Rock 'n' Roll Train - 1%

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All The Way's picture
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Joined: 2011-09-20

I've come to realize that we are winning 1% of the time. Just as the 500 day war lays it out......bottom line....1% of prospects become clients. So…..most of us who come to these posts are building a book and are committed to getting to the end result. I’m not new at this but would like to add an extra 10M+ to my book by next summer…all from cold calling, no seminars, no introductions…..just good ol picking up the phone…and working one’s way down a list.I hope that a few of you are following Long Shot and his consistent efforts, and appreciate the amount of work he is putting into building a successful investments advisory practice…from cold. Hats off……I would like this thread to be upbeat, focused on successes and personal efforts. Anyone…, who sticks to the following, will get 10M+ more in their book by June 2012. This is not about leading with a product, a service, a song or a back flip…calling locally or nationally…….it’s about activities…….and sustaining activities while life ticks on and stuff happens…..activities that lead to the result…..weekly targets and the steps to nail’ em.There are a lot of good advisors…who get sunk by the entire downbeat…it’s hard….lots of calls, won’t answer my call, only one calling in the office……..we all know this. Seriously…who cares about how hard it is….we all know…So…let’s boogey on up to the bar…take Friday, Saturday-Sunday to clear your wreckage…and add something to your day……..  as of Monday.Target: 200 contacts per week (please don’t ask to define what a contact is…..you should know…it aint’   the babysitter….). work em the way you want, but bottom line…….need 200 each week.1% will become clients…so you’re looking at 2 accounts a week.Try and keep the minimums on the higher side……..Adjust along the way…..and between now and the summer…..that’s 30 plus weeks to get 10M+ in the books.I’m sure a few of us will get there…..hopefully hook up at a steakhouse somewhere out here…. sink a few jars and put a face to the posts……you better be there Long Shot…………I’ll post daily as of Monday…….first rounds on me,..,..All The Way……… 

Aguilartx's picture
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Joined: 2011-07-22

Good idea! I would join you guys, but I am a BD recruiter...alright, no hissing. Look forward to reading the progress. Good luck!!

All The Way's picture
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Joined: 2011-09-20

I’m laying down a track to run up 10-15M by the summer, strictly and exclusively from cold calls. I will not be including business from introductions or existing account, solely new assets from phone prospecting. I am breaking the campaign down into 6-7 week Blitz’s with a few days or so off in between to re-charge and set up the following wave of activities. This thread is open to all who would like to add some new assets and also for the helpful feedback that often enables one to adjust and improve. Basically, this is meant to help myself and other brokers stick to the activities that add business, regardless of distractions and so on……. First Wave (6weeks) Monday November 7th to Friday December 16th. Overall goal: since my business in done face to face and takes on average 3 meetings to conclude, the first wave is to set up as many 1st , 2nd and 3rd meetings as possible before Christmas. This will make sure that new accounts and strong prospects are lined up for  the end of this years and the start of the  next year.  Goal:

  • Talk to 200 people via telephone each week for a total of 1,200 good contacts.
  • Initially identify about 100 potential clients from which 1% will become clients: 10 new accounts lined up.
  • Average account size will be around $300,000.
  • Pending assets of 3M.

 I’ll post weekly results on Friday’s at 6pm and add a few comments during the week. All The Way

All The Way's picture
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Joined: 2011-09-20

Done!! Got the 50 contacts in....good day!!!!!!

All The Way's picture
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Joined: 2011-09-20

Alright.....got another 50 contacts done today , so......so far on track for 200 contacts this week. will be sticking around  a bit later today to get a few call backs done. 

All The Way's picture
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Joined: 2011-09-20

OK, did the 50 contacts for today, leads are looking good, will post complet results on Friday....just 50 more contacts to go to have 200 done for this week...

All The Way's picture
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Joined: 2011-09-20

Thursday....all done, Got the 50 contacts and now will be lining up these prospects for the second filtering....will post weeks total numbers, Friday. 

All The Way's picture
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Joined: 2011-09-20

 Posting early as I won't be here later on.Recap week 1/6 Prospecting activities;

  • 200 + contacts via cold call
  • 16 new prospects
  • 1 meeting booked

 Based on the 1%, there should be between 1 and 2 new accounts in the batch of 16 prospects. I have sent out a brief intro letter to each of them this week and will be calling them all back next week. The goal is to put them through the second filter to identify the good potential clients. There should be between 300K-600K in assets to sign up. Best to get them back on the phone ASAP to not clog the pipeline with uninterested prospects and isolate the good ones.  Next weeks goals are the following:

  • Continue with 200 contacts for the week.
  • Identify 15-20 new prospects.
  • Schedule 4-5 meetings from the new prospect pool.
All The Way's picture
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Joined: 2011-09-20

Alright....today, Monday......50 done. tomorrow, Tuesday....big day as I'm calling back all of last weeks prospects to get a reading on who is worth pursuing. Probably got 3-4 meetings somewhere in there and 1-2 accounts. Should be a fun day of peeling off another layer............

All The Way's picture
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Joined: 2011-09-20

Squeezed in 50 more contacts,  did the call backs, eliminated a couple from the pipeline, others on stand-by and booked 1 in for a meeting. All good.

KingBobby's picture
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Joined: 2011-10-03

All The Way wrote:Goal:

  • Talk to 200 people via telephone each week for a total of 1,200 good contacts.
  • Initially identify about 100 potential clients from which 1% will become clients: 10 new accounts lined up.
  • Average account size will be around $300,000.
  • Pending assets of 3M.

What are you qualifying for on the first call, $250,000?  Way to go on the contacts.

TheMachine's picture
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Joined: 2011-06-30

Are you leading with a product or financial planning?

All The Way's picture
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Joined: 2011-09-20

The Machine, yeah...I keep it at around 300K

All The Way's picture
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Joined: 2011-09-20

I lead with risk management and generating income....

All The Way's picture
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Joined: 2011-09-20

Today, did my first meeting from last weeks cold calls. Very good.......booked back-in for next week with statements and all.From last weeks 16 leads, 5 won't be moving forward and the rest are still to contact...Fell behind with todays contacts as I had 2 meetings,,,,will be dropping the hammer hard Thursday to nail 50 and pull in the slack from today's miss. I;m still 2-3 meetings off from the original goal of 4 meetings from last weeks 16 hits, so I will be doing all posible to re-connect with them to line up meetings with the good one's and leave the others in the someday file......

All The Way's picture
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Joined: 2011-09-20

Ok, found another meeting from todays calls. Got the 50 contacts in, got to get back on the phone in the morning to round out to 200. Will only be posting on Fridays from here on in will with total weekly results. All the best to all of you who are out there and making those calls....good for you!!!!!

madmatt's picture
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Joined: 2011-09-16

@AllTheWay: I work for Edward Jones currently. My entire town of 2500 people has been doorknocked by 6 advisors since 2002 including myself. I bought a list with parameters that I intend on working with the hopes that I will be able to reach these people in a different manner. I have a few questions for you:1. How do you make 50 contacts in a day and still have appointments and research and so on? I struggle to make 15 to 20. 2. Are you opening accounts over the phone? If so, do you work a specific region? Or do you call the entire state(s)?3. What type of advisor are you? RIA? Transactional? In other words, how are you running your business that allows you to make so many contacts? If I could make that amount of contacts on a daily basis, I am confident I would blow this thing up. Your input is appreciated.  

madmatt's picture
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Joined: 2011-09-16

One more question: Where do you get your names and are they business or residential?

All The Way's picture
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Joined: 2011-09-20

MadMattI build my own residential lists. Takes longer but I know the areas, thus cut out those that are not really qualified asset wise. More often than not, the calls hit the homes that fit my market. I only call homes that are no more than 20 minutes drive to the office.I also do corporate, but do not included those calls in the 50 daily contacts. I am a RIA.I can't open on the phone, accounts must be opened face to face, so....meetings is my main goal.Yes, maintaning 50+ contacts takes time, about 3-3 1/2 hours of dialing, gets tricky with meetings, but my thoughts are, everything else must fit in....around those 50 contacts. Dosen't always work, but the goal here is activities.....daily activities.On a personal note, I've heard about enough about how hard, how imposible, how improbable it is to build a good book from cold calls, that I have decided to run this thread, solely tracking cold calls and the assets captured.  It's just starting to generate meetings and will soon generate assets, so at 200 plus contacts a week, it's all about numbers.As for you, got yourself a great brand name with EJ, a nice friendly, personal market. Put some time aside to call around, but differentiate yourself from the others. Maybe something VERY specific for business owners, and retirees,.....and either go see them or call and talk about it.........but it has to be very specific and you must be confident in conveying the benefits to them.Either way.....even if you did 25 contacts a day....with a good delivery and confidence, you will be well sought out in your community for your expertise......try this........from next Monday and for the next 10 business days.....do 25 contacts on anything....you'll soon see things moving........just keep moving.......and it shouldn't take more than 90-120 minutes to make them by phone....so plenty of time for the rest of the business. Good luck and keep us posted on how you are doing......always great hearing from someone who is out there  building.

All The Way's picture
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Joined: 2011-09-20

Recap Week 2/6200+ contactsNew Prospects: 13New meetings booked: 2AUM: 0  Total to Date (2 weeks):400 + contactsProspects found: 29Prospects eliminated:  8Active prospect pool: 21Meetings booked: 3Meetings completed: 2AUM: 0 1 - Keep pushing the 200+2 – Book 4 meetings next week 3 – open new account within 10 days. Good weekend to all

madmatt's picture
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Joined: 2011-09-16

AllTheWay:Thanks for the feedback. I will do exactly what you are suggesting. Since you are calling residential, I am assuming you are having better luck reaching folks in the early evening?

All The Way's picture
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Joined: 2011-09-20

MadMatt,I don't call in the evenings, mainly mornings from 10-12pm, then more after luch......that's pretty much it. Talk to retirees, home business owners, .....a lot of good people.....

Aguilartx's picture
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Joined: 2011-07-22

Anybody know how we stop notifications for a specific thread only? Checking the box below does not seem to work.

All The Way's picture
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Joined: 2011-09-20

Got the 50 contacts done...lot's happening....should be a very exciting week.....can't wait to open up an account from these calls......should be soon

All The Way's picture
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Joined: 2011-09-20

Recap Week 3/6: Monday November 21 to November 25For the week:

  • Contacts: 200+
  • Prospects: 15
  • Meetings Booked: 3
  • Meetings completed: 2

 Total to date (3 weeks)

  • 600 + contacts
  • Prospects founds: 44
  • Prospects eliminated: 14
  • Active prospect pool: 30
  • Meetings booked: 6
  • Meetings Completed: 3
  • AUM: 0

 Good week, got statements and files to work on and present proposals next week. Looks like accounts should be opened within a week or so. Been getting meetings and also purging the pipeline of dead wood.  Been a challenge keeping the 200 contacts going but definitely creates activity and opportunities. Will continue posting results from cold calls.  The goal is to get 500K-1M wrapped up from these cold calls before Xmas and have good meetings and prospects lined up to drop the hammer hard second week 2012. Good weekend to all…. All The Way    

All The Way's picture
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Joined: 2011-09-20

Can't beleive this is already the fourth week of the  blitz....man time flies. Did 2 new meetings yesterday, been working on statements and portfolios, more meetings tommorow.......all good, and all from 3 weeks of 200 plus contacts......but.........trouble......falling behind in my contacts this week. As soon as the mornings meeting is done, back on the phones to catch up........

All The Way's picture
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Recap Week 4/6: Monday November 28 to December 2For the week:

  • Contacts: 200+
  • Prospects: 14
  • Meetings Booked: 5
  • Meetings completed: 3
  • New accounts: 1
  • AUM: 100K

 Total to date (4 weeks)

  • 800 + contacts
  • Prospects founds: 58
  • Prospects eliminated: 18
  • Active prospect pool: 40
  • Meetings booked: 11
  • Meetings Completed: 6
  • New Accounts: 1
  • TOTAL AUM: 80K

 *** opened a slice on a new account. Going back in 2 weeks for more. Best of all, got in front of some excellent potential clients, and kept the ball rolling. Also picked up 2 referrals from this week’s meetings. The meetings booked for next week look great, got  around 800K of potential business so pretty confident on getting  1M in new assets by Christmas  from these cold calls.  Next couple of weeks are crucial.  Thanks to DashOver for his post this week…..really kept me fired up…….well worth checking out. Good Weekend to all

PushForward's picture
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Joined: 2011-04-07

Go! Go! Go!

KingBobby's picture
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Joined: 2011-10-03

What's your closing question and how many times were you able to get to your closing question out of those 800 plus contacts so far?

All The Way's picture
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Joined: 2011-09-20

On track with this weeks contacts, Got a new account today...did 315 in AUM, so got about 400K since starting the Blitz. Also got a good 400K lined up for next week, and a pending 80K who needs new ID!!! whatever....anyways, need to keep going because there's a strong chance to get 1M done by Xmas....and then.......Phase II....really need to book some more good meetings this week for the next 2 weeks to hit the target.......next 2 days.....CRUCIAL!!!!!!!All The WAY

All The Way's picture
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Joined: 2011-09-20

Recap Week 5/6: Monday December 5 to December 9

For the week:
• Contacts: 200+
• Prospects: 12
• Meetings Booked: 4
• Meetings completed: 3
• New accounts: 1
• AUM: 315K

Total to date (5 weeks)
• 1000 + contacts
• Prospects founds: 70
• Prospects eliminated: 27
• Active prospect pool: 43
• Meetings booked: 15
• Meetings Completed: 9
• New Accounts: 2
• TOTAL AUM: 395K

Overall, good week….out of new names so building a few lists this weekend. Got good meetings for next week. Fingers crossed, could get 500K more in AUM….would get pretty near the 1M…..really helps logging results weekly to see how fast time flies and how important daily activities are.

Good weekend to all

All The Way

harkkam's picture
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Joined: 2011-09-23

Wow great work, I am assuming you are getting accounts of 100K+ right, 401k's and things, not small time mutual funds investments and stock accounts with 25k+ investments

All The Way's picture
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Joined: 2011-09-20

AAArrrgg.what a day!!!!!! Is it Xmas yet?????

All The Way's picture
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Joined: 2011-09-20

400K done today.....back on the phones in the morning to wrap up this month/year.

KingBobby's picture
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Joined: 2011-10-03

^^^^^ Nice goin!

All The Way's picture
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Joined: 2011-09-20

Hey King,Thanks.....

All The Way's picture
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Ok, started these 50 contacts a day / 200 a week thing on November the 7th.....got just under 800K done in assets.....could get another 250K just after boxing day, which would bring me to the goal of 1M. It's encouraging....names on a sheet of paper.I will over Christmas make sure I got enough names lined up to start dropping the hammer hard come 2012, and between now and the 23rd of December will try and contact all past prospects. Thanks to all of you for your ecouragement....it helps.....bit on a lonely part of the job doing cold-calls and keeps me fresh reading comments and posts of others.....2012 belongs to us cold callers.....let's set our sights high....'cause here we come  R-I-N-G...R-I-N-G

All The Way's picture
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Joined: 2011-09-20

Ok, started these 50 contacts a day / 200 a week thing on November the 7th.....got just under 800K done in assets.....could get another 250K just after boxing day, which would bring me to the goal of 1M. It's encouraging....names on a sheet of paper.I will over Christmas make sure I got enough names lined up to start dropping the hammer hard come 2012, and between now and the 23rd of December will try and contact all past prospects. Thanks to all of you for your ecouragement....it helps.....bit on a lonely part of the job doing cold-calls and keeps me fresh reading comments and posts of others.....2012 belongs to us cold callers.....let's set our sights high....'cause here we come  R-I-N-G...R-I-N-G

All The Way's picture
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Joined: 2011-09-20

mmm look at that....double entry....oh well....

All The Way's picture
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Joined: 2011-09-20

Well, there goes Blitz #1. Ended on a good note, did the contacts, got some business and a handful of decent prospects to start next year. All in all, got to just shy of 800K in new assets from the calls. Going to start up Blitz # 2 next week, kind of want a little heads start going into 2012…….seems that momentum is key so might as well get going on the phones and aim higher this time around.  The way I figure it, best to keep the 50 contacts a day, 200 contacts a week going. Some of the assets picked up this time round were from those calling days where it’s miserably dark out, energy is running low, list of names looks a mile long, and then somehow…..the activity of that day led to the assets…so best to keep on the wave. Blitz # 2 is going to go down like this. Overall goes is to get 10-15M by June 23rd, so I kind of work short sprints to keep it within reach. Blitz #2Monday December 19th to Friday March 1st

  • Contacts: 1,800 (call it 9 weeks)
  • Prospects: 180
  • New Account: 10
  • Average account size: 300K
  • AUM: $3M

 So, best to get started next week……..hit hard, then a week off in Mexico….but first….R-I-N-G…R-I-N-G Good weekend to all All The Way  

tkirk97's picture
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Joined: 2011-12-27

Would you mind sharing your script?

All The Way's picture
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Joined: 2011-09-20

Best wishes to all the rep’s out there building their books and I really hope this year will be your best yet in gathering new assets and enjoying your work.There’s been some mention about why some of us post our call numbers on this site. For me, it is mostly out of loneliness. I am the only person in my office doing cold calls (no point in getting into the why’s), and truth is I find the going tough by myself. Being able to catch up on other brokers doing the same helps keep me on the saddle and I really enjoy reading all of you posts. I wanted to thank all of you who have taken the time to read a few of my entries and for your support. It’s pretty brutal calling everyday and having the support from fellow brokers who are also out there in the arena makes a world of difference for me…… I set a target last year to raise an additional 10-15M strictly from cold-calling over a 6-7 month period…ending this campaign on Friday June 22nd………  My first run went for 6 weeks and I generated just over 800K in new assets and got about 50 or so prospects to work with….I was off from the  3M that should have come out of those calls, but will call the remaining pipeline to focus on the good leads and convert some accounts.  Blitz #2 is up until end of March.  The activity goal is 200 contacts per week. Factor in 2 weeks to get up and running, there is a good possibility with momentum to get to the 10-15M by June……..what I need to do is build up the momentum and see what happens…. So……Blitz #2 ‘till Friday March 30th. (12 weeks)Total Contact: 2,400Prospects found: 240Total Accounts: 15Total AUM: 5M+ This is really testing for me and I will make every effort to stick to the program and post weekly numbers around noon on Fridays.

Albertp86's picture
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Joined: 2011-12-23

I will be tuning in. I am inspired by your work ethic. Keep it up. 

DTA's picture
DTA
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Joined: 2010-10-12

All the Way- Forgive me if you have already stated this, but are you with a wire or are you indy? Not that it matters, just curious.

6yearsin's picture
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Joined: 2011-11-10

All The Way, good luck on the 2nd blitz my man.  I have found your posts inspiring, coming from someone that plans to build a business from scratch from cold calling in about a year or so.  You can do it.

All The Way's picture
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Joined: 2011-09-20

DTA...i'm at a wirehouse.....6yearsin....thank bro...yeah...it's brutal...by the way...is that 6 years in or a 6 Year Sin......must be a good story behind either.....All The Way

ECD's picture
ECD
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Joined: 2011-07-13

All the way, Great post bud.  I am at a wire too, and just got my production number and started making calls.  I would be interested to see what kinds of lists you are building, what you say, and how many dials it is taking you to hit those 50 contacts a day.  Yeah, no one at my office cold calls...even the rookies.  Im not gonna be one of them. 

All The Way's picture
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Joined: 2011-09-20

ECD,Thanks for your comments, much appreciated. Yeah.....pretty simple pitch, I call homes during the day, no more than 15-20 minutes drive from office. Basicaly mention information sessions, income, dividends, cautious investors and invite them in  for 30 minutes.Only been hammering away at this for 7-8 weeks or so, so usually get a couple who off the bat book the meeting and the others are either......a letter, a call back and a meeting, or...pipeline....or....because of mis-qualifiying.......off the island.As for lists, built them myself and with a college student I hired last summer to put them together.... i know the areas I'm calling and all good people to approach..Today was my first day back on the phones and felt like I was looking at a mountain of calls, anyways, got to it and banged out 50+ contacts. I don't count calls but figure it must be around 250+ dials, can't say for sure...maybe more...maybe less.....really don't keep track of calls....Anyways, got 6 leads and not paying much attention to qualifying until Monday...just wanted to get back in the saddle. As of Monday......probably fewer leads, but better.  Also next week....catching up and tidying yp the pipeline from last Blitz.......got  prospects (60+) from the last Blitz and need to prune and book meetings.Keep us posted ECD on you activities, post important numbers and since you just got the green light to build........build. Too bad there's not much stimulus in your office, best to keep your head down and work....you'l find great help here with some of the regular's.....all waging their own battles and taking the time to help out.....Looking forawrd to following your progress....All The Way 

6yearsin's picture
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All The Way wrote:6yearsin....thank bro...yeah...it's brutal...by the way...is that 6 years in or a 6 Year Sin......must be a good story behind either.....All The Way6 years in, as in 6 years in the business. not quite the same though. i work at a discount firm, manage a book of clients there that i will not be bringing with me anywhere if/when i leave. my plan though is to try and hook up with an indy/ria in the next year or so, and plan to build from scratch, using cold calls and then just working referrals off the clients i can grab in the first year or two of calling. i've made contacts with a couple indy/rias in my area already, just trying to find out where i will have the best chance to succeed 

ECD's picture
ECD
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Joined: 2011-07-13

Thanks All the Way.  Is your name due to your past life as an Airborne soldier?  I am a prior Army officer myself, and went to Airborne School and Rigger School.  Seems like a billion years ago, lol. 

BondGuy's picture
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Joined: 2006-09-21

ATW - great thread!!!!  A new must read for anyone looking to build their business!Good luck in 2012. I'm looking forward to reading as your adventure continues.

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