The 500 day war (for rookies)
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Thanks Judge -
I wish we had someone in my office that thought the way you do and could see the value of mentoring rookies.
Wow, I’m impressed. I’m just getting started in the biz. This is better information in a more concise presentation than what I’ve recieved the last three months…
Judge,
That was a lot of information but I did have one question. I guess anyone can answer it.
How do you like to qualify someone for "MUH-NEY"?
Also, do you find it challenging to overcome peoples inclination to not want to buy from a stranger over the phone? Or are these transactions expected after a second or third call where similar offers were made?
TIA
[quote=regulator]
Judge,
That was a lot of information but I did have one question. I guess anyone can answer it.
How do you like to qualify someone for "MUH-NEY"?
Also, do you find it challenging to overcome peoples inclination to not want to buy from a stranger over the phone? Or are these transactions expected after a second or third call where similar offers were made?
TIA
[/quote]
Ask them how much money they have. In fact, don't even ask us any more questions until you have actually MADE some cold calls.
- Speak to 25,000 people via telephone; business owners and corporate directories only. It will amount to 2500 leads and 250 new accounts (households). Average account should be 100k; that’s 25 million @ 1% paying you 250k gross on an annual basis.
It may be helpful for some to note that, to reach 25,000 business owners, one usually needs to dial at least 5x that many. That means at least 125,000 dials over two years - which boils down to 1,200 a week and about 240 a day (on five-day schedule).
[quote=opie]
It may be helpful for some to note that, to reach 25,000 business owners, one usually needs to dial at least 5x that many. That means at least 125,000 dials over two years - which boils down to 1,200 a week and about 240 a day (on five-day schedule).[/quote]
Damn that's a lot of calls.
Just wanted to bring this to the top again. What a great inspirational post. Thanks again Judge.
Getting into the business young is tough. I feel like if a person used The Judge’s marketing plan, where no real face to face contact occurs, a young person could succeed much more easily. The real impediment to success for a young person is that you LOOK young. A HNW 55 yo isn’t going to give a young looking person 5MM. Trust is to gain if you look older, I believe. Even if you are saying the right things.
So, If a young person started a ravenous cold-calling campaign, similar to what The Judge discussed, they could have equal success as a 50yo with the same knowledge. That is, as long as they don’t sound like a 12 yo. What do all of the vets out there think?
[quote=Closer]Getting into the business young is tough. I feel like if a person used The Judge's marketing plan, where no real face to face contact occurs, a young person could succeed much more easily. The real impediment to success for a young person is that you LOOK young. A HNW 55 yo isn't going to give a young looking person 5MM. Trust is to gain if you look older, I believe. Even if you are saying the right things.
So, If a young person started a ravenous cold-calling campaign, similar to what The Judge discussed, they could have equal success as a 50yo with the same knowledge. That is, as long as they don't sound like a 12 yo. What do all of the vets out there think?
[/quote]
Agree, the quickest way to get accounts is cold-calling,but I keep wodnering how judge says to open accounts without signatures from clients. My compliance dept would shut me down if I did that........
Can’t you send out account forms with highlighted or marked places where to sign? Like “express” account opening.
I just feel like these would take a minimum of 4 weeks to get mailed back, is that not the case?
Can't you get them to fax it back? Then put a temporary approval on the account until you get the originals. I did that a few times for out of state clients.
[quote=drewski803]I just feel like these would take a minimum of 4 weeks to get mailed back, is that not the case?[/quote]
Really? Wow, I would have never even thought that was a possibility… I’m too new to really understand the ops side. I’ll have to investigate that. I’ve gone between trying to get in front ASAP and over qualifying on the telephone. I’ve found that I really do come accross alot better over the phone, but I only close the deal if I get in front of them. Never solo closed a deal over 440m though…
I just reread Judge's comments. I think he was saying to open them up verbally, and get the signed documents to them ASAP, and call them to make sure they are returned ASAP.
I don't know how you can ACAT without an account open, and that takes signatures, probably a pipeline thing..........
Good info,I wish someone would have clued me in on things when I started.........
Excellent - Excellent post! This could really be used by the LOS 7-10 crowd that needs to take it to the next level with small modifications.
Hi Judge,
Can you explain to me about why you shouldn't call for appointments? You've never updated your thoughts on this. I absolutely agree with trying to open accounts over the phone is most desirable from an efficiency standpoint especially since it eliminates the agony of wasting time, gas, and the possible no shows on the commute to the appointment. However, with my experience (limited to only 1yr.) I've noticed that meeting face to face is more effective to get the WHOLE nugget. Or at least, the prospect is more receptive about divuldging all their financial info. Whereas, most of the time when a prospect buys a product from me they often do not fully disclose details otheir other accounts. They might tell you a little about it, but you learn a lot more in person and specific details instead of general outline. When I used to call on product and successfully sold it to a person on the phone the person would not regard me as a financial advisor. In the end of the day I would be the guy who sold him some bonds or a fund. Meeting in person can eliminate the vacuum salesman impression assuming you act and look more professional. Lastly, after selling an investment to the person on the phone, you would assume that this would give you passage to other oppurtunities like getting an appointment right? Wrong! Typically the best case scenario is that the person will continue or at least consider buying more product from you... at least from my experience. This is still a profitable business model and works for a lot of advisors. Most of these clients actually prefer to do this type of business over the phone and not meet at all either. That is why when I have tried infiltrating a call with the main agenda for a face to face they usually decline the idea. Ideally, I would love just to do business over the phone, but deep down I know that the relationship I want to have. I want to start early on my career by doing managed money instead of chopping wood all day by pitching product the old school way. I believe that managed money is best presented in person rather on the phone. In the end I would rather start the year off with almost garaunteed production than looking at how many cars I need to sell to feed the kids w/ my next paycheck.[quote=young_gun]Hi Judge,
Can you explain to me about why you shouldn't call for appointments? You've never updated your thoughts on this. I absolutely agree with trying to open accounts over the phone is most desirable from an efficiency standpoint especially since it eliminates the agony of wasting time, gas, and the possible no shows on the commute to the appointment. However, with my experience (limited to only 1yr.) I've noticed that meeting face to face is more effective to get the WHOLE nugget. Or at least, the prospect is more receptive about divuldging all their financial info. Whereas, most of the time when a prospect buys a product from me they often do not fully disclose details otheir other accounts. They might tell you a little about it, but you learn a lot more in person and specific details instead of general outline. When I used to call on product and successfully sold it to a person on the phone the person would not regard me as a financial advisor. In the end of the day I would be the guy who sold him some bonds or a fund. Meeting in person can eliminate the vacuum salesman impression assuming you act and look more professional. Lastly, after selling an investment to the person on the phone, you would assume that this would give you passage to other oppurtunities like getting an appointment right? Wrong! Typically the best case scenario is that the person will continue or at least consider buying more product from you... at least from my experience. This is still a profitable business model and works for a lot of advisors. Most of these clients actually prefer to do this type of business over the phone and not meet at all either. That is why when I have tried infiltrating a call with the main agenda for a face to face they usually decline the idea. Ideally, I would love just to do business over the phone, but deep down I know that the relationship I want to have. I want to start early on my career by doing managed money instead of chopping wood all day by pitching product the old school way. I believe that managed money is best presented in person rather on the phone. In the end I would rather start the year off with almost garaunteed production than looking at how many cars I need to sell to feed the kids w/ my next paycheck.[/quote] I'll let judge come in with his own answers here on some of the points you raise. However, There are a few things here I'll ring in on. Failure to move the account beyond a product sale - This is your failure, not a failure of the phone sales process. One can only guess where you went wrong. That said, there are clients/customers who will never move beyond the product sale. Still, carefully building a bond of trust and competency will usually give you a seat at the table. That can be done over the phone. That you didn't do as well over the phone is a good thing for you. It tells you to try another path. Another path in which you may be ultimately very successful. Face to face vs over the phone - This is a personal preference. Neither side is right or wrong. Relationships can be built using either method. Think about this for a moment; Face to face, how often are you going to meet with your clients? Does anyone think that meeting with someone for an hour once a year builds a relationship? And once you've gathered hundreds of clients, how many meetings will there be? Of course there is a lot more to building relationships than meeting face to face. As for which way to go, play to your strong suit. if you look like you're 21 go phone. If you absolutely drip charisma, go for face time. The rest of us, flip a coin. Relationship building is a multi-channel process. Chopping wood the old school way- There is a saying "If it ain't broke, don't fix it." The old school way is to match the product to the client. That is find out what the client needs and then supply it. Managed money is a product. I know your handlers are telling you it's a process, it's not. It's a product and as such, it may not be the best match for a client. So while chopping wood the old school way may cut into your beach time while the money rolls in, doing it the old school way, letting the client decide how to pay for your services, will take your career a lot further. Phone prospecting can be confusing to those who are new. On the surface it looks like product pushing. yet it's not. it is a means to start a conversation. Sometimes that conversation leads to a phone sale, and sometimes it leads to an appointment. Your job is to further the sales process regardless of the route it takes. Or, to exercise enough sales ability to steer the process to the route you wish it to take. it's that simple And by the way, comparing transactional business to selling cars, in very bad taste and misinformed. Is how far the PR campaign from training depts is going these days?[quote=BondGuy]
I'll let judge come in with his own answers here on some of the points you raise. However, There are a few things here I'll ring in on. Failure to move the account beyond a product sale - This is your failure, not a failure of the phone sales process. One can only guess where you went wrong. That said, there are clients/customers who will never move beyond the product sale. Still, carefully building a bond of trust and competency will usually give you a seat at the table. That can be done over the phone. That you didn't do as well over the phone is a good thing for you. It tells you to try another path. Another path in which you may be ultimately very successful. Face to face vs over the phone - This is a personal preference. Neither side is right or wrong. Relationships can be built using either method. Think about this for a moment; Face to face, how often are you going to meet with your clients? Does anyone think that meeting with someone for an hour once a year builds a relationship? And once you've gathered hundreds of clients, how many meetings will there be? Of course there is a lot more to building relationships than meeting face to face. As for which way to go, play to your strong suit. if you look like you're 21 go phone. If you absolutely drip charisma, go for face time. The rest of us, flip a coin. Relationship building is a multi-channel process. Chopping wood the old school way- There is a saying "If it ain't broke, don't fix it." The old school way is to match the product to the client. That is find out what the client needs and then supply it. Managed money is a product. I know your handlers are telling you it's a process, it's not. It's a product and as such, it may not be the best match for a client. So while chopping wood the old school way may cut into your beach time while the money rolls in, doing it the old school way, letting the client decide how to pay for your services, will take your career a lot further. Phone prospecting can be confusing to those who are new. On the surface it looks like product pushing. yet it's not. it is a means to start a conversation. Sometimes that conversation leads to a phone sale, and sometimes it leads to an appointment. Your job is to further the sales process regardless of the route it takes. Or, to exercise enough sales ability to steer the process to the route you wish it to take. it's that simple And by the way, comparing transactional business to selling cars, in very bad taste and misinformed. Is how far the PR campaign from training depts is going these days? [/quote]Hey BondGUY....clean out your inbox...