Journey to T12= $1,000,000
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[quote=KingBobby]
[quote=long shot]
That I do not know...I think most are offering reviews..78/25..plugging away
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lulz.. I doubt new boys are beating you with reviews. If they're truly bringing in more cold, and on a consistent basis, then they're either getting a closing question asked to more people or pitching a better prospecting product.
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I doubt they are beating him by calls - not too many guys can call like longshot is doing. More likely they already have connections.
dominos are going to start falling for you long shot.
Every piece of literature I have ever read about "touches" whether they be via phone or otherwise states that the fruit does not come until month 2,3,4. The calls you made on day one will start paying in january and february. You have stated yourself that some of these people are set up for january.
Keep knocking it down. I have NEVER seen anyone fail when they "show up" every single day. You are truly showing up every day and you will reap the benefits as a result. Hang in there boss.
[quote=Otane]
[quote=KingBobby]
[quote=long shot]
That I do not know...I think most are offering reviews..78/25..plugging away
[/quote]
lulz.. I doubt new boys are beating you with reviews. If they're truly bringing in more cold, and on a consistent basis, then they're either getting a closing question asked to more people or pitching a better prospecting product.
[/quote]
I doubt they are beating him by calls - not too many guys can call like longshot is doing. More likely they already have connections.
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I didn't say 'beating him by calls', I said either 'getting a closing question asked to more people or pitching a better prospecting product.' Big difference between that and dial #'s.
Friday:68/9/2...today 241/50/1... More of the same..couple smart asses today but followed back up with some of my prospects and still moving forward...trying to get another new account..feel like I have t posted anything g too positive in a while..plug plug plugging away...
C'mon mate...you can do it......stop thinking about everything and go through the moves.........get back to as many of the 250 in the pipeline before Dec 23rd...swing the axe, clear the pipeline.......isolate the A prospects and call to add more names........T-12 is going to happen.......
All The Way
Hi Longshot,
I just wanted to thank you for sharing this personal and professional journey with all of us here on this forum. What you are doing takes a lot of courage and committment on your part. I am so impressed with your diligence and with your unrelenting effort. You should be very proud.
You have a lot of people rooting for your success. Thanks for inspiring me
LS, you are closing out your first quarter. The numbers aren't going to impress anyone. Building a pipeline to critical mass takes two or three months. That's for an expereinced advisor. For a young pup it takes longer. Most newbies in this biz are like the imbeciles on the TV show Gold Rush who have wasted the better part of two mining seasons figuring out how not to be gold miners. Time is running out for them. And it's running out for you. Yeah, that's harsh, but it's a fact of life. It's not even fair, but it is the way it is.
That said, sooner or later the clueless need to get a clue. 3 months in with what you call 250 leads is a good start, not great. Regardless, now is the time when the rubber meets the road. I'd bet that less than half your leads are really leads. Most are someone uttering a positive comment and not so definate maybe. Most of your leads are probably not qualified for money or anything else. That's the bad news and is typical of rookies starting out. Here is the good news; you are now a veteran cold caller. As you run thru these leads, learn from your early mistakes. STOP WASTING TIME!!!!!!!!!! Time is running out. Either someone has interest or they don't. Either someone has money or they don't. Every one of these people with no interest or no money that you spend time with, is a weight around your ankles that will keep you from succeeding.
There is money in your area. Find It!!!!! Your future depends on it.
There is only one way to find out the quality of your three months of work. Call every one of the leads you have and either pitch and close them on a high yield fixed income product or close them for an appointment. THis is no bullshit calling. It's designed to get them to move to action or get thrown off the island. And, your goal here is to throw them off the island. They have to have a good reason to stay in the pipeline. So, go for it. if they say they don't have money ask them if that's a temporary situation. ASK- what do I have to do to do business with you? Get tough. If you haven't qualified these folks, now would be a good time. Look for IRA's, 529s, 401ks, retirement dates, satisfaction with their current advisor, and most importantly, M-O-N-E-Y!!!!!! Ask for future funds due dates.
Using my close rate on qualifieds, out of 250 qualified leads, 48 become clients. That is roughly a 19% close rate. That rate has held for over 20 years. Take it to the bank as a number an experienced broker/advisor can produce year in/year out. It takes into acct those you can't reconnect with, those who tell you to get lost, and those who were just stringing you along. Other experienced advisor/brokers have much higher close rates, but mine is 19%. Only one way to find out what yours is.
LS, you have the work ethic to be very successful in this biz. Now you have to show you have the ability to turn that work ethic into dollars. Work ethic is at the top of the list of traits needed to excel here. it would be a shame to see someone with that ethic fail. Get serious, get mad, just get it done.
The load doesn't get any easier going forward. You can look forward to doing what you are doing today for at least the next five to seven years before you'll see light at the end of the tunnel. If you can't do that, and few can, time for some no bullshit soul searching. There is a reason we are so well paid. This business is simple, it's just not easy.
Hi LS...I hope you have been busy with the Holidays...Hope to see you back here soon.
[quote=long shot]
Soul searching..hit the nail on the head with that one..
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Or a better idea would be to first do the pitch and close exercise using a high yielding product as directed by Bondguy, then do your soul searching. Getting some yes's has a funny way of altering your prospective.
You already have the hard part nailed, which is making the dials. Now you simply have to make them count.
Hello Longshot,
Just checking in on the worlds number one prospecting machine....hope you are well and are ready for some serious business and asset gathering in 2012. What a string on processes this job is pal, anyways, you got what it takes, catch you on the other side of 2012........I hope you're going to be up for that steakhouse thing in the summer......in the meantime.......keep at it.......and remember to have some fun!!!.......You'll soon be changing your user name to Not-Such a LongShot.......go get'em dog.
All The Way
Happy New Year everyone... ! LS, please listen to BondGuy... You seem like a smart guy and likely will, but he is right. I trade equities and usally hedge w/ options... as a result my closing stats are lower then Bg's.... but when I'm on point I close 1 out of 7 leads... so 35-40 accounts out of your stack would be a great thing...
Try not to focus on the emotions in the business... I know this is hard. In fact, it's almost impossible. But, should you even become marginally successful at controlling your day to day emotions in this biz, coupled w/ your work ethic, you'll be unstoppable. Truly.
As Bg said, try to dispose of as many leads as you have. By this I mean find a reason why you don't want to do business with them... (ie. not qualified, not truly interested, etc.) Don't get overwhlemed just build everyday.
Get aggressive on the pitch & closing... you've proven you have what it takes to be a caller, now CLOSE!
LS, curious, How long have you been at it & what region are you in...? Also, are you indy, bank, wire...? Thanks man and good luck.
LS, Hurdles?
Does that mean you hit your personal goals or those set by your BD/employer?
As i read your posts i'm not seeing stats on number of closing calls/appts set/new accts opened/ assets brought under management. These are all numbers i track. If i go through a period of lower production out comes the book. Yes, I track these numbers with a book. Actually an old fashioned Bookeeper's Premuim Analysis Pad. I use two of them to track everything.
If I'm falling short i look at the pad to see if there is something the numbers can tell me. Interestingly, the numbers don't lie.
The more dials you make, the more contacts you will have. The more contacts you have the more leads you will produce. More leads equals more new accts. More new accts bring new assets under managment. New AUM increases production. Kinda neat huh?
If your production is down, or not going up, these numbers are a trail right to the problem. Plenty of leads but low or no new accts? Usually, means few closing calls. High number of new accts but low aum? You need to find folks with more money. ETC ETC ETC!!!! And, so it goes in figuring out how to run the machine to the max. Without the numbers to show you what you need to change or do more or less of you have no way to know why your results aren't what you expected.
Good luck, keep working it hard.
Make 2012 a good year!!!!!!!!
Hey LongShot, good for you for popping up again.......nothing like a bit of fresh air to get a guy focussed.
Well done of your hurdles...now.....ready to make some serious cash in 2012.... or what????
How about some of those good ol' "making it happen, hammered the phone.....got leads, opening accounts" post of yours....or do I get my money back.....
No jokes.........been carrying your torch since day one, must be the sheer gall of coming on with T-12 and a name like LongShot to create excitement........always beleived in you.........remember the steakhouse bro...steakhouse....knocking back jars and having a laugh about the crap we go through to make it happen.....let her rip.
Glad your back......seriously.....too many good one's fall off...you....you got sticking power......
A fan
All The Way