500 Day War Begins on Tuesday

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Sep 16, 2010 12:58 pm

I reached a point where I kind of wanted to get fired. Didnt like this job. And when you couldnt care less about whether or not a prospect buys from you is when they start buying. They can sense you're not hungry (even though you're starving). They think you were just giving them a courtesy call about the best bond out on the market. And for the love of god say they sell in incriments of 25 bonds. This was the game changer for me. I went from "The minimum is $5,000" to "These bonds sell in incriments of 25 bonds"

"M/M? This is ____ with ____ here in ____. I realize I'm calling out of the blue so I'll be brief. The reason for my call is we had one of the best __(state)__ tax free bonds that I've seen in quite a long time. It is insured. Would you like to hear about it?"

Bond buyers are real clients. And if it's a bond buyer who picked up the phone, they will ask to hear about it.

Prospect - "Wow that is a pretty good rate"

"Most of my clients who have bought this bond use their CD or MM money, because right now the banks really aren't paying anything. I mean they're lucky to get 1%."

Prospect- "Haha yeah no kidding."

"These bonds are selling in incriments of 25. We've only got about 250 bonds left."

 The soft sell > Boiler Room style any day. Especially when you're calling people 2 generations older than you.

And people have no loyalty when it comes to bonds. Anything with an interest rate attached. They want the best one out there. And they'll buy from you even though they've been with Joe Blow for 30 years.

Sep 16, 2010 12:54 pm

Come to think about it, this business is exactly like getting girls. The less you get, the more desperate you are. And it's a downward spiral from there. Then you land a hottie. And for some reason all the others start lining up at your door. Because they can sense you just dont give a #$%. And they love that.

I'm a young gun and I realize the avg FA age is 49 and most of you are married. But you know how it goes

Sep 16, 2010 6:18 pm

Get, when I was younger and getting started, I was already married but a hottie FA was telling me how selling is like sex. (For her it was.)

Later, I came to realize that in the book " Think and Grow Rich", Napolean Hill talks about how sexual energy transforms into new energy, where some of the most creative people have "kicked in" using this transformation.

Somehow, all of this relates to Tantric Yoga. Just kidding.

You should consider viewing the movie Apollo 13 over the weekend. Just keep telling yourself, "failure is not an option".

You obviously have what it take to be successful in this biz.

Sep 17, 2010 12:12 pm

[quote=gethardgetraw]

I agree. The hardest part about starting cold calling is to get your numbers up. You've first got to work hard. Then you refine your script, product, who you call, which is working smart.

Most people, myself included, started by working incredibly smart. Calling about the absolute best bond out there. What you thought was the perfect script. But you call 17-25 people a day before you say the hell with it.

Then you take a little hiatus, determine wtf you're actually doing and why you're even in this business (reading both of Bill Good's in a weekend is what did it for me), and you go back to the phones. And you're going back working hard and smart. It's hard to lose at that point.

My office has 3 lines. Yesterday there was a point in time where all 3 lines where lit up with prospects, P-R-O-S-P-E-C-T-S calling me back and asking for more info on the bond I called them about. I even heard "How many bonds are left? 265? Can I buy all of them?" I've called with much better bonds earlier in my career and heard the dial tone before I could utter which firm I was with. Now they're calling back. And they're hot and ready to buy.

This business really throws you through the wringer. Love hate love hate love hate. You just can't quit.

[/quote]

I am at this point right now reading Bill's books after calling fo 2 weeks and getting my ass handed to me. First I used the TF bond script generic, last three days used AGE Script a little better, by a hair.

Next week will try with GHGR script on bonds. 

Sep 17, 2010 12:21 pm

Roger.. If a call program generates zero results  in 2-5hrs of calling:

1. Change script (shorter is better)(remember to memorize your script, reading it isn't good enough)

Then if that doesn't make a difference

2. Change time calls are made

Then if still nothing

3. Change the list

Then if .....

4. Record yourself and see if you need to change your sound..

Then if...

5. Change product or service you are offering

Sep 17, 2010 12:21 pm

Roger.... Ok, you need to find something that works, but then you have got to stick with it. You can't just try one thing for a little while and keep switching. Trust me, it's a natural instinct, but it's the road to ruin. Take a look at GHGR's comments. He gets it, and even he doesn't realize, yet, just how right he is. ghgr, like Ten says, needs to quit thinking about other options, or failure. You must absolutely be too stupid to quit, in order to succeed at this. 

I heard a story, that Alexander the Great had his ships burn their boats at shore, so they never thought about retreat. Roger, burn the boat... 

Sep 17, 2010 12:44 pm

I would also stop calling people 9 states over... start with your metro area and then branch out..

Sep 17, 2010 2:00 pm

Thanks all for the Ass whipping! 

I am calling my area and a radius of 200 miles from my home, just in case there is a whale (Gordon Gekko)that would like to meet face to face. So thanks for the input Squash.

  BIG the boat is in flames as we speak.

Monday morning will be using this from GHGR

"M/M? This is ____ with ____ here in ____. I realize I'm calling out of the blue so I'll be brief. The reason for my call is we had one of the best __(state)__ tax free bonds that I've seen in quite a long time. It is insured. Would you like to hear about it?"

 

Bond buyers are real clients. And if it's a bond buyer who picked up the phone, they will ask to hear about it.

Prospect - "Wow that is a pretty good rate"

"Most of my clients who have bought this bond use their CD or MM money, because right now the banks really aren't paying anything. I mean they're lucky to get 1%."

Prospect- "Haha yeah no kidding."

"These bonds are selling in incriments of 25. We've only got about 250 bonds left."

  I'll let you know how it goes!

Sep 20, 2010 11:20 am

Good week last week.  Lots of appointments, but one biggie on Friday.  A close to seven figure portfolio once I get all of the pieces (pre-retiree).  The guy is completely dissatisified with his current advisor and their firm (broker has moved multiple times) and his wife is retiring as well.  He also said he feels like he needs more insurance as well.  He basically gave up everything in our first meeting.   SWEET!   I know, I know...the ACATs haven't gone out of the door yet, but I am meeting them at their house to gather all of the docs and do the preliminary's this Wednesday evening.  All from a cold call off of a list I built!!!  The trick is to continue to get more and more of these each week!  Let's see how things pan out this week.   

Sep 20, 2010 11:20 am

Good week last week.  Lots of appointments, but one biggie on Friday.  A close to seven figure portfolio once I get all of the pieces (pre-retiree).  The guy is completely dissatisified with his current advisor and their firm (broker has moved multiple times) and his wife is retiring as well.  He also said he feels like he needs more insurance as well.  He basically gave up everything in our first meeting.   SWEET!   I know, I know...the ACATs haven't gone out of the door yet, but I am meeting them at their house to gather all of the docs and do the preliminary's this Wednesday evening.  All from a cold call off of a list I built!!!  The trick is to continue to get more and more of these each week!  Let's see how things pan out this week.