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Cold Calling...Product vs. Appointment

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May 18, 2010 1:18 am

To continue:

Tell me Mr. Smith do you have any CDs yielding 7%?


I didn't think so, they are hard to come by. Does this bond sound like something you could have an interest in?

(maybe, what is it)

It's an A rated Blank blank with a blank coupon priced at blank to yield blank.  Have you bought tax free bonds in the past?


Terrific! then you know what great deal these bonds are and that issues like this don't come up very often. I have 300 of these bonds. When i have an opportunity like this i usually keep a small amount aside to start new relationships. What i'd like to do is start with 100 bonds. That would be $100,000 cash plus another $1160 in accrued interest. Is that a comfortable level for you or would you like more?

(Boy, you don't kid around, right to the punch line. that's a little too much for me today. What's the minimum i can do? )

Because this is such a strong bond, it really is take it or leave it, so no kidding around. The bond will be gone within the next hour either way. And probably it won't last that long.   I don't make the market rules. I just have to play by them. To answer your question my minimum is $50,000 on this issue. Less doesn't make economic sense on our end. Is 50 doable?

(I'd love to but i can't)

Is it the money or the timing?

(it's both, I'm cash poor right now)

No problem, when, in the near future do you see yourself being in a more liquid position?

(I have cash coming in in about 3 months.)

And you said you have bought munis in the past?


Can you tell me what types of munis you own?

(wow, what a question! I own a lot of state bonds, no revenue stuff...)

G.O bonds?

(yes, that's it, GOs)

What ratings do you like?

( i want the best...)

But you'll take less if it looks safe?

(yes, but it's got to be very safe)

Out of state bonds Ok?

(No, i like to stay in state only)

And amounts?

(I usually invest 25 to 100, i've got to really like it to buy 100)

Anything else i should know?

(yeah, could you send me your card...)

Absolutety, I'll send you my card, some information on who we are and  if you give me an email address I can send you offerings by email. They will keep you up to date on the market and serve to let you get to know us a little better. Then when your liquidity situation improves I'll find you a bond that fits. how's that sound?

(sounds good to me. My email is...)

Terrific! It was pleasure speaking with you, i'll get that info right out to you,have great day.

More or less all day long.  Drip on this guy once or twice a month. get a meeting if you can. Call to close two weeks before money due date. His broker will be all over him one week before. In fact if you can extend settlement, go to the max period and call then. The further out in front of everyone else he is talking to, the better your chances.

Finally, you don't have to use a bond to call with. You can do a general call saying you have nothing today but are seeing X yields would they be interested in a call the next time you see something? or., would they like some info. Qualify for money on all calls.

May 18, 2010 5:42 pm

Rwarchol5 & Bondguy,

Thanks for the replies.  Awesome material!!  Thanks again and keep it coming!


Jun 2, 2010 5:19 am


You don't want to get burned out.

Go ahead and try a "product", but more importantly when you are doing your normal - "promote yourself, get the appointment...." when its going down in flames - THEN switch to a product. You have a live contact, who just said "I have a ML or SB rep and am quite happy with them...", one response could be "I found that many affluent clients also have CDs/Savings accounts and their current rep. has not reached out to them with solutions in this low interest rate environment. CDs were 5% now 1%. How is your cash working for you?"  get him talking, like the earlier guy said "get him to acknowledge a problem he didn't think was solvable".  You of course are leading to tax free or taxable bonds or even a bond fund. Most wire line reps. hate muni bonds - they pay $10 to $15 per bond and there is no 12b1. Oh sure, put the 3% muni into a 1.5% managed account? that doesn't sound like a fidicuary.  I like zero coupon muni bonds or 5/6 yr structured CDs for college savings - most 529s blew up in 2008. Take a look at the Blackrock Global allocation or IVY asset allocation fund - you could sell them as a unique "solution" - loose less, make more - its what most of us want.

Regardless, you want to get a meeting and get an account open. Build trust, it takes time...

My team built our book on educational seminars that wholesalers paid for, we cold called to fill the slots then worked the attendees. Once we actually had clients, we would invite 3 or 4 of them - get one current client at each table - they will rave about you - its a great way to quickly build trust. with prospects. Ask current clients to bring a friend like them - it works too.

Be gentle!  I don't have a thick skin and I know it!