Journey to T12= $1,000,000
191 RepliesJump to last post
Congratulations.
Question: Selling only munis...don't you have to start from square 1 each year, or are you getting some assets in a wrap account?
Otane, give it a rest. Fee'em up works more in your favor than the client's. if you doubt that ask yourself who had better returns in the equity markets over the past decade, wrap clients, or the firms that grabbed their fees?
There is more than one way to build a business.
Once LS reaches critical mass and figures out what he's doing it's possible to bring in 12 mill plus per year just selling fixed income on a commission basis. Within three to five years he'll be at the 1/2 mil range of production or higher. Bonds mature, clients not blown up in the stock market giving more assets, add on sales in insurance etc etc etc
And yes, if fee works for the client, by all means go fee.
Long shot - Work on stronger qualifying. Ask what types of bonds they are interested in/yields/ratings/maturities Most important: Ask money question.
Also, work on closing. There is an exercise that can help. Gather all leads, call them and sell them something!!!! Anything, product ,service or meeting.
Off hand approach works great with this exercise.
Dr Billme, this is bondguy over at biginvestmentsdotcom, we talked about a month ago and i sent you some information on muni bonds( I didn't get it/read it/don't remember) No problem I wasn't calling about that today. WE just launched our new credit wiz business cash flow money market that's yielding 29% compounded daily and I wanted to stop by for 15 minutes to see how it might help you with your business. Are mornings or afternoons better for you? or, when do you usually talk to reps?
OK, you get the idea. Hot product or service that you can pump up to generate interest. The point is, close everyone you talk to. Ask for order, or appointment. EVERYONE.!!!!!!!!!!
Seperate any "AAA" prospects in the pipeline for another product like the doc you whiffed on with the bond. For those people find something that fits and call them back and close them. Ask closing questions.
Keep dialing!!!!
Thanks for the input...I know I need to improve on asking follow up questions and qualifying...bad habit that needs to be broken...better yet good habbit that needs to be formed..ok day today..still did not get the order I have been waiting for past two days but it is not gone either...also one of my prospects that was coming into a 6 fig settlement is being pushed back since the money did not come in..oh well...but set an appt from a follow up call and found a 401k that needs to be rolled over...so moved a little closer today then where I was yesterday...slow and steady..slow and steady...need to start poppin some flippin accounts though..i know they are there and have a good pipeline devoloping but want some more biz on the boards!!!
Dials:561
New Contacts: 52
Repeat contacts:2(1 resulting in appointment)
Prospects:2
Appointments set:1
Got to agree with BondGuy on ther qualifying. I had about 50+ tirekickers in my pipeline at one point....kept seeing the same names over and over, from one month to another, couldn't get them back on the phone, or when I did....<not now...got this and that>....... and round, and round again........and it turned out that had I taken the time to ask a couple more questions on the initial and follow call, I would have saved myself time and energy by talking with people who are actually looking for something and receptive to some help.
Go with BondGuys lead and incorporate those questions while calling initally and especially when calling the potential clients you have been gathering these past few weeks. There's always a fall-out rate so do expect to end the relationship with some prospects and also to move further with others.........if you are going with bonds, with markets flipping as they are....you will do a lot of people a lot of good by protecting part of their wealth and positioning yourself as the sensible go-to person in your market.
So keep dialing....I'll give you an update on my week...it's been good, posible 150K on Friday....but for now........just want to help you get more out of your diligent work ethic.......and I also read through a lot of these threads and when BondGuy says it's so......it's so!!!!!!!
Did not get all my calls in due to poor time blocking and having two appointments...one appt came as a result of a muni call..guy owns waste disposal biz and we got together for 20 mins to talk about the bond and the conversation went to his profit sharing and some needs they have..all in all lots of opportunity with this guy...doesnt look like he will buy the bond but his parents may..nothing great from the calls but pluggin away..
Dials:361
Contacts:42
Prospects:3
Repeats:2
Appointments:2
E-X-C-E-L-L-E-N-T week of activities Long shot. Really impressed by your level of daily commitment to sustaining the hardest part of this job...prospecting. Anyone who has done this before will tell you...to keep doing what you are doing. I am convinced you will gather 1M plus withing the next 3-4 weeks....don't forget to call back all those prospects and put them through the filter so you can allocate time to those who are looking for some help......you've got quite a few in the pipeline so good to reconnect with them this week to know who to work with between now and end of November......get calling and keep the filter on 'ON". You've got at leats 5 accounts pending........based on activity.....Good job!!!!!
LS, great job. Now that you've got some serious dials under your belt, has your pitch changed at all? Still calling on bonds?
so I have been splitting my calls about 50/50 between pitching bonds and asking for appointments..it seems as though I get better prospects and more of them pitching bonds...The appointment review just doesnt seem to get a lot of traction for me..another ok day. I feel as though I progressed some more but am getting a little frustrated with the lack of production. I know I have some good ones in there they just need to move along a little faster. Another day down..
Dials:407
New Contacts:48
Repeat Contacts:10(confident at least 2 accounts in these 10)
New Prospects:4
Found a bond buyer/inheritence/401k that needs to move and another bond buyer...the money and interest is there...just need to close...
I have never found pitching second opinions to work. People know that you’re not going to tell them that their current portfolio is incredible, and you cannot improve it. Have something exclusive (a bond, knowledge, something) and they will want to work with you.
Keep at it, and you will start landing accounts.
Great activity!
Tough start to the day...couldnt get motivated and really didnt want to work..muscled out a few calls and then got rolling...nothing too exciting. Some good follow up calls and am confident have 300k or so coming in this or next week.
Dials:400
Contacts:41
Repeats:4
New Prospects:2
Found my new favorite way to prospect...cold call with fixed income that has 100k minumums...I am not good at qualifying and this helps/forces the issue...prospect i couldnt pinpoint dollar on i was able to find he wants bonds in 20k clips...good enough! now i know what to get. Also nice when you tell people the minumum is 100k and they dont flinch...just chopping wood..few more prospects in there but nothing great..have a solid pipeline that needs to be unloaded into my book of biz...will come together...slow day today..
Dials:325
Contacts:35
Prospects:4
Hello long Shot,
Just got back in late Wednesday from a business trip and only just read your last weeks of post's.....what can a fan say???? Been following your efforts and progress from Day #1, ...it's been a blast.....gustsy guy.....hammering away, not thinking of anything but getting the business done, picking up the phone, calling across the nation...and then...what???......are you fizzing out????.....come on mate....it ain't easy...that's why we do it. it's how we are made.......wind in the face, against the odds, makiing the numbers work for us......we're brokers......and we have a duty to offer good, sound, and sensible advice to the masses, some get it...most don't...that's it.
Take a break this weekend, what ever you do...don't think too much about work, and when you get back in......get the dials going again, focuss on those qualifying questions that enable you to find the few who are actually looking for some alternatives, have the money, and are willing to talk with you about how this will be of benefit to them....the rest of the pipeline.....toss'em out and keep keep adding good, quality prospects to your pipeline.
You really can't drop of now and post those crappy daily reports now that thousands of fellow brokers are reading your progress and hoping to see a sucessfull outcome........Sallen is pushing forward, so is Peelo, MGold is cracking the calls, Hedge my Bets is out and running, and then there Long Shot...........it's a pleasure to read all of your post's...........
I'll post my numbers next week, already have a book and have meetings and clients but I will commit to the folllowing. I will post daily, will always baseline 200 calls, but more importantly, my goal is always 4-5 new propects and 2 meetings booked.......and we'll catch up on your progress next Friday.......I still needd 5M by Xmas and will get it...........hopefully you have a good weekend and come back Monday ...ready.....to drop the Hammer....really proud of you Long Shot........you're going to be a legend in this forum......Good Luck!!!!!
ok day today. Made a fair amount of dials and found a few opportunities. I did not spend my weekend organizeing my prospects as I should so that needs to be done tonight..I am a bit irritated though since when I came home I found a customer complaint from my old firm waiting for me. I can not say I am overly suprised..we had numerous conversations and she was completely irrational about her expectations. what i learned from the experience is to interview potential clients more so then they do you...I knew this woman would be difficult from the get go but I had to take it..I still stand by the fact that I did the right thing by her but should have let that one go by..so I am going to try and make as many calls as I can so that I have the luxury to work with who I want and who wants me..I am a little over a month in and I can say with absolute confidence that I have identified 1.5M in business that can be done in the next few months...so I know the numbers are not looking good but it will happen...
Dials:500
Contacts:60
Prospects:3
made a few follow up calls but only had one contact out of it..she wants a call back this friday to discuss 100k...
Whoa...with all that going on...you managed to squeeze in 500 dials, seriously man...you are a machine....I had a beast of a day, got a seminar on Thursday, meetings left and right, back from a business trip last week and today....all went to crap. Got 1 meeting booked and one new prospect....that's it.
Same as you....get frustrated at times....anyways, back in the arena early tomorrow to catch up on the calls and get more meetings.
There's a lot of widom in your last post,....that of working with people who appreciate your work.......I must say Long Shot...you got a great attitude.....I wish you the best with your week....it's always a pleasure reading your posts and seeing the progress made.......