Appointment Setting

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entrylevelFA's picture
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Joined: 2006-06-05

What do you think a good number of first appointments per week is for a rookie?
Also, I get appointments from various things I do, but it is sporadic.  Some weeks I'll have 5, some weeks I'll have 0.  What method most consistantly yields first appointments? 

Cowboy93's picture
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Five per week is a good goal.  If you have any talent in face to face meetings, you should be able to build a nice business if you set 5 a week (even if a few cancel on you) over your first two years.  This would add up to FIVE HUNDRED new people that at least say they want to meet with you.  If you close half and only have $100k/household, you're sitting at $25 mil AUM (or close 1/5 at $250k avg).  Few people do that in the first two years, but this illustrates why I think 5/week is a good goal to shoot for.
The only thing universal about yielding appointments is asking for them.  If you are doing various things and getting an average of 5 per week, keep doing those things.  If not, do anything and ASK for the appointment---simple, but not always easy.

Gaddock's picture
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Joined: 2007-02-23

If you get one apt per day you are rocking as a rookie. 50% or more will be no shows so you need 12+ per week to truly book that activity.
Good luck!

AllREIT's picture
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Joined: 2006-12-16

entrylevelFA wrote:What do you think a good number of first appointments per week is for a rookie?
Also, I get appointments from various things I do, but it is
sporadic.  Some weeks I'll have 5, some weeks I'll have 0. 
What method most consistantly yields first appointments? 

It depends on what you can get, target 1 a day = 5 a week.

ExPropTrader's picture
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Joined: 2006-11-19

15 a week is the goal for newbies in our office, that should equate to about 10 kept appointments each week.

young_gun's picture
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Joined: 2006-08-21

How is this possible? How do you make 5 appointments a week?  Im assuming that this is a combination of networking, seminars, cold walking, & cold calling right? 
B/c so far I have started out doing the grunt prospecting method by focusing almost all my time cold calling.  I try to sell on the first call.  But if I don't (which is 99% of the time) I am on a fact finding mission.  It will take several follow up calls to qualify and build rappor and eventuallly lead to an appointment.  This is a long process. 
How in the world are you guys setting up an average of 5 appointments a week as a rookie?  Can it be done only on cold calls?  If so, then Im assuming the calls aren't to pitch product, but rather the goal is to pitch for a meeting right?  I hope someone can share their experiences or what they have witnessed with other FAs in their branch.

entrylevelFA's picture
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Joined: 2006-06-05

young_gun wrote:
How is this possible? How do you make 5 appointments a week?  Im assuming that this is a combination of networking, seminars, cold walking, & cold calling right? 
B/c so far I have started out doing the grunt prospecting method by focusing almost all my time cold calling.  I try to sell on the first call.  But if I don't (which is 99% of the time) I am on a fact finding mission.  It will take several follow up calls to qualify and build rappor and eventuallly lead to an appointment.  This is a long process. 
How in the world are you guys setting up an average of 5 appointments a week as a rookie?  Can it be done only on cold calls?  If so, then Im assuming the calls aren't to pitch product, but rather the goal is to pitch for a meeting right?  I hope someone can share their experiences or what they have witnessed with other FAs in their branch.

I like the idea of setting 1 appointment a day, that makes it seem more possible.  Thanks to all for your input! 

stokwiz's picture
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Joined: 2004-12-04

young_gun wrote:
How is this possible? How do you make 5 appointments a week?  Im assuming that this is a combination of networking, seminars, cold walking, & cold calling right? 
B/c so far I have started out doing the grunt prospecting method by focusing almost all my time cold calling.  I try to sell on the first call.  But if I don't (which is 99% of the time) I am on a fact finding mission.  It will take several follow up calls to qualify and build rappor and eventuallly lead to an appointment.  This is a long process. 
How in the world are you guys setting up an average of 5 appointments a week as a rookie?  Can it be done only on cold calls?  If so, then Im assuming the calls aren't to pitch product, but rather the goal is to pitch for a meeting right?  I hope someone can share their experiences or what they have witnessed with other FAs in their branch.

The only thing you should be selling on the first call is an appointment. Call business owners during the day on a product (but package it as a solution) and get an indication of interest. Qualify for money and tell them "what I've been doing is stopping by to hilight a few points and leave the information." Out of 15 - 20 contacts per day I average 2 appointments. I call right before the appointment to confirm they are there and average 80%. On the appointment, slide into profiling questions before you present the solution. Always set the next action before you leave (next appointment, phone call). Remain focused and forget about networking (most CPA's, Attny's, etc. already have a referral source, I only average 1 or 2 a month from networking) Forget seminars- By the time you've done nothing but organize your next seminar (where you might end up with 20 appointments), you could've had 40 appointments from cold calling. I call with a principal protection Idea like an EIA or VA with a return of principal rider. I don't aim to sell them on the appointment, but just to get the appointment. I do sell them 50% of the time, though. Depends on what's suitable for the client, of course.
 
Stok

entrylevelFA's picture
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Joined: 2006-06-05

stokwiz wrote:young_gun wrote:
How is this possible? How do you make 5 appointments a week?  Im assuming that this is a combination of networking, seminars, cold walking, & cold calling right? 
B/c so far I have started out doing the grunt prospecting method by focusing almost all my time cold calling.  I try to sell on the first call.  But if I don't (which is 99% of the time) I am on a fact finding mission.  It will take several follow up calls to qualify and build rappor and eventuallly lead to an appointment.  This is a long process. 
How in the world are you guys setting up an average of 5 appointments a week as a rookie?  Can it be done only on cold calls?  If so, then Im assuming the calls aren't to pitch product, but rather the goal is to pitch for a meeting right?  I hope someone can share their experiences or what they have witnessed with other FAs in their branch.

The only thing you should be selling on the first call is an appointment. Call business owners during the day on a product (but package it as a solution) and get an indication of interest. Qualify for money and tell them "what I've been doing is stopping by to hilight a few points and leave the information." Out of 15 - 20 contacts per day I average 2 appointments. I call right before the appointment to confirm they are there and average 80%. On the appointment, slide into profiling questions before you present the solution. Always set the next action before you leave (next appointment, phone call). Remain focused and forget about networking (most CPA's, Attny's, etc. already have a referral source, I only average 1 or 2 a month from networking) Forget seminars- By the time you've done nothing but organize your next seminar (where you might end up with 20 appointments), you could've had 40 appointments from cold calling. I call with a principal protection Idea like an EIA or VA with a return of principal rider. I don't aim to sell them on the appointment, but just to get the appointment. I do sell them 50% of the time, though. Depends on what's suitable for the client, of course.
 
Stok

You have success pitching VA's to business owners?  I wonder how much better your success would be pitching managed money vs. VA's.

Cowboy93's picture
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You have success pitching VA's to business owners?  I wonder how much better your success would be pitching managed money vs. VA's.
-----------
You're kinda missing the point...everyone and their sister pitches managed money to everyone.  He says "I call with a principal protection idea..."  No matter what you lead with, you'll need to discover what the prospect cares about.  You could lead with a CD and accomplish this.  The story, presentation, and approach are about 5x more important than what vehicle you select as an introduction.

entrylevelFA's picture
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Cowboy93 wrote:
You have success pitching VA's to business owners?  I wonder how much better your success would be pitching managed money vs. VA's.
-----------
You're kinda missing the point...everyone and their sister pitches managed money to everyone.  He says "I call with a principal protection idea..."  No matter what you lead with, you'll need to discover what the prospect cares about.  You could lead with a CD and accomplish this.  The story, presentation, and approach are about 5x more important than what vehicle you select as an introduction.

I hear at least once a day "thank god, I thought you were going to talk to me about annuities."

Cowboy93's picture
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OK, fine, you are a friggin superstar....point is, setting appointments is far more important than how you set them.  I'm sure that most people that say "I hate annuities" haven't heard the pitch in the latest generation of them.  However, that is pointless---if they have a need, they need to be in front of you to tell you what their issues are.  If you are setting enough appointments and have mastering the art of developing new relationships, don't ask for advice about setting appts.

stokwiz's picture
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Joined: 2004-12-04

Only once per day? I hear it several times a day, as well as "already have a broker, no money, brother handles it, oh good, I thought you were calling me about a managed money account," etc. etc. The key is knowing how to turn it around to secure the appointment. If you are talking to people with lots of money you should know they have lots of problems that you have a solution to- controlling taxes, ensuring they preserve what they have, how best to sell the family business, how to finance their next business expansion, etc. You don't sell annuities for what they are, you use them to solve a problem  the client has. I'll bet you'll be more successful using this approach than just using the managed money approach, like everyone else is. 
Stok

Cowboy93's picture
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Ditto above...Amen.

AllREIT's picture
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entrylevelFA wrote:Cowboy93 wrote:
You have success pitching VA's to business owners?  I wonder
how much better your success would be pitching managed money vs. VA's.
-----------
You're kinda missing the point...everyone and their sister pitches
managed money to everyone.  He says "I call with a principal
protection idea..."  No matter what you lead with, you'll need to
discover what the prospect cares about.  You could lead with a CD
and accomplish this.  The story, presentation, and approach are
about 5x more important than what vehicle you select as an introduction.

I hear at least once a day "thank god, I thought you were going to talk to me about annuities."

You would be so surprised by the number of lonely HNW people who are
just sitting by the phone, waiting for a special someone to call them
about an annuity.

deekay's picture
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Joined: 2007-05-15

AllREIT wrote: entrylevelFA wrote:Cowboy93 wrote:
You have success pitching VA's to business owners?  I wonder how much better your success would be pitching managed money vs. VA's.
-----------
You're kinda missing the point...everyone and their sister pitches managed money to everyone.  He says "I call with a principal protection idea..."  No matter what you lead with, you'll need to discover what the prospect cares about.  You could lead with a CD and accomplish this.  The story, presentation, and approach are about 5x more important than what vehicle you select as an introduction.

I hear at least once a day "thank god, I thought you were going to talk to me about annuities."
You would be so surprised by the number of lonely HNW people who are just sitting by the phone, waiting for a special someone to call them about an annuity.
My guess it about as many HNW investors who are waiting by the phone for someone to call about a low upside strategy that will cost me hundreds of thousands of dollars over the years.......

AllREIT's picture
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Joined: 2006-12-16

deekay wrote:AllREIT wrote: entrylevelFA wrote:Cowboy93 wrote:
You have success pitching VA's to business owners?  I wonder
how much better your success would be pitching managed money vs. VA's.
-----------
You're kinda missing the point...everyone and their sister pitches
managed money to everyone.  He says "I call with a principal
protection idea..."  No matter what you lead with, you'll need to
discover what the prospect cares about.  You could lead with a CD
and accomplish this.  The story, presentation, and approach are
about 5x more important than what vehicle you select as an introduction.

I hear at least once a day "thank god, I thought you were going to talk to me about annuities."
You would be so surprised by the number of lonely
HNW people who are just sitting by the phone, waiting for a special
someone to call them about an annuity.
My guess it about as many HNW investors who are waiting by the phone
for someone to call about a low upside strategy that will cost me
hundreds of thousands of dollars over the years.......

I 100% agree. Like you say, I really doubt many people are waiting for someone to call them about an annuity.

stokwiz's picture
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Joined: 2004-12-04

Allright allreit,
I outlined a strategy that generates 2 appointments per 1.5 hours of calling for myself. Please go back to the beginning of this post, review,and explain how YOU (DK as well) generate your prospects.
We're all ears.
Stok

young_gun's picture
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Joined: 2006-08-21

Can someone please share me their opening script to get appointments???  As mentioned before, I was taught to lead in with a product and sell if they are willing to buy.  Typically I will drip for several times and if lucky end up with an appointment. 
 
How do you set appointments on the first call?  Obviously I understand the idea of qualifying and going through discovery mode.  Usually after discovery mode (assuming you get that far) how do you guys transition back into getting the appointment?  Its especially hard for me to get back into the subject of meeting them after they steer off topic.  Is there such thing as building too much rappor?  Too much to a point where they forget you are soliciting them?
 
Anyway, please share me your scripts that have worked.  Obviously those of you who say you can land at least 2 to 5 appointments per day is doing something right.  Also, after you've got them engaged and talking, is the conversation still always focused on the appointment?  Keeping it short and simple?  I'm trying to get a reasonable idea of what you guys do and what I am doing wrong.  I feel that I am very good at cold calling, but I also feel week on how I control the direction and ultimately the outcome of the call.  I usually find myelf just getting permission to drip and send them my business cards. HELP PLEASE!

Ashland's picture
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entrylevelFA wrote: What do you think a good number of first appointments per week is for a rookie?
Also, I get appointments from various things I do, but it is sporadic.  Some weeks I'll have 5, some weeks I'll have 0.  What method most consistantly yields first appointments? 

Work at a bank

young_gun's picture
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Joined: 2006-08-21

Alright, can someone please respond to my question?  Actually, today a senior guy noticed me calling and he gave me a pretty good script that he used successfully when he was a rook in order to get appointments.
 
I have been using it, but the trouble I find is that when I finally get someone engaged in my questions (where we gravitate to talk about investments) it's hard to transition back to getting the appointment.  How do you guys do it?
 
For example, "Mr. Jones, based on our discussion today I really think we should meet.  Many of my clients before they were my clients appreciated a second opinion on their portfolios.  Are you free this comming Wed/Thurs in the afternoon?"
 
I need a transition that was something like that I guess.  But I've been bad with it b/c usually after I talk to a qualified prospect they don't show dissatisfaction.  How can you get an appointment or be able to transition to an appointment with people who are already satisifed clients? 

newnew's picture
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Joined: 2007-02-23

get them to agree on the importance of these accts. then emphasize a SHORT 1st appt."yes, these are important accts. Others have found that the little amount of time it takes to get a 2nd opinion from me is worth it. Could we PENCIL IN a few minutes either later this week or early next?"

ExPropTrader's picture
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Joined: 2006-11-19

young_gun wrote:  How do you guys do it?
Practice, Practice, Practice. 
 
usually after I talk to a qualified prospect they don't show dissatisfaction. 
Find and Read "The Wedge"
 
How can you get an appointment or be able to transition to an appointment with people who are already satisifed clients?
You can take two roads, read the book mentioned above or hang up and move on, really depends on how much time you want to devote and how many objections you want to overcome.  There are a few that I almost always try to overcome (I'm not interested, etc...), there are more that usually aren't worth the time involved (my brother is in the business, etc....) unless it's a large business or ultra-HNW individual.

young_gun's picture
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Joined: 2006-08-21

Hi newnew,
 
Yea that actually sounds pretty good.  I like that transition.  But what do you mean to have them agree that these accounts are important?  I'm sure that is the assumption since it deals with a great deal of money.
 
Unless, you mean to say something like,
 
"Mr. Jones.  When you retire it seems like this investment portfolio is a big part of your retirement plan isn't it?  Well if you agree with me then it should be important that you have it structured in a way where you can maximize the amount of return while downsizing to a minimum amount of risk.  In order for me to validate whether your approach is solid or can be improved I need to take a look at your account." (after this I guess you can use your transition.)
 
Another other suggestions?

newnew's picture
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Joined: 2007-02-23

well, sounds great BUT I would use that AFTER my appointment close. Prior to the transition I simply ask them to agree with me that these are imp accts. I feel if they agree, then for a second they are more likely to listen, plus it makes them say yes. BUT LESS WORDS IS ALWAYS BETTER, especially on the phone, in my humble opinion. (i.e. if they say yes to "penciling in" an appt, no need to talk much more; but if they hesitate, then your words here could help push them over, in addition to telling them you won't charge for your time at this introductory meeting). I would love to hear more ideas from folks. 

roggernrogger's picture
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In B2B Appointment Setting first we identify whether the contact is a realistic prospect for your company or not. Our Business Development Agents are paid hourly, not by commission, so they can focus on identifying quality prospects rather than quantity. Our agents then schedule the prospect into a sales appointment with your sales team.

RickRoss's picture
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This thread is pathetic.

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ERPsoftwareJB's picture
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this thread is great,.thanks for posting.,,:D -erp leads

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