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Best Cold Calling Pitch

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Nov 11, 2008 6:47 pm

[quote=B24]

Any tips?  My anniversary is coming up. [/quote]   Yeah, don't forget it.
Nov 11, 2008 9:17 pm

[quote=snaggletooth][quote=B24]

Any tips?  My anniversary is coming up. [/quote]   Yeah, don't forget it.[/quote]   Stole mine!  Actually, I always envied guys who knew anything at all in this area.
Nov 11, 2008 9:43 pm

great thread!  here’s mine.  well, most of it

  "hi Dick, this is XXXXXXXX, I work with <firm> over here in <town>.  we have some <state> TAX FREE MUNICIPAL BONDS for (project) with some pretty attractive yields<<<<<<take a breath.....chill out>>>>>>>>>> we're just making some calls to local folks in the area who may be interested.  DO YOU BUY BONDS?"   from there, you can take this several directions.  if you become well versed in the many moving parts of tax free paper, you'll find some big fat clients      
Nov 12, 2008 2:02 am

[quote=bondking]great thread!  here’s mine.  well, most of it

  "hi Dick, this is XXXXXXXX, I work with <firm> over here in <town>.  we have some <state> TAX FREE MUNICIPAL BONDS for (project) with some pretty attractive yields<<<<<<take a breath.....chill out>>>>>>>>>> we're just making some calls to local folks in the area who may be interested.  DO YOU BUY BONDS?"   from there, you can take this several directions.  if you become well versed in the many moving parts of tax free paper, you'll find some big fat clients      [/quote]

I'm trying to make more calls like this. Finding someone who understands bonds is a thrill. For one thing, you know they have money. For another, my bond buyers are my sanest and easiest clients to deal with.

Nov 13, 2008 9:07 pm

I have the bill good hot prospects book (and yes, I’ve read it)… but I guess I don’t get the disqualify thing… how does that work?

Nov 14, 2008 6:42 pm

I used versions of this for 401k prospecting.  I had a much higher rate of success in getting the meeting than other approaches I tried.<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />

 

“I’m not sure who I should speak with but my name is YOURNAME, I am a YOUR TOWN resident and a financial advisor at YOURFIRM.  I would like the opportunity to compete for your company’s business.  Can you put me in touch with the appropriate person to speak with in regards to your retirement plan (or other service)?”

 

If it was true, I would also add in there something like “I drive past your business every day” or say any thing else that would separate me from a call center person.

 

I had the contact name from the Larkspur or Free ERISA database but I purposely did not ask for the person.  Instead I put in on the person answering the phone to give me the contact’s name.  Some would say things like “I don’t know who that person is.” And then I would give them the name that I have and ask “Is that the correct person?”

 

When I did eventually get in touch with the appropriate person I would emphasize that I am only looking for the opportunity to compete for their business.  My only goal was for a face-to-face meeting.  If they asked how long it would take I would promise to not take up any more than ½ an hour unless we connected and they wanted me to stay longer.

 

Personally, I would never acknowledge a cold caller.  (Actually, now I do but that’s just to have fun and see what they do)   My feeling is that more people took the time to speak with me because I made a connection by being local (or through other methods) and the only thing I asked for was “the opportunity to compete” for their business. 

 

I think that I’ll get back on the 401k cold calling next week.  I’ll probably come up with something like “have you or any of your employees expressed concern after seeing their October statements?”

 

--WM

 

Nov 16, 2008 1:54 am

Sounds good.

I’ve been getting the “I’ve lost a lot of money, but I’m happy where I am” response in my cc’ing.  I wanna blurt, ‘are you kidding me’ but I just can’t figure out how to deal with such a non-sensical response.  Ideas?  Anyone else hearing this?

Nov 16, 2008 2:17 am

[quote=OrDieTrying]Sounds good.

I’ve been getting the “I’ve lost a lot of money, but I’m happy where I am” response in my cc’ing.  I wanna blurt, ‘are you kidding me’ but I just can’t figure out how to deal with such a non-sensical response.  Ideas?  Anyone else hearing this?

[/quote]

What is stopping you from saying so? Ask them “Do you mind if I ask you a tough question? It might make you mad…Do you REALLY think THIS is the time to say “no” to something, before you even know what you’re saying “no” to?”

Or ask something just as abrupt. Most will give you permission, since they’re too curious to take a pass and, once you get permission, you can say ANYTHING you want.

Nov 17, 2008 3:02 pm
OrDieTrying:


I’ve been getting the “I’ve lost a lot of money, but I’m happy where I am” response in my cc’ing.  I wanna blurt, ‘are you kidding me’ but I just can’t figure out how to deal with such a non-sensical response.  Ideas?  Anyone else hearing this?

 

I’ve gotten more conversations started with this type of response:<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />

 

What has your broker been doing to protect you in this turbulent market?  The reason why I ask is because most brokers tell their clients to “hold on and wait this out.”  They back up their recommendations with data pushed on them by mutual fund companies that talks about what great returns you would miss if you were not 100% in the market during the best X number of days.  This only tells one side of the story.  This side is also being told by the two people who only get paid on what you have invested.  Have you been told the “wait this out story” and do you see the conflict of interest there?  That brings me back to my original question.  What has your broker been doing to protect you in this turbulent market?  Don’t worry about hurting their feelings.  Ask them the tough questions and demand real answers.  This is your money and they should be doing more than just collecting a fee to “wait this out.”  Better yet, let’s meet.  Ask me the tough questions and I’ll show you how your broker should have been protecting you in this turbulent market.

--WM

Nov 17, 2008 4:33 pm

“I’ve been getting the “I’ve lost a lot of money, but I’m happy where I am” response in my cc’ing.  I wanna blurt, ‘are you kidding me’ but I just can’t figure out how to deal with such a non-sensical response.  Ideas?  Anyone else hearing this?”

  I'm a "feel, felt, found" kind of guy.  I handle almost all objections the same way.   Prospect: "I've lost a lot of money, but I'm happy where I am." Me: "I understand exactly what  you are saying.  Lots of people are very happy with their advisors despite their results.  So many of my clients have felt the exact same way when I first called.  However, when we met, we found a way in which I could improve their situation.  Like I said, I have a meeting in your office Monday at 2:00.  Can we get together at 1:50?"   What if the objection was completely different?   Propect: "Advisors are a waste of money.  Bear Bryant wore a funny hat." Me: "I understand exactly what you are saying. Lots of advisors aren't worth their fees and Bear Bryant did wear a funny hat.  So many of my clients felt the exact same way when I first called.  However, when we met, we found a way in which I could improve their situation.   Like I said, I have a meeting in your office Monday at 2:00.  Can we get together at 1:50?"
Nov 17, 2008 6:18 pm

[quote=anonymous]“I’ve been getting the “I’ve lost a lot of money, but I’m happy where I am” response in my cc’ing.  I wanna blurt, ‘are you kidding me’ but I just can’t figure out how to deal with such a non-sensical response.  Ideas?  Anyone else hearing this?”

  I'm a "feel, felt, found" kind of guy.  I handle almost all objections the same way.   Prospect: "I've lost a lot of money, but I'm happy where I am." Me: "I understand exactly what  you are saying.  Lots of people are very happy with their advisors despite their results.  So many of my clients have felt the exact same way when I first called.  However, when we met, we found a way in which I could improve their situation.  Like I said, I have a meeting in your office Monday at 2:00.  Can we get together at 1:50?"   What if the objection was completely different?   Propect: "Advisors are a waste of money.  Bear Bryant wore a funny hat." Me: "I understand exactly what you are saying. Lots of advisors aren't worth their fees and Bear Bryant did wear a funny hat.  So many of my clients felt the exact same way when I first called.  However, when we met, we found a way in which I could improve their situation.   Like I said, I have a meeting in your office Monday at 2:00.  Can we get together at 1:50?"[/quote]

Very, very weak.
Nov 17, 2008 6:19 pm

[quote=anonymous]I’m a “feel, felt, found” kind of guy.  I handle almost all objections the same way.

  Prospect: "I've lost a lot of money, but I'm happy where I am." Me: "I understand exactly what  you are saying.  Lots of people are very happy with their advisors despite their results.  So many of my clients have felt the exact same way when I first called.  However, when we met, we found a way in which I could improve their situation.  Like I said, I have a meeting in your office Monday at 2:00.  Can we get together at 1:50?"   What if the objection was completely different?   Propect: "Advisors are a waste of money.  Bear Bryant wore a funny hat." Me: "I understand exactly what you are saying. Lots of advisors aren't worth their fees and Bear Bryant did wear a funny hat.  So many of my clients felt the exact same way when I first called.  However, when we met, we found a way in which I could improve their situation.   Like I said, I have a meeting in your office Monday at 2:00.  Can we get together at 1:50?"[/quote]   Ameriprise training?
Nov 17, 2008 6:25 pm
WealthManager:

[quote=OrDieTrying]
I’ve been getting the “I’ve lost a lot of money, but I’m happy where I am” response in my cc’ing.  I wanna blurt, ‘are you kidding me’ but I just can’t figure out how to deal with such a non-sensical response.  Ideas?  Anyone else hearing this?

 

I’ve gotten more conversations started with this type of response:<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />

 

What has your broker been doing to protect you in this turbulent market?  The reason why I ask is because most brokers tell their clients to “hold on and wait this out.”  They back up their recommendations with data pushed on them by mutual fund companies that talks about what great returns you would miss if you were not 100% in the market during the best X number of days.  This only tells one side of the story.  This side is also being told by the two people who only get paid on what you have invested.  Have you been told the “wait this out story” and do you see the conflict of interest there?  That brings me back to my original question.  What has your broker been doing to protect you in this turbulent market?  Don’t worry about hurting their feelings.  Ask them the tough questions and demand real answers.  This is your money and they should be doing more than just collecting a fee to “wait this out.”  Better yet, let’s meet.  Ask me the tough questions and I’ll show you how your broker should have been protecting you in this turbulent market.

--WM

[/quote]   I like this.  The problem is, for current clients, I think a lot of us are saying exactly what we are pitching against...even for the ones that we did protect for turbulent times.
Nov 17, 2008 6:32 pm

"Very, very weak. "

  Hank, I can only presume that if my language is very, very weak, yours must be much better.  When I make cold calls, my typical numbers are 40 dials to 5 reaches to 2 appointments.  It take me about 45 minutes.  If I used your strong language, how much better would my phoning be?   To put it in perspective, my number on referral calls are closer to 5 dials to 3 reaches to 2 appointments.  (It's amazing that on referrals, the person just happens to be available so much more often.)
Nov 17, 2008 7:01 pm

the feel,felt, found is generally EDJ… At least it was when I was there…

Nov 17, 2008 7:39 pm

They pounded it into our skulls during my time as a P1 at Amp as well. 

Nov 17, 2008 8:50 pm

I don’t know where I picked it up, but it works.

Nov 17, 2008 9:20 pm

[quote=anonymous]"Very, very weak. "

  Hank, I can only presume that if my language is very, very weak, yours must be much better.  When I make cold calls, my typical numbers are 40 dials to 5 reaches to 2 appointments.  It take me about 45 minutes.  If I used your strong language, how much better would my phoning be?   To put it in perspective, my number on referral calls are closer to 5 dials to 3 reaches to 2 appointments.  (It's amazing that on referrals, the person just happens to be available so much more often.)
[/quote]

First, you are lying about your results. Second, you don't have the guts to use strong language.
Nov 17, 2008 9:20 pm
anonymous:

I don’t know where I picked it up, but it works.

  I know exactly how you feel about not knowing where you picked it up.  In fact, I felt the same way when I tried to remember where I learned it.  But what I found when I thought about it, was that it didn't really matter where I learned it, because it's a good technique.
Nov 17, 2008 10:31 pm

[quote=snaggletooth]

I like this.  The problem is, for current clients, I think a lot of us are saying exactly what we are pitching against...even for the ones that we did protect for turbulent times.[/quote]  <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" /> 

Then don't be the one saying or doing it.  This market has been great for allowing me to differentiate myself from other advisors.  Let's face it, buying and holding mutual funds or SMAs is a commoditized business.

 

For me a about 75% of the equity portion of a “typical” portfolio is individual equities. The other 25% are mostly international and small cap mutual funds.  If the individual equity portion is $300M or >, I overlay them with covered calls.  If the portfolio is not large enough I always enter stop loss orders.  In the fixed income I try for 75% individual high-quality bonds and 25% in strategic bond funds.  Sure, even these portfolios are down in this market, but they are certainly down a lot less than a typical buy and hold mutual fund portfolio.  What's better is that I can charge 1.5% on the equity and 1% on the bonds and still keep the client's total cost (including internal expenses) lower than if I did 1% across the board.

 

--WM