New to this side of the business.

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tibbles's picture
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Joined: 2012-08-06

Left a bank B/D and joined a boutique money mgr ultimately to be part of a team. Having to earn my stripes cold calling.......again before I get to the team aspect. Spent a lot of time at a bank B/D and had warm leads to call on which wasn't that bad, massive conversion rate. Been in the business for a while now but never had to "phone book" it. Making lots of dials with not as many smiles. Calling over 200 folks a day but only getting to about 15-20, and out of that deem 3-4 as "prospects" which I follow up with and or send them material. Using freeinfo and ref usa for lead lists, the usual bit, call business for day, resi at night. I have only been at this for about two weeks and not sure if I am focusing on the right areas or times or pitch concept. What I am looking for is tips on:

1) Appointment Script vs Product Pitch (used to the appointment one but not so lucky without the bank behind me)

2) Using social media to expand presence/  i.e Linked In.

3) Creating referrals from exising clients/  i.e. dinners, seminars, etc.

Thanks as I respect all of you on this forum for your imput.

ps: Yes, I have read the 500 day war.

ZwingDing's picture
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Joined: 2010-09-15

Search for "500 day war."

Amber_M's picture
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Joined: 2011-12-26

I do a client event a month. The clients only get a "ticket" to attend if they bring someone.

It's a low-keyed, but successful way for me.

Good luck.
Amber

KingBobby's picture
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Joined: 2011-10-03

tibbles wrote:
Calling over 200 folks a day but only getting to about 15-20, and out of that deem 3-4 as prospects; which I follow up with and or send them material.

What's the problem? 15-20 qualified prospects per week.. close a 1,2,3+ (if you ask them).. depending on size and product. Doing good. If you want to add more, slip 3-5 thousand mailers out as well.

KingBobby's picture
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Joined: 2011-10-03

tibbles wrote:
1) Appointment Script vs Product Pitch (used to the appointment one but not so lucky without the bank behind me

Also, this doesn't make sense. How is it appointment vs product?

The phone pitch is either product, service, or strategy.
The way to move the process forward is either appointment, phone close, sending info.
You're comparing pitch vs process.
Many people use a product pitch and an appointment process.

tibbles's picture
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Joined: 2012-08-06

What I mean is to lead a first call with setting an appointment versus pitching a product. I am used to just calling for appointments out the gate but that has not been effective in a completely cold environment.
I guess I am having script issues for the long short of it.

KingBobby's picture
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Joined: 2011-10-03

What did you pitch to get the appointment?
You either used a product, service or a strategy. Or did you just call and say appointment please.
Bucket A, the pitch. Product, service, strategy.
Bucket B, the process. Appointment, send info, phone close.
Choose something from bucket A and then bucket B.

Is it the wording getting from product to appointment?
If so, you can say something like, would like some information on this? When they say yes.. say, I'll be in the area on Thursday, I'll stop by and go over a few main points and leave you the info. Is 2 good?'
Or, (after the product pitch) 'Is this something you want?'
yes,
'Would you like to make an appointment.'
Don't expect many yeses, but you'll close over half if qualified.
Otherwise your current process seems to be working great. Just close the prospects!

Ulairi's picture
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Joined: 2011-11-17

tibbles wrote:
What I mean is to lead a first call with setting an appointment versus pitching a product. I am used to just calling for appointments out the gate but that has not been effective in a completely cold environment.
I guess I am having script issues for the long short of it.

I think what KingBobby is saying, is that you don't call and say "I would like to have an appointment with you" but you'll call on a product service, something and then ask if they're interested would they like to sit down with you.

"I help my clients generate tax free income through muni bonds" would be the product approach.

"I help my clients build tax efficient portfolios so they can keep more of what they earn" would be a service approach

things like that.

I'll go with what I can get on the phone. Usually, I try to go with First contact: old, second contact: I mail them something, third contact: purchase/appointing and try to get as many appointments to be the closing meeting. I started out taking way too many meetings that didn't go anywhere. My time is better spent cold calling then wasting an hour to an hour and a half on someone who doesn't want to buy.

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