No, never did. I just focuss on talking to people...if no answer after 3 rings...phone goes down, next dial until I get a meeting....just focussed on getting meetings....end result...is to have them come to the office....so I dial until I get a meeting, no counting dials ...just contacts......conversations that lead either to nada or a meeting....

Theres a guy in my office who leaves messages on cold calls, takes about 30-40 seconds, I suspect he counts that as a contact.....no much NNA lately.........either way......you got to focuss on the end result........either meeting or open account on phone.....counting dials and other activities that can lead one to beleive it was a great day.....it ain't great till there's a meeting or an account opened.....

You'll get what you focuss on....if it's dials, then you'll be focussing on dials, hoping that in the pile ..out comes an account. focuss on accounts, meetings, closing while on the phone....takes time...but it helps attract the end result.....that's my view

All The Way

I'm not trying to open accounts over the phone because I won't work with someone that doesn't have $500,000 in investiable assets. So, I'm much more selective on whom I call. I never understood that people actually get accounts opened on the phone unless you're doing a majority transactional based business. I'm trying to build a 90%+ fee based businesses. How do you get meetings on the first call? I takes me about 2-3 phone calls to get a meeting. 

Using this approach I get a meeting every 25-30 cold call contacts or so.

I’m part of the private client division at XXX,  you familiar with my firm?

And the reason for this call is in light of these frequent downturns in the markets,; we’re holding information sessions in our (your town) office

 More importantly, the focus here being…measures to  (safeguard capital) & generate regular and predictable, income, (such as dividends and interest) …..That is paid monthly and quarterly into client’s accounts.

 These sessions last about 30 minutes and appeal to people who feel that at this junction, it would be of benefit to talk with someone else than their current advisor and get some information that suits a more cautious  investors.. I’m calling to see if this would be a timely invitation for you.

That it. For me the key is that I believe this is a good approach so I sound relaxed, detached and confident….and I’ll say the same thing till there’s a meeting booked.

 This site is full of pitches, all of them better than this…but this….works for me.

All The Way

[quote=Ulairi]

I'm not trying to open accounts over the phone because I won't work with someone that doesn't have $500,000 in investiable assets. So, I'm much more selective on whom I call. I never understood that people actually get accounts opened on the phone unless you're doing a majority transactional based business. I'm trying to build a 90%+ fee based businesses. How do you get meetings on the first call? I takes me about 2-3 phone calls to get a meeting. 

[/quote]

Even if someone's goal is fee based/500k minimum etc etc... those 50-100k fixed income transactions done over the phone just gave that advisor a leg up on a potential big account, and will be building that and servicing that relationship over time to gain more and more. Meanwhile, the advisor that didn't provide anything except fee based planning with high minimum will remain a stranger in this scenario and likely remain on the sidelines. I'm not saying this is the 'best way' by any means, (though that's what I do) just explaining the reasoning.

I’ve really been enjoying reading the post of all of you out there slugging away, day-in, day out, building your business and sharing how you go about it.

Since there are quite a few of us regulars out there, how about we tighten up things and use this thread to help each other hit our own targets.

If you would like to share what your new asset target would be from now till end of June and post it, we can keep track of each others efforts and results. Funny how fast each week goes by, so we can tally numbers weekly and watch assets grow.

It’s not a contest…just a way to make the most of each golden week……take the weekend to mull it over….we can begin clocking assets gathered from cold calls as of Tuesday.

Whatever past prospects you have in the pipeline count as they still need to be converted to clients so if you got a good pipeline, great…if not….still great ‘cause cold calling as we all know works.

For me it’s 10M by end of June, basically 500K per week, give or take. I need to have 8 new meetings booked each week. Typically 5-6 will show up, and I should get 2 accounts. My average ticket needs to be around 250K. I know I can do it….

Good Weekend to all

All The Way

[quote=KingBobby]

[quote=Ulairi]

I'm not trying to open accounts over the phone because I won't work with someone that doesn't have $500,000 in investiable assets. So, I'm much more selective on whom I call. I never understood that people actually get accounts opened on the phone unless you're doing a majority transactional based business. I'm trying to build a 90%+ fee based businesses. How do you get meetings on the first call? I takes me about 2-3 phone calls to get a meeting. 

[/quote]

Even if someone's goal is fee based/500k minimum etc etc... those 50-100k fixed income transactions done over the phone just gave that advisor a leg up on a potential big account, and will be building that and servicing that relationship over time to gain more and more. Meanwhile, the advisor that didn't provide anything except fee based planning with high minimum will remain a stranger in this scenario and likely remain on the sidelines. I'm not saying this is the 'best way' by any means, (though that's what I do) just explaining the reasoning.

[/quote]

I haven't hit production yet so I'm still learning my way around. I have a CPA background and when I was recruited by the wirehouse they really wanted me to push for high network households from day one and all of our training is about that. 

Yeah...good day on the phones. Time is just flying by.......got 300K done so far this month......aaarrggggg.......today booked a new meeting and got 2 meetings lined up  in the office tomorrow. Really need to up my game.......got to get those accounts opened.....if I don't get 1.5-2M done in March.......it won't be looking good......so ...back to work.

All The Way

alright, did 70K this morning.......there's a posibility of getting this 1.5 shortfall raped up in March from a 700K prospect from this morning and a few others from the last couple of weeks....got to keep pushing and booking meetings.....small accounts are small acounts so todays dosen't really make a big difference, all month has been under my average account size....anyways.....I'll take it and build from there. Just keep the activities going.......I rerally would love a nice 500K account,or two, or three over the next few weeks....let's see what happenes....back to work.

All The Way

[quote=Ulairi]

I'm not trying to open accounts over the phone because I won't work with someone that doesn't have $500,000 in investiable assets. So, I'm much more selective on whom I call. I never understood that people actually get accounts opened on the phone unless you're doing a majority transactional based business. I'm trying to build a 90%+ fee based businesses. How do you get meetings on the first call? I takes me about 2-3 phone calls to get a meeting. 

[/quote]

I'm curious to know, once someone finally decides to do business with you, how much of their $500K+ portfolio do they send you for starters? As well as over the next 1-2 yrs?

[quote=iluvgold]

I'm curious to know, once someone finally decides to do business with you, how much of their $500K+ portfolio do they send you for starters? As well as over the next 1-2 yrs?

[/quote]

No reason to be curious, he said in post 85 he hasn't hit production yet. (Although in post 76, he said he's pitching fed tax exempt income and getting pretty good responses, so go figure)

Your goals seem pretty high ATW.. I like.

Yeah King......goals are high alright.......I'm just putting myself to the test.......had a weird February...average account size fell off the clif.....but got a couple 700K plusses out there that I am working to convert....should bring average AUM per account back to over 300K.  Really plugging way and trying to stick to fee based account, all I got to do King to hit my targets is book at least 8 new meetings a week...that's my challenge.....really appreciate all your support and enjoy reading your posts and comments.

Have a great week bud,

All The Way

[quote=KingBobby]

[quote=iluvgold]

I'm curious to know, once someone finally decides to do business with you, how much of their $500K+ portfolio do they send you for starters? As well as over the next 1-2 yrs?

[/quote]

No reason to be curious, he said in post 85 he hasn't hit production yet. (Although in post 76, he said he's pitching fed tax exempt income and getting pretty good responses, so go figure)

Your goals seem pretty high ATW.. I like.

[/quote]

We have a three month window where things do not count but we can sell. So, call that what you will. 

I cleared one million this month and I received my production number just three weeks ago. 

Ulairi,

Great on those numbers....keep it going......this is a great time to get new accounts.

All The Way

[quote=All The Way]

Ulairi,

Great on those numbers....keep it going......this is a great time to get new accounts.

All The Way

[/quote]

thanks! How did you get over the fear to cold call? I still havne't hit calling that hard because I feel like I'm not very good at it. Did you hit a certain number of dials and things just started feeling natural?

Thanks!

I put about 1% emotional energy into cold calling, the other 99% is repeating the same activities, no one call can make or break....but the cummulative effect from talking to large numbers of people on a regualr basis carries you up the earning curve.

My recommendation, a short, simple clear pitch...invest hardly any time into all the hocus pocus of finding a sequence of magical words, that put together, melt all objections. Just call, think of nothing but talking to at least 30-40 people a day if needed.... and let the numbers make your day.

Keep the time saved from studying tons of crap on calling and use it to know some key benefits of whatwever it is you are promoting. The biggest lie in this business is finding the magic pitch.....there ain't one, so to get over the fear , is to embrace the fact that most....nearly all calls don't work out and relax knowing that eventually, someone in a large sample....will say yes.....we're paid to find that person....the kiss of death is beeing good at cold calling, but either crappy at following up...and even worse when conducting a face to face meeting or closing on the phone...because of focussing on dials and re-writing pitches all weekend....you're off to a strong start.......you'll be fine.

have fun and keep us posted.

All the Way

If the activity is the most important thing, what is second? Managing the pipeline seems important, which goes together with following up. What is your process for that? Do you generally seem to have an average number of 'prospects' in the bucket to follow up with? What is your comfort zone with all this. Obviously the sale rarely happens on call one, so just wondering your approach after the first call.

How often do you follow up with your top prospects?

How quickly do you get to booking the meeting? One call? Two? Just wondering how quickly you aim to not waste time.

You are right this is a business of doing. No money is paid for knowing it all.

Great point 

[/quote]

[quote=bmp135]

If the activity is the most important thing, what is second? Managing the pipeline seems important, which goes together with following up. What is your process for that? Do you generally seem to have an average number of 'prospects' in the bucket to follow up with? What is your comfort zone with all this. Obviously the sale rarely happens on call one, so just wondering your approach after the first call.

How often do you follow up with your top prospects?

How quickly do you get to booking the meeting? One call? Two? Just wondering how quickly you aim to not waste time.

You are right this is a business of doing. No money is paid for knowing it all.

[/quote]

Managing your pipeline is every bit as important as cold calling - what does it matter if you have "5 prospects" from your 500 dials if you F up the follow up?  

I classify my "leads":

Call backs - people that request a call back

Leads - want more info and give me email

Prospects - have IMMEDIATE interest.

Call backs get scheduled for requested time same day.  Leads hit an email drip list (after I send out an intro email SAME DAY).  Prospects get intro email and get a follow up call 3-5 days later or as requested. 

build a list of email address for drips.  1% become clients and its FREE mass advertising that takes you 15 minutes a month to manage.  If you add 150 emails a month to the drip then that means you get 1.5 clients a month for 15 minutes of time.  18 clients a year for less than a days work...

WOrk hard, but work SMART first.  

Quick update....been going at it hard....got 3 deals more done....total tally this year 1.9m. Taking more time than I thought with the proposals and all. pretty sharp guys  coming in (sorry Amber_M….)and had to really read up and sharpen my pencils........had a feeling 2 would come along...the third was a LongShot  (another longshot) and he came on-board....big upswing in confidence as I didn't think he would. He sent an email, saying that he wanted to pick up from where we left off.......we left off in  December.....

Really been giving her hell.....tired, frustrated by my lack of consistency on the phone...got a big ZERO meetings for next week and ain't got the energy to do another cold call this week. been hiding under proposals and closings.....still happy with the numbers, just haven't got a clue how you all keep up the energy to hit the phones and handle all the paperwork, compliance meetings and all...plus family, kids, beer, do-nothing time...and still hit the phones.

I have a new found admiration for anyone who is plugging away, chipping away......day-in and day-out.

Anyways, still got 8.1M to nail down between now and June 22nd. won't be doing much prospecting this week, still got a few good one's on the go to finalize...2 meetings tomorrow. But....as of next week, with pretty much a clean diary......best to get back to finding new potential clients. Really enjoy this web site and all the ideas and comments gong back and forthy....think you are all great......really hope it's working the way you want it to....

The truth is….I like this site….like reading about your efforts, the ideas, the disagreements, the Ciber fights and all. You know….building a business that generates 500K to us….ain’t easy. It’s really lonely at times…..but we will do it….at times…some of us are at each others throats….that’s Ok…..we are slugging away…..doing things that most people could never-ever do…so….just nomal that we get some financial credit and lifestyle for chipping away at the mountain…

Anyways…..I still got 8.1M to do by June……aaarrggggg….but hey……I’ll get there….one call, one meeting at a time…R-I-N-G-   R-I-N-G.

All The Way

Good job All the Way!

I am hosting my first event this Saturday. I rented out the cinema and I'm doing a private showing of the new Lorax movie, going to have around 120 - 150 prospects/kids, so I'm hoping to close 5 accounts from this event. I'm now just figuring out how to call them after and transition from the movie to getting their business.