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Kankle J's trials and tribulations

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Jul 15, 2011 8:31 pm

So here it goes.  I've been cold calling for a while now (2-3 months) but not really "going after it".  I've mostly been calling residential.  Depending on where I'm calling I either ask if they have an advisor (middle class pitch)  or pitch a local muni (higher income areas).   I used to make about 700-800 dials a week, but lately I've been doing about 12-1300 a week.

Muni Pitch:  This is Kankle from Kankle securities.  I'll be brief as i'm sure your busy.  I'm calling to introduce myself and a tax free bond from (local school district)  with a tax equivalent yield (5-7%).  Do you have anything in the bank that is yielding something similar that is also tax free?-   With a bond that is AA+ as well as being insured, I doubt I would be able to offer this to you later on this week as the inventory is diminishing daily.  Ok, well we could start the account with the minimum amount of 25,000 today. When can we get together to meet?


I can save some time for you over the next week or so to discuss how well a bond like this will fit into your portfolio.  What's your typical weekly schedule look like? 

I hear of people closing accounts over the phone, and I've never done that except for referrals for things like rollovers, and roths, or whatever.   It's not exactly the norm in my office to just sell Muni's over the phone without getting a full fact finding appointment togethor, and no one else in the office is calling with the intention to close a deal over the phone.  I haven't been successful yet, but I found a few prospects this week with qualified money (cash on hand or CD's maturing).  I wouldn't know the first step to actually close and get paid, other than mailing them the account paperwork.

Questions:  I hear it's better to call businesses but in the past I could never get through to the decision maker.  Any suggestions on when, who, and different industries/biz to call on?

Any help with the pitch?

feel free to ask questions or comment.  I'm also open to ridicule so have at it!  I know it's part of the fun.

Jul 16, 2011 10:42 pm

Call the businesses early in the morning before the secretaries arrive. Call the switchboard and start dialing the extensions yourself. As for who and which industries, that's up to you, man. Whomever you're most comfortable talking with. For example, I talk to a lot of manufacturing companies as my family has been involved in manufacturing for many years so I can relate to them.

As for your pitch, I think you should tigthen it up and don't give the contact an out, "we only have a few left so you probably couldn't get this later" and don't just ask for the minimum, why not ask for $100,00 worth of bonds, etc. It's easier to work down with a prospect than to try to get them to buy more.

That said, it's just my opinion.