Banging the Phone

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Jul 11, 2006 9:23 pm

[quote=tjc45]

Lastly, the half million dollar guy I spoke of in the previous post doesn't calculate his time value. he's on the phone all day.

[/quote]

Thanks for the info, tjc45. It's nice to know that the children haven't fully turned this place into a food fight, and some adult exchanges can take place.

Jul 11, 2006 10:58 pm

Some people cold call because they enjoy it. I get a rush when I schedule an appointment. I love money, but I really love closing deals.

Jul 12, 2006 12:39 am

"Some people cold call because they enjoy it. I get a rush when I schedule an appointment. I love money, but I really love closing deals."

Agreed..... There is nothing like filling out account and transfer forms, taking a look at your notes on Outlook, and realizing that it all began with dialing 7 numbers....

Jul 12, 2006 8:48 am

Ok - Ok - OK - Yield already.  Apparently this is a controversial topic.  Lets lighten the subject and start talking about politics.

However, I personally have never made a cold call - never will.  Actually - I've never had a reason to cold call.  So my biased opinion is due to a lack of experiencing what I consider to be a barbaric form of prospecting.

So Shmer33 - does cold calling still work?  "Depends".

Jul 12, 2006 10:23 am

App… In all seriousness… How did you build your book then?

Jul 12, 2006 10:34 am

[quote=apprentice]

Ok - Ok - OK - Yield already.  Apparently this is a controversial topic.  Lets lighten the subject and start talking about politics.

However, I personally have never made a cold call - never will.  Actually - I've never had a reason to cold call.  So my biased opinion is due to a lack of experiencing what I consider to be a barbaric form of prospecting.

So Shmer33 - does cold calling still work?  "Depends".

[/quote]

Apprentice, one of the truths of this business is that success is clonable. Find someone who's successful and just do what they do. That's what makes prospecting channels such as cold calling so appealling to many of us. No connections needed, no kissing the BM's ass to get accounts. Just grab your boot straps, get on the phone and dial yourself a career. It's not easy but, at the end of the day if you aren't successful you have to look no further than the mirror to place blame.

It is without argument that there are many other ways to build a book. Probably, most of them better than cold calling. And this thread is a place to share those ideas, so that others can learn and decide if that's a way to go. As a successful advisor, if you would like to contribute "What's working for you" I guarantee you will receive a serious reception here as others consider your marketing methods.

Jul 12, 2006 4:13 pm

It's all about work ethic.  Someone once told me that to be successful - you need to work half days.  Just determine which 12 hours of the day you'll work.

First - I would have never entered this business without a healthy savings account, and a network of socialites and chatterboxes.  Start with a clean slate in a new town? Not a chance.

My success (or lack of - based on your opinion of success) is founded on shaking hands and kissing babies.  See the people - be the people.  Ask highly successful people for advice.  Conduct 8 to 12 face to face meetings per week.  Immerse myself within affinity groups which I have common ground.  Become the 'go to guy' for my market.  You can manage money - or manage relationships, you can't do both.  Without clients - your ability to buy low and sell high is irrelevant.  Create a process - once you bring on a new client, your process takes over.  The more people who know what I do - the more opportunites I have for referral business.  Educate my clients so they send the right referral.  Everytime I speak with someone - I ask, "is there someone else you know that I should be speaking with?"  I have the cure for the common 'financial' cold and I'm not shy in letting people know.  Have a fire for what you do and noone can extinguish that flame.  I never approach someone new unless I can bring up a common aquaintance.  Every new contact comes from a 'mutual' source.  Keep the pipline full.  Never ease up on the accelerator.  Never do unproductive activities during business hours (especially by spending time in chat rooms like this - tough habbit to break). 

Anyway - I'm still a student of this game. 

Jul 12, 2006 9:31 pm

[quote=apprentice]

It's all about work ethic.  Someone once told me that to be successful - you need to work half days.  Just determine which 12 hours of the day you'll work.

First - I would have never entered this business without a healthy savings account, and a network of socialites and chatterboxes.  Start with a clean slate in a new town? Not a chance.

My success (or lack of - based on your opinion of success) is founded on shaking hands and kissing babies.  See the people - be the people.  Ask highly successful people for advice.  Conduct 8 to 12 face to face meetings per week.  Immerse myself within affinity groups which I have common ground.  Become the 'go to guy' for my market.  You can manage money - or manage relationships, you can't do both.  Without clients - your ability to buy low and sell high is irrelevant.  Create a process - once you bring on a new client, your process takes over.  The more people who know what I do - the more opportunites I have for referral business.  Educate my clients so they send the right referral.  Everytime I speak with someone - I ask, "is there someone else you know that I should be speaking with?"  I have the cure for the common 'financial' cold and I'm not shy in letting people know.  Have a fire for what you do and noone can extinguish that flame.  I never approach someone new unless I can bring up a common aquaintance.  Every new contact comes from a 'mutual' source.  Keep the pipline full.  Never ease up on the accelerator.  Never do unproductive activities during business hours (especially by spending time in chat rooms like this - tough habbit to break). 

Anyway - I'm still a student of this game. 

[/quote]

Now that's what I'm talking about! Good post apprentice! Damn, I may stay an extra hour tomorrow. Oh, wait,what am I saying? It's going to be 90 degrees with a good wind out of the southwest. The Hobie 16 should haul tail with me harnessed in. Wet FUNNNNNN! Ok, I'll hit it hard on Friday. Hmmm, Friday I was going to ride Gertruda to WVA and back, 600miles with 300 miles of twistes. Ah,alright, Monday, Monday's the day I'll whack it out of the park. Who am I kidding...see you in September.

Being in this business has gone from being the hardest thing I've ever done to becoming the best paying part time job I could ever hope for.

Seriously apprentice, good post!

Jul 12, 2006 9:49 pm

Must be nice to be a baller TJC.....

This thread is probably the best I have read in a long time. Good posts MB, Cranky, App, TJC, etc.....

Jul 13, 2006 9:37 am

Like a good shot on the golf course - we keep coming back.  The good news is that if you make it here - this will be the best part time job.  Notice how the top producers never retire - they just trim their work week to about 4 hours?

Ok - got to go, my Mom is telling me it's time to get up and go to work.

Jul 13, 2006 11:04 am

Apprentice,  do you follow a methodical networking system that can be bought?

Jul 13, 2006 1:21 pm

JimmyTR - it's all about accountibility.  Systems don't make people successful, programs don't make people successful.  People make people successful.  Draft a business plan based on activity.  You cannot affect asset growth or commission - you only have control over the activity you do on a daily basis. 

Rule #2:  Activity = revenue. 

Once you draft a plan (30 days, 90 days, and 1 year) based on activity - have someone hold you to it.  Spend your money on a 'coach'.  It's important to have someone call you everyweek asking if you accomplished the things on your weekly activity chart.

Jul 13, 2006 2:01 pm

[quote=apprentice]

JimmyTR - it's all about accountibility.  Systems don't make people successful, programs don't make people successful.  People make people successful.  Draft a business plan based on activity.  You cannot affect asset growth or commission - you only have control over the activity you do on a daily basis. 

Rule #2:  Activity = revenue. 

Once you draft a plan (30 days, 90 days, and 1 year) based on activity - have someone hold you to it.  Spend your money on a 'coach'.  It's important to have someone call you everyweek asking if you accomplished the things on your weekly activity chart.

[/quote]

I see what you are saying.  I am currently working internet leads.  They bring in clients, but margins are small because of the cost of each lead.  As for networking, I have not the slightest idea on how to approach it even if I believe in myself.   www.referralcoach.com seems interesting to me.  What are your thoughts?  

Jul 13, 2006 2:59 pm

Yes - familiar with the referralcoach site.  The key to a good diagnosis is determining the point in which you're getting stuck - then take a look at the step right before that point.  That's where you need to focus.  Sounds to me like you're spending too much time away from the beating hearts.  You're working internet leads and you referenced a website (and you're participating in chat rooms during business hours).  You need to get out of the house and see some real people (listen to me - I'm addicted to this darn site and will probably lose 20% of my production this month).  Not sure if your branch is open to you being out of the office one or two days a week. 

Step 1 - get out of your negative environment and talk to people who will build you up.  There's a book called 'balcony people' that you should read.  It talks about being around people who lift us up and not people who want to drag us into the miserable life that they lead.  Put together a list of the 5 most successful people (outside this industry) that you know, or can be referred to.  Call them up and schedule time with them.  The purpose of your meeting is not to conduct business or to sell them something - but to get their advice.  Tell them that you greatly respect their opinion and would love to pick their brain about where you are in your career (they'll eat that up and give you more than enough to go on).  Tell them what you do and what you have to offer and ask them to advise you on how to best proceed with your venture.  After you speak with each of the 5 - ask them if they know of anyone else who you should speak with on your mission to dramatically improve what you have to offer the world.

Step 2 - If you didn't have to work for a living, what would you do?  The answer to this question will be your first priority for networking and researching the affinity that you'll pursue.  Find two passions you have - then begin the research.  The research will be to figure out if the affinity has enough potential to pursue as a financial professional.  Apply step 1 to this process.  Find 5 people in the affinity that you're passionate about (people you know, or can be referred to).  Call them up and schedule a meeting with them.  Again - the meeting is not to conduct business or to sell them something, but to get their advice and information.  Ask them questions like, 'financial or not, what's the biggest challenge you face in your industry today?' (by the way - if they tell you their biggest challenge, and you can solve that problem - you're off to the races!).  If appropriate - tell them that you're learning about their group (or affinity) because you truly believe that you can add a lot to help them solve their biggest problems.  Ask them, 'if you were me, how would you approach people like yourself?'.  They'll then begin to specifically tell you the steps you need to take.

The best way to determine how to approach a niche market is not the internet or some book.  Go ask someone who's in that niche.  Human psychology says that if I ask someone for help - they will help me.  In some cases - they will actually help you reach other people and become very active in your cause.

Way too much to go on - hope this helps - I desperately need to go enter some trades.

Jul 15, 2006 2:53 pm
This is always one of the most heavily debated topics ,so I will throw out my 2 cents. First the reasons why it does NOT WORK . When was the last time a dentist,mechanic, or pizza shop owner called you out of the blue asking you for an appointment or to see if you wanted to dine at their place? Some people see cold calling as desperate ,needy,and it puts the prospect in total control. go to www.nevercoldcall.com and order the book. I have tried some of the things in the book and I have seen my prod go up. On the other hand, I don't believe anything is gospel I also cold call small biz owners .Since my focus is silver stocks, I tell them how they can further diversify their investments by allocating SOME money in this sector. I usually recommend the top tier companies , but sometimes these guys are looking for a pure spec play. (the juniors) By bringing ONE THING to the table you qualify interested people right there and then. Remember , you gotta get them in the door. These people hear the same old "I can help you with retirement" speech over and over again Be different! Why waste time? To sum it up buy the book and use some of the methods, cold call with something of good quality that intrigues them and go from there . If you are looking for lists, cis is pretty good.
Jul 15, 2006 2:54 pm
BTW I apologize for any gramatical errors . I just got Lasik surgery!
Jul 15, 2006 4:24 pm

If a restaurant owner made a cold call to me to try his restaurant, I would absolutely go if he was professional about it.  I would admire the guy.

Jul 15, 2006 4:51 pm

radernation-1:

BTW I apologize for any gramatical errors . I just got Lasik surgery!

-------------------------------------------

I've considered it, but I've got "a thing" about anyone touching my eyeball. I guess I'll stick with glasses.

[/quote]
Jul 15, 2006 5:14 pm

I never liked cold calling, but there is nothing wrong with it. You will be successful if you do enough of it. I agree with anonymous if someone called me and asked me to try their restaurant I would go.



Dentist, mechanics and pizza places don’t need to cold call because the decision for those services cannot be procrastinated.



Car is broke = it must be fixed now

Hungry = can’t wait

Tooth pain = Help!



Ask your dentist how many adults follow their normal 6 month cleaning rotations.