i call businesses only, a cross section to sample, its my first week on the phones

i make about 200 calls a day but i am only getting 75 people(conversations) avg per day

[quote=The Rook]

Big, how do you get that info?

[/quote]

Well, it means you do your homework. Public records...be creative, think... If you spent a few hours a week doing that, trust me, it would be worth more than just dialing and dialing. Two cars head off from NY to Los Angeles... one has no map, but the car goes extremely fast....the other car goes 35 mph with GPS.... Which are you?

If you get 25 households with 1m+, you're pretty much set. Open one of those a month, instead of 10 of those crappy accounts the Jones guys would take from me. 

Other suggestions to you rookies. ALWAYS call with product, bonds WORK, and be quick about it.

Mr. Jones, the REASON for my call....I have a 5% tax free bond rated AA. With bank rates at 1%, thought you might be interested? Yes=talking, No=next call

Debating a "no" is a waste of your time and theirs.  

[quote=winger004]

Ten how many conversations do you get out of 50 dials per hour?

and ow many prospects does this produce per day?[/quote]

Bad Day = 1 contact for 10 dials

Good Day = 1 contact for a little under 8 dials

I don't leave messages.  I don't stay on hold for too long either because I have found that is a convenient gate keeper trick.   So 50 dials yields roughly five to seven contacts per hour.  I am pretty stringent on what is and what isn't a prospect so 4-5 prospects per day is a good number for me.  20-25 prospects per week plus my usual weekly appointments (these are yielded from that weeks calls as well as previous prospects that are already in the pipeline) adds 100-125 new prospects to your pipeline every month allowing me to grade and dismiss prospects that aren't being responsive.   

The beauty of this is that continual prospecting keeps building on itself which makes each prospect less important and makes you less desperate sounding on the phone when you talk to each prospect!  Why?  Because you will have a constant supply of prospects that are at different stages of your closing process

[quote=BigFirepower]

[quote=The Rook]

Big, how do you get that info?

[/quote]

Well, it means you do your homework. Public records...be creative, think... If you spent a few hours a week doing that, trust me, it would be worth more than just dialing and dialing. Two cars head off from NY to Los Angeles... one has no map, but the car goes extremely fast....the other car goes 35 mph with GPS.... Which are you?Problem with that assumption again is that your GPS works...GPS is great because it is run by satellites that can be verified, there is no way to consistently verify $250K liquid(except to call). Sure you can increase your probability but no be as accurate as gPS

If you get 25 households with 1m+, you're pretty much set. Open one of those a month, instead of 10 of those crappy accounts the Jones guys would take from me. Isn't that everyones dream?

Other suggestions to you rookies. ALWAYS call with product, bonds WORK, and be quick about it.

Mr. Jones, the REASON for my call....I have a 5% tax free bond rated AA. With bank rates at 1%, thought you might be interested? Yes=talking, No=next call

Debating a "no" is a waste of your time and theirs.  

[/quote]

How do you find out if they are liquid?

Just ask.

Mr. Jones, this program requires a minimum investment of $250,000, I assume if you like the idea that wouldn't be a problem for you?

Or any other of a dozen ways to ask for money.

If  Mr. Jones chokes ask: How long would it take you to raise $250k for a good idea? (or this program/investment etc)

Take it from there.

Lot's of good info on this thread. The guys giving the advice are the real deal. Their numbers are right on - 50 dials - 7 to 10 contacts per hour.

How much you make and how fast you make it depends only on how much you dial.

Bond Guy:

The newbies where you are at banging the phones, how long is it taking them to bring in $1MM in assets? 6Months? 3 Months?

You need to bring in 100k per week minimum.

[quote=N.D.]

You need to bring in 100k per week minimum.

[/quote]
is that even possible from scratch?

[quote=chickenfeed]

[quote=N.D.]

You need to bring in 100k per week minimum.

[/quote]
is that even possible from scratch?

[/quote]

Is that even possible in general?

its gotta be 1mil into fee based in 6 months or im dismissed

it seems like there is alot of relationship building needed to get guys into fee based, is this even possible in 6 months?

[quote=winger004]

i call businesses only, a cross section to sample, its my first week on the phones

i make about 200 calls a day but i am only getting 75 people(conversations) avg per day

[/quote]

When you say conversation, if you are referring to a conversation with the ultimate decision maker, your numbers are off the charts!  That is one conversation every 2.6 dials!!!  Holy $hit Batman!

[quote=winger004]

its gotta be 1mil into fee based in 6 months or im dismissed

it seems like there is alot of relationship building needed to get guys into fee based, is this even possible in 6 months?

[/quote]

It's very easy (actually, below average) when you 've been in the business for a bit of time.  But it can be difficult getting momentum at day 1 of your career.  You will (must) get $1mm in assets in 6 months, but you are right, it can be tough to get $1mm in fee-based from zero.  However, if you are really smoking with activity, stuff just happens.  You will get a bunch of $100K accounts, then one day, an $850K lands in your lap and you're there.

Bottom line, $1mm is EXTREMELY easy in 6 months.  You could do it with one account.  However, luck will play into it, as you need to FIND that money.  The more you look, the more likely it is you will FIND.

[quote=TenToesDown]

[quote=winger004]

i call businesses only, a cross section to sample, its my first week on the phones

i make about 200 calls a day but i am only getting 75 people(conversations) avg per day

[/quote]

When you say conversation, if you are referring to a conversation with the ultimate decision maker, your numbers are off the charts!  That is one conversation every 2.6 dials!!!  Holy $hit Batman!

[/quote]

i do internet research etc to try to verify as many numbers as possible for 1 to 2 hours a night over dinner, i find that about  30% of numbers are incorrect or just incomplete or can reach guy directly by a similar number

Using a product pitch it's possible to start opening accounts in month one. However, to get serious traction will take about 3 months. You must first fill the pipeline to reach critical mass. Once full, accounts start coming from new prospects as well as prospects that have been in the pipeline for some time. Additionally, production starts to pick up as you develope clients to call or meet with to present new ideas.

New(er) people in my office are all over the range. That said, out of the box, first month bringing 100k, maybe, usually luck. However, by second month 100k would be under performance. By month three, it should be two to three times that amount. By month six 5x that amount. One year in you should be hitting 600 to 800k per month. Exceptional performance would put you at a mil or better.

We have new guys hitting these numbers. Not magic. Hard work, no bullshit. don't let a bad day become a bad week. Don't let a bad week become a bad month. Keep dialing and pitching. And yes, even managed money/wealth management is a pitch.

Realize that over the first couple weeks to a month you are like a baby bird learning to fly. Not pretty or efficient. Still, hard work will yield results.

[quote=winger004]

its gotta be 1mil into fee based in 6 months or im dismissed

it seems like there is alot of relationship building needed to get guys into fee based, is this even possible in 6 months?

[/quote]

At a million, they anticipate making at least 70k per year off that money, for a decent while. Whether you are there, or not.... I suppose, that some of that intense pressure, is meant to lead to your personal relationships and family members. When I started, at a big wire house, it wasn't a 6 month program, it was 2 years. I have to wonder what kind of firm you are at? BondGuy is very good, I know lots of successful folks like him over the many years, and I do very similar kind of stuff. His advice is solid.

Anyone new in this business..a word to the wise. You'd better make some hay while the sun is shining, because when interest rates start the likely long and steady climb, the average retail investor is going to be hard to convert from bank deposits into bonds or stocks. Ask anyone that started their careers in the mid 70s what it was like!

The future of this business is consolidation, the big getting bigger. Not good for new folks, but a blessing for those with deeper pockets and a desire to grow. This consolidation thing is BOOMING in the insurance business, and I figure that RIA and Investment Consultants will see this picking up in a few more years.

Newbies, you got probably less than 24 months before retail prospecting goes from tough as nails, to impossible.

BIGFP is int it always gonna be something? selling is selling, cars, insurance whatever it is isint there always a reason not to buy?

Prospecting will never be impossible and it has always been hard.

Money is always in motion from crappy advisor to next advisor, from crappy 401k to ira.

As long as you keep talking to people the money will always come in..But you have to bring a different idea...allocation of American Funds doesn't count.

I am ML/BofA and in my first year of production.  While my goals were a little different, annuitized business is all they care about now.  On my first day the goals were daunting but in all honesty if you put any kind of effort into cold calling you will get your $1m easily.  I started focusing on $250k + and B24 is right, eventually a large account will present itself.  I just landed a $3.5m account wrapped at 1.5% for 1st million, and 1.25% for the rest.  It's a great feeling to land those types of accounts, especially when I did so from cold calling and working my ass off.

I have recently been using Sales Genie for my call lists because my branch bought a subscription, but good old fashion research is the key if you do not have a database subscription.  Before I used Sales Genie I was looking at jigsaw.com.  It is a database where for every contact you input you get credit to download a new contact.  I also used the Polk directory at my neighborhood library and when you call smaller companies they will often have an automated directory of employees where you can dial by name so I start with A, b, C, D.... you get the pciture.  It's dirty work but it pays dividends in the near future if you stay focused.  Good Luck

[quote=winger004]

BIGFP is int it always gonna be something? selling is selling, cars, insurance whatever it is isint there always a reason not to buy?

[/quote]

Yes, there is always a reason for not buying. And, Wall Street is always "creative" enough to manufacture products to appeal to customers regardless of markets. A bit before my entry into the business, some reps made a living doing money market funds. When rates were high enough, you could actually build some profit into them. All that said, there's a big difference in prospecting when comparative bank rates are high, vs low. So, bust your butt like there's no tomorrow.

[quote=BullRunt]

I am ML/BofA and in my first year of production.  While my goals were a little different, annuitized business is all they care about now.  On my first day the goals were daunting but in all honesty if you put any kind of effort into cold calling you will get your $1m easily.  I started focusing on $250k + and B24 is right, eventually a large account will present itself.  I just landed a $3.5m account wrapped at 1.5% for 1st million, and 1.25% for the rest.  It's a great feeling to land those types of accounts, especially when I did so from cold calling and working my ass off.

I have recently been using Sales Genie for my call lists because my branch bought a subscription, but good old fashion research is the key if you do not have a database subscription.  Before I used Sales Genie I was looking at jigsaw.com.  It is a database where for every contact you input you get credit to download a new contact.  I also used the Polk directory at my neighborhood library and when you call smaller companies they will often have an automated directory of employees where you can dial by name so I start with A, b, C, D.... you get the pciture.  It's dirty work but it pays dividends in the near future if you stay focused.  Good Luck

[/quote]

I assume that's an SMA platform?  If not, that's pretty steep.

Nice catch...how much of that groos hits your production grid?