The 500 day war (for rookies)
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Its post like this one that keeps me coming back… But there haven’t been a lot of these lately, more name calling and doubters(yeah I am part of that too). I haven’t seen a Judge post in a while(maybe he retired) BondGuy is still making great posts.
Judge-
I would like to talk to you offline about some training if you are interested. Please respond to this email if you are interested and I’ll shoot you my email address.
All the Best
Chris
Thinking about trying to get involved in this business. This forum and specifically this thread has been extremely informative, thanks! I have done cold calling and sales for a long time now so i’m not affraid of the phone. My question is this, with the problems we have seen in the economy and all the losses people have suffered are people finding that it is harder to open new accounts? Or are the $ amounts simply lower? Has the Madoff and other ponzi schemes out there made it more difficult to gain folks trust over the phone? Thanks for the thoughts, just starting to research this path…
The only obstacle is between your ears. That is: If you believe it’s harder,well then it’s harder. If you believe it’s harder because of the economy, fraud etc, well then it is harder-for you.
Make no mistake, cold calling IS harder today than it was 10 years ago and it was harder 10 years ago than it was 10 years before that. But not because of the markets, economy, fraud etc. Those things have always been there. And there is always a reason not to invest. The markets are too high, the market is too low, I'm waiting for rates to go higher etc etc etc. Nothing happening in the markets is really new. We've been here before, time and time again. I point to the crash of 87 and Ivan Boesky as prime examples of the same thing different times. The reason it's tougher today is because of technology and the DNC. These makes contacting your target prospect harder. These challenges to be overcome. Unfortunately most let the challenges overcome them. For those starting today using cold calling as their primary marketing channel i would recommend a 70 to 80 hour work week filled with as many calls as possible. I would advise that they turn off their quote machines, TVs, and radios and not let the day's events sidetrack them. None of it matters. Today somewhere in this country is a rookie in his/her first day of production who will rise to become a multi million dollar producer. No distractions, no excuses, just going for it!McBull My response to your post is short and sweet - i spent 10 years worrying about whether the time was right, before i finally changed careers and came into this business. That was the biggest mistake i made, and the only regret I have. I finally came into the business in 2000.. Opened my first discretionary account on the day that NASDAQ hit 5000. Then the world ccame to an end. And a year or two later, cold calling was like bluefishing on a warm summer night - all i had to do was try, and things happened. Bond Guy gave you good advice. Dont make the same mistake i made. If you have a passion for it (and thats important) then just do itThinking about trying to get involved in this business. This forum and specifically this thread has been extremely informative, thanks! I have done cold calling and sales for a long time now so i’m not affraid of the phone. My question is this, with the problems we have seen in the economy and all the losses people have suffered are people finding that it is harder to open new accounts? Or are the $ amounts simply lower? Has the Madoff and other ponzi schemes out there made it more difficult to gain folks trust over the phone? Thanks for the thoughts, just starting to research this path…
Great thread! Im thinking about becoming a RIA and this thread has helped a lot. It is pretty motivating to hear both the success and failures, it just makes me want it more. Im glad i stumbled onto this forum.
I’m not a rookie but fit that plateau description.
Big question. To get that many dials and actually get someone during the day are you calling businesses / business owners during the day time hours or just creating a list of people that may be retired and caught at home during the day.[quote=Aviator4240]I’m not a rookie but fit that plateau description.
Big question. To get that many dials and actually get someone during the day are you calling businesses / business owners during the day time hours or just creating a list of people that may be retired and caught at home during the day.[/quote] All the above. become a name collector. Create lists of people who are likely to have money. The name of the game is Find the money! Business owners have money and make an excellent daytime list.[quote=BondGuy] The only obstacle is between your ears. That is: If you believe it’s harder,well then it’s harder. If you believe it’s harder because of the economy, fraud etc, well then it is harder-for you.
Make no mistake, cold calling IS harder today than it was 10 years ago and it was harder 10 years ago than it was 10 years before that. But not because of the markets, economy, fraud etc. Those things have always been there. And there is always a reason not to invest. The markets are too high, the market is too low, I’m waiting for rates to go higher etc etc etc. Nothing happening in the markets is really new. We’ve been here before, time and time again. I point to the crash of 87 and Ivan Boesky as prime examples of the same thing different times. The reason it’s tougher today is because of technology and the DNC. These makes contacting your target prospect harder. These challenges to be overcome. Unfortunately most let the challenges overcome them.
For those starting today using cold calling as their primary marketing channel i would recommend a 70 to 80 hour work week filled with as many calls as possible. I would advise that they turn off their quote machines, TVs, and radios and not let the day’s events sidetrack them. None of it matters. Today somewhere in this country is a rookie in his/her first day of production who will rise to become a multi million dollar producer. No distractions, no excuses, just going for it![/quote]
I may be starting fairly soon, after I study and pass my Series 7.
Is Good’s course (which is 4k) worth it? Or can I get parts of it from his books? Any other methods that you would recommend?
Also, with EDJ advocating door knocking, it is worth devoting the 5pm-8pm residentially with this method after the cold calls?
Thanks Judge,
This post is going on my wall and i’m going to read it everyday as an FA until its burnt into my head.
So bondguy, simply put would you recommend:
1. Call businesses and ask for the business owner. 2. When you get her on the line pitch her your favorite muni bond of the day 3. Repeat 200 times a day Thanks, your advise on this forum is priceless.Yup or yep depending on what part of the country you're from. You can calls guys as well. You can use a fund to lead with if you don't want to use a bond. you don't need either, just call'em and tell'em you're seeing great munis/pref/corps/GNMA etc yielding X and wouold they like to hear about it the next time you have one? The key is less in what you say and more in how many times you say it. Believe me, if you aren't getting a decent response rate your frustration will lead you pitch revision perfection.I think bondguy would say yes…
Here is a question:
Is it better to lead in with a product, like a bond, or your services (on what you can do for them)
Comments Bond?