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The Definitive Prospecting Thread

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ricky32478 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote ricky32478 Quote  Post ReplyReply Direct Link To This Post 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
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Post Options Post Options   Thanks (0) Thanks(0)   Quote helado Quote  Post ReplyReply Direct Link To This Post 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.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote B_Champ Quote  Post ReplyReply Direct Link To This Post Posted: Jul/26/2020 at 12:43am
Fantastic thread!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote jrayfinancial Quote  Post ReplyReply Direct Link To This Post 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 It's likely that this thread will be outdated in a couple years based on what's happening out here with cold calling.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!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mindtech Quote  Post ReplyReply Direct Link To This Post 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.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote jrayfinancial Quote  Post ReplyReply Direct Link To This Post 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*
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mindtech Quote  Post ReplyReply Direct Link To This Post 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"




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Post Options Post Options   Thanks (0) Thanks(0)   Quote newbieRIA Quote  Post ReplyReply Direct Link To This Post 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.  
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bc2051 Quote  Post ReplyReply Direct Link To This Post 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
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Post Options Post Options   Thanks (0) Thanks(0)   Quote jrayfinancial Quote  Post ReplyReply Direct Link To This Post 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. 
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helado View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote helado Quote  Post ReplyReply Direct Link To This Post 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.  
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Moraen Quote  Post ReplyReply Direct Link To This Post 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.
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