Begging

26 replies [Last post]
Closer's picture
Offline
Joined: 2007-02-26

I have been doing an internship at MM for a couple of weeks. I have the opportunity to join them. The culture is appealing for the most part. One concern I had is that when I hear other "financial professionals" on the phone with clients or prospective clients, they seem to be almost begging. Maybe it is just a$$ kissing. Is this a pretty widespread thing? Do you really have to give up your pride and respect and semi-beg to get clients. I know some established indy advisors who have clients come right to them without even asking for them.

Billyclub's picture
Offline
Joined: 2007-04-26

It don't think beggin helps, I think it actually hurts.  Since you feel that most others are doing this maybe you are confusing begging with asking for the order or maybe you are confusing building repoir with begging.
Buillding repoir is pretty important.  Asking for the order is required. When they have an objection to buying, you need to find out what it is and answer the objection; then ask for the order again. This is sales 101.

AllREIT's picture
Offline
Joined: 2006-12-16

Billyclub wrote:It don't think beggin helps, I think it actually
hurts.  Since you feel that most others are doing this maybe you
are confusing begging with asking for the order or maybe you are
confusing building repoir with begging.

Advisors who try to replace rapport with repoir often have hard time of things.

Closer's picture
Offline
Joined: 2007-02-26

Hahaha. ya, rapport. I see that. The last thing I want to do is sound needy.

troll's picture
Offline
Joined: 2004-11-29

You need to believe that you are independently wealthy and that you don't need the business.

vbrainy's picture
Offline
Joined: 2006-07-26

No I do not beg.
I do ask.  This is a sales job, you need to close the sale.
But, I move on when I have done my best.
 

BigRed's picture
Offline
Joined: 2007-04-15

Begging implies desparity, which makes a prospect/suspect wonder why you don't have clients to meet with.

troll's picture
Offline
Joined: 2004-11-29

Desparity?Are you a proud graduate of the Yogi Berra School of English?

Dust Bunny's picture
Offline
Joined: 2007-05-07

Define what you perceive as begging.

SimplySimple's picture
Offline
Joined: 2007-05-25

Begging is fine............. if you have no pride.  You will only be succesful/ happy when you believe what you are doing has value for the client and that they are better off having known you.

ExPropTrader's picture
Offline
Joined: 2006-11-19

Is this one or two advisors that you have heard "begging" or all of them? 
Is it possible you are hearing the brand new guys that don't know any better?
Just curious as this strikes me as a little strange also.

Closer's picture
Offline
Joined: 2007-02-26

A couple of the new guys, and one older guy. It really struck me as weird. Another guy told me to "fake it until you make it." I think that is good advice.

troll's picture
Offline
Joined: 2004-11-29

Closer wrote:A couple of the new guys, and one older guy. It really struck me as weird. Another guy told me to "fake it until you make it." I think that is good advice.

 
YOu may want to change your name from "closer" to "faker."

Dust Bunny's picture
Offline
Joined: 2007-05-07

You still haven't given us the idea of what you consider to be begging.  Seriously, I would like to know.

NaySayer's picture
Offline
Joined: 2006-05-10

It's natural to feel like a beggar in this business sometimes.
Just one too many "Financial Advisors" offerring advice. People have a tendency to not value financial advice which has become available everywhere. Even for free on Charles Schwab.

ExPropTrader's picture
Offline
Joined: 2006-11-19

Closer wrote:A couple of the new guys, and one older guy. It really struck me as weird. Another guy told me to "fake it until you make it." I think that is good advice.
Sounds like he's attended one too many MLM recruiting sessions.

Closer's picture
Offline
Joined: 2007-02-26

When I client is backing down from a meeting and a rep is throwing out every possible avenue, "well I can see you at 4, o no? well what about the next day, o ok then, well how about after your vacation. o right, then i can come see you at your work. at your house? well is there anytime in the next 3 months that you will be free?" Just launching a barrage on these people. Seems like bad form, but I guess if it works sometimes...

ExPropTrader's picture
Offline
Joined: 2006-11-19

You're supposed to ask 3 times, if someone tells you "No" and you let it go the first time you'll never get anywhere, rarely do people fall over themselves to meet with you, you have to be persistent.  There is a fine line between giving up too easy and begging though.

anonymous's picture
Offline
Joined: 2005-09-29

Closer, there is a big difference between "begging" for an appointment and begging for business.   You are hearing people fighting to get an appointment. 
Keep in mind that you are calling people who are conditioned to say "no".  They also have no interest in meeting with you.  On the other hand, you know that if you meet with them, you have a decent chance of them becoming a client.
As a general rule, if it is a cold call, the harder you have to fight to get the appointment, the better.  If you call someone and they immediately say, "sure, come on over", this can be because they give appointments to everybody.

Dust Bunny's picture
Offline
Joined: 2007-05-07

Thanks for your explanation.  I suppose it would depend on the tone of voice the rep is using when trying to pin the prospect down to committing to an appointment.
Sometimes you do have to keep narrowing the choices and sometimes you even have to force the prospect to state exactly why they are objecting.  As stated, if you just take no for an answer the first time, you will never be successful in this or ANY sales job.  Of course there is a fine line between being persistent and being an irritating pest.

troll's picture
Offline
Joined: 2004-11-29

"Mr. Prospect, if I were new at this, I'd let people tell me "no" all day long. Saying "no" is perfectly ok with me, but the time to do it is AFTER you look at what I've done for people. That makes sense, doesn't it?"

BankFC's picture
Offline
Joined: 2005-05-27

That reminds me of this awful ING VA wholesaler around here.  He's huge, constantly sweating, and he always says crap like..."That's a great benefit, ISN'T IT!"  Then he tilts his head and opens his eyes wide as beads of sweat come down his face and just stares at you waiting for you to agree...ugh.

deekay's picture
Offline
Joined: 2007-05-15

Wow - that's some very powerful language.
Very good stuff, Bobby.

bXpress's picture
Offline
Joined: 2006-10-09

Having answers to objections is the key.  When they say no, they are saying no to a variety of issues.  You need to find out what issue and have an answer for it.

troll's picture
Offline
Joined: 2004-11-29

deekay wrote:
Wow - that's some very powerful language.
Very good stuff, Bobby.

Thanks, bro. This is why I'll never have to go work at a bank for a 30% payout.

BankFC's picture
Offline
Joined: 2005-05-27

No, because you can be independant and make a comfortable $40,000 a year.  But hey, you get to write off your mileage driving from one little old ladies house to the other...that's a plus. 

troll's picture
Offline
Joined: 2004-11-29

BankFC wrote:No, because you can be independant and make a comfortable $40,000 a year.  But hey, you get to write off your mileage driving from one little old ladies house to the other...that's a plus. 
Yep. Then I can do whatever I want for the last 11 months of the year, Mr. 21% payout.

Please or Register to post comments.

Industry Newsletters
Investment Category Sponsor Links

 

Careers Category Sponsor Links

Sponsored Introduction Continue on to (or wait seconds) ×