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Seminar cold calling for past year

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Mar 10, 2012 5:04 pm

A little over a year ago I came across a new money management firm that inspired me to get the word out.  After some thought, I decided to begin cold calling businesses within 5 miles of my office, quickly telling them about my focus on reducing portfolio volatility, and that every two months I would be having a one hour luncheon to discuss volatility, asking if they would like an invitation.  Real simple 20 second pitch.....are you in or out?  If in, I qualify for $100k as that is the portfolio minimum.

My book is currently just under 100 clients with $25 million, with $140k in advisory and 12b-1 fees.  As inspiring as it is to see people knocking out 200+ calls per day, that gene left my body long ago before kids and other responsibilities consumed my energy.  But I knew I had to build up 100 interested prospects quickly before setting my first date.  It took around 4000 calls in eight weeks to get there, and I was hoping for 5-6 attendees, which is what I got.  From there I just kept calling and building on that list, reinviting people every two months.  My pace has slowed to 300 calls a week, and that's OK.  I'm sure I could do more, but I'm consistent, and I've seen the attendance numbers slowly increase.  My last lunch had 11 people.

So in the past year, I figure I have made about 16,000 calls, gotten just under 300 people interested, and in five seminars had 41 people attend, done business with 8 thus far, raising $1.3 million, with another 10 prospects working to close.  A few clients ended up not having $100k, but I was able to close some C share business.  

I figure in the end those prospects outstanding who I have met with, including those who I have closed, should bring in between $2.5 to $3 million, with $30,000 in recurring revenue......not bad for about 10 hours of work per week.

Bigger numbers would be great, and it's up to me to drive it, but consistency has been the key.

Mar 11, 2012 2:38 pm


Sounds like an excellent way to build on an exisiting business.  Looks like you are making less than $25 per prospecting hour however.  500 hrs, 1.3mm AUM = $13,000 @ 1% + lunch.    Do you see your effort as decreasing as you build your prospect pool of interested people?

Would you be willing to share your pitch and qualifing question?

Good post!

Mar 12, 2012 4:44 am

[quote=Stan Copier]As inspiring as it is to see people knocking out 200+ calls per day, that gene left my body long ago before kids and other responsibilities consumed my energy.  But I knew I had to build up 100 interested prospects quickly before setting my first date.[/quote]

I agree nice post. But, I'd don't see how a simple cold call + luncheon/seminar + followup call + appt/close takes less energy and effort (as implied) than a simple cold call + appt or phone close. To me, it seems like more work and added processes. But it shows that consistency pays off when you stick to the plan. However, If you're dynamic and presentation is a major strength in the luncheon/seminar sessions, I can see that being a legit reason. Those 300 that expressed interest ought to pay off nicely. I'd hit them all with a product idea, you may have an additional 30-50 clients right there.

Mar 12, 2012 2:27 pm

Cold call has gone like this:

"Mr. _____, I promise to be brief.  In the coming months, I am going to be hosting several seminars discussing the dramatic increase we've seen in market volatility over the past few years, and a new appraoch I'm using to help manage that volatility.

I'm not looking for a committment today, but if volatility is a concern of yours, I'd be happy to send you my card for now, as well as an invitation to my next event.  Would you like to be included?"

That's it....ask about their investing history and qualify for $100k, being clear that they could not take advantage of this idea if they didn't have the money.  The seminar itself is no frills, and I let them know that.......a platter of sandwiches, chips and water/soda/iced tea.....I make that clear, so no plate's about the presentation.

Element....yes, for now it looks like $25/hour is where I'm at, but it will be much higher once I close a few more prospects.

KingBobby.....I tried it this way 'cause I felt there was no way to describe this product properly over the phone and I wanted to meet people face to face, add that personal touch.  A few barely inderstood the presentation but did business because we hit it off.  To your point though, now that I have quite a list of people who have not responded after being invited several times, I need to call them and try setting up appointments, taking them out of the seminar file.  I have enough people that I will close a few there as well.

Stay consistent, and with new client money and referrals, I should consistently bring in $5-6 million per year, most all advisory at 1%.  With a 90% payout and $30k in expenses, I'll be alright.

Thanks for the comments......