Essential Cold Calling Techniques

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hedge212's picture
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Hey guys! <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
I wanted to post a series of topics pertaining to cold calling. Coming from a guy who has made close to a half million cold calls, and trained dozens of financial professionals, which the vast majority have went on to have considerable success in the business. I would humbly consider myself qualified.<?: prefix = v ns = "urn:schemas-microsoft-com:vml" />
 
Cold calling is the lifeline of the sales business. The formula is very simple: dials=leads=account=assets raised=$$$. I've found the majority of people dislike cold calling for 3 simple reasons, they have a fear of rejection, they don't know how to effectively call, or most importantly they were never trained properly from their superior. Cold Calling is a science, that is not very difficult to master, it just takes time, repetition and a lot of dialing. Thats what I'm gonna help you with today, for anyone willing to listen.
 
 
Today I'm going to discuss 2 vital things:  (Sales Intro, and Quality Leads)
 
A cold call is determined within the first 5-8 seconds of the initial contact, so it's imperative that it's very strong. The way I used to explain it to my trainees, is if you were meeting a prospect in person for the first time. What would do when you first meet him? You would shake his hand firmly and give strong eye contact, to convey confidence and cabability right? Well, you have to do the same thing when you cold call, but in a different way. When your weak on the phone you convey a weak handshake and limited eye contact.  It's very simple! Follow me.
 
Example #1:  (Wrong Way)
-Hi Mr.Gekko this is Bud Fox over at xyz capital. How are you doing today? (he replies good) you reply: How's the weather? How's your day going? Whats your kids names? Soon after you hear that familiar dial tone. It's ok to be friendly and build rapport, once you get all the info you need for the lead, but until then, it's a complete waste of yours and his time. Lets break this down:
 
-Never call someone Mr or Mrs on a cold call (unless they request you to) this automatically gives them the upper hand to control the conversation. Knowbody is above you. Always use their first name
 
-A cold call is supposed to be quick and to the point. Time is $$$, for both you and him. Business people are very busy, and don't have time for small talk, when your calling interfering w/ the middle of their day. You always want to convey to the prospect that your extremely busy. Furthermore small talk like that tells the prospect, that your not busy, and are probably a rookie, not worthy of his time.
 
*Small Talk is vital to build rapport w/ your prospect once he's your CLIENT, until then keep it brief and direct.

 
-Always ask direct questions. Can you tell...  prospect replies No I can't.  Would you... Prospect replies No I would not. Direct questions get direct answers.  Name me one.. How much do you.. Tell me one..  ASK DIRECT QUESTIONS....
 
Example 2: (Right Way)
 
Hi Gordon! (he replies speaking:) Gordon this is Bud Fox SPEAKING (pause) from xyz capital (pause). How are you?
 
-Always use speaking when cold calling (e.g. This is Bud Fox SPEAKING from xyz capital) . This demands attention and respect.
 
-Always be firm and loud during the introduction. This part of the call is the equivolent of you shaking hands and making strong eye contact, if he were sitting before you.
 
- Here's a tip: On the way to work in the morning I used to scream as loud as I could in the car, this way by the time I got into the office my voice was loud, confident and powerful. Try it!! Works Great!
 
The Last Thing I wanted to touch on is QUALITY LEADS:
To me there is absolutely no substitute for a good quality lead source. I've heard people say things like: don't ever pay over 10c for a name, or don't buy from vendors. From my own experience this couldn't be farther from the truth. From my own experience there is nothing worse than cold calling people day in and day out who are not interested in your products. You can have the best product in the world but without a qualified investor/buyer you're not gonna make it very far.
 
 I and others use liquid leads. Their a reputable lead company. I would buy quality leads, cold call for a fraction of the time, get 5-10 times more leads, and open a slew of new accounts, compared to someone who was calling cheap stuff. It's a complete waste of time. I've been down that road many times, and it always came back to bite me in the. Besides the extra money you pay in leads comes back to you 10,000 fold, with the business you generate from quality leads.  Good Luck!!!
 www.liquidleads.net
 
 
 

 
 

chief123's picture
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No offense but this was a great post, until the infomercial at the end...

Takingnames's picture
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Thanks Chief, you are more of a diplomat that I.
 

Baba Booey's picture
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That's funny...

etj4588's picture
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needs to be banned.

hedge212's picture
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HaHa...    I guess it does sound like an infomercial..  I was only mentioning a company that I and others have had success with.  Only trying to help!   Sorry..

Hank Moody's picture
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deekay's picture
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Hank Moody wrote: hedge212 wrote:

 
Hi Gordon! (he replies speaking:) Gordon this is Bud Fox SPEAKING (pause) from xyz capital (pause). How are you?
 
Do you really recommend asking "how are you"?

 
No.  He states in the beginning that's the wrong way to open a call.  I thought the same thing at first, but I guess he's not a complete idiot.
 
The shilling of that website at the end was priceless, though...

buyandhold's picture
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I hate strangers who call me by my first name, shout at me and try to wrestle me to the ground with a 'firm handshake.'

 

Squash1's picture
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Judging by the fact that he is a newbie, maybe I can give him the benefit of the doubt that he was just trying to be helpful at the end...(Because there are 1,000 different topics on where to buy lists(maybe he should have just posted that part there))... Anyways
 
I find it odd that he says "don't ask them how there day is going" but in the second "correct" one he says "how are you"... is that really that different..
 
I think the "speaking" thing is interesting... Either it will throw people off, Piss people off(thinking he is a professional caller), or like he says demand respect.
 
Of course then he doesn't say anything after??? I think transitioning from opening "Hi my name is" to what you are calling about is the toughest part..product? review? appt? etc....

Spaceman Spiff's picture
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I took it as he didn't want to post his entire script with this post. He mentioned he was going to do a series.  So, kids, stay tuned for our next episode.  Same bat time, same bat channel. 

hedge212's picture
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Thank You Spaceman Spiff!! 
 
I'm even going to post an entire cold calling presentation.     With addressing, and overcoming objections correctly.
 
For All:
Tip: If an objection pops up during your presentation, (which in most cases will occur), and you address it with a rebuttal, usually if  that same objection comes up again, it means 1 of 2 things: Either you haven't overcome that objection properly, or he's more than likely telling you the truth.....
 
Stay tuned for my next episode.  Same bat time, same bat channel. Smile and dial baby!   That' s great spaceman spiff! 
 
 

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I'm looking forward to the addition to this script since I am unfamiliar with cold calling.  I always called people who I had an idea of their needs.

brandnewadvisor's picture
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The best cold calling advice ever: It's a gigantic wast of time!  Don't do it!  Kiss a baby and kick a dog!
 
Parkinson's Law:  Work expands so as to fill the time available for its completion
Pareto Principle: Known as the 80-20 rule, the law of the vital few and the principle of factor sparsity
 
Cold calling works, just not well.  People use it to fill time because they have time to fill.  They are confused by the notion that "working long hours" or "working hard" will create good results.  This is mathmatically incorrect thinking that will doom an advisor to extreme inefficiency.  Limited time used efficiently will produce far greater results out of the combination of Pareto's Principal and Parkinson's Law.
 
In plain english:  Only do the 20% of activities that produce 80% of the results and do it with a very specific and limited amount of time.  Cold calling when compared to other client aquisition techniques is not in the top 20%.  By limiting your time spent on cold calling you can spend more time at the bar picking up chicks anyway (Parkinson's Law - substitute whatever free-time enjoyable hobby cold callers have these days).  Life is way too short and the world is way too great to waste some of the best years of your life "dialing and smiling".

hedge212's picture
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schlemoc wrote:I'm looking forward to the addition to this script since I am unfamiliar with cold calling.  I always called people who I had an idea of their needs.
 
Cold calling IMO, is an essential part of the business. I've seen, and landed MONSTER clients from cold calling.  

chief123's picture
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Ok so we got your opening line... where do you go next?

Hank Moody's picture
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chief123 wrote:Ok so we got your opening line... where do you go next?"I was just calling to see if you'd like to sell all of your shit and buy some new shit from me."

etj4588's picture
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Hank Moody wrote: "I was just calling to see if you'd like to sell all of your shit and buy some new shit from me."
 
Straight and to the point.  I like it.

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hedge212 wrote:schlemoc wrote:I'm looking forward to the addition to this script since I am unfamiliar with cold calling.  I always called people who I had an idea of their needs.
 
Cold calling IMO, is an essential part of the business. I've seen, and landed MONSTER clients from cold calling.  
 
Said the man that works for a lead list company.....

hedge212's picture
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B24 wrote:hedge212 wrote:schlemoc wrote:I'm looking forward to the addition to this script since I am unfamiliar with cold calling.  I always called people who I had an idea of their needs.
 
Cold calling IMO, is an essential part of the business. I've seen, and landed MONSTER clients from cold calling.  
 
Said the man that works for a lead list company.....
 
haha...  ...   That's so off, but hilarious.  Said the man who's seen and landed MONSTER clients from cold calling..

Squash1's picture
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So Hedge give us your complete script, I would like to try it vs what I am using now if it is working so well..

SometimesNowhere's picture
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hedge212 wrote:B24 wrote:hedge212 wrote:schlemoc wrote:I'm looking forward to the addition to this script since I am unfamiliar with cold calling.  I always called people who I had an idea of their needs.
 
Cold calling IMO, is an essential part of the business. I've seen, and landed MONSTER clients from cold calling.  
 
Said the man that works for a lead list company.....
 
haha...  ...   That's so off, but hilarious.  Said the man who's seen and landed MONSTER clients from cold calling..
 
I'll call your landing a "MONSTER client from cold calling", and raise you dropping off a monster from eating some warm mashed potatoes last night.

hedge212's picture
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SometimesNowhere wrote:hedge212 wrote:B24 wrote:hedge212 wrote:schlemoc wrote:I'm looking forward to the addition to this script since I am unfamiliar with cold calling.  I always called people who I had an idea of their needs.
 
Cold calling IMO, is an essential part of the business. I've seen, and landed MONSTER clients from cold calling.  
 
Said the man that works for a lead list company.....
 
haha...  ...   That's so off, but hilarious.  Said the man who's seen and landed MONSTER clients from cold calling..
 
I'll call your landing a "MONSTER client from cold calling", and raise you dropping off a monster from eating some warm mashed potatoes last night.

hedge212's picture
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SometimesNowhere wrote:hedge212 wrote:B24 wrote:hedge212 wrote:schlemoc wrote:I'm looking forward to the addition to this script since I am unfamiliar with cold calling.  I always called people who I had an idea of their needs.
 
Cold calling IMO, is an essential part of the business. I've seen, and landed MONSTER clients from cold calling.  
 
Said the man that works for a lead list company.....
 
haha...  ...   That's so off, but hilarious.  Said the man who's seen and landed MONSTER clients from cold calling..
 
I'll call your landing a "MONSTER client from cold calling", and raise you dropping off a monster from eating some warm mashed potatoes last night.
 
What??  Your mind is like a parachute jr, if it doesn't open it doesn't work... 

whosthis's picture
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I agree with Hedge- cold calling works and will continue to work forever. There is a reason why wirehouses do not greet the average public like "Talk to Chuck" or Fidelity on every street corner in the city welcoming Tom, Dick and Harry. The wirehouses give off a prestigious image- which is GREAT; however, those prospects with decent lump-sum pensions and large 401(k) Rollovers who have never spoken with an advisor would be more than intimidated to "walk-in" to a wirehouse and ask to speak with an FA. The call will break that ice if you filter and find these prospects.
 
The problem today is- no one is doing ANYTHING with regards to decision making- it seems everyone is sitting the sidelines waiting for a official "OK" from somebody-anybody who states you can work with an unfamiliar person again and open the doors to trust.
 
Anyone agree or disagree?? Feedback?
 
Built my entire book from cold calling- have enormous success in today's market acquiring prospects, but the decision making has never been more slow or at a point of avoidance like we are witnessing today.
 
Thoughts?
 
 
 
 

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whosthis wrote:The wirehouses give off a prestigious image- which is GREAT; however, those prospects with decent lump-sum pensions and large 401(k) Rollovers who have never spoken with an advisor would be more than intimidated to "walk-in" to a wirehouse and ask to speak with an FA. The call will break that ice if you filter and find these prospects.
 
The problem today is- no one is doing ANYTHING with regards to decision making- it seems everyone is sitting the sidelines waiting for a official "OK" from somebody-anybody who states you can work with an unfamiliar person again and open the doors to trust.
 
Anyone agree or disagree?? Feedback?
 
Built my entire book from cold calling- have enormous success in today's market acquiring prospects, but the decision making has never been more slow or at a point of avoidance like we are witnessing today.
 
Thoughts?
 
  
 
I love that first part.  Wirehouses have a prestigous image.  Yeah - that is precisely why you are getting resistance from new prospects.  There is no wirehouse out there that isn't in jeopardy of completely folding.
 
Chuck and Fidelity ain't got to worry about that.
 
Cold calling works.  Kinda like walking is a good way to get from NY to LA.  It's worked for years and will always work - only you have to be as dumb as Forrest Gump to do it.

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brandnewadvisor wrote:whosthis wrote:The wirehouses give off a prestigious image- which is GREAT; however, those prospects with decent lump-sum pensions and large 401(k) Rollovers who have never spoken with an advisor would be more than intimidated to "walk-in" to a wirehouse and ask to speak with an FA. The call will break that ice if you filter and find these prospects.
 
The problem today is- no one is doing ANYTHING with regards to decision making- it seems everyone is sitting the sidelines waiting for a official "OK" from somebody-anybody who states you can work with an unfamiliar person again and open the doors to trust.
 
Anyone agree or disagree?? Feedback?
 
Built my entire book from cold calling- have enormous success in today's market acquiring prospects, but the decision making has never been more slow or at a point of avoidance like we are witnessing today.
 
Thoughts?
 
  
 
I love that first part.  Wirehouses have a prestigous image.  Yeah - that is precisely why you are getting resistance from new prospects.  There is no wirehouse out there that isn't in jeopardy of completely folding.
 
Chuck and Fidelity ain't got to worry about that.
 
Cold calling works.  Kinda like walking is a good way to get from NY to LA.  It's worked for years and will always work - only you have to be as dumb as Forrest Gump to do it.
 
It sounds like you're affraid to pick up the phone.  How would you suggest a rookie meet new prospects if they have no clients?  It always sounds good to build a business off referrals, personal introductions, networking, seminars....but it's all BS if you're starting from scratch.  Those methods of business building are best used after you actually have a business. 
 
The bottom line is rookies have to pick up the phone and introduce themselves to people they don't know.  Don't hate.

hedge212's picture
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Baba Booey wrote:brandnewadvisor wrote:whosthis wrote:The wirehouses give off a prestigious image- which is GREAT; however, those prospects with decent lump-sum pensions and large 401(k) Rollovers who have never spoken with an advisor would be more than intimidated to "walk-in" to a wirehouse and ask to speak with an FA. The call will break that ice if you filter and find these prospects.
 
The problem today is- no one is doing ANYTHING with regards to decision making- it seems everyone is sitting the sidelines waiting for a official "OK" from somebody-anybody who states you can work with an unfamiliar person again and open the doors to trust.
 
Anyone agree or disagree?? Feedback?
 
Built my entire book from cold calling- have enormous success in today's market acquiring prospects, but the decision making has never been more slow or at a point of avoidance like we are witnessing today.
 
Thoughts?
 
  
 
I love that first part.  Wirehouses have a prestigous image.  Yeah - that is precisely why you are getting resistance from new prospects.  There is no wirehouse out there that isn't in jeopardy of completely folding.
 
Chuck and Fidelity ain't got to worry about that.
 
Cold calling works.  Kinda like walking is a good way to get from NY to LA.  It's worked for years and will always work - only you have to be as dumb as Forrest Gump to do it.
 
It sounds like you're affraid to pick up the phone.  How would you suggest a rookie meet new prospects if they have no clients?  It always sounds good to build a business off referrals, personal introductions, networking, seminars....but it's all BS if you're starting from scratch.  Those methods of business building are best used after you actually have a business. 
 
The bottom line is rookies have to pick up the phone and introduce themselves to people they don't know.  Don't hate.
 
I couldn't agree more bababooey..  It's essential to get on the phone to  build a business in the beginning.  Like you said, I don't see many alternatives in the beginning
 
 For the beginner search the posts and topics, there's tons of great ideas for prospecting and cold calling.
 
Look how far Chris Gardner from Pursuit of Happyness has come from cold calling.  "Tell him cold calling doesn't work".  People who make idiotic replies, saying cold calling don't work, are smurfs in the business, who project out there own weak insecurities, and inner conflict onto posts and topics, because they don't have what it takes, and try and make themselves feel better, by putting other peoples advice and experiences down..
 
Again, to quote the Pursuit of Happyness  " People can't do something themselves, they wanna tell you, you can't do it".  "You want something; go out and get it, period". If that means cold calling make it happen.  Here, I posted the link to that segment in the movie...    http://www.youtube.com/watch?v=a_yW3152Ffc&feature=related
 
My advice if you wanna be successful in the business, stand on the shoulders of giants. Be very wary, taking advice from rookies in the business, or brandnewadvisors..  

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Cold calling is great for the uncreative mind.

People who cold call are hard-working and intelligent, just uncreative. There are myriad of ways to build a book of business.

To each his own I say. Although I still think knocking on doors is the stupidest thing I've ever seen, done or heard of as far as business building.

"Um, excuse me, but I'm building a business in the area and I'm out to meet my neighbors. Won't you be, won't you be..... please won't you be.... my neighbor,"

Takingnames's picture
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Could you tell me again how it doesn't take creativity to capture a prospect's attention when they are about to hang up on you, and turn them into a client? I respectfully disagree.
It takes creativity and it takes skill. 
 
If there is one thing it ain't, it ain't luck when someone builds their business cold calling. 
 
 

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Where in my post did I say that it did not take skill, or that it was luck building a business cold calling?

I believe what I said was that people who cold-called were hard-working and intelligent.

Listen, I've cold-called and built a part of my business doing it. The Bill Good way. You write a script, if they are not interested, YOU get THEM off of the phone.

Very little creativity. Almost none. It is a numbers game. It is a VERY uncreative process.

Please walk me through the creative process as it relates to cold calling. I'm pretty sure that somebody who cold calls and tries to get creative on every call will soon find themselves unemployed.

Baba Booey's picture
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Who cares about creativity.  It's about opening accounts, bottom line.  I'm the most boring MFer around, but it works.

chickenfeed's picture
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Moraen... what are your other methods??

Moraen's picture
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I'm sure some of these have been re-hashed over and over. But here goes:

There are two worlds: the broker world and RIA world.

I will point out some methods in each that work other than cold calling.

Broker world - find attorneys and CPAs (not CPAs and attorneys with established practices). Try to find recent graduates who are also looking to grow their businesses. This can be difficult as most attorneys and CPAs don't know the first thing about marketing.   *Before you try to flame, notice I said "most" not all*.

Get a will from them, or send a friend or family member to get a will from them - this builds trust. And makes them want to do a good job too.

- Become and expert on anything. I don't care what it is. Helping divorced men deal with the amount of alimony they are paying, helping divorced women deal with managing finances. Helping newlyweds merge their finances. Something that does not necessarily have anything to do with investments. TELL people this is what you are good at. The more obscure, the better. You don't want to be like everybody else.

- Ask your friends to come to seminars. If they are young that's great. Ask them to bring a grandparent or parent to a seminar. Grandparents love spending time with their grandkids. They probably don't get to do it often when the grandkids are grown up. Instant access to the older crowd. If you have ten friends bring grandparents, that's a lot of old people at a seminar.

- Find people you work well with and capitalize on it. I work well with professional women, so the majority of my clients are professional women. You may work best with biker guys, or plumbers. What do you have a background in? Did you used to work for a general contractor in college? Talk to them. Go ask if you can help out on the weekends. Tell them, "you miss getting your hands dirty". If you've never worked, what about your fraternity? Or bong smoking group? Does someone know someone in a band?

- If you have no friends, no family and have never worked - cold call.

RIA world - All of the above, but you can also write articles.

- Blog on websites

- Create a neat, FINRA - compliant, interactive website

- Use social networking sites and Twitter to drive traffic to your media (articles, podcasts, etc.)

- Write a book, write an article (once again, become and expert)

- Create brochures that brand your business

- Sponsor a road race. Give t-shirts out at a road race. Any kind of event.

- Volunteer to help people who are having trouble with their finances (bankruptcy, debt, etc.) This gets you in front of some people who are NOT having trouble with their finances and they look at you as a huge help and a nice person.

- Write a newsletter

- Volunteer at hospitals to help families that are having difficulty paying their medical bills (usually terminally ill patients).

- Be controversial

- Be controversial, but true to your own thoughts and feelings. Find something you don't like about the industry and set out to change it... could be anything. This separates you from "the rest of them".

- I hear people complain about Suze Orman and some of the other people who are using mass media - don't get left out. Make a creative podcast that allows you to make an impact.

Once again, I am not all of that creative. These are things I thought of in ten minutes. You can't tell me that people who can come up with some colorful posts on this board can't be creative enough to find alternative methods of engaging prospects.

I will reiterate - cold calling works. It's not for me and I have generated much more business from utilizing relationships and skills I've gained in other places in my life.

Think about it.

BondGuy's picture
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After reading that I think I'm gonna stick to cold calling.

Moraen's picture
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Of course you will. And that's fine. I never said that my techniques are for everybody. But neither is cold calling.

And I've only used about half of those.

What I'm saying is that there are alternatives to cold calling. But people don't want to use them. Hell, I would assume that half the people on this board have taken a marketing class at some point in their lives.

I'll stick to what works for me, you stick with what works for you. All I'm offering is a little insight into how I work.

My methods have allowed me to grow my business with very little effort. And the things I do are fun.

For example: I gave away five coffee mugs at a road race for Autism speaks. Spoke with two trust attorneys. This was two weeks ago. Since then, we've begun work on three special needs trusts.

I spent two hours three miles from my house. I gave away five coffee mugs and now I will be earning close to $20k in fees. Not a bad two hours. I could have spent that time on the phone and POSSIBLY got some business. Spinning my wheels, boring myself to death.

Whatever works for you. Just don't tell everybody that they HAVE to do it your way.

BondGuy's picture
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How did you pick which five people to give the mugs to? Or were there only five people at the race?

deekay's picture
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Why would an RIA have to create a "FINRA-compliant" website?

hedge212's picture
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BondGuy wrote:How did you pick which five people to give the mugs to? Or were there only five people at the race?
 
Thats hilarious.....  ...  lol....

hedge212's picture
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Moraen wrote:Of course you will. And that's fine. I never said that my techniques are for everybody. But neither is cold calling. And I've only used about half of those. What I'm saying is that there are alternatives to cold calling. But people don't want to use them. Hell, I would assume that half the people on this board have taken a marketing class at some point in their lives. I'll stick to what works for me, you stick with what works for you. All I'm offering is a little insight into how I work. My methods have allowed me to grow my business with very little effort. And the things I do are fun. For example: I gave away five coffee mugs at a road race for Autism speaks. Spoke with two trust attorneys. This was two weeks ago. Since then, we've begun work on three special needs trusts. I spent two hours three miles from my house. I gave away five coffee mugs and now I will be earning close to $20k in fees. Not a bad two hours. I could have spent that time on the phone and POSSIBLY got some business. Spinning my wheels, boring myself to death. Whatever works for you. Just don't tell everybody that they HAVE to do it your way.
 
 
Nobodys saying that cold calling is the only way moraen..  I think the post is for those who cold call and would like to learn some different techniques for their arsenal. 
 
I'm sorry brother, but to say that "cold calling is for the uncreative mind" is just downright idiotic. Cold calling is one of , if not the hardest ways to prospect, although it has the potential to yield you the highest returns in the least amount of time and $$$.  To really master cold calling, takes an incredible amount of creativity. 
 
The quickest way from A-Z is a straight line...  FROM MY EXPERIENCE , cold calling has been that straight line.  Especially for rookies in the business.

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deekay - I don't know about your RIA, but I had to file with FINRA. they get $675 a year from me.

As for the coffee mugs - all sorts of people brought swag. Just gave them away to the first five finishers. Simple.

hedge212 - I think we've already established that you are trying to sell your listing service. But tell me again how you are being creative by using the method that everyone uses? Walk me through a typical creative, phone session.

I am more than happy to eat crow when I am wrong - I do it often because I'm married. Just tell me how cold calling is so creative.

Once again, I wasn't knocking it, just saying that it was uncreative. Not exactly tearing you down there buddy!

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Cold walking or calling -- introducing yourself to somebody and asking for their business -- seems a lot more upfront than asking your friends to invite their grandparents to a seminar .... or, worse, hanging around intensive care units under the guise of helping people.
 

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buyandhold wrote:Cold walking or calling -- introducing yourself to somebody and asking for their business -- seems a lot more upfront than asking your friends to invite their grandparents to a seminar .... or, worse, hanging around intensive care units under the guise of helping people.
 Hard to quarrel with that.

Moraen's picture
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Joined: 2009-01-22

buyandhold wrote: Cold walking or calling -- introducing yourself to somebody and asking for their business -- seems a lot more upfront than asking your friends to invite their grandparents to a seminar .... or, worse, hanging around intensive care units under the guise of helping people.
 

I think asking your friends to invite their grandparents to a seminar is incredibly upfront. "Hey, my buddy is putting on this seminar - he's a financial planner and wants your business". They get a free meal, time with their grandson and maybe they might learn a little. What are people learning from your approach, that you have a good 50-year bond? That people "have the money available today, they should by some American Funds"?

Never said the "guise" of helping people. I've worked with the parents of cancer patients in helping them reconcile their debts and even finding money to do fun things with their children. The business I've gotten from that has been completely ancillary from doctors and nurses. Don't think for a second you understand my motives.

I'm not questioning yours working for the get rich quick Ponzi scheme that is Edward Jones. Can you really tell me that your 80-year old retiree is a LONG TERM investor? I doubt it. How about those Lehman brothers bonds that up until the Friday before they went bankrupt your fixed income department was telling everybody that Lehman didn't have a cash flow problem. I don't think you can be holier than thou with me.

My approach is honest and forthright. I balance volunteerism with growing my practice. And if my volunteerism feeds my practice, then I am helping even more people.

voltmoie's picture
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Joined: 2008-11-05

Can you explain how Edward Jones is a get rick quick Ponzi scheme? I think I understand your motives with the comment but better to have you explain them.

buyandhold's picture
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Joined: 2008-09-23

Moraen wrote: buyandhold wrote:
Cold walking or calling -- introducing yourself to somebody and asking for their business -- seems a lot more upfront than asking your friends to invite their grandparents to a seminar .... or, worse, hanging around intensive care units under the guise of helping people.
  I think asking your friends to invite their grandparents to a seminar is incredibly upfront. "Hey, my buddy is putting on this seminar - he's a financial planner and wants your business". They get a free meal, time with their grandson and maybe they might learn a little. What are people learning from your approach, that you have a good 50-year bond? That people "have the money available today, they should by some American Funds"? Never said the "guise" of helping people. I've worked with the parents of cancer patients in helping them reconcile their debts and even finding money to do fun things with their children. The business I've gotten from that has been completely ancillary from doctors and nurses. Don't think for a second you understand my motives. I'm not questioning yours working for the get rich quick Ponzi scheme that is Edward Jones. Can you really tell me that your 80-year old retiree is a LONG TERM investor? I doubt it. How about those Lehman brothers bonds that up until the Friday before they went bankrupt your fixed income department was telling everybody that Lehman didn't have a cash flow problem. I don't think you can be holier than thou with me. My approach is honest and forthright. I balance volunteerism with growing my practice. And if my volunteerism feeds my practice, then I am helping even more people.
 
You could volunteer at the soup kitchen, but I guess even rich people need a free meal every now and then.
 
 

Squash1's picture
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Joined: 2008-11-19

Back to cold calling... was reading Chris Gardener's book... he made 200 calls a day and landed some huge accounts from it... I know naysayers will say, but that was before the DNC... well now you know the list is smaller and when you get to the end of it you can start over...
 
Plus there is lot more wealth today then there was back then and in less concentrated areas then it was back then..

Moraen's picture
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Joined: 2009-01-22

buyandhold wrote: Moraen wrote: buyandhold wrote:
Cold walking or calling -- introducing yourself to somebody and asking for their business -- seems a lot more upfront than asking your friends to invite their grandparents to a seminar .... or, worse, hanging around intensive care units under the guise of helping people.
  I think asking your friends to invite their grandparents to a seminar is incredibly upfront. "Hey, my buddy is putting on this seminar - he's a financial planner and wants your business". They get a free meal, time with their grandson and maybe they might learn a little. What are people learning from your approach, that you have a good 50-year bond? That people "have the money available today, they should by some American Funds"? Never said the "guise" of helping people. I've worked with the parents of cancer patients in helping them reconcile their debts and even finding money to do fun things with their children. The business I've gotten from that has been completely ancillary from doctors and nurses. Don't think for a second you understand my motives. I'm not questioning yours working for the get rich quick Ponzi scheme that is Edward Jones. Can you really tell me that your 80-year old retiree is a LONG TERM investor? I doubt it. How about those Lehman brothers bonds that up until the Friday before they went bankrupt your fixed income department was telling everybody that Lehman didn't have a cash flow problem. I don't think you can be holier than thou with me. My approach is honest and forthright. I balance volunteerism with growing my practice. And if my volunteerism feeds my practice, then I am helping even more people.
 
You could volunteer at the soup kitchen, but I guess even rich people need a free meal every now and then.
 
 

Funny you should say that. My wife and I volunteered at a soup kitchen this past Thanksgiving. Got an nice client out of it.

Baba Booey's picture
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Joined: 2009-01-05

Back to my question 3 pages ago.  Who in the hell cares about being creative?  What the hell does creativity have to do with opening accounts?  All this talk about creativity makes me think Morean is a little light on his toes....

Moraen's picture
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Joined: 2009-01-22

Bottom line: Cold calling is labor intensive. Using creative methods that take up less of your time - Not as labor intensive. It's called working smarter, not harder.

Being creative is another way for working smarter. How's that?

I also find it odd that someone named Baba Booey would question anyone's sexual orientation.

Moraen's picture
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Joined: 2009-01-22

voltmoie wrote: Can you explain how Edward Jones is a get rick quick Ponzi scheme? I think I understand your motives with the comment but better to have you explain them.

Let's see: General partners recruit like crazy, throw brokers at the wall until they stick. Those brokers gather assets, wash out. New brokers come in and say, "oh, your old broker messed up. sign this switch letter". Using the new broker to generate more commissions. Rinse. Repeat. How does that sound?

Not a get rich quick scheme for the broker. But for old Jimmy boy and his crew.

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