Rock 'n' Roll Train - 1%
I've come to realize that we are winning 1% of the time. Just as the 500 day war lays it out......bottom line....1% of prospects become clients. So…..most of us who come to these posts are building a book and are committed to getting to the end result. I’m not new at this but would like to add an extra 10M+ to my book by next summer…all from cold calling, no seminars, no introductions…..just good ol picking up the phone…and working one’s way down a list.
I hope that a few of you are following Long Shot and his consistent efforts, and appreciate the amount of work he is putting into building a successful investments advisory practice…from cold. Hats off……
I would like this thread to be upbeat, focused on successes and personal efforts. Anyone…, who sticks to the following, will get 10M+ more in their book by June 2012. This is not about leading with a product, a service, a song or a back flip…calling locally or nationally…….it’s about activities…….and sustaining activities while life ticks on and stuff happens…..activities that lead to the result…..weekly targets and the steps to nail’ em.
There are a lot of good advisors…who get sunk by the entire downbeat…it’s hard….lots of calls, won’t answer my call, only one calling in the office……..we all know this. Seriously…who cares about how hard it is….we all know…
So…let’s boogey on up to the bar…take Friday, Saturday-Sunday to clear your wreckage…and add something to your day…….. as of Monday.
Target: 200 contacts per week (please don’t ask to define what a contact is…..you should know…it aint’ the babysitter….). work em the way you want, but bottom line…….need 200 each week.
1% will become clients…so you’re looking at 2 accounts a week.
Try and keep the minimums on the higher side……..
Adjust along the way…..and between now and the summer…..that’s 30 plus weeks to get 10M+ in the books.
I’m sure a few of us will get there…..hopefully hook up at a steakhouse somewhere out here…. sink a few jars and put a face to the posts……you better be there Long Shot…………I’ll post daily as of Monday…….first rounds on me,..,..
All The Way………
Good idea! I would join you guys, but I am a BD recruiter...alright, no hissing. Look forward to reading the progress. Good luck!!
I’m laying down a track to run up 10-15M by the summer, strictly and exclusively from cold calls. I will not be including business from introductions or existing account, solely new assets from phone prospecting.
I am breaking the campaign down into 6-7 week Blitz’s with a few days or so off in between to re-charge and set up the following wave of activities.
This thread is open to all who would like to add some new assets and also for the helpful feedback that often enables one to adjust and improve. Basically, this is meant to help myself and other brokers stick to the activities that add business, regardless of distractions and so on…….
First Wave (6weeks) Monday November 7th to Friday December 16th.
Overall goal: since my business in done face to face and takes on average 3 meetings to conclude, the first wave is to set up as many 1st , 2nd and 3rd meetings as possible before Christmas. This will make sure that new accounts and strong prospects are lined up for the end of this years and the start of the next year.
Goal:Talk to 200 people via telephone each week for a total of 1,200 good contacts. Initially identify about 100 potential clients from which 1% will become clients: 10 new accounts lined up. Average account size will be around $300,000. Pending assets of 3M.
I’ll post weekly results on Friday’s at 6pm and add a few comments during the week.
All The Way
Alright.....got another 50 contacts done today , so......so far on track for 200 contacts this week. will be sticking around a bit later today to get a few call backs done.
OK, did the 50 contacts for today, leads are looking good, will post complet results on Friday....just 50 more contacts to go to have 200 done for this week...
Thursday....all done, Got the 50 contacts and now will be lining up these prospects for the second filtering....will post weeks total numbers, Friday.
Posting early as I won't be here later on.
Recap week 1/6
Prospecting activities;200 + contacts via cold call 16 new prospects 1 meeting booked
Based on the 1%, there should be between 1 and 2 new accounts in the batch of 16 prospects. I have sent out a brief intro letter to each of them this week and will be calling them all back next week.
The goal is to put them through the second filter to identify the good potential clients. There should be between 300K-600K in assets to sign up. Best to get them back on the phone ASAP to not clog the pipeline with uninterested prospects and isolate the good ones.
Next weeks goals are the following:Continue with 200 contacts for the week. Identify 15-20 new prospects. Schedule 4-5 meetings from the new prospect pool.
Alright....today, Monday......50 done. tomorrow, Tuesday....big day as I'm calling back all of last weeks prospects to get a reading on who is worth pursuing. Probably got 3-4 meetings somewhere in there and 1-2 accounts. Should be a fun day of peeling off another layer............
Squeezed in 50 more contacts, did the call backs, eliminated a couple from the pipeline, others on stand-by and booked 1 in for a meeting. All good.
[quote=All The Way]Goal:Talk to 200 people via telephone each week for a total of 1,200 good contacts. Initially identify about 100 potential clients from which 1% will become clients: 10 new accounts lined up. Average account size will be around $300,000. Pending assets of 3M.[/quote]
What are you qualifying for on the first call, $250,000?
Way to go on the contacts.
Today, did my first meeting from last weeks cold calls. Very good.......booked back-in for next week with statements and all.
From last weeks 16 leads, 5 won't be moving forward and the rest are still to contact...
Fell behind with todays contacts as I had 2 meetings,,,,will be dropping the hammer hard Thursday to nail 50 and pull in the slack from today's miss.
I;m still 2-3 meetings off from the original goal of 4 meetings from last weeks 16 hits, so I will be doing all posible to re-connect with them to line up meetings with the good one's and leave the others in the someday file......
Ok, found another meeting from todays calls. Got the 50 contacts in, got to get back on the phone in the morning to round out to 200. Will only be posting on Fridays from here on in will with total weekly results. All the best to all of you who are out there and making those calls....good for you!!!!!
@AllTheWay: I work for Edward Jones currently. My entire town of 2500 people has been doorknocked by 6 advisors since 2002 including myself. I bought a list with parameters that I intend on working with the hopes that I will be able to reach these people in a different manner. I have a few questions for you:
1. How do you make 50 contacts in a day and still have appointments and research and so on? I struggle to make 15 to 20.
2. Are you opening accounts over the phone? If so, do you work a specific region? Or do you call the entire state(s)?
3. What type of advisor are you? RIA? Transactional?
In other words, how are you running your business that allows you to make so many contacts? If I could make that amount of contacts on a daily basis, I am confident I would blow this thing up. Your input is appreciated.
One more question: Where do you get your names and are they business or residential?
I build my own residential lists. Takes longer but I know the areas, thus cut out those that are not really qualified asset wise. More often than not, the calls hit the homes that fit my market. I only call homes that are no more than 20 minutes drive to the office.
I also do corporate, but do not included those calls in the 50 daily contacts.
I am a RIA.
I can't open on the phone, accounts must be opened face to face, so....meetings is my main goal.
Yes, maintaning 50+ contacts takes time, about 3-3 1/2 hours of dialing, gets tricky with meetings, but my thoughts are, everything else must fit in....around those 50 contacts. Dosen't always work, but the goal here is activities.....daily activities.
On a personal note, I've heard about enough about how hard, how imposible, how improbable it is to build a good book from cold calls, that I have decided to run this thread, solely tracking cold calls and the assets captured. It's just starting to generate meetings and will soon generate assets, so at 200 plus contacts a week, it's all about numbers.
As for you, got yourself a great brand name with EJ, a nice friendly, personal market. Put some time aside to call around, but differentiate yourself from the others. Maybe something VERY specific for business owners, and retirees,.....and either go see them or call and talk about it.........but it has to be very specific and you must be confident in conveying the benefits to them.
Either way.....even if you did 25 contacts a day....with a good delivery and confidence, you will be well sought out in your community for your expertise......try this........from next Monday and for the next 10 business days.....do 25 contacts on anything....you'll soon see things moving........just keep moving.......and it shouldn't take more than 90-120 minutes to make them by phone....so plenty of time for the rest of the business. Good luck and keep us posted on how you are doing......always great hearing from someone who is out there building.
Recap Week 2/6
New Prospects: 13
New meetings booked: 2
Total to Date (2 weeks):
400 + contacts
Prospects found: 29
Prospects eliminated: 8
Active prospect pool: 21
Meetings booked: 3
Meetings completed: 2
1 - Keep pushing the 200+
2 – Book 4 meetings next week
3 – open new account within 10 days.
Good weekend to all