I am doing it right now, and have been for the last 9 months. 
Focus on the business owners almost exclusively.  Simply walk in
(I do wear suit/tie, always) and ask them questions about themselves.
    



"My name is ??? and I am planning on opening an office here in ???
and I am trying to learn a little about the local businesses, who works
where and what goes on in each place, can you give me some history on
???"



This is all it takes.  They will tell you alot about their
business right away.  Yes, some are very open and immediately tell
you who does their 401K, SIMPLE, or personal stuff.  Others will
be somewhat guarded.  They will ALL ask you waht you do.  I
never open with "I work for Edward Jones, I make them ask.  The
will always want to know what business is moving in.



I never ask financial questions this first meeting.  I will
sometimes even tell them this is not a sales call, all I am trying to
do is meet people today.  They know why you are there, but do not
pry too quickly and do not put them on the spot in their business.



I take nothing but a business card.  But do take as many notes as
possible, immediately after talking to them.  And as cheesy as
this may sound, send EVERYONE a follow-up thank you.  It will make
a great impression, and I have had many people say so.

I’m not going to say cold walking won’t work and I’m all for the realization that we are nothing more than sales people… To some extent we are also professionals selling a semi-complicated products.  All professionals are salesmen for the most part but do you really want to lump yourself in with the professionals who go door to door?

Who else goes door to door?  Office supply guys, telephone services sellers, temporary employment service people, lawn care professionals, home repair services and copier salesmen.  That’s who you have now associated yourself with.  Do you look at those salesmen as professionals or salesmen who will be gone from those companies in 6 months?

Other industries who do selling but offer premium services at premium pricing are accountants / auditors, dentists just starting out, lawyers, pharmacists, mortgage brokers, bankers…  Which group does a better job of garnering premium pricing and is seen as at minimum a semi-professional? 

It seems to me that the minute you walk into someones front door you are instantly seen as an amateur.  You’ve announced you’ve got tons of free time on your hands with nothing in the form of a client list.  Really, would a professional investment adviser with a large client list really be away from their desk while the market is open?  If I have a problem are they going to be around to help me or going door to door all day? 

Maybe it works for you but I gotta believe offering a free appointment to meet for an hour via a mailer or flier has GOT to be more successful long term than knocking on doors.

The most annoying part of my day is when the guy from the office supply company walks in my front door and just wants to talk about my office supply needs.  As if I’ve got nothing better to do at 11:00 in the morning and he just doesn’t understand I’m not interested.  There is such a thing as bad advertising - trust me.

Beagle,

The door knocking thing is pathetic, and I felt pathetic doing it.  I never could see why anybody would trust their money to somebody going door to door.  But, I did open some accounts doing it.  The problem for a new broker (assuming one with limited contacts) building a business is: What is the alternative?  Sending out mailers offering a free appointment doesn't sound like a viable alternative.  Have you had success with that?

I was always open to new prospecting ideas, but never found any that worked anywhere close to doorknocking.  Direct mail and seminars never yielded anything for me.  Maybe I did it wrong.  Could you provide some insight on what you think is a good alternative to doorknocking.

Beagle,  a flier or a mailer will only be more effective if you are a person who makes a terrible first impression.  I couldn't imagine a successful business owner who would schedule a meeting with someone because they sent a flier.

I've got news for you.  Cold walking business owners works.  The key is to be able to come across professionally and to be able to disturb the prospect.  If you can do both, you can set an appointment.  Otherwise, you can start to drip on them and you will be able to schedule appointments with a fair number of them in the future.

Some people won't see you as a professional.  So what?  When you walk past Joe's transmission shop, you can either stop in meet Joe or not stop in.  If you stop in, Joe probably won't do business with you.  If you don't stop in, Joe definitely won't do business with you. 

This is true. Especially in the beginning…you need to develop some

critical mass quickly. Even if they are not ideal clients, you gotta get

some accounts opened and start eating. You will likely not be opening 7

figure accounts off a doorknock, but I have to say, I opened several large

6 figure acccounts that way.



I quickly transitioned away from doorknocking once I knew what I was

doing, and my networking/teaching/seminars started to gain traction.

But other than doorknocking/cold-calling, there are not many options to

get started quickly from scratch. It’s not pretty, but it works for a while

to get the first 100-200 accounts opened.

I’m not saying it wouldn’t work.  All I’m saying is that I don’t see it as leading to long term premium pricing.  As they say, you get one chance to make a first impression and with door-knocking, that first impression is one of being the lowest wrung on the ladder. 

In high school I knew what I wanted to be.  I had a picture of my business in my mind but with the internet, some of that has been kicked to the curb but the core is the same - I offer outside services that funnel investment clients to me.  Have a picture of what you want your business to be in 5-10-20 years and consider - is that really what I want and is it possible?  Then figure out a way to attain it.

Is walking door-to-door going to attain that or is it just a stop gap action which is making my real goal virtually impossible?  If what you want is a hard core selling business, you are achieving it.  If what you want is a consulting business with higher residual value, you aren’t moving in the right direction.

 Not knocking on the door makes no impression.

Beagle - I'll admit that I'm not fully getting your comments about premium pricing.  Are you saying that since I'm doorknocking that clients won't pay me as much?  That because you choose to cold call or do seminars you are somehow magically worth more than me?  If you've never doorknocked before you don't have any idea what people think of it. 

I've been doorknocking for about 2 hours every day for the last three weeks.  Residential.  My pipeline past July is looking pretty weak.  I've met 3 other sales people who have said to call them because they respect that I have the guts to actually do it.  One day last week I met 3 business owners at home that are going to open accounts with me.  BECAUSE I RANG THEIR DOORBELL!  They respect the effort. 

News flash for you.  You need people to consult with in order to run a consulting business.  Where you get them is really a moot point.  You just have to get them.  Doorknocking, cold calling, seminars, postcards, newspaper ads  - all have the same goal.  Get the people in the door.  Don't discount it until you've tried it.  

[quote=Beagle]1. I did door-to-door YEARS ago and it worked for buy/sell agreements and nothing else for me.  I worked at a national financial planning firm to get my licenses.  I didn't stay there for the same reason door-to-door wasn't a long-term solution. 

2. Yes, you will be charging less long term for these clients is my opinion.  You may not recognize it because you charge the firm rate but your clients aren't going to see you as the ultimate expert.  There is a reason why some advisers spend thousands upon thousands (or millions) of dollars building a brand image to position their firm as experts.  Your brand is identified in many ways and that first impression will forever brand your relationship.  You'll always be that guy who knocked on the front door.  When they want an expert in 5 years, they'll go find one. 

Look at it a different way.  Lot of attorney's with freshly minted licenses offer fixing tickets as their main service.  That's fine and all but in 5 years when you have a serious legal matter, is that the same guy you'll go to or will you go seek out someone a little more professional?  That guy will always be the ticket guy for you.  If you are in a localized office you basically service a community of 10,000+- people - do you want 1/3rd of them looking at you as the American Funds rep or the complete professional?
[/quote]

Are you even in the business?

How is going door to door talking with business owners different from calling them cold?

Look - newbies either get business or starve.  It's that simple.  This grandiose idea of "premium pricing" doesn't mean squat if you don't have a pipeline full.  And most newbies don't have the money/time/experience to do seminars, blast mailing, or whatever the hell you think is more noble or "professional".  They need to get apps written and money flowing in the door.  It's that simple.

Care to try again?

[quote=anonymous]

 Not knocking on the door makes no impression.

[/quote]

Well said, anon.

[quote=Beagle]

Who else goes door to door?  Office supply guys, telephone services sellers, temporary employment service people, lawn care professionals, home repair services and copier salesmen.  That's who you have now associated yourself with.  Do you look at those salesmen as professionals or salesmen who will be gone from those companies in 6 months?

[/quote]

Those that don't do direct prospecting in our profession will be gone in 6 months too. 

Bashing your head against the wall might help you not notice the pain in your foot - doesn’t solve the problem.

If you want to be a professional, act like one in front of the client.  If you want to be a rookie your entire life, act like one in front of the client.

 If you want to be a professional, act like one in front of the client.  If you want to be a rookie your entire life, act like one in front of the client.

Some of the most professional and successful people cold walk.  The difference between them and Beagle is that they simply don't care that some people won't find them professional.  They are focused on results and not on methods.

One advantage of cold walking is that it can give you a second chance at the same prospect.  I have cold called people who have hung up on me who have later become clients after I cold walked on them.  They certainly didn't remember me.  I also have clients who I cold walked and wouldn't give me the time of day, but became clients in the future once I got referred to them.

Personally, I want to be the guy who gets told "no" the most. 

[quote=Beagle]Bashing your head against the wall might help you not notice the pain in your foot - doesn't solve the problem.

If you want to be a professional, act like one in front of the client.  If you want to be a rookie your entire life, act like one in front of the client.
[/quote]

Explain how walking in the door of a business out of the blue and asking for an appointment to explain what you do is not acting like a professional. 

Explain how calling them on the phone out of the blue makes you more professional.

Finally, please explain how a rookie with limited funds will have a TOTALLY full pipeline of prospects without doing either of these things.

[quote=Beagle]Bashing your head against the wall might help you not notice the pain in your foot - doesn't solve the problem.

If you want to be a professional, act like one in front of the client.  If you want to be a rookie your entire life, act like one in front of the client.
[/quote]

True, but if a doctor was on your doorstep I'll bet you'd let him look at your foot.  Even before he told you that he was a OB/GYN just out looking for...well.     

You've not told us what you do to prospect.  You've just bashed the doorknocking idea as unprofessional.  Why don't you share some of your knowledge on building a "consulting business" with us?  Maybe we can learn something from you. 

I disagree with your lawyer comment.  The only way that lawyer makes sure he always stays the ticket fixer is if he never tells his clients he can do other work too.  I have a lot of accounts that started as just an IRA.  And they would have stayed that way if I didn't ask to help them with other parts of their financial lives.  Now they have insurance, they've got a will or trust that I helped them get set up through one of my attorneys, they've got college plans, and they know they're on track for retirement.   If I'm doorknocking businesses and get their retirement plan and nothing else, shame on me for not mentioning insurance planning, LTC, college, or the other things I can do for that business owner and his employees.  People will only let you work on as much as you ask about.   

[quote=deekay]

Explain how walking in the door of a business out of the blue and asking for an appointment to explain what you do is not acting like a professional. 

Explain how calling them on the phone out of the blue makes you more professional.

Finally, please explain how a rookie with limited funds will have a TOTALLY full pipeline of prospects without doing either of these things.

[quote=Beagle] [quote=deekay]

Explain how walking in the door of a business out of the blue and asking for an appointment to explain what you do is not acting like a professional. 

Explain how calling them on the phone out of the blue makes you more professional.

Finally, please explain how a rookie with limited funds will have a TOTALLY full pipeline of prospects without doing either of these things.

[/quote]

How many CEOs, attorney's, dentists, investment bankers.... make cold walk-ins?  They are all salesmen so why don't they?  Because it is a rookie move.  Pay attention to who walks in your office or neighborhood?  See many professionals over the age of 25 doing it?

[/quote]

I've had several attorneys and CPA stop by my business to drop off their cards.  They know they can help me in my business.  The doctors on either side of my office have both walked through the business in our area with the announcement that they are starting a new practice.  Ted Jones used to love to walk into businesses and ask for the owner to see if the owner had met the local Jones rep yet.  I might find it a little odd if the CEO of Mastercard stopped into my office to introduce himself, but I wouldn't call him less of a professional for it.  Maybe he decided he would come out and meet one of the people who contribute most to their bottom line. 

You're projecting your feelings of what professional is or isn't on a task.  It has nothing to do with the task.  Does cold calling make you more of a professional or just a telemarketer?  The last person I'd want to give my $1 million to is a telemarketer.  The professionalism comes from how you handle the relationship,  not how the relationship started.   

My business is tax planning, tax preparation, divorce financial analysis and investments / simple financial planning.

I advertise tax planning and preparation - built in government mandated time line.  I have instant access to every financial document they hold and I up-sell them investments.  I focus my advertising on independent consultants.  Small clients who basically don’t do much for my investment side get referred to an independent CPA who has referred to me some of their business book keeping clients for retirement planning.  I am an Enrolled Agent.  In the fall I advertise in my community newspapers to do tax planning before it is too late and all spring it is tax prep. 

I do divorce financial analysis.  I work hourly and analyze the clients entire financial picture to guarantee them the best financial divorce settlement possible.  This brings in clients directly and referrals from attorneys, real estate agents and family therapists.  Once their divorce is settled, I have a direct link to their 401-k, IRA or investment account rollovers.  I am a CDFA.  Divorce planning has a court set time line so clients can’t procrastinate just like tax prep and planning.

I make 15 contacts per day cold calling for appointments to describe my services.  I contact individuals at work mostly but also new attorney’s entering the field of family practice.  I never got a single attorney referral until I did the divorce financial analysis.

You gotta think outside the box on prospecting and position yourself appropriately.  Would you give a referral to someone you see as a professional financial adviser or that salesmen who knocked on your door?

[quote=Beagle] [quote=deekay]

Explain how walking in the door of a business out of the blue and asking for an appointment to explain what you do is not acting like a professional. 

Explain how calling them on the phone out of the blue makes you more professional.

Finally, please explain how a rookie with limited funds will have a TOTALLY full pipeline of prospects without doing either of these things.

[/quote]

Read your own questions and you'll see that you contradict yourself.  Yes, I said calling is a professional action.  So obviously I can't explain how a rookie shouldn't do it.  Maybe instead of arguing with me you should go make some cold walkins.

How many CEOs, attorney's, dentists, investment bankers.... make cold walk-ins?  They are all salesmen so why don't they?  Because it is a rookie move.  Pay attention to who walks in your office or neighborhood?  See many professionals over the age of 25 doing it?

And yes I do care if a client sees me as a professional versus a salesmen.  In their eyes I should be a professional that they don't even notice was sold.  The second they stop seeing me as a professional is the day that stop seeing me as the answer to the problems I show them exist.
[/quote]

You've yet to establish why a cold call is professional while a cold walk-in is not.  Also, please point out where I'm contradicting myself.  I'm not the sharpest knife in the drawer.

I get the sense that you don't think it's professional.  And that's fine.  But to think that no professional, polished, established consultants/advisors/salespeople pop into the office next door after a meeting is incorrect.  To dismiss it entirely because of your preconceived notions, well, you're limiting yourself.

Like anon said, you are focusing pleasing methods instead of pleasing results.  Results are the ONLY thing that matter.  Period.