Fa trainee to bond salesman...day 1

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Sep 30, 2010 5:58 pm

i feel so enlightened...why didn't my training require me to scour this forum. that would have been enough. i feel so decieved by the bs training! and the last 3 months have been abysimal, in part, because of it. so....my new, self-proclaimed title...bond salesman.

old elevator speach: i help my clients to acheive their financial dream....blah, blah, blah (seriously?????? it never felt right, but i didn't know any better. thats the 'financial advisor' bs i learned in training...i sound like i am trying to get into someones pockets without sounding like i am trying to get into someones pockets, no? aaaaakward...)

new elevator speach: i sell bonds. (inquisition much more likely...'really. that must be exciting,' or 'whats that like.')

old script: hi i'm ___, from. things suck in the markets.i'm smarter than your advisor...blah, blah, blah. do you want a FREE portfolio review?  (doesn't work. i put in the dials to know. but that was what i was trained to do)

new script: hi. do you invest in bonds?...'yes'...do you have time to hear about 1 opportunity yielding x...or, 'no'....why don't you invest in bonds? what types of things do you like...yadda....yadda....(more straight forward. selling an insured muni is alot easier than free portfolio reviews by some stranger on the phone.)

old biz plan: networking, seminars, mail....yadda

new biz plan: DIAL.

old value prop: i work with you to provide the best objective advice and premier services to help protect grow and manage your wealth...yadda (yes, really. but i didn't know any better. i swear.)

new value prop: backed by one of the strongest firms on the street, i find and deliver yeild and security to my clients. (period.)

any further advice?

........wish me luck!

ps-i'll try to post updates occasionally.

Sep 30, 2010 6:11 pm

Are you actually going to do anything or just come up with marketing material??

Sep 30, 2010 6:30 pm

i smell success

Sep 30, 2010 7:03 pm


Are you actually going to do anything or just come up with marketing material??


At least the guy is adopting the right attitude and that is the first part of conquering the beast.  The right attitude leads to actions.  Consistent action leads to success.  

Sep 30, 2010 10:39 pm

Here is how you sell a bond ... it's real simple.

Hi, this is JUMP from XXXXX.  I was calling today because I have a safe.. investment that is paying 6%. Do you currently have any CDs in that range?

Shut up and go from there.  Don't over complicate it.  Call 150-200 times each day and you will make $$$.  You will get your ass handed to you in a few years when rates go up... but whatever right?  Gotta build your book somehow. If I were you I'd sell BABs, go high yeild, and forget trying to explain the tax free benefits to people.

Oct 1, 2010 11:48 am

Pimp, you summed it up very well. Hopefully some other newbies take this as a good lesson, warning. At least you're now on a better path, but don't think it will make it "easy". Not much in this biz comes easy.

For some reason, people, especially folks in the brokerage biz, like to try something different, reinvent the wheel. I've personally been guilty of that several times in my career. And, usually, when my income dried up, the results were terrible, I finally woke up.

Oct 3, 2010 11:18 am

JumpMan - what if rates go up in 6 months, instead of a "couple of years" as you say? I know, its not gonna happen. Seriously? You know that for sure?

With no disrespect meant, I'm sure its not your intention, but you are setting this rookie up for complaints if you are telling him to offer a bond or bond fund as safe, because if it offers a high enough yield to be an attention grabber, its not "safe". Unless you explain to the prospect that its "safe" only if they hold it to maturity. And even then, its not truly "safe" unless its a Treasury, CD or MAYBE a high quality muni.

To the OP - I would rather you say avoid the word "safe". How about: the reason for my call is that I've been finding ways to invest my clients money in the fixed income market, with yields at 6%. Is this type of yield something you've been finding?

Then go for the appointment, so you can explain the risks. Remember, the goal of your call is not to sell a bond. Its to start a conversation

Oct 3, 2010 1:42 pm

Absolutely agree....I cringed when I read the word safe and 6%......