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Cold Calling for Fee-Based Advisors

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Apr 13, 2015 2:49 pm


I have read a lot of posts on this forum and there has been some great advice given. A few gems from TheJudge and Bondguy, thanks.

I have a question regarding cold calling for fee-based advisors. I appreciate that cold calling with a product is the easiest way to get a prospects attention. Do you have any suggestions for doing this when you are fee-based? Would it make sense with calling up and saying "The market is looking a little rocky right now, but here, I think these three stocks BLAH, BLAH, BLAH are going to do a good job of protecting your capital and growing your wealth over the long term. Do you have time for me to pop around and here a little bit more about you and what you do, and maybe suggest a few more stocks that might be appropriate for you?". I have tried calling up with a investment philosophy lead approach (Div Growth) and that didn't really catch on. 

Any thoughts would be appreciated. 


Apr 25, 2015 3:40 am

Here is my thoughts.
My first thought is this is a post from a guy who isn’t going to make it cold calling.

Here are my next thoughts: This is a guy who won’t be PMing me in 5 years to tell me he’s still in the business; still calling and owes me one for giving him the time of day to say this.

My next thoughts are: "So what. Maybe he will take the advice, maybe he won’t. Maybe he’ll really do the volume of calling it takes to make it. Maybe he won’t. Maybe he’s a girl. Maybe …just maybe…this is the one who follows the advice I’ve given to dozens of people.

Here is my advice. (I built my practice cold calling. I have more than a billion in the pipeline of people whose assets I have mapped. I now own my own firm.)

So it sounds like your pitch goes like this: "I’m a fee based advisor - and I want to help you protect your capital. I think SDRL, AAPL and RIG look good."
What if you have a bond buyer in the lake of prospects and you don’t know it? If you don’t know what type of fish you’re looking at - you’re starting out at a disadvantage. You’re using the wrong bait, on the wrong hook; and it’s all strung on the wrong line .

Don’t lead with product; don’t lead with you, don’t lead with fees. Lead with them. Ask good questions; get them talking and when they start talking - you shut up.

This is probably the results you are getting cold calling:
You: “Mr. Jones - here are three stocks I think…”.
Mr. Jones “I don’t buy stocks” dialtone

You: "Mr. Jones - I am a fee based advisor…blah blah blah"
Mr. Jones “Fees? Fees? You charge Fees?” dialtone

You "Mr .Jones, the market is looking a little rocky right now…"
Mr. Jones : “I’m not in the market” dialtone.

Ask questions. Never lead with product Probe for information about the prospect - even a crumb is the start of a trail that you may have to follow for a while.

Try this:
Mr. Jones, I’m Smilen - a financial advisor with Dewey Screwem and Howe.
Tell me, what are your top concerns in today’s investing environment?

Then - shut up.
They’ll tell you.

From there; you can discover what they think, don’t think - have or don’t have.

With that information you know everything you need to know. You even know whether you really want them as a client - or whether you want to walk away…because you now know who is the right fit; and who is not.

Kicking Ass and Taking Names.

May 17, 2015 4:26 am

I like were you were heading with that Takingnames, how does the rest of the conversation usually go?