Leading with a product, goal to get an appointment? The hurdle/bucket issue

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Mar 30, 2011 11:51 am

Hey all -

First, I want to thank all of the contributors on this board for allowing a lurker like myself to get an idea of what it's like in the trenches of this business.  You've all educated me so much on cold calling, asset gathering, etc. - it was a good enough start to get me hired at a wirehouse and allow me the opportunity to sell.

BondGuy, BFP, Judge, Ricky, Westwood, GetHard, Combroker (and many others), your contributions are very much appreciated.

Now, onto the meat of the discussion.  I'm really trying to get as much of a head start as possible so that when I'm on the phones on Day 1, I can be as productive as a rookie can be.  Through all of my reading, I am going to give a full run with the "product lead" pitch.  I just can't see any value in asking for such a subjective, intangible goal as a "meeting" or a "second opinion" as my first lead.

That said, you all know the wirehouse hurdles.  You guys know they want fee-based, they want wraps, they force you into that in your hurdles to stay employed.  So, one form of logic would tell me that if I do nothing but pitch/sell bonds, I may make some good money, but I'll be on the job hunt quickly because there's no fee-based.  So, in order to get fee-based planning business, I need to have face-to-face contact.

My question is this:  what are some different ways to transition from a product pitch as a lead, into asking for an appointment to get some fee-based business going?

I am gravely concerned that I won't be able to make it under the wirehouse model if I'm pitching bonds as a sale (though from what I've read, that seems to be the most effective method for prospecting and qualifying in the least amount of time).

So, I call with a well-documented BondGuy-esque pitch, with all of the criteria that BFP sets out in his many postings on the matter.  Client says "yes, I'm interested."  I could go for the kill and sell the bond, make some cash, rinse, repeat, lose my job eventually when my BM sees a big 0 in fee-based business.

What are some things that you guys ask at that point to try and get an appointment?  I feel that if they balk on the appointment, I can go right back into selling the bond to at least get an account and try for an appointment later.

Thoughts?  Thanks in advance!