The shortest useful phone pitch in the world?

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Oct 22, 2009 4:24 pm

[quote=Moraen] [quote=LSUAlum] [quote=Moraen] [quote=LSUAlum] The best part is that most people who ‘think’ they know (including Financial Advisers and RIA’s on this board) say so because they read about it. Not because they produced their own technical analysis that came to that conclusion.

 
So the real question is, if you know the definition and read about it on amatuer-investor.com does that make you qualified to talk about it as if you could duplicate the statistical analysis on your own?
 
(Not saying you in particular 3rdy, but as a general statement).[/quote] It's likely that most people here who have had any level of statistics could possibly duplicate the analysis. Also, it's possible that people with the same data set could come to very different conclusions about when a secular bear started, how long it lasted, and when it ended. Then you REALLY start getting into a debate.[/quote]

I would bet that, based on the responses on this website that I have read, that maybe 1 or 2 people here could replicate those studies on their own. No more, and probably less.
 
As to your statement about the analysis of that data and the conclusion disparity, I would agree. Just because someone skimmed John Murphy's works doesn't make them John Murphy.
 
The question then becomes, a question of qualifications. If you have never done something, but have read about it, are you truely qualified to discuss it? Maybe, maybe not. Should someone who has never skydived, but read alot about it, teach a class on skydiving?
 
Using terms like, Alpha, Beta, Secular Bear Markets, etc can be dangerous in the wrong hands and talking to the wrong people.[/quote]

Not to argue too much of who could and who couldn't, I think I could say with 95% confidence ( ) that at least 4 people on here could.

I like your second to last statement. For instance. War commentators. As someone who has been to war, it often angers me when people who have never been speak about it. Academic research should have the backing of experience.

If you are going to talk Alpha, you sure as hell better be able to show how you are adding it (Gaddock is one who can likely show exactly how much he is adding, why and how much more he plans on adding). When you are talking Secular Bear markets, you are talking a LOT of information. I, for one don't talk about things like that because I think there is so much room for error.[/quote] Agreed on the War Commentaries. As a veteran myself, I do get quite aggravated when Mr. Journalist with no background and less information than he thinks (sure, we'll give you all access...) comments on what is or is not happening.   I do like the confidence interval interjection, but if you go into correlation coefficent you'll be deemed an academic, so tread lightly.   I don't quote those statistics to clients either, because of the exact reasons you mention. I fear that some who post here may though, and I would caution against it.
Oct 22, 2009 4:30 pm

[quote=CashFlow]

I am not in to making short pitches, but both of your questions need to be adjusted. If you want to start a conversation ask open ended questions not one’s that can be answered with a simple yes or no.



…is that something you considered recently…(client response) NO



…has the 2010 Roth conversion opportunity been something you have given consideration to…(client response) NO





Maybe say something like…what do you think tax rates are going to do over the next couple of years?? or How do you feel about the outlook for tax rates going forward??



I have found that by asking open ended questions it will help you get control of the conversation, but allow the client/prospect to do the majority of the talking. I like for my meetings to have the client talking 75% of the time. The more they say the more you will learn about what their true issues and concerns or dreams are and then you can become their advisor by addressing those issues. [/quote]





Agreed…
Oct 22, 2009 4:33 pm

[quote=anonymous] “What’s your best 2 line pitch?”





Me: “I have a meeting in your office at 10:00 on Tuesday with George Washington. Do you have a few minutes for a quick introduction either at 9:50 before my meeting with George or 11:00 after we are done?”



When George Washington is higher up the food chain than the prospect, this will usually lead to a meeting. Not only that, but he’ll schedule the meeting and then ask what I do. Often, they won’t ask at all.[/quote]



WTF?
Oct 22, 2009 4:35 pm

[quote=LSUAlum] [quote=Moraen] [quote=LSUAlum] The best part is that most people who ‘think’ they know (including Financial Advisers and RIA’s on this board) say so because they read about it. Not because they produced their own technical analysis that came to that conclusion.



So the real question is, if you know the definition and read about it on amatuer-investor.com does that make you qualified to talk about it as if you could duplicate the statistical analysis on your own?



(Not saying you in particular 3rdy, but as a general statement).[/quote] It’s likely that most people here who have had any level of statistics could possibly duplicate the analysis. Also, it’s possible that people with the same data set could come to very different conclusions about when a secular bear started, how long it lasted, and when it ended. Then you REALLY start getting into a debate.[/quote]



I would bet that, based on the responses on this website that I have read, that maybe 1 or 2 people here could replicate those studies on their own. No more, and probably less.



As to your statement about the analysis of that data and the conclusion disparity, I would agree. Just because someone skimmed John Murphy’s works doesn’t make them John Murphy.



The question then becomes, a question of qualifications. If you have never done something, but have read about it, are you truely qualified to discuss it? Maybe, maybe not. Should someone who has never skydived, but read alot about it, teach a class on skydiving?



Using terms like, Alpha, Beta, Secular Bear Markets, etc can be dangerous in the wrong hands and talking to the wrong people.[/quote]



Not if you just slap them into funds like Jones…
Oct 22, 2009 5:27 pm

[quote=Squash1] [quote=anonymous] “What’s your best 2 line pitch?”

 
 
Me: "I have a meeting in your office at 10:00 on Tuesday with George Washington.   Do you have a few minutes for a quick introduction either at 9:50 before my meeting with George or 11:00 after we are done?"
 
When George Washington is higher up the food chain than the prospect, this will usually lead to a meeting.  Not only that, but he'll schedule the meeting and then ask what I do.  Often, they won't ask at all.[/quote]

WTF?[/quote]   Squash, what is it that you don't understand? Is "George Washington" confusing you?  Assume that "George Washington" is the name of a partner in a law firm and the prospect that I I'm calling is an associate in that law firm.  Does it make sense now?
Oct 22, 2009 6:39 pm

anon - he was wondering how your time machine worked.  Either that or that you were setting appointments with money managers at American Funds. 

  Squash - what do mutual funds and EDJ have to do with the conversation Moraen and Mr. LSU were having?  If you're looking for a way to make yourself feel better at the expense of EDJ, certainly there are better opportunities out there.  If you can't keep up with the regular kids, perhaps you should ride the short yellow bus. 
Oct 22, 2009 6:44 pm
Spaceman Spiff:

anon - he was wondering how your time machine worked.  Either that or that you were setting appointments with money managers at American Funds

 
Oct 22, 2009 6:45 pm

I would venture to guess that the majority of Clients (Jones or otherwise) could give two sh*ts about Alpha, Beta, Secular Markets or any other Analytical terms you throw their way!  They pay us good money to understand that stuff and as long as they feel warm and fuzzy and develop a deep trust in what you are doing for them, they will be very happy campers!

Oct 22, 2009 10:33 pm

Are you happy with your investment portfolio?

  Are you happy with your advisor?   Ah, that's two lines and very short, do i win a prize? And, by the way, it works.
Oct 22, 2009 10:42 pm

Lots of ideas to test! Thanks!

Oct 23, 2009 12:07 am

[quote=Hey Kool-Aid]

I would venture to guess that the majority of Clients (Jones or otherwise) could give two sh*ts about Alpha, Beta, Secular Markets or any other Analytical terms you throw their way!  They pay us good money to understand that stuff and as long as they feel warm and fuzzy and develop a deep trust in what you are doing for them, they will be very happy campers!

[/quote] I think it's important to listen to the client and find out what is important. Some will want to know that you can 'talk-the-talk' others get headaches when thinking of money (hence their desire to work with an advisor). Still others will hear you use those terms and know more about it than you do. You have to speak to your audience in every encounter.   My point was just cautioning about using a term that you 'heard about' rather than one you 'know about'. Not directed at anyone in particular, just something we as a profession tend to do more than we should.
Oct 24, 2009 3:18 pm

I heard a good one from Nick Murray today, he said in this environment you should only be asking one question-  "Are you 100% satisfied with the financial advice you have received over the last few years?" If they say yes then you know you will never have a chance at that account.

Oct 29, 2009 12:21 am

[quote=TopNotch]

I heard a good one from Nick Murray today, he said in this environment you should only be asking one question-  "Are you 100% satisfied with the financial advice you have received over the last few years?" If they say yes then you know you will never have a chance at that account.

[/quote]   That is gold. I have a man crush on Nick Murray. I just wish I had the balls to do everything he says.
Oct 29, 2009 2:05 am

Where do you get info on Nick Murray from? I have his excellent advisor book...

When cold calling how do you start your pitch? Mr Smith or do you not mention their name or do you use their first name and last or just their first?? newbie sorry..
Oct 29, 2009 2:50 am

You didn’t read his book then. IT DOESNT MATTER WHAT YOU SAY, just say something to as many people as you can and give yourself a hash mark for each attempt. Hey, jack ass dont call me again-hashmark, yes i want more information - hashmark, wrong number- hashmark, bob smith died last month- hashmark.

Oct 29, 2009 2:56 am

[quote=Ron 14][quote=TopNotch]

I heard a good one from Nick Murray today, he said in this environment you should only be asking one question-  "Are you 100% satisfied with the financial advice you have received over the last few years?" If they say yes then you know you will never have a chance at that account.

[/quote]   That is gold. I have a man crush on Nick Murray. I just wish I had the balls to do everything he says. [/quote]   Like what?  Guess I need to pick up his book but I love saying crazy sh!t to prospects.
Oct 29, 2009 3:01 am

Some of his principals:

-You should be looking for 250 households with 400k, don't take anyone with less. -Put 3 years of a retired clients expenses in a money market, the rest 100% equities -Every dollar should be fee based -You don't take a client unless they trust you with every dollar -You don't chase people, do they want to meet for a 2nd opinion ? No. NEXT!
Oct 29, 2009 4:14 pm

[quote=Ron 14]

Some of his principals:

-You should be looking for 250 households with 400k, don't take anyone with less. -Put 3 years of a retired clients expenses in a money market, the rest 100% equities -Every dollar should be fee based -You don't take a client unless they trust you with every dollar -You don't chase people, do they want to meet for a 2nd opinion ? No. NEXT![/quote]   After rereading his book last night, he makes it seem almost easy... Find an income you want to make: $150,000 Find out how much production you would need to do that(indy assuming 80%)=$187500 gross Divide that by 1% return on assets= $18,750,000 assets And then figure out minimum acceptable household: $150,000 Divide assets by minimum to find client number: 125   Go find 125 clients with $150K or more..     Is anyone qualifying for portfolio assets on first call.... "we are best suited to handle clients with a minimum portfolio of $150K, oh you don't fit.. thank you very much..."   Seems like an interesting concept... Then you know what you are looking for everyday.. I need 125 clients with $150K each to get to where I want to be which is $18,750,000 @ 1% * 80%=$150,000... I have 6 clients now with a total of $1.2MM, so I need  117 clients more with an average of $150K to get there. My goal is to get there in 3 years, so I need roughly 40 new clients per/year or 3+/month..