Cold Calling werks
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Just a quick FYI to those who are feeling beat up and beat down… I have built my business on CC’ing, last month (July) I raised 1.2M on strictly equities… I have been doing this for 10 yrs. and that was my best raised month.
In June my AUM passed the point to where I was prior to the “crash”…
Keep your heads down and tell your story…
You do know that you spelled "works" incorrectly, right?
Hooked on phonics werked for me!Did you know Jones sucks…
EDJ advisors one step above TD Ameritrade…
Just kidding, didn’t know you were the spell check police…
Oh, c’mon. Just having a little fun with the guy. You can’t spell a word wrong in the title of your post and not expect to catch some crap for it.
When did you start working for TD Ameritrade?Of course is it TD Ameritrade or the Institutional side… big difference…
Seriously though, those are some big assets for a month…
Damn...I was just happy to see someone on this board say that we were ABOVE someone!Did you know Jones sucks…
EDJ advisors one step above TD Ameritrade…
Just kidding, didn’t know you were the spell check police…
What type of script are you using? I typically just ask for permission to mail some general info.
How weak of you? Please explain what a “strong” man would do. I would like to be educated.
Is your ultimate purpose to send some general info to those who give you permission?
If so, you are strong. If instead, your purpose is to set an appointment or to sell a product over the phone, you are weak. If you want to set an appointment with someone, call and ask for an appointment. Why are you adding the two extra steps of calling to send information and then sending the information?I am an indy and typically only do stocks… and yes I know how to spell “works” it wasn’t a typo…
Like I said I do all my business over the phone. Ideally 200-250 dials a day. I will feel a CC out and go as far as I can. I have opened (2) gentlemen within a week from 1 call, yes 1 call.
I believe it is Bondguy who said the only thing stopping you is between your ears, I couldn’t agree more… I go through ups and downs, and 99% of the downs are all the perception of how I see my biz or how I feel after a bad call, Outgoing ACAT, bad earnings call, the list goes on… Jimmy Hoffa said, " 95% of the things you worry about never happen" another truth in this business.
I have been fortunate enough to either have the balls or the stupidity to leave my prior firm and go it alone and have hired (& fired) many people. The people who don’t make it are those who have 101 objections to what they are doing before they pick up the phone.
I’ve had a guy not call a name from a directory because he knew someone else with the same last name. Bear in mind the person was in CA and we are in FL (where the person he knew lives)…WTF???
I had another guy who would go through a directory 5 pps ahead of where he was calling and cross off names of people for one reason or another, (ie. Co. was a hair salon, didn’t like dentists, florists, etc) talk about stopping before you start… One of the guys I mentioned earlier (I opened on 1 call) was a salon owner, 8 yrs later still a client and (2) referrals… CALL EVERYONE, if you find yourself saying “These leads suck!” Well something sucks but it ain’t the leads…
I know this business is a roller coaster in more ways then one, markets, firms, and most importantly emotions… I used to werk in a officec of all these hardened NY guys and they were the worst… emotionally, don’t think it is ghey to have days and then days in this biz, that doesn’t mean be a puss either… Just be man enough to realize what is happening and aas I tell my guys in here, "Before you blame me, the leads, the stocks- Look in the mirror and if you can still blame those things, we’ll talk."
And lastly, I have gotten a fews PM’s on what and who I call, I start at the ground floor, D&B’s, lead brokers, etc… I DO NOT call home leads, I don’t have the time to make sure those are following the rules and quite frankly it hasn’t really ever worked for me…
Most of my clients I have never met in person, while I am starting to build a local biz, its not because I put much effort into it, I own a local business here now and have met others in my building and they have opened, referred, and shared my details w/ their customers… While its has helped my business I don’t forsee it being a cash cow like opening a guy on 300-400k in stocks…
"The leads are weak? The f***ing leads are weak? You're weak." -Alec BaldwinI am an indy and typically only do stocks… and yes I know how to spell “works” it wasn’t a typo…
Like I said I do all my business over the phone. Ideally 200-250 dials a day. I will feel a CC out and go as far as I can. I have opened (2) gentlemen within a week from 1 call, yes 1 call.
I believe it is Bondguy who said the only thing stopping you is between your ears, I couldn’t agree more… I go through ups and downs, and 99% of the downs are all the perception of how I see my biz or how I feel after a bad call, Outgoing ACAT, bad earnings call, the list goes on… Jimmy Hoffa said, " 95% of the things you worry about never happen" another truth in this business.
I have been fortunate enough to either have the balls or the stupidity to leave my prior firm and go it alone and have hired (& fired) many people. The people who don’t make it are those who have 101 objections to what they are doing before they pick up the phone.
I’ve had a guy not call a name from a directory because he knew someone else with the same last name. Bear in mind the person was in CA and we are in FL (where the person he knew lives)…WTF???
I had another guy who would go through a directory 5 pps ahead of where he was calling and cross off names of people for one reason or another, (ie. Co. was a hair salon, didn’t like dentists, florists, etc) talk about stopping before you start… One of the guys I mentioned earlier (I opened on 1 call) was a salon owner, 8 yrs later still a client and (2) referrals… CALL EVERYONE, if you find yourself saying “These leads suck!” Well something sucks but it ain’t the leads…
I know this business is a roller coaster in more ways then one, markets, firms, and most importantly emotions… I used to werk in a officec of all these hardened NY guys and they were the worst… emotionally, don’t think it is ghey to have days and then days in this biz, that doesn’t mean be a puss either… Just be man enough to realize what is happening and aas I tell my guys in here, “Before you blame me, the leads, the stocks- Look in the mirror and if you can still blame those things, we’ll talk.”
And lastly, I have gotten a fews PM’s on what and who I call, I start at the ground floor, D&B’s, lead brokers, etc… I DO NOT call home leads, I don’t have the time to make sure those are following the rules and quite frankly it hasn’t really ever worked for me…
Most of my clients I have never met in person, while I am starting to build a local biz, its not because I put much effort into it, I own a local business here now and have met others in my building and they have opened, referred, and shared my details w/ their customers… While its has helped my business I don’t forsee it being a cash cow like opening a guy on 300-400k in stocks…
Jack-
are you cold calling on a single stock and opening a bunch of 5K accounts, or are you going after larger assets(ie set min of 250K)? Also - it seems like you are calling across the country. How does that work with all the ponzi schemes in the news lately? I'd like to expand my calling area, but not sure on the dynamics of closing larger accounts in a different state at a consistant rate. I agree with calling in this enviroment. I started back up again and I have gotten some nice accounts without much effort.
I am calling FL, CA, and overseas… Ideally I go in w/ several ideas (stocks) and then funnel down to 1 or 2… the ponzi scheme thing is generally easy to overcome, but all in all it hasn’t been a game changer by any means… I do other investments (ie equity linked CD’s) but to really build my business stocks has been the ticket.
I am using the same scripts from 10 years ago, I have altered them a bit but nothing material…
As far as closing people in another state, half the time I don’t know what state they’re in… usually someone will say “you’re 3 hrs behind me”…
trust me if you think expanding your calling base will help your business, don’t worry about ponzi schemes (unless you are one) and don’t worry about how someone will feel if you’re in Seattle and they are in St Louis, your good ideas and confidence over the phone will make them do business with you.
Remember what Hoffa said, “95% of the things we worry about never happen.” I should note he was likely murdered, no worries…
I wish I could get my head around cold calling people in other areas that I will never meet. I just can’t imagine investors still trusting brokers enough to open accounts and trust someone they have never met. I would do it if I thought it would work, I just don’t know HOW to do it, so don’t know where to start. What type of script are you using?
I'll start on that next Tuesday.[quote=B24]I wish I could get my head around cold calling people in other areas that I will never meet. I just can’t imagine investors still trusting brokers enough to open accounts and trust someone they have never met. I would do it if I thought it would work, I just don’t know HOW to do it, so don’t know where to start. What type of script are you using?[/quote]
Start by being trustworthy.
B24, I've never met most of my clients.I wish I could get my head around cold calling people in other areas that I will never meet. I just can’t imagine investors still trusting brokers enough to open accounts and trust someone they have never met. I would do it if I thought it would work, I just don’t know HOW to do it, so don’t know where to start. What type of script are you using?
As for investors not trusting someone they've never met in person- who taught you that? As I've said, most of the problems with cold calling is between the ears of the caller. If you believe, for whatever reason, that it won't work, you are right, it won't work. It won't work for you because you are defeated before you start. Back on the trust thing- I recently opened a new account on TF bonds, big surprise huh? The account opened for 25k. A little lite to tell you the truth, but a new account and a new opportunity just the same. I point out this account out of the accounts opened over the last sixty days for this reason: I've never met this person. He is 2000 miles away from me. And even though he gave me only 25k on that first trade the account is now worth $435k. He's given me over 400k over the past two months with more to come. Trust has nothing to do with meeting a person. We routinely open six figure accounts with people we've never met in person and will never meet. We do this because we believe we can. And we are right, we can and we do.
B24, I've never met most of my clients.[quote=B24]I wish I could get my head around cold calling people in other areas that I will never meet. I just can’t imagine investors still trusting brokers enough to open accounts and trust someone they have never met. I would do it if I thought it would work, I just don’t know HOW to do it, so don’t know where to start. What type of script are you using?
As for investors not trusting someone they've never met in person- who taught you that? As I've said, most of the problems with cold calling is between the ears of the caller. If you believe, for whatever reason, that it won't work, you are right, it won't work. It won't work for you because you are defeated before you start. Back on the trust thing- I recently opened a new account on TF bonds, big surprise huh? The account opened for 25k. A little lite to tell you the truth, but a new account and a new opportunity just the same. I point out this account out of the accounts opened over the last sixty days for this reason: I've never met this person. He is 2000 miles away from me. And even though he gave me only 25k on that first trade the account is now worth $435k. He's given me over 400k over the past two months with more to come. Trust has nothing to do with meeting a person. We routinely open six figure accounts with people we've never met in person and will never meet. We do this because we believe we can. And we are right, we can and we do.[/quote] These dudes are incredible. I imagine that if they weren't cold calling for several million dollars a day they would be dropped out of helicopters into Al Qaeda mudhuts with just a pocket knife or flying top secret military planes with armed nukes as test pilots.
It makes you wonder what separates them from everyone else. Is it simply the fact that they have no “head games” and simply dial until they get an account and build from there?
Or do these guys have incredible skill? And does that come from doing enough of the calling?
Irks me sometimes I can’t do that type of business.
Honestly, it’s because I’ve never MET anyone that can do this stuff, so it’s hard to visualize. I KNOW that people are doing it (i.e. BondGuy), I just can’t envision HOW it works. I would think msot people that calls from strangers across the country selling them a bond would want details, something in the mail, something to look at on the internet, etc. Maybe it’s because so many of my clients (and people in my area) are scientists and engineers, so that’s what I am used to.
But Chief, to your point, if you do it long enough and consistently enough, it will work and you will get better at it (not that I know from experience, but it's like most things in life). I think most people buy a list, make 100 calls and get nothing so they give up on cold calling(THAT I may know from experience ).