Don't worry about being new commerade.  You're the only one who knows that.  Work on being great at giving advice and prospect like crazy.  Once you turn it on you'll see what I'm saying.

[quote=All The Way]

Stealthall, Spike101x & Mase

 Yeah…still using the same pitch, short and works for me.

I only call residential, from 10am onwards, really good in the mornings and over lunch….today got a meeting, did call backs and eliminate 9 prospects from the pipeline, glad to see them go, kind of hate seeing some names show up, again and again on the call backs, and not really get anywhere.

I don’t claim to be an expert at this, got a pitch and market that works for me, still need the volume of calls to get it moving and it seems that at 40-50 contact a day things happen….

I only wish I would have started this sooner as I’m kind of under the gun. Management  this week or next, will be giving me a deadline and an asset target to get…or else…so I’m really putting in the effort…….just aren’t any rookies left in my office and I probably need to get another 15M in the books by the end of fall. I thought I would have got 10M done by end of June, will be short so there a gap to fill and I want  to stay here. I’m ending my 2nd year and am the last rookie here, seen 5 go….and I don’t want to go.

Anyways, I’m the only one cold calling in my office, all the others are veterans and pretty much set and the other guy is in his 5th….so I really enjoy this site , the feedback and reading how others are doing…..just helps a lot to keep hammering away. When guys come on and tell what they’ve done with the phone……man….it’s great….keeps me going….  

All The Best

All The Way

This is XXX calling from XXX.

Is this ___________

I’m part of the private client division at XXX,  are 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 XXX office

 These sessions last about 30 minutes and appeal to people who feel that at this junction, it would

I’m calling to see if this would be a timely invitation for you.

[/quote]

Alltheway, if you have 5MM AUM and it's your first few months your doing amazing. Our goals here are  only 1.25-1.5mm in the first year. Granted they go up pretty fast after that, but still your doing amazing.

Tomorrow I'm doing an all day cold session to business owners. The only problem I have here is that I have to make the lists myself and that takes time. I don't know what companies to trust when buying a list.

Double post. Sorry

I think your managment will be able to extend you simply based your recent run since December.  I can't speak personally for your situation, but I'm sure at the minimum some senior advisor would make you an offer long before management can even threaten your existence.

Great thread...keep it going

[quote=KingBobby]‘This is KingBobby from SlipperyRock Investments. We have a tax free bond fund that pays the equivalent of 10%. It pays monthly and is easy to redeem at any time. Is this something you want?’ (Or for training wheels), ‘If this is something you want, I can send over some information.’[/quote]

 

What tax rate do you guys use to find the equivalent? I was going to use the 28% bracket.

No, use the top bracket, that’s even what the funds print on the materials, if your firm lets you that is. It also makes a good avenue to at least somewhat qualify when you ask about their tax bracket to see how much they may benefit from a tax free investment.

[quote=KingBobby]‘This is KingBobby from SlipperyRock Investments. We have a tax free bond fund that pays the equivalent of 10%. It pays monthly and is easy to redeem at any time. Is this something you want?’ (Or for training wheels), ‘If this is something you want, I can send over some information.’[/quote]

 

What tax rate do you guys use to find the equivalent? I was going to use the 28% bracket.

One more thing, for 28% tax bracket definitely look at the taxable bond funds too. (Not just Ulairi) The yields are in the same ballpark as the muni TEY, (or much higher for those not in the top brackets), but the 10-yr etc total returns are killing the munis. For prospecting they both work great.

On Monday I'm going to start calling on muni bonds, I am working on my script this weekend (and praciting it Sunday night by calling my dad as if he was a cold call) you guys have had good luck just being straight and to the point about the product, the yield/tey and the buy in? I was going to call saying it's a $50,000 minimum investment. I am hoping that once I get a client to buy a couple bonds from me I can talk to them about their portfolio overall. I think I wasted three months going after the whole pie. 

Keep hitting it ulairi. I think that the whole bond approach works two ways you either sell some bonds or you develop a relationship for the whole pie and then pitch that. I have been hitting the cold calling hard again and it really is taxing. I am so down in the dumps right now about my prospects my leads, my cold calling list. Anyone who said that there isn’t major ups and downs in this business is a liar. I just try and keep making my dials and from that contacts and then hopefully leads. One thing I have noticed is for 85% of the people that answer it doesn’t matter if you were offering something paying 50% interest they would just say no thanks.

The other group I can’t stand is the people who say their insurance agent is taking care of them. Absolutely can’t stand that but they prolly don’t have any money anyways.

In the major dumps with everything right now, I always think back to my previous sales gig and how when it got really bad and i kept hitting the walls, I was just around the corner from a record month.

How does everyone else handle cold spells. My ultimate goal is to bring in just 1.5mm more of managed money by the end of July. That puts me 8 months ahead of my targets. Pretty sad when you look down the pipeline and think where the heck is this going to come from.

The script i am using is the bill good tfree bond script and i am using his methods of cherries and different Tempature levels. Sometimes all it takes is a small account to turn your attitude around

OK my rant is over.

BRF,

Gotta keep pushing?  Throw those devils out of your mind.  This entire week I've been in the same position.  1. I cleaned my pipe and have a better idea of who is till a prospect.  2.  I've opened accounts on the prospects that were pending.  3.  I've ditched the time wasters that are either lying about having money, will never do biz with me or don't have anywhere near the same timing as me.

So where does that leave me?  Ha!  Really with not a piss to pot in.

In my opinion, that's what you want.  Understanding your real position is the only way to initiate change and ramp up.  Just make sure you don't beat yourself down.  Use you're good sense and realize that the vet that pulls up to the parking garage with an s600 and spends his weekends at the lake house was just like you when he was a rookie.  The difference is he kept fighting and more importantly kept being innovative.  

 I'm a firm believer in cold  calls.  I'm also a firm believer that just one thing doesn't and won't work.  What sucessful listed  biz has one marketing source?  

I use every damn resource I can get me hands on.  I'm the guy covertly pitching stock at the  BBQ or charity event.  Last month I even joined a freakin co-ed book club (go figure people with money read) and got a look at 600 from it. I'm on every social  net site their is, even go to my childrens school mates bday parties with a goal to tactically hand out and receive 5 biz cards.

The odd thing about this biz is if you're busy working you don't realize what you don't have, only what you're hunting to get.  Gatherer's sit around and piss in place about how what they are doing, who they are with or who they are selling to sucks.  Not hunters.  Hunters spend their time hunting.  That ?hit takes focus, stregnth and swiftness.  When you're hunting you don't have time to tool around.  

Plain and simple: If you have time to say to yourself 'just keep pushing self' you're not working hard enough!  Get out of your mind and start doing more.  Be the top 1 percent.  Be the best!

Signing out: gotta go to a bday party :) 

^^ Wow sleazyeasy on the loose ^^ j/k

BRF- aren’t you averaging 2 leads per day according to your journal? 3-5 would be more ideal, but 2 ought to land you a new account per week on average. And your numbers will only improve from there. If your not getting close to that, then your problem is NOT with your calling its with followup (questions, process, timliness, product/service etc)

Ulairi-absolutely.

[quote=KingBobby]^^ Wow sleazyeasy on the loose ^^ ;) j/k

BRF- aren’t you averaging 2 leads per day according to your journal? 3-5 would be more ideal, but 2 ought to land you a new account per week on average. And your numbers will only improve from there. If your not getting close to that, then your problem is NOT with your calling its with followup (questions, process, timliness, product/service etc)

Ulairi-absolutely.[/quote]

Without a doubt my biggest problem up to this point was the follow up. I have developed a profile that gets the prospect talking now and I am expecting that to help. Before my call backs were very very weak now I have a plan. I am fortunate that I decided to devote a full month to nothing else but developing a full pipeline again. I think it will really pay off this time

[quote=KingBobby][quote=Ulairi]

[quote=KingBobby]'This is KingBobby from SlipperyRock Investments. We have a tax free bond fund that pays the equivalent of 10%. It pays monthly and is easy to redeem at any time. Is this something you want?' (Or for training wheels), 'If this is something you want, I can send over some information.'[/quote]

What tax rate do you guys use to find the equivalent? I was going to use the 28% bracket.

[/quote]

No, use the top bracket, that’s even what the funds print on the materials, if your firm lets you that is. It also makes a good avenue to at least somewhat qualify when you ask about their tax bracket to see how much they may benefit from a tax free investment.[/quote]

KingBobby what fund is paying 10% tey at the top bracket?? Most of the high yield muni funds I see are paying 8-8.5%

[quote=KingBobby][quote=Ulairi]

[quote=KingBobby]‘This is KingBobby from SlipperyRock Investments. We have a tax free bond fund that pays the equivalent of 10%. It pays monthly and is easy to redeem at any time. Is this something you want?’ (Or for training wheels), ‘If this is something you want, I can send over some information.’[/quote]

 

What tax rate do you guys use to find the equivalent? I was going to use the 28% bracket.

No, use the top bracket, that’s even what the funds print on the materials, if your firm lets you that is. It also makes a good avenue to at least somewhat qualify when you ask about their tax bracket to see how much they may benefit from a tax free investment.[/quote]

KingBobby what fund is paying 10% tey at the top bracket?? Most of the high yield muni funds I see are paying 8-8.5%[/quote]

ORNAX is over 10 even with the sales load. The I shares if your fee based may be over 11. As long as you don’t mind having the conversation about the returns being low. You have to really understand the fund and their strategy to prospect with it, but it’s good. Also some people won’t get it regardless or will be put off at the price fluctuations. That’s why I also say for funds, look at some of the taxable ones too.

For me, I decided to take the next 4 weeks and pitch individual Munis. Switching over from time to time is always refreshing for me. I get tired of answering questions (when prospecting) regarding the unpredictable nature of funds… it’ll be nice dealing with coupons again. In 4 weeks or so when I get sick of answering default or liquidity type questions (when prospecting), I’ll switch back to funds.

I am always worried about mutual funds that someone will just take the fund, log into scott trade and make the purchase. One thing that changed my mind about pitcing individaul munis is that they are a lot harder to purchase on their own and there is no comission or sales charge. It's built into the price. 

I am always worried about mutual funds that someone will just take the fund, log into scott trade and make the purchase. One thing that changed my mind about pitcing individaul munis is that they are a lot harder to purchase on their own and there is no comission or sales charge. It’s built into the price. 

I completely agree. That’s a huge benefit to the individual bond.

Although with the other comment I let them know about the commission and then quote them after-commish figures. And then let them know there’s no ongoing fees. (Fee-based would be opposite of course)
Another big plus over the funds.

I am getting much better results pitching munis, it's completely changed my practice and it fits me more. I am an accountant by training and personality. I get taxes and I believe in what I'm doing more and I'm not charging people a lot. I would feel bad putting people buying bonds into a fee based business. The fact that I'm calling people and offering them a good product, with a good yield and safety and I'm not "selling them" like I thought calling on a product would be. When I was calling and trying to capture someone's life savings, I was selling them and I'm not a good salesman. But, when I call and say "Hi Mr. James, I help people who are looking for tax free income" and find out what sort of bonds they like, I'm really doing more of a service. No different than when I help people with their taxes.

Also, I wouldn't trust anyone who called me on the phone and was trying to get my life savings. I can build a relationship little by little and then talk to them about how I can help them with more than just bonds. I really wasted three months doing the other thing. Just this week by calling people and saying I help them keep more of their money and get tax free income, I'm building a pipleine and I am removing the $50k floor. If someone is interested in munis, most likely they have more money and if they have a CD coming due, I don't care if it's $25,000 or $100,000. Let me get them a bond that is a good fit for them. I also learned that by doing these detailed investment proposals, people would take it to their guy and he could implement it for them. I have added 6 people to my pipeline this week and will be doing a $75,000 muni order when one of my clients comes in next week to fill out the paperwork. He has another $50,000 in a CD that will come up in August. That's a $125,000 relationship that I got by just asking if they would like some ideas on how they can keep more of their money. 

I have been calling people and if they aren't interested in buying something today, I am getting a good response about adding them to my drip list and following up with some ideas. I had one woman say, she told me to, call on July 1st because she will be closing on her house and moving into an apartment. She is pocketing $200,000 from the sale of her home! She was worried about the fact that a bond may have a 20 year term, she didn't know that a properly constructed estate can pass these assets on to her kids without having to sell the asset. Her kids would love 4.25% tax free. 

A big problem is that the muni market has had a run and the investory can be a little dry but I found some good bonds for a big university with a great endowment. If this college defaults we have bigger problems than that. I should have been doing this from day one. 

Another great thing about the bonds: I can call anyone at anytime. It works for businesses, exects, residentals all. I am even leaving a message saying 

"Hi, I'm Ulairi from FIRM X and I help clients invest safely and earn tax free income, if you're interested please call me at XXX-XXX-XXX. Have a great day" I had two call backs! Now, I am making a lot of dials but that's still two. I did $75,000 (will close next week) which is great progress for me. If I can get 20 clients the rest of the year, I'll be able to build in a referal business, work towards doing some equity business and actually make some real progress. 

Good for you Ulairi...you've found what works for you and it shows that you're fired up and going to make a good run of this. Really enjoy reading your posts and comments...keep us posted on how the weeks progress...i'm sure your do great.

All The Way

Ulairi,

Are you sticking with the pitch in your other post, or have you modified it like above.  I've been trying a few different things and am curious what you are using now to be so successful so quick?

Also, what kind of bonds is everyone pitching?  Are you pitching in state for double tax free, or just finding high yields nationally?  Are you comparing them to CD type money for the sale?

Thanks in advance for any and all help.

Thanks for all your help

[quote=Winning]

Ulairi,

Are you sticking with the pitch in your other post, or have you modified it like above.  I've been trying a few different things and am curious what you are using now to be so successful so quick?

Also, what kind of bonds is everyone pitching?  Are you pitching in state for double tax free, or just finding high yields nationally?  Are you comparing them to CD type money for the sale?

Thanks in advance for any and all help.

Thanks for all your help

[/quote]

If I can get state double tax free, I will but I haven't seen it. I'm looking for AA/AAA bonds with call protection and I'm comparing it to what they are getting at the bank and I'm disucssing what has happned in the equity markets and the safety and the compound interest. I don't know if I have found success but with this pitch, I feel like I will be more succesful and I now have an easy thing to say what I do. When I'm out and about and people ask me what I do, I have a 20 second reply that makes sense.