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A few rookie q's

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Aug 26, 2005 7:05 am

I’ve been in the business about 4 months now and have ran about 60 appointments.  My only marketing is cold calling business owners.  I usually meet them at the office which I am starting to wonder if homes would be a much better avenue.  So far a lot of pipeline and little money in.  What kind of turnaround timeframe r you guys seeing from dialing for dollars.

Aug 26, 2005 3:54 pm

It depends on the client.  If you are just talking about general financial planning and small business owner concerns they could rebuff your proposals indefinitely.

You need to go in with one specific concept that builds a sense of urgency.  You must find something that forces them to make a decision within a limited timeframe.  Concepts...not product.  Find a way to market a concept, the product is the "solution". 

Aug 30, 2005 5:18 pm

todays conversations are business 6 months to a year down the road. Unless you happen to hit someone at just the right time.

Aug 30, 2005 5:48 pm

I would say that is pretty good prospecting for one month in the business.  Just offer a free review of their 401k program.  Just to see if you could get something with more value for less cost.  good luck

Sep 9, 2005 5:07 pm

Bring donuts to them.  Pople love something for free. 

Sep 9, 2005 6:34 pm

[quote=frumhere]Bring donuts to them.  Pople love something for free.  [/quote]

Hmmmm donuts......

Sep 10, 2005 12:01 am

While you're at it, ask the owner if they have a retirement plan for their employees. If they do, ask them when it comes up for review (typically, it's once a year). Tell the owner you would like to bid on the 401(k) and ask for some info about their current plan.

Then contact 3 or 4 of your best fund families and ask for their 401(k) proposal kits. Learn as much about 401(k)'s as you can: pricing, benefits, etc.

See previous postings about marketing 401(k)'s.

This is big game hunting, at its finest. The lead time is long, but the pay-off is great!

Sep 10, 2005 12:59 am

This is big game hunting, at its finest. The lead time is long, but the pay-off is great!

Incorporate this prospecting strategy to account for 20% of your time, then focus on making the remaining 80% more efficient and revenue producing.

Sep 12, 2005 7:51 pm

How many new accounts have you opened and how much in assets?

Ok lets talk about numbers. Over 4 months you have run 60 appointments. That's about 3 or 4 a week. Actually that's a nice start. Now you need to up it to 3 or 4 per day. How do you do that? Just keep doing what you're doing. Whatever you're doing to get in the door is working, you just need to do more of it.Your pipeline is about to hit critical mass. 

In addition to the 3 to 4 new people you see every week you should soon start to add appointments from the future funds due list. These are the people who told you over the phone or in person that they have money coming due at a future date. Hopefully, you've been paying attention to these people by calling them and mailing to them. Not contacting them until the money is due is a rookie mistake and hopefully you've not made that error. Over the past four months they've gotten to know you. Now it's time for the rubber to meet the road and find out if they're for real or just yanking your chain. If you've not been in contact call them and go for it. But now you know better. 

Next you need to add another marketing channel, direct mail. Mail something to your target market that either offers them something, disturbs them or solves a problem for them. This is a variation on the concept/solution post. Mail a lot of pieces, no less than 1000 a month. Even if your response rate is horrible, say 1%, that's 10 people who are interested in what you've got to say. Call these people, and close for an appoinment. If only 3 agree to see you, you've increased your monthly appointment level by 20%. What if 6 like what they hear?

What about the 60 people you've already talked to and didn't close? Any you can call back?

Lastly, there's the tried and true appeal to greed. Your goal is to open the account. For now forget about all the wealth management hocus pocus. To be a wealth manager you need wealth to manage. To get wealth to manage you need clients. A proven way to get clients is to pitch them a hot bond or stock. No pink sheet specials, try a high quality company that's poked itself in the eye, like Merck or GM(I'm not recommending MRK or GM). Muni bonds work very well in this application. Aggressively go for the close and open the account. Once the account is opened it's time to expand it and bowl them over with love, affection, and great service. Every two or three weeks call and pitch a new idea. Again, high yield income ideas work very well here. Think preferreds or  bonds. Limited availability helps get things going. Meanwhile you are calling the client with non sales calls to make sure they understand the statements, confirms etc. You've mailed them a welcome letter giving them complete contact info. and an intro to your services. Once you've done all this it's time to call them and ask to see them to see if your wealth management services would add value to their financial situation. Let'em know that finding good stocks and bonds is only part of what you do, where you really add value is is with the complete wealth management service, or whatever service you do offer. Worst case, they say no, and you've got someone to sell product to. Best case, their current advisor has someone else sitting at the table who is giving them better service than he/she is. From there it's only a matter of time.

Keep building and give it time.

Sep 22, 2005 4:33 pm

The timeframe has a lot to do with the way the appointment is handled.  Maybe a rookie needs to go thru 120 appts. to get an account due to experience, confidence and posturing, whereas a veteren can get an account after 25 appts. or less.

Don't forget many people have lost interest in the markets due to the boom in real estate. Just stay busy and get in front of as many as you can.  And ask, ask, ask for the business.