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Nick Murray Prospecting Script

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Aug 23, 2010 7:13 pm

Time to go out while the days are long and bright.

Aug 23, 2010 7:21 pm

Tenth, I've been telling myself that for years now...

So, I'm at my 120th golf round of the year. I'm thinking 170 or so is in the cards....

Aug 23, 2010 7:35 pm

Nice, that is about six times more rounds than me.

I have been to the club to practice about 150 times YTD.( 6 - 16 holes average).  Love to practice and do a little competition.

But, I may be going over the edge. Last night, I saw something like a shadow aura.

http://answers.yahoo.com/question/index?qid=20100618113810AAICNh7

Too much Zen golf, or Golf in the Kingdom.

Aug 23, 2010 7:49 pm

Double Doppelganger....

It's doom.

Aug 23, 2010 8:00 pm

D*amn. Must be why I lipped out  that three foot birdie putt.

Aug 23, 2010 8:36 pm

Where do you guys find that much time to golf?  I would be hard-pressed to get out once a week, but you guys are getting out there 5 days a week.  You guys single?  Kids?

Aug 23, 2010 9:28 pm

4 kids and married. I live 1/2 mile from club, 5 miles to office. I have about 4 hours of "real work" per day. I play golf with folks that are kingpins of the area, so I justify it that way. I've been very, very low key with members. They bring up the subject before I do. My wife's pretty cool about it, realizes it's better than many other bad habits. Speaking of golf, it's 75 degrees, the course is perfect, greens running about 13...

Aug 23, 2010 9:33 pm

[quote=Gaddock]

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.

[/quote]

+1. It's about the numbers. consistant numbers everyday.

Aug 23, 2010 9:36 pm

It gets easier when the young ones are standing on the edge of the nest.

Being a few minutes from the course, and being able to just walk on and start playing make it more like going to the gym. If you're lucky, there are two courses.

Aug 23, 2010 9:42 pm

Big Fire, the temperature is about the same, and we think and act alike with our golf.  I hope we're not at the same club.

Aug 23, 2010 9:57 pm

hahahaha my chamber was exactly the same. diet lady included

Aug 23, 2010 10:04 pm

when you first start out, attending chamber meetings makes you feel important

Aug 23, 2010 10:56 pm

That is funny. 

There was an attorney who helped people spend their money incorporating, and a guy who could help you refinance your house to spend $$$ on the new business, after the financial advisor did the last transactions to blow out your rollover IRA.

Aug 23, 2010 11:20 pm

How ethical is it to have an ulterior motive within social prospecting circles? I mean i get it, a lot of business from all walks of life gets done on a golf course. To me, the ethical question gets covered if everyone in the foursome knows up front  that round is more about one of them making money than it is about golf. The game can be a pleasant way to conduct business. But, the truth is, many of the these golf partners don't know they're being prospected. The don't realize that's why they were invited or included. This holds especially true for the big kingpins who are members of the club. Regardless of whether business is conducted, playing with them enables the business person with the ulterior motive to build a relationship with them. The kingpins think they've found a new golf partner, while the business person is plotting the next building block to the guy's wallet. How honest is that? Any way you spin it, it's not honest.

That's always been my problem with social prospecting. It's not honest. Personally, i hate it when joe the insurance guy corners me at a charity event or other social event. Say what you will about cold calling, direct mail, and seminars, at least they are straight forward. Everyone at the table knows the complete score.

I don't do business with people at the charities I work with. This extends to rotary and various clubs i belong to.  If someone really needs help I refer them to one of the half dozen guys i trust in this business. I stay out of it. I won't discuss any aspect of the business with any of the folks at these functions. So far, that's worked out just fine. Peace of mind has a price.

Aug 23, 2010 11:27 pm

As long as you have peace of mind.

Golf is the motive, giving or getting help from people you know and trust is just being social. 

The guy who runs a chain of car washes isn't hitting on me to wash my car there, vice versa.

I could take a shot and say, you appear a bit self righteous. Like, appearances are more important than fact.

Aug 24, 2010 12:54 am

Yeah, that would be a shot. my objection to social prospecting is well documented on this forum.  I view those who use social prospecting as being disingenuous. Which is why I won't do it. If living by ones' moral code is being self righteous, well then guilty as charged.

As for giving help to those you know as just being social? Not when that help comes with a price tag. Then you go from friend to well paid service provider. That you may be the best advisor on the planet doesn't change that fact.

Gee, what a coincidence that the help they needed just so happens to be what you get paid to do for a living.

The guy with the car washes is a poor example. He needs at least 100 customers a day to make his businesswork. You need less than 100 per year to make yours work. Businesswise you have much more to gain than he does from the relationship.

Aug 24, 2010 1:05 am

Wow, you are really cynical.

People do business with people they like. When you spend four hours playing a round of golf, you get to know someone at a real level.

Why would you be cynical about getting paid? As long as you are fair and treat everyone the same, either they want your service or they don't.

Why cynical about the "coincidence"? Would you rather trade money with your friends, or with the Chinese?

It seems like you are trying to make some kind of moral point here. It reminds me of  what is happening in America right now, too much BS about appearances. I hear the liberal political analysts, there are always talking about how this or that might seem, or what someone should do to give the appearance of caring.

My ancestors came to this country doing business on personal relationships and handshakes, that's still good enough for me.

The object is to make money and have fun, which usually means spending it on things you like.

I can tell you're not a golfer. Get your head in the game, you might feel differently.

I chose the word 'geek' carefully.

Aug 24, 2010 1:50 am

[quote=tenthtee]

Wow, you are really cynical.

People do business with people they like. When you spend four hours playing a round of golf, you get to know someone at a real level.

Why would you be cynical about getting paid? As long as you are fair and treat everyone the same, either they want your service or they don't.

Why cynical about the "coincidence"? Would you rather trade money with your friends, or with the Chinese?

It seems like you are trying to make some kind of moral point here. It reminds me of  what is happening in America right now, too much BS about appearances. I hear the liberal political analysts, there are always talking about how this or that might seem, or what someone should do to give the appearance of caring.

My ancestors came to this country doing business on personal relationships and handshakes, that's still good enough for me.

The object is to make money and have fun, which usually means spending it on things you like.

I can tell you're not a golfer. Get your head in the game, you might feel differently.

I chose the word 'geek' carefully.

[/quote]

I can see what BondGuy is saying...I don't disagree w/ doing business w/ those on the course, charity, etc... I think the issue he has is with the intial motive...

I have struggled w/ this in a different setting. I am in an exotic car club and an associate was talking to me about buying leads and that years ago they had a lead broker who sold them a list of exotic owners.. (F-cars, Porsche, Lambo, higher end stuff)

Anyway, he basically said "What if...?" I thought about it and to be honest started getting a mixed feeling, I am a member if the club because I love the cars and comradery and once I started looking at these guys as potential clients I started feeling like one of those old cartoons wherein one of the charcters looks at the other and he turns into a delicious looking turkey...

I mentioned it a few times to a couple of guys, but ended up leaving it alone. I always spotted those who try to sell me things in a network setting and avoid them like the plague and I didn't want to be that guy.

Even if you don't come on strong or "appear" to be selling, it seems like it would be reminicent of the times when I had a friend, a girl, I had been friends with her for years, but then I started thinking of her in different way and began getting sweaty palms and butterflies once I changed our realtionship status (atleast in my head)... 

That doesn't stop me from hammering the phones on occasion, but as BG said the cards are on the table...

I am not being sef-righteous, it's just not for me... atleast the car club. Now, I wouldn't necessarily be opposed to joining a club for the purpose of getting clients, but I think the difference is my original motive. However, I usually have a rule against doing biz w/ friends...If I recall from some of your posts, however, you're not big on the phone, which I can appreciate...  I respect your ability to be able to golf 5 days a week and share your insight here.

Aug 24, 2010 2:41 am

Thanks, I see your point.

I don't solicit, period. My marketing stuff is gear toward the affluent investor.

Families are the best example. Some are very closed about money, some very open. Since I'm doing moderate portfolios of etf indexes, I stay friends with everyone. Same with insurance, take it or leave it. I care, but I'm not your conscience or your taskmaster.

I think the more believe in what you do, you assume a kind of quiet confidence. After a while, people know you are good at what you do.

My only point about cold calling, say, leading with a product, is you are completely commoditizing yourself. I don't see how that is doing anyone any great service, certainly nothing to crow about.

Aug 24, 2010 1:32 pm

Bondguy,

I have tremendous respect for your opinions.  You are certainly in a position to give advice to the board here.  However, I have to disagree with your philosophy on social prospecting.  In all sorts of businesses, social prospecting is the norm.  It's part of how you get to know people.  Now, if you are going to the golf course for the sole purpose of "prospecting" fellow golfers, then I agree, it's a little sleazy.  But I would think you have to agree that part of "running in the right circles" involves socializing with the "type" of people you would want as clients....meaning, if you want HNW folks as clients, you gotta hang out at golf courses, marinas, art exhibits, etc.  Now, I'm not saying you should be "that guy" that is seen at every damn event in town.  But if you enjoy golf, then you should spend time on the course. 

I'm not sure what type of area you work/live in.  If memory serves me, you are in southern Jersey or Eastern PA areas.  Where I live, I am nowhere near a major metro area (like 2+ hours in either direction), and those metro areas are well served with advisors.  So most of my prospecting is relatviely local.  When you live in a county with 100,000 households, it becomes very small very quick (about 6000 in my town).  So much of the business is by referral.  The more people you know, the more business gets referred to you.  I rarely make clients out of people I know well.  But I get a lot of referrals from friends, clients and business acquaintences.

So I agree that going out to all these social events in order to prospect is probably a little sneaky.  But going for the sole purpose of getting to know more people is pretty normal and human.  Most wealthy folks got wealthy by knowing a lot of the right people.