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Nov 6, 2009 5:38 pm

… jk. No offense taken.

Nov 6, 2009 5:57 pm
LeaseNoMore:

Is it me, or what??  Seems like if you are making 400 dials per day, you must not be talking to anybody.  Regardless of the number of dials, what’s a good target for the number of quality conversations per day?  Isn’t that the more relevant number?

  You're absolutely right. I hardly ever get a quality convo... maybe 1/20 calls.   [quote=Squash1]  First of all if you are actually doing this... f***ING BRAVO... Dont worry about anything else. This will work(because it has for the last 15 years).   The newbies who made it in this sites magazine did 4 things: Coldcalling, inherit book, join team and huge network.
Find what you have and run with it...     What is the green line these days?[/quote]   Green line for new/new 12 months in is $5650 4-month rolling avg gross   [quote=voltmoie] Who are you calling? Business prospects or residential .. local or all over your state? Where do you get your lists?[/quote]   Mainly residential... but I'd rather not post my method of generating lists, although I've even simply opened the phone book with my 'Do Not Call' screen in front of me and called from that and had success.   I call businesses whom I've met at the Chamber, but I've stopped going after I've found them to generally be a waste of time.   I actually like cold calling. Well... definitely not physically picking up the phone and dialing numbers all day, but I love the thrill of when someone starts asking stuff like "hmm... what's the minimum?" or "How often will it pay?" (these are your bond buyers!). I also like just being a salesman in general... convincing myself to sound like I dont give a f*** and that this call is actually important whereas yes, I do need the money (very much so) and no, you're not the only person I'm calling today about this bond (there are 399 others I've got to call)
Nov 6, 2009 8:23 pm

Just a question about leaving messages. I have been making residential cold calls and my percentage of reaching people at home is low. You would advise to go ahead and leave a message with your pitch with your phone number? This is working for you rather than trying to call another time? Thanks for elaborating on your approach. I like your thoughts on using your state’s munis. I have simply been offering to mail information about my firm’s services.

Nov 6, 2009 8:27 pm

Ted Jones said (and I definitely agree) that when you ask for the order, it’s not about whether or not they buy (obviously it’s awesome if they bite immediately) but it starts qualifying them right away. You learn what they don’t like about the bond and what they already own. This gives you a much better idea of what to offer during your next call.

  My messages go like this: "Intro... then 'I had a pretty good looking bond here that had an attractive interest rate and not too long of a maturity. Feel free to call me back for some info.' Then I add-in, as if I originally forgot to mention (didn't forget), 'Oh and by the way, you wouldn't pay a dime of taxes on this bond. Anyway, I'd love to hear from you.'" and that's it.
Nov 6, 2009 8:41 pm

Thanks for the info. That sounds like a pretty good approach. Just wondering about your approach when you actually do reach them. Do you offer to mail information about the bond? If so, what kind of info. do you send - just bond info. on your letterhead? Do you just try to set an appointment? Thanks

Nov 6, 2009 9:10 pm

Stonewall … I’d offer this: use the negative to find out something that they’d like, and then hand-deliver the information either about the bond you called on or something else, without purpose or guile.



I was always told the purpose of the call was to get an appointment - classic Ted Jones right-left-right. Go see them if they won’t see you, but in either case, to me you got the appointment.

Nov 6, 2009 9:50 pm

Are you only calling on muni’s?

Nov 7, 2009 2:15 am

I currently do not call on munis. My compliance is not allowing me to call on any specific product claiming it is a violation since I don’t know the prospect’s objectives. Therefore, I am offering to mail information about our services. However, it is interesting for me to learn about leaving a message that mentions specific benefits (interest rate %, no taxes, etc.). I can’t see how I could possibly get any interest from a message I leave unless I am mentioning some specific benefits vs. just “would you like to learn about what we offer?”

Nov 7, 2009 10:32 pm

[quote=gethardgetraw]Ted Jones said (and I definitely agree) that when you ask for the order, it’s not about whether or not they buy (obviously it’s awesome if they bite immediately) but it starts qualifying them right away. You learn what they don’t like about the bond and what they already own. This gives you a much better idea of what to offer during your next call.

  My messages go like this: "Intro... then 'I had a pretty good looking bond here that had an attractive interest rate and not too long of a maturity. Feel free to call me back for some info.' Then I add-in, as if I originally forgot to mention (didn't forget), 'Oh and by the way, you wouldn't pay a dime of taxes on this bond. Anyway, I'd love to hear from you.'" and that's it.[/quote]   Are you calling only residential on muni's?
Nov 11, 2009 7:47 pm

You mentioned that you cold call with state munis. I have been cold calling asking to send general information about my services because my compliance will not let me call on a specific product. They said I can’t call on a product when I am not aware of the prospect’s situation. Do you have any compliance issues at Jones with calling on a specific product? Thanks

Nov 11, 2009 8:05 pm

None at all. I’d think your compliance would be hard pressed to find any client who wouldn’t benefit from a tax-free bond.

  Even the 20-year old investor just starting out needs 5 or 10% of their portfolio in fixed income according to most firm's asset allocation recommendations.
Nov 11, 2009 8:40 pm

So … a client with little or no earned income would benefit from a tax free bond?

Nov 11, 2009 9:21 pm

Hah sorry, good point… would stick with a 6-7% corporate in that case.


Prob should have said Fixed Income in general
Nov 11, 2009 9:29 pm

You also need to consider credit quality and spreads.  In some cases a good muni is better than a corporate.  I would prefer a good 5% muni over a 6% corp.  And if the guy’s even in the 15% bracket, the yields are similar.  And in my state, almost everyone pays 5% state tax, so it’s really 20% (on an in-state bond).  Almost anyone in a higher tax bracket would benefit from muni’s over corps.