Doorhanger Shocker
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[QUOTE]
This thread just got interesting!
[quote=BioFreeze] [quote=MsBroker][quote=BioFreeze] [quote=MsBroker]
I just set an appointment for a 401(k) rollover from a doorhanger prospect who I did not follow up with a call because they weren't listed. They actually called the office and left a message for me. I'm guessing the probability of that is about one in a million, so I thought I would share.
[/quote]You put out 1,000,000 door hangers?
[/quote] Yes, Bobby, I have put out a million door hangers. [/quote]
That's good because you would look like a total moron if you had only put out a few hundred then said that the chance of a response was one in a million.
[/quote] That's assuming that you always hit "the one" at the end of the sampling "1 million." Maybe if she put out the remaining 999,940 door hangers, she wouldn't get any bites.
[quote=MsBroker]
Well, I was absolutely floored by this one. I wasn’t expecting much. He said he had only been at the old job a short amount of time, so I’m thinking it’s gonna be a couple thousand or so. It was $40k. <— yes, this is still very exciting for me. He had two old plans, and his wife also has one to rollover in a addition to that.
In addition to this absolute lightning strike of luck, I get a call the second I walk in the office door. I'm internally groaning because she wants to know what the minimum is to start investing. Tells me she doesn't work. She found me online. She liked my picture (apparently I look very friendly) and the fact that I was female. So she asks about the market, because her husband works at large manufacturing plant in our area and his accounts got hit hard. So I start thinking, hmm, here is some potential. I ask her where she used to work. She tells me, then tells me she has a retirement plan there that they send her monthly statements on, so I tell her to bring her statements to our appointment. I actually feel bad because I wasn't nearly as enthusiastic on the front end of the conversation as I should have been, because I assumed she didn't have money. It will be funny if she and her husband turn out to be a large account, which considering her husband is 50+ and I know will have a very nice 401k, it could very well happen. So apparently I have racked up some good karma somewhere. I could really get used to this. [/quote]How do you know that just because he is 50+, he will have a nice 401k? My experience is baby boomers don't have nearly as much wealth as their parents.
Because I know where he works, and how long he has worked there, and I’ve never seen a plan less than 500k when they have that length of time there. I’m very familiar with the retirment benefits at this company.
If he’s been putting in, hasn’t taken anything out to “supplement his income”, or any of the other asinine things boomers do.
Are you telling me taking a loan on your 401k for a vacation or college expenses is not a good idea?
In my experience with the workers from this plant, they are blue collar union workers who are used to working 70 hours a week. They live in modest homes, and don’t bust their asses for 30 years in a plant like this to not have money to retire on. It’s a different mentality. These aren’t your typical baby boomers. I know this because I’ve got friends, family, and a number of my bank clients that did/do work there. These are the guys that come in grimy in their work uniform to roll over a $100k CD.
I will concede, though, nothing is a guarantee. I’ll find out for sure in our appt.
Ms. B - I didn’t mean to smash your mojo (fojo??). I just know that I’ve had similar situations and it sucked.
Good luck. I hope it works out like you expect.
Takes more than that to smash my fojo. I've had those letdowns, too. I'll never forget this bank client I had who moved here from Cali and I opened their checking accounts. He had a job out there making 120k a year. He had been there 20 years. His 401k was still there. I worked them for a year and a half. I was convinced it would be huge. Finallly, the wife says they are ready to roll it over. I was so excited. It was $35k, which as a licensed banker with Chase, I made a whopping $87.50 off of. I made more off the bundled checking package than the rollover. Pretty sad, but a valuable lesson.Ms. B - I didn’t mean to smash your mojo (fojo??). I just know that I’ve had similar situations and it sucked.
Good luck. I hope it works out like you expect.