[quote=rogerballs]

Tuesday September 7th 8 AM I start my personal 500 Day WAR, Anyone care to join me? I will be posting weekly numbers: Dials Contacts, Propsects, CallBacks, New Accounts, and Assets. My goals are 7.2 M in assets at the end of 2011. Productions of $144,000.

I am asking for help from the board with qualifying questions. Please help me with qualifying!!!!!!! Send me your qualifying questions for tax free prospects  

I am becoming  "BONDGUYERIZED".

My script is:

   ______this BondGuyJr at BondGUY Firm the reason for my call you is to let you you know that we've been seeing some very attractive bonds with yields as high a ____% lately,  I have nothing for you today but the next time I see one would you like to hear about it?

QUALIFY

If you did like the idea, would an investment of $______ be a problem at this time?

No $ problem: 

Well ____it was great speaking to you!  Do you have a pen in hand so you can write my name and company down so you can remember me better?

Ok, great once again my name is BondGuyJr with BondGuy Firm I'll be getting back to you very soon, All I ask is when I call you back you kindly give me 5 minutes and an open ear.  IS THAT FAIR? (PAUSE)

$ problem: Okay, let me ask you this: When in the next six months do you expect have some funds available to invest or reinvest? [Pin down month if necessary.]
Suppose we mail out our card and I get back to you in a few months [or whenever they have funds coming]?

 Great, have a good day.

[/quote]

I'll join in with you on tracking weekly stats.  Before this morning, I was actually a complete cold calling virgin.

But, one thing to note for the future, I am not an advisor or planner...I'm a trader.  I look for client accounts to trade options in...I'm sure most everyone knows of Gaddock around here, and what I do is extremely similar to him, even the strategy used, but I am in futures.

My initial call is not a sell right off the bat.  It's meant to warm up a lead and create a sales funnel.

Script:

"Hello ___, this is ____ from ____ in ____.  I was calling to see if you were an investor in the markets, and if so, are open to new ideas?"

If yes...

"I provide an investment strategy that has an +80% success rate, and is generally un-correlated to equities.

Would this probability and diversification be something you would be interested in taking advantage of?"

Note: I do not consider them a contact until they hear my entire script...as you could guess, many will say "no" or "not interested" after the initial question.

Follow-up:

I follow-up with a personal thank you note off the bat, background info on myself and trading experience, and a sample investment diversification plan...all mailings. 

As far as help with qualifying, I am no use...I won't qualify my prospects for $ until after my final info is sent to them. 

To qualify, I just simply say, "Industry experts typically recommend a diversification into commidities that ranges from 10-25%.  This can lower the standard deviation of your portfolio and increase overall return.  What is the current size of your portfolio?"

How many dials per day(range) are you aiming to do?

Contact of 50 per day to start ramping up to 75. As many dials as it takes. Currently my schedule is to call for 50 minutes then break for 10 minutes. I will call  from 8-2  5days a week.

I started calling businesses yesterday, and intend to keep doing so for now.  Just have downloaded them from reference USA.

So far, my ratio has been 2 contacts per 100 dials....hopefully I can improve that.

[quote=rogerballs]

Contact of 50 per day to start ramping up to 75. As many dials as it takes. Currently my schedule is to call for 50 minutes then break for 10 minutes. I will call  from 8-2  5days a week.

[/quote]

My best calling, was either 3 or 4 hours, each Friday. It was in the basement of the bank, a phone I had installed, my belt sometimes got taken off, just to strap me into the chair. My FA was given strict orders to NEVER interrupt me, even if the building was on fire. I got up for NOTHING, no break, no coffee, nothing. WHen you are on a roll, the last thing you want is something to distract that, like a "talkie" or a piece a paper, return call, donut, coffee, etc...

If I had to do this all over again, I'd call like you are, but do it every other day. Mon, Wed, Fri. The days in between would be days I'd use to support those calls. Your 5 day thing, might be more than the mind can handle, longer than say 3-5 weeks, before you just have a physical/mental revolt. Either way, try it your way, see what happens, you can fine tune it as you go.

[quote=BigFirepower]

[quote=rogerballs]

Contact of 50 per day to start ramping up to 75. As many dials as it takes. Currently my schedule is to call for 50 minutes then break for 10 minutes. I will call  from 8-2  5days a week.

[/quote]

My best calling, was either 3 or 4 hours, each Friday. It was in the basement of the bank, a phone I had installed, my belt sometimes got taken off, just to strap me into the chair. My FA was given strict orders to NEVER interrupt me, even if the building was on fire. I got up for NOTHING, no break, no coffee, nothing. WHen you are on a roll, the last thing you want is something to distract that, like a "talkie" or a piece a paper, return call, donut, coffee, etc...

If I had to do this all over again, I'd call like you are, but do it every other day. Mon, Wed, Fri. The days in between would be days I'd use to support those calls. Your 5 day thing, might be more than the mind can handle, longer than say 3-5 weeks, before you just have a physical/mental revolt. Either way, try it your way, see what happens, you can fine tune it as you go.

[/quote]

Good advice BigFirePower.  The only thing that I would add is that sometimes, going the every other day route in terms of calls may potentially lead to call avoidance.  Committing to making calls for a specific time period daily will build a habit which in my opinion is a great determinant for long term success.  Either way, as long as you get the calls in and reach your goals, whether it be dials or contacts, you will surely reach your objective.

I was on a good call rate (for me). I was dialing 100/day then ramped up to 175. Then I burned out. I’m in a small town and called every business within 1 hour within about 8 weeks.
I started having appointments and I used it as an excuse not to call. I didn’t call (well maybe a little but not more than 25/day) for about 4 weeks. Then my prospects of immediate business disappeared. And I’m back to square one. Lucky I will have brought in enough assets to keep my job for another couple months.
I am starting back calling the original list with a different pitch. The first time I pitched advisory services. Now I’m pitching ELKS (just as an attention getter). I’m back to dialing 100/day and having 5 meetings a week.
I say all this to point out it is HARD to stay on track. There are so many reasons and excuses that I didn’t make the calls. Once I looked at myself honestly, I saw I was avoiding it. I’ve figured I can make 100 dials a day (yields about 20+ contacts) and still have time to prepare and go to meetings. I work til 8pm 3 nights a week and one Saturday a month (9-2). I will see if this works for me. If not, then maybe I’m not meant for this business. But with a wife and young child I have to find what works for me.
Good luck in your quest. Just be sure you don’t push yourself to the point you burn out and then make excuses like I did.

I don't give my number out to anyone. Nothing personal, just lesson learned. That said, Roger and i have PMed back and forth.

Muni qualifying questions:

End of Roger's pitch...Would you like to hear about it? (Yes)

Terrific, so I don't waste your time on a future call I'd like to ask a few questions, (pause) have you bought tax free bonds in the past? (Yes)

When you buy bonds do you look for anything specific? State, ratings, maturity? (this leads to a conversation where much gets answered)

The questions are: What ratings do you usually buy?

Do you buy only in state or will you look elsewhere?

Do you have a specific maturity range you like to stay within? (BTW, everyone wants 8% for five years-don't let that throw you - now is not the time or place- I've lost track of how many 8% 5 yr people i've sold 25 year 5% bonds to)

Revenue bonds, OK?

Anything you won't buy?

When you buy, what amounts do you usually invest in any one issue? ( whatever the guy says, agree and say the following) ( he says 50k) Ok, and i assume that you are liquid for 50k for the right Idea? (if he says a low number 5 or 10k) terrific. let me ask you this - if it was a really good idea, could you do 50k? (or 25k - you name the number)

Terrific, Mr Smith, what i'm going to do is send you some information on who i am and how i work, I've got you at (address) and I spell your last name S-M-I-T-H ? Great! I'll get that information out to you and i'll be back to as soon as i see something that fits. (OK) Have a geat day! ( let them hang up first-click dialtone- high five to self- next call)

If asking a straight out qualifying question on money. Mr. Smith we work with bond buyers in the ____ to ____ range. I assume _____ wouldn't be a problem for you? Then shut up!!!!!!!!!!

On the qualifying amount, there is nothing wrong with asking for $500k, and if you don't ask you don't get. Usually we quality with either 50k or 100k. We do that because we don't know how big the people are on that list. If and only if we know the list is whales do we pump it up. Asking for 100k won't embarress you in front of a million dollar guy. Asking for 10k will. And as i said, the way around this is to let them set the amount :"And when you buy what amounts do you usually invest in any one issue?" Let them answer and just go with the flow, ask if they are liquid now.

There are lists where we will qualify for a million dollars. But, if you are calling a general business list, qualifying that high could cause you to miss a lot of good prospects who could become million dollar clients. Just gotta build them 50-100k at a time. I have one client, owns a lumber yard. She asked if i would do 10k as a minimum. I said OK. That acct went to 770k before she stopped buying because of her age. That was 770k 10 at a time. So, the point is, it's  judgement call. if you smell money, don't be hard and fast about disqualifying people.

Be cool like you've heard it a million times before. Practice your pitch with friends and family. Record yourself. The key to dealing with big money is to talk to these people the same way you talk to your friends. Be you, be relaxed, be in control. have your script in front of you. KNOW IT COLD!!!! DON"T READ IT! it's there for backup in case someone throws you off your presso.

On the BABs. These are working great. So another question to ask is if they have an IRA. Yields are down, of course, but plenty of opportunity. I would make this a seperate call.Even though i've sold a ton of these bonds,  I haven't prospected specifically for babs, so i'm out of my element. maybe one of you could report back?

One other thing about what i do, I buy for income, period! I'm not buying as part of some asset allocation plan. I could care less what interest rates are doing or are gonna do. Bill Gross can stick his opinion up his ass for all i care.  I could care less what the market experts say rates are gonna do. I could care less about what the economy is going to do.  Why? Because what ever rates are gonna do, they've done before, and they'll do again. Here's the cool thing about owning a tax free bond: You can't lose your money. That is, if you hold until maturity, it will give you exactly what you signed up for, interest every six months and principal back at maturity. The story NEVER changes. So, divest yourself of all the noise out there and just buy the bonds! The highest yielding ones you can find. And, if rates do go up buy more! It's that simple.

Finally, as "just some guy" on an internet messege board, chose to believe what you will. None of you have to take my advice. None of you have to listen. You can hit the ignore button and be done with me. That's OK. Just know this: Cloning Tennison saved me. Now, understand, i wanted to do the bond biz thing. I just figured there is no reason to reinvent the wheel. That said, those of you who want to be your own people and want to reinvent the wheel, well, good luck! let us know how it goes and don't be shy about chiming in from time to time with some good original ideas. I for one, would love to read them. Success breeds success!!!

Hacksaw, you sound like you DO belong in this business. Take all your fear, and your doubt, put it on a boat near the shore, and burn it...

BondGuy,

Better late than never! LOL! Thanks for the post. I appreciate your input and insights! Iwill be using the script and practicing it over and over. By the way my wife laughs at me every time I go into the pitch! She thinks I am nuts! But she will like the $'s it will bring in.

With the BABS, I had a client who had $500K in cd's they are being called on 9/13. I called her and told her about BABS. First she balked and told me all about her feelings on the economy and the government (as if I care) I did listen though. Then she said she needs the income and doesn't care about the principle. I explained to her about premium bonds (using your words from a previous post) and some of your information about BAB's(from your previous post) .

Guess what she said put together a portfolio for her laddering from 5-25 years and invest it all. Not a bad day!!!

What a way to end the weekend!! Close to $7,500 in commisions.

I owe it all to your posts and you sharing your experience and insights!!

THANKYOU THANKYOU THANKYOU THANKYOU THANKYOU did I say THANKYOU!   

Good Job!!! Congrats!!!! You sound like me with Bill Tennison. That guy was brilliant!

Give yourself some credit. i gave you a little direction. You're the one who made the call.

You never make the shots you don't take. I think that was Gretsky. Take as many shots as you can.

Have a good weekend!!!!!

Rogerballs,

Throw a bigger number up for yourself to reach. 150 a day is easy and achievable. 

I run three campaigns at a time. At this point in time I have dozens that are repeatable, each with their own script.

 The object of three campaigns is to hit for different business. Currently, I am prospecting 401k plans, Portfolio Review and Annuity reviews.

I focus on the appointment. I ask three times for the appointment and after the third time I ask:

A. is it OK if I send you my card (or an email)

and/or 

B. is it OK to include you in the invitation list for an upcoming seminar. 

This keeps you in the door, and gets your card in your hand or permission to email or for the seminars - helps build a list of qualified seminar prospects to circle back to.

Kicking and Taking

Ok, you guys are starting to scare me! It is sounding like the movie Wall Street.

What are you guys planning to do with these clients when interest rates start to climb?

You said you sold clients 25 year bonds yielding 5%

Man theres some good stuff in this thread

Roger - Yes, I was being 100% sarcastic. Come on rookie I thought I had layed it on pretty thick. Also, about my schedule - that was developed before I started calling. And no way in hell would that work. I generally make 50-100 calls, and take a 30 minute break. Calling is exhausting. And I stand up during my call sessions - makes you sound so much better, yet very exhausting as well. Always check the inventory of the bond you're calling on during your break. And I've stopped leaving messages. Each message takes the same amount of time as making another call, so it doubles the time of each calling session. And you're going to be back to calling that list in 2-3 weeks anyway.

I wish I could sell the highest yielding bond out there. The clients need it. But sometimes you need to sell them what they want before you sell them what they need. This means finding a municipal (tax-free or taxable) bond with a maturity of less than 10 years. As long as it's beating CD rates. Here's my script:

M/M ___? This is ____ with ____. The reason for my call, is about a particular bond that came in this morning. It will pay you 3-4 times more than the banks are on CDs and MM, and it matures in less than 10 years. Would you like to hear about it?

If you can find an insured bond with these crudentials, pitch the hell out of it until it sells out. The prospects are used to insured investments, and they love insured bonds. Also, saying it came in this morning adds a bit of urgency.

I've found that stating "the minimum is ___" is a bit off-putting. I've changed the wording a bit and it's worked very well. Try this: "These bonds sell in incriments of 25." That's a minimum of $25,000 and you never said the word minimum. And what you're saying is completely true. You're only selling these bonds in incriments of 25. I think stating your minimum is $500,000 will be leaving a lot of money on the table. 25 bonds will gross anywhere from $250-$750 commission. People with money love bonds, but even they know that it's important to diversify. Hard to do with $500k in one single bond. Unless they're loaded. Then you're buying drinks.

[quote=Greenbacks2]

Ok, you guys are starting to scare me! It is sounding like the movie Wall Street.

What are you guys planning to do with these clients when interest rates start to climb?

You said you sold clients 25 year bonds yielding 5%

[/quote]

The worst the client will do is make 5% on their money.

Also, when rates go up, buy more. That's assuming you didn't put their entire net worth in 1 single bond. If that's the case, you should be shot.

Think about it, rates will always be going up or down. While they're going up, the client slowly invests into higher yielding bonds. While they're going down, it's the other way around. It'll all average into a nice interest rate. You'll still beat the local bank on their CDs and you'll have zero exposure to the stock market. Which is what you want when you're buying for income. All the while you're paying zero federal income tax.

[quote=Greenbacks2]

Ok, you guys are starting to scare me! It is sounding like the movie Wall Street. What type of prospecting do you do?

What are you guys planning to do with these clients when interest rates start to climb? When is that happening can you let me know?

What do you use?

You said you sold clients 25 year bonds yielding 5% So they are making 5%/year (tax free if muni) what is the track record of the s&p over the last 10 years... -26%??

[/quote]

[quote=Greenbacks2]

Ok, you guys are starting to scare me! It is sounding like the movie Wall Street.

What are you guys planning to do with these clients when interest rates start to climb?

You said you sold clients 25 year bonds yielding 5%

[/quote]

When rates start to climb? Ok, so how high would that be? And when would that start, and what would the lost opportunity cost be, and how about higher tax brackets in the future off setting the losses, and this, and that....

My clients need checks, in the bank, that they can use to supplement their social security. The stocks, and mutual funds with stocks, are what are supposed to protect their purchasing power.

We strive, my group, at optimizing asset allocation, generating tax efficient income while we're at it. We put the client into a decent position, to participate with an up market, and manage risk in a bad market. And...that is all anyone can really ask of us, isn't it?

Tough day today 319 dials and 39 contacts and ZERO propsects!!! I called Ohio from 8-9, Texas  and Illinois 9-10 Colorado 10-11 Then back to Ohio. The rudest people were in Colorado. Not sure why?

Contact rate was low and lots of businesses are now using automatic machines to answer takes time to go trough prompts! = Only 50% of the time do I get a person on the line. Lots of I am not interested Guess that is good disqualifyied themselves.

My question is should I try calling at 7am or 7:30. Lots of the business owners had not come in when I called.at 8-9. Gusess I am answering my own question. My brain is frioed now and my finger is turning raw from dialing.

Any suggestions are welcome. and appreciated.

[quote=rogerballs]

Tough day today 319 dials and 39 contacts and ZERO propsects!!! I called Ohio from 8-9, Texas  and Illinois 9-10 Colorado 10-11 Then back to Ohio. The rudest people were in Colorado. Not sure why?

Contact rate was low and lots of businesses are now using automatic machines to answer takes time to go trough prompts! = Only 50% of the time do I get a person on the line. Lots of I am not interested Guess that is good disqualifyied themselves.

My question is should I try calling at 7am or 7:30. Lots of the business owners had not come in when I called.at 8-9. Gusess I am answering my own question. My brain is frioed now and my finger is turning raw from dialing.

Any suggestions are welcome. and appreciated.

[/quote]

Keep dialing. Time of day doesn't matter. Focus, intensity, duration and the number of dials are the keys.

update?

Bad first week 2 day holiday old client called.

Dials 610

contact 49

prospects 2

Production was great from client call over 9K.

So all in all not bad but I need to get the calls up . Tough time with business owners being in early. Started tpo leave Voice Mailes they actually have called back today.

Morning 96 calls 13 contacts 1 prospect.