lately?  You were a pretty consistent poster of good information.  What's up?

Aug 21, 2007 11:11 pm

[quote=Gaddock]

A few simple changes dramatically increased the productivity of my cold calling.

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

1)      I now call people with the purpose of disqualifying THEM.

2)      I speak to them with courtesy and respect but at the same time as if they are subordinate to me.

3)      I make my voice loud and clear trying to make it as forceful as I can.

4)      I stand up while calling and look in a mirror and force myself to smile even if a fake smile. I built a little calling station in a back room to facilitate this.

5)      I set my daily goal. Then one of two things will happen … I will call until 8 PM or meet my goal and go home.

6)      The most common knee jerk objections are simply ignored and I proceed with the call.

7)      I give my manager my efforts and results (cold calling daily sheets) each Friday and asked him to keep me accountable as to effort and results that are no less.

The above I’m sure is simple and common knowledge to most. BUT these simple changes have made my recent calling beyond my wildest.

I’m now looking forward to making my calls, THANKS Joe for making me get my head around things.

Hope this helps somebody out there.[/quote]

Hey Gaddock,

Thanks for posting. This is really one of the best threads on this site. As I approach my first days of production I really appreciate info like this. Thanks again.

-12345

Aug 22, 2007 5:20 pm

Blarm, why all the hate lately?  You were a pretty consistent poster of good information.  What's up?

Because I would like to punch the guy in the throat. But you're right, I must resist the urge to reply in a negative manner. There is no point in that... Thanks for checking me.

Aug 22, 2007 7:54 pm

yikes.  A throat punch.  .hmmmmm

Not too many client calls for me.  Good deal.  Very happy I am not a stock picker.

Aug 22, 2007 8:01 pm

Yeah. They hurt just as much as a facial delivery, and you dont have to worry about breaking your hand on a cheekbone or jaw…

Aug 23, 2007 1:54 am

12345,

Trying to give where and when I can! Very happy you find value.

Blarm,

"A throat punch" When I used to work in a honkey tonk years ago that was a great punch. Even if you miss you hit solid ground.

Aug 23, 2007 1:55 am

Bummer about the above I always hurt win or loose … sigh

Aug 23, 2007 1:41 pm

It was even hard to read that "throat punch" line.  Just reading it made me grab my throat.

Something about someone even saying "throat punch", let's you know the guys been in a few scaps in the past.

Aug 23, 2007 9:50 pm

[quote=Guests]

It was even hard to read that "throat punch" line.  Just reading it made me grab my throat.

Something about someone even saying "throat punch", let's you know the guys been in a few scaps in the past.

[/quote]

Or is a woman who had a self defense class and used to wait for the bus in some really crummy neighborhoods in San Francisco.   Throat punch, knee to groin and palm upward on the nose not necessarily in that order. 

Aug 23, 2007 9:56 pm

[quote=blarmston]

Because I would like to punch the guy in the throat.

[/quote]

Poor Blarmston has all the symptons of a Napoleonic complex so I should suggest that he bring a stool to stand on.

Aug 24, 2007 1:36 am

Kind of a cruddy day. I decided to cull my database. All I can say is if somebody slipped through the cracks and you didn’t follow up with them its harder than a cold call. I’ve been ruling on the CC’s but these calls were harsh.

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

Lesson: ALWAYS call people back when they have invited you to do so.

When I feel that nasty little negative fear buzz going on, the callers can see it a mile away. I thought about not calling until it goes away but then thought it was CC aversion.

My motto; keep going forward.

Any thought about how to get pumped and get rid of that cruddy feeling? (if you know what I’m talking about)

The good thing about today is I was dreading making the rest of these calls but NOW ITS DONE. 

Back on the horse baby!
Aug 24, 2007 1:38 am

Afterthought … organizational skills and a strong dose of time management are CRITICAL.

Aug 24, 2007 5:53 pm

You know, just switch to another type of prospecting, but keep prospecting.  Do some business walking, go to a Chamber meeting, even do some direct mail.

but keep at it.  Hey you are being honest, cold calling is TOUGH.  And it hurts the most when the people you know turn you down.

Aug 25, 2007 10:29 am

Vbrainy, thanks for your thoughts.

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

I did a major overhaul on how I schedule my return calls to prevent the above. Now when I get a decent cold call I schedule four contacts into the future;

Thank you note hand written the day of the call A mailer that advertises myself including my background An example of the work I do A follow-up call

I’ll schedule otherwise if the first call managed to get to the point they told me what they want etc.

EVERY single contact I make after the first four will have one of two results on the spot

     1. I reschedule another call on my calendar

     2. I send them to the bottom of the sea

I found a way to call back those that fell through the cracks without taking such a lashing. I call them and in a very laid back way tell them I haven’t called them back due to the trajectory of the market being unsustainable, consequently we were keeping our powder dry. It appears we were correct (this is a true statement) and then offering a risk assessment. All but one said no thank you in a ‘polite’ way. NOW they are all back in my drip system full force.

This has been a very important lesson for me. NEVER allow yourself to let gold dust fall through the cracks, if you do, much of it will turn to sand.

Hope that helps
Aug 26, 2007 1:55 pm

Gaddock, this is the kind of activity that will make you very successful in this business.  Keep up the good work.

Aug 31, 2007 1:19 am

Sounded good until #7, were you always a big brown noser? Heres my call list mr branch manager

Aug 31, 2007 12:57 pm

It’s really not brown nosing.  Having your branch manager know your activity will go a long way toward keeping you motivated.  I work at a wirehouse, and when we first started, we were required to turn in call sheets each week to our training advisor (essentially an assistant bom) with our activity on there.  If we were ever light on activity, we would get ripped to shreds.  That went a long way toward keeping everyone motivated in calling.  It was a lot easier to get hung up on than it was to explain why we didn’t have enough contacts that week.

Sep 1, 2007 1:40 pm

[quote=Fixdincome]Sounded good until #7, were you always a big brown noser? Heres my call list mr branch manager[/quote]

That's what you got from #7? Well, friend that is more about where your head is than mine.

"asked him to keep me accountable as to effort and results that are no less"

It's about having somebody keep me accountable and to give me a kick when I need it.

Sep 7, 2007 1:27 pm

The kick when you need it?  I guess if you respond that way.  Not my style.  It is just all inside of me.  Could not train it in or yell it in.  My work ethic comes from two wonderful parents and a hard working family.  Now I realize everyone has not been so blessed.  And I give you credit to going the extra mile.

just not the kind of thing that worked for me.

Sep 7, 2007 8:34 pm

I hear you maybeee. I have to agree with your comments on work ethic. My parents forcing me to make my own cash as a boy was the VERY BEST lesson they could have ever given me. So far there has been no kick necessary. My manager told me he was ‘astonished with my work ethic and efforts’ I met a rather lofty goal in August that not only earned a dinner at my choice of restaurant for my family and I but put me in the top 7% of my class. I’m hoping to double that this month and booked eight apt’s for next week.

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

Accountability: I’m adding redundancies and firewalls wherever I can. I’m sewing myself in when and wherever possible. No doubt this isn’t for everybody and I admire your confidence at not considering such things as necessary for you.

Rock on.
Sep 11, 2007 4:05 pm

you have what it takes, hope you get a little luck along the way.

Sep 13, 2007 12:57 am

[quote=vbrainy]you have what it takes, hope you get a little luck along the way.[/quote]

Sigh ... luch ... sweet ... luck.

That's the nicest thing I've been wished in some time.

THANK YOU AND BACK AT YOU !!

Sep 13, 2007 1:09 pm

Gaddock, this is a great post.  Just curious what your total numbers were for August.
Calls?
Quality Convo's?
Appointments Set?
Appointments Held?
Gross Production?
Assets gathered?

Also, what kind of market are you in with regards to demographics and population? 

Sep 13, 2007 1:21 pm

You are very welcome Gaddock.  Great to see this forum back to where it started.  Hard work builds character, but a little luck never hurts.

That, and find a big producer in your office who will let you work his book for an IPO, annuity project, stock idea, whatever.  Those old guys don't even know what they have.

Revenue share should be something like 60 them and 40 you.

Sep 16, 2007 9:46 pm

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

EntrylevelFA,

I’ll try to remember to jot those numbers down for you and bring them home with me. I do not look at any forums etc while in my office. I can get lost in them and that’s the last thing I need to be doing while at work.

 

Vbrainy,

Well, I’m doing pretty well and I’m booking lots of apt.s. I don’t need the Sr. Broker for appointments so I’m thinking working for 40% would put a good dent in my production. That has been a common theme though. The other thing is of course the merger issue thingy that kind of changed things around the office. I’m not sure, for my own selfish reasons, that entering into a team so to speak would be a good thing until the smoke has cleared a bit. Under regular conditions I’m sure your suggestion would be the wise thing to do.
Nov 25, 2007 7:26 pm

any update to this thread…it was a good one…

Dec 2, 2007 12:04 am

Hey Boomer, Ask and ye shall receive<?: prefix = o ns = “urn:schemas-microsoft-com:office:office” /><o:p></o:p>

 

Recording my appointments

I bought a mini digital tape recorder and started recording all my appointments.

I WANT TO BASH MY OWN TEETH IN!

I thought I was letting the clients talk … HA!

NOW during the appointments my pad has 80/20 written all over the top to remind me to have them talk 80% of the time. I make myself write 80/20 each time I begin to speak.

The last appointments I have had are greatly improved.

I had a first appointment with a guy on Friday. I almost said NOTHING and just let the guy ramble on and on about his mother in a nursing home and had zero relevance to anything we were talking about.

He talked himself out … I said “well … let’s just get the account open and get together again next week as for a check there is no time like now”

He gave me a check for $100k.

He left deeply thanking me for my time and meant it.

I'm now uploading them to my pc to burn them on CD's so I can listen to them again and again.
Dec 3, 2007 1:32 am

Gaddock, good for you! 

  Not knowing when to shut-up is one of my weak points, as well. It's something I constantly must monitor. (You'd think after 20 years of marriage, I'd know when to shut it!)
Dec 29, 2007 2:01 pm

So the guy from Time tells me if it takes more than one piece of paper to explain something you don’t properly understand it and can’t properly explain it either.

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

That hit home with me.

I came up with a decent analogy that helped me close the case with the life insurance funded by the RMD’s. The case had already been conceptually sold. All in all it was a pretty complex case and the last thing I wanted to do was burry them in numbers leaving them glazed over and unable to make a decision LIKE I’M HUGELY GUILTY OF TIME AND TIME AGAIN.

So, when they came in I began to compare the case to a washer & dryer. One being the life case the other the IRA. I told them we’ve already picked out the washer and dryer, now the decision is if we want to buy the extended warranty.

The choices:

The Washer; With out warranty a $10,500 annual life premium for $182K death benefit but it turns into a pumpkin at age 95. The warranty would be the same premium but to age 105 reducing the death benefit to $168K. Question; do you think you will live past 95? Answer no way. Then why pay for the extended warranty? Decided against paying for the extended warranty. SO I JUST SOLD A $10500 ANNUAL PREMIUM WITHOUT ONE CHART, PROPOSAL OR STATS OF ANY KIND. Joked with him that I hope the life policy turns out to be a very bad deal i.e. he lives to 95.

The Dryer; I showed them the piece from America funds (my one piece of paper) that shows the growth of ICA going back to 1934 and has the reason why not to invest each year. So, not paying for the extended warranty would be simply putting the $ into a good mutual fund. Then described a VA as simply a box that we could put the same fund into but get a guarantee on the cash flow i.e. the extended warranty. So, I simply said I wouldn’t pay for the warranty as I’m OK with the volatility that may be experienced. But the big question is are YOU? Turns out they are OK with it as well when explained in such SIMPLE TERMS.

So of the $203k $185 into ICA and $10,500 to pay the premium. The remainder a little bit of pocket change if needed. I have also found that not putting every cent into something seems to make a buying decision much easier even if it’s a tiny amount left over … go figure.

Maybe this can help someone that is prone to oral dysentery like myself.
Jan 19, 2008 6:32 pm

Gaddock I need a mentor… BTW…where did u start off? If not Edward Jones what u think of them? I ask coz I think u are smart & I value ur opinion. Also thanks for the info. I’ll sure hit u with a pm

Jan 20, 2008 5:58 pm
mrsobama:

Gaddock I need a mentor… BTW…where did u start off? If not Edward Jones what u think of them? I ask coz I think u are smart & I value ur opinion. Also thanks for the info. I’ll sure hit u with a pm

 

Hello MrsObama,<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Thank you for the kind words. I’m in my sixth month of production with AGE/WB.. I think Ed Jones is as good or bad as any other place you will get your start. One thing that is AWESOME about EJ is they will teach you how to prospect instead of simply handing you a phone and telling you to make $$.

 

If you considering getting into this business you need to know the reality of it out of the gate, a few quick thoughts on the subject;

 

1)      You are not a money manager; you are an asset gathering cold caller.

2)      You will work harder than ever before to even have a shot at making it.

3)       You will have to thrive in endless rejection. Anybody can pay that concept lip service but talking about it and living it are a world apart.

4)      Know that you will be on a financial burn rate and roller-coaster

5)      The other brokers in your office are not your friends; they are vultures waiting to split you book when you fail.

6)      You can make a huge difference in a persons life BUT YOU CAN ALSO DESTROY THEM and will loose lots of money for lots of people.

7)      This business is not at all what you see on TV. How Hollywood derived the fantasy they portray on the idiot box is beyond me.

8)      You have to be all in OR NOT AT ALL. There can be no half measures. You have to be an entrepreneur. Nobody will be holding your hand or giving you pep talks.  

9)      A good mentor is a HUGE HUGE help.

 

At the end of the day this business is about three things Prospecting, Closing & Asking for Referrals. If you make it at EDJ you can make it anywhere if you fail there you would have failed anywhere else. 

 

But alas that’s just the viewpoint of a poor little rookie who’s treading water.

It’s all good and I love this business.
Jan 20, 2008 6:18 pm

Thanks Gaddock.   Wise words. I aspire to be where u are!

Apr 26, 2008 5:34 am

Great thread

Apr 28, 2008 4:20 pm

I have been researching these forums for a couple months now and this is by far the best, unbiased, objective thread on what to expect as a new broker and how to tackle the subsequent obstacles.



I’d like to think that Gaddock hit the nail on the head that one’s success and failure at one company is indicative of how one would do at any other firm.



As I begin my production, I hope to keep this thread alive as an ongoing tool. Any encouraging words?

May 5, 2008 6:24 am

Agreed this is a great thread…As I get ready for my first fully booked week of appointments I will be keeping this thread in mind.

Jul 9, 2008 3:24 pm

Thanks for the encouragement Gaddock, I’m in my third month of production and the going is slow.  

Jul 11, 2008 1:11 am

Gaddock, give us an update if you can.

Jul 11, 2008 3:59 pm

I am not an FA yet, but I do find this thread to be very insightful into selling anything to prospective customers.  I spent almost two years as a lead generator for Home Depot, so I know talking too much can be a problem.   An older gentleman I worked with said, once you have their interest, slide the paper under them to review and hand them a pen.  Now this is for free estimates on projects, and I would assume signing away savings would be different.  However, it is just a way to illustrate that a lot of the time the client will sell themselves.  Great thread.  I would also be interested in an update.

Jul 14, 2008 9:02 pm

Which Joe are you crediting in the original post?

Jul 20, 2008 1:55 am

I’m not in the biz, but this is an interesting thread to read re: the realities of life as an asset-gathering machine.  Just curious, how are you guys getting around do-not-call lists? Most everyone I know, including me, is on it.  I get few unsolicited calls any more except from companies where I already have an established relationship (who are trying to cross-sell other products).

Jul 20, 2008 2:18 am

[quote=Joshi]I’m not in the biz, but this is an interesting thread to read re: the realities of life as an asset-gathering machine.  Just curious, how are you guys getting around do-not-call lists? Most everyone I know, including me, is on it.  I get few unsolicited calls any more except from companies where I already have an established relationship (who are trying to cross-sell other products).

[/quote]

You don’t need to worry about how to get a hold of people. Just get in OUR business and then worry about grown-up stuff.

Jul 20, 2008 2:43 am

What a jerk.

Jul 20, 2008 3:17 am

He may be a jerk but in this instance he it right.  The DNC list just means you have to prospect a little differently.  There are far bigger challenges to making it in this  business.

Jul 20, 2008 5:37 am

There are no DNC laws for business to business. Most high net worth clients control a business or are a key executive at the corporate level. These individuals and their entities have critical planning and investing challenges that we have the solutions for.

Those of us that have millionaire income work with millionaires. Those  that prospect spider monkeys on the DNC lists have spider monkey incomes. Universal law.

Stok

Jul 21, 2008 2:31 am

Ah… gotcha.  Thanks for the info.

Jul 21, 2008 3:15 am
Joshi:

What a jerk.

  Yeah, some people can be real @**holes on here.  For some reason a keyboard and computer screen make people feel 10' tall.  Anyway, a lot of companies have software that can scrub your call lists against the DNC list to kick out all of the numbers on it. 
Jul 21, 2008 2:10 pm
Professional-Lists:

my company which is a full firm marketing and advertising agency

  Your website is a single page.  No matter what button you push (Contact Us, Services, About Us...) it stays on the home page.  You have a website that would cost less than $20 on GoDaddy, I can just imagine how good those lists are that you're selling.
Aug 5, 2008 10:37 pm

Thanks for asking. Day three of year two. Last year at this time my goal was to have the same or better credit score. Mission accomplished thank God. <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />

 

Year two I want to make president's Club.

 

I think my largest challange is getting my head around things. Now I'm actuially managing peoples money. I feel clueless even though I've been making some serious cash with options.

 

Loosing money for a client SUCKS BIG TIME.

 

My success in the last year certainly has to do with hard work etc etc. but a lot was blind luck. I guess you can help make you luck to some extent.

 

I'm loosing the coolaid effect about managed money.

 

I've become far more cynical about the lip service I hear from some of the "leaders" in the insudstry. Even though I feel clueless in many cases I KNOW THEY ARE.

 

All in all I'm feeling good about things and actually starting to have fun.

 

If you do a great job for a high net worth person they will give you referrals. Service and a feeling of being special is what they are seeking. Not the hottest new slick gig the brokerage firms have created for them.
Aug 6, 2008 5:49 am

[quote=Gaddock]

 

If you do a great job for a high net worth person they will give you referrals. Service and a feeling of being special is what they are seeking. Not the hottest new slick gig the brokerage firms have created for them. [/quote]   True that.  I'm into taking my "A" clients out to lunch or happy hour with their friends for their birthday.  I will be taking the wife of a couple that are "A" clients and her 2 friends to lunch later this month.  Between the three ladies, there's a net worth of about $30-35MM.
Sep 28, 2008 2:56 am
standing up while over 100 other reps. would grind away for 4 to 6 hours per day was very likely the #1 reason my cold calling resulted in the highest volumes, it makes a difference in speaking ability because of posture, slumping over a desk or leaning on an elbow does not always make for clear speech delivery. since I like to joke around, my 'prairie dogging' and other silent antics while sticking to business gave others the smiles, motivation and realization that even a tedious but necessary task can be made bearable.   Calling people with the purpose of disqualifying and maintaining authority is always highly effective.   [quote=Gaddock]

A few simple changes dramatically increased the productivity of my cold calling.

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

1)      I now call people with the purpose of disqualifying THEM.

2)      I speak to them with courtesy and respect but at the same time as if they are subordinate to me.

3)      I make my voice loud and clear trying to make it as forceful as I can.

4)      I stand up while calling and look in a mirror and force myself to smile even if a fake smile. I built a little calling station in a back room to facilitate this.

5)      I set my daily goal. Then one of two things will happen � I will call until 8 PM or meet my goal and go home.

6)      The most common knee jerk objections are simply ignored and I proceed with the call.

7)      I give my manager my efforts and results (cold calling daily sheets) each Friday and asked him to keep me accountable as to effort and results that are no less.

The above I�m sure is simple and common knowledge to most. BUT these simple changes have made my recent calling beyond my wildest.

I�m now looking forward to making my calls, THANKS Joe for making me get my head around things.

Hope this helps somebody out there.[/quote]
Sep 29, 2008 4:16 pm

Gaddock, I like what I’m reading but the reality is that for the last 12 months I have been working 60+ hours a week, incl Saturdays and calling specifically to find out a couple things. 1, do they currently have an FA, if so, then yes they have some money, and 2, to set an appointment. So far I have only 15k gross production after 12 months. I make around 250 dials or more a day, talk to at least 25 “meaningful” conversations. Recently I was having up to 13 appointments (kept) a week, but now nothing.

  I'm curious, what script do you use, or could you outline it for me? I find difficulty in creating my own speeches until we're in a good swinging conversation, then I'm fine. Also, tell me ways you disqualify people so they don't feel disqualified, or maybe that doesn't matter.   awesome
Oct 3, 2008 9:17 pm

I think its somewhere in this thread about the methods of sending note bla bla. The first is the old AGE hell Joe I was calling to see if you are an invester and if so are you open to new ideas from time to time. Yes grea bla bla no? is the no to new ideas or investing? yada yada.  I’ve got some good milage out of the 'If I can show you how to insure your account against loss would it be a few mintues of your time and a cup of coffee? I promise you wont loose all control and start buying things yuk yuk.

Nov 1, 2008 2:23 pm

This is one of the best discussions that I’ve seen/heard on this topic.  Good stuff!

Nov 2, 2008 2:06 pm

Awesome,

What script are you using? Do you work for a big name firm? How old are you? Who is your target market?     Something needs to be adjusted.
Nov 3, 2008 7:27 pm

hi all.  this is my first post here, but i’ve enjoyed reading these boards for a few weeks now.  lots of good advice here.  i’m going into my 9th year w/ Wachovia Securities- PCG (started w/ First Union Sec. in Jan 2000).  i’m in an asset gathering mode, so i came across this at a great time.  just a bit about my practice:  i do lots of muni’s, and manage portfolios for 1.5%.  i keep it real simple. 

Nov 3, 2008 9:10 pm

BK,

What does your production and AUM look like?  And how much is in managed $$?
Nov 4, 2008 7:38 pm

AUM floats around 50 million, t-12 is $430,000, and about 50% is wrapped between 1.25- 1.75%.  i know that it’s ‘small potatoes’ on this board, as there appears to be quite a few allstars. 

Nov 4, 2008 9:57 pm
bondking:

AUM floats around 50 million, t-12 is $430,000, and about 50% is wrapped between 1.25- 1.75%.  i know that it’s ‘small potatoes’ on this board, as there appears to be quite a few allstars. 

  Hope you didn't think I was implying that.  That's pretty good velocity.   Are you growing assets fairly rapidly (I should say "adding new assets", since most FA's books are not exactly "growing" lately)?
Nov 5, 2008 2:02 am

430k at 35% is small potatos. not impressed.

Nov 5, 2008 3:15 pm
B24:

[quote=bondking]AUM floats around 50 million, t-12 is $430,000, and about 50% is wrapped between 1.25- 1.75%.  i know that it’s ‘small potatoes’ on this board, as there appears to be quite a few allstars. 

  Hope you didn't think I was implying that.  That's pretty good velocity.   Are you growing assets fairly rapidly (I should say "adding new assets", since most FA's books are not exactly "growing" lately)?[/quote]   no B24, i didn't think you were implying that.  it's slow going in here, but it's steady.  people like muni's in this environment.  great time to introduce tax-frees to folks who should own them, but don't.  i can't think of a better asset gathering tool. 
Nov 5, 2008 3:19 pm
ezmoney:

430k at 35% is small potatos. not impressed.

  add in 3 retention packages in the last 3 years + deferred comp bonuses AND the best assistant anyone could ask for.  i'm not complaining.       
Nov 6, 2008 9:06 pm

it’ll be closer to 43-44% next year…

Nov 11, 2008 9:53 pm

‘stocks and blondes’  that makes a great song (and a great handle)

Nov 22, 2008 5:37 pm

I think this was asked before.  What verbiage are you using to have the prospects understand you are are potentially disqualifying them?

  Something like "I work with family's with minimum investable assets of 500k...etc?"
Nov 24, 2008 12:16 am

He’s calling “Other Guy”'s clients.  Don’t worry, troll, “Other Guy” is calling your clients.

Mar 1, 2010 10:18 pm

I just set an appointment with a guy I cold called two years ago. He just sold a house in another state and wants to put $600k into an immediate annuity and it really fits well for his situation. I spoke with this guy 20 times over that last two years.
 
Never give up … never never give up. (Winston Churchill)

Mar 1, 2010 10:19 pm

[quote]I just set an appointment with a guy I cold called two years ago. He just sold a house in another state and wants to put $600k into an immediate annuity and it really fits well for his situation. I spoke with this guy 20 times over that last two years.
 
Never give up … never never give up. (Winston Churchill)[/quote] 
 
Nice love those stories… keeps me from just scrapping old contacts…

Mar 9, 2010 10:56 pm

[quote=B24]BK,

What does your production and AUM look like?  And how much is in managed $$?

[/quote]

Probably has alot more in money under management then you hammer, since you spend all your day posting....

Mar 9, 2010 11:29 pm

says the guy with $61M and a partner after 12 years......

Mar 29, 2010 5:34 pm

Hey Gaddock,

Well done on sharing your work ethic.

I'm back in the business having been a broker in London UKand will be registered as an IA in Montreal in  a few weeks. Just getting pitches, rebuttalls, the works ready and look forward to reading more of your posts and sharing a few strategies from the front line. Cold calling is alive and well and thanks for the valuable info you've been posting.

Apr 5, 2010 1:54 pm

I now call people with the purpose of disqualifying THEM.

That line right there changes everything in your mind when calling. It took me awhile to figure that out, but it works well.

Apr 5, 2010 4:06 pm

Agreed...

Apr 15, 2010 11:04 pm

Getting your mind around it is the key. If you can get to the point to you feel like you're making a crank call then it can be a blast. The things I did on this thread has brought in many large accounts to the point I don't have time to call much and in truth don't need to. I'm just over 2.5 years in production and have a t12 is well into the $300k. The majority of it is wrapped. As poster in a couple other places the follow up call I use now is this;

Hello x it's gad, If I can show you how to protect your account against loss will you open an account with me?

SHUT UP until they answer no matter how long it takes. If they give you anything other than yes you can almost berate them and easily overcome ANY objection. Mr X you must be the only guy in the world that would say no to that ha ha hee hee NOW SERIOUSLY! IF I CAN SHOW YOU how to hedge your account against will you open an account with me?

If still no say OK OK you win ..... can I just ask you one quick question and I'll disappear. All will say yes.

WHY?    SHUT UP NO MATTER WHAT until they answer and go back to the to the beginning of the call.

I'm flattered and humbled that this thread has helped so many.

Apr 16, 2010 12:11 am

Do you think you could use that line on a first call?? instead of a follow up?

Jun 9, 2010 3:08 am

Hey most say I love this thread I am still a college student but my internship at an independent FA offered me to get licensed and a job so I am working on how to make the best out of it. Gaddock thanks for everything I hope to keep learning from you, any advice for someone like me would be great a mentor is much needed.

Since I am only 21 it will be hard but I think since I am early in the game I will have a headstart.

Jul 13, 2010 6:50 pm

Hey Gad,

If someone doesn't bite on your first call, how many times do you call them back before crossing them off your list?  Simply, they say "not interested, broker is a good friend, etc" 

Jul 30, 2010 9:59 pm

A year late .... but .... there is no set number. I can pin somebody down hard these days if I want. My close/call is still the same as it was a year ago pretty much.

IF I show you how to hedge your account against FURTHER loss will you open an account with me?       SHUT UP say nothing until dooms day.

If they say no to that they are a piker or a moron IMHO and become fodder for cheap thrills on stressful days. The only thing that gets rid of stress more than berating a piker is emptying a clip from a machine gun.

Aug 5, 2010 4:16 am

Are you using the same kind of  list as last year to get the same results?

Sep 10, 2010 9:25 pm
Gaddock any examples of these you would be willing to PM ? Thank you note hand written the day of the call A mailer that advertises myself including my backgroundAn example of the work I doA follow-up call
Sep 11, 2010 12:17 am

1) you've just dialed a number, have a human on the line and use the good old AGE script...

Hello x this is x here in x ... I'm calling to see if you're an investor and if so would you be open to a good idea from time to time?

You seem to have interest and you're typing in as much info the person is willing to tell you in your CRS software during this call. You are also taping the call so you can later listen to how much more you talk than you think you do and just how moronic you sound to yourself (just wait until the first time you hear yourself on a cold call).

You of course know to keep your mouth shut and let the mark ramble on as much as possible, YOU ARE 100% INTERESTED IN THEM, no matter how much you want to tell them about you it's ALL ABOUT THEM so SHUT UP!!!. Make sure you confirm their mailing address before you hang up. When you hang up you have a pad of paper that just fits an off size off white envelope that looks like something you would receive as a wedding invitation. You make a quick HANDWRITTEN thank you note,

"thanks for the time on the phone the pleasure was mine. Your grand kids are the GREATEST in the entire world!!!! I'll let you know the next time I find something exceptional like we spoke of. In the mean time feel free to call me for any reason at all" bla bla etc. etc.

You fold the paper in half with TWO cards that will naturally fall out when extracting the note. The letter is hand addressed with a wider diameter felt type pen and you use the largest most colorful stamp you can get at the post office. DO NOT METER the personalized thank you note.  Toss the note on the pile to be mailed today.

2) At the same time you schedule another letter in your CRS to be sent in one week that is some kind of bio about you. (I'll send you mine by email, maybe)

3) At the same time you schedule another letter in your CRS to be sent in two weeks of an example of an allocated account or tiny version of a financial plan or whatever with a large post-a-note that is again handwritten that says something like ... "here is an example of another task I manage for my clients" ... bla bla. Chances are zero they will actually read it but it's drip number four.

4) At the same time you schedule the time for the magical follow up call in your CRS that's three weeks out that just happens to be the exceptional idea you hope to get them happily involved in.

5) Pick up the phone and start dialing to get the remainder of your 40 contacts.

Recap; You made the first contact via cold call, let the person talk while you kept your mouth shut (DO NOT try to impress with broker jargon you will scare them off); taken detailed notes about your conversation and taped the call for constructive criticism at a later date; you sent a handwritten thank you note, scheduled the sending of a bio a week later, scheduled another mail piece two weeks later and finally scheduled the next magical follow up call three weeks later (when you call them to follow up scan your notes for details and hot topics from the first call, etc).

This should have taken 4 or 5 minutes.

ON TO THE NEXT CALL.  DIAL DIAL DIAL !!

IF YOU DO THIS 40 TIMES A DAY FOR ONE YEAR YOU WILL HAVE YOUR OWN COMPANY THAT WILL LAST A LIFETIME!!!  (you now owe me a bottle of a good single barrel Bourbon. I'll take a three year rain-check)

Sep 11, 2010 1:38 am

[quote=Gaddock]I just set an appointment with a guy I cold called two years ago. He just sold a house in another state and wants to put $600k into an immediate annuity and it really fits well for his situation. I spoke with this guy 20 times over that last two years.   Never give up ... never never give up. (Winston Churchill)[/quote]

AND THAT is where the rubber meets the road in cold calling and follow up systems. If you hadn't made the first call, done the second touch..sent the last email...he would never have remembered the first call. You got ON the radar and never went off!

Hat off to you. ,

Sep 11, 2010 2:44 am

"You now owe me a bottle of a good single barrel Bourbon. I'll take a three year rain-check."

When i hit my number in year 1 I'll be happy to send it and share a smooth shot with you. 

Sep 13, 2010 3:26 pm

bump

Oct 5, 2010 7:04 pm

[quote=Gaddock]

2) At the same time you schedule another letter in your CRS to be sent in one week that is some kind of bio about you. (I'll send you mine by email, maybe)

[/quote]

Gaddock, Bio available to send to [email protected]

Oct 5, 2010 9:05 pm

[quote=Gaddock]

1) you've just dialed a number, have a human on the line and use the good old AGE script...

Hello x this is x here in x ... I'm calling to see if you're an investor and if so would you be open to a good idea from time to time?

You seem to have interest and you're typing in as much info the person is willing to tell you in your CRS software during this call. You are also taping the call so you can later listen to how much more you talk than you think you do and just how moronic you sound to yourself (just wait until the first time you hear yourself on a cold call).

You of course know to keep your mouth shut and let the mark ramble on as much as possible, YOU ARE 100% INTERESTED IN THEM, no matter how much you want to tell them about you it's ALL ABOUT THEM so SHUT UP!!!. Make sure you confirm their mailing address before you hang up. When you hang up you have a pad of paper that just fits an off size off white envelope that looks like something you would receive as a wedding invitation. You make a quick HANDWRITTEN thank you note,

"thanks for the time on the phone the pleasure was mine. Your grand kids are the GREATEST in the entire world!!!! I'll let you know the next time I find something exceptional like we spoke of. In the mean time feel free to call me for any reason at all" bla bla etc. etc.

You fold the paper in half with TWO cards that will naturally fall out when extracting the note. The letter is hand addressed with a wider diameter felt type pen and you use the largest most colorful stamp you can get at the post office. DO NOT METER the personalized thank you note.  Toss the note on the pile to be mailed today.

2) At the same time you schedule another letter in your CRS to be sent in one week that is some kind of bio about you. (I'll send you mine by email, maybe)

3) At the same time you schedule another letter in your CRS to be sent in two weeks of an example of an allocated account or tiny version of a financial plan or whatever with a large post-a-note that is again handwritten that says something like ... "here is an example of another task I manage for my clients" ... bla bla. Chances are zero they will actually read it but it's drip number four.

4) At the same time you schedule the time for the magical follow up call in your CRS that's three weeks out that just happens to be the exceptional idea you hope to get them happily involved in.

5) Pick up the phone and start dialing to get the remainder of your 40 contacts.

Recap; You made the first contact via cold call, let the person talk while you kept your mouth shut (DO NOT try to impress with broker jargon you will scare them off); taken detailed notes about your conversation and taped the call for constructive criticism at a later date; you sent a handwritten thank you note, scheduled the sending of a bio a week later, scheduled another mail piece two weeks later and finally scheduled the next magical follow up call three weeks later (when you call them to follow up scan your notes for details and hot topics from the first call, etc).

This should have taken 4 or 5 minutes.

ON TO THE NEXT CALL.  DIAL DIAL DIAL !!

IF YOU DO THIS 40 TIMES A DAY FOR ONE YEAR YOU WILL HAVE YOUR OWN COMPANY THAT WILL LAST A LIFETIME!!!  (you now owe me a bottle of a good single barrel Bourbon. I'll take a three year rain-check)

[/quote]

Gaddock, Thank you for not giving up on the newbs. I don't know how many times I have read that same post from you on other threads but it should be required reading before membership is granted to this forum!! It is a simple recipe for success!!! 

Oct 7, 2010 11:01 am

Hey Gad-

Count me in the legions of those who think your system is beautiful in its structure and simplicity.  I'm 6 months in, doing fine, but need to be MUCH more organized and diciplined.  Your system seems to provide both.

2 questions-

1- Except for the handwritten note, do you have any opinion on sending subsequent items via email vs post office?

2- From week 4 on, on any given day don't you have to send 40 notes, 40 bios to last weeks contacts, 40 samples to contacts from 2 weeks ago, and make 40 idea calls to contacts from 3 weeks ago?  That seems like a LOT ! 

Am I missing something, or is that 'the system'??  Either way, I'm in!