Help / critique is appreciated

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Gaddock's picture
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Joined: 2007-02-23

Hello all,
Today is the last day in the “Sprint to 24” in my AGE training class. Since April 24 until today the minimum was 12 accounts the goal 24 I have a few over 30. I’m not feeling to great about exceeding the goal because most were friends and family. If I only counted accounts from cold calling I would have just squeaked by the minimum. The next goal is ‘sprint to 3 million’ not much fudging on that goal so I need to get some real traction. I’ve been using the scripts from training like I am supposed to. The primary script is …
 <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
I’m yada with yada here in yada.
 
I’m calling to see if you are an investor and if so are you open to new ideas from time to time?
 
If they sound older I use the product script
 
We have a limited number of CD’s from yada that are FDIC insured paying 5%. How would that fit in your portfolio?
 
Subsequent calls to offer a portfolio review get a quick CLICK.
 
Calling about the Focus Four UIT telling them about the strategy having a 10 year average return of just over 20% gets a much better percentage of appointments.
 
60% of the appointments are no shows and never take my call again.
 
I’ve started using one I thought up ….
 
I’m …. with …. Here in ….. I’m currently expanding my practice and looking for people that are serious about building wealth, Mr./Mrs. are you serious about building or protecting wealth?
 
OK response but the same on the second and third call etc. I’m thinking people are just being polite the first call but then get stiff when actually being faced with making a move sets in.
 
My manager told me he was “astonished” by my work ethic. That being said I feel like Im spinning my wheels.
 
ANY TOUGH LOVE would be greatly appreciated.
 
I have an intern that will make non-registered calls for me but the approved scripts are pretty lame.
 
Whip me beat me tell me I suck but please any help would come back to you in karmic spades.
 
Thanks for your time in advance
 
 
 
 
 
 
 
 
 

troll's picture
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Joined: 2004-11-29

Doesn't sound too bad. Now you just need to work harder.

Gaddock's picture
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Joined: 2007-02-23

Not enough hours to work harder cant call past 8PM. <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
 
I **DO** have to work smarter.
 
Do you get the no shows on the appointments? If I could just cure that I would have appointments every day. Last Friday I set 6 for this week and a mini guest speaker thing (that went well). 3 no shows 2 of them rescheduled managed to see one of them today after all and the other didn't show the second time and wont answer the phone. The third wont answer the phone either.
 
A very typical week.
 
I'm not happy with my scripts either.
 

Gaddock's picture
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Joined: 2007-02-23

I have found it difficult to speak to 40 (meaningful, not they are not here or some such) new people a day that meet my criteria, over $500K equity in the home. I’m thinking of lowering that a bit to get more numbers to dial. My stats show the under 500K in equity has 54% DNC above has an 85% DNC. Now that the Sprint to 24 is over I have to study four hours a day for the CRPC before heading back to the home office.<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
 
If its working harder that is necessary then getting the 40 new contacts a day appears to me to be what needs to be accomplished at all costs. Of course a script refinement and better at overcoming objections as well.
 

FreeLunch's picture
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Joined: 2007-06-16

I HAVE BEEN WITH A.G.E. FOR 1.5 YEARS. 
I'll tell you what I think based on my experiences.
The "R U investor, ideas from time to time......"   - SCRATCH THAT SCRIPT - it sUCKS.    1/2 the people don't know what the heck you are talking about, the other 1/2 can tell it is being read off of a script.
The Product script is even less successful  (ALL IN MY OPINION)
_ you are trying to build and manage relationships here, not just portfolios.  You are doing all the right things, but I'm going to try and save you another year of frustrating cold calling.   I would make as many cold calls as possible and do these things:
1. Always remember that you're ONLY goal should be to get an appointment to review their portfolio and offer your services.
Try This Script:
"  Mr. Mrs _________, this is Gaddock with A.G. Edwards here in _________.  The reason I called is b/c I manage investments for people here in town, and I wanted to set up an appointment with you to see if I can manage your money/portfolio better."
Not Interested - Well Mr./Mrs. ___________, most of my clients weren't interested when we first talked......(then take it from there)
I'm busy - That's fine - I just called to set up an appointment - How about tomorrow @ ________
I'm with someone already - Oh Okay, great.  Are you with __________ (throw out the name of an investment firm in town)  If they're not with them, they'll tell you who their with. 
My BIGGEST advice is go and buy this book -"Cold Calling Techniques - that really work" by:  Stephen Schiffman
THROW OUT THOSE SCRIPTS & DEVELOP YOUR OWN.  TELL PEOPLE POINT BLANK EXACTLY WHAT YOU DO AND EXACTLY WHAT YOU WANT TO DO. 
30 - 40 contacts a day & you will receive unbelievable results.
Start every appointment with, "Tell me about yourself."  They will light up, and like you from the get go if you show interest in them.
GOOD LUCK!

wallstreeter's picture
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Joined: 2007-06-14

You say you want to work smarter?  What is your niche?  Why are you only calling residential numbers? If you can't call past 8, when do you start calling?
Find some business numbers or corporate directories, call early in the day and all day if you wish.  Save residential calls for after dinner.  I personally believe your cold calling success will only be as good as your leads.  Are they divided so that you know exactly what type of lead it is? (ex: a list of retirees, a list of new homeowners, a list of golfers, a list of doctors).  You will be more effective if you can narrow it down instead of taking a shot in the dark.
As far as the missed appointments, what are you doing to make them want to meet you?  Have you instilled enough urgency in your matter or are you offering what the 12 other brokers called them about that same day?  Do you handwrite thank you notes for taking the time to speak with you?
Your little seminars are good to break up the cold calling and see people face to face, what else are you doing face to face?  Are you door knocking on certain occasions? Do you have a routine and repeatable process?
As far as your script is concerned, it sounds good enough.  The questions you need to ask yourself are:  How do I sound on the phone?  Are people receptive to my tone?  Do I speak clearly?  Do I end the conversion by telling them I will be doing something (sending information in the mail) and actually do it to try to build trust?  Are you asking questions on the initial call so that the next time you call you actually have something to say that they may want to hear about?  Promote yourself, tell them what works for your clients, educate them on the market, have an opinion about something, relate to them and be patient.  A tree takes years to grow but seconds to cut down.  Just keep a daily routine, stick to it, and repeat it.
Just some thoughts...

The Judge's picture
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Joined: 2006-06-06

Arrggghhh!!!  Read my posts on the first two years as well as the 500 day war, at least as a start in the right direction.
Good for you with regard to your work ethic.  That will certainly help but keep in mind that you can work very hard with little to show for it.  Sell a product! Forget about reviewing portfolios/being a consultant.  That will come later in your career, that is if you survive long enough.  Don't sell CD's either; you are looking for investors not savers.  Find a good mf and pitch it to a minimum of 50 new people a day.  Discourage appts, open account over the phone and keep moving.  As I have previously mentioned, you should be focusing on corporate directories as well as business owners.  The DNC list should not even be a factor.
Oh...and you better show up tomorrow (Saturday) and be on the phone for at least 6 hours.  At the very least, plan your next week's activity and be ready to go Monday.  Make the committment and make it happen.

troll's picture
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Joined: 2004-11-29

FreeLunch wrote:
I HAVE BEEN WITH A.G.E. FOR 1.5 YEARS. 
I'll tell you what I think based on my experiences.
The "R U investor, ideas from time to time......"   - SCRATCH THAT SCRIPT - it sUCKS.    1/2 the people don't know what the heck you are talking about, the other 1/2 can tell it is being read off of a script.
The Product script is even less successful  (ALL IN MY OPINION)
_ you are trying to build and manage relationships here, not just portfolios.  You are doing all the right things, but I'm going to try and save you another year of frustrating cold calling.   I would make as many cold calls as possible and do these things:
1. Always remember that you're ONLY goal should be to get an appointment to review their portfolio and offer your services.
Try This Script:
"  Mr. Mrs _________, this is Gaddock with A.G. Edwards here in _________.  The reason I called is b/c I manage investments for people here in town, and I wanted to set up an appointment with you to see if I can manage your money/portfolio better."
Not Interested - Well Mr./Mrs. ___________, most of my clients weren't interested when we first talked......(then take it from there)
I'm busy - That's fine - I just called to set up an appointment - How about tomorrow @ ________
I'm with someone already - Oh Okay, great.  Are you with __________ (throw out the name of an investment firm in town)  If they're not with them, they'll tell you who their with. 
My BIGGEST advice is go and buy this book -"Cold Calling Techniques - that really work" by:  Stephen Schiffman
THROW OUT THOSE SCRIPTS & DEVELOP YOUR OWN.  TELL PEOPLE POINT BLANK EXACTLY WHAT YOU DO AND EXACTLY WHAT YOU WANT TO DO. 
30 - 40 contacts a day & you will receive unbelievable results.
Start every appointment with, "Tell me about yourself."  They will light up, and like you from the get go if you show interest in them.
GOOD LUCK!

Your trailing 12 makes a lot of sense to me.

FreeLunch's picture
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Joined: 2007-06-16

Bobby.
You are boring.
 

Oldproducer's picture
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Joined: 2007-05-14

Way back when I used to set up appointments via cold calling, I'd always ask the prospect something like, "Okay, do you have a pen and paper handy? Great. Again, my name is Oldproducer and my phone number 123-456-7890. If there is any reason that you cannot keep our appointment next (Tuesday) at (2:00), you WILL call me, won't you?"

I think this technique has been included in some books. I don't recall how I heard of it. Most people want to be honest and by having them commit to contact you if something comes up, this tends to reduce the number of no-shows. Or, at least you will receive a cancellation/reschedule of the meeting.

Definitely, take a look at the Judge's 500 Day War post. Don't worry about getting an appointment, just get the account.

troll's picture
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Joined: 2004-11-29

Oldproducer wrote:Way back when I used to set up appointments via cold calling, I'd always ask the prospect something like, "Okay, do you have a pen and paper handy? Great. Again, my name is Oldproducer and my phone number 123-456-7890. If there is any reason that you cannot keep our appointment next (Tuesday) at (2:00), you WILL call me, won't you?"

I think this technique has been included in some books. I don't recall how I heard of it. Most people want to be honest and by having them commit to contact you if something comes up, this tends to reduce the number of no-shows. Or, at least you will receive a cancellation/reschedule of the meeting.

Definitely, take a look at the Judge's 500 Day War post. Don't worry about getting an appointment, just get the account.How in the world did you get such a cool phone number?

Oldproducer's picture
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Joined: 2007-05-14

QUOTE]How in the world did you get such a cool phone number?

When I opened the call site in Bermuda. Give it a dial. It will only cost $4.99 per minute!

Analyst's picture
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Joined: 2007-06-12

The Judge wrote:
Arrggghhh!!!  Read my posts on the first two years as well as the 500 day war, at least as a start in the right direction.
Good for you with regard to your work ethic.  That will certainly help but keep in mind that you can work very hard with little to show for it.  Sell a product! Forget about reviewing portfolios/being a consultant.  That will come later in your career, that is if you survive long enough.  Don't sell CD's either; you are looking for investors not savers.  Find a good mf and pitch it to a minimum of 50 new people a day.  Discourage appts, open account over the phone and keep moving.  As I have previously mentioned, you should be focusing on corporate directories as well as business owners.  The DNC list should not even be a factor.
Oh...and you better show up tomorrow (Saturday) and be on the phone for at least 6 hours.  At the very least, plan your next week's activity and be ready to go Monday.  Make the committment and make it happen.

 
Judge,
 
What is the best source for corporate directories?  I hear, "Buy them, steal them from lobbies, use the automated directories, ask friends for them", etc., etc.
Just curious if any one method is better for getting a higher quality directory?
 
 

blarmston's picture
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Joined: 2005-02-26

Bed the cute receptionist. Tell her how cool it would be to get crazy in the bosses office after hours... Afterwards, excuse yourself to go to the restroom and stroll from office to office until you find a directory. For the C-level exec's, open their desk drawers to maybe find some of their brokerage statements laying around. Stuff them down your pants...
Then run back to meet your sweetie because she may be wondering where you went. Repeat original act if desired, then get outta dodge...
Start cold calling the list the following MOnday, and never talk to the cute receptionist again. Move on to the next firm down the street. You will be a million dollar producer by LOS 4.

Analyst's picture
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Joined: 2007-06-12

blarmston wrote:
Bed the cute receptionist. Tell her how cool it would be to get crazy in the bosses office after hours... Afterwards, excuse yourself to go to the restroom and stroll from office to office until you find a directory. For the C-level exec's, open their desk drawers to maybe find some of their brokerage statements laying around. Stuff them down your pants...
Then run back to meet your sweetie because she may be wondering where you went. Repeat original act if desired, then get outta dodge...
Start cold calling the list the following MOnday, and never talk to the cute receptionist again. Move on to the next firm down the street. You will be a million dollar producer by LOS 4.

 
Does the name David Cone ring a bell to you blarmstom?  As a Mets fan it should.  All that talent and yet scaarred by a sex scandal.  I wouldn't want the same to happen to me, so I will pass on your advice? 

blarmston's picture
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Joined: 2005-02-26

Ahhh. David Cone... He gave us a couple good years... If I recall, he could unleash a filthy curveball/splitter...
As for the advice, feel free to use it in any manner you wish....Best thing is, that strategy can be employed with those who work at competing firms as well...

troll's picture
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Joined: 2004-11-29

blarmston wrote:Bed the cute receptionist. Tell her how cool it would be to get crazy in the bosses office after hours... Afterwards, excuse yourself to go to the restroom and stroll from office to office until you find a directory. For the C-level exec's, open their desk drawers to maybe find some of their brokerage statements laying around. Stuff them down your pants...
Then run back to meet your sweetie because she may be wondering where you went. Repeat original act if desired, then get outta dodge...
Start cold calling the list the following MOnday, and never talk to the cute receptionist again. Move on to the next firm down the street. You will be a million dollar producer by LOS 4.How you you repeat if you stuffed the statements down your pants?

blarmston's picture
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Joined: 2005-02-26

You stuff the statements in a plant right before you get back to the corner office where she's waiting... That way on the way out (she's delirous...) you can grab them and hit the road...

Vin Diesel's picture
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Joined: 2007-04-18

here are some simple steps:
1) identify your target market (doctors, corp execs, teachers)
2) get a directory of those people
3) call them with a product that incorporates their industry(for example doctors - health care fund/uit)
4) qualify them for future intrest if they don't buy on the 1st call.
this will help you open more accounts and build momentum.
hope this helps!

preluder's picture
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Joined: 2005-07-11

I've been looking into purchasing a corporate directory. 
In my area there are not many companies with over 1000 employees.  I spoke to two list brokers and the lists they have are for 50-100 people tops.
For those of you that have used these regularly to call, do you go after the co.'s in your backyard or it doesn't really matter?

Vin Diesel's picture
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Joined: 2007-04-18

preluder wrote:
I've been looking into purchasing a corporate directory. 
In my area there are not many companies with over 1000 employees.  I spoke to two list brokers and the lists they have are for 50-100 people tops.
For those of you that have used these regularly to call, do you go after the co.'s in your backyard or it doesn't really matter?

start with co's in your area 1st. but don't be afraid of calling companies outside your area. if you get a good list start calling. after a while you'll have 10-20 clients. then you drive/fly to town and meet with your clients and prospects. if you get in with a company you'll get more referrals, rollovers, and maybe 401k plan or corp cash mangement. tons of opportunities.
 

Analyst's picture
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Joined: 2007-06-12

preluder wrote:
I've been looking into purchasing a corporate directory. 
In my area there are not many companies with over 1000 employees.  I spoke to two list brokers and the lists they have are for 50-100 people tops.
For those of you that have used these regularly to call, do you go after the co.'s in your backyard or it doesn't really matter?

 
Who are you looking to buy your corporate directories from?  Have you found one or more brokers you think are decent?

preluder's picture
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Joined: 2005-07-11

i spoke to a rep from elusiveleads.com and corporatesalesleads.com, I can't vouch for either since I have never purchased a list from them before.  
Our call was a little strange as I could hear dogs barking in the background, but hey that could just mean he was returning my call from home or whatever. 
The directories that they showed me in their inventory are dated, some almost 3-5 years ago. 
This is a new area for me, from the qoutes they gave me it appears they can cost close to 50 to 80 cents a name.  I don't know if that is average or high.
Anyone else have any experience they can share from buying these lists?
 
 
 

blarmston's picture
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Joined: 2005-02-26

The directories that they showed me in their inventory are dated, some almost 3-5 years ago.
The most dated I would go back is 2 years- maybe. They sound like hack lists and ones that arent worth purchasing...

maybeeeeeeee's picture
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Joined: 2005-02-24

Well, I liked your post and your honesty.
Cold calling can be really tough.  I think you need to get clients in other ways.  Join a networking group.  Join your chamber.  But, do something fun because you will put much more into something you find fun.
Really tough and I think you are doing well.
Have you asked for referrals?

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