Nick Murray Prospecting Script

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Jul 16, 2010 4:21 pm

[quote=B24]

[quote=BigFirepower] 

Getting the A or B book clients of another rep, is much harder than you might think. Where I think the "gold" really is, is taking the C book that is worth far more than the currently assigned rep realizes. Money in motion would also be my focus if I started all over again. BondGuy's approach also benefits a starting rep in another majorly important way for a new rep. You open accounts and gather assets much faster than doing advanced financial planning. If all you focused on for 2 years was opening good households, you'd have every household you'd ever need after that nasty phone pounding stretch. Afterwards, you'd simply cultivate that relationship pool and gather more and more assets. Then, after that 2-3 yrs stretch, you just kick back and manage the relations. Anyways, lots of ways to skin the cat, and I actually have known several other successful reps that have taken the planning approach as a lead.  

[/quote]

This is quite true.  I rarely (never) get an "A" client from any of the better wirehouse advisors in my area.  Why?  because they take good care of them.  What DO I get?  B and C clients of those advisors, that are not giving them the time of day, or haven't bothered to follow up with them, and don't realize they have sizeable assets outside.  I also get "A" clients from crappy advisors (the annuity whore$ that just play games to maximize gross - I could tell some stories...). 

Where have most of my big clients come from?  Doorknocking.  Just kidding.  Most have come from executives that had money spread out so many places (their 401K, pension balances, insurance agent, a no-load company, and maybe some at a wirehouse), that nobody took them seriously.  Once you roll it all together, now you're talking about serious money.  A large portion is typically in the 401K and/or the pension. 

My take is that stealing money from other advisors is tough if it is already a large account.  The best money is made when it's in motion (retiring, layoff, leave job, divorce, sell business, etc.).

I can honestly say that some of my "C" clients would probably leave if they found a compelling alternative.  I have ignored many of them.  It's tough to pay attention to them when they have $15K, nothing else to invest ever, and you are working on $750K cases and trying to give your A clients great service.  That's one of the crummy things about this business.  You truly outgrow some of your clients (from an advice standpoint).  Even though you may still have them in a good mix of investments, your lack of communication translates into them being ignored.

[/quote]

Spot on...

Jul 18, 2010 9:22 pm

[quote=rogerballs]

Thank you for your input and I will let you know my progress. Are you in FLA? Also what super regional are you with, if you could share? You can email me at [email protected] your contact info would love to talk. 

[/quote]

As much as i'd like to contact you off the board I've learned my lesson well with regard to maintaining privacy. I will tell you that while I own real estate in Florida, and spend a lot of time there, I'm based out of the north east. Kinda tough for a native Floridian but just the way it worked out.

My firm's name also on the privacy list. PM and we can talk.

Jul 23, 2010 11:29 pm

rogerballs, I have been using his script for about month.  My advice would be to use it, but have a muni bond to pitch as well.  Most people are going to say they are VERY happy with the financial advice they have been getting.  I follow that with a muni bond pitch.

"Are you happy with the financial advice advice you have been getting the past couple of years?"  If they balk at all I say "Can you see the wisdom of at least getting a second opinion at this point?"  If they give me a confindent yes, then I say "We have a tax free investment from XYZ paying X, would you be interested in some additional information on that?"   

The most important advice from Nick is that you start with a baseline of prospecting approaches per day, whatever you can do in a day without having a nervous breakdown, and then increase this number by 10% every couple weeks.  And you don't stop prospecting for any reason until you are producing $1MM a year.   At the end of the day, as long as you are prospecting you really can't go wrong.  Do whatever feels comfortable for you.

I would recommend the book to anyone who is restarting or is a newbie.

Aug 13, 2010 7:57 pm

Bondguy what is your BAB Pitch for prospects?

I have this from another post........

here's a sample of some of what i say. Quite frankly i've broken my own rules witH regard to BABs and don't have a written pitch. I should. Also, most of those that i'm pitching to are long time clients and that pitch goes something like this:
 
Me: I have have a great bond for you today or i have an exceptional opportunity for you today.
 Client: what is it?
 Me: it's something called a build america bond and it yields 7%.
 Client: Sounds good, how many should i buy?
 So it goes when you have a long term book.
 The following is a combination of some of the things i say when forced to "pitch"
 Mr. client I'm calling you today to tell you about a brand new type of investment called a Build America Bond. Are you familiar with these? No doubt you're familiar with the economic stimuous package the government has put into action and part of that package is putting people back to work building schools, highways and all sorts of infrastructure projects. Cities, towns, counties, states across the country are using this program building the projects that they need. These bonds are issued to pay for those projects. The federal government is subsidizing the payment of interest on these bonds making them very safe. And here's the best part, they are paying over 7%!
 Right now you are getting what, 1% in your money market? Until now, with the economy the way it is, I wasn't comfortable showing you alternatives to the money market, however the build america program has changed that.  They are very safe. Today i have an XYZ turnpike bond yielding over 7% to available. it's a Build America bond and will be used to widen the turnpike between exits 6 and 8. it's rated double A plus and will come due in about 20 years in May of 2029. It will pay you $7000 a year in interest and is priced at a slight discount to give you a yield of 7.12%. What i'm recommending is that we start with $100,000, buy 100 of these bonds, and then go from there. This will put that money back to work for you rather than letting it sit on the sidelines. How's that sound to you?
 
A heavier close and more bullet points employed to B clients or prospects.

I sent you a PM recently Hope allis well at UBS
 

Aug 13, 2010 7:57 pm

Bondguy what is your BAB Pitch for prospects?

I have this from another post........

here's a sample of some of what i say. Quite frankly i've broken my own rules witH regard to BABs and don't have a written pitch. I should. Also, most of those that i'm pitching to are long time clients and that pitch goes something like this:
 
Me: I have have a great bond for you today or i have an exceptional opportunity for you today.
 Client: what is it?
 Me: it's something called a build america bond and it yields 7%.
 Client: Sounds good, how many should i buy?
 So it goes when you have a long term book.
 The following is a combination of some of the things i say when forced to "pitch"
 Mr. client I'm calling you today to tell you about a brand new type of investment called a Build America Bond. Are you familiar with these? No doubt you're familiar with the economic stimuous package the government has put into action and part of that package is putting people back to work building schools, highways and all sorts of infrastructure projects. Cities, towns, counties, states across the country are using this program building the projects that they need. These bonds are issued to pay for those projects. The federal government is subsidizing the payment of interest on these bonds making them very safe. And here's the best part, they are paying over 7%!
 Right now you are getting what, 1% in your money market? Until now, with the economy the way it is, I wasn't comfortable showing you alternatives to the money market, however the build america program has changed that.  They are very safe. Today i have an XYZ turnpike bond yielding over 7% to available. it's a Build America bond and will be used to widen the turnpike between exits 6 and 8. it's rated double A plus and will come due in about 20 years in May of 2029. It will pay you $7000 a year in interest and is priced at a slight discount to give you a yield of 7.12%. What i'm recommending is that we start with $100,000, buy 100 of these bonds, and then go from there. This will put that money back to work for you rather than letting it sit on the sidelines. How's that sound to you?
 
A heavier close and more bullet points employed to B clients or prospects.

I sent you a PM recently Hope allis well at UBS
 

Aug 14, 2010 8:24 pm

Nick Murray is a complete joke. I met him 25 years ago and he's was a joke then an now he's simply a bitter older joke.

Aug 19, 2010 11:15 pm

What you say is far less important than actually saying it to lots of people. If you ask enough people if you can punch them in the face sooner or later one will say yes. What ever you say IF you say it to 40 new people a day you will be a success story. It's as simple as that.

Aug 20, 2010 4:47 am

Meletio, from personal experience, I totally agree about Nick Murray.

Fellow competitors, I don't you'll find the best prospecting ideas listed here, if you know what I mean. Check out Al Pacino vs. Jack Lemmon in GlennGary GlenRoss, if you want to at least get pointed in the right direction.  

The idea is to get enough new clients with money, and the numbers game is really old school and inefficient. Most advisors are poor marketers, but marketing can enhance your attractiveness as a professional. Opening one account for $500,000 versus 10 at fifty is more than ten times efficient, when you factor in your time and energy, the difference is exponential.

Aug 20, 2010 1:11 pm

[quote=tenthtee]

Meletio, from personal experience, I totally agree about Nick Murray.

Fellow competitors, I don't you'll find the best prospecting ideas listed here, if you know what I mean. Check out Al Pacino vs. Jack Lemmon in GlennGary GlenRoss, if you want to at least get pointed in the right direction.  

The idea is to get enough new clients with money, and the numbers game is really old school and inefficient. Most advisors are poor marketers, but marketing can enhance your attractiveness as a professional. Opening one account for $500,000 versus 10 at fifty is more than ten times efficient, when you factor in your time and energy, the difference is exponential.

[/quote]

Ahmen.  The only caveat is that if you do a lot of ancillary business, those 10 accounts could be lucrative.  It all depends on your model.  However, those 10 accounts will be worthless eventually if you don't get some recurring revenue from them.  Otherwise, you are in "Jones" mode, still opening 10-15 accounts per month in year 15 to continue making good money.

Aug 21, 2010 1:11 pm

Tenthtee, GlennGary Glenn Ross? That's a bad joke!

If you find so little value here, why are you here?

Aug 21, 2010 2:44 pm

Huh? That movie demonstrates social networking vs. working recycled leads.  Are you offended if I say, cold calling is for geeks, and always has been? That Nick Murray has always been good at looking out for Nick Murray?

Aug 22, 2010 11:59 pm

Offended isn't the right word. You just don't know what you are talking about. What do you know about best prospecting ideas? Something you saw in a "B" movie?

Aug 23, 2010 4:05 am

Enough to write the book, " Cold Calling is for Geeks". Probably not a best seller though, huh?

Aug 23, 2010 3:18 pm

off topic - God I love that movie

Aug 23, 2010 4:31 pm

[quote=tenthtee]

Huh? That movie demonstrates social networking vs. working recycled leads.  Are you offended if I say, cold calling is for geeks, and always has been? That Nick Murray has always been good at looking out for Nick Murray?

[/quote]

You have to be kidding me with this social networking... As a 22 year old recent college grad, I had no social networks, everyone knows you are brand new.....

Go look at your local chamber of commerce, and see the people "networking" there... make-up sales, local handyman, 4-7 jones reps, local mortgage guy, multi level marketing people, local insurance guy who runs his office from home..

Aug 23, 2010 5:55 pm

[quote=chickenfeed]

[quote=tenthtee]

Huh? That movie demonstrates social networking vs. working recycled leads.  Are you offended if I say, cold calling is for geeks, and always has been? That Nick Murray has always been good at looking out for Nick Murray?

[/quote]

You have to be kidding me with this social networking... As a 22 year old recent college grad, I had no social networks, everyone knows you are brand new.....

Go look at your local chamber of commerce, and see the people "networking" there... make-up sales, local handyman, 4-7 jones reps, local mortgage guy, multi level marketing people, local insurance guy who runs his office from home..

[/quote]

This is quite accurate.  You are just missing the guy selling pre-paid legal that is there for the great little pigs-n-a-blanket.  Or how about the lady selling some new diet program?  "Hey, two shakes a day and a sensible meal!  The pounds just MELT away!!"

Aug 23, 2010 5:59 pm

You're right about the chamber.

Aug 23, 2010 6:33 pm

My experience with our local chamber is exactly as described as above, and the very reason why my entire career I've stayed away from that stuff. IMHO, if you are going to network socially, do it while pursuing something you love. So, I've been at a nice Country/Golf Club for about 3 1/2 years. The golf is first, the networking is second. I'm seeing decent results, but it takes Y E A R S... Not into golf? How about Harley Club, Corvette, boating, whatever... Just make it sincere, and something you enjoy.

I'd like to hear about other folks experiences in these settings. Maybe another thread is in order?

Aug 23, 2010 6:58 pm

Big, nice to hear. Why don't you start the thread?

Aug 23, 2010 7:02 pm

As soon as I'm motivated. I hate Mondays...