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Getting slammed at my firm

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Feb 25, 2011 9:15 pm


 I need your input...I'm getting alot of heat for asking if they have $ on a cold call.  I'm being told not to qualify over the phone. I usually say , "Mr.XXX if you like the idea, would an investment of $200,000 be a problem for you at this particular time?"   My colleagues think it's the wrong way, and I'm being rude by asking that question.  Am I really being rude? 
Feb 26, 2011 4:38 am

I think you are asking the wrong question.  Is it working is all you need to ask .. then you'll have your answer.

Feb 26, 2011 5:45 am

I think you need to have standards and qualifying questions are good, however, clients are fair to measure you by a high standard also. Are you prepared to answer ?

Feb 26, 2011 3:58 pm

You're making it too hard.  You can get the same information, and build rapport/relationship with the following questions.  Mr. Smith, what type of work do you do?  (fast food=not qualified; electrical engineer=possibly)

What company do you work for?

How long have you been there?

Same questions for spouse.

If you find someone in a white collar position, at a solid company, for a long timeframe, odds are they are qualified.

I agree with your colleagues.  Turn the tables.  You are at your house, some random person calls you, and asks personal financial questions about what you have?  People are scared of scams, and rarely give that type of information to strangers over the phone.

Feb 26, 2011 8:06 pm

i'ts not something I lead with but after my phone pitch, I ask my qualifying question. 

Mar 2, 2011 8:49 pm

Just judging by your reg. date, I think you're leaving a lot of money on the table by qualifying at $200,000. That's a huge check to write someone whom you've never seen before in your life. $25,000 is qualified. That account size will likely double on the next call regarding a similar investment, and should cross the $100,000 account mark within a year's time depending on how often you call.

It just depends on where you are with your career. If you're already managing $250mm, $200,000 minimum may be too low.

As far as being rude, I couldn't disagree more. I think you'd sound silly by not qualifying. Say you call someone sitting on $5mm cash and you touch on all these great investments, never qualify for real money, and hang up thinking you had a great convo. That prospect is going to think you're just some passive new guy and he's not going to write you the big checks unless you've got the balls to ask for it.

There are ways around qualifying without having to say the word "minimum." Just say "this/these __(investment)__ sells in increments of $ _____. If it's too much, they'll let you know immediately. And remember, someone sitting on $5mm cash doesn't want to go through all the new account paperwork and drive their ass to your office for an appointment to buy just 5 bonds.