Cold Call Idea
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[quote=anonymous]11-1:30 “Daylight Admin”
This is one of the reasons that it is critical to hire staff as soon as possible. There are "daylight admin" duties that must take place. The time spent on these duties can crush a rep. Unless your time is worth less than $20/hour, someone must be hired to do this or you are hurting your income.[/quote] I find it hard to believe that someone has that much admin that you would need to hire someone to do it. I have friend who claims he spends his afternoons doing admin because cold calling doesn't work(EDJ guy, so he doorknocks after 4pm but doesn't actually do it) but whenever I stop by(I eat lunch by his office once a week) he is reading some magazine or looking at creating portfolios.. Admin is an bs excuse. How much admin is there once the account is set up?As far as scheduling goes… here is mine
M: 7-8 bs, news, account updates 8-11 Cold calling 12-1 lunch, mail, errands 1-4 cold calling T,W,TH 7-8 bs, news, account updates 8-11 cold calling 12-1 lunch,mail,errands 1-3 Cold calling 4-5 market overview, account issues, msgs 5-7 cold calling Friday is similar except I drop off items(an idea, stocks, reits, asset allocation) to people who are on the DNC or who I couldn't get a hold of in the afternoon Saturday- 1.Call the people who I dropped items off to(if they aren't on the DNC or I got a phone number) 2. Call everyone else on my list who didnt' answer 3. Get ready for monday. I find it stupid to block off my day for appointments, because most of mine take place on saturday, or evening times. So I will rotate my coldcalling if someone is able to meet during the day, or I will push them to wed or friday(afternoons, when I am out anyway).. I have been told that during the day and in the afternoon is a bad time to call (no one home, waste of time, waste of list...etc) but what else am I going to do? Build the "GREATEST PORTFOLIO EVER" for clients or prospects I don't have yet?(Tried that years ago, it doesn't work)[quote=Squash1][quote=anonymous]11-1:30 “Daylight Admin”
This is one of the reasons that it is critical to hire staff as soon as possible. There are "daylight admin" duties that must take place. The time spent on these duties can crush a rep. Unless your time is worth less than $20/hour, someone must be hired to do this or you are hurting your income.[/quote] I find it hard to believe that someone has that much admin that you would need to hire someone to do it. I have friend who claims he spends his afternoons doing admin because cold calling doesn't work(EDJ guy, so he doorknocks after 4pm but doesn't actually do it) but whenever I stop by(I eat lunch by his office once a week) he is reading some magazine or looking at creating portfolios.. Admin is an bs excuse. How much admin is there once the account is set up? [/quote] First, I completely agree with you. There's not much admin after the account is set up... if all you're doing is selling investment accounts. If you're selling insurance-related services, the work BEGINS when you take the application. There's LOTS of admin work after that to get the damn thing issued. If you do anything for a larger company for employee benefits - that's a LOT of admin for very little pay. But it may be a sacrifice that's worthwhile for future planning opportunities. So, it depends on what you're doing and who you're doing it for. So I also agree that you should get help on these kinds of things as soon as you're able.I don’t do a lot of insurance(think it’s a waste of time and expensive), the only large company items I do is run 401K plans(mostly through fidelity and if they don’t have enough assets then hartford) but most of that stuff is automatic.
“I find it hard to believe that someone has that much admin that you would need to hire someone to do it.”
Is it a safe assumption that you don't have very many clients? Either that or you don't make much money. I'm not trying to be critical. It's just that if you do have a lot of clients, the admin work adds up. If you make a decent buck, it's easy to see that even if the admin work doesn't take that many hours, it still pays to have someone to do it. It's a pretty simple equation. The time spent on admin work is time that can be spent on money producing activities. The time spent on money making activities pays us handsomely. Do yourself a favor, divide your income by the number of kept appointments. How much money do you make per appointment? (I'm not looking for a response.) You should be able to see that hiring help will pay for itself by just keeping a couple of more appoinments a week. In fact, the difference is much bigger. The reason is that every new client means more money this year AND more money in every year in the future along with more referrals. The other part of the equation is simply about quality of life. If someone just averages 1 hour of admin work a day, wouldn't it be nice to work an hour less every day?"I don’t do a lot of insurance(think it’s a waste of time and expensive), "
Can you please clarify this? Is it a waste of your time and expensive for you? Is it a waste of your client's time and expensive for them? Do you recommend that client's don't protect themselves? Do you just ignore the subject because it's not how you make your money? Do you tell your clients that it's important, but it's not something that you do, so you send them elsewhere?I don't have a lot of clients, around 150, but assets equalling $46million. Gross Production last year of $450K, so nowhere near the top of this forum, but enough for me(average 76% net).
I refer all my insurance to a local guy who refers all his investment clients to me. So by it's a waste of time and expensive, I meant for me, I focus on the investments(which require very little paperwork after the initial plan) and I refer the insurance to another guy, and insurance is his only focus.
If I was to do insurance, it would be a pain, because of the excess paperwork, and having to go outside of my b/d to get it done(So yes expensive because I would have to hire someone to fulltime to keep up with that type of stuff, which isn't worth it to me.)
I know the income from insurance could boost my income and production and cover the extra person, but then I lose a great referral source, so it would net out at about the same I am doing now or less)
Squash, I think that you are doing it in a smart way. A buddy of mine is on the insurance side of the same deal. He makes a lot of money from the insurance sales that he gets. His investment guy gathers a lot of extra assets. They are both very happy about it. Doing just one thing cuts down on lots of the complication of the business.
[quote=anonymous]"I don’t do a lot of insurance(think it’s a waste of time and expensive), "
Can you please clarify this? Is it a waste of your time and expensive for you? Is it a waste of your client's time and expensive for them? Do you recommend that client's don't protect themselves? Do you just ignore the subject because it's not how you make your money? Do you tell your clients that it's important, but it's not something that you do, so you send them elsewhere?[/quote]I don't sell food, even though people need it. I don't even tell my clients that it's important to eat. Am I a bad person?
"Am I a bad person? "
Bobby/Hank, Based upon your history of posts hereand your site combined with getting kicked off of the Top Gun site for your continued racist comments, I think that it would be fair to assume that you are probably a bad person regardless of your food recommendations.[quote=anonymous]"Am I a bad person? "
Bobby/Hank, Based upon your history of posts hereand your site combined with getting kicked off of the Top Gun site for your continued racist comments, I think that it would be fair to assume that you are probably a bad person regardless of your food recommendations.[/quote]
Probably so. How are things in California?
[quote=bjacobus]
My line for getting appointments is "I am usually out meeting with clients in the afternoon, would it be alright if I stopped by to shake your hand and drop off a few ideas that have worked for some of my clients, next time I'm in your neighborhood? They ususally say that would be fine, [/quote] Based on my experience, this line is money to close the appointment Also, thanks Anon for suggesting to close the appointment over the phone. After you chit chat with them about the markets or whatever, you say something like: "I am usually out meeting with clients in the afternoon, would it be alright if I stopped by to introduce myself and drop off a few ideas that have worked for some of my clients, next time I'm in your neighborhood?" (prospect) Sure you can stop by some time.... "Great, are you going to be around tomorrow at 2?" I think a close like this works because it is pretty casual up front and it is an easy way to say "yes" but you follow through by asking for an actual commitment. I call mostly businesses and business people and this works well with them too.Works like a charm. Good feedback on setting an acutal time. After reading this post I realized that I am actually giving the prospect another opportunity to say no, and creating another call to them from me...which I may not be able to get in touch with them.
From now on I am going to tweak the line to say, I was planning on being out there on Tuesday...instead of "can I call you next time I'm in your neighborhood." Much more efficient.[quote=Baba Booey]
Works like a charm. Good feedback on setting an acutal time. After reading this post I realized that I am actually giving the prospect another opportunity to say no, and creating another call to them from me…which I may not be able to get in touch with them.
From now on I am going to tweak the line to say, I was planning on being out there on Tuesday...instead of "can I call you next time I'm in your neighborhood." Much more efficient.[/quote]Fascinating.
I want to break into the biz. I’ve been planning on doing it after college which I’m graduating from in a few months. I’ve done sales for a few years, but this past year I’ve been cold calling prospects for car dealerships soliciting them to purchase a new car.
At first I hated it but now its not too bad. I make between 500 to 700+ calls a day, depending on my shift. I typically get about 10 to 20% of the people on the phone and the rest are voicemails. Out of that percentage I get anywhere from 1 to 8 appointments a day. And lately my appointments have sold on average 7 cars a month for various dealerships. Do you’ll think this will be valuable experience?
It seems to me based on this forum that cold calling is more efficient than door knocking.