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Calling When You're Not Allowed to Pitch Product

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Oct 31, 2011 7:55 pm

OSJ refuses to let anyone pitch products. I'm at an indy and I'm literally the only rep cold calling. I'm in my first year in the biz and I'm allowed to pitch 401k service but can't pitch a muni bond.

I've been slowly upping my calls and I'm easily making 300 a day now. I've been trying different approaches and I'm running into the problem of both everything and nothing working. I'm comfortable saying anything to anyone but struggling with what to lead with sooooo I was hoping those of you who have a bigger sample size in trying out different pitches would  be willing to share what's worked best for them.

Please and thank you. 

Nov 2, 2011 3:52 pm

I would forget about 401k's for now ; unless you want to fail out of the business. 401k's come later.

I would focus on setting up 5 - 10 meetings a week either in person or over a web meeting, if they allow.

It’s odd that you’re at an Indy and they’re so restrictive. Normally they’re a bit more relaxed than a wirehouse.

Sample Pitch

We’re reaching out to the community
Many businesses are finding they not happy with the level of risk or returns they getting with their investments.
Are these the same concerns you’re having or are their others?
Why don’t we get together for 20 minutes to review a few concepts that may yada yada…?

Don’t expect most cold leads to raise their hand, but perhaps they’ll raise their pinkie.

And then size then aggressively see script in sizing post…

If they have at least minor interest in improving things , of getting their approach to an A, and they have a portfolio over 1mm, you’re on your way.

If you can find 10 a week of people who give you the “pinkie” and are sized, you’ll be successful.

Of course in the olden days we would say " John, let me put 10 of these bonds in your account, what’s your social security number?"
I need to get back to being more aggressive, because in a day they never remember anyway, so you might as well push hard.

Gathering Money is like milking a cow, Cows don’t give milk, You have to take the milk!

My 2c


Nov 2, 2011 3:43 am

You're a funny guy DashOver.....another good the taking milk bit.......

Nov 2, 2011 4:26 pm

Thanks Dash, I really appreciate the insight.

I've heard not to pursue 401ks from this board many times which is frustrating because that's one of the areas I've had the most success. I became advisor on a plan just under 1mm from my first 2 days of calling on 401ks and I've had meetings with several other businesses that are looking good and have also progessed to other business planning areas. Is there any reason not to go after 401ks aside from the low close rate and long sales cycle?

I like what you said about reaching out to the community and I've actually been calling local businesses just so I can use that approach. I'm curious as to why it's better to lead with risk/return rather than something like reducing their tax liability. 

The indy I'm at is definitely not the norm. They discourage cold calling and insist you should be able to build your business off referals if you use their process. They also have no account minimums and encourage you to set meetings with everyone even if they're in debt. But on the flip side they won't kick you out the door if you aren't producing and give the reps any and all support we ask for. Our OSJ will literally come to client meetings with reps and help them get prospects to start saving $50 a month with American Funds.

Thanks again Dash.

It's always helpful being reminded to squeeze those cow tits!

Nov 2, 2011 5:13 pm

In my first year in the business, I opened up over 100 new accounts , mostly by sellling 10-20 lots of Muni's.

I was pushy , but I was selling a high quality product.

I wanted all of their assets, But I knew if I could get them to give me even $100, We had a reason to keep speaking and I could potentially turn them into a client.

If I size someone today and they expose over $2mm in total assets. I'm fine opening then up on a $10,000 bond order.

In fact I can argue, that I've lost countless opportunities trying to get it all, when I should have pushed for just a small nugget at first...

Many top brokers will insist that settling for anything less than 50% of their assets, makes you seem too needy and it creates a bad impression?

We can go back and forth on this all day, but I was just speaking to a $5mm client and I opened him on a $5,000 bond back in 1989 I think...

It doesn't matter what you offer, As long as you offer it a lot!

Better Returns, Less Risk, Cheap Pricing, Better Statements, More Communication, More Face To Face time, Better Reports, Better Allocation, Better Managers, Better Tax Reduction, Better Asset Transfer Strategies...

"Last week I was able to show a client how to save , get...
Not sure we could do the same for you , but would it be worth 15 minutes of your time to take a look?"


Are you having 10 meetings a week with new prospects/ Clients or are you opening up 2 new accounts a week?

Otherwise you're not doing enough...



If you're good , 1% of people will be interested ...

If you're really good, 2% will be interested...

If you're GREAT 3% will be interested...

You're still gonna get slapped in the face a lot.

So go get slapped!

My 2c


All the Twiiter Headlines from the top 50 Wall Street Newspapers/Blogs at TWEETss

Nov 2, 2011 8:54 pm

5-10 meetings is quite high. Most people I get tell me to send them something first. Can you share your methodology on how you are getting so many appts?

Nov 2, 2011 10:00 pm

Send me something!

If information alone was the key to success... Librarians would be the richest people in America!
Info alone is not the key to success, It's how you interpret it...


Yes Mr. Jones I have some info, I probably have a 10 page report on that and I normally like to demonstrate some of the benefits and then consider how this works for your situation

I'm gonna be around your area Thurs at 2pm , Could I stop by for 20 minutes to drop it off?


5 meetings a week /

1 / day is realistic once you have a pipeline built.

I aim for 2/ day = 10/week

The average broker has 1-2 a week...

I count Inhouse, Webmeetings using gotomeeting, and outside meetings.

I do outside meetings on Thursdays from 11-5 and try to run 3


Normally during a callback with a prospect  I'll try...

"We talked a couple weeks ago
We've isolated a couple of ideas that really seem to make sense right now

I'm gonna be in your area tomorrow afternoon ( Do the meeting prep calls on Wed if possible)

I'd love to stop by for 20  minutes to give you a card and a sheet, Would 11:20 am work for 20 minutes?"

These are to people who have already been prequalified as to asset size...


I think the big money requires at least a quick meeting  to put a face with a name.

In person meetings are always the best.

Routinely I meet the prospect the first time in person, and then we try to do Webmeetings if they can click a link on a computer.

Dec 5, 2011 7:42 pm

Thanks again Dash, really good insight. Anyone else have non-product pitches to businesses they've had good success with?

Dec 13, 2011 6:00 pm

I am just finishing up my first year, and have built my business exclusively around referrals for now, but inevitably needed to start at least mixing cold calling to reach higher networth clients. The only other non product pitch besides a good yielding muni ive seen work is really more of a concept, and that compiling a list of private practice doctors, and successful sole propriatorships to pitch "reducing your tax liabilitiy by up to 49k a year and putting it right back into your pocket for retirement...." which of course is an indy k pitch. Then, once in the appointment, another rookie actually closed a 100k/ year executive bonus plan with them on top of the indy k. Just a thought, hope it helps at all.