Have you had any luck with out of state advisory business?

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Jun 17, 2011 9:14 pm

I'm trying to think outside of the box here and overcome some limitations of my area.

I know some people can sell a product over the phone (ie a bond) but what about a whole advisory relationship?

Here's what I'm thinking.

I call small business owners ($2.5M to $50M in annual sales) and 7-8am is my prime time to reach them. I've only been calling now for a couple of weeks but I'm having some reasonable success with simply calling to introduce myself and asking if they've considered working with a new advisor. I'm not asking to be their primary advisor, just for a seat at the table.

I'm thinking about calling in different states - to get up to 4 slots (5 if you count Hawaii) of 7-8am but I'm wondering who has been successful doing that and what they did. Idealy before I get registered in additional states.

My firm's training puts all the focus on getting a face to face appointment.


Jun 21, 2011 11:42 am

I have clients all over the country, but they all started out with single transactions. I tried cold calling the east coast and midwest on advisory services when I was with a wire. People really didn't want to fax statements or share information with a stranger. Now if I had a good bond I could get people doing business. However, it was tough to break through with advisory services. With that said, about 10% of my clients have given me everything, and half of those are fee based. Can you build an advisory business out-of-state cold calling? Yes, but I think in this climate you have to have an existing relationship.

When I trained with a major wire everything was about a two meeting process. Discovery, then Present and Close. It was pretty much a by the book deal. We cold called while we were there as well. When I got back my BM was all over me to get in front of people. At the end of the day he wanted to see money coming in.