Where everybody is large but nobody calls
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Hi guys, I could use some advice, but don't flame me.
I worked on the street about 10 years ago for 3 years at a very large Manhattan boiler room. Let's call them Dirt Brothers, at DB I learned the art of cold calling, in between getting coffee and pulling up senior brokers cars and getting dry cleaning for them, I went on to doing quite well, I didn’t have a wire house size book by any means. But in DB the ROA was 4 to 8% with a high payout. I did very well there and was convinced to go into the mortgage business in 2001 and I did that until a few months ago, I did very well in Mortgages, I used the telephone skills to build new relationships and get customers, a lot of cold calling in the beginning but the last few years the business ran on referrals.
Now I am employed at a wire house in NYC, the senior brokers there are much older and very mellow, the office has about 40 brokers in it, NOT ONE cold calls or even prospects, the meetings are about the products, a refreshing change from my boiler room days. At 6 PM the place is a ghost town. There is no buzz of people talking on the sales floor. Today one Junior broker was talking to a client and got a little excited and started talking loud the CSA told him to keep his voice down.
I really want to do well, I have a good network of relationships that will get me going but eventually I will have to prospect, what is the best way?
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I learned the art of cold
calling,
I used
the telephone skills to build new relationships and get customers, a lot of
cold calling in the beginning but the last few years the business ran on
referrals. <o:p></o:p>
relationships that will get me going but eventually I will have to prospect,
what is the best way?<o:p></o:p>
[/quote]
Cold calling has worked twice in the past for you, why look for a new way. It doesn’t matter what anyone else in the office is doing, this is what works for you.
If the CSA says anything to you, send her to get your coffee.
Cold-calling will likely make you more successful than others in your office.
I would also ask the CSA if she is a producing asset of the firm, or a support asset.
Support assets should only speak when spoken to.
Cold-calling will likely make you more successful than others in your office.
I would also ask the CSA if she is a producing asset of the firm, or a support asset.
Support assets should only speak when spoken to.
My second firm was like this. Nobody called. Even the BOM left at 4pm. It was tough, it sucked the life right out of me.
If you can, get in there before anybody else does. If you office is like mine was, this is not too hard to do. Start calling first thing, it will get you reved up and you have that "runners high" by the time the old folks make it in. I had an issue with the broker in the office next to me. He didn't want to sit next to a cold calling rookie (even though I was in the biz for ten years at that point). The BOM moved me down the hall into a much nicer office.For you vets that called, do you still call? What did you find was the best thing to call on, product, portfolio review, general info…
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Hi guys, I could use some advice, but don't flame me.
I worked on the street about 10 years ago for 3 years at a very large Manhattan boiler room. Let's call them Dirt Brothers, at DB I learned the art of cold calling, in between getting coffee and pulling up senior brokers cars and getting dry cleaning for them, I went on to doing quite well, I didn’t have a wire house size book by any means. But in DB the ROA was 4 to 8% with a high payout. I did very well there and was convinced to go into the mortgage business in 2001 and I did that until a few months ago, I did very well in Mortgages, I used the telephone skills to build new relationships and get customers, a lot of cold calling in the beginning but the last few years the business ran on referrals.
Now I am employed at a wire house in NYC, the senior brokers there are much older and very mellow, the office has about 40 brokers in it, NOT ONE cold calls or even prospects, the meetings are about the products, a refreshing change from my boiler room days. At 6 PM the place is a ghost town. There is no buzz of people talking on the sales floor. Today one Junior broker was talking to a client and got a little excited and started talking loud the CSA told him to keep his voice down.
I really want to do well, I have a good network of relationships that will get me going but eventually I will have to prospect, what is the best way?
[/quote] It's funny, I heard a similar story from a CPA friend of mine. I guy I know recently went from SB to ML (I have talked about him before - he left on the Friday before the Sunday when the ML/BAC combo was announced - sh*tty timing). Well, the ML office is in the same building as my CPA friend. The CPA tells me that years ago, guys used to work all the time at ML. When they brought in two new guys several years ago from UBS, they were there morning, noon, and night. Parking lot always full. He said these days, the guys have been around so long, that they work basically 10-4. The other interesting phenomenon is taht now that most veteran's books are annuitized, what the he!! are you calling for? You don't even need to be at work to make a living once you're established. Managed money is probably the #1 reason guys don't see a need to cold call or work hard anymore - or even be at work. I have a guy that works for MSSB that lives in my town - I just met him in passing a few months ago. He recently moved here. The team he works for is 150 miles away - he just works remotely from home. Nice.I think a lot of times the veterans are still making calls because they’ve blown up their books multiple times. Look back at all the fads over the years - someone was pushing that crap.
A friend of mine works as an independent (dad set it up) and I know for a fact he has completely imploded his book multiple times. He’s one of the worlds best salesmen but he stinks at diversifying his business. I was told he’s selling his sports cars to make payroll in August. Can’t verify it but it wouldn’t shock me as he’s been forced that route in the past. The guy is all about whatever is hot at that moment and is always the last one out.
There was a story last year about CMOs and all the massive deals being done and a Goldman broker said that if they had junk, they sold it to Merrill. What do you think Merrill did with it? How many brokers imploded their books by selling auction rate securities as cash instruments? I know brokers that sold closed end funds as virtual locks that they would never lose face value and you could live off the 12% dividend. What do you think has happened to their books?
B24 is spot on. Back in the day everyone and I mean everyone, worked long hours as it was a transaction business, with annuitized books and remote access most of us now only come to the office to get away from our wife.
I used to live in a wirehouse branch where no one prospected. Over time, I learned that a lot about everyone’s business from simply being BoD. Look around your office and tell me if this is what you see -
The majority of brokers simply decided that they don’t want to work that hard anymore and deal with rejection associated with cold calling. They got to $500k and that’s enough for them (and the manager), so they stopped. My guess is that they’re scared right now and looking to take a check.
A handful are good-looking and excellent social prospectors - simply being out in the community (soccer games, golf, rotary, etc) is enough and they get their new business that way. These guys are probably growing their business right now. And looking to take a check.
A minority simply let the referrals roll in from their raving fan clients. These are the ones who have an excellent, dedicated SA and a good process. This is probably a good time for them as well. They’re too busy to take a check.
One or two have a couple of huge clients. These guys are one death / phone call from exiting the business. They’re too terrified to move, let alone take a check.
And a couple aren’t doing ANY production. They’re simply waiting for the visit from the BOM…
What is BoD?
BoD =broker of the day
by the way, I think almost no one is calling anymore. Called a guy this morning and he laughed at me. Said he hadn’t had anyone call him since Dec. His advisor left the biz, so he agreed to meet me. I hope this is a sign of what is to come for those who still pick up the phone!
I find the only people still calling are insurance guys. Those guys are born salesmen. Since most of them live and die by how many appointments and cases they close, they are used to cold-calling. The majority of my clients that tell me they get “courted” by another advisor say it is an insurance person. New York Life, Met Life, and Allstate are big in my area. The NWM guys I know are more insurance-based.
[quote=CALI123]
BoD =broker of the dayby the way, I think almost no one is calling anymore. Called a guy this morning and he laughed at me. Said he hadn’t had anyone call him since Dec. His advisor left the biz, so he agreed to meet me. I hope this is a sign of what is to come for those who still pick up the phone!
[/quote]
This makes a lot of sense. Today people are told to network, or find a niche and network, but I haven’t talked to any advisor(indy,wirehouse,edj) in my area that calls to gather prospects. But you’ll find all those guys at local chamber events and any other non-profit/charity event or group trying to grab prospects that way.
I think cold calling will start to make it’s way back.
i stopped going to my chamber meetings. Never got a good client and everyone was a broker or insurance agent!
i stopped going to my chamber meetings. Never got a good client and everyone was a broker or insurance agent!
I'm 2 for 2 on chamber meetings. The revenue made per client is another story. My guess is that you didn't specifically call or ask people for a meeting. Here's a simple method I've been using with networking events: 1. Send a short white paper (2 pages) geared to them (I have two of them, one for professionals and one for business owners) with a very short handwritten note. Most people you meet will be either a professional salesman or business owner at a networking event. 2. Call them one week later and specifically ask for a meeting. You could easily skip step #1 and go to step #2 as it's the most important.Just to add that cold calling doesn’t work I set two appointments today with contractor business owners. One of the owners it took me over a year for our first meeting several months ago, this will be meeting three. The second one it has taken almost two years to get a lunch on the books. I also set two appointments with CPA’s that I was referred to by a COI estate plannning attorney I had a conference call with today. Calling does work but few have the patience it can require to bear fruit with larger prospects.
Right on.Cold-calling will likely make you more successful than others in your office.
I would also ask the CSA if she is a producing asset of the firm, or a support asset.
Support assets should only speak when spoken to.