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[quote=BondGuy]I am talking real wealth, which why i like to call businesses. Chances are that the guy who owns the biggest paving company in the state has some money.Still, Practicalfinancial makes a good point. People in big houses may not have a a lot of extra dough. I live in an affluent suburb of Philadelphia Pa. As my town developed over the last 60 years the developement path was from west to east. The further east you go, the bigger and more expensive the houses get. I tell you that to tell you this: I ordered leads for my town. I ordered equal numbers of east/west numbers. After months of calling I had opened several accounts. Interestingly, no million dollar accounts from the eastern side. Also no 500k accounts or even 100k accounts. Yet, the older western side had yielded accounts in each of these categories. The land of Hondas and Dodge Caravans had out produced the land Beemers and Benzes. There is money on the east side, but owning a million dollar house does eat cash. Something to consider. [/quote] I may have told this story before. This is about a very good client of mine. I brought a young rep with me on the first appointment. The guy had a nice house in nice development. He had two luxury cars in the driveway. The newby's first reaction was, "This is great. He is loaded." My first reaction was, "This sucks. He's in debt." A few minutes after talking to the prospect, I found out that both cars were purchased used. Immediately, my attitude changed because I knew that he was going to be someone with money. I was right.
Investigate the “Millionare Next Door” by Donald Ratachak (sp?). All about the older,more conservative, beige and blue collar wealth that most people overlook just because they don’t look wealthy.
[quote=RickRoss]Where do you find out which area codes these are? What site/source do you use to get these phone numbers? What do you mean by ratecard?
The site is called your car. You get in your car and you drive around your area looking for the wealthiest neighborhoods. Of course, because you live in the area you should already know where the money is in town. Still, nothing beats a road trip, or in this case a street trip. A drive through the best neighborhoods in town and in nearby towns. Even better, finding pockets of dough in not so wealthy neighborhoods. These folks just don’t get their fair share of calls from advisors. And can they use the help? Well they bought a mansion in the middle of a sh*tty neighborhood, you do the math?
Recently i was riding a bike on a MUP that went thru a “C” neighborhood. Lots of small frame houses built 50 years ago. Most of the driveways were populated by Cash for Clunkers refugees. You get the picture. Then i rode over a bridge and before me stood a row of mansions. I mean mansion sized mansions. And the iron in the driveways had made a decided upturn to the highest ends of the German and Italian scales. A quarter mile down the path and it was back to stick town. I made a note and sent a mailing to millionaires row. The only other financial advosrs who would know about this place are those who use that path. And because it begins and ends in 'C" neighborhoods it’s nlikey that an FA would ever ride that path. By t he way i rode it as part of my ride every path/trail in the state campaign. otherwise i would never ride there, just not convenient.
So either drive or buy a bike[/quote]
So how did this turn out? Any accounts?
Sorry, it’s been a while since I’ve been on the forum. My pitch is:
Hello Mr./Mrs. X. I’m Loc-Nar, with XYZ Investments. (short pause, so they can disqualify themselves by hanging up, or whatever) I’m at 123 Main St., here in town. I specialize in helping people plan for and maintain wealth in retirement. I’d like to visit with you about some investment ideas.
Depending on what they say and how they say it, I determine if I should thank them and move on, send a thank you card, or invite them to my office. If the prospect is the least bit negative, I thank them for their time and wish them a good day. If the prospect is not negative, I ask if I can send a card and go from there. I get a bit of everything, from “No thanks - click” to “I need help with a 401k rollover. When can I meet with you?”
I hope this helps.
Loc-Nar, who are you calling? Where do you get leads? Do you subscribe to services? Purchase lists? Free sources?I'm thinking of just going to switchboard.com, typing in a last name, and running all the numbers through the DNC and just start dialing. I find I spend way too much time sorting through information just to get the numbers, and then you know the rest of the drill. Marketing budget is almost non-existent right now, so I'm trying to be as productive, yet cost-efficient, as possible. Feedback is appreciated. Thanks in advance.
[quote=RickRoss]Loc-Nar, who are you calling? Where do you get leads? Do you subscribe to services? Purchase lists? Free sources?I'm thinking of just going to switchboard.com, typing in a last name, and running all the numbers through the DNC and just start dialing. I find I spend way too much time sorting through information just to get the numbers, and then you know the rest of the drill. Marketing budget is almost non-existent right now, so I'm trying to be as productive, yet cost-efficient, as possible. Feedback is appreciated. Thanks in advance.[/quote] Rick - Any internet connection. Use Switchboard.com Why are you running the numbers before calling. Check with your firms compliance department about whether they subscribe to GRYPHON. It screens on the fly. Most firms do. They just give you a user name and password.
Gryphon is a great system. Many firms have it. My old one did and now my new firm does not...we have to plug 20 numbers at a time in to have a program scrub it. hopefully they get gryphon soon.
How does Gryphon work?