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6 Months to $4 Mil Challenge

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Jul 15, 2015 5:29 pm

 I've been registered for 5 months and have struggled to pull in $2.2 MM assets under management.  What's worse is that 90% came from my warm network which is now thin and I need to look elsewhere if I'm going to survive.  I need to cold prospect.   I have a wife and three children under the age of 10.  I am a student in the MBA program at Duke University and miss work every other Friday to attend classes.  I don't have time in the evenings to cold call or work because I am spending those hours either studying, doing homework, or devoting some time to my family.

What hasn't worked so far: (1) LinkedIn.  I've connected with 2300 people and made contact with them all.  I've scheduled a few meetings but half canceled and none converted.  (2) Call muni bonds to hospitals.  There just aren't any good muni bonds in NC right now and with rates going up soon, no one wants to buy a 4% when they think they can get a 5-6% if they wait a year or two.  (3) Cold calling in the evenings only.  I only tried this for a short amount of time and wasn't very motivated so I stopped.

My goal: Add $4 MM by the end of 2015 using cold calling/knocking strategy.  Create a system which provides consistent results that I can use for the next 3-6 years to build my business to $30-50 MM AUM.

Monday - Thursday:

- 08:00-10:00: Make 10x contacts knocking on doors in residential neighborhoods.

- 10:30 until complete: Make 40x contacts per day cold calling.  I will be cold calling our risk management products, which are fee-based managed portfolio aimed at people with $100k+ (but can be purchased for as little as $25k).

- Follow up calls if time permits.

Friday - Saturday:

- Catch up on follow up calls and try to schedule appointments for the next week.  Does anyone have any advice on this?  Follow-ups is where I struggle.

I will be posting results on here daily with the following format:

- Doors knocked / Contacts / Prospects / Follow Ups / Appts Set / New Assets (I will put totals so far in parenthesis for each)

- Dials / Contacts / Prospects / Follow Ups / Appts Set / New Assets

Please wish me luck and keep up with me as I go.  You are all invited to join me in this effort as well!  Five months in, I'm at the point where I am realizing that if I don't play the numbers game, I won't make it.  Fortunately, management is gracious and hasn't threatened to fire me.  They want to see that I have goals set and a plan to accomplish them.

Jul 20, 2015 3:13 pm

Day 1: Door knocking complete. Made 10x contacts. 4x contacts worth following up via mailer (hand written note). Now starting cold-calling!

Jul 20, 2015 8:00 pm

Good for you. Stick at it and keep posting. Just with the 40 daily phone contacts, repeated 4 days a week for a couple of months and you’ll glide by your target…just as long as you never quit.
Be well,

Jul 20, 2015 9:38 pm

Didn’t quite get to 40 because I didn’t start off the day well. I suffered through some analysis paralysis in the beginning and also got sucked into a 401(k) rollover appointment with my mentor advisor. However, when I got started, it felt natural and easy. I know that tomorrow I can make up for it.

Daily stats:
74 Dials / 25 Contacts / 4 Suspects
22 Door Knocks / 10 Contacts / 3 Suspects
0 Follow Up Dials
0 Follow Up Knocks
0 Appointments set
0 Appointments conducted

1 Appointment set from a referral ($25k)

Jul 21, 2015 8:37 pm

Didn’t even come close today. Office meeting in the AM (took an hour and a half). Had lunch with branch manager as well. Much lower connect rate than yesterday and I didn’t get to do any door knocking this morning. On a positive note, I spent 30 minutes working a warm-connection and set a follow-up appointment ($500k assets).

Daily stats:
127 Dials / 16 Contacts / 3 Suspects
0 Door Knocks / 0 Contacts / 0 Suspects
0 Follow Up Dials
0 Follow Up Knocks
0 Appointments set
0 Appointments conducted
1 Appointment set from a warm network($500k)

Cold network pipeline: 21 suspects (unknown)
Warm network pipeline: 10 prospects ($4.4M)

Jul 21, 2015 10:12 pm

dude. Love it. keep at it, i’ll be checking in and don’t hesitate to reach out if I can help. over 10yrs in the biz and I’ve had to build the book back a few times- moves, etc

Jul 23, 2015 12:06 pm

Spent the morning following up with my door-to-door contacts from 4 weeks ago. Good results there. Was pleased. Cold called during the afternoon. Increasing my dial numbers but still falling short of 40x cold call contacts per day. I’ve noticed that I’m getting addicted to cold calling though. I’m starting to enjoy it. Door knocking didn’t go so well this morning. Apparently I was in a no soliciting neighborhood (there was no sign) and a lot of residents either sat in their living rooms ignoring me or told me to leave their street.

Daily stats:
181 Dials / 28 Contacts / 5 Suspects
16 Door Knocks / 2 Contacts / 0 Suspects
0 Follow Up Dials
5 Follow Up Knocks / 3 Contacts / 3 Qualified
0 Appointments set
0 Appointments conducted

Cold network pipeline: 26 suspects (unknown)
Warm network pipeline: 10 prospects ($4.4M)

Jul 23, 2015 6:40 pm

Good day today and would have hit stats if I didn’t have to leave work early to take care of my 7-month old son. I’m having some great conversations and I think I should see at least 2 clients out of my work so far this week.

Daily stats:
195 Dials / 30 Contacts / 3 Suspects
0 Door Knocks / 0 Contacts / 0 Suspects
0 Follow Up Dials
0 Follow Up Knocks
0 Appointments set
0 Appointments conducted
Cold network pipeline: 30 suspects (unknown)
Warm network pipeline: 10 prospects ($4.4M)

Jul 24, 2015 3:02 pm

Hi Bro,
good job on the postings. You’ll have to find a way to get those 40 phone contacts done, regardless of anything else going on during the day, its the only way up.

Jul 24, 2015 7:22 pm

Thank you for the motivation and feedback NeverQuit and JOG. I definitely will need a lot of it during this process.

Since I fell behind, I decided to do some bonus calling today. Normally, Fridays are for other functions.

Weekly stats:
860 Dials / 130 Contacts
37 Door Knocks / 12 Contacts
0 Follow Up Dials
3 Follow Up Knocks
0 Appointments booked
0 Appointments complete
Cold network pipeline: 33 suspects

Jul 26, 2015 4:48 pm

Hi Bro,
Something’s needs a little fine tuning here. You did great on the contacts but didn’t get a meeting booked. Even if these are 1st contacts, you should have gotten 3-4-5 meetings booked.

Let go through the process. Most people will try to avoid booking a meeting, its human nature, so make it real easy for them. “You know, it doesn’t really matter when we meet, all I want to do is move away from these papers I got your details on and move to an electronic calendar so nothing falls through the cracks. Just pick a day and time and we’ll work our way around. It doesn’t really matter if the meeting sticks or not as least I won’t lose your details and have this piece of paper wind up in the Bermuda Triangles, Twilight zone or whatever”

This way bro, you’ll move pass the initial discomfort of having them commit to a date, and have a meeting in the calendar which is a different mindset. Worse comes to worse, throw out “Let grab the 3rd Tuesday of the month at 11am so you are not stuck sitting in traffic (now they know they are coming to you)
Get the email to send a confirmation and then find out what’s on their plate between now and the meeting, baseball, trips, get something to refer back to.
Tell them that at half time between now and then, you’ll give them a quick call to make sure they got your email and have it in the calendar.

Start with this next week, make it a priority to go over 150 contacts for the week, make it sound like you don’t care about the actual date, and finish your week with 5 meetings booked. Don’t go home until it’s done, it’s the only way up.

Jul 27, 2015 1:32 pm


I appreciate the feedback. While I didn’t book any meetings, all 33 suspects agreed to a follow-up call in exactly two weeks to talk further. I mail every suspect a postcard with my photo on it and a very short bio on the back out once a week and then give them a few days to digest it. The intent of the follow-up call is to put a meeting on the books. Two or three of the people I spoke with have already agreed to meet face-to-face after the follow up call. I will heed your advice and push harder to get the meetings on the books moving forward.

My timing for starting this challenge sucks, but there isn’t much I can do about it. I won’t be in the office at all this week due to exam week in our MBA program. I am a member of a 4 advisor team in our office and our senior FA has made it clear that he values the degree and relationships I am getting at my university. I am booking an appointment with a father of a classmate with $3.5M and will be transferring $650k in soon from classmates.

My goal still stands… $4M by 2016 from cold contacts alone. Whatever I get from my warm network is ice on the cake.

Jul 31, 2015 6:49 pm

Nice post.

Aug 3, 2015 9:13 pm

Daily Stats:
321 Dials / 31 Contacts
3 Follow Up Dials / 2 Contacts
4 Suspects Found / 2 Suspects Eliminated
0 Appointments set
0 Appointments conducted
Cold network pipeline: 30 suspects
Warm network pipeline: 10 prospects ($4.4M)

Tomorrow’s Goal:
4 Follow Up Dials - Book Appts or Eliminate
400 Dials / 40 Contacts

Sep 14, 2019 2:51 am

Yo! What ever happened to this challenge and his goals?? It’s 2019, what’s going on and where are we at with the successes???

Oct 2, 2019 2:53 am


Statistically he is probably working some 9-5 job again and telling all his friends that he used to be a financial advisor. Probably super jaded at the fact that he had to start out cold calling and saying that only people with coutry club memberships can make it as an advisor.

It was fun to look back at though.

Oct 23, 2019 2:37 pm

The sad part…you’re probably 1000% correct (smh)

Nov 7, 2019 11:35 pm

@Studnetadvisor87 looks like you are trying to bring this forum back to life on your own! I love it.

I thought i saw on another thread that you are a few months into production at a wirehouse? How goes it so far? Still a “kill what you eat and you better kill it today” world?

Nov 27, 2019 8:43 pm
prestigeworldwide wrote:
@Studnetadvisor87 looks like you are trying to bring this forum back to life on your own! I love it.

I thought i saw on another thread that you are a few months into production at a wirehouse? How goes it so far? Still a “kill what you eat and you better kill it today” world?

Haha well I’m just curious to know what happened with these forum conversations. Like, where the hell IS everybody?!

Yes, I’m at a wirehouse. Starting in Sept but I’m not in production yet. Gotta get these licenses. Passed the SIE, and will take the S7TO next week. Studying for the S7 has been brutal! It’s soooo long. But anyway, I’m doing me best with that. While I study I’m compiling as many leadgen strategies as I can and building my list. I’m not from the area and carry a small network. It’s going to be a real grind come production day.

As far as “kill what you eat” – yes. Unless you’re on a team, it’s all about you. Some people have networks and such. But the three advisors I’ve sought mentorship for have all cold-called their way to success. At least one still cold calls today. The people are generally supportive. A couple of folks you gotta watch out for – they seem to prey on the ignorant and want you to introduce them to your network but won’t pay you but a small amount (if that). Although, I am an advocate for the “work for free in exchange for experience” mindset, there are advisers who will help you all the same and NOT scheme you for it, because the industry makes it almost impossible to succeed otherwise.

Man, I had a lot to say there LOL I’ll be back with updates as they come. Happy hunting, and happy thanksgiving!