Opportunity of a Lifetime!
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Hi! I was a broker and got out of the business couple of years ago. I just got back on the business as a bank financial adviser and the bank I work with gave me the list of clients that have over $100,000 on their checking accounts: over 1,000 clients! Yes, I have more than $100,000,000 in bank deposits just waiting for my call! And that’s the point; I don't want to screw this up... I am looking for some phone pitches to get appointments. I am using something like this: "Hi, my name is Madpablito, I work with XZ bank, and I am calling you, Mr. Client, because you have your savings with us and we have some tax exempt bonds that will give you a better return on your investment. When can we get together so that you can decide if this is for you?" I closed about $1,000,000 with this script on June and July. I just want to know your opinions on this.
-MadPablito[quote=madpablito]
Hi! I was a broker and got out of the business couple of years ago. I just got back on the business as a bank financial adviser and the bank I work with gave me the list of clients that have over $100,000 on their checking accounts: over 1,000 clients! Yes, I have more than $100,000,000 in bank deposits just waiting for my call! And that’s the point; I don't want to screw this up... I am looking for some phone pitches to get appointments. I am using something like this: "Hi, my name is Madpablito, I work with XZ bank, and I am calling you, Mr. Client, because you have your savings with us and we have some tax exempt bonds that will give you a better return on your investment. When can we get together so that you can decide if this is for you?" I closed about $1,000,000 with this script on June and July. I just want to know your opinions on this.
-MadPablito[/quote] Better watch out. Telling people their money WILL give them a better return can get your license revoked. If you have ANY current clients that you have told this you can get in some serious trouble. How many people have you solicited and done business with so far with that line? I don't mean to scare you, but that pitch may have cost you your job. How long have you been there? Under FINRA guidelines if you have been at the same firm for 5+ years, you are allowed to get busted with one guarantee of return. If you have been there for less than 5 years you will be fired. How long have you been there?"you are allowed to get busted with one guarantee of return"
Isn’t that what bonds do: guarantee a fixed income and return of principal at maturity? and if they are insured? Really, can you be more specific on what is the problem with my approach… maybe change ‘will’ for ‘may’…
There’s a good chance it may be too late to change your approach. If your bank does the random phone calls to its customers as part of its quality control and they ask the customers how your sales pitch was with their investments it could cost you your career. And no, bonds are not guaranteed to return your principal. Thats what FDIC insured CD’s are.
Stress it isn’t FDIC insured, that your principal can fluctuate or lose value and you will be ok.
If this is as big an issue as 3rd is making it out to be you might as well play some defense. Call all your clients over the next two days just to touch base - see if they are happy with the service and remind them the value of the bond will move up and down and although it’s not FDIC it’s a safe investment.
They’ll appreciate the “check up” call if you structure it correctly. (i had to do this on a couple of my KYC sales because I was so excited to get the orders)
True story at my Jones regional. They had a guy on stage that gave his bond presentation for the “benefit” of us all. He said to a room filled with 70 people that “BONDS ARE AS SAFE AS CDs” that’s how he sold them and told all his clients that same line BONDS ARE JUST AS SAFE AS CDs. I was a bit shocked, not that he said it but that nobody corrected it.
[quote=voltmoie]
If this is as big an issue as 3rd is making it out to be you might as well play some defense. Call all your clients over the next two days just to touch base - see if they are happy with the service and remind them the value of the bond will move up and down and although it’s not FDIC it’s a safe investment. They’ll appreciate the “check up” call if you structure it correctly. (i had to do this on a couple of my KYC sales because I was so excited to get the orders)True story at my Jones regional. They had a guy on stage that gave his bond presentation for the “benefit” of us all. He said to a room filled with 70 people that “BONDS ARE AS SAFE AS CDs” that’s how he sold them and told all his clients that same line BONDS ARE JUST AS SAFE AS CDs. I was a bit shocked, not that he said it but that nobody corrected it.
[/quote]
Really, you were shocked? After all you’ve heard and read?
You absolutely need to repace "will" with "may". Even if you can guarantee that a bond will pay 5% and the money will be there to pay off the principal in 20 years, you still don't know that it will ean more than their CD earning 2%. You have no idea what the bond will be worth next year or the following year or any other year other than the last year. You have no idea what his bank account or CD will earn in future years. If interest rates go up, the value of the bond will decrease and his future CDs may start paying more than 5%.“you are allowed to get busted with one guarantee of return”
Isn’t that what bonds do: guarantee a fixed income and return of principal at maturity? and if they are insured? Really, can you be more specific on what is the problem with my approach… maybe change ‘will’ for ‘may’…
But if you can sell index annuities that is the equivalent of sex with Demi Moore
As long as you can sell enough to afford her.But if you can sell index annuities that is the equivalent of sex with Demi Moore