1st two years

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Jul 11, 2009 1:15 pm

At first Sales Genie. After that all over the place. Lord Abbet has free records. I have over 17,000 records in my database. I would highly recommend getting ACT on Ebay. Probably $20 or $30 and get the tech support deal for around $300. That way your work is YOURS. Not to mention it’s 10x than any wire-house CRS I know of.

Jul 11, 2009 2:07 pm

What type of criteria did you use to target business on Sales Genie(sales employees)



WHen you called residential, did you call anyone not on the DNC or break it down by income/networth.



Did you ever try using corporate directories?

Jul 11, 2009 3:11 pm

[quote=Speedynew]

  1) What type of criteria did you use to target business on Sales Genie(sales employees)

2) WHen you called residential, did you call anyone not on the DNC or break it down by income/networth.

3) Did you ever try using corporate directories?[/quote]   1) I targeted business with up to 25 employees. Reason is I believe it's small enough that one person can make a decision.   2) I used Gryfin (spelling?) even after scrubbing list. I targeted people that had over $500k in equity of their home and people that just moved to the area.   3) I did not but I know people who do with good success.
Jul 11, 2009 3:15 pm
Gaddock:

At first Sales Genie. After that all over the place. Lord Abbet has free records. I have over 17,000 records in my database. I would highly recommend getting ACT on Ebay. Probably $20 or $30 and get the tech support deal for around $300. That way your work is YOURS. Not to mention it’s 10x than any wire-house CRS I know of.



Where on the Lord Abbet site did you find this?
Jul 11, 2009 3:25 pm

You can try www.manta.com as well.  (It’s free.)

Jul 11, 2009 5:07 pm
Speedynew:

I am starting next month and have read a lot on this site. For those of you who have been out 1-2 years, what was the key to building your business in the beginning. From what I have read referrals are key, however when starting off with $0 assets and 0 clients, not exactly ideal.

I have read in magazines(On wall street) top 40 under 40, that most of those people either inherited or built there book by cold calling. Is cold calling still relevant(to those who started in the last 2 years) and does what Bill Good preach about calling with a product still work?

  Speedynew, you are going to hear dozens of things that work and dozens that don't work.  The reality is that everything works if you do enough of it.   I don't care how you do it, but there are only 2 activities that count.  1) Seeing people  2)Fighting to see them.   I would suggest that between 9:00-4:00 every day you only do those two things.  If you do anything else, you are screwing up.    Example of activities that are considered screwing up:   1) Getting the mail 2) Answering the phone 3) Having a meeting with your manager 4) putting together a phoning list 5) sending out a mailing 6) preparing for your big meeting 7)having lunch with a wholesaler 8)reading this board 9)preparing for your seminar 10)responding to an e-mail 11)reading e-mail   Activities that aren't screwing up: 1)Having a meeting with a prospect/client 2) Calling a prospect/client to sell a product or set an appointment 3) Cold walking to sell a product or set an appointment
Jul 11, 2009 6:02 pm
Speedynew:

[quote=Gaddock] At first Sales Genie. After that all over the place. Lord Abbet has free records. I have over 17,000 records in my database. I would highly recommend getting ACT on Ebay. Probably $20 or $30 and get the tech support deal for around $300. That way your work is YOURS. Not to mention it’s 10x than any wire-house CRS I know of.[/quote]

Where on the Lord Abbett site did you find this?

  I think it's called "Intelligence" you have to sign up for it.   I've not done this but you can go to the library and pull names from the five databases Sales Genie pulls from for free. You can also use the electronic version of the Polk Directory.   If you use your imagination you can get lists from  all over the place.
Jul 11, 2009 8:06 pm

Start at the end. Who do you want to serve and what do you want your business to look like. If you’re like most of us, you’ll want to manage wealth for your clients and get referrals from your clients. So think about what kind of clients you want and then prospect exclusively for them.
If you want to help retirees manage their income and arrange their legacy, do nothing but offer tax free bonds until you have two hundred households and then start providing more services to your clients.
If you want to help working families, then start by selling life insurance and then after a while expand your services.
If you want to help the boomers prepare for retirement, get your head examined because the boomers are irrational.
If you want to do 401k rollovers, schmooze your local big employers.
I would really try to specialize and find some niche.
A word about cold calling – even Bill Good writes that cold calling is harder now than it was five years ago and much harder than it was 10 years ago. Advisors have done it, and I respect the hell out of them, but most of us don’t have the patience to do it. If you are going to cold call, you should call on something specific like tax frees, or be like Gaddock and have a unique type of service.
Once you’ve figured out what you want to do, then do what Anon says and just prospect all day long until you have enough clients to dig deep and get referrals.




Jul 11, 2009 8:45 pm
buyandhold:

Start at the end. Who do you want to serve and what do you want your business to look like. If you’re like most of us, you’ll want to manage wealth for your clients and get referrals from your clients. So think about what kind of clients you want and then prospect exclusively for them.
If you want to help retirees manage their income and arrange their legacy, do nothing but offer tax free bonds until you have two hundred households and then start providing more services to your clients.
If you want to help working families, then start by selling life insurance and then after a while expand your services.
If you want to help the boomers prepare for retirement, get your head examined because the boomers are irrational.
If you want to do 401k rollovers, schmooze your local big employers.
I would really try to specialize and find some niche.
A word about cold calling – even Bill Good writes that cold calling is harder now than it was five years ago and much harder than it was 10 years ago. Advisors have done it, and I respect the hell out of them, but most of us don’t have the patience to do it. If you are going to cold call, you should call on something specific like tax frees, or be like Gaddock and have a unique type of service.
Once you’ve figured out what you want to do, then do what Anon says and just prospect all day long until you have enough clients to dig deep and get referrals.

  Great post. I've had some pretty good success. I had zero contacts and built what I have by cold calling. It works better than most think that don't do it. When I fist started I would start calling at 8 am and not stop until I had made 40 contacts or 8 pm which ever came first.   I would add to the above that you may want a specific type of client and that's great BUT you'll have to kiss every toad that hops until you have a foundation to stand on.
Jul 11, 2009 9:28 pm
Gaddock:

[quote=Speedynew] [quote=Gaddock] At first Sales Genie. After that all over the place. Lord Abbet has free records. I have over 17,000 records in my database. I would highly recommend getting ACT on Ebay. Probably $20 or $30 and get the tech support deal for around $300. That way your work is YOURS. Not to mention it’s 10x than any wire-house CRS I know of.[/quote] Where on the Lord Abbett site did you find this?



I think it’s called “Intelligence” you have to sign up for it.



I’ve not done this but you can go to the library and pull names from the five databases Sales Genie pulls from for free. You can also use the electronic version of the Polk Directory.



If you use your imagination you can get lists from all over the place.[/quote]



I asked about this recently, and they are only giving “intelligence” to a certain number of people in each region now. So according to their internal you either need to be lucky, or producing quite a bit to use it now.
Jul 11, 2009 10:07 pm

Bummer … I haven’t been there for quite some time but it used to be wide open. I would call them and tell them you are new and plan to use their stuff when appropriate and to turn it on for you.

Jul 12, 2009 2:43 pm

Gaddock, when did you start seeing results (generating comm or fees)?

Jul 12, 2009 4:14 pm
Speedynew:

Gaddock, when did you start seeing results (generating comm or fees)?

  My fist month out was great as I sandbagged during the training period. The next five months were TERRIBLE. All I did was cold call all day and almost half my appointments set were no shows. I don't think I did more than $2k in gross in 5 months combined. Caught a brake in month seven. Month eight was when I actually gained some traction and have been building each month since.   Stats for Cold Calling   367 dials a day. 15 became leads (goal was to contact 40 per day). 1 of those becomes a client after 9 contacts.
Jul 12, 2009 5:49 pm

Wow, you can see why most people don’t have the patience to cold call. So if it takes a full day of calling, and then NINE subsequent contacts (presumably at least 2 weeks apart), it would take you 18 weeks or so to turn one days’ worth of calls into a client?

I suppose if you do this year after year, then you have a steady stream of prospects at all times.

Jul 12, 2009 6:28 pm
MJ:

[quote=Gaddock] [quote=Speedynew] [quote=Gaddock] At first Sales Genie. After that all over the place. Lord Abbet has free records. I have over 17,000 records in my database. I would highly recommend getting ACT on Ebay. Probably $20 or $30 and get the tech support deal for around $300. That way your work is YOURS. Not to mention it’s 10x than any wire-house CRS I know of.[/quote] Where on the Lord Abbett site did you find this?

 

I think it’s called “Intelligence” you have to sign up for it.

 

I’ve not done this but you can go to the library and pull names from the five databases Sales Genie pulls from for free. You can also use the electronic version of the Polk Directory.

 

If you use your imagination you can get lists from  all over the place.[/quote]



I asked about this recently, and they are only giving “intelligence” to a certain number of people in each region now. So according to their internal you either need to be lucky, or producing quite a bit to use it now.[/quote]

Just tell them you know Weddle, Windy.  Problem solved.
Jul 12, 2009 6:46 pm

RIA’s can use Advisor Intelligence without being a “big” producer.

Jul 12, 2009 6:47 pm
B24:

Wow, you can see why most people don’t have the patience to cold call. So if it takes a full day of calling, and then NINE subsequent contacts (presumably at least 2 weeks apart), it would take you 18 weeks or so to turn one days’ worth of calls into a client?
I suppose if you do this year after year, then you have a steady stream of prospects at all times.

  Yeah it takes some time. I haven't made cold calls for quite a while. I'm getting some huge referrals. I've been working on a foundation I'll easily have 20 or 30 contacts in some way or form before I have the ACAT and transfer instructions.
Jul 12, 2009 9:17 pm
Gaddock:

[quote=Speedynew]Gaddock, when did you start seeing results (generating comm or fees)?

  My fist month out was great as I sandbagged during the training period. The next five months were TERRIBLE. All I did was cold call all day and almost half my appointments set were no shows. I don't think I did more than $2k in gross in 5 months combined. Caught a brake in month seven. Month eight was when I actually gained some traction and have been building each month since.   Stats for Cold Calling   367 dials a day. 15 became leads (goal was to contact 40 per day). 1 of those becomes a client after 9 contacts.[/quote]   But were you angling for their entire portfolio or simply a muni bond order to begin the relationship? I think ACATing a portfolio would take significantly more time than "do you have $25K to put in a muni"  
Jul 12, 2009 9:19 pm

[quote=Gaddock][quote=Speedynew]

  1) What type of criteria did you use to target business on Sales Genie(sales employees)

2) WHen you called residential, did you call anyone not on the DNC or break it down by income/networth.

3) Did you ever try using corporate directories?[/quote]   1) I targeted business with up to 25 employees. Reason is I believe it's small enough that one person can make a decision.   2) I used Gryfin (spelling?) even after scrubbing list. I targeted people that had over $500k in equity of their home and people that just moved to the area.   3) I did not but I know people who do with good success.[/quote]   Are there a lot of home in your area that are valued above $500K? I am in the midwest (ohio to be specific, without too specifc) and there aren't that many of those in my area, who aren't on the DNC yet have equity of $500K
Jul 12, 2009 10:20 pm
Moraen:

RIA’s can use Advisor Intelligence without being a “big” producer.



Maybe it's only a Jones thing, but when I called the internal to ask about it he mentioned that they are only giving it to a certain number of folks at a time from now on, not sure why.