So Hedge give us your complete script, I would like to try it vs what I am using now if it is working so well…

[quote=B24][quote=hedge212][quote=schlemoc]I’m looking forward to the addition to this script since I am unfamiliar with cold calling.  I always called people who I had an idea of their needs.

[quote=hedge212][quote=B24][quote=hedge212][quote=schlemoc]I’m looking forward to the addition to this script since I am unfamiliar with cold calling.  I always called people who I had an idea of their needs.

[quote=hedge212][quote=B24][quote=hedge212][quote=schlemoc]I’m looking forward to the addition to this script since I am unfamiliar with cold calling.  I always called people who I had an idea of their needs.

I agree with Hedge- cold calling works and will continue to work forever. There is a reason why wirehouses do not greet the average public like “Talk to Chuck” or Fidelity on every street corner in the city welcoming Tom, Dick and Harry. The wirehouses give off a prestigious image- which is GREAT; however, those prospects with decent lump-sum pensions and large 401(k) Rollovers who have never spoken with an advisor would be more than intimidated to “walk-in” to a wirehouse and ask to speak with an FA. The call will break that ice if you filter and find these prospects.

[quote=whosthis]The wirehouses give off a prestigious image- which is GREAT; however, those prospects with decent lump-sum pensions and large 401(k) Rollovers who have never spoken with an advisor would be more than intimidated to “walk-in” to a wirehouse and ask to speak with an FA. The call will break that ice if you filter and find these prospects.

[quote=brandnewadvisor][quote=whosthis]The wirehouses give off a prestigious image- which is GREAT; however, those prospects with decent lump-sum pensions and large 401(k) Rollovers who have never spoken with an advisor would be more than intimidated to “walk-in” to a wirehouse and ask to speak with an FA. The call will break that ice if you filter and find these prospects.

[quote=Baba Booey][quote=brandnewadvisor][quote=whosthis]The wirehouses give off a prestigious image- which is GREAT; however, those prospects with decent lump-sum pensions and large 401(k) Rollovers who have never spoken with an advisor would be more than intimidated to “walk-in” to a wirehouse and ask to speak with an FA. The call will break that ice if you filter and find these prospects.

Cold calling is great for the uncreative mind.



People who cold call are hard-working and intelligent, just uncreative. There are myriad of ways to build a book of business.



To each his own I say. Although I still think knocking on doors is the stupidest thing I’ve ever seen, done or heard of as far as business building.



“Um, excuse me, but I’m building a business in the area and I’m out to meet my neighbors. Won’t you be, won’t you be… please won’t you be… my neighbor,”

Could you tell me again how it doesn't take creativity to capture a prospect's attention when they are about to hang up on you, and turn them into a client? I respectfully disagree.

Where in my post did I say that it did not take skill, or that it was luck building a business cold calling?



I believe what I said was that people who cold-called were hard-working and intelligent.



Listen, I’ve cold-called and built a part of my business doing it. The Bill Good way. You write a script, if they are not interested, YOU get THEM off of the phone.



Very little creativity. Almost none. It is a numbers game. It is a VERY uncreative process.



Please walk me through the creative process as it relates to cold calling. I’m pretty sure that somebody who cold calls and tries to get creative on every call will soon find themselves unemployed.

Who cares about creativity.  It’s about opening accounts, bottom line.  I’m the most boring MFer around, but it works.

Moraen… what are your other methods??

I’m sure some of these have been re-hashed over and over. But here goes:



There are two worlds: the broker world and RIA world.



I will point out some methods in each that work other than cold calling.



Broker world - find attorneys and CPAs (not CPAs and attorneys with established practices). Try to find recent graduates who are also looking to grow their businesses. This can be difficult as most attorneys and CPAs don’t know the first thing about marketing.   Before you try to flame, notice I said “most” not all.



Get a will from them, or send a friend or family member to get a will from them - this builds trust. And makes them want to do a good job too.



- Become and expert on anything. I don’t care what it is. Helping divorced men deal with the amount of alimony they are paying, helping divorced women deal with managing finances. Helping newlyweds merge their finances. Something that does not necessarily have anything to do with investments. TELL people this is what you are good at. The more obscure, the better. You don’t want to be like everybody else.



- Ask your friends to come to seminars. If they are young that’s great. Ask them to bring a grandparent or parent to a seminar. Grandparents love spending time with their grandkids. They probably don’t get to do it often when the grandkids are grown up. Instant access to the older crowd. If you have ten friends bring grandparents, that’s a lot of old people at a seminar.



- Find people you work well with and capitalize on it. I work well with professional women, so the majority of my clients are professional women. You may work best with biker guys, or plumbers. What do you have a background in? Did you used to work for a general contractor in college? Talk to them. Go ask if you can help out on the weekends. Tell them, “you miss getting your hands dirty”. If you’ve never worked, what about your fraternity? Or bong smoking group? Does someone know someone in a band?



- If you have no friends, no family and have never worked - cold call.



RIA world - All of the above, but you can also write articles.



- Blog on websites



- Create a neat, FINRA - compliant, interactive website



- Use social networking sites and Twitter to drive traffic to your media (articles, podcasts, etc.)



- Write a book, write an article (once again, become and expert)



- Create brochures that brand your business



- Sponsor a road race. Give t-shirts out at a road race. Any kind of event.



- Volunteer to help people who are having trouble with their finances (bankruptcy, debt, etc.) This gets you in front of some people who are NOT having trouble with their finances and they look at you as a huge help and a nice person.



- Write a newsletter



- Volunteer at hospitals to help families that are having difficulty paying their medical bills (usually terminally ill patients).



- Be controversial



- Be controversial, but true to your own thoughts and feelings. Find something you don’t like about the industry and set out to change it… could be anything. This separates you from “the rest of them”.



- I hear people complain about Suze Orman and some of the other people who are using mass media - don’t get left out. Make a creative podcast that allows you to make an impact.



Once again, I am not all of that creative. These are things I thought of in ten minutes. You can’t tell me that people who can come up with some colorful posts on this board can’t be creative enough to find alternative methods of engaging prospects.



I will reiterate - cold calling works. It’s not for me and I have generated much more business from utilizing relationships and skills I’ve gained in other places in my life.



Think about it.

After reading that I think I’m gonna stick to cold calling.

Of course you will. And that’s fine. I never said that my techniques are for everybody. But neither is cold calling.



And I’ve only used about half of those.



What I’m saying is that there are alternatives to cold calling. But people don’t want to use them. Hell, I would assume that half the people on this board have taken a marketing class at some point in their lives.



I’ll stick to what works for me, you stick with what works for you. All I’m offering is a little insight into how I work.



My methods have allowed me to grow my business with very little effort. And the things I do are fun.



For example: I gave away five coffee mugs at a road race for Autism speaks. Spoke with two trust attorneys. This was two weeks ago. Since then, we’ve begun work on three special needs trusts.



I spent two hours three miles from my house. I gave away five coffee mugs and now I will be earning close to $20k in fees. Not a bad two hours. I could have spent that time on the phone and POSSIBLY got some business. Spinning my wheels, boring myself to death.



Whatever works for you. Just don’t tell everybody that they HAVE to do it your way.

How did you pick which five people to give the mugs to? Or were there only five people at the race?

Why would an RIA have to create a “FINRA-compliant” website?

How did you pick which five people to give the mugs to? Or were there only five people at the race?

Of course you will. And that’s fine. I never said that my techniques are for everybody. But neither is cold calling.

And I’ve only used about half of those.

What I’m saying is that there are alternatives to cold calling. But people don’t want to use them. Hell, I would assume that half the people on this board have taken a marketing class at some point in their lives.

I’ll stick to what works for me, you stick with what works for you. All I’m offering is a little insight into how I work.

My methods have allowed me to grow my business with very little effort. And the things I do are fun.

For example: I gave away five coffee mugs at a road race for Autism speaks. Spoke with two trust attorneys. This was two weeks ago. Since then, we’ve begun work on three special needs trusts.

I spent two hours three miles from my house. I gave away five coffee mugs and now I will be earning close to $20k in fees. Not a bad two hours. I could have spent that time on the phone and POSSIBLY got some business. Spinning my wheels, boring myself to death.

Whatever works for you. Just don’t tell everybody that they HAVE to do it your way.