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MGolds Cold Calling Journal

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Dec 28, 2011 6:49 pm

[quote=Amber_M]

Whats with all the narcissism on this site?

[/quote]

If you are referring to the fact that MGolds CC journal, its not narcissism, its accountability and motivation. Cold Calling is hard and full of rejection. It is pretty easy to blow off cold calling for a week. Putting numbers on this forum is away to stay accountable and keep charging forward.

Dec 28, 2011 8:30 pm

Mgold - What a great thread.  What does your pipeline look like?  I would think with those cold calling efforts you should have it very full by now.

Dec 28, 2011 11:16 pm

Hey MGold,

Good for you on your numbers and efforts......you're on track and i wouldn't be surprised to see another 3-4M +  more in your books over the next 6 months....keep us posted on how you are doing and best of sucess to you in 2012.

All The Way

Dec 29, 2011 12:15 am

[quote=Amber_M]

Whats with all the narcissism on this site?

[/quote]

you do realize this is a site for brokers and advisors, right?  Thats like going to a site for body builders and asking "whats up with all the weightlifting around here?"

This is an accountability journal.  stating calls, wins, losses, struggles, mindset is part of coping.  Asking about AUM and $ is about measurement. tracking is a great part of learning. 

Dec 29, 2011 1:44 am

Then the obvious queation to Amber_M who has been at this for years is why would you come to a site about prospecting if you know all about it....maybe looking to upgrade that car of yours.....aim for the stars and......hit a clunker......

Seriously....this is a prospecting thread.......care to share any tricks of your trade????....

Dec 29, 2011 1:44 am

[quote=Amber_M]

[quote=FADavo]

[quote=Amber_M]

Whats with all the narcissism on this site?

[/quote]

you do realize this is a site for brokers and advisors, right?  Thats like going to a site for body builders and asking "whats up with all the weightlifting around here?"

This is an accountability journal.  stating calls, wins, losses, struggles, mindset is part of coping.  Asking about AUM and $ is about measurement. tracking is a great part of learning. 

[/quote]

I've been in the biz for years and know about prospecting.

When I did it, there was someone in the firm (training mgr) who I reported results to.  Just seems odd on here.  If you look thru the history, there are all sorts of people who post for a while then fade away.

Some unknown person on a forum won't hold anyone accountable.

[/quote]

Most training managers are complete jokes. Also, feedback tends to have limited/no bias or agenda. Keeping in direction with 'the firm' is reduced from the equation.

As we know in motivating athletes, people can and are motivated using sometimes drastically different approaches, as we all are unique and don't possess the same psychological makeup. Some use journals.

Also, some unknown person isn't holding anyone accountable, accountability is the act of reporting to the journal.

-KingBobby

Dec 30, 2011 2:50 am

[quote=MGold]

Sure SC

AUM: $2.1M

Started in the business in June 2011, so about 6 months in

I have 47 households so thats about $44K per household.

[/quote]

Look at it another way also. What's the total in the pipeline? What's your addition rate?  I track what I add to the pipe each month.  Do you rate each prospect? I do that - they are either priority 1, 2 or 3.  3's drop off as better prospects come in.  I do that on purpose to increase the assets per account and per household. Thus, there is also a subtraction rate - ie - files I closed (I am not going to pursue or drip on the person/deal) and deals that the prospect just doesn't want to do.

Dec 30, 2011 2:51 am

[quote=Amber_M]

Whats with all the narcissism on this site?

[/quote]

I'm so pretty, oh so pretty.....

Dec 30, 2011 5:52 am

[quote=Takingnames]

[quote=MGold]

Sure SC

AUM: $2.1M

Started in the business in June 2011, so about 6 months in

I have 47 households so thats about $44K per household.

[/quote]

Look at it another way also. What's the total in the pipeline? What's your addition rate?  I track what I add to the pipe each month.  Do you rate each prospect? I do that - they are either priority 1, 2 or 3.  3's drop off as better prospects come in.  I do that on purpose to increase the assets per account and per household. Thus, there is also a subtraction rate - ie - files I closed (I am not going to pursue or drip on the person/deal) and deals that the prospect just doesn't want to do.

[/quote]

Or not. Obviously this type of system works well for you, but for others it could lead to disaster. There's many ways to get numbers. Many top producers simply pitch and close with little time spent classifying or even recognizing 'prospects'.

Dec 30, 2011 9:39 pm

Hi Everyone...I appreciated all the comments.  I don't keep this journal because I'm full of myself..actually quite the opposite...Not like I'm bragging about have Aum of $2M...I know most of you have accounts of that size!  Anyways I appreciate everyone defending me to Amber.

Element: So far I have spoken to 54 people that have asked me to send info on a bond...I call all these people back within a week of sending the info and I have a really hard time of getting a hold of them again.  I live in Floirda and a lot of people have vacation homes here and then they disappear back north for months and then they are back here again so I am having a hard time with follow up.  So far in my short career I have noticed that if I don't set the appt on the first call then it really doesn't happen...Im hoping this changes in the future.  I would like to send all 54 info lead prospects something to drip on them but I am struggling with what to send.  Any suggestions would be greatly appreciated.

Takingnames:  So far I haven't been rating prospects.  I just consider them a basic prospect until I can disqualify them.

I didn't post Wed, Thurs or todays numbers yet.  I am going to post them all together.

Calls: 714

COntacts: 125

Prospects: 6

On thursday I tried calling 14 of the people that I have previously sent info to, only 3 answered and all said they weren't going to make any changes to their portfolios now.  

I would really appreciate any suggestion on something that I could mail to prospects just so they don't forget me.

Thanks for all the support everyone!

Have a Happy New Year!  

Jan 1, 2012 2:50 pm

[quote=MGold]

Hi Everyone...I appreciated all the comments.  I don't keep this journal because I'm full of myself..actually quite the opposite...Not like I'm bragging about have Aum of $2M...I know most of you have accounts of that size!  Anyways I appreciate everyone defending me to Amber.

Element: So far I have spoken to 54 people that have asked me to send info on a bond...I call all these people back within a week of sending the info and I have a really hard time of getting a hold of them again.  I live in Floirda and a lot of people have vacation homes here and then they disappear back north for months and then they are back here again so I am having a hard time with follow up.  So far in my short career I have noticed that if I don't set the appt on the first call then it really doesn't happen...Im hoping this changes in the future.  I would like to send all 54 info lead prospects something to drip on them but I am struggling with what to send.  Any suggestions would be greatly appreciated.

Takingnames:  So far I haven't been rating prospects.  I just consider them a basic prospect until I can disqualify them.

I didn't post Wed, Thurs or todays numbers yet.  I am going to post them all together.

Calls: 714

COntacts: 125

Prospects: 6

On thursday I tried calling 14 of the people that I have previously sent info to, only 3 answered and all said they weren't going to make any changes to their portfolios now.  

I would really appreciate any suggestion on something that I could mail to prospects just so they don't forget me.

Thanks for all the support everyone!

Have a Happy New Year!  

[/quote]

Get an email address when you can - and add them to an automated newsletter or drip system.  That way you don't have to worry about calling.  Automate the touches as much as you can so you can swim forward.

KB has a good perspective - and it's true top producers don't worry about the details.  However, it's because they don't need to because they already know the details and  their "system" is automatic to them.   To GET to being a top producer; you need to learn toss aside the little fishes and nice people who can clog up your day. THEY ARE NOT A PROSPECT UNTIL THEY QUALIFY.  They are just a person until they do. For me a prospect needs these characteristics:

1. They need to have enough money for me to manage.

2.  They need to be willing to listen to advice (they don't have to follow it, but if they don't listen or always have their own pet theory to push back with or watch a wee too much Cramer- they are a time sink that I don't want)

3. They need to be willing to pay a reasonable amount of money for the work. (those who dicker, bitch about fees they agreed to, etc - dump'em)

4. They cannot be abusive to my service team or to me. (They can abuse me a little- and when I draw the line - I draw it hard and clear)  If someone gives my support a hard time or rattle my support team  - it can make the support  personnel unproductive for a while or over time cost them their confidence or good humor - and that's a much bigger cost than the revenue most accounts generate. If a CA gets snarky, develops a bad attitude from being bitched at too much, or avoids picking up calls when they know it's a bad client calling in; this is a problem in your practice that you created. Then you are either keeping a bad client or replacing the CA and training a new one.  If ta CA gets upset by a client during a busy day or busy time or year,  it can blow their whole day's work and cause mistakes) Adopt a no asshole rule - and put yourself in control.  

 YOU control your book. No one else.  You pick who you want to work with as much or even more than as they choose you. Early on - you hope everyone will choose you because you have hurdles. So what.  The hurdles on;y matter for a short while.  Plenty of people stumble on them and have to move their book to a different firm while they build a practice.  Learn early to qualify the right people for you to work with and you will save yourself a lot of time later in your career.  Culling a book is painful and takes time.

In other words, clients that do not fit you or fired clients are worse than clients you never took on in the first place.

Jan 1, 2012 4:49 pm

that is great, great advise.  For only being a few years in, its pretty learned info.  I can see why you have been so successful early.  

Jan 2, 2012 1:22 am

[quote=FADavo]

that is great, great advise.  For only being a few years in, its pretty learned info.  I can see why you have been so successful early.  

[/quote]

I'm wrapping up my 4th year in production. I'm not some big swinger who's been at this 30 years. 

I'm not talking with my head up my ass, either. I brought in almost 10 mil this year; culled my book 25% and increased revenues by more than 30 while maintaining stable production (in other words, I cut the dead wood and gained more time and better clients).  I booked 6 401k plans this year alone.

That means more time for me to focus and work on the "right" business for me. I've built it mostly cold calling, with some networking and a seminar from time to time. I never met a cold call I didn't like. In an average session; I can develop at least one prospect. It takes time to convert them, but I have all the time in the world as long as I have people in the pipe to convert.

 If the metrics are changed because a management team thinks they need to change. I adapt.  (Read the Book - Who Moved my Cheese.)  If I can't "fit" fast enough (because changing a book and changing yourself is a process of adaptation) and so far I've been able to adapt I think it helps to have good relationships with recruiters and with advisors at other firms and advisors who would be willing to work with you if you need to move. 

99% of advisors will be at home tomorrow because it's a "holiday". I'll be in the office and making dials. Does it make a difference over time? You bet it does.  Does compound interest make a difference over time?  

Jan 2, 2012 3:05 pm
Takingnames:

99% of advisors will be at home tomorrow because it’s a “holiday”. I’ll be in the office and making dials. Does it make a difference over time? You bet it does.  Does compound interest make a difference over time?  

That’s the truth. I’m in the office banging out calls. Called a prospect that got away from me last year. Has 200k at a local firm. He is scheduled to come in next Monday and transfer it to me. Last time he prayed his way out of the transfer though… so fingers crossed that God is on my side this time.

Jan 2, 2012 6:52 pm

[quote=Takingnames]

If the metrics are changed because a management team thinks they need to change. I adapt.  (Read the Book - Who Moved my Cheese.)  If I can't "fit" fast enough (because changing a book and changing yourself is a process of adaptation) and so far I've been able to adapt I think it helps to have good relationships with recruiters and with advisors at other firms and advisors who would be willing to work with you if you need to move. 

99% of advisors will be at home tomorrow because it's a "holiday". I'll be in the office and making dials. Does it make a difference over time? You bet it does.  Does compound interest make a difference over time?  

[/quote]

lol

Jan 10, 2012 3:41 am

I didn't post at all last week...was busy making calls.

Last Monday I recieved a call from someone I had called twice about munis and mailed info to.  Met with him last Tuesday.  He is coming in tomorrow w the check!  

Last week I made 699 calls to new people, spoke with 167 and had 12 prospects.

I also made some follow up calls with people that I have spoken to before.  Called 31, spoke with 15.  Took about half off the prospect list.

My goal is to bring in $6 Million in new assets this year.  

Jan 10, 2012 4:27 am

TakingNames

How many calls you made in the beginning and how much in assets you have after 4 years?

Jan 10, 2012 4:54 pm

[quote=MGold]

I didn't post at all last week...was busy making calls.

Last Monday I recieved a call from someone I had called twice about munis and mailed info to.  Met with him last Tuesday.  He is coming in tomorrow w the check!  

Last week I made 699 calls to new people, spoke with 167 and had 12 prospects.

I also made some follow up calls with people that I have spoken to before.  Called 31, spoke with 15.  Took about half off the prospect list.

My goal is to bring in $6 Million in new assets this year.  

[/quote]

MGold all these people that you call, they must be business owners a majority of them since most residents are on the DNC.

Jan 19, 2012 7:52 pm

MGold,

Great thread! Are you having more luck cold calling the residences or the hospital? Also what do you pitch when you call? It it always a bond?