Cold Calling Idea

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Closer's picture
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Joined: 2007-02-26

Vets...
So I am not incredibly busy as I am in the waiting period at a wirehouse, so I figure I should use my spare time to generate some good prospect lists. A major part of my business plan will be marketed towards MD's, since that is what most of my family does. I am not ready or experienced enough to solicit the MD's that I know, but I will definately start a ravenous cold-calling campaign. What are your ideas on this....
I went to the website of a major medical center that is nearby, but not close enough that I will interfere with any warm contacts, and I went to the physician directory. I looked up every MD (about 200-300) and got most of their home numbers from the White Pages. I know that they are usually the right person because most of the MD's have very unique names. I am in the process of formulating a pitch for all of these prospects, which are going to be qualified as long as they are not right out of med school. Do any vets have any suggestions on this technique? Advice? I realize I will have to dial through the firm's DNC scrubber, so I will lose some names.
I realize that this is not the route that an established FA would use, but I am rookie and am hungry for any leads I can get. Since these calls will be strictly cold I will not be jeopardizing my reputation with warm contacts. Criticism and advice are welcome.

ExPropTrader's picture
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Joined: 2006-11-19

Closer wrote:
 which are going to be qualified as long as they are not right out of med school.

If you're in it for the long term, don't exclude the newbies. They may become good clients in the future and if you've been talking with them for years when they make it you'll be first in line.

pretzelhead's picture
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Joined: 2007-03-23

Doctors are a real pain in the .......
They're disorganized and DAtoo-like, in that they think they know everything about everything.

Broker24's picture
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ExPropTrader wrote:Closer wrote:
 which are going to be qualified as long as they are not right out of med school.

If you're in it for the long term, don't exclude the newbies. They may become good clients in the future and if you've been talking with them for years when they make it you'll be first in line.

And if you do any insurance, the young doctors may not be covered yet (i.e. life and disability).

anonymous's picture
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Joined: 2005-09-29

Closer, I have some bad news for you.  A large % of those MDs are going to be on the DNC list.  Your 200-300 person list is going to be well under 100 and many of them won't be quality prospects in terms of investable assets today.   Most of them will already have advisors.
I work with very few doctors.  My doctor clients have all come from referrals.  I do work closely with people who have a 100% physician practice.  They got their clients while they were still in their residency with discounted disability insurance and tiny Roth IRAs.   They made very little money at first, but now make major bank.
My point is that you'll be lucky to get 1-2 clients from your list.  You'll have much better success if you can get work numbers for them.

anonymous's picture
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Joined: 2005-09-29

The biggest problem that you'll have now that you're at the wirehouse is your need to bring in assets today.  You simply don't have time to cultivate clients.

Closer's picture
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Joined: 2007-02-26

Anon,
A - Is it really more effective to call them at work? I thought about it and I think that at home is a better place because they are so busy at work. What would all fo you say to an MD at work?
B - If I get 1-2 that would be great. It will take 2 days maximum for the initial calls. I would consider bringing in 500K from this campaign a big success.
C - I know that cold-calling MDs works at least a little bit. My dad gave over 1MM to a cold-caller from Fisher. That was a couple fo years ago. I was surprised he did it, but hey.

anonymous's picture
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Joined: 2005-09-29

The only reason that I suggest work is the lack of a DNC list.  
What you are doing is worth a try.
 

BondGuy's picture
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Joined: 2006-09-21

Call them and pitch them a tax free bond. 
 or
Call them and ask them if they'd like info on a high yield tax free bond fund. Qualify for 50k as a minimum. "Dr. Jones, if you like the idea I trust an investment of 50k wouldn't be a problem for you right now?"
or
Pitch them a new issue PFD stock.
or
Tell them you specialize in developing tax free income strategies for your clients and that lately you've been seeing a lot of TF bonds yielding better than 5%, which in their tax bracket is the same as a CD yielding 7.7% and while you have nothing today would they like a call next time you see one.
Dr. Komaduri, do you currently have any CDs yielding over 7%? With Muni bonds currently yielding 95% of treasury bonds wouldn't you agree that now is a good time to look at munis?
Make the contact, start a conversation. There are over 100 ways to do this. Visit www.billgoodmarketing.com for scripts and other valuable info.
You get an A+ for putting a good list together. Keep that up. Don't get discouraged by the DNC, hang ups, or by the rude people you'll encounter.
 

Closer's picture
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Joined: 2007-02-26

Bondguy, thanks. Yeah I am basically just trying as hard as I can to get some lists ready for production.
I like all of your product ideas (I don't have the language perfected yet). What about playing the "I am an FA who works exclusively with MDs" card?

anonymous's picture
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Joined: 2005-09-29

What about playing the "I am an FA who works exclusively with MDs" card?
Don't do it.  Build an ethical practice.  Don't start your relationship with a lie. 

Closer's picture
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Joined: 2007-02-26

That's true, but what if I am going to be. If I have only one client and it is an MD. Bingo!
Also, what about using the "I work with a handful of doctors at BlahBlah Medical Center...", of course declining to mention names if asked. This is when I actually have some prospects from BlahBlah.
 
??

blarmston's picture
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Joined: 2005-02-26

I call doctors before 8am, 8:30am at the latest. Before the gatekeepers get in and while they are prepping for the day... Also, find out when the office closes and call 2 minutes after that. You may catch them before they take off for the day.

BondGuy's picture
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Closer wrote:
Bondguy, thanks. Yeah I am basically just trying as hard as I can to get some lists ready for production.
I like all of your product ideas (I don't have the language perfected yet). What about playing the "I am an FA who works exclusively with MDs" card?

Why limit yourself?
Try
I work with high net worth individuals developing strategies to reduce their taxes.
about the product ideas:
my prospecting process has always been what I call "earn a seat at the table."
To do this I pitch a product all HNW people love or should love, Tax Free Bonds. Note the word "pitch." I assume all the prospects i am persuing have existing advisor relationships. Trying to gain access by competing head on usually isn't going to work. Simply put, most people won't give you a chance. So instead I revert to the trusty old appeal to greed. I find something to sell them. Something with a high yield. I have built a career getting my foot in the door in this way. People will buy just one bond from you without feeling like they are cheating on their long time advisor. Yet, if they buy I'm in. Because I will treat them in a way their advisor isn't or won't. I smother them with service and attention. it's what I call the wonder of me phase. And it's very important. I show them how good I am. It's the new guy versus the old boyfriend thing.  If they tell me to back off i do so. That doesn't happen often. Over a short time I try to SELL them two or three more fixed income products. By that time I have climbed the wall of trust. I  ask for an appointment to see if there is any other ways I can add value. It's at this appointment that their current advisor is in serious trouble because I'm going for the whole portfolio.  I get more than I don't, regardless I've got another bond buyer. I've got accounts valued at 2 million plus where I'm still the number two or number three guy. As the saying goes it sure beats a sharp stick in the eye. And I'm always right there if the number one guy stumbles.
I'm not saying that my way is the best way, and it certainly isn't the only way, only that it has worked well for me.
 

Closer's picture
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Joined: 2007-02-26

Bondguy, Anon, etc.
How often do you go see them, how often do they come see you...

anonymous's picture
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Joined: 2005-09-29

Bondguy and I have completely different practices.  The best advice that I can give to you is to ignore me and listen to him.  He can teach you how to succeed gathering assets at a wirehouse.  You'd be better off listening to me if you were building a practice that had a large insurance component to it.  If you listen to me, you can build a successful practice, but you'll fail out of the wirehouse while you are doing it.

blarmston's picture
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Great post BondGuy.

BondGuy's picture
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Joined: 2006-09-21

Closer wrote:
Bondguy, Anon, etc.
How often do you go see them, how often do they come see you...

Not sure i understand the question?
I attempt to gain an appointment with every new account i open. Sometimes that can take years to accomplish and other times it happens rather quickly. I also will seek to get appointments with prospects, if i believe it is the best route to take.
My process is a templete, not a concrete form. I'm flexible. Every case is different. Whatever it takes to get the door opened is the route i'll take. This is a developed trait that you will learn.
That said your own process maybe to get an appointment with every prospect.
Once we have met, future meetings are on an as needed basis. Some clients are more needy than others needing constant in person meetings. Others are OK with phone meetings.
I try to do as much by phone as possible.
 

doberman's picture
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Joined: 2005-02-22

The book called, "The Wedge" is an excellent book, in my opinion. It succinctly boils down the approach to use when meeting a prospect who's happy with their broker. The book was recommended by another poster and was well worthy of it, in my opinion.
 
 

Gaddock's picture
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Joined: 2007-02-23

Closer,
Cheap advice from the peanut gallery. Everybody calls Dr.s. Almost all business done by them is by referral. That is how they do business. Investing is no different. Plumbers on average make more than physicians and have far fewer calls.<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
Point?
You are trying to Elephant hunt. Don't forget about the bread & butter along the way or you will starve.
Rock on!,
The blurry eyed guy that made 267 dials and 43 contacts today

Gaddock's picture
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Joined: 2007-02-23

BondGuy wrote:Closer wrote:
Bondguy, thanks. Yeah I am basically just trying as hard as I can to get some lists ready for production.
I like all of your product ideas (I don't have the language perfected yet). What about playing the "I am an FA who works exclusively with MDs" card?

Why limit yourself?
Try
I work with high net worth individuals developing strategies to reduce their taxes.
about the product ideas:
my prospecting process has always been what I call "earn a seat at the table."
To do this I pitch a product all HNW people love or should love, Tax Free Bonds. Note the word "pitch." I assume all the prospects i am persuing have existing advisor relationships. Trying to gain access by competing head on usually isn't going to work. Simply put, most people won't give you a chance. So instead I revert to the trusty old appeal to greed. I find something to sell them. Something with a high yield. I have built a career getting my foot in the door in this way. People will buy just one bond from you without feeling like they are cheating on their long time advisor. Yet, if they buy I'm in. Because I will treat them in a way their advisor isn't or won't. I smother them with service and attention. it's what I call the wonder of me phase. And it's very important. I show them how good I am. It's the new guy versus the old boyfriend thing.  If they tell me to back off i do so. That doesn't happen often. Over a short time I try to SELL them two or three more fixed income products. By that time I have climbed the wall of trust. I  ask for an appointment to see if there is any other ways I can add value. It's at this appointment that their current advisor is in serious trouble because I'm going for the whole portfolio.  I get more than I don't, regardless I've got another bond buyer. I've got accounts valued at 2 million plus where I'm still the number two or number three guy. As the saying goes it sure beats a sharp stick in the eye. And I'm always right there if the number one guy stumbles.
I'm not saying that my way is the best way, and it certainly isn't the only way, only that it has worked well for me.
 

AWESOME!!!!!!!!!!!!!!  TY

Gaddock's picture
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Guests wrote:Gaddock...A - I need 15MM in 2 years of productionB - Plumbers DO NOT make more than MDsC - The reason I am focusing on that market is because I have some really good MD contacts, but I also want to do cold biz with themD - Plumbers DO NOT make more than MDs
Let me narrow that ... those plumbers that own their own company
**DO**    Stanley
A- I need 25MM
B see above
C AWESOME ROCK ON!!!
D I do not agree but I don't know much.
 
 
 
 
 
 
 
 
If you think otherwise ... cool I'm wrong go for it. That was only my $0.02

Closer's picture
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Joined: 2007-02-26

Gad,The main obstacles I see with MD's-they won't trust a younger guy-they are mostly foreign-born, so there is a major language and trust barrier. how are you building your practice?

Gaddock's picture
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Joined: 2007-02-23

Closer ... The main obstacles I see with MD's<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
You must be in their circle. Like a German sub in a Wolf pack. You must surface in the middle of their pier group.
IM NOT SAYING DONT GO AFTER THEM
IM SAYING Don't count on any one group to survive & my family are not Dr.'s
But ladies and Gents that's , just my $0.02

Gaddock's picture
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Joined: 2007-02-23

Bobby Hull wrote:What pier would that be?
Yawn ,  the one that has the correct spelling or symantics or whatever.
Elvis has left the building, Im baked.
Make it happen.
Adios

Closer's picture
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Bobby Hull???I thought you were pouting on some other forum.

troll's picture
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deekay's picture
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Right on, Joe. 
Read "The Millionaire Next Door".  It will give some great insight into who really holds the wealth in America. 
It is a shame, however, you left MM.  You could have prospected all of the wealth outlined in the book.  Instead, you'll be limited.  Good luck nonetheless.

troll's picture
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Tom has destroyed this forum.

troll's picture
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joedabrkr wrote:Why are most doctors forgeign born? 
Is it because the US school system is incapable of producing graduates who have the ability to complete medical school?Folks-please note "guests group" under my screenname.  This was not my post.  The admins have changed the settings on the software so that anyone(if you know how) can sign in using ANYONE's handle and make a post. 

deekay's picture
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joedabrkr wrote: deekay wrote:
Right on, Joe. 
Read "The Millionaire Next Door".  It will give some great insight into who really holds the wealth in America. 
It is a shame, however, you left MM.  You could have prospected all of the wealth outlined in the book.  Instead, you'll be limited.  Good luck nonetheless.
Yes I've read the book.  I should probably re-read it given that I'm working on a new marketing plan.Left "MM"?  Are you referring to "Mother Merrill"?  I left them a long time ago, and never felt that it limited my prospecting capabilities.
I was replying to "Closer".  He left MassMutual for MS.  Now he has to get AUM.  If he had stayed at MM, he could've prospected any business.  Sorry for the confusion.

AllREIT's picture
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Joined: 2006-12-16

joedabrkr wrote:
deekay wrote:Right on, Joe. 
Read "The Millionaire Next Door".  It will give some great insight into who really holds the wealth in America.  Yes I've read the book.  I should probably re-read it given that I'm working on a new marketing plan.

If people understood how power laws worked, they would understand that
the vast majority of the wealth in this country is *not* owned by the
millionaire next door. As a class, they sit between the vital few and
the trivial many, as thin as a latex condom.

Take someone like Sheldon Adelson, who is comfortably wealthy, and he
is worth the same as ~26,000 millionaires living next door. Now you
take someone really rich, (i.e Bill Gates) and they are worth roughly
2.5 Sheldon's each, or about 55,000 millionaires

You combine the wealth of the the collective forbes 400 (1.25 trillion)
and that's the equivalent of 1.25 million, millionaires next door.
That's just 400 people equivalent to 1,250,000 trivial millionaires.

shadow191's picture
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Joined: 2007-06-25

You are correct in that a small number of people control the majority of wealth in this country.  But from our business' perspective, who does it make more sense to go after?  Bill Gates?  Or the guy next door who is retiring comfortably with ~$2 million?

Broker24's picture
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AllREIT wrote: joedabrkr wrote: deekay wrote:
Right on, Joe. 
Read "The Millionaire Next Door".  It will give some great insight into who really holds the wealth in America. 
Yes I've read the book.  I should probably re-read it given that I'm working on a new marketing plan.If people understood how power laws worked, they would understand that the vast majority of the wealth in this country is *not* owned by the millionaire next door. As a class, they sit between the vital few and the trivial many, as thin as a latex condom. Take someone like Sheldon Adelson, who is comfortably wealthy, and he is worth the same as ~26,000 millionaires living next door. Now you take someone really rich, (i.e Bill Gates) and they are worth roughly 2.5 Sheldon's each, or about 55,000 millionairesYou combine the wealth of the the collective forbes 400 (1.25 trillion) and that's the equivalent of 1.25 million, millionaires next door. That's just 400 people equivalent to 1,250,000 trivial millionaires.
I think the reference was to the millionaires that will be our clients.  I doubt most of us will ever have someone on the Forbes 400, or close to it.  The thread related to where the middle-class wealth is in terms of number of millionaires, not total dollars.  Yes, the richest few control most of the wealth, but there are far more fish in the pond with $1-2mm than $100-200mm (and up).

jackbauer's picture
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Joined: 2007-08-17

check out lirp's.  check out the north american IUL.  Doctors are hammered by taxes and have large cash flows.  dr's undertand this solution and they can afford it.  Just dont provide short-term cap gains or taxable interest, that would be a dis-service.  and 401k's are far too much trouble.

deekay's picture
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jackbauer wrote:check out lirp's.  check out the north american IUL.  Doctors are hammered by taxes and have large cash flows.  dr's undertand this solution and they can afford it.  Just dont provide short-term cap gains or taxable interest, that would be a dis-service.  and 401k's are far too much trouble.
OP is not paid to sell insurance.  He is paid to gather AUM. 
Besides, why would you have him sell something that is almost guaranteed to blow up in the future?

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