Print Page | Close Window

The Definitive Prospecting Thread

Printed From: Advisorheads
Category: Home
Forum Name: The Lobby
Forum Description: Collection of good threads that Guests may view. Register to see more.
URL: http://www.advisorheads.com/forum_posts.asp?TID=1524
Printed Date: Nov/26/2020 at 7:03pm
Software Version: Web Wiz Forums 12.03 - http://www.webwizforums.com


Topic: The Definitive Prospecting Thread
Posted By: SometimesNowhere
Subject: The Definitive Prospecting Thread
Date Posted: Sep/17/2010 at 9:20pm
Since there are some in our profession that seem to believe there is some magic bullet to prospecting, and that there are encyclopedias that should be written on the subject, I will do everyone a favor and save you about $500 in books and seminars and break it down for you.

What qualifies me to speak on the subject: Prior to this career I had a business-to-business sales career. Nearly failed out, then succeeded after figuring out what worked for me. I was lazy and successful. In addition, and not that it matters, but I have won a majority of the plaques, awards, and recognition for those in the first three years at my firm (I don't think it matters because the bars aren't that high). With that said, I still prospect and win clients. I don't get professional referrals. All my business is referrals from clients and from prospecting. I don't have rich relatives, and the only people I have as clients that I knew beforehand are people that have approached me. I don't prospect friends or family...ever.

I do lots of things...I cold call, I door knock occasionally, I do seminars, I've put ad's in newspapers, I've done mailings, etc, etc, etc. Some things work, some things don't. With all that said, here is the big secret to building your business:

Talk to people


That's it. Everything else is fluff. People do not show up to your door with $1mm accounts (at least not often enough that you should wait for it). Every book you buy, every seminar you attend, every podcast you listen to, they will all try and sell you cute ways to encourage you to do the same thing...talk to people...

With all those things said, here are a couple opinions that will hopefully demystify the process:

1) It's not important what you say, but how you say it - If you are good at this job (or going to be good at this job) your thoughts and personality are enough. If you try too hard people can tell. Just say what you think with confidence. Early in your career you will say some stupid shit...I know I did. People will forget, and you will learn. You don't need to look for or use some sort of magic phrase or pitch.

2) Don't chase the monkeys - There are people that just won't do business with you, but are socially inept and can't figure out how to tell you. If they don't give you a serious indication about their intent to do business after a few calls, find someone else. The world is made of low hanging fruit, grab your basket and go picking.

3) Product? Service? ???? - Doesn't matter. Nobody gives a shit about what you are calling/walking into their business about. Just talk to them. There is no magic script that will make people bring you their statements and make it rain ACAT's. People don't like to feel like they are a part of the sales process, so don't make them a part of it. Sometimes you can help them, most of the time you can't either because they aren't even going to talk to you or they are happy with their current situation. Just talk about you, your business, your process, ask for the business and move on.

4) Coffee is for closers only - Listen...I love Glengarry Glenross. One of the greatest sales movies ever (don't say Boiler Room, it is a GG ripoff). This is not a 'closing' business. You don't talk someone into a sale. This is a relationship business, so build a relationship. Talk to them about what they want to talk about then move the conversation into an area where you can uncover need. That's not to say waste time talking to some lady about their cats...make sure people respect your time. You just don't need to try and arm wrestle someone into doing business with you.

5) Passive advertising doesn't work - Ad's in the newspaper, sending out mailers, whatever...they are cost ineffective. If you are trying this stuff out early in your career it's probably because you are lazy and are going to fail out. Stop avoiding the only thing that will bring you success...talking to people.

All those things notwithstanding, I do follow a cold calling script (loosely), and will post it here. This is the fourth time, so it's not earth shattering.

---------------------------------------------------------------------------------------------------------------

Understand that I don't think it really matters what you say, as long as you say it relaxed and with conviction. Lately I've been doing something like this:

Hello, is xxxx available? Hello xxxx, this is SometimesNowhere with yyyy. Did I catch you at an OK time? (allow them the opportunity to get off the phone, most of the time I get a 'yes')

Ok, I won't keep you long. Again I am SometimesNowhere calling from yyyy. I am calling today because I am looking to expand my financial services practice in Anytown. All I am doing is sending out some information about MyState municipal bonds. We are offering highly rated bonds yielding between 4-5% both state and federal tax free, for you that would be like getting around 6% on an after tax basis. How would that fit into your portfolio?

I get one of a few answers:

- I am not interested - "Hmmmm....ok. Is it the bond or that rate that you aren't interested in?" - Trying to get them to hang up on me at this point
- I don't have a portfolio/I am on Social Security/I am on disability/I don't have any investments - "Ok, sorry to bother you. If you ever have the need for professional financial advice my number is in the phone book" - Waste of time
- Questions about the bond itself (is there a minimum, what is the duration, can I get some in an IRA) - Handle question and probe about holdings
- I already have a someone that does that for me/I already have a financial advisor - "I understand. Just to help me out, who do you currently do business with? Are you currently 100% satisfied with the advice you've been getting?" - Admittedly this is the most difficult objection for me to handle. I guess my goal is to find the 'ache' in their relationship. Most people answer the 100% question with a yes which for me becomes a dead end.
- That sounds really good, I have some money coming due - "Great! Just so I have an idea of an appropriate amount and bond to recommend, what do you currently own?" - I want to know about all their holdings

After uncovering enough information to reveal an opportunity I close the call with:

"Ok xxxx, I just want to confirm the information I have for you. I have you at 123 Main St at Anytown, is that correct? Is your zip code 00000? Ok, I am going to get some information out to you, if there is anything I can do to earn your business, I would love the opportunity. Have a great day."

At the end of the day the bond pitch is only to open a financial conversation. I don't really want to sell anything to them (I have had more than one person show at least some interest on the first call). I want to open a door for their discomfort with their current financial holdings and advisor relationship.

I will then drop by the top prospects in person and drop by some relevant information. Most people are pretty surprised. I try to engage in more conversation and talk about my approach. The lukewarm or 'ok' prospects I mail and may follow up with a phone call later. Bad prospects I clean off my list. I am just looking for low hanging fruit.

--------------------------------------------------------------------------------------------------------------

That's it. There are some really smart and successful people on this board who have more success over more time than I have, and I hope they add to this. Don't kid yourself, though. The only thing that really works is doing your job, not going to motivational seminars, not Prospecting threads on some piker registered representative forum, not a dozen books on selling, not watching Wall Street over and over again...just talking to people...so shut your fucking mouth and do it.

-------------
I sort of give a fuck.



Replies:
Posted By: Ron 14
Date Posted: Sep/17/2010 at 9:37pm
Holy Shit -Clap

-------------
You can't Kung Flu Trump out of office.


Posted By: RIArules
Date Posted: Sep/17/2010 at 9:46pm
Nomination for the lobby.

-------------
Wash Your Hands and say your prayers, because Jesus and Germs are Everywhere


Posted By: Moraen
Date Posted: Sep/17/2010 at 9:59pm
2nd



Posted By: Ron 14
Date Posted: Sep/17/2010 at 10:06pm
No doubt

-------------
You can't Kung Flu Trump out of office.


Posted By: Sportsfreak
Date Posted: Sep/17/2010 at 10:09pm
Clap Clap
SN - Those are the kinds of threads that make it worth spending time here.
You are right - the stuff isn't earth shattering, but its worth repeating over and over again, and its also motivating to hear it form someone in the trenches, for whom it is working.
3 questions - and they have probably been answered here before -
1. Are you calling businesses and if you are, whats the conversation like with the gatekeeper
2. You mentioned you are doing seminars - care to talk about your process and your success with them?
3. You probably have mentioned this in the past, but as everyone knows, i don't have any memory left - are you in a metro area, small town, what?


-------------
WHO IS LEADING OUR COUNTRY
#DRAINTHESWAMP


Posted By: RIArules
Date Posted: Sep/17/2010 at 10:12pm
The Nick Murray subscription just went out the window

-------------
Wash Your Hands and say your prayers, because Jesus and Germs are Everywhere


Posted By: Sportsfreak
Date Posted: Sep/17/2010 at 10:20pm
SN just drilled a hole in the Ark. Who needs Nicks Ark when we have SN. Took me a week to read Nicks latest book, a minute and a half to read SN's post, and I got more out of the latter

-------------
WHO IS LEADING OUR COUNTRY
#DRAINTHESWAMP


Posted By: SometimesNowhere
Date Posted: Sep/17/2010 at 10:42pm
Originally posted by Sportsfreak Sportsfreak wrote:

Clap Clap
SN - Those are the kinds of threads that make it worth spending time here.
You are right - the stuff isn't earth shattering, but its worth repeating over and over again, and its also motivating to hear it form someone in the trenches, for whom it is working.
3 questions - and they have probably been answered here before -
1. Are you calling businesses and if you are, whats the conversation like with the gatekeeper
2. You mentioned you are doing seminars - care to talk about your process and your success with them?
3. You probably have mentioned this in the past, but as everyone knows, i don't have any memory left - are you in a metro area, small town, what?

Thanks for the kind words, fellas.

1. Are you calling businesses and if you are, whats the conversation like with the gatekeeper -
I've never done this with any success. 95% of my prospecting is residential. I will occasionally just go out and hand out business cards to other businesses, but if the owner isn't there I don't push it. Admittedly a weak spot in my business.

2. You mentioned you are doing seminars - care to talk about your process and your success with them? - I don't feel like I've ever done a 'great' seminar, so I don't have a blueprint for success. I call a wholesaler to pay for the event (one who won't be a relentless equity cheerleader), book a local restaurant, and send out invitations (which the wholesaler provides). I haven't ever gotten a random person to attend from the invites (I only send out a couple hundred). They are all phone call driven.

I call clients and invite them, and ask them to bring a friend. Then I call prospects. I promise them all 'NO SALES PITCH', just a free dinner and some information that would probably be helpful to them. Wholesaler talks about the market, I say a few words, I answer a few questions. If they ask questions about what to buy, what to sell, whatever, I tell them to ask a financial advisor...it doesn't have to be me, but talk to a professional. If you don't have one, I will help you or help you find one if you don't like my style. I shake hands and thank people for coming. I've never had an event where I didn't get a client out of it. For me at seminars the key is to provide value and undersell my services.

3. You probably have mentioned this in the past, but as everyone knows, i don't have any memory left - are you in a metro area, small town, what? - I live in a small town with moderate sized town next to it. My office is in a different small town. Jones frowns on prospecting outside one's 'town'. I do it anyway. If there isn't an FA within city limits, I call them. However, for the purpose of understanding my demographic I work in a largely rural area. The areas that aren't 'rural' have a very rural state of mind.


-------------
I sort of give a fuck.


Posted By: Sportsfreak
Date Posted: Sep/17/2010 at 10:53pm
Thanks SN
I have been thinking about trying to do cold seminars. Using Seminar Marketing, or some other service. I don't have the infrastructure, so i need  a service like that. They print the invites, mail them out, with an 800 number for invitees to RSVP to. They take the calls, and provide me with a website that i can go to and view the invitees, and if i choose to, (which i would) call them to qualify prior to the event.
So all i would need to do is book the venue, show up and speak, and try to get appointments set. I would hire someone to work the seminar for me as my assistant. (i would use my former assistant from the wire, she would be glad to do it.
Problem is it is expensive and i don't believe it makes any sense to do one and see how it goes. You need to repeat.

So i was thinking of asking an Estate Planning attorney if he would be interested in doing it with me and sharing the cost. I speak first about the importance of Fin Planning and what it is exactly, ending with Wealth Transfer, which segues into his 10 minutes, then have a wholesaler do 10 minutes on the markets. Then me and the attorney do q and a.
I was also thinking of doing it with someone from the Soc Security Administration, which i think would draw people. But it doesnt resolve my problem of cost.
Opinions, critiques?


-------------
WHO IS LEADING OUR COUNTRY
#DRAINTHESWAMP


Posted By: TJ
Date Posted: Sep/19/2010 at 4:05pm
This post is golden. I am officially announcing my intent to copy, paste and distribute it to a few friends I have in the business.


Posted By: NYCTrader
Date Posted: Sep/19/2010 at 7:19pm
Great post, SN.

-------------
"We don't play games with overpriced assets" -- Jeremy Grantham, GMO


Posted By: rollingtwelve
Date Posted: Sep/19/2010 at 10:09pm
nice  +1


Posted By: stokwiz
Date Posted: Sep/19/2010 at 11:48pm
Perfect.
 
 
Stok


-------------
"The right to be heard doesn't necessarily mean the right to be taken seriously"


Posted By: JackBlack
Date Posted: Sep/20/2010 at 10:21am
Great post SN.


Posted By: Wet_Blanket
Date Posted: Sep/20/2010 at 10:30am
Moved to lobby.


Posted By: knuk
Date Posted: Sep/20/2010 at 10:32am
This is me clapping.


Posted By: SometimesNowhere
Date Posted: Sep/20/2010 at 10:43am
Originally posted by Sportsfreak Sportsfreak wrote:

Thanks SN
I have been thinking about trying to do cold seminars. Using Seminar Marketing, or some other service. I don't have the infrastructure, so i need  a service like that. They print the invites, mail them out, with an 800 number for invitees to RSVP to. They take the calls, and provide me with a website that i can go to and view the invitees, and if i choose to, (which i would) call them to qualify prior to the event.
So all i would need to do is book the venue, show up and speak, and try to get appointments set. I would hire someone to work the seminar for me as my assistant. (i would use my former assistant from the wire, she would be glad to do it.
Problem is it is expensive and i don't believe it makes any sense to do one and see how it goes. You need to repeat.

So i was thinking of asking an Estate Planning attorney if he would be interested in doing it with me and sharing the cost. I speak first about the importance of Fin Planning and what it is exactly, ending with Wealth Transfer, which segues into his 10 minutes, then have a wholesaler do 10 minutes on the markets. Then me and the attorney do q and a.
I was also thinking of doing it with someone from the Soc Security Administration, which i think would draw people. But it doesnt resolve my problem of cost.
Opinions, critiques?


My gut reaction to using a service for this kind of thing is that they're a waste of money. I think of it like I think of the people that call my office trying to sell me 'unique leads from people that want to be contacted by a financial advisor for their 401k  rollover'. It's bullshit. If it can be done in your market, you are probably the best person to do it. And I think you're dead on, you need to do it consistently to make it a success, and how will you feel if nobody shows up to the first one?

The estate planning attorney thing is a good angle IMO, if you can find one you would actually like doing business with (my feelings on these people have already been documented). Sort of the best of both worlds, you will get in front of some pre qualified prospects and build a reciprocal business source. Same deal with the SSA. In both cases you can probably split the cost with a wholesaler. I think the ROI on the latter two ideas has potential, a seminar service doesn't seem to have much promise.


-------------
I sort of give a fuck.


Posted By: HAcoreRD
Date Posted: Sep/20/2010 at 7:06pm
Thanks for the motivation SN.
I am hanging up the walking shoes for a month and hammering a cold call campaign. Thus far I have only DKed, so we will see how it goes.
This is just what i needed.


Posted By: Sportsfreak
Date Posted: Sep/20/2010 at 9:20pm
SN - Thanks for the response.
Regarding the mailing service - First of all, my gut reaction would be the same as yours - like someone trying to sell me annuity leads. But with this particular company I know of at least one FA who has had good success filling seminars, with enough qualified prospects to make it worthwhile. He was having to run a second seminar the same week to accomodate the overflow. Aside from that, the big attraction for me is that it provides me the infrastructure to design, print, mail and accept the RSVP's (again i would do the follow up qualifying call). As a one man shop with no infrastructure, that would be hard to do.
In any case, these are ideas that i am turning around in my head. Thanks again for the feedback.


-------------
WHO IS LEADING OUR COUNTRY
#DRAINTHESWAMP


Posted By: workinhard
Date Posted: Oct/07/2010 at 1:58pm
Great stuff.  I know I'm late to the party, but what an awesome thread!
 
The only thing I'd like to add (although I'm not seasoned and successful yet) is to drip.  If you have STRONG REASON to believe that you caught someone at a bad time, or they are a whale, or whatever, take the 5 minutes each month to send them something.  I talked to a guy six months ago, that had some interest in my offer, but it wasn't a good time.
 
Last night I emailed him a product I thought he might have some interest in (has to be purchased by next Friday) along with a Free IRA offer.  We talked for a half hour this morning, he's currently filling out ACAT forms.
 
$100k... for the first ticket.  In about a month, we'll have a follow up meeting and I'll see what else is there.
 
Full disclosure though, I don't drip on everyone that I speak with.  I'm pretty selective with who I take the time to keep in the pipeline.


Posted By: SometimesNowhere
Date Posted: Oct/26/2010 at 7:58am
On the subject of bonds, I am starting to see capitulation in the CD crowd. They are sick of seeing the awful rates at the banks. For those of us that still need new business this is an unbelievable opportunity. The CD's are coming due, especially the 2-3 year ones that people bought out of fear during the meltdown. Get on the phone and start talking to people about it...

-------------
I sort of give a fuck.


Posted By: Chief
Date Posted: Oct/27/2010 at 10:26pm
Has anyone ever used the pitch by Nick Murray.. Seems it would work for indy advisors...something about " Looking for X number of family to join my practice with a portfolio larger than $250K"


Posted By: Guests
Date Posted: Nov/02/2010 at 9:59pm
I tried it for a day. It worked no better or worse than anything else. I got some good leads and one is a client now but it was sheer numbers and had nothing to do with the pitch I just caught him at the right time.


Posted By: MacCO
Date Posted: Jul/23/2012 at 2:42pm
Originally posted by SometimesNowhere SometimesNowhere wrote:

That's it. There are some really smart and successful people on this board who have more success over more time than I have, and I hope they add to this. Don't kid yourself, though. The only thing that really works is doing your job, not going to motivational seminars, not Prospecting threads on some piker registered representative forum, not a dozen books on selling, not watching Wall Street over and over again...just talking to people...so shut your fucking mouth and do it.



Great post, and the paragraph above is the bottom line.  Yes, you can dip your toes into various other marketing methods, but if you're not talking with people, face to face or on the phone, almost everything else is avoidance behavior.  If you're going to read a book or lick stamps or plan a seminar, fine, do it during off hours.

.


Posted By: jokerthief
Date Posted: Sep/28/2012 at 11:52am
How do you guys do cold calling?  Where do you get the lists?  I thought the do-not-call list killed cold calling.


Posted By: newregrep
Date Posted: Sep/28/2012 at 12:35pm
how the hell did I miss this??  epic thread.

-------------
Helado for Prez


Posted By: Skywalker
Date Posted: Jul/24/2014 at 7:10am
Thank you!


Posted By: Wilko
Date Posted: Jan/06/2015 at 12:34pm
Interesting thread. I agree that it's not so important what you say but rather how you say it. With confidence, conviction and in a relaxed manner.


Posted By: Mike Damone
Date Posted: Jan/06/2015 at 12:53pm
This thread is over 4 years old and I'm seeing it for the first time.  What the hell is wrong with me?  Rookies, you print out SN's post.

-------------
"Sorry about the mayonnaise, guys."


Posted By: beachedWHALE
Date Posted: Jan/06/2015 at 1:27pm
Hey SN - thanks for taking the time to do this. Much appreciated! 


Posted By: SmallDave
Date Posted: Jan/06/2015 at 1:34pm
I agree, great to hear someone who believed strongly enough to share their experience


Posted By: apac707
Date Posted: Jan/06/2015 at 4:16pm
Thanks for the post, this is helpful!


Posted By: Logan Five
Date Posted: May/03/2015 at 12:14am

I can't believe I didn't come upon this thread earlier, it has nuggets of truth that SN was kind enough to share with us.

It makes me want to get out there and talk to prospects after I pass my exams.


-------------
Self Concept Is Destiny


Posted By: Sportsfreak
Date Posted: May/03/2015 at 9:49am
Me too

-------------
WHO IS LEADING OUR COUNTRY
#DRAINTHESWAMP


Posted By: BillyGoat
Date Posted: Jul/16/2015 at 8:45am
Awesome post Sir! Small talk is one of the things I sometimes have trouble with. I've found, for others with the same issue, that if you focus networking activities on areas you have a passion for the small talk becomes very easy and enjoyable making the transition to "needs" discussions easier.   I've used Meetup.com to find groups that I have a lot of common interests with.


Posted By: MacCO
Date Posted: Jul/17/2015 at 11:32am
Originally posted by BillyGoat BillyGoat wrote:

Awesome post Sir! Small talk is one of the things I sometimes have trouble with. I've found, for others with the same issue, that if you focus networking activities on areas you have a passion for the small talk becomes very easy and enjoyable making the transition to "needs" discussions easier.   I've used Meetup.com to find groups that I have a lot of common interests with.
Bizarre, I just stumbled on to Meetup.com this morning before seeing your post.  I'll probably test drive a couple of groups.




Posted By: DKOfTFC
Date Posted: Jan/16/2017 at 2:01pm
Originally posted by MacCO MacCO wrote:

Originally posted by BillyGoat BillyGoat wrote:

Awesome post Sir! Small talk is one of the things I sometimes have trouble with. I've found, for others with the same issue, that if you focus networking activities on areas you have a passion for the small talk becomes very easy and enjoyable making the transition to "needs" discussions easier.   I've used Meetup.com to find groups that I have a lot of common interests with.
Bizarre, I just stumbled on to Meetup.com this morning before seeing your post.  I'll probably test drive a couple of groups.



I  myself have been looking at MeetUp.  Maybe a dumb question, but as you mentioned you have looked for groups that you have common interests in, what types of things have you found?

Is this pure Business (Small Business) Owners, or things like hobbies etc.  I'm just curious what mix has produced well for you.

Thanks !


Posted By: Omar
Date Posted: Jan/17/2017 at 9:02am
Nice post.  One thing I'll add regarding family.
I had never asked to manage any of my family member's investments.  Last year however, I had an Uncle and Aunt approach me on a summer vacation we had together.  Turns out they were perfect prospects.  About $1 million in investments and approaching retirement.  They had Social Security and Pension decisions to make.  They knew I was an Advisor, but respected that I never pushed them on becoming clients.  Long story short, I was able to give them really good advice and after a short period of time they transferred all of their accounts to me.  They did this because they respected what I could offer and felt safe with me.  No sales talk, just straight advice.
You see after you are established and don't sound like a car salesman, some people who you would not approach before will come to you when they are ready.  This really is a long term business and being great at "relationships" is key.  Be confident, tell people what you really think and leave it at that.  It takes longer but you'll build your business the right way.


-------------
The game is out there. Either play or get played.


Posted By: Omar
Date Posted: Jan/17/2017 at 9:04am
Regarding Nick Murray, I'm a subscriber.  Not for prospecting methods, but his monthly newsletter keeps me on track.  His focus on what's important when looking for new clients is advice I greatly appreciate.  He is very good at helping you make sure you talk about the right things when it comes to relationships.  Money well spent. 


-------------
The game is out there. Either play or get played.


Posted By: MacCO
Date Posted: Jan/17/2017 at 10:03am
Originally posted by DKOfTFC DKOfTFC wrote:

Originally posted by MacCO MacCO wrote:

Originally posted by BillyGoat BillyGoat wrote:

Awesome post Sir! Small talk is one of the things I sometimes have trouble with. I've found, for others with the same issue, that if you focus networking activities on areas you have a passion for the small talk becomes very easy and enjoyable making the transition to "needs" discussions easier.   I've used Meetup.com to find groups that I have a lot of common interests with.
Bizarre, I just stumbled on to Meetup.com this morning before seeing your post.  I'll probably test drive a couple of groups.
I  myself have been looking at MeetUp.  Maybe a dumb question, but as you mentioned you have looked for groups that you have common interests in, what types of things have you found?

Is this pure Business (Small Business) Owners, or things like hobbies etc.  I'm just curious what mix has produced well for you.

Thanks !

Well, I test drove a couple of groups and even started one, and it's about as I expected:  Very few serious players, virtually no understanding of reciprocal business relationships, just people fishing for leads. 


Posted By: cptgoodvibes
Date Posted: Jan/19/2017 at 4:01pm
thank you for including this in the guest lobby! 


Posted By: missionshooter
Date Posted: Jan/19/2017 at 4:21pm
Originally posted by MacCO MacCO wrote:

Originally posted by DKOfTFC DKOfTFC wrote:

Originally posted by MacCO MacCO wrote:


Originally posted by BillyGoat BillyGoat wrote:

Awesome post Sir! Small talk is one of the things I sometimes have trouble with. I've found, for others with the same issue, that if you focus networking activities on areas you have a passion for the small talk becomes very easy and enjoyable making the transition to "needs" discussions easier.   I've used Meetup.com to find groups that I have a lot of common interests with.
Bizarre, I just stumbled on to Meetup.com this morning before seeing your post.  I'll probably test drive a couple of groups.
I  myself have been looking at MeetUp.  Maybe a dumb question, but as you mentioned you have looked for groups that you have common interests in, what types of things have you found?

Is this pure Business (Small Business) Owners, or things like hobbies etc.  I'm just curious what mix has produced well for you.

Thanks !

Well, I test drove a couple of groups and even started one, and it's about as I expected:  Very few serious players, virtually no understanding of reciprocal business relationships, just people fishing for leads. 



I joined a couple groups and ended up Test-driving one of the hot chicks I met in them. I also got this other one as a client (Small $25,000 but adding DCA every month).

They were a waste of time for the most part business-wise. Besides the happy hours with the divorced women craving some D.


Posted By: Omar
Date Posted: Jan/19/2017 at 4:33pm
Originally posted by missionshooter missionshooter wrote:

Originally posted by MacCO MacCO wrote:

Originally posted by DKOfTFC DKOfTFC wrote:

Originally posted by MacCO MacCO wrote:


Originally posted by BillyGoat BillyGoat wrote:

Awesome post Sir! Small talk is one of the things I sometimes have trouble with. I've found, for others with the same issue, that if you focus networking activities on areas you have a passion for the small talk becomes very easy and enjoyable making the transition to "needs" discussions easier.   I've used Meetup.com to find groups that I have a lot of common interests with.
Bizarre, I just stumbled on to Meetup.com this morning before seeing your post.  I'll probably test drive a couple of groups.
I  myself have been looking at MeetUp.  Maybe a dumb question, but as you mentioned you have looked for groups that you have common interests in, what types of things have you found?

Is this pure Business (Small Business) Owners, or things like hobbies etc.  I'm just curious what mix has produced well for you.

Thanks !

Well, I test drove a couple of groups and even started one, and it's about as I expected:  Very few serious players, virtually no understanding of reciprocal business relationships, just people fishing for leads. 



I joined a couple groups and ended up Test-driving one of the hot chicks I met in them. I also got this other one as a client (Small $25,000 but adding DCA every month).

They were a waste of time for the most part business-wise. Besides the happy hours with the divorced women craving some D.

Funny, years ago I had a similar experience.  Joined a group of desperate people trying to sell to me and my clients.  There was a horny divorced women among them.  Omar laid the pipe after a few cocktails one late evening.  Was worth the wasted time in meetings.  I may or may not have gone back for more...


-------------
The game is out there. Either play or get played.


Posted By: Gj83
Date Posted: Apr/04/2017 at 11:56pm
Some of the "networking" meetups in my area want $100 per meeting. I don't think that includes any food or drinks with that. There is a new women's networking group that works schedule-wise, but only has like 4 members and says no more financial advisors can become members. There is only 1 in the group. They say you can go to 3 meetings before joining so I think I might check it out and if it is pointless then no harm, no foul. If it does seem useful then I'll get my life and health licenses because they do have spaces for just about any i surance agents.

Meetup seems to be a fairly dead platform these days, but I think anything other than "networking" groups would be better. I think I'm going to check out Rotary and Toastmasters too. The closest Toastmasters group to me has a board that is almost entirely CFPs. It might be useful to get some mentors or other job prospects...butmost likely won't get me clients.

Anyone try their local Chamber of Commerce meetings for prospects?


Posted By: Guests
Date Posted: Apr/05/2017 at 2:05am
Only join associations for the purpose of the association itself.  Everyone has tried associations for "networking" and you will be found out fast if that's ALL you are there for.  

It's called "commission breath."

I would assume that you won't get ANYTHING out of a group for the first year of activity with an active association.  

The only place where you *might* get faster referrals, is if you're doing active service projects such as Habitat for Humanity.  If you're working side-by-side with people, and can get to talking, it's different because you're working together for a cause.  Plus, you're probably dressed for such work instead of being in a suit and tie.

But you've got to have true intentions rather than just trying to swoop in and get a sale and leave.


Posted By: Fitness1983
Date Posted: Apr/05/2017 at 9:10am
The longer I door knock and the Moore success I have with it, the thought that continues to push me to do it more is that I fucking hate "networking." I'm sure it's because I'm not good at it but being in a room with a bunch of people at a function and "slyly" trying to build rapport so I can get their info just plain sucks. No thanks.



Posted By: Monkey
Date Posted: Apr/05/2017 at 9:49am
Networking is for fags.


Posted By: Fitness1983
Date Posted: Apr/05/2017 at 10:34am
Originally posted by Monkey Monkey wrote:

Networking is for fags.

I was thinking more that it's the ultimate avoidance activity--nick murrays shark. Lulling you, making you're thinking you're prospecting but you're really not.

I realize there is a time and place for every method though


Posted By: 2wheeledbeemer
Date Posted: Apr/05/2017 at 2:19pm
The phrase "Everything works, and nothing works," is a phrase I repeated to myself ad nauseam in the early years.  Networking-for-the-sake-of-networking would yield a good contact with a decent rollover, and then the next 12 months of meetings I'd end up sitting between the balloon-o-gram guy and the bake your lunches in a jiffy meal-planner lady, knowing neither of them had a clue.  Cold calling would get a few warm leads to a seminar, and then I'd get nothing but mouth-breathers for 6 months.  Cold walking businesses would turn up 3 or 4 decent relationships, and then I'd go 6 months not getting past Gladys with the compression hose at the front desk.  And so on...
The key at the beginning is to stay active DOING SOMETHING everyday.  Make it measureable, even if it is currently resulting in zero gross.  Navel gazing in an effort to develop the "best social media click-through driver" isn't ever going to be as strong as talking with 10 guys who are running a plumbing supply wholesale business each day.
 


-------------
Molon Labe


Posted By: bc2051
Date Posted: Apr/05/2017 at 5:22pm
At a kool aid meeting, I heard "networking is one letter from not working"

Better use of time is using your leverage and getting to know your clients CPAs and attorneys than meeting MLM salesmen, web site developers, landscapers, etc that you find at these meetings


Posted By: dj2485
Date Posted: May/02/2019 at 5:54pm
Originally posted by SometimesNowhere SometimesNowhere wrote:


I do lots of things...I cold call, I door knock occasionally, I do seminars, I've put ad's in newspapers, I've done mailings, etc, etc, etc. Some things work, some things don't. With all that said, here is the big secret to building your business:

Talk to people


That's it. Everything else is fluff. People do not show up to your door with $1mm accounts (at least not often enough that you should wait for it). Every book you buy, every seminar you attend, every podcast you listen to, they will all try and sell you cute ways to encourage you to do the same thing...talk to people...

The only thing that really works is doing your job, not going to motivational seminars, not Prospecting threads on some piker registered representative forum, not a dozen books on selling, not watching Wall Street over and over again...just talking to people...so shut your fucking mouth and do it.

Love it!  Great post SN.


-------------
"I realized I had a much better chance of being exceptional through my efforts than I did by my talents." Tony Dungy (via Eggward)


Posted By: missionshooter
Date Posted: May/02/2019 at 6:02pm
SN says you are going to fail.


Posted By: bc2051
Date Posted: May/02/2019 at 6:25pm
Originally posted by missionshooter missionshooter wrote:

SN says you are going to fail.


As a backup, DJ has a future as a moderator here. He’s already doing things that I still can’t like pulling in quotes from other threads. I bet he can post pics too. Damn millennials


Posted By: advisorman
Date Posted: May/02/2019 at 8:50pm
Lol

-------------
King of sarcasm and speling


Posted By: dj2485
Date Posted: May/02/2019 at 9:40pm
Originally posted by bc2051 bc2051 wrote:


As a backup, DJ has a future as a moderator here. He’s already doing things that I still can’t like pulling in quotes from other threads. I bet he can post pics too. Damn millennials





-------------
"I realized I had a much better chance of being exceptional through my efforts than I did by my talents." Tony Dungy (via Eggward)


Posted By: luvindy
Date Posted: May/03/2019 at 3:30am
Originally posted by dj2485 dj2485 wrote:

Originally posted by bc2051 bc2051 wrote:


As a backup, DJ has a future as a moderator here. He’s already doing things that I still can’t like pulling in quotes from other threads. I bet he can post pics too. Damn millennials




Perhaps you should pursue a career in web site development, or whatever it is that millennials do between drinking coffee and visiting breweries with their dogs.


-------------
8/31/12,Sportsfreak:
"If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time."
Dow 13,090 S&P 1406
5/23/13 UC:Dow 20k before 20% crrectn Dow 15,322


Posted By: missionshooter
Date Posted: May/03/2019 at 10:35am
Team up with Jagger for website design!


Posted By: knuk
Date Posted: May/04/2019 at 11:37am
Originally posted by luvindy luvindy wrote:

Originally posted by dj2485 dj2485 wrote:

Originally posted by bc2051 bc2051 wrote:


As a backup, DJ has a future as a moderator here. He’s already doing things that I still can’t like pulling in quotes from other threads. I bet he can post pics too. Damn millennials






Perhaps you should pursue a career in web site development, or whatever it is that millennials do between drinking coffee and visiting breweries with their dogs.


Beards, you forgot beards.

-------------
It's the flu.


Posted By: riles4112
Date Posted: Nov/07/2019 at 2:23pm
Totally agree with this post. It's about relationships not closing. The complete opposite of what you see in movies like Wolf of Wall Street


Posted By: Ron 14
Date Posted: Feb/18/2020 at 7:24pm
Originally posted by SometimesNowhere SometimesNowhere wrote:

Since there are some in our profession that seem to believe there is some magic bullet to prospecting, and that there are encyclopedias that should be written on the subject, I will do everyone a favor and save you about $500 in books and seminars and break it down for you.

What qualifies me to speak on the subject: Prior to this career I had a business-to-business sales career. Nearly failed out, then succeeded after figuring out what worked for me. I was lazy and successful. In addition, and not that it matters, but I have won a majority of the plaques, awards, and recognition for those in the first three years at my firm (I don't think it matters because the bars aren't that high). With that said, I still prospect and win clients. I don't get professional referrals. All my business is referrals from clients and from prospecting. I don't have rich relatives, and the only people I have as clients that I knew beforehand are people that have approached me. I don't prospect friends or family...ever.

I do lots of things...I cold call, I door knock occasionally, I do seminars, I've put ad's in newspapers, I've done mailings, etc, etc, etc. Some things work, some things don't. With all that said, here is the big secret to building your business:

Talk to people


That's it. Everything else is fluff. People do not show up to your door with $1mm accounts (at least not often enough that you should wait for it). Every book you buy, every seminar you attend, every podcast you listen to, they will all try and sell you cute ways to encourage you to do the same thing...talk to people...

With all those things said, here are a couple opinions that will hopefully demystify the process:

1) It's not important what you say, but how you say it - If you are good at this job (or going to be good at this job) your thoughts and personality are enough. If you try too hard people can tell. Just say what you think with confidence. Early in your career you will say some stupid shit...I know I did. People will forget, and you will learn. You don't need to look for or use some sort of magic phrase or pitch.

2) Don't chase the monkeys - There are people that just won't do business with you, but are socially inept and can't figure out how to tell you. If they don't give you a serious indication about their intent to do business after a few calls, find someone else. The world is made of low hanging fruit, grab your basket and go picking.

3) Product? Service? ???? - Doesn't matter. Nobody gives a shit about what you are calling/walking into their business about. Just talk to them. There is no magic script that will make people bring you their statements and make it rain ACAT's. People don't like to feel like they are a part of the sales process, so don't make them a part of it. Sometimes you can help them, most of the time you can't either because they aren't even going to talk to you or they are happy with their current situation. Just talk about you, your business, your process, ask for the business and move on.

4) Coffee is for closers only - Listen...I love Glengarry Glenross. One of the greatest sales movies ever (don't say Boiler Room, it is a GG ripoff). This is not a 'closing' business. You don't talk someone into a sale. This is a relationship business, so build a relationship. Talk to them about what they want to talk about then move the conversation into an area where you can uncover need. That's not to say waste time talking to some lady about their cats...make sure people respect your time. You just don't need to try and arm wrestle someone into doing business with you.

5) Passive advertising doesn't work - Ad's in the newspaper, sending out mailers, whatever...they are cost ineffective. If you are trying this stuff out early in your career it's probably because you are lazy and are going to fail out. Stop avoiding the only thing that will bring you success...talking to people.

All those things notwithstanding, I do follow a cold calling script (loosely), and will post it here. This is the fourth time, so it's not earth shattering.

---------------------------------------------------------------------------------------------------------------

Understand that I don't think it really matters what you say, as long as you say it relaxed and with conviction. Lately I've been doing something like this:

Hello, is xxxx available? Hello xxxx, this is SometimesNowhere with yyyy. Did I catch you at an OK time? (allow them the opportunity to get off the phone, most of the time I get a 'yes')

Ok, I won't keep you long. Again I am SometimesNowhere calling from yyyy. I am calling today because I am looking to expand my financial services practice in Anytown. All I am doing is sending out some information about MyState municipal bonds. We are offering highly rated bonds yielding between 4-5% both state and federal tax free, for you that would be like getting around 6% on an after tax basis. How would that fit into your portfolio?

I get one of a few answers:

- I am not interested - "Hmmmm....ok. Is it the bond or that rate that you aren't interested in?" - Trying to get them to hang up on me at this point
- I don't have a portfolio/I am on Social Security/I am on disability/I don't have any investments - "Ok, sorry to bother you. If you ever have the need for professional financial advice my number is in the phone book" - Waste of time
- Questions about the bond itself (is there a minimum, what is the duration, can I get some in an IRA) - Handle question and probe about holdings
- I already have a someone that does that for me/I already have a financial advisor - "I understand. Just to help me out, who do you currently do business with? Are you currently 100% satisfied with the advice you've been getting?" - Admittedly this is the most difficult objection for me to handle. I guess my goal is to find the 'ache' in their relationship. Most people answer the 100% question with a yes which for me becomes a dead end.
- That sounds really good, I have some money coming due - "Great! Just so I have an idea of an appropriate amount and bond to recommend, what do you currently own?" - I want to know about all their holdings

After uncovering enough information to reveal an opportunity I close the call with:

"Ok xxxx, I just want to confirm the information I have for you. I have you at 123 Main St at Anytown, is that correct? Is your zip code 00000? Ok, I am going to get some information out to you, if there is anything I can do to earn your business, I would love the opportunity. Have a great day."

At the end of the day the bond pitch is only to open a financial conversation. I don't really want to sell anything to them (I have had more than one person show at least some interest on the first call). I want to open a door for their discomfort with their current financial holdings and advisor relationship.

I will then drop by the top prospects in person and drop by some relevant information. Most people are pretty surprised. I try to engage in more conversation and talk about my approach. The lukewarm or 'ok' prospects I mail and may follow up with a phone call later. Bad prospects I clean off my list. I am just looking for low hanging fruit.

--------------------------------------------------------------------------------------------------------------

That's it. There are some really smart and successful people on this board who have more success over more time than I have, and I hope they add to this. Don't kid yourself, though. The only thing that really works is doing your job, not going to motivational seminars, not Prospecting threads on some piker registered representative forum, not a dozen books on selling, not watching Wall Street over and over again...just talking to people...so shut your fucking mouth and do it.


Bump. This is a great post. Where is SN anyways?


Posted By: missionshooter
Date Posted: Feb/18/2020 at 7:24pm
I miss STNW


Posted By: dp022
Date Posted: Feb/19/2020 at 9:07am
Originally posted by Ron 14 Ron 14 wrote:


Bump. This is a great post. Where is SN anyways?

His first response to newbies and rookies was usually "you will fail".  I get a chuckle out of that now but not the first few times I read it.


Posted By: bc2051
Date Posted: Feb/19/2020 at 9:24am
Originally posted by dp022 dp022 wrote:

Originally posted by Ron 14 Ron 14 wrote:


Bump. This is a great post. Where is SN anyways?


His first response to newbies and rookies was usually "you will fail".  I get a chuckle out of that now but not the first few times I read it.


Ironic if he did


Posted By: luvindy
Date Posted: Feb/19/2020 at 9:53am
Originally posted by bc2051 bc2051 wrote:

Originally posted by dp022 dp022 wrote:

Originally posted by Ron 14 Ron 14 wrote:


Bump. This is a great post. Where is SN anyways?


His first response to newbies and rookies was usually "you will fail".  I get a chuckle out of that now but not the first few times I read it.


Ironic if he did

This made me laugh.


-------------
8/31/12,Sportsfreak:
"If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time."
Dow 13,090 S&P 1406
5/23/13 UC:Dow 20k before 20% crrectn Dow 15,322


Posted By: Moraen
Date Posted: Feb/19/2020 at 9:55am
I don't think SN failed.


-------------
I come in peace. I didn’t bring artillery. But I’m pleading with you, with tears in my eyes: If you fuck with me, I’ll kill you all. - General James Mattis

Fiduciary as Fuck - iMo


Posted By: Sportsfreak
Date Posted: Feb/21/2020 at 2:04pm
Last i recall, he left the business (not failed, just left) and then got an offer he couldn' refuse, which i think he took.

-------------
WHO IS LEADING OUR COUNTRY
#DRAINTHESWAMP


Posted By: apelila
Date Posted: May/26/2020 at 4:31pm
If you're thinking of doing seminars, SN is pretty much right on...except when you don't have the time to do it all and you don't have the inclination to waste your time on mailer design, logistics, etc and most importantly, you don't want to waste $$$ on people who don't show, aren't ideal prospects and/or are only there for the food/drinks. I can think of better ways for you to spend your valuable time and hard earned money. 

Check out  https://www.whitegloveworkshops.com/" rel="nofollow - https://www.whitegloveworkshops.com/  They have a triple guarantee for butts in seats and they do all the work. Seriously. All the work.
NOTE: I am NOT employed by these guys. I am not an affiliate who receives referral fees for these guys. I don't receive anything in exchange for the recommendation. I have simply seen that what they do works. 

My advice after nearly 3 decades in and around the industry? Let someone else do the work that ISN'T the work of prospecting, writing up cases and closing business. Wink


Posted By: Hacksaw
Date Posted: May/26/2020 at 4:43pm
Originally posted by apelila apelila wrote:

If you're thinking of doing seminars, SN is pretty much right on...except when you don't have the time to do it all and you don't have the inclination to waste your time on mailer design, logistics, etc and most importantly, you don't want to waste $$$ on people who don't show, aren't ideal prospects and/or are only there for the food/drinks. I can think of better ways for you to spend your valuable time and hard earned money. 

Check out  https://www.whitegloveworkshops.com/" rel="nofollow - https://www.whitegloveworkshops.com/  They have a triple guarantee for butts in seats and they do all the work. Seriously. All the work.
NOTE: I am NOT employed by these guys. I am not an affiliate who receives referral fees for these guys. I don't receive anything in exchange for the recommendation. I have simply seen that what they do works. 

My advice after nearly 3 decades in and around the industry? Let someone else do the work that ISN'T the work of prospecting, writing up cases and closing business. Wink



Found the insurance agent.


Posted By: WarPig
Date Posted: May/26/2020 at 4:53pm
He almost has to write annuities if he uses White Glove, nothing wrong with that.

They are crazy expensive. I personally don't love Whiteglove but have friends that use them very successfully.. it might be a good option in a post Covid world since you only pay for who shows.

-------------
Call me Ike


Posted By: bc2051
Date Posted: May/26/2020 at 5:00pm
He is a she and all the info is in the profile. I’m interested in hearing more


Posted By: apelila
Date Posted: May/26/2020 at 5:47pm
LOL Thanks bc2051. I am, in fact, a she Tongue  Check out the company I mentioned to learn more. I think you might find it a feasible option, particularly as WarPig mentioned, since the current crisis has left a lot of folks trying to figure out what really works right now. They've done a good job pivoting and seem to be still getting results for clients. If I go on too much though, I'll sound like a commercial and that's really not my intention.

And Hacksaw...I'm real too Wink  Not a troll or a SPA*MER. Was just giving out a little friendly recommendation. (can't help it...it's in my DNA)
I've been reading some of SN's previous posts and there's some good stuff in there for sure! (particularly the one on picking up the da*n phone)  I also believe sometimes that it's worth investing some of our (admittedly hard earned) dollars to retain some of our incredibly valuable time (an un-replenishable resource) so when the outsourcing makes sense, my vote is yes...whomever one elects to use as the outsourcing company.


Posted By: missionshooter
Date Posted: May/26/2020 at 5:48pm
I know an LPL guy who used them twice for retirement planning workshops. 2 ppl the first time showed up. couple under 50.   1 person showed up to the 2nd workshop. A 70 something white-headed old woman.

He told WG nobody showed up to either event bc he refused to even pay for the shitty few who did show up.    "Never again" he said   


Posted By: missionshooter
Date Posted: May/26/2020 at 5:50pm
Lila, I would recommend making your profile anonymous. But If it's fake news, that is ok.


Posted By: apelila
Date Posted: May/26/2020 at 5:52pm
p.s. I think I broke a rule for putting in the link there. So to the gods of moderating...please forgive my rookie error. I've been registered on here for years but not one to post until now. I didn't see anything in the FAQ about it but perhaps I missed it. 


Posted By: apelila
Date Posted: May/26/2020 at 5:54pm
Thanks for the advice MissionShooter. I've got nothing to hide so my profile has been open. No fake news in my vocabulary. But if that's the norm around here...I'll follow suit. Appreciate the heads up. 


Posted By: WarPig
Date Posted: May/26/2020 at 6:18pm
I will say this for White Glove.  They hire smoke shows.  Show up at events in all white....  I spend alot of time at their table ;)

-------------
Call me Ike


Posted By: helado
Date Posted: May/26/2020 at 6:47pm
Apelila,

Are you a financial advisor? 


-------------
My posts are for abrasive entertainment only. Nothing posted is investment, legal, tax or any type of advice, nor is anything mentioned true or even based on real events. Posts are complete fiction.


Posted By: apelila
Date Posted: May/26/2020 at 6:56pm
Originally posted by helado helado wrote:

Apelila,

Are you a financial advisor? 

No Helado. But I was. 
My first job in college was in the industry. My roots go way back. 


Posted By: Chief
Date Posted: May/26/2020 at 6:57pm
White glove blows...

-------------
"You like winning don't you?" "Saves you from having to say the word please."

Good point Chief. Iceco1d 10/30/12


Posted By: ricky32478
Date Posted: May/26/2020 at 7:06pm
Dude this is money.... I never thought driving to the prospect house to drop off the information. Could also try to find something personal about them and bring something of relevance to drop off.

I usually qualify assets saying I have 3x of information packets and to get you the most relevant price of information to your personal situation They are each Taylored to a specific asset level. Was have one level at 50-100k , 100-250k, and one for over 250k ( if they say use to this I say I have a millionaire and above one as that should I sent it to you?)

This usually works really good to get them to tell you how much investable assets They have without being pushy. These are for all cold prospects


Posted By: helado
Date Posted: May/26/2020 at 10:07pm
Originally posted by apelila apelila wrote:

Originally posted by helado helado wrote:

Apelila,

Are you a financial advisor? 

No Helado. But I was. 
My first job in college was in the industry. My roots go way back. 

So my question would be, what made you post in this thread?  What do you do now?  


-------------
My posts are for abrasive entertainment only. Nothing posted is investment, legal, tax or any type of advice, nor is anything mentioned true or even based on real events. Posts are complete fiction.


Posted By: B_Champ
Date Posted: Jul/26/2020 at 12:43am
Fantastic thread!


Posted By: jrayfinancial
Date Posted: Oct/04/2020 at 6:13pm
Did everyone hear about us being on a prospecting pause over at ML? I'm sure someone did. But did you also hear about the new cold calling rules?? It's likely that this thread will be outdated in a couple years based on what's happening out here with cold calling. Unless you work for a company that allows you to do whatever you want so long as you bring in business...

Otherwise, door knocking is about to be the new old way of getting in front of people. Any Ed Jones people in here? Please, show us your ways and share with us your almighty door knocking powers! LOL


-------------
I threw away my old list of excuses, but evidently, you must've found it in the trash!


Posted By: mindtech
Date Posted: Oct/04/2020 at 6:40pm
Originally posted by jrayfinancial jrayfinancial wrote:

Did everyone hear about us being on a prospecting pause over at ML? I'm sure someone did. But did you also hear about the new cold calling rules?? It's likely that this thread will be outdated in a couple years based on what's happening out here with cold calling. Unless you work for a company that allows you to do whatever you want so long as you bring in business...

Otherwise, door knocking is about to be the new old way of getting in front of people. Any Ed Jones people in here? Please, show us your ways and share with us your almighty door knocking powers! LOL


What new rules are you referring to? Be more specific.


Posted By: jrayfinancial
Date Posted: Oct/07/2020 at 10:55am
Originally posted by mindtech mindtech wrote:

Originally posted by jrayfinancial jrayfinancial wrote:

Did everyone hear about us being on a prospecting pause over at ML? I'm sure someone did. But did you also hear about the new cold calling rules?? It's likely that this thread will be outdated in a couple years based on what's happening out here with cold calling. Unless you work for a company that allows you to do whatever you want so long as you bring in business...

Otherwise, door knocking is about to be the new old way of getting in front of people. Any Ed Jones people in here? Please, show us your ways and share with us your almighty door knocking powers! LOL


What new rules are you referring to? Be more specific.
Sure.

Basically, during the pandemic, people were cold calling DNC numbers from any and all ways that they could. Probably led to some compliance and legal issues. So the firm put us on a prospecting pause and has made it clear that anyone caught doing that moving forward will be terminated immediately.

All calls have to be made through their internal systems, which is also how they monitor activity. 
Meaning that in order for your activity to be counted you'd have to log it in that internal system. 

If I log an activity in that system, say a call for example, but the system doesn't show that I... 

1) scrub the lead for DNC
2) scrub the lead to see if they already had an advisor
3) notated those things prior to and/or notated prior consent to contact for those on the DNC list, and 
4) called the lead through the internal system which tracks the moment you called them and such, then that is a policy violation and is a termination offense - no slap on the wrist for this.

If I knocked on a door and then came back to the office to log my activity, and the tracking system doesn't show that I scrubbed that lead in the system to see if they already had an advisor and notated that prior to knocking, I'll be violating policy. Meaning I need to input the lead first before knocking. 

If I call a number from my cell, whether my personal cell or corp cell, in theory the firm would know that at the moment. But at some point I'll need to log my activity to get credit for working that day. If I only log activity where someone is interested in having me follow-up with them (aka gaining consent to contact) I won't have enough daily/weekly activity to stay employed for long LOL (not from cold calling anyways). Plus, I'd show a pattern of only having logged consent to contact activities which will certainly raise red flags.

So what I'm thinking of doing is utilizing stuff like ReferenceUSA, list shack, etc. to fill my CRM with leads to scrub and then go meet people in person (I'll wear a mask, have gloves, hand sanitizer, and keep social distancing; plus stay home if I'm sick, not enter a home if they were sick within the last 15 days, and so on). That way I can gain the consent to follow-up with those who're interested, meet new people everyday and stay compliant.

It'll be tough, people will be put off, the weather will suck, but it'll be nothing new - I've knocked doors for a living before this for 7 years. Had gun drawn on me for far less things than COVID so maybe this time I'll have some actual battle scars to prove all the shit I've been through *sips tea*


Posted By: mindtech
Date Posted: Oct/07/2020 at 12:03pm
Originally posted by jrayfinancial jrayfinancial wrote:

.....But did you also hear about the new cold calling rules?? It's likely that this thread will be outdated in a couple years based on what's happening out here with cold calling....... .
 

It sounded like you were referring to new cold calling rules the government sets. If these rules apply only to what is happening only at ML (or wherever you are), then no this thread will not outdated in a couple of years. In fact, this thread is over 10 years old and just as relevant today as it's ever been.

Look, people tried telling me in 2012 that cold calling doesn't work. As Mark Twain said, "The reports of the death of cold calling are greatly exaggerated"






Posted By: newbieRIA
Date Posted: Oct/07/2020 at 1:27pm
Dude i worked in the PMD program from 2010-2012.  If they had this rule I wouldn't have opened one account.  I honestly would look for another place to work with this rule being forced down your throat.  Sure its the legal and right way to do it but it was honestly always overlooked and laughed about by management.  No one cared who you called, when we got a big merrill client on the phone, we always asked for their advisors name and sent them an email telling them we where cold calling and called your client by mistake, by the way i uncovered this need and they where interested in this product or service.  I told them you would be reaching out to them.  this always went over well and the advisor always thanked us pmd's for the heads up.

honestly just go work at a bank and build relationships with investors then hire a securities atty, then go indy.  


Posted By: bc2051
Date Posted: Oct/07/2020 at 6:30pm
Once I asked a ML prick how he brought in clients.  He just said "he had the bull behind him"

Why don't you just code them that way?  What a joke this is

But really you could be running shit off to the side.  They are telling you not to work basically, so just work 4 hrs a day "off the system" and do whatever you have to do on the CRM.  Then if one of them is about to become a client.  Enter them.  The guys that are going to be around in a few years are doing something right now


Posted By: jrayfinancial
Date Posted: Oct/08/2020 at 12:49am
Originally posted by mindtech mindtech wrote:

Originally posted by jrayfinancial jrayfinancial wrote:

.....But did you also hear about the new cold calling rules?? It's likely that this thread will be outdated in a couple years based on what's happening out here with cold calling....... .
 

It sounded like you were referring to new cold calling rules the government sets. If these rules apply only to what is happening only at ML (or wherever you are), then no this thread will not outdated in a couple of years. In fact, this thread is over 10 years old and just as relevant today as it's ever been.

Look, people tried telling me in 2012 that cold calling doesn't work. As Mark Twain said, "The reports of the death of cold calling are greatly exaggerated"
Fair enough. To your point, I overstated. From talking with some of you and others in the industry, I think you're 100% right. I have nothing against cold calling, personally. 


Posted By: helado
Date Posted: Oct/08/2020 at 3:08am
What the flying fuck is going on here?

Don't prosepct?  They told you not to.  Then don't.  


-------------
My posts are for abrasive entertainment only. Nothing posted is investment, legal, tax or any type of advice, nor is anything mentioned true or even based on real events. Posts are complete fiction.


Posted By: Moraen
Date Posted: Oct/08/2020 at 7:52am
Originally posted by bc2051 bc2051 wrote:

Once I asked a ML prick how he brought in clients.  He just said "he had the bull behind him"

Why don't you just code them that way?  What a joke this is

But really you could be running shit off to the side.  They are telling you not to work basically, so just work 4 hrs a day "off the system" and do whatever you have to do on the CRM.  Then if one of them is about to become a client.  Enter them.  The guys that are going to be around in a few years are doing something right now

LOL

Yep.  I would just do this.


-------------
I come in peace. I didn’t bring artillery. But I’m pleading with you, with tears in my eyes: If you fuck with me, I’ll kill you all. - General James Mattis

Fiduciary as Fuck - iMo



Print Page | Close Window

Forum Software by Web Wiz Forums® version 12.03 - http://www.webwizforums.com
Copyright ©2001-2019 Web Wiz Ltd. - https://www.webwiz.net