Calling all Senior Members. As you can tell by the username I am still in training and cannot yet start on my cold call blitz. I fully understand that I am facing a 3-5 year steep uphill battle but am looking for suggestions on limiting time wasters and ideas on what works best. I have bought some books and been searching online and so much of what I find talks lead lists, cold calling, networking but not really which lists seem to be any good and which are waste of money and time, best places to Network (organizations to join etc). Can you point to some good research sources for me within the forums or elsewhere? I know there is no magic bullet and am not looking for anything to be handed to me...but being a mid-life career changer I really need to be able to come out of the chute running full steam and appreciate any input that will prevent me from running a marathon only to hit a wall at the end. Thanks.

most likely we can agree there is no right answer.  In my opinion, dials are important, but they should only be tracked, not counted as points.  I don't honestly see the difference.  In the end it doesnt matter who gets the most points, it matters who keeps their job and becomes successful.  

if someones script or delivery is flawed, they could make 1000 calls, get the most amount of points, and then fail out of the business in 3 months.  therefore the points leader is not the best producer. we want production and points to somehow correlate. and giving appointments the most points is how that can be done. 

again there is no right answer, but our specific group has decided to track dials and not count them towards points. in the end does it matter? no. 

Smokey .. the most sucessful people in the business.  Those that have made fortunes and build super practices have said you track activity - not results.  Infer what you want from that.  Go buy some Nick Murray books, read them, commit them to memory, and then rethink your post.  I'd suggest The Game of Numbers.  It's super.

It is your group and you can run it however you'd like. Rewarding results is one of the flaws of the wires. It neatly shows why they are unable to motivate their trainees via  the carrot. The stick part they've got down to a science, but they don't understand the carrot.

While it is possible for someone to continually fail by making flawed dials, it is unlikely that any serious producer would do so for long. These forums are testament to that fact. How many "What am i doing wrong" threads fill these pages? In my book he who dials most, wins!

Or, you can be like the guy who's father bought him the books of two retiring brokers. Overnight he went from one foot out the door to the office's biggest producer. He would win your contest hands down.

Lastly, why so much weight on appointments? Not that there's anything wrong with appointments, but they are so unnecessary in opening large accounts. Why the weight on an unneeded part of the process?

Bondguy - Remember, they're just starting out :) . Everyone is taught that no business is done over the phone, and you only open an account after a thorough financial planning face-to-face appointment with the prospect.

Ahhh, I look back at the hour-long appointments full of risk questionnaires, explainations of mutual fund breakpoints, and systematic investing speeches and I can't help but smile. So young. Not a clue. $1500 American Funds Class A ticket if you're lucky and can delicately explain the sales charge.

$100k tickets now. Cold call. They buy. Have never even seen me. Tax free bonds.

It's so simple yet it can't be taught. You've got to touch the stove. Gotta burn for at least a year before the only avenue left before termination is to give cold calling with munis a shot.

Remember guys, you want 60+ year old millionaire retirees.

Do they want to gamble in the stock market?

OR

Do they want 1) TAX FREE... 2) INCOME CHECKS IN THE MAIL. Hmmmmmm

Remember, once you've made you're money, growth is far less of an issue. You're now focused on preservation of wealth.

I can't believe they still teach, to this day, to go door to door and ask for phone numbers, then to call prospects with an equity. ReferenceUSA + muni bond. 15 second phone call. "Wasn't sure if you had the funds available today, but I'd suggest you reserve a portion while we still have it." That's your training course. Takes an hour.

In call sessions, I've heard new guys call on annuities. It just makes my head hurt.

Also, appointment? Why?! What are you going to talk about???

Here's your phone call: "Ok Mr. Jones. I'll put my assistant on the line and she'll open the account. Afterwards, I'll place the buy. The bond settles on Thursday, so you'll need to drop by before then to sign the new account form and drop off the check."

Here's your appointment: Mr. Jones comes in on Wednesday to pay for his $25k bond order, you step out of your office, shake the man's hand, tell him it's nice to meet him and that if he has any questions regarding his account, do not hesitate to call. Mention that you have a few phone calls to make, tell him once again that it was great to finally meet him, and excuse yourself. Mr. Jones can now put a face to the name. You in a suit, no small talk, you're busy and have phone calls to make. He's going to take your call the next time you call about a bond.

When I started out, I'd talk about god knows what for an hour, maybe he'd open an accout, I'd walk out to my BOA's office with him and stand there akwardly for 30 minutes while she talks to him about where he grew up.

Maybe it was because I was 22 and had no clue what I was doing. But I knew there was a better way. Less is more. Don't offer him a coffee. He'll camp out for an hour. Do your business, then head back and do more business.

I will share the best script I've created. It's unobtrusive, and this complete stranger, whose day you interruped with a sales call, thinks you're doing them a favor. You're letting them know about a bond your state had issued. You're on their side. You're no longer fighting them for their investment dollars.

"Mr. Jones? Hi this is ____ with ____ here in town. The reason for my call is the State of __(your state)__ has just issued a __% tax-free bond and I was calling to see if you'd like to hear about it." Then you SHUT UP.

They'll ask a few questions. You tell them the bond price, rating, and which municipality it's with.

Then, you say this. This is CRUCIAL. "It's selling in increments of 25 bonds, and we started today with $3 million and we're down to about $600,000 left." Then you SHUT UP.

DO NOT SAY "THE MINIMUM IS $5,000." YOU WILL ONLY GET $5000. I've tried $5k increments, $50k increments, $100k increments. $25k is the sweet spot.

THIS BOND IS SELLING IN INCREMENTS OF 25 BONDS. <------ This. This is what changed my business. 2 point bond = $500 day. 2 orders = $1000 day.

here's the miscommunication, we're not having a "contest". There is no reward. its just to keep each other motivated. i dont have any other rookies in my office so good to at least see what others in other offices are doing. 

this debate of what activity should get what amount of points is pointless. we're all adults, we all know that the person who makes the most amount of calls will be the most successful, and the person who resists the phones, makes excuses, etc will fail.  I don't need anybody to reward my results or activity, but its good to see others are going through the same misery and finding out what works and what doesn't. 

as far as I can tell, we are tracking activity.  we enter in the amount of dials we make daily. whether they are worth points or not? there must be something more interesting we can discuss. 

As much as I'd love to get into a new back and forth on why so much weight on appointments, really why does it matter?  There is no prize. everybody needs to just get out there and do what works for them.  I hope nobody is turning business down over the phone so they can get an appointment and score more points :) 

Bondguy, you are right concerning metrics and points. My background is in B2B sales including developing two SME sales teams where I developed an effective metric system that was key in raising up many new sales people into higher income opportunities in big boy sales territories. There has to be a payoff - points - for the activities directly related to client acquistion. I found this was true for new people. They need a payoff. They need positive feedback while they are ramping up their pipeline.

I have a question for you, GHGR and others. I'm LOS 0 at a wire in the far flung reaches of the realm. When I caught a moment of the local managers time I laid out a Reader's Digest version of your posts as a major part of my marketing plan. I got push back on several fronts:

- He/she didn't want me to call outside our smallish market area. "How would you feel if someone sold an order of bonds from "X" area, he said" My personal thought was, I would feel like I missed out and ought to get on the phone...and further, I would think if someone from outside the area can cold call and close business so can I!

- "Cold calling for product doesn't work. People don't buy that way anymore, she/he also said." Let me hasten to say that I've read enough on this site to know this is patently false. I offer it purely for context.

- People don't want to buy bonds unless they can get them as they are issued. Is this true? Are most of your sales selling newly issued bonds? I'm guessing not.

What do you do for closing when you sell to out of staters? How do you take their funds?

Do you keep your selling of Georgia bonds to citizens of Georgia, North Dakota bonds to citizens of ND?

For a little more context: the office I'm in saw a large exodus of big producers in '09. I recently found out from someone in the office who has been around 10+ years that the people who are, with two exceptions, still there got their books by inheriting them from parents (mutliple FA's), sticking around long enough to pick up accounts from departing FA's.

Finally, I want to tell you how much I appreciate all of the freely offered input from so many on this site, especially BG.

Haven't been on lately, I had a disaster at home but having some success at work here.

I have been dialing using Bill Good's pitch along with BondGuy's method and have landed 4 accounts..

This is my first month in production and I have 536k under my belt as of right now.

I also read 500 day war, but co-workers are looking at me like I'm some kind of a madman and antisocial since I

don't BS with any of them...but I don't really care.

I'm qualifying for minimum of 100k, but I feel I should up it to 250k considering I'm in NYC...

My stats

40 contacts daily..calling strictly business from 8am-6pm, 6pm-7:45pm residential.

I'm calling with a product, 15 second pitch, my objection is always "thankyouverymuch" unless there is a chance for a fall back.

any input would be appreciated...back to work.

newregrep, 

those are awesome numbers as far as I can tell and at that rate, you will be living the easy life in about 2 years. Thanks for joining the group and looking forward to hearing from you there also. let me ask you a couple questions, 

1: what specifically is the bill good pitch, or more specifically, what are you saying when you call these prospects

2: you say you are calling from 8am to 7 45pm.  you must be getting in 1000 dials? are you calling all day long or do you use any other prospecting methods to mix things up and make sure you don't burn out from all the dials?

Smokey,

Thank you.  To be fair though, I brought over 150k from a previous client I dealt with and the rest was strictly from Cold calling.

1. Bill Good pitch is very simple.  Instead of leading with a service, you lead with a product.  I call with two different products.  I call with a structured CD or a muni bond.  My structured CD pitch "Mr. xxx this is new with new securities.  The reason for my call is we are currently offering FDIC INSURED (say it firm) CDs whose rate of returned is tied to the market.  Have you ever heard of these before?

 (prospect answer yes or no). 

Basically, it works just like a traditional CD at your bank.  Meaning your money is invested for a certain period of time.  The yield is determined by the performance of S&P 500.  It is FDIC insured, so your principal is 100% protected all times.  So if the S&P 500 is down, you've lost nothing.  A great way to participate in the market with no risk of losing your initial investment.  Would you like me send you some information on it?"

(IF yes qualify, IF no thank you very much, IF he says he doesn't do CD, do a fall back and ask what does he invest in currently)

Muni pitch that I'm using.

" Mr xxx this is new with new securities.  The reason for my call is we currently have a tax free bond for xyz school district yielding 5%.  How does this compare to the rates you are seeing at your bank?"

(Qualify)

Another one that I used a few times but I currently do not have the cojones to " Mr. xxx, this is new with new securities.  I'm currrently looking for an investor who can raise 250k for the right idea.  Am I speaking with the right person?"

I called probably 350+ numbers daily.  I do calls in 50 minute blocks 10 minute rest.  Right now I'm strictly cold calling due to insane weather here in NYC.  I would probably mix in some cold walking to local businesses back home once the weather gets a little nicer. 

I have not felt a burn out yet, but as time approaches toward 7pm, I do get tired and want to go home as I have a 1.5 hours commute. 

The more I call the more I realize, it does not really matter what you say, it's purely based on how many people you are reaching out to.  I also build my own lead from penny savers, newspapers, magazines, and reference USA.

[quote=ZwingDing]

Bondguy, you are right concerning metrics and points. My background is in B2B sales including developing two SME sales teams where I developed an effective metric system that was key in raising up many new sales people into higher income opportunities in big boy sales territories. There has to be a payoff - points - for the activities directly related to client acquistion. I found this was true for new people. They need a payoff. They need positive feedback while they are ramping up their pipeline.

I have a question for you, GHGR and others. I'm LOS 0 at a wire in the far flung reaches of the realm. When I caught a moment of the local managers time I laid out a Reader's Digest version of your posts as a major part of my marketing plan. I got push back on several fronts:

- He/she didn't want me to call outside our smallish market area. "How would you feel if someone sold an order of bonds from "X" area, he said" My personal thought was, I would feel like I missed out and ought to get on the phone...and further, I would think if someone from outside the area can cold call and close business so can I!

Ok, ask if you can expand to call your state and the closest neighboring state. Believe me, there will be enough to keep you busy.  After reviewing a list of your firm's locations, if possible, try to concentrate on areas that might not be covered.

- "Cold calling for product doesn't work. People don't buy that way anymore, she/he also said." Let me hasten to say that I've read enough on this site to know this is patently false. I offer it purely for context.

Absolutely this is not true. We open on bonds and other fixed income products every day. And, at levels that would make your BOM's eye's pop. Your BOM sounds like a typically clueless company suit who parrots what the company wants.

 Look up on this site, DMAN. He started about 3 years ago and is doing in the half mil range. All product calls to start the process.

Leading with product is a process that leads where it leads. Sometimes there is product sale over the phone and others it's an appointment leading to  full blown FP meetings. I prefer the phone sale, but it goes where it goes.

- People don't want to buy bonds unless they can get them as they are issued. Is this true? Are most of your sales selling newly issued bonds? I'm guessing not.

The opposite is true. Almost all my biz is  in the pre-enjoyed bonds market. I work out of inventory or I work with traders to find what i need. What people want is yield .

What do you do for closing when you sell to out of staters? How do you take their funds?

For existing clients we have margin accts set up to cover late pays. We also work with extended settlements. To everyone, clients and new accounts we send a copy of the confirm by UPS with a return envelope. We have payment back in three days.  I have yet to be burned by a late pay. And, though you didn't ask, In my time in the biz, I can count on one hand the number of renigs. Just not an issue.

Do you keep your selling of Georgia bonds to citizens of Georgia, North Dakota bonds to citizens of ND?

Yes and no. Yield and rating is what matters. So, a good quality bond at a great price will sell anywhere. That said, most of my biz is concentrated in NJ,PA,MD,NY, and FL. I will try to find bonds from those states to match up with clients.

How do i decide? Well, it depends on the situation. If a great bond comes into inventory I get on the phone to those who I believe will have an interest. From there it's a race to place as much of that bond as i can before inventory runs out. At times, if I can,  I take down a certain amt of the bonds. In this situations the bond can be anything from anyplace.

If, OTOH, the reason I'm looking for bonds is to replace a bond that has matured or been called, then I'm looking for a specific state or type of bond. The bond will have many of the characteristics of the departed bond.

For a little more context: the office I'm in saw a large exodus of big producers in '09. I recently found out from someone in the office who has been around 10+ years that the people who are, with two exceptions, still there got their books by inheriting them from parents (mutliple FA's), sticking around long enough to pick up accounts from departing FA's.

Finally, I want to tell you how much I appreciate all of the freely offered input from so many on this site, especially BG.

Not surprising to hear how most of the big producers in your branch got big. The between the lines read is that they, as well as the manager, are clueless on how to build a book from the ground up.

That your manager is clueless doesn't change the fact that he/she is the boss. If you go against the flow you need to make sure you are at least as successful as those going the accepted route. The manager is going to give you less leeway than those taking the other route. So, as DMAN says, there is no plan B. Make sure it works.

[/quote]

still going strong.....does this ever get easy!?!

westwood how are you doing?!

[quote=newregrep]

westwood how are you doing?!

[/quote]

I am doing good, could always be doing better.  Seems like my contact ratio and prospect ratio has gone up since I started dialing businesses and not residential.  My closing ratio is what is hurting me.  I really need to improve that.  I have been having a good response to pitching service, i.e. retirement/financial plan, as opposed to product, i.e. muni.

How about you?

Westwood, yes it does get easier, and then it gets easy.

One day, you'll realize you have enough "accounts".

Then, you'll come to this brilliant conclusion, that with all of those accounts, all you got to do is gather assets by adding value, profiling, consulting, etc. See, that is "easier".

Gee, then, after like 2-4 yrs, you'll realize you've got a ton of accounts, AND assets. You'll fire your dead weight accounts, then "manage" the clients money, and meet with them 2-4 times per year. You'll make a ton of money, and you'll say..."wow, this job is easy".

[quote=Westwood]

I have been having a good response to pitching service, i.e. retirement/financial plan, as opposed to product, i.e. muni.

[/quote]

What pitches, cold call lines, have been working for you when you pitch service?

I'm doing ok.  I'm alot younger than you in this business as I'm in my 3rd month of production and I will reach my first 1 million AUM this friday it looks like.

Now when you say your closing ratio is low, is that with products or retirement planning?

I've had pretty good closing ratio with products so far, but I also do a bit of Equity linked CD, EIA, muni bonds, and a few fee-based business.

But my pitch is always the same, I use Bondguy's pitch and say it to 40 people a day.

If your closing ratio is not good, then maybe we need to fine tune your sales process.  When the client comes to see you, what do you do?

These are the two pitches that I have been using…