Suggestions anyone!

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egg4019's picture
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Joined: 2009-01-31

I am new to the business however have a lot of years of successful investing even through the rough times in 08. My good friend has owned his own firm for over 20 years and has been very successful through direct mail seminars. He has asked me to come a board because of my people skills and trading techniques. I can strike up a conversation with pretty much anyone that I run into in person however on the phone is a different story. I am looking for techniques on what I can or cannot say while talking to someone over the phone. What I mean by this is incorporatiing my trading techniques to prospects over the phone. Obviously a lot of people have been getting hammered in the market and I feel as well as my good friend that I could really help them out however with all the ponzi schemes out there no one trusts anyone which I do not blame them the least. No one believes that they can make money in this market, it is what it is. What exactly can I say to people to intrigue there interest? Can I mention the percentage that we are up for the year even with the market being down 8% year to date? Can you mention what our current clients are holding and selling? We are a small firm that does a majority of fee based busniess and of course the occasional annuity here and there. Any suggestions on what I can say in regards to performance and recommendations to our clients would greatly be appreciated.

Hank Moody's picture
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Joined: 2008-11-10

How many Ponzi schemes are out there?

egg4019's picture
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Joined: 2009-01-31

Its only a handful but with each and everyone being covered on the CNBC does not help the cause.

Hank Moody's picture
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Joined: 2008-11-10

egg4019 wrote:Its only a handful but with each and everyone being covered on the CNBC does not help the cause. Maybe, it's because you claim to be some kind of magical trader who claims to make solid returns, like Madoff.

egg4019's picture
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Joined: 2009-01-31

I just joined this site because everyone seemed very helpful. Hank why are you coming out of the gate so strong. I am looking for suggestions not to get a beat down. Its Saturday morning which means cold call time. I already have enough people slamming me, and I sure as hell did not join this site to get more. I was simply wanting to know what I can and cannot say to prospects. Even if I can mention what our current holdings are and the direction we feel the market is heading next week. Again, I am just wanting to know what you can say to prospects. Where does the line get crossed thats all. The point I am trying to get across to prospects is that the obvious buy and hold strategy is not working, and show them ways to potentially increase returns.

schlemoc's picture
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Joined: 2008-07-11

People are tired of being told buy and hold.  They want safety and security in their investments.  A LOT of people are putting their money "in the mattress" with the economy the way it is.  I would not be trying to push investments at the moment.  You want to sell someone on yourself and how you run your business.  If you do that, then the client will stay with you during some rough times.  Look up Nick Murray's, "The Excellent Investment Advisor" and read it.  It tells you all about how to handle people's emotions.If you really want to sell something, I would delve into muni's if you can.  There are some very attractive yields, and people hate paying taxes.  Or you can ask, "did you fund your IRA for 2008 yet?  How do you feel about it's performance?"  Of course, this is assuming you have all the proper licenses.Hope that gives you some assistance.  Good luck.Edit:  Also, stick away from percentage returns.  You want to manage people's expectations.  If they buy your idea and your 8% drops to -15%, they will not be very happy.  Back to the sell yourself, then the investment.

egg4019's picture
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Joined: 2009-01-31

Thanks a lot for your suggestions and I will do some reading up. We run monthly seminars 4 times per month at an upscale restaraunt and I swear the people that check yes are because they liked us and we gained there trust. The message is strong but when you have prospects with an average age of 65 with a seminar running for 2 hours I highly doubt they were able to soke up all of the information we gave them. I am just having a hard time over the phone (just like everyone else) so I thought by giving them performance numbers and suggestions that they could track before we even meet may help my case a week or two down the road. Then I would call them and see if they were interested in meeting. I know I am putting myself on the line if our recommendations are not performing, however if they are working out then the call to them in a week or two should go over a lot smoother. Again, I am not looking for a quick prospect but if I could win them over with proof in the numbers or even add them to our e-mail list to at least let them know our recommendations. Can I even do this or is this crossing the line?

Hank Moody's picture
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Joined: 2008-11-10

egg4019 wrote:Thanks a lot for your suggestions and I will do some reading up. We run monthly seminars 4 times per month at an upscale restaraunt and I swear the people that check yes are because they liked us and we gained there trust. The message is strong but when you have prospects with an average age of 65 with a seminar running for 2 hours I highly doubt they were able to soke up all of the information we gave them. I am just having a hard time over the phone (just like everyone else) so I thought by giving them performance numbers and suggestions that they could track before we even meet may help my case a week or two down the road. Then I would call them and see if they were interested in meeting. I know I am putting myself on the line if our recommendations are not performing, however if they are working out then the call to them in a week or two should go over a lot smoother. Again, I am not looking for a quick prospect but if I could win them over with proof in the numbers or even add them to our e-mail list to at least let them know our recommendations. Can I even do this or is this crossing the line? You're having a hard time on the phone because they weren't interested in what they heard at the seminar. Think about what I just said, before you get your panties in a wad.

egg4019's picture
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Joined: 2009-01-31

Hank you need to slow down a little bit. We run 4 seminars per month for a reason, and its not because there unsuccessful. On average we have about 60 buying units and about 30% check yes and about 50% of the 30% become clients. I am simply saying that they are willing to come in because we sold them on us, and of course the message is strong but by the second half I could start talking about the weather and they would still have checked yes.

Hank Moody's picture
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Joined: 2008-11-10

egg4019 wrote:Hank you need to slow down a little bit. We run 4 seminars per month for a reason, and its not because there unsuccessful. On average we have about 60 buying units and about 30% check yes and about 50% of the 30% become clients. I am simply saying that they are willing to come in because we sold them on us, and of course the message is strong but by the second half I could start talking about the weather and they would still have checked yes.I'm confused...your friend has asked you to join, but you haven't joined yet. Then, you're doing seminars without being in the business and have people doing business with you? Your story is not adding up.

egg4019's picture
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Joined: 2009-01-31

I am new to the business. I have my 66, and 7 but it has been just over a year since passing the exam. I am sure you would consider this new. The seminar leads are good but not really generated by me. I am trying to increase our growth with additional work and since I do not mind calling on the phone and getting rejected I thought it would be a good way to start. Now I am just trying to use my investments talents to help push the lead over the edge to come in and talk. Once this happens everything is good with a 90% close rate.

Takingnames's picture
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Joined: 2007-11-09

By the time it's Sat AM cold calling time, it's too late to be thinking about your pitches. 
 
You have to dive in and start dialing, not think about what to say. All of your tools should be ready before you can start.  
 
Some tools:
1.  Have several scripts for different campaigns/pitches AND have several tools/lists available to help you overcome objections. Your compliance person should review them for what you can/can't say.   See Horsesmouth web site for some  ways to address common objections and sign up initially is free. 
 
 
2. If you are brand spanking new to cold calling, buy a book to read for technique ideas or buy a program on cd....there is a gal out there who calls herself the queen of cold calling - Wendy Weiss....she has some audio files on her web site that are free. There is also a scripting tool for free on that site if you don't have scripts.  
 
2. Target your calling lists - either by age, sex, income, etc.  Examples:
 2a. 45-55 - Call on things to offer portfolio review, 529 checkup, etc. Tell me, Mr. Prospect, what are your concerns about your aging parents. Nice question to get into the LTC probing for them and their parents....and learn more about 2 generations of info.
 
 2b. 55-65 - call on a good quality corporate or muni issue to get their interest. "I'm calling becuase we have X bond available paying X percent. Tell me...how does that sound to you?
There are lots of appealing corporates out there.
 
 2c. 65+ What do you think is your ability to earn a guaranteed income for life with your existing portfolio? You can find out their pain and fear with that....or uncover a bad annuity to exchange.  Or try "What can you tell me about how the current market environment has impacted your life?"  
 
 2d. I'm calling to invite you and your friends to a seminar we are hosting. The topics will include information of interest to women investors. What are your concerns about your own investments.
 
 

egg4019's picture
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Joined: 2009-01-31

I will take this in consideration going forward. Usually the Sr. members are very helpful, this is why I was thrown off right from the start. I am done trying to justify myself to him. It is what it is. I am just looking for suggestions on what I can and cannot say with out bending any kind of rules and regulations.

Hank Moody's picture
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Joined: 2008-11-10

egg4019 wrote:I am new to the business. I have my 66, and 7 but it has been just over a year since passing the exam. I am sure you would consider this new. The seminar leads are good but not really generated by me. I am trying to increase our growth with additional work and since I do not mind calling on the phone and getting rejected I thought it would be a good way to start. Now I am just trying to use my investments talents to help push the lead over the edge to come in and talk. Once this happens everything is good with a 90% close rate. Your closing ratio has just increased from 50% to 90% in the last hour. Do you really think any of us get help you get from 90% to 100%? You gave the impression that you are the one speaking at the seminars, but now claim that the leads are NOT generated by you. Your somewhat of a liar, aren't you?

egg4019's picture
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Joined: 2009-01-31

I will entertain you one more time. When we meet with prospects we treat seminar leads, referrals, and call-ins differently. The closing rate could very because they are not qualified after speaking with them. My point was if they were qualified 9 out of 10 time they would close. 

Borker Boy's picture
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Joined: 2006-12-09

Hank Moody wrote: egg4019 wrote:
I am new to the business. I have my 66, and 7 but it has been just over a year since passing the exam. I am sure you would consider this new. The seminar leads are good but not really generated by me. I am trying to increase our growth with additional work and since I do not mind calling on the phone and getting rejected I thought it would be a good way to start. Now I am just trying to use my investments talents to help push the lead over the edge to come in and talk. Once this happens everything is good with a 90% close rate. Your closing ratio has just increased from 50% to 90% in the last hour. Do you really think any of us get help you get from 90% to 100%? You gave the impression that you are the one speaking at the seminars, but now claim that the leads are NOT generated by you. Your somewhat of a liar, aren't you?
 
Then he should have a bright future in the annuity business.
 

Hank Moody's picture
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Joined: 2008-11-10

Borker Boy wrote:Hank Moody wrote: egg4019 wrote:
I am new to the business. I have my 66, and 7 but it has been just over a year since passing the exam. I am sure you would consider this new. The seminar leads are good but not really generated by me. I am trying to increase our growth with additional work and since I do not mind calling on the phone and getting rejected I thought it would be a good way to start. Now I am just trying to use my investments talents to help push the lead over the edge to come in and talk. Once this happens everything is good with a 90% close rate. Your closing ratio has just increased from 50% to 90% in the last hour. Do you really think any of us get help you get from 90% to 100%? You gave the impression that you are the one speaking at the seminars, but now claim that the leads are NOT generated by you. Your somewhat of a liar, aren't you?
 
He'll have a bright future in the annuity business.
 I'll give you props for making me smile.

IndySouth's picture
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Joined: 2009-01-08

Your initial question was regarding what you can say about client holdings, performance, etc. You also said you had your 7 and 66. Go back and read your 66 book. It's not just to help you pass a test, it also provides some very insightful legal information. For example, you can use a professional athlete to do a testimonial for your investments as long as he has been inducted into the hall of fame with in the last 2 years and the induction ceremony was held on a Tuesday. That day is key. Seriously though, pitching the way you are, a lot of sophisticated investors are going to think Ponzi. People want a plan nowadays, not a get rich quick scheme. Unless your scheme helps them get rich, and quick too!

Sportsfreakbob's picture
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Joined: 2008-08-24

EggAt first, i was going to advise you that it is useless to get into a pissing match wtih Hank. Nobody is better at it then he, and he is a nasty ass negative person who gets his rocks off by tearing other people apart on this board, for some reason that only Sigmund Freud could figure out. However, as this thread developed, i realized, you are a dolt. You dont know what you are talking about, dont know how to spell, and your facts from one post to the next are completely inconsistent.I never ever thought i would say this, but in this case, I agree with Hank.You are a liar and a dolt.

Hank Moody's picture
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Joined: 2008-11-10

Sportsfreakbob wrote:EggAt first, i was going to advise you that it is useless to get into a pissing match wtih Hank. Nobody is better at it then he, and he is a nasty ass negative person who gets his rocks off by tearing other people apart on this board, for some reason that only Sigmund Freud could figure out. However, as this thread developed, i realized, you are a dolt. You dont know what you are talking about, dont know how to spell, and your facts from one post to the next are completely inconsistent.I never ever thought i would say this, but in this case, I agree with Hank.You are a liar and a dolt.
I exchanged a couple of PM's with egg. He admitted to being dishonest. He's been in the business for 15+ years. Nobody on this planet has a better bullshit detector that me. It's been like that since I was little. If someone here is lying, I will say something about it.

Swordoftruth's picture
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Joined: 2008-12-15

What has worked for me is a call that goes something like.....

"I know this is a tough market. It's especially important to do a thorough portfolio review in this kind of environment. Have you done a comprehensive portfolio review recently?"

Modify it to your own specifications but if you make 100 dials you'll get 2 or 3 bites. I always have. Too bad in California they're making our DO NOT CALL list such a pain in the you know what.

The other classic call is to find a local tax free school bond. You can almost make it sound like you're doing a community service calling them with the local school bond.

It makes no difference what you call on. I've made lame calls using a callable CD with an attractive rate and had people say, "Oh by the way do you do rollovers".

My rule is make the call so simple it's hard to screw up. Not that I have all the answers because I'm struggling right now but those ideas have gotten me through five years.

maddog's picture
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Joined: 2006-11-22

egg4019 wrote:Hank you need to slow down a little bit. We run 4 seminars per month for a reason, and its not because there unsuccessful. On average we have about 60 buying units and about 30% check yes and about 50% of the 30% become clients. I am simply saying that they are willing to come in because we sold them on us, and of course the message is strong but by the second half I could start talking about the weather and they would still have checked yes.
 
If you have 60 buying units per seminar and getting 9 clients a week - I wouldn't see any need to be doing cold calling - just deepen the relationships.  Same applies if it is 60 units over the 4 seminars.
 
In regard to a script - I started a new rep in our office and I have him calling on muni's.  He is using an old line from Harry Pappas, Jr.
 
"Mr. Client this is ___ from ___.  We currently have available a AAA rated, insured municipal school bond that is double tax free.  I was calling to see if you would be interested in knowing the rate of this bond?
 
 - First answer is almost always yes.

Gaddock's picture
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Joined: 2007-02-23

Hank Moody wrote: Sportsfreakbob wrote:EggAt first, i was going to advise you that it is useless to get into a pissing match wtih Hank. Nobody is better at it then he, and he is a nasty ass negative person who gets his rocks off by tearing other people apart on this board, for some reason that only Sigmund Freud could figure out. However, as this thread developed, i realized, you are a dolt. You dont know what you are talking about, dont know how to spell, and your facts from one post to the next are completely inconsistent.I never ever thought i would say this, but in this case, I agree with Hank.You are a liar and a dolt.I exchanged a couple of PM's with egg. He admitted to being dishonest. He's been in the business for 15+ years. Nobody on this planet has a better bullshit detector that me. It's been like that since I was little. If someone here is lying, I will say something about it.
 
That felt good just reading it!!!

mojo99's picture
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Joined: 2007-07-22

egg4019 wrote: On average we have about 60 buying units and about 30% check yes and about 50% of the 30% become clients.
I don't know, I never liked being thought of as a unit.

Perhaps that's how most people feel. Are people bummed because they lost money? Of course, but they're more bummed because they don't know what to do next. Sure, you can sell them a muni, you can sell them an annuity, but do you think they really want to be sold on anything right now? Sell them on you, if you can, and when you sell that, you can say anything you want.

SometimesNowhere's picture
Joined: 2008-12-22

Hank Moody wrote: Sportsfreakbob wrote:EggAt first, i was going to advise you that it is useless to get into a pissing match wtih Hank. Nobody is better at it then he, and he is a nasty ass negative person who gets his rocks off by tearing other people apart on this board, for some reason that only Sigmund Freud could figure out. However, as this thread developed, i realized, you are a dolt. You dont know what you are talking about, dont know how to spell, and your facts from one post to the next are completely inconsistent.I never ever thought i would say this, but in this case, I agree with Hank.You are a liar and a dolt.I exchanged a couple of PM's with egg. He admitted to being dishonest. He's been in the business for 15+ years. Nobody on this planet has a better bullshit detector that me. It's been like that since I was little. If someone here is lying, I will say something about it.
 
Wow...I am totally surprised.
 
On a slightly different topic, I wanted to run an idea past some of you in this forum. I am thinking of an investment strategy that I think is totally unique...here it is...I am going to talk a bunch of HNW individuals, charities, and businesses to invest with me. Then I am going to put the money in my savings account, just to be safe. Then, each year I am going to show a 14% return to these clients on their statements. THEN, if they want their money back, assuming I haven't "invested" it in some Park Avenue real estate, I will pay them with with all the new money coming in. What do you think?

B24's picture
B24
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Joined: 2008-07-08

Might have been funny under the Madoff thread 6 weeks ago.

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