Getting in Without Connections
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Can anyone give recent examples of people having success in the first 3 years in the biz without having connections. Would love to hear about them.
ROOGLE…
Most people have already posted this.... Look at the cold calling posts One guy did $225k by year 2 on cold callsI think you have to work hard and work smart. What does that mean? It means that you have to allocate your time wisely to prospecting activities, and be focused while working. It also means that you most likely need multiple prospecting avenues. For example, one or two cold prospecting methods (calling/walking/mailing, whatever), in addition to some other methods (networking, seminars, referrals, centers of influence relationships, etc.).
The fact is, unless you tap some major niche very quickly, most of us piecemeal together our book for the first 3-4 years until we reach a certain critical mass where we can start to be more selective. For example, if someone asked me "where did your clients come from?", it would have to include many different places. I have picked up clients from cold walking, cold calling, networking, seminars, teaching classes, client referrals, CPA referrals, referrals from friends, referrals from BNI, a few from my old employer, one or two walk-ins, a few inherited accounts from brokers that have failed, a few Goodknight accounts (I only have a handful left), and probably a few other ways.Oh BS. Cold calling is not the way to go. You have to know people with money and convince them to let you manage it.
Cold called clients will be the FIRST to sue you the minute the account loses value.[quote=vbrainy]Oh BS. Cold calling is not the way to go. You have to know people with money and convince them to let you manage it.
Cold called clients will be the FIRST to sue you the minute the account loses value.[/quote] Another niche marketer?One doesn’t need connections. After the first couple weeks, one has called all of their connections. Connections will help someone initially, but that’s it. We’re all capable of building our own connections.
Cold calling works, look at the thread with that one guy that logged his calls/contacts/meetings. I can’t remember his screenname but his post was 20 something pages long. It works, my plan is to cold call businesses from 7 am to 9 am everyday and get in 2 more hours depending on the day. Then obviously use centers of influence, the professional alliance group, and seminars. I sure hope cold calling works because that will be the major part of my prospecting plan.
[quote=mlgone] [quote=AGEMAN] [quote=vbrainy]Oh BS. Cold calling is not the way to go. You have to know people with money and convince them to let you manage it.
Cold called clients will be the FIRST to sue you the minute the account loses value.[/quote]
I did cold calling almost exclusively my first year of production and gathered about 10-12MM in assets with no connections. I didn't ask for business from friends at all. I started doing seminars after about 10 months in production, but cold calling still works or at least it did a couple of years ago!
After 3 years I was doing over 200k gross and had about 30mm in assets so it is possible without any connections. I also didn't inherit clients and I have no relatives in the business. I know others have done better, but this was my experience.[/quote]
be honest with the guy
VERY RARE! VERY[/quote] It is only rare because nobody ever has the balls to put in the work to do it.. It is hard because it is all effort and persistence..
[quote=vbrainy]Oh BS. Cold calling is not the way to go. You have to know people with money and convince them to let you manage it.
Cold called clients will be the FIRST to sue you the minute the account loses value.[/quote] BS yourself. Clearly you are not a cold caller or have had no success with it. Cold Calling works for B24 , it works for me and it works for a few others here too. He's looking for how to do it without connections and your reply creates a conundrum. "You have to know people with money" WOW that's insight! (We have us a genius at business development here, boys.) Cold calling is a a cheap, efficient way to get to know people with money. Cold Calling teaches a prospecting process, gets one to appointments and it works. I personally have 5 mil coming in right now...first appointment was booked on... (drum roll here) a cold call. In fact, in the last 6 months I've closed business 73% of the time for what I've been in front of from initial appointments based on cold calls. For those out there who don't believe it works...just keep on believing it doesn't work. I hope the tooth fairy keeps bringing you more people with money you can work with.Try getting a job at a bank as either a licensed banker or Financial advisor. Get warm leads, build a book and bolt when your numbers look good for a wire or indy.Can anyone give recent examples of people having success in the first 3 years in the biz without having connections. Would love to hear about them.
I had ZERO connections, refused to bring on family as it would kill me if I failed that some vulture would get their account.
I'm 2 years and in the 5th month. I have a T12 of $340k and have received just under $100k in bonus and expense money. I'll have the best month ever this month. ALL WITH COLD CALLS, every bit of it not to include referrals.Cold calling works if you’re a good caller and can handle a lot of rejection. I cold called for three years and hated every damn second of it, but it made me a better person and a great salesman. (And yes, while I am a financial advisor first, I’m a salesman second… well maybe “second first”) It also made me great at handling any client freak out events. Whatever happens to me I know that I will never starve.
I’ve never met an advisor that really owned their own practice that didn’t build it through cold calling. Every one I met who claims to have done it without cold calling seems to have a very vulnerable business the better I’ve gotten to know them.
Rejection is painful and unpleasant, but, at a minimum, suffering builds character and teaches you empathy for others. Cold calling is the “eating your vegetables” of this business. Your brain will be highly receptive to the suggestion by anyone that you shouldn’t do it. Anyone who tries to convince you that cold calling isn’t a good idea is just trying to validate their own stupid decisions. Just do it 3 hours a day, whether or not it produces results immediately. It eventually will produce something. If you’re worried that this will stymie your other business development efforts, then take the 3 hours out of your personal life.
If you can’t take 15 hours a week out of your personal life for three or so years, you’ll never make it in this business. Not these days, anyway.
That having been said, don’t just cold call. It’s one of many weapons in your unique sales arsenal.
[quote=twoeyeguy]to the guys who have had success cold calling… where do u get your leads?[/quote]
This is the key to successful cold calling. You must construct a list of leads based on your unique value proposition (what you’re selling, why they should do business with you).
I always got company directories, or had someone print out their company directory I knew at a company. Sometimes lead brokers sell these.
Whatever you do, don’t buy generic “HNW” leads, don’t make your value proposition a free steakhouse dinner, and don’t spend your time chatting on the phone to the first crazy, lonely loser who doesn’t hang up on you.
I don't know. You never know where you'll find money. Breaking out the phone book is almost just as good as anything you can buy.[quote=twoeyeguy]to the guys who have had success cold calling… where do u get your leads?[/quote]
This is the key to successful cold calling. You must construct a list of leads based on your unique value proposition (what you’re selling, why they should do business with you).
I always got company directories, or had someone print out their company directory I knew at a company. Sometimes lead brokers sell these.
Whatever you do, don’t buy generic “HNW” leads, don’t make your value proposition a free steakhouse dinner, and don’t spend your time chatting on the phone to the first crazy, lonely loser who doesn’t hang up on you.
I don't know. You never know where you'll find money. Breaking out the phone book is almost just as good as anything you can buy.[/quote][quote=san fran broker] [quote=twoeyeguy]to the guys who have had success cold calling… where do u get your leads?[/quote]
This is the key to successful cold calling. You must construct a list of leads based on your unique value proposition (what you’re selling, why they should do business with you).
I always got company directories, or had someone print out their company directory I knew at a company. Sometimes lead brokers sell these.
Whatever you do, don’t buy generic “HNW” leads, don’t make your value proposition a free steakhouse dinner, and don’t spend your time chatting on the phone to the first crazy, lonely loser who doesn’t hang up on you.
Really? The phone book? Average American has a $100k net worth, most of that in their house and 401(k). How is that a qualified list?
I don't know. You never know where you'll find money. Breaking out the phone book is almost just as good as anything you can buy.[/quote][quote=Gaddock][quote=san fran broker] [quote=twoeyeguy]to the guys who have had success cold calling… where do u get your leads?[/quote]
This is the key to successful cold calling. You must construct a list of leads based on your unique value proposition (what you’re selling, why they should do business with you).
I always got company directories, or had someone print out their company directory I knew at a company. Sometimes lead brokers sell these.
Whatever you do, don’t buy generic “HNW” leads, don’t make your value proposition a free steakhouse dinner, and don’t spend your time chatting on the phone to the first crazy, lonely loser who doesn’t hang up on you.
Really? The phone book? Average American has a $100k net worth, most of that in their house and 401(k). How is that a qualified list?
[/quote] It's not nor are a good part of the lists that are bought as if they were. I would blow a list so fast it got to the point that any number anywhere was just as good as the next. I found the best list I called from was a 'non qualified' list of people that just moved into a new home. That's where I found retirees moving into the area many before they got on the DNC. Once they were a lead I helped them get on the DNC. For every retiree there were 20 that were not even close to qualified. Second best was people that had large amounts of equity in their home. And finally the good old Polk directory that's tantamount to calling from the phone-book.