Essential Cold Calling Techniques

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Takingnames's picture
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The creativity in cold calling comes from how the calls are handled. A good cold caller is creative because they handle themselves with confidence, are adept at handling objections and are adaptive with their responses, tone, and listening skills.   
"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."
 
Cold calling can be done in your cozy office, feet up, sipping a cup of joe, no driving, parking, nothing in your way. Just you and the next prospective client. There is no risk of picking up nasty diseases "volunteering" in the hospital waiting for a "weatlh transfer", either!
 
 
Working smarter gets a job done efficiently, it doesn't do it by adding layers or complexity. 
 
<> & $$$=costs.
 
Labor intensive?
1. Dial
2. Ask for appointment
 
OR
Labor Intensive?
1. "Volunteer"
2. Sit at the hospital
3. "Help" someone
4. Wait for someone to die {You aren't helping them die, are you?}
5. Ask for appointment
 
OR
Labor Intensive?
1. Book a room
2. Pay for dinner <$$$>
3. Invite young people and tell them to bring a friend or their grandparents
4. Mail fancy invitations <$$$>
5. Arrange a menu
6. Put together a presentation
7. Flyers
8. Handouts....
9. Ask for appointment.
 
 
You be the judges.
 
 

Moraen's picture
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How much time do you spend talking on the phone?

I go to a run, run 3.1 miles, meet two attorneys at the end. I got exercise, was not in the office.

Seminar - qualified prospects already with a level of trust

Oh, and I don't use flyers. And paying for lunch (I never do dinner) quite inexpensive, especially if you find some wholesaler to buy it.

Go to a hospital, spend time with people who are suffering - really, you think that's labor intensive.

I'll tell you this. I spent eight years in the infantry, been to war and done this. If you think that volunteering to help people is "work", then I feel for you.

And if I spend ten hours a week at the hospital and get a total of $3.2 mil in assets for helping cancer patients parents - I think that the hours you spend dialing will garner you less goodwill and assets than my time.

Really? There's no comparison.

Baba Booey's picture
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If you don't know who Baba Booey is then you just made my point.  I'm bored with you on this thread.  Move on.

hedge212's picture
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Moraen wrote:How much time do you spend talking on the phone? I go to a run, run 3.1 miles, meet two attorneys at the end. I got exercise, was not in the office. Seminar - qualified prospects already with a level of trust Oh, and I don't use flyers. And paying for lunch (I never do dinner) quite inexpensive, especially if you find some wholesaler to buy it. Go to a hospital, spend time with people who are suffering - really, you think that's labor intensive. I'll tell you this. I spent eight years in the infantry, been to war and done this. If you think that volunteering to help people is "work", then I feel for you. And if I spend ten hours a week at the hospital and get a total of $3.2 mil in assets for helping cancer patients parents - I think that the hours you spend dialing will garner you less goodwill and assets than my time. Really? There's no comparison.
 
Moraen please stop!!!  You're trying harder and harder with each reply to defend your prospecting technique and your ship is taking on more and more water, with every reply.
I hope you have tremendous success with your prospecting technique. I really do!! But, man you sound like you need a hug!! 
My best advice if your anti cold calling, stay away from pro cold calling topics in the forums!!!!!!!!

brandnewadvisor's picture
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hedge212 wrote: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.
 
Hey Moraen - maybe I can help.
 
I suppose this forum is open; so people can write whatever they want so long as the intent is to be helpfu.  Though I do like some of the one-off comments for a laugh.
 
If I had to pick a side here, I'd go with Moraen.  Assuming the people who come to this board for help the most often are rookies or those who are trying their best to grow their book...the sharing of ideas can only be beneficial.
 
I happen to be an RIA.  I cold called for two years and, I guess I was pretty good at it.  However, my old wirehouse didn't think I was good enough and after 2 years they kindly gave me the opportunity to resign.  I had about $8 million under managment and it was 2002.  My production was about $110,000 and my 'take home' was $24,000.  The minumum my firm paid any FA at the time while under their training program. 
 
About 1/2 of the business was had from cold calling and took about 1 1/2 years to get.  The other 1/2 of the business came from seminars and only took 6 months to get.
 
When I cold called I worked every evening and every weekend.  I hated my job and often wondered why the he*l I chose to be in the business in the first place.  My friends who tended bar 3 nights a week and partied 4 were making more money than I was.
 
Once I found some modest success doing seminars I decided to stay in the business, but go independent and do nothing but seminars.  Because I was scared to death of my non-compete I started all over again from zero.
 
Long story short - I'm pretty sure that my AUM and production (fees in the RIA world) are greater than all but 1 of the 20+ reps in my old office.  I enjoy what I do, haven't made a cold call in 7 years, and never intend on making another again.
 
There are a lot of ways to make it in this business.  I've yet to meet an advisor who committed to the seminars or another "cold calling alternative" that, if giving 100% commitment to the task for at least 2 years, didn't become a big producer.  About 90% of my class of 220 from 3/2000 at the old MSDW didn't make it 2 years.  All we were taught was cold calling, and it was the aquistion process of choice for almost everyone.
 
Draw you own conclusions from this, maybe others experiences are different.

brandnewadvisor's picture
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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..  
 
Sorry bababoey - wasn't trying to hate
 
Hedge - yeah, the name is a little deceiving.  I joined the board a couple of year ago and was a "brandnewadvisor" to the board.  I've been in the business for about 9 years.  Was once a rookie too, not that long ago.  I guess I do okay now, and even hired my first rookie to join my own firm about 2 years ago.  He never had to do a cold-call and works about 30 hours per week.  Rather, I tought him exactly what I did to grow my book and today he manages about $15 million and brings home about $150k/year.  Not great, but a whole lot better than I was doing after cold-calling for a couple of years.
 
So I do know a thing or two about being a rookie; from my own experience of how to ef it all up, and the experience of someone who I showed to do it right.
 
Cheers - no offense to anyone who is a success from cold calling; it just didn't work too well for me and I'm always a little bitter about it.

B24's picture
B24
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What kind of seminars did you run?  How did you market them?

hedge212's picture
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brandnewadvisor wrote:

  
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..  
 
Sorry bababoey - wasn't trying to hate
 
Hedge - yeah, the name is a little deceiving.  I joined the board a couple of year ago and was a "brandnewadvisor" to the board.  I've been in the business for about 9 years.  Was once a rookie too, not that long ago.  I guess I do okay now, and even hired my first rookie to join my own firm about 2 years ago.  He never had to do a cold-call and works about 30 hours per week.  Rather, I tought him exactly what I did to grow my book and today he manages about $15 million and brings home about $150k/year.  Not great, but a whole lot better than I was doing after cold-calling for a couple of years.
 
So I do know a thing or two about being a rookie; from my own experience of how to ef it all up, and the experience of someone who I showed to do it right.
 
Cheers - no offense to anyone who is a success from cold calling; it just didn't work too well for me and I'm always a little bitter about it.
 
Hey now problem brandnewadvisor!  My motto is: If it ain't broke don't fix it.  If cold calling didn't work for you, and your method of prospecting yields you the highest returns God bless. Keep doing it!
 
There's more than 1 way, to get to the top of a mountain!!!!

Dianna912's picture
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Joined: 2009-02-08

Moraen wrote: 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.

I sent you a PM asking this, but I thought I read somewhere that they weren't working well, so here goes:

I am putting together a business plan for my second interview with a firm, and I wanted to get an idea of how exactly you handle finding business by volunteering at the hospital. I was trying to think of places to volunteer in the community anyways, and this sounds like a phenomenal idea. How do yo do it, though? How do you find prospects through this?

I also wanted to let you know you have posted some of the most helpful prospecting tips I have seen on this forum, and I thank you for that. It's been a tremendous help for me. My hopefully future boss wants me to come to the next interview with an idea of how I will build my business and get people in front of me. The road race promotionals idea is another great one. My husband is actually huge into marathons and other races (he's a wheelchair racer) so that would work great for me.

I appreciate you taking the time to share these techniques.

BondGuy's picture
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Moraen, personally i have no problem with the work smarter set. Certainly there are many ways to get this business done. However, i have problems with your posts on three levels. First: bashing cold calling by calling it uncreative. That you were unsuccessful with it or didn't like it is no reason to put it down.  While it is a numbers game, the key word is game. A game is a challenge between you and an opponent. Winning the prospecting game is stimulating. Second: as a social networker you have an incredible closing ratio. No wonder you don't like cold calling! Show up once at a soup kitchen and snag an account. Work with the terminally ill at the hospital and it just happens to turn out that those sick people are also very wealthy. How do pick out the ones with money? Show up at a charity 5k and in the 15 to 20 munutes it takes you to finish in the top five you manage to talk to not one, but two people who happen not only to be attorneys,  but trust attorneys. Wow, what incredible luck on your part! In fact, a little too lucky for my internet BS antenna. Also, it's been my experience that it usually takes more than an informal conversation to get the deal done. And, as for a 5k, most of the top runners are in a zone, and not interested in talking about anything. Third: As a person who gives to charity, and as someone who sets up charity events, I can't stand the leeches who show up looking to make a business connection. Most are one and done types who have no real interest in the charity. Most raise little or no money and most only give the minimum  gate or entry fee. I sit here thinking that the people who run the soup kitchen, while happy for the help, are wondering why you show up only on Thanksgiving while feeding the homeless and the poor goes on everyday?
 
Those who use charity and service organizations strictly for networking hit a nerve with me, obviously. That said, i do have members from my Rotary as clients. I didn't solicit any of them. They came to me. And i will tell you it took a lot more time than a 20 minute charity race.
 
I've been doing this a long time. I know what it takes to get people to move toward a business relationship. For an attorney or other trusted professional to hire a new advisor. Based on that experience much of what you say dsoesn't ring true.
 
My question to you is: Did you volunteer your time before you found a business purpose to do so?
 
 

Takingnames's picture
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1. 4-5 hours a day. Talking to prospects, clients, referrals and good will building.
 
2. Good for you. I do deep knee bends, stretch while making 50 calls to attorneys in an hour, setting up 5 appointments. Play racquetball and lift at the gym, ride horses and run from home. Point? Wanna compete in a road race?
 
3. Lunch. Nice. No handouts?
 
4. Former CFO of one of the largest (scale, scope, revenues) health delivery corporations in my area.  Spent more time at it than you did in the infantry (thank you for your service) - before I came to this.  
 
So, tell me about hospitals. Tell me about people suffering, dying when they shouldn't or surviving when no one thought they could. Show me family challenges, law suits, claims, donations, charitable trusts, families donating their homes and tell me about patient abuse at the hands of staff people you know and you thought were trustworthy. Tell me about fund accounting, grant accounting, Uniform Prudent Investment Act, challenging boards, foundations, and endowment management.  Teach me about Medicaid and SSI billing systems and Representative Payee. Enlighten me about what it feels like to know you are responsible for the financial decisions that affect all 250 of your staff and their families and the patient care, the families of those patients. 
 
Advise me on how it feels to see the largest fiscal crisis of your organization looming when you take the helm and wondering if the quality of care is going to suffer for decisions made before your time at the helm affecting the finances as you took the lead. Tell me about the fire in a building that almost cost the lives of patients, did injure some of the staff, and that created enormous financial liabilities and insurance increases for the organization.  Tell me about people dying from cancer, AIDs and let me know about lonely old people who want nothing more than for someone to listen to them in a hallway.
Ask me about the god daughter born with a hole in her heart who suffered irreparable brain damage in the surgery and who required 24/7 specialized nursing care for every day after that.
 
Please, let me know the weight one carries on one's shoulders when in a hospital.
I'm curious. 
 
I know nothing of weeping at my desk at 10:00 at night when only the night shift is on, and the cash flow is not looking good. I know nothing about leaving my office on a night like that and meeting a gentle soul in a corridor who smiled sweetly and said god bless you dearie, for the work you do. You see,  I've never given up a raise so staff could have one, and I've never donated my time on a weekend to help host a dance for the holidays for all the people who had no family to visit. I've never bought things, donated time, or given anything to help any of them. At least not in your mind. I've done all that and more, kiddo.
 
I can tell you right now, I'd be warning my former staff and corporate directors to look out for people trying to offer "financial advice" to the families of patients and warning the security people to invite you out for it.  
 
Am the current board member with several non profits.  Volunteer in a number of charitable ventures.  Volunteer for things that matter to me and my family. It's work when you are doing it to get business, instead of helping people do something important to them. When you are doing something because it's the right thing to do - then it's volunteering.
 
Cold called a foundation today. Interestingly, they were happy to speak to me. Why? Reputation preceded the call.
 
Fundraising by cold calling works like a charm too.
 
 
5. I'll see your 3.2 mill from ambulance chasing and  raise you one 2.5 mill account with a 1.5 mill referral from a cold call.
 
Conclusion -I still disagree with you on cold calling. 
 
 There is still nothing less labor intensive and cost effective than cold calling. One can build enormous good will referring people you cold call and can't help to people who can. It's called networking.

smokescreen agent's picture
Joined: 2008-08-19

Dianna912 wrote:I sent you a PM asking this, but I thought I read somewhere that they weren't working well, so here goes: I am putting together a business plan for my second interview with a firm, and I wanted to get an idea of how exactly you handle finding business by volunteering at the hospital. I was trying to think of places to volunteer in the community anyways, and this sounds like a phenomenal idea. How do yo do it, though? How do you find prospects through this? I also wanted to let you know you have posted some of the most helpful prospecting tips I have seen on this forum, and I thank you for that. It's been a tremendous help for me. My hopefully future boss wants me to come to the next interview with an idea of how I will build my business and get people in front of me. The road race promotionals idea is another great one. My husband is actually huge into marathons and other races (he's a wheelchair racer) so that would work great for me. I appreciate you taking the time to share these techniques.
 
Shiiiit... I just lose respect by the minute, first you are niaeve enough to post your picture here and shit talk your former boss, then you are saying that you want to volunteer at a hospital to get clients. I mean, if this is your true goal maybe be a little discreet about it, how can you sleep at night? Shame on you. Maybe you should volunteer and then the clients might come as a byproduct of that effort, but you are basically just going in their fronting like you want to help with the main goal to spin a pitch, to me that's just scummy, yuk.

Dianna912's picture
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If you noticed in my thread, I said I was putting together a business plan. Before I put "volunteering at hospital" on there, I wanted to make sure if the guy interviewing me asked for details on this, I would have them. I have been a volunteer in the community for years. I was a candy striper in high school, a big sister with BBBS, and put in many hours a week at a local youth center as a mentor. We are living somewhere different now, and I was looking at some other activities I could be doing around here. If I can eventually benefit my biz by doing it, thats even better, but not my main objective by any means. I wasn't sure if he was talking about going in as a candy striper or doing something different, i.e. working with the hospital on working with patients having billing issues, putting together a budget for them so they don't have to worry about that and can focus on their health.

Both of his suggestions, running and volunteering, are something I have been involved with previously (currently with the running, actually) and I just had never thought of the opportunity that could come from that.

There is an incredible amount of judgement being passed around here.

Moraen's picture
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Bond Guy - First - I've been involved with various charities for a long time. My wife works in Special Education and we foster two special needs kids. She teaches at the local University as well as being involved in the county. Our names are known as people who participate. The trust attorneys work together and have autistic children, so that is why they "happened" to be there. They saw the mugs and asked what I did - I simply told them. They have worked with people in the past who were not competent.

We volunteer at the soup kitchen EVERY year. Been doing it for eight years. And yes, it was someone who had been there the first time. We were there ALL day and this lady was interested. It is common ground that builds the connection.

Third, you don't know anything about me, how I spend my time or anything. I am sorry that you have to spend so much time building trust. You must not be genuine enough.

Fourth - I NEVER BASHED cold-calling. I said that it worked. I simply said it was uncreative. If uncreative is offensive to people, like people say on this board - get into a new line of work! If you are that thin-skinned, get out.

Cold-calling works. Door-knocking works (although I've got to say I don't see how - but I've known people who've done it).

I enjoy the time I spend with cancer families at the hospital. I feel good about what I do. I feel good about volunteering my time. If that time is spent out of the office and during the week and I make business connections great. I am providing a good service at a competitive price. I provide a good service to people who need it for "free".

Moraen's picture
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Taking - Thanks for your service as well.

1. I've used cold-calling it works. It worked better than door-knocking when I was at Jones.
2. I get business from social relationships I've built up over the years.
3. I can't imagine what that is like with your CFO experience. Just like when I was in the service, I do my part on the micro-level. I deal with one patient family at a time. Maybe two. It is devastating to watch a family watch their child die, and something I hope I never have to go through. Although not as bad as losing someone on the battlefield (which I have), it is tough.
4. I'm not trying to teach you anything.
5. Smart people cold-call. Uncreative is not meant as a put-down.
6. I still think what I do with my time is less labor intensive. I get to do things I ENJOY, rather than doing things I don't enjoy (cold-calling). It helps me with my business.
7. People trust me with good reason. I don't ask them for their business. I SHOW them how dedicated I am to people.
8. I volunteer because it makes me feel better for the destruction I've caused elsewhere.
9. I have NEVER charged a patient family for my services, only the health care providers who have requested me to look at their situation - and I give them a discount.
10. From what you've said, it's obvious you've been through a lot. Should I list all of the patients I've worked with over the years?
11. Ask them to escort me out and you may find your security guards balking - they see me up with the families, they see my wife taking care of funeral arrangements, they see me setting up scholarships and endowments for their loved ones.
12. I can't see why you are offended that doctors and nurses trust me after having seen me care for their patients as if they were my own. You can call it ambulance chasing, you can call it "camping out at the hospital".
13. Someone on this board asked me for advice on how to get business this way. That person will tell I told them, "Be genuine and do NOT go there looking to make money". Trust sells, it seems we agree on that.
14. You have had an interesting life. I commend you for all you have done.
15. Don't condemn me for the things you don't know about me.

Good on you, dial baby dial!

BondGuy's picture
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Moraen wrote:Bond Guy - First - I've been involved with various charities for a long time. My wife works in Special Education and we foster two special needs kids. She teaches at the local University as well as being involved in the county. Our names are known as people who participate. The trust attorneys work together and have autistic children, so that is why they "happened" to be there. They saw the mugs and asked what I did - I simply told them. They have worked with people in the past who were not competent.
 
So to get this straight- the lawyers were there because they believed in the cause, while you were there to make a business connection?We volunteer at the soup kitchen EVERY year. Been doing it for eight years. And yes, it was someone who had been there the first time. We were there ALL day and this lady was interested. It is common ground that builds the connection.
 
Wow, you stayed all day! OK, that leaves 364 days a year that you are no where to be found. Third, you don't know anything about me, how I spend my time or anything. I am sorry that you have to spend so much time building trust. You must not be genuine enough. Fourth - I NEVER BASHED cold-calling. I said that it worked. I simply said it was uncreative. If uncreative is offensive to people, like people say on this board - get into a new line of work! If you are that thin-skinned, get out. Cold-calling works. Door-knocking works (although I've got to say I don't see how - but I've known people who've done it). I enjoy the time I spend with cancer families at the hospital. I feel good about what I do. I feel good about volunteering my time. If that time is spent out of the office and during the week and I make business connections great. I am providing a good service at a competitive price. I provide a good service to people who need it for "free".

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Moraen wrote: 13. Someone on this board asked me for advice on how to get business this way. That person will tell I told them, "Be genuine and do NOT go there looking to make money". Trust sells, it seems we agree on that.

He told me exactly that. Find something that you are interested in. If you go in looking to make money, they will smell that from a mile away.

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hedge212 wrote:
Moraen wrote:How much time do you spend talking on the phone? I go to a run, run 3.1 miles, meet two attorneys at the end. I got exercise, was not in the office. Seminar - qualified prospects already with a level of trust Oh, and I don't use flyers. And paying for lunch (I never do dinner) quite inexpensive, especially if you find some wholesaler to buy it. Go to a hospital, spend time with people who are suffering - really, you think that's labor intensive. I'll tell you this. I spent eight years in the infantry, been to war and done this. If you think that volunteering to help people is "work", then I feel for you. And if I spend ten hours a week at the hospital and get a total of $3.2 mil in assets for helping cancer patients parents - I think that the hours you spend dialing will garner you less goodwill and assets than my time. Really? There's no comparison.
 
Moraen please stop!!!  You're trying harder and harder with each reply to defend your prospecting technique and your ship is taking on more and more water, with every reply.
I hope you have tremendous success with your prospecting technique. I really do!! But, man you sound like you need a hug!! 
My best advice if your anti cold calling, stay away from pro cold calling topics in the forums!!!!!!!!
Sounds like he's probably pro fishbowl.

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ok...that was uncalled for....i apologize

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BondGuy wrote: Moraen wrote:Bond Guy - First - I've been involved with various charities for a long time. My wife works in Special Education and we foster two special needs kids. She teaches at the local University as well as being involved in the county. Our names are known as people who participate. The trust attorneys work together and have autistic children, so that is why they "happened" to be there. They saw the mugs and asked what I did - I simply told them. They have worked with people in the past who were not competent.
 
So to get this straight- the lawyers were there because they believed in the cause, while you were there to make a business connection?We volunteer at the soup kitchen EVERY year. Been doing it for eight years. And yes, it was someone who had been there the first time. We were there ALL day and this lady was interested. It is common ground that builds the connection.
 
Wow, you stayed all day! OK, that leaves 364 days a year that you are no where to be found. Third, you don't know anything about me, how I spend my time or anything. I am sorry that you have to spend so much time building trust. You must not be genuine enough. Fourth - I NEVER BASHED cold-calling. I said that it worked. I simply said it was uncreative. If uncreative is offensive to people, like people say on this board - get into a new line of work! If you are that thin-skinned, get out. Cold-calling works. Door-knocking works (although I've got to say I don't see how - but I've known people who've done it). I enjoy the time I spend with cancer families at the hospital. I feel good about what I do. I feel good about volunteering my time. If that time is spent out of the office and during the week and I make business connections great. I am providing a good service at a competitive price. I provide a good service to people who need it for "free".

Did you read the first part of that post, where I said WE FOSTER TWO SPECIAL NEEDS KIDS. MY WIFE TEACHES AT THE LOCAL UNIVERSITY?

Fud, read the ENTIRE post before you respond.

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Sorry about that Fud. Got mixed up. I am definitely NOT pro-fishbowl.

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hedge 212 - My ship is sailing just fine. i was not the one promoting my friends' call list service or pretending your method of cold calling is better than the awesome techniques for cold calling on this forum. I mean, Really?

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it was a cheap, unsolicited, unwarranted, unhelpful result of being bored. As soon I realized what an ass I was...I posted an all-too-ingenuous-sounding retraction...but at least I tried.

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Fud Box wrote: it was a cheap, unsolicited, unwarranted, unhelpful result of being bored. As soon I realized what an ass I was...I posted an all-too-ingenuous-sounding retraction...but at least I tried.

Not a problem. As long as somebody gets a laugh out of it.

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Moraen wrote:I am sorry that you have to spend so much time building trust. You must not be genuine enough. Fourth - I NEVER BASHED cold-calling. I said that it worked. I simply said it was uncreative. If uncreative is offensive to people, like people say on this board - get into a new line of work! If you are that thin-skinned, get out.
 
Ok, I was a little too fast on the post button there on that last reply.
 
Moraen, you are sorry that I have to spend so much time building trust?
 
This statement more than any shows that you simply do not get it. While you look at  service organizations/charities as a target rich environments in which you have to build trust in order to cash in, i look at them from a completely different perspective. I join them solely because I believe in the cause. My goal isn't to gain trust.  I am anti business, shutting down conversations that go in that direction.
 
That said, I do solicit service groups. But the solicitation is up front. Usually i'm asked to give a talk or speech to a group. My fee: a membership list. See the difference? The group knows i there for business, not the cause. Where as in your method you are gaining their trust simply to hunt them and skin them. And yet you have the gall to call me disingenuous? The irony is just too funny!
 
Lastly, regarding your coffee mug 5k win win, it just smacks of "How to become a real estate millionaire in two easy steps. " First, buy a worthless piece of land locked property at a tax sale. Then hold out for at least a million dollars when Wal-Mart decides it's part of a must have new location.
 
Lightning strikes. The old saying "The harder you work the luckier you get" applys in many cases, but you hit gold everywhere you go. Way off the believability scale in my view.
 
When I first read your post I was going to let it go. But you came off as arrogant in my opinion. You called cold calling uncreative thus putting down those of us who do it, and then gave us a list of your way is better examples. Non repeatable examples that are for the most part useless to most on this board. Honestly, what are the chances that two trust attorneys will not only show up at a 5k, but will want the swag being offered, and just so happen to be looking for a new advisor? The line of dominos that have to fall to make that work is getting pretty long. Too long to hang a business plan on.
 
I would advise all to join sevice organizations. But join to work, not to cash in. In time you will be approached and you need not shoo them away as i usually do. That's the ethical way to network within a group. cause first and foremost and business, if at all, second.
 
 Or do as i do and get on the speaking circut. these groups are begging for guest speakers.
 
 
 
 
 
 

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BondGuy wrote: Moraen wrote:I am sorry that you have to spend so much time building trust. You must not be genuine enough. Fourth - I NEVER BASHED cold-calling. I said that it worked. I simply said it was uncreative. If uncreative is offensive to people, like people say on this board - get into a new line of work! If you are that thin-skinned, get out.
 
Ok, I was a little too fast on the post button there on that last reply.
 
Moraen, you are sorry that I have to spend so much time building trust?
 
This statement more than any shows that you simply do not get it. While you look at  service organizations/charities as a target rich environments in which you have to build trust in order to cash in, i look at them from a completely different perspective. I join them solely because I believe in the cause. My goal isn't to gain trust.  I am anti business, shutting down conversations that go in that direction.
 
That said, I do solicit service groups. But the solicitation is up front. Usually i'm asked to give a talk or speech to a group. My fee: a membership list. See the difference? The group knows i there for business, not the cause. Where as in your method you are gaining their trust simply to hunt them and skin them. And yet you have the gall to call me disingenuous? The irony is just too funny!
 
Lastly, regarding your coffee mug 5k win win, it just smacks of "How to become a real estate millionaire in two easy steps. " First, buy a worthless piece of land locked property at a tax sale. Then hold out for at least a million dollars when Wal-Mart decides it's part of a must have new location.
 
Lightning strikes. The old saying "The harder you work the luckier you get" applys in many cases, but you hit gold everywhere you go. Way off the believability scale in my view.
 
When I first read your post I was going to let it go. But you came off as arrogant in my opinion. You called cold calling uncreative thus putting down those of us who do it, and then gave us a list of your way is better examples. Non repeatable examples that are for the most part useless to most on this board. Honestly, what are the chances that two trust attorneys will not only show up at a 5k, but will want the swag being offered, and just so happen to be looking for a new advisor? The line of dominos that have to fall to make that work is getting pretty long. Too long to hang a business plan on.
 
I would advise all to join sevice organizations. But join to work, not to cash in. In time you will be approached and you need not shoo them away as i usually do. That's the ethical way to network within a group. cause first and foremost and business, if at all, second.
 
 Or do as i do and get on the speaking circut. these groups are begging for guest speakers.
 
 
 
 
 
 

Bond - never said I hit gold everywhere I go or that often it doesn't take time. Someone asked for alternative techniques to cold-calling - I told them how my life works.

My life takes me in the direction of causes I believe in.

And how is it ethical to shoo people away who NEED your advice and NEED your help and you don't give it to them? Explain to me again how that is ethical.

I think it's ice who said it best. If you are in front of people, people will come.

You ask for payment with a LIST? Are you kidding me? How in the world is that even remotely ethical?

I am NOT hunting down and skinning. Let me say this again. I do pro bono work. People see how much I care. They come to ME. I do not say, "hey, now that I've helped Johnny's parents out, why don't you give me them assets, Doc?".

Business and life are a little more complex than that.

The 10k Wounded Warrior race yielded no contacts. Neither was I looking for them. I ran a buddy in his wheelchair. But someone remembered me from being there and knowing that I am a vet and called two months later to ask me if I would take a look at his situation.

It's all about ACTIVITY. Doesn't matter if it's cold-calling. Doesn't matter if it's out participating in groups.

Is cold-calling a more direct way to earn business? You bet. Is my way in any way, shape or form unethical? Not at all. My way frees me from the office (with the exception of today and tomorrow) and allows me to be a member of the community by volunteering WORK hours to help. If it comes back to me in business - it's providence.

Also, remember someone ASKED for those examples. I was not at any moment condescending. This will be my last post on this matter, and then I will read your reply and then I'm done with this topic.

So here goes: COLD CALLING IS DONE BY INTELLIGENT PEOPLE. THEY UTILIZE A PLAN, AND THOSE WHO SUCCEED EXECUTE THAT PLAN WELL. The technique is SIMPLE, yet EFFECTIVE. YOU CAN BECOME QUITE SUCCESSFUL SPENDING YOUR TIME ON THE PHONE.

I CHOOSE TO SPEND MY TIME IN OTHER WAYS. MY VOLUNTEERISM LEADS TO BUSINESS NOT BECAUSE I AM LOOKING FOR IT, BUT PRECISELY BECAUSE I AM NOT.

SometimesNowhere's picture
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Does anyone have any tips for prospecting in front of congress?

Moraen's picture
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Sorry. Got no tips.

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Moraen wrote:Bond Guy - First - I've been involved with various charities for a long time. My wife works in Special Education and we foster two special needs kids. She teaches at the local University as well as being involved in the county. Our names are known as people who participate. The trust attorneys work together and have autistic children, so that is why they "happened" to be there. They saw the mugs and asked what I did - I simply told them. They have worked with people in the past who were not competent. We volunteer at the soup kitchen EVERY year. Been doing it for eight years. And yes, it was someone who had been there the first time. We were there ALL day and this lady was interested. It is common ground that builds the connection. Third, you don't know anything about me, how I spend my time or anything. I am sorry that you have to spend so much time building trust. You must not be genuine enough. Fourth - I NEVER BASHED cold-calling. I said that it worked. I simply said it was uncreative. If uncreative is offensive to people, like people say on this board - get into a new line of work! If you are that thin-skinned, get out. Cold-calling works. Door-knocking works (although I've got to say I don't see how - but I've known people who've done it). I enjoy the time I spend with cancer families at the hospital. I feel good about what I do. I feel good about volunteering my time. If that time is spent out of the office and during the week and I make business connections great. I am providing a good service at a competitive price. I provide a good service to people who need it for "free".

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Moraen wrote:hedge 212 - My ship is sailing just fine. i was not the one promoting my friends' call list service or pretending your method of cold calling is better than the awesome techniques for cold calling on this forum. I mean, Really?
 
 
 ... Seriously!  Go away.
 
This post was about me helping people, and giving them additional techniques for cold calling, not pretending they were better than anyone elses.  Then you come into the forum and start spewing your insecurities all over the posts. Please stay away! Please
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Fud Box's picture
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When is the next installment of "Essential Cold Calling Techniques"??? If and when you decide to do it, I'd recommend a new thread.

Moraen's picture
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I'd recommend a new poster to that thread. His essential "cold calling" techniques will get you hung up on.

Takingnames's picture
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Spot on Bond Guy.

mojo99's picture
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A few of my favorite clients came from cold calling. Every one of those clients has told me they hate cold callers and can't believe they became my client from a cold call. Yes, I had to go through hundreds of hangups etc before I found them, but it was worth it.

Cold calling isn't for everyone tho. A broker in my office told me when she got started she cold called for 3 days. On the fourth day, a senior broker came out of his office and told her she needed to find another method of prospecting. On the phone, her voice was shrilly, she was loud, nervous, and couldn't get control of the conversation. She took his advice and is quite successful now.

So I don't think it works for everyone. But I don't understand why people get so bent out of shape over it. It's a prospecting method, like a number of other methods. It works for many, doesn't work for others.

Hedge, I'm glad you started this thread and provided some good info, I'm always looking for new ideas.

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SometimesNowhere wrote: Does anyone have any tips for prospecting in front of congress?

"Tell me, are taxes an issue for you?"

leboyd's picture
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I'm brand new on this list.  Been a Reg. Rep. reader for years and got a call about buying leads today from Skyview.  When I did a Google search I found the site and registered.  Then I found this thread.
 
It amazed me that so many people reacted so personally in their post(s).  Some of you folks need to take a breath and relax.  My expectation of forums is that members try to help each other.  No one can guess the motives of another's actions, and you sure can't guess the motives of a post to a forum.
 
Is this the way most of the threads are on this site?  (however, I must say i read some pretty funny posts.)

Squash1's picture
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Just downloaded another 5,000 names.. time to nail the phones again..

Takingnames's picture
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Hey Squash! Wanna do a call off smackdown? We relay our stats back and forth. In? Kicking and Taking 

squash2's picture
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Sorry took me a bit to get back on and had to change username(should have read the disclosures about checking your email)...When are you doing the call off?I should join you i have been slacking lately..

TheMachine's picture
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What happened to the Essential Cold Calling Techniques?

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Gentlemen:

I will stay out of the bickering. I don't even know if anyone is reading this thread anymore.

I was trained with Oppenheimer, Wall Street Headquarters, Lehman Style.

If you have the constitution for it, there is nothing more effective than cold calling. I open a minimum of one new account per business day doing this (often more - 43 in the month is my record, including a $1mm first trade, DVP), calling D&B cards.

But I digress:

I will give you a simple way to open your call without saying "How are you?"

This is weak, insincere (you don't really care, and he knows it), and it creates an uncomfortable break in your rhythm, which gives him a chance to start objecting before you have gotten your point across.

The issue, of course, is to come in professionally, without seeming like an uncultured bull in a china shop.

Solution:

GOOD DAY SIR, this is _____ with Oppenheimer and Company.

I'll be brief.

Then do your thing.

No wondering if you should call him Mr. or call him by his first name.

No: How are you?

The Good Day gets a more sincere sentiment across.

And this is a total upper-hand, power open.

I typically slow down just a little (nanosecond), and clearly enunciate my name.

But I have an unusual name.

It is interesting, though, how many prospects remember my name and use it at the end of the call.

These are generally the guys that convert...

Food for thought.

Therroff's picture
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Dicey in these times, I know, but still..

Therroff's picture
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Dicey in these times, I know, but still..

BukiRob2's picture
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TheMachine wrote:
What happened to the Essential Cold Calling Techniques?

Here is what happened... DO NOT CALL LAWS is what happened

p268cord@gmail.com's picture
Joined: 2014-03-25

Interesting thread. I've worked at a very conservative firm for 20 yrs. By policy, we don't advertise and don't do cold calls, so we are 100% reliant upon quality referrals. Our target market is $5mm+ net worth, so working with narrow universe. Clients and COIs are typically good with providing referrals, but we wanted to find a vehicle to politely encourage more without asking, which again would have violated policy.

One of our 24 yr. old admins recently came across a gift idea that I fought as I liked the nice wine we sent clients. I was wrong, the new gift is far out producing the wine in terms of 'thank yous' and referrals. It is a good read and a beautiful publication, wife loves it! It is called Life Refined magazine, I don't have website but sure a search will pull it up.

PM

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p268cord@gmail.com wrote:
Interesting thread. I've worked at a very conservative firm for 20 yrs. By policy, we don't advertise and don't do cold calls, so we are 100% reliant upon quality referrals. Our target market is $5mm+ net worth, so working with narrow universe. Clients and COIs are typically good with providing referrals, but we wanted to find a vehicle to politely encourage more without asking, which again would have violated policy.

One of our 24 yr. old admins recently came across a gift idea that I fought as I liked the nice wine we sent clients. I was wrong, the new gift is far out producing the wine in terms of 'thank yous' and referrals. It is a good read and a beautiful publication, wife loves it! It is called Life Refined magazine, I don't have website but sure a search will pull it up.

PM

lol

Econ_23's picture
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Here is the deal if you are good at telling stories and building trust they all work. My team consists of myself, junior partner , 2-3 interns and 2 assistants. I work at one of the big 3 wirehouse firms. Some will not agree and think I am full of shi* but we bring in 2-4 million a month from COLD prospects due to our cold calling campaign. First call is the most basic her is an idea interest or no interest, I know it's mail to fail but we still send the idea. This call is 100% the responsibility of our interns, we have 2-3 at all times. Second call is from my Junior partner who does more fact gathering and during that call he schedules a formal time for me to talk with the. If they get to me, our meeting ratio is almost 100%. It's really simple, we then do weekly seminars again mail to fail but we do and have anywhere from 12-20 prospects. If they don't meet or don't become a client and as long as they don't tell me to go to hell, they are now part of our drip campaign.

Raising money is real real easy!!!! I can give you the formula but if you are not good at what you do, forget it nothing will work...

Econ_23's picture
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Here is the deal if you are good at telling stories and building trust they all work. My team consists of myself, junior partner , 2-3 interns and 2 assistants. I work at one of the big 3 wirehouse firms. Some will not agree and think I am full of shi* but we bring in 2-4 million a month from COLD prospects due to our cold calling campaign. First call is the most basic her is an idea interest or no interest, I know it's mail to fail but we still send the idea. This call is 100% the responsibility of our interns, we have 2-3 at all times. Second call is from my Junior partner who does more fact gathering and during that call he schedules a formal time for me to talk with the. If they get to me, our meeting ratio is almost 100%. It's really simple, we then do weekly seminars again mail to fail but we do and have anywhere from 12-20 prospects. If they don't meet or don't become a client and as long as they don't tell me to go to hell, they are now part of our drip campaign.

Raising money is real real easy!!!! I can give you the formula but if you are not good at what you do, forget it nothing will work...

Econ_23's picture
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Here is the deal if you are good at telling stories and building trust they all work. My team consists of myself, junior partner , 2-3 interns and 2 assistants. I work at one of the big 3 wirehouse firms. Some will not agree and think I am full of shi* but we bring in 2-4 million a month from COLD prospects due to our cold calling campaign. First call is the most basic here is an idea interest or no interest, I know it's mail to fail but we still send the idea and our team bio if agree to receive info. This call is 100% the responsibility of our interns, we have 2-3 at all times. Second call is from my Junior partner, who does more fact gathering and during that call he schedules a formal time for me to talk with the prospect. If they get to me, our meeting ratio is almost 100%. It's really simple, we then do weekly seminars again mail to fail but we do and have anywhere from 12-20 prospects. If they don't meet or don't become a client and as long as they don't tell us to go to hell, they are now part of our drip campaign. You would be shocked at the amount of clients we get after hearing our story 2-3 times. I know I was!

Raising money is real real easy!!!! I can give you the formula but if you are not good at what you do, forget it, nothing will work...

smilen&#039;dial's picture
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Joined: 2014-05-16

Econ_23 - Sounds like you have a great system going there. What products are you selling? Business or residential? Given that you are obviously well established, any advice would you give a rookie who is building their business by cold calling?

cheers, SND

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