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Preparing myself into the FA world

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Nov 4, 2010 1:06 am

I begun to prepare myself to enter the FA world.  i'm in the final stages with EJ and ML, and I'm confident I will get the job.

I have been preparing my business plan, and I wanted your expertise and constructive critism to enhance my current plan.

1) 40 contacts per day regardless of # of dials.

2) Go into work 6 days a week, and spend sunday preparing for the week.

3) Generate leads from Reference USA, SalesGenie, Newspapers, library, and my current COI

4) Scripts: "Hello Mr./Mrs. Johnson, this is regrep with xyz investments.  I'm calling to see if you are an investor and if so are you open to new ideas from time to time?"  "Hello Mr./Mrs. Johnson, this is regrep with xyz investments. I'm calling you today with a tax-free investment yielding x%.  Do you currently have any CD's yielding x%?"   Any improvements to this will be greatly appreciated.

5) Saved 3 years worth of expenses in my savings account/wife also just got a huge raise.

6) Call Mail Call

7) Call to disqualify prospects, I'm a professional and you need me more than I need you attitude.

8) "Prospects are found, rarely created" mindset.

9) Keep my head up and know that I will have the toughest 3-5 years of my life ahead of me.

10) My clients are ready to move with me.  It's not alot but I have $3M willing to switch.  Many of you might say "newregrep, how would you know these clients will move with you?"  I'm a south korean and these clients will follow to the ends of the earth due to cultural bond, current relationship, and a bond of trust that has been formed over the years.  I'm confident they will move and they already know I'm making the move soon and I will be able to provide a better solution for them.

Nov 4, 2010 1:50 am

Sounds good, with exception of contact numbers. Unless highly focused messege that number is too low. 50 is an absolute min, but 75 is better. Rather than focusing on the number of contacts, even though that's what I've done, another way to get this done is to focus on the number of hours spent calling. That's a controllable number.

Develope a sales process and follow it.

For example: call-mail-call-fact finding appointment-close appointment.

Have scripts and support materials for each phase of the process. Also develope alternative routes, like doing fact find or closing over the phone.

Good luck!

Nov 4, 2010 2:08 am


My plan was not to leave my office until 7:30pm Mon-Sat. 

My sales process is to try to sell over the phone as best as I can.  If not, go for an appointment.

I have rarely closed over the phone, but I have gathered your scripts and I will be trying my absolute BEST to close most if not all over the phone.

My usual strategy is what I call GEDIM (Get 'em!)

Gather Information

Evaluate Information

Determine a Plan

Implement (sell) a Plan

Monitor the plan (quarterly calls and meetings with existing clients to build relationship)

What do you mean by support material?  Do you mean a written agenda to give my clients? Or a comprehensive information with charts and numbers on an investment?

Nov 4, 2010 1:19 pm

Terrific - sounds crazy - might work!

Just kidding - two things

Mon-thur prime residential calling time 6:30pm to 9pm. 6:30 start time on night time calls to homes, if part of the plan, usually lets people get home from work, realx a little and eat dinner.

On second call a Bill good script went something like this:

This is newrep at newrep financial, you may recall we spoke about a week ago and i sent you some information. The reason for my call tonight is before i could ask you to make any investments I need to know a little bit more about you and the kind of investments you'd like to make. I need about ten minutes of your time to ask you some questions is now a good time or is there a better time when you might be able to give me ten minutes to see if we're a fit?


I new about ten minutes of your time to ask you some questions about investments would like to do that over the phone or would you rather meet in person?

The prospect will almost every time say the didn't get or didn't read the materials you sent:

That's Ok Mr Smith, that's not the reason for my call tonight. (if didn't get) I'll resend the material, the reason for my call is before i could ask you to make any investment i need to ask...

Straight bond/product close

mr. Smith this is newrep at newrep financial we spoke last week and you indicated you might be interested in tax free bonds if the yields were right, well i've got a fantastic bind that has just come into inventory yielding 5.5% tax free, which in your tax bracket is the same as a CD yielding 8%, would you like to hear about it?


Do you currently have any CDs yielding over X%?

Buy bill good's books.

Support material is scripts - have bailouts - don't be confined by the walls of the process. if someone is ready to go on a product and it fits, go for it!

Support materials also means having pitch and miss letters ready for a multi month drip campaign that will utilize calls and letters to green cherries as you position yourself in the number one slot for money due later.

The agenda/process is for you to follow. Include bailouts and alternative routes.

For example if your process is to call'em and close'em but you've got someone qwho wants to meet have a plan for how that process will go. is it going to be one meeting close, or is it going to be fact find meeting then a close meeting? These are decision yous have to make to run your business your way. Most find having flexiblity in the process is the best course. be prepared to be flexible.

Nov 4, 2010 4:05 pm

I love 8, you're exactly right.

If you think this is for you, try one more thing. Take out the white pages, call 300 folks, ask them what they thought of the election. If doing that makes you sick to your stomach, you'll already know this biz is not for you, and save you, the wife, and everyone else a whole lot of time and grief.

4 is no good, mail only to very qualified prospects/not just people trying to make you feel good or looking for a way to hang up, 7 is a bad attitude, 10 will help you, especially if you can work it. 

Nov 4, 2010 4:14 pm

The number of contacts you make will depend on how qualified your contacts are. If it's a reasonably qualified list and you're making 40 contacts a day, that should be plenty.

Nov 4, 2010 5:37 pm


I love 8, you're exactly right.

If you think this is for you, try one more thing. Take out the white pages, call 300 folks, ask them what they thought of the election. If doing that makes you sick to your stomach, you'll already know this biz is not for you, and save you, the wife, and everyone else a whole lot of time and grief.

4 is no good, mail only to very qualified prospects/not just people trying to make you feel good or looking for a way to hang up, 7 is a bad attitude, 10 will help you, especially if you can work it. 


I disagree completely.  No one is going to enjoy cold calling 300 people right off the rip if they have never done it before.  It is ridiculous to even expect them to.  Do you know of many people that banged out 300 dials right off the gate?  I don't. 

I would submit that most of us felt cold calling was the hardest thing in the world when we first did it and I am willing to bet that 99% of the experienced people on this board don't even make 300 cold calls a day why use this as a litmus test for someone who has probably never cold called in their life?  The ability and propensity to learn how to prospect and the self discipline/work ethic to actually do it are what is important in my book. 

Nov 4, 2010 6:21 pm

You can disagree me, that is fine. But, I disagree with you disagreeing with me. 

Before spending 2 grand on ski gear, a person might just rent gear, see if they like it first, before they bet the "farm". Here at RR Forums, you routinely see rookies admitting they "had no idea" how gruelling it was to smile and dial. Some people just cannot handle it, take that stress. In fact, MOST people can't.

Peace Stone!

Nov 4, 2010 7:24 pm

Bondguy - I'm currently reading prospecting your way to success, and going to read hot prospects.  It's packed with amazing material, and I'm taking notes as I go through the book. I will take your advice and bump my contacts to 60 per day, not sure how many dials this would take, but  I would either hit 60 and go home, or stay at the office until 9pm.

Monday-Thurs 8:30-9pm: 50 minute cold calling blocks.  I will also work my niche market which is the South Korean community heavily as I "re"brand myself as a Financial Advisor"

Friday-Sat: 8:30am-7:30pm, and spend sundays creating leads.

BFP - I do not mind cold calling, I've done it to grow my current business and yes, it works...although difficult.  I have no problems having people saying no to me. 

Also you said my number 4 is a bad idea.  I did not write anything about mailing in my number 4, was it number 6 you were referring to?  If so, I'll take your advice and mail to only "qualified" prospects.

Dillema:  I have an offer from ML to join the PMD, and I'm in the final stages of hiring process at EJ. ML wants me to join as soon as next friday, I even told them I'll be going to dominican repubic for an anniversary, the associate director said "how would you like to be paid while you're on vacay? listen enjoy that vacay and when you come back, come in here strong". 

I have a final interview with EJ next week.  I'm still curious to see what they can offer me, and EJ has been very pleasant with me as well.


Buy a recorder to record myself.

Nov 4, 2010 9:28 pm

I vote for ML. However, your success will ride with you, not the name on the front door. That said, your local manager will play a large roll in your success by supporting your efforts. You need to judge which manager will give you the tools you need to succeed. if it's a toss up i'd go ML. I say that even though it is likely they will have a shorter leash and give you less time to succeed.  They have the best training program on the street. No doubt, these days, they won't be big on cold calling. Still, that's where i would go if all else is equal. Usually, these things aren't toss ups. Most likely ML's deal will be stronger.

Nov 5, 2010 4:50 pm

One question, Muni bond rates are down, so which product are you folks leading with now? 

ML wasn't so big on cold calling but was big on working centers of influence.  But I still believe in Cold calling and will call for majority of my business. 

Years 1-4

Asset Gathering mode

Years 4 and beyond

Deepening relationships, Financial Planning, and the whole 9 yards.

Nov 5, 2010 7:19 pm

Newreg, picking the firm...

Several here have been that route with MER, and it's pretty gruesome and cutthroat. EDJ, I'd think is a bit more laid back. If I had to do my entire career over, no doubt, I'd have gone via Jones.

The manager of which ever, is of HUGE importance. The more they like you, the more they will support/love you back, cover your back.

EDJ is like a bank gig, the location is of extreme importance.

Nov 5, 2010 7:22 pm

#4, I didn't like your pitch. Look up some stuff by Bond Guy, he's got that stuff totally right, dialed in. I don't think anyone has a better grasp of that, than BG. In almost every case, mailing stuff is just a waste of paper, time, money. When folks said to me "mail something"... I was like "sure... have it right out to you..."

Nov 6, 2010 12:40 pm

ML was very aggressive in hiring me, they wanted me to start as soon as this coming friday!  I told them I needed some time to tie up some loose ends and give atleast a 2 weeks notice...I do not burn bridges.

EJ definitely does seem alot laid back, and as in terms of support during the hiring process, they have been extremely kind and helpful...I can definitely tell the difference between a New Yorker and a non-New Yorker.  You guys outside of NY have HEART.

I have to decide by next week which firm I'll be going with, and I'll report it here.  I will also gather up scripts for each different situation and my sales process and put it in writing so I can study it in the mean time...and I do want to share it with you guys for feedback.