Simple changes that brought big returns
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I just set an appointment with a guy I cold called two years ago. He just sold a house in another state and wants to put $600k into an immediate annuity and it really fits well for his situation. I spoke with this guy 20 times over that last two years.
Never give up … never never give up. (Winston Churchill)
[quote]I just set an appointment with a guy I cold called two years ago. He just sold a house in another state and wants to put $600k into an immediate annuity and it really fits well for his situation. I spoke with this guy 20 times over that last two years.
Never give up … never never give up. (Winston Churchill)[/quote]
Nice love those stories… keeps me from just scrapping old contacts…
[quote=B24]BK,
What does your production and AUM look like? And how much is in managed $$?[/quote]
Probably has alot more in money under management then you hammer, since you spend all your day posting....
Hey Gaddock,
Well done on sharing your work ethic.
I'm back in the business having been a broker in London UKand will be registered as an IA in Montreal in a few weeks. Just getting pitches, rebuttalls, the works ready and look forward to reading more of your posts and sharing a few strategies from the front line. Cold calling is alive and well and thanks for the valuable info you've been posting.
I now call people with the purpose of disqualifying THEM.
That line right there changes everything in your mind when calling. It took me awhile to figure that out, but it works well.
Getting your mind around it is the key. If you can get to the point to you feel like you're making a crank call then it can be a blast. The things I did on this thread has brought in many large accounts to the point I don't have time to call much and in truth don't need to. I'm just over 2.5 years in production and have a t12 is well into the $300k. The majority of it is wrapped. As poster in a couple other places the follow up call I use now is this;
Hello x it's gad, If I can show you how to protect your account against loss will you open an account with me?
SHUT UP until they answer no matter how long it takes. If they give you anything other than yes you can almost berate them and easily overcome ANY objection. Mr X you must be the only guy in the world that would say no to that ha ha hee hee NOW SERIOUSLY! IF I CAN SHOW YOU how to hedge your account against will you open an account with me?
If still no say OK OK you win ..... can I just ask you one quick question and I'll disappear. All will say yes.
WHY? SHUT UP NO MATTER WHAT until they answer and go back to the to the beginning of the call.
I'm flattered and humbled that this thread has helped so many.
Do you think you could use that line on a first call?? instead of a follow up?
Hey most say I love this thread I am still a college student but my internship at an independent FA offered me to get licensed and a job so I am working on how to make the best out of it. Gaddock thanks for everything I hope to keep learning from you, any advice for someone like me would be great a mentor is much needed.
Since I am only 21 it will be hard but I think since I am early in the game I will have a headstart.
Hey Gad,
If someone doesn't bite on your first call, how many times do you call them back before crossing them off your list? Simply, they say "not interested, broker is a good friend, etc"
A year late .... but .... there is no set number. I can pin somebody down hard these days if I want. My close/call is still the same as it was a year ago pretty much.
IF I show you how to hedge your account against FURTHER loss will you open an account with me? SHUT UP say nothing until dooms day.
If they say no to that they are a piker or a moron IMHO and become fodder for cheap thrills on stressful days. The only thing that gets rid of stress more than berating a piker is emptying a clip from a machine gun.
1) you've just dialed a number, have a human on the line and use the good old AGE script...
Hello x this is x here in x ... I'm calling to see if you're an investor and if so would you be open to a good idea from time to time?
You seem to have interest and you're typing in as much info the person is willing to tell you in your CRS software during this call. You are also taping the call so you can later listen to how much more you talk than you think you do and just how moronic you sound to yourself (just wait until the first time you hear yourself on a cold call).
You of course know to keep your mouth shut and let the mark ramble on as much as possible, YOU ARE 100% INTERESTED IN THEM, no matter how much you want to tell them about you it's ALL ABOUT THEM so SHUT UP!!!. Make sure you confirm their mailing address before you hang up. When you hang up you have a pad of paper that just fits an off size off white envelope that looks like something you would receive as a wedding invitation. You make a quick HANDWRITTEN thank you note,
"thanks for the time on the phone the pleasure was mine. Your grand kids are the GREATEST in the entire world!!!! I'll let you know the next time I find something exceptional like we spoke of. In the mean time feel free to call me for any reason at all" bla bla etc. etc.
You fold the paper in half with TWO cards that will naturally fall out when extracting the note. The letter is hand addressed with a wider diameter felt type pen and you use the largest most colorful stamp you can get at the post office. DO NOT METER the personalized thank you note. Toss the note on the pile to be mailed today.
2) At the same time you schedule another letter in your CRS to be sent in one week that is some kind of bio about you. (I'll send you mine by email, maybe)
3) At the same time you schedule another letter in your CRS to be sent in two weeks of an example of an allocated account or tiny version of a financial plan or whatever with a large post-a-note that is again handwritten that says something like ... "here is an example of another task I manage for my clients" ... bla bla. Chances are zero they will actually read it but it's drip number four.
4) At the same time you schedule the time for the magical follow up call in your CRS that's three weeks out that just happens to be the exceptional idea you hope to get them happily involved in.
5) Pick up the phone and start dialing to get the remainder of your 40 contacts.
Recap; You made the first contact via cold call, let the person talk while you kept your mouth shut (DO NOT try to impress with broker jargon you will scare them off); taken detailed notes about your conversation and taped the call for constructive criticism at a later date; you sent a handwritten thank you note, scheduled the sending of a bio a week later, scheduled another mail piece two weeks later and finally scheduled the next magical follow up call three weeks later (when you call them to follow up scan your notes for details and hot topics from the first call, etc).
This should have taken 4 or 5 minutes.
ON TO THE NEXT CALL. DIAL DIAL DIAL !!
IF YOU DO THIS 40 TIMES A DAY FOR ONE YEAR YOU WILL HAVE YOUR OWN COMPANY THAT WILL LAST A LIFETIME!!! (you now owe me a bottle of a good single barrel Bourbon. I'll take a three year rain-check)
[quote=Gaddock]I just set an appointment with a guy I cold called two years ago. He just sold a house in another state and wants to put $600k into an immediate annuity and it really fits well for his situation. I spoke with this guy 20 times over that last two years. Never give up ... never never give up. (Winston Churchill)[/quote]
AND THAT is where the rubber meets the road in cold calling and follow up systems. If you hadn't made the first call, done the second touch..sent the last email...he would never have remembered the first call. You got ON the radar and never went off!
Hat off to you. ,
"You now owe me a bottle of a good single barrel Bourbon. I'll take a three year rain-check."
When i hit my number in year 1 I'll be happy to send it and share a smooth shot with you.
[quote=Gaddock]
2) At the same time you schedule another letter in your CRS to be sent in one week that is some kind of bio about you. (I'll send you mine by email, maybe)
[/quote]
Gaddock, Bio available to send to [email protected]
[quote=Gaddock]
1) you've just dialed a number, have a human on the line and use the good old AGE script...
Hello x this is x here in x ... I'm calling to see if you're an investor and if so would you be open to a good idea from time to time?
You seem to have interest and you're typing in as much info the person is willing to tell you in your CRS software during this call. You are also taping the call so you can later listen to how much more you talk than you think you do and just how moronic you sound to yourself (just wait until the first time you hear yourself on a cold call).
You of course know to keep your mouth shut and let the mark ramble on as much as possible, YOU ARE 100% INTERESTED IN THEM, no matter how much you want to tell them about you it's ALL ABOUT THEM so SHUT UP!!!. Make sure you confirm their mailing address before you hang up. When you hang up you have a pad of paper that just fits an off size off white envelope that looks like something you would receive as a wedding invitation. You make a quick HANDWRITTEN thank you note,
"thanks for the time on the phone the pleasure was mine. Your grand kids are the GREATEST in the entire world!!!! I'll let you know the next time I find something exceptional like we spoke of. In the mean time feel free to call me for any reason at all" bla bla etc. etc.
You fold the paper in half with TWO cards that will naturally fall out when extracting the note. The letter is hand addressed with a wider diameter felt type pen and you use the largest most colorful stamp you can get at the post office. DO NOT METER the personalized thank you note. Toss the note on the pile to be mailed today.
2) At the same time you schedule another letter in your CRS to be sent in one week that is some kind of bio about you. (I'll send you mine by email, maybe)
3) At the same time you schedule another letter in your CRS to be sent in two weeks of an example of an allocated account or tiny version of a financial plan or whatever with a large post-a-note that is again handwritten that says something like ... "here is an example of another task I manage for my clients" ... bla bla. Chances are zero they will actually read it but it's drip number four.
4) At the same time you schedule the time for the magical follow up call in your CRS that's three weeks out that just happens to be the exceptional idea you hope to get them happily involved in.
5) Pick up the phone and start dialing to get the remainder of your 40 contacts.
Recap; You made the first contact via cold call, let the person talk while you kept your mouth shut (DO NOT try to impress with broker jargon you will scare them off); taken detailed notes about your conversation and taped the call for constructive criticism at a later date; you sent a handwritten thank you note, scheduled the sending of a bio a week later, scheduled another mail piece two weeks later and finally scheduled the next magical follow up call three weeks later (when you call them to follow up scan your notes for details and hot topics from the first call, etc).
This should have taken 4 or 5 minutes.
ON TO THE NEXT CALL. DIAL DIAL DIAL !!
IF YOU DO THIS 40 TIMES A DAY FOR ONE YEAR YOU WILL HAVE YOUR OWN COMPANY THAT WILL LAST A LIFETIME!!! (you now owe me a bottle of a good single barrel Bourbon. I'll take a three year rain-check)
[/quote]
Gaddock, Thank you for not giving up on the newbs. I don't know how many times I have read that same post from you on other threads but it should be required reading before membership is granted to this forum!! It is a simple recipe for success!!!