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Cold Calling, what's working?

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May 1, 2009 1:54 pm

A contact is when the target answers and you get at least your name out before they do “click dialtone.” That’s the minimum req for a contact.

  Because of my schedule i call inconsistantly. I can afford to do that. i call because i want to, not because i have to. That said, when i call I block out hour long blocks of time. These blocks are interuption free. Calling businesses, my contact rate is usually in the 8 to 10 per hour range. If i block out three or four hours during a day, that will usually add up to about 150 to 200 dials.   If your schedule isn't full you should be prospecting as much as possible. 50 contacts a day is easily doable for those working the hours.
May 1, 2009 4:26 pm

[quote=BondGuy]My wife’s script?

  For calling employees fishing for 401k rollovers it depends on what's happening. If she's got a seminar or workshop planned she'll call with invites to that event. Just a straight forward invite. When's she's calling looking for retirement dates here's roughly what she says:   mr.______, this is Joyce Smithers at Velda bluehair investments. I specialize in retirement planning and 401k rollovers and was calling to offer you our planning services. Tell me, when are you planning to retire?   It is that simple. Play with it make it yours. If you already deal with employees at the firm, mention that. Embelish or not. Just make the calls.  [/quote]   Anyone using something else that is working with corp directories?
May 28, 2009 2:23 pm

I dial all day, I have been in the business for 10yrs and I can tell you that dialing is the quickest most effective way to meet new people and move your business in the direction you want it to go… I am not saying that seminars and other methods don’t work but in many instances I have started the day off not knowing someone and by the end of the day they are a client…

doesn’t work for everyone, but the hardest thing I have had to deal with in my career is dialing when things are good like I do when they’re bad…

The hardest thing about being successful is staying successful…

Jan 18, 2010 2:17 pm

Good Morning All,

Thought I would bump this thread along as it has some great stuff and wanted to share my one hour of call efforts and get your thoughts.   Called from sales genie, two lists, new businesses and businesses over 5 years.  22 names on the first and 23 on the second and similiar results to both. Dials- 45 Contacts- 9 Appts - 0 (called to set a time to stop in) Prospects found - 2, one said I can email something and one said I can mail something. Disconnected  or wrong number - 6   I was trying to replicate this:  "If you make 100 dials to business owners primarily in the morning, you will achieve 15 - 20 contacts, set 2 appointments along with another 2-3 that will request something in the mail."   My simple script:  Hello xxxx, this is xxxx, a local financial planner, and I am calling to congratulate on starting / being in business and to see if I might be able to stop by and introduce myself to you next week.   It wasn't quite that fluid, but you get the idea.      Misc points, I am looking to go indy and start from scratch and wanted to test the waters and that means I called a city similiar to my area but an hour away.  Did not give any company name, just said, local financial planner and no one asked the name anyway.   I wanted to do this to first test the numbers of dials, contacts, appts etc., second to see how it felt to cold call and third to see how bad the economy is and what if anything that would mean.   All comments welcome!!
Jan 18, 2010 3:21 pm

I’ll take the laugh, thanks!

  Not sure I would continue to call them, but it was more strategic than it might seem.  I thought that some of them might have a 401k to rollover....  Also, I wanted to see how many started a business because they wanted to versus lost a job and 3 started for the latter.  Besides, its all academic practice right now and what better way to cut my teeth before moving on to the have money side.
Jan 19, 2010 11:46 pm

Agree with BioFreeze here. Most new business owners are pouring their money into their current venture(possibly using their old 401k to do so)… I wouldn’t call new business owners for the same reason I wouldn’t call 25 year olds… No money…

Jan 26, 2010 12:13 am

I have been cold calling now for 2.5 years.  My book is $24 million.  Built all through cold calls and recently some referrals.  My largest account is $1.2 million and my smallest is ~$100k.

  I just hit the phones everyday.
Jan 26, 2010 12:43 am

[quote=TheAnimal]I have been cold calling now for 2.5 years.  My book is $24 million.  Built all through cold calls and recently some referrals.  My largest account is $1.2 million and my smallest is ~$100k.

  I just hit the phones everyday.[/quote]   That is awesome. What number of dials are you making each day ? What do you pitch, product or plans ? You are obviously doing something right that many of us can learn from.
Jan 26, 2010 1:37 am

I'm certainly not in Bond Guy/Gaddock's leauge, but one example: I've been calling on one of the local real estate offices for the last few months. I call and TELL them i'm stopping by to introduce myself this afternoon. Show up and drop the names of the other realtors I have as clients and ask if I can give them a call with investing ideas from time to time. exchange cards. call/mail/call for product twice. call for appointment, thats how i closed most of them. not huge but its a start.

I've got 12 realtors at the company, they have like 150 realtors at 5 diff offices.

1.3mm, 2/3rds in AS plus 3 term policies
Jan 26, 2010 3:38 am

That is good stuff. I respect your persistence. That is just not something I could do. I just could never get it out of my mind that I was bothering them or that they were saying, “here comes that investment sales guy again.”

Jan 26, 2010 9:09 pm

I live in the Bay Area of CA.  I cold call lawyers and big name tech companies and ask the people that pick up their phone if I can meet them.  I see at least 6 meetings a week.  I pitch all of them on financial planning and wealth management. 

Jan 27, 2010 1:49 am

When you say lawyers, are you calling big name firms or just locals?

Jan 27, 2010 2:37 am

I would shoot myself before I work with realtors.

Jan 27, 2010 4:46 am

I would shoot myself before I work with realtors.

I own a mortgage company is this is a significat reason I am getting back into planning.
Jan 27, 2010 5:25 am

Here is what I use when setting up appointments with working individuals:

  Mr. Reynolds, this is WarDaddy at Blah Investments, I specalize in retirement planning and 401k rollovers.  I have a complementary way to help you access whether your saving enough based upon what your goals are.  Would that, and it's complementary, would a complementary assessment be helpful to you?
If yes

- GREAT, I'm glad to hear that, do you have your calendar handy?   If no,   Begin to qualify. 
Jan 27, 2010 10:06 pm

I talk to the people at the major lawfirms.  I scrubbed them through the cal bar website to make sure they have been on the job for awile.  There is nothing more annoying that a snotty 1st year attorney that you know is broke as a joke.  Most attorneys I meet with make $250k+, have $200k+ in savings accounts and don’t have the time to figure out what to do with it.  The ones that I have signed up so far have continued to contribute at least $100k a year to their accounts.  For you sales guys that is $1mill net new a year for every 10 clients without having to do much extra work.

Feb 11, 2010 4:39 pm