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How I Failed My Way Into This Business

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Topic: How I Failed My Way Into This Business
Posted By: eggward
Subject: How I Failed My Way Into This Business
Date Posted: Aug/18/2010 at 3:56pm

Would you have kept going if your first 6 months in this business resulted in cumulative production of $8k? How about $25k after 10 months? I kept going and here is my story of survival.

I posted this in another thread:

My starting attitude was similar to yours except I had little/no money and a wife that was not working full-time. Let's just say I was highly motivated. My first 8 months were a disaster. I started tracking any/all contacts and quickly realized quality of contacts wasn't the problem; I needed a much higher quantity. I spent a few years prospecting, contacted 30,000 people (yes, I tracked every one), and now a few hundred are my clients

Others encouraged me to elaborate, so here are the details broken into multiple posts.

My first six months I prospected two ways: 1) seminars, and 2) warm calling.

Seminars

Others in my area were doing seminars but no one was targeting women, so that’s what I did. I put ads in the local paper (this was back during the Clinton administration when ads were both reasonably priced and reasonably effective; not so much today). I could usually get a dozen or so ladies in the room. Half were professional lunchers and I would turn 2-3 of the others into clients. Not the best closing ratio, but it was consistent.

Warm Calling

I was fortunate to live in a part of the country were many people were moving to. So I subscribed to a list that would mail me once a week everyone who bought a home in certain zip codes, their name, address, phone number, and home price. I mailed a letter (I’ll post sample later) to everyone above a certain home-price cutoff, waited a week, and then called during the evenings to follow up. I didn’t have the DNC list to worry about. Many people were new to town and wanted someone local and/or had a rollover. The clients weren’t huge in size but it was consistent.

After 6-8 months I felt like things were working because I was opening new accounts, but somehow it wasn’t translating into production. A friend that started a few months before me dropped out of the business but it honestly never occurred to me to quit….but it was obvious it wasn’t working for me just yet.




Replies:
Posted By: eggward
Date Posted: Aug/18/2010 at 4:00pm
Here's the body of the new homeowner letter:
 
Congratulations on your new home!  If you are new to Eggville, you will find this a wonderful place to live.  The reason I'm writing today is simply to welcome you and introduce myself.  Most of my clients are people like you who never heard of me until receiving one of these letters.
 
Don't worry, I won't call with any annoying soliciatation.  I prefer meeting face-to-face so I can focus on solving problems and meeting goals such as how to get the kids through college, or how to prepare for a comfortable retirement.   However, I will call you soon just to make sure you received this and put a friendly voice with it.
 
I hope that you will hold on to my card and feel welcome to call me.  I would enjoy meeting you at my office or your home.
 
Sincerely,
Eggward


Posted By: eggward
Date Posted: Aug/18/2010 at 4:09pm

After 6 months or so when it was obvious that my production wasn’t increasing, the engineer in me kicked in. I created an Excel spreadsheet and started tracking everything I could about what I was doing and what were the results:

-hours worked

-number new prospects

-number follow up contacts

-number contacts with clients

-number meetings held

-assets gathered

-accounts opened

-tickets dropped

Etc.

I also created a spreadsheet that let me track my activities each week. At the end of each month, I keyed them all into the tracking spreadsheet and went backwards as best I could to see what I had been doing. It took some time, but less than you are thinking right now. I’ve been creating spreadsheets since the time I was storing them on 5 ¼ inch floppy disks…I can do it pretty quickly.

After getting a couple months of data, it didn’t take long to see what was happening. I had a certain close ratio for the seminars and a certain close ratio for the warm calling. Neither was great, but it was good and pretty consistent. I was getting clients….I just wasn’t getting ENOUGH clients. My analysis told me that if I started stuffing the front of the pipeline with more people then I would get more clients. It was just that simple….but there were only so many homes being sold in my area, and I was already spending money I didn’t have on newspaper ads for seminars.



Posted By: eggward
Date Posted: Aug/18/2010 at 4:17pm

I settled on two ways to get more contacts.

More Warm Calling

I used the same technique, but chose zip codes that were outside of the city. This didn’t work so well. First, I ended up driving to a lot of homes because people there didn’t want to drive into the city to see me at my office. I wasted a lot of time in my car. Also, the accounts I got this way were typically half or less what I got through my regular warm calling. I was still tracking everything I did and my analysis told me to stop doing this after about 6 months of trying. I still warm called in the city, but not in the outskirts.

Cold Calling

Good, old fashioned cold calling. I had a wholesaler get me a list of everyone in certain zip codes, house over a certain value, age 50+ and just started dialing. I don’t remember exactly what I said but it was basically to introduce myself and ask if I could mail some introductory information to them. Back then, most people were polite and would simply say yes or no. For the ones that said yes, I knew the information was pretty irrelevant. I simply wanted my business card in their hands and a reason to call them back. I mailed the info and called them back a week later to make sure they had it and ask as many open ended questions as I could get away with. I was still tracking everything (of course!) and I realized I had a set close rate for cold calling, but with an interesting twist. My close ratio for cold calling was lower than warm calling….but I got larger clients out of it. The moment I realized this, I knew I was going to make it in this business.



Posted By: eggward
Date Posted: Aug/18/2010 at 4:26pm

I altered my weekly tracking sheet to have several boxes with noting but numbers in them. I wanted to make sure I set prospecting goals, achieved them, and tracked progress to make sure it was working the way I expected.

Box one had rows numbering 1 to 20, 21-40, and 41-60. It was titled New Homeowners

Box one had rows numbering 1 to 20, 21-40, 41-60, 61-80 and 81-100. It was titled Cold Calling

I had similar boxes for:

-Prospects

-Clients

-Meetings

-New Accounts

And some blank areas to write in assets gathered, etc.

 
When I made a Cold Calling contact, I'd cross off a number.  Same for all the other boxes.  It was an easy and effective way to track it and at a glance, see how the week was going.
 
My goal was to speak with 100 new contacts every week, while still following up with existing prospects and clients. 100 new contacts. Every week. No excuses. I took off one week during the summer and the last two weeks of December. Other than that, 100 per week.

During the days, I cold called from 10-12 and 1-3. I called clients and prospects before and after that. The only exceptions to this were when I was in a meeting with a client or prospect.

During the evenings I called the new homeowners from 7-8:50pm.

I called on Saturdays until I hit 100 contacts, or for a minimum of 2 hours.

I called like that for about 6 years.

I stopped tracking the total number of new contacts a few years ago. My last count had it at 30,361.



Posted By: workinhard
Date Posted: Aug/18/2010 at 4:33pm
That's pretty awesome man.  thanks for the post... I've got me some motivation to hit the phones again tonight!


Posted By: Ron 14
Date Posted: Aug/18/2010 at 4:37pm
Unreal. What is your situation now? At a firm, Indy?

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Ronmerica - Progressive government movement. Everything goes. Everything is great. Live it. Love it. Embrace it. Teabag it.


Posted By: eggward
Date Posted: Aug/18/2010 at 4:41pm

What I learned, in random order - and I reserve the right to add to this list.

I still use a weekly tracking sheet. If I didn’t, I wouldn’t make as many client calls as I should. It also doubles as a to-do list where I write phone numbers and people when I need to return calls.

Nick Murray writes about knowing your N….and I agree. If you are new in the business, read The Excellent Investment Advisor by Nick Murray. The guy is arrogant, but pay attention to N and knowing how many people you should let on your ark.

Most people are nice. Treat them with respect and they will do the same to you. You can build a lot of credibility with prospects by doing exactly what you say. When a prospect asked me to call them back in a month, I did it….and started the call by reminding them that they asked me to call in a month, and that a month had passed. How many times does someone do what they say they will do? Not very often these days. If you cannot do something as simple as calling back in a month, why should they trust you with their life savings? Be politely persistent and you’ll get prospects attention and respect.

It really doesn’t matter what you say in the first phone call, or what the letter says. What matters is that you pick up the phone (or knock on the door….) and dial. Repeat over and over and over again. Tracking my activities pointed out that the quantity of contacts was the most important thing. Find two ways to prospect that work for you and do them. Who cares what the guy in the office next to you does? Do what works for you.

The people you run across while prospecting that are not nice are life’s little treat to you. Once you train yourself to not get angry, you start to see these people in a comical manner. I had fun pushing one guy’s buttons by egging him on when he threatened to call the mayor on me. One lady was demanding I come to her home at 8pm because it was convenient for her and she was going to be the most important person at the meeting; I very politely stopped her and told her that I work with my clients on the basis of trust and mutual respect…and since we would not have that we had no reason to meet. She was so shocked she didn’t know what to say but I laughed at her stammering. One guy was nice but had a porno film going on the background and the volume turned way up….and it was a rather climactic scene in the movie. Don’t let the jerks bother you - use them for entertainment.

If you are cold calling, you can use the same lists over and over....just wait about 6 months before recycling the list.  I got clients from people who told me "no" 2, 3 or even 5 times before saying yes.
 
This is a great business once you make it. We are fortunate to be able to do something we like, help others, earn a good income and have flexible schedules. I hope my mini-novel helps, or at least entertains.


Posted By: eggward
Date Posted: Aug/18/2010 at 4:42pm
One other thing I learned: Type long posts in Microsoft Word, then copy & paste them onto this site.  It really sucks when you type a page full of text only to have the website crap out on you when you hit the Post Reply button!


Posted By: workinhard
Date Posted: Aug/18/2010 at 5:08pm
One thing I'd like to add (if you don't mind... if you do let me know and I'll delete).  This is a reitteration of another poster, but I can't remember who.
 
If you call (cold or warm) looking to take ANY account you can get your hands on, then you will get small accounts.  Huge numbers of households, not very large average balances.
 
Three weeks ago a guy in my firm told me not to turn that stuff away, but don't go looking for it.  He said I should hunt the bigger accounts, and although they might not come as often, they are more than worth the time spent.  In the past two weeks, out of 68 contacts, I have two meetings set with prospects north of $1M investible.  That does not include folks I'll drip on.
 
If you look hard enough, you can find anything... might as well look for big money right?
 
Thanks for all the insight egg.


Posted By: Lawrence
Date Posted: Aug/18/2010 at 5:09pm
But, if you drink alot, you may post the same thing more than once....

I know somebody who did that.




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"If you don't see it as an insult that he is watching your mom, spread eagle, taking in an object from another female then I can't help you." Ron14


Posted By: eggward
Date Posted: Aug/18/2010 at 5:19pm
Don't mind additions at all.  My first 6 months I racked up a lot of small accounts.  When I started tracking stuff, that's when I set my minimum to be my average account size and really focused on working with nice people.  It was an easy way to take accounts but know I was still growing my business.  Definately look for the big money, but I'd take medium money, too. 
 
One other thing I did was when I found someone that was a nice person but a small prospect that had a large 401k at a current employer, I'd take them as a client and insist they DCA.  This way their account grew which kept them happy, I got a little $, and whenver they left their job I was a lock for the rollover.  I used that strategy dozens of times. 


Posted By: workinhard
Date Posted: Aug/18/2010 at 5:21pm
I should have rephrased... I don't mean set a huge minimum off the bat... I just mean don't "chase" 40k rollovers because they can end up being a headache...
 
and I totally agree about working with nice people, and future potential for rollovers.


Posted By: SometimesNowhere
Date Posted: Aug/18/2010 at 5:33pm
One of the best threads in a while. Nice work, egg.

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I sort of give a fuck.


Posted By: Guests
Date Posted: Aug/18/2010 at 9:51pm
Nominate for "the Lobby"


Posted By: Ron 14
Date Posted: Aug/18/2010 at 9:53pm

Absolutely



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Ronmerica - Progressive government movement. Everything goes. Everything is great. Live it. Love it. Embrace it. Teabag it.


Posted By: knuk
Date Posted: Aug/18/2010 at 10:07pm
Some things never change...this is and always will be a contact game.


Posted By: Debolt
Date Posted: Aug/18/2010 at 10:42pm
I would remove all but Eggs posts first because they really don't provide much value but this is definitely Lobby material and a perfect example of what AH can offer...

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Check the charts: October 3, 1974 = March 9, 2009   Quit making excuses and sell something!!

Obstacles are those frightful things you see when you take your eyes off your goal. - Henry Ford


Posted By: Wet_Blanket
Date Posted: Aug/18/2010 at 10:50pm
Already done.

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When money is speech, speech isn't free.


Posted By: Debolt
Date Posted: Aug/18/2010 at 10:51pm
oh dumb me... well delete my posts here then. no reason for them to be here...

-------------
Check the charts: October 3, 1974 = March 9, 2009   Quit making excuses and sell something!!

Obstacles are those frightful things you see when you take your eyes off your goal. - Henry Ford


Posted By: Wet_Blanket
Date Posted: Aug/18/2010 at 11:08pm
Originally posted by Debolt Debolt wrote:

oh dumb me... well delete my posts here then. no reason for them to be here...
No, the part about deleting Egg's posts was funny.

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When money is speech, speech isn't free.


Posted By: eggward
Date Posted: Aug/20/2010 at 9:00am
A couple of more things I learned along the way:
 
If I had to do it all over again, I would aim for 300-400 initial contacts per week.  As knuk said, this is a contact sport.  What else do you have to do your first month in production besides prospect?  Conacts...the more, the better.
 
Find a mentor and let them guide you.  If you cannot find one local to you, at least find some others that are also new.  I ended up having both.  The mentor steered me clear of a few land mines and gave me a vision of what I wanted my business to look like once I had made it.  My fellow prospecting friends and I told each other what was working and what was not....but mostly we swapped stories and made each other laugh at a time when we needed it most.  Heavy prospecting will get you down at times and having a few buddies to slap you on the back, hurl a few insults at you and tell a good joke does a good job of raising morale and gets you back into the mode of prospecting.  I still remember days we sat around a lunch table and laughed so hard we cried. 
 
Invest in your business.  It might be on image pieces to mail to people after cold calls, on a restaurant to hold a seminar, whatever.  There will come a time you have to put some $ into your business.  This is where a mentor can help determine if your propsed spending has merit or is just a waste.
 
Give yourself time away from the business.  For me, it was Saturday afternoons and all day Sunday.  Unplug and spend time with friends/family.  You need that kind of time to recharge and its pretty necessary if you have a wife and/or kids. 


Posted By: TheClutch
Date Posted: Aug/20/2010 at 2:15pm
I have tried my best to increase my initial weekly contacts and I am a "coldblodded mutha" on the phone, but with a one in 10 contact rate, I simply haven't been able to reach those levels.  300-400 contacts would require 3000 to 4000 dials per week at my current pace.  At 50 dials per hour (my average), we are talking about 60+ hours of nothing but dialing which leaves no time for prospect meetings, branch meetings etc. 
 
Sounds like I need to develop better list and increase my contact rate or start dialing faster!!  Either way, thanks for posting.  I love hearing wisdom like this from those who have made it. 


Posted By: knuk
Date Posted: Aug/20/2010 at 3:05pm
You need to ramp it from "coldblooded mutha" to "coldblooded muthafucka". That should get you there.


Posted By: Guests
Date Posted: Aug/20/2010 at 3:42pm
Originally posted by TheClutch TheClutch wrote:

I have tried my best to increase my initial weekly contacts and I am a "coldblodded mutha" on the phone, but with a one in 10 contact rate, I simply haven't been able to reach those levels.  300-400 contacts would require 3000 to 4000 dials per week at my current pace.  At 50 dials per hour (my average), we are talking about 60+ hours of nothing but dialing which leaves no time for prospect meetings, branch meetings etc. 
 
Sounds like I need to develop better list and increase my contact rate or start dialing faster!!  Either way, thanks for posting.  I love hearing wisdom like this from those who have made it. 
 
Remember, eggward said he would shoot for that if he were new again (no clients, no pipeline, no reviews, nothing).  I think he's acknowledging that those aren't reasonable goals once you have clients. 


Posted By: Ron 14
Date Posted: Aug/20/2010 at 3:45pm
Originally posted by knuk knuk wrote:

You need to ramp it from "coldblooded mutha" to "coldblooded muthafucka". That should get you there.
 
or ramp it up to canadian! Wink


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Ronmerica - Progressive government movement. Everything goes. Everything is great. Live it. Love it. Embrace it. Teabag it.


Posted By: eggward
Date Posted: Aug/20/2010 at 3:48pm
Well said, Ice. 


Posted By: Breesus
Date Posted: Aug/22/2010 at 12:13am
great thread Egg. 

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the next 10 years will be better than the past 10.


Posted By: kjcrolfe
Date Posted: Dec/01/2010 at 11:13pm
This is the best post I have read! Thanks for sharing!Smile


Posted By: Renter
Date Posted: Dec/04/2010 at 11:49pm

Don't mean to hijack, and this is certainly not for high-volume contacts, but when I talk to any clients and they happen to mention someone's name, particularly business owners, I make a note of it & ask a little about them. I then send an intro letter to that person that goes something like this "....your name was mentioned to me recently in a meeting and I'd like to introduce myself....."  Then I follow up with what is now a warm call. "....just following up on the letter I sent you and wondered if you invest, and if so, would you be interested in good ideas from time-to-time?"  or some variation of that.

It has recently worked well for me by meeting 2 new business owners, one of whom I've already converted to a client. My two cents.   -Renter


Posted By: newregrep
Date Posted: Jan/05/2011 at 3:30pm
very inspiring Egg. 


Posted By: aguilartx
Date Posted: Jul/07/2011 at 11:41pm
Nice read. The things you talked about are transferable throughout life...hard work, a little ingenuity, and being persistent. thanks.


Posted By: chance
Date Posted: Sep/25/2011 at 6:47pm
eggward:  Your posting is a reminder to all that success in this business requires WORK.  Thanks for some great info.

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Austin Advisor


Posted By: eggward
Date Posted: Sep/25/2011 at 6:55pm
To borrow a quote from Tony Dungy: I realized I had a much better chance of being exceptional through my efforts than I did by my talents. 
I'm glad my story offers some benefit to others.


Posted By: TheClutch
Date Posted: Sep/27/2011 at 7:28pm
Eggward,

There is a motivational tape I listen to that repeats affirmations and the one affirmation that I live by is very similar to what you quoted from Tony Dungy.  It says, "I make up for what I lack in talents, by my efforts".  I must have repeated that a million times to myself as I was dialing the phone because I figured there was no way anyone could beat me if I outworked them...no matter how talented I thought they were. This kept me running faster and faster on the hamster wheel! 

Very good advice you have given us in this thread.  Thanks!


Posted By: Hoss
Date Posted: Mar/02/2012 at 1:34am
"How many times does someone do what they say they will do? Not very often these days. If you cannot do something as simple as calling back in a month, why should they trust you with their life savings? Be politely persistent and you’ll get prospects attention and respect." Eggward
 
Politely Persistent. Politely Persistent. That's great.
 
 
 
 


Posted By: BigFirepower
Date Posted: Mar/02/2012 at 11:14am
I just love this topic.

I know far more people that failed their way to success, than started some place and got off to a good start and beyond.

Into the biz, knocked down, got up, knocked down, got up, knocked down, got up..... eventually people are scared to f'n death of you, because you are like Brad Pitt in Fight Club. Blood oozing out year eyes and ears, and you're laughing like a maniac! This is FUN!


Posted By: gotplanning
Date Posted: Mar/02/2012 at 2:50pm
What would all of you say the top four things are to do for someone who is just starting out?
 
The paramount, simple, everyday routine.
 
I would say there are ( in this order ).
 
1. Make at least 40-50 quality contacts 4-5 days per week.  (On the phone / in person )
 
2. Followup with existing prospects to keep them moving in the pipeline.
 
3. Time Management, Time Management, Time Management.  Email, picking funds and hanging out on AH is a TIME KILLER.
 
4. Finding something to relax and something to keep you motivated to prospect.  Whether it's money, family or that next ultra sensible commuter car.


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It's a long way to the top if you want to rock n' roll.


Posted By: eggward
Date Posted: Mar/02/2012 at 3:02pm
GP, I'd say that's a very good and concise list.  Pretty well sums up what I did....once I got my act together!!


Posted By: emfinitelp
Date Posted: Mar/23/2012 at 5:21pm
Excellent post! I'm going to share it with all the producers at our office who keep saying cold calling doesn't work (mostly because they're not willing to do it).

What was your production at after 6 years of following this schedule?


Posted By: Adityaa
Date Posted: Mar/27/2012 at 3:12am
market banking are a good way to build an investment but it is risky. You have to be careful and you have to be willing to really put yourself on the line.







http://www.kisfutures.com/" rel="nofollow - futures broker


Posted By: Guests
Date Posted: Mar/27/2012 at 9:11am
Yeah...you're suspended.  Guess it's back to your mud hut for the day, no?


Posted By: Ron 14
Date Posted: Mar/27/2012 at 10:42pm
Originally posted by iceco1d iceco1d wrote:

Yeah...you're suspended.  Guess it's back to your mud hut for the day, no?
 
LOLLOLLOLLOLLOLLOLLOLLOLLOLLOLLOL


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Ronmerica - Progressive government movement. Everything goes. Everything is great. Live it. Love it. Embrace it. Teabag it.


Posted By: HOLLYWOOD_JACK
Date Posted: Oct/10/2012 at 9:06am
Eggward,

Very inspiring information here. Thanks for sharing.


Posted By: Totally
Date Posted: Jan/19/2013 at 8:36pm
Great post. I love spreadsheets because nothing keeps me more motivated than checking off boxes when people are contacted


Posted By: Streetbroker
Date Posted: May/14/2013 at 1:42pm
This is a great post.  Thanks for sharing this!


Posted By: Ted
Date Posted: Jun/09/2013 at 11:06pm
Great post Eggward, love it! I have started tracking everything in a spreadsheet and I came to the conclusion more activity is needed to really accelerate at the pace I want to go. Nothing gives you more confidence than tracking your own numbers. Not a former engineer, but the son of one that was scarred for life.


Posted By: Sportsfreak
Date Posted: Jun/10/2013 at 7:22am
Glad this thread was bumped up, once again, great stuff Egg.

@Egg - would be really interesting to get an update as to what you are doing NOW to grow, as  (i assume) a mid-career FA who has made it in the business. If you are of a mind to.


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Sorry MINT, SF is right, I was wrong......Helado...March 8th, 2014


Posted By: eggward
Date Posted: Jun/10/2013 at 6:44pm
SF, growing is something we all struggle with!  In a nutshell:
-I still track everything I do.  Its the only way I know how to make sure I keep in proper touch with clients.  Taking care of existing clients is priority #1. I am fortunate to have a good business with good clients and I don't want to screw it up.
-I tried cold calling for a few months last year but didn't have acceptable results, so I stopped.
-Starting earlier this year, I started collecting the name of the accountant and/or attorney from every client.
-I am now contacting those accountants & attorneys to set up a lunch to get to know them.
-I hope to be able to send/receive referrals.
-Also trying to do a better job of getting referrals from clients.  One idea: when clients ask how is business going and I reply, "Great!  We've gotten new clients from referrals from a number of out clients."  This has often spurred a conversation about whether we are accepting clients, our minimums, etc. 



Posted By: Sportsfreak
Date Posted: Jun/10/2013 at 8:05pm
Thanks Egg, you are doing exactly what i am doing at this point. 
My only issue is that i have a good book in that its tight, not a lot of clients but more than enough assets. So i have a limited client base to market to.
But i also feel i have a good solid book, and my primary consideration is to not screw it up

I respond with a very similar comment when clients ask how things are going, and i also try to get to meet clients CPAs, whenever possible.


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Sorry MINT, SF is right, I was wrong......Helado...March 8th, 2014


Posted By: eggward
Date Posted: Jun/11/2013 at 5:06pm
I did get my Invesco wholesaler, when he called me today to thank me for a trade, to agree to send me their book on networking to other professionals.  I doubt it will offer any new ideas but I will read it when it arrives.


Posted By: eggward
Date Posted: Jun/14/2013 at 1:31pm
Update.  Just got the book:  RainMaker.  Strategic Partnering with Attorneys and Accountants
Looks interesting.  Will probably start reading it Monday.


Posted By: B24
Date Posted: Jun/14/2013 at 2:22pm
Originally posted by eggward eggward wrote:

Update.  Just got the book:  RainMaker.  Strategic Partnering with Attorneys and Accountants
Looks interesting.  Will probably start reading it Monday.

So, the theory is that you should try to get referrals from COI's?

Novel concept.


Posted By: balancedbull
Date Posted: Jun/14/2013 at 3:01pm
Originally posted by B24 B24 wrote:

Originally posted by eggward eggward wrote:

Update.  Just got the book:  RainMaker.  Strategic Partnering with Attorneys and Accountants
Looks interesting.  Will probably start reading it Monday.

So, the theory is that you should try to get referrals from COI's?

Novel concept.
Yep. I received a copy from a wholesaler and was underwelmed. Basically it is says to approach COI's like they are the client. If you can't make a list of things you know about the CPA such as hobbies, wife's name, anniversary date, bla bla bla, you are not going to get consistant referrals from them. I do agree with the part that states that 9 out of 10 times you will fail to make a connection from cold calling and mailings. You have to get introductions from your clients to their CPAs, and Attorneys. So in a nutshell, warm referrals work better than cold ones.Confused Earth shattering news! 


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“If Pac-Man had affected us as kids, we'd all be running around in dark rooms, munching pills and listening to repetitive electronic music.”

― Marcus Brigstocke


Posted By: Sportsfreak
Date Posted: Jun/14/2013 at 3:37pm
Everyone tries to sell the nnew new thing to advisors. But there are no new things. Its working the same things harder.
I should write a book. Then post in the vendors section


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Sorry MINT, SF is right, I was wrong......Helado...March 8th, 2014


Posted By: Moraen
Date Posted: Jun/15/2013 at 7:06am
Advisors will buy anything.  It's a great market if you can come up with some gimmick.

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I come in peace. I didn’t bring artillery. But I’m pleading with you, with tears in my eyes: If you fuck with me, I’ll kill you all. - General James Mattis

Fiduciary as Fuck - iMo


Posted By: HeavyD
Date Posted: Jul/04/2013 at 9:32pm
I enjoyed this thread and am glad I joined the forum today. I needed some additional motivation to get back into prospecting mode and material like this is helpful.


Posted By: Sportsfreak
Date Posted: Jul/04/2013 at 11:14pm
So Heavy, tell us a little about your biz. When you ARE prospecting, what are you doing to get in front of new blood?

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Sorry MINT, SF is right, I was wrong......Helado...March 8th, 2014


Posted By: yellow mamba
Date Posted: Jul/25/2013 at 6:35am
thanks egg for the post. i will come back to this on those dark days, when we need a little bit of a push.


Posted By: mvirden
Date Posted: Apr/24/2014 at 3:27pm
Very informative post. Thanks for sharing.


Posted By: Sportsfreak
Date Posted: Apr/24/2014 at 7:57pm
Originally posted by mvirden mvirden wrote:

Very informative post. Thanks for sharing.
Seriously, are you a troll? 
I have a feeling we wont be keeping you around here for very long.


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Sorry MINT, SF is right, I was wrong......Helado...March 8th, 2014


Posted By: ca$h_money
Date Posted: Apr/24/2014 at 8:11pm
Really SF? He's probably just trying to get enough posts to view the rest of the forums

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Success is 100% guaranteed if you simply never quit prospecting.


Posted By: Sportsfreak
Date Posted: Apr/24/2014 at 8:14pm
Originally posted by ca$h_money ca$h_money wrote:

Really SF? He's probably just trying to get enough posts to view the rest of the forums

Yeah, i thought of that after i posted. But was too lazy to delete the post. Fuck it. I'm sure he has a thick skin.


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Sorry MINT, SF is right, I was wrong......Helado...March 8th, 2014


Posted By: rosscar123
Date Posted: Apr/07/2018 at 5:21am
interesting read indeed..


Posted By: bc2051
Date Posted: Apr/07/2018 at 1:28pm
This is a good thread. So Egg if you’re starting today, how would you do it with DNC?

Biggest acct I’ve even been in front of was from a cold call where I ignored DNC. Sadly I didn’t get it. Asshole signed transfer paperwork for part of it (2 mil) to give me a shot and told me to wait to scan it in til he gave his guy the heads up it was coming. The call never came and I hounded him til I finally gave up. That one still bothers me


Posted By: RIArules
Date Posted: Apr/07/2018 at 1:50pm
Originally posted by BigFirepower BigFirepower wrote:

I just love this topic.

I know far more people that failed their way to success, than started some place and got off to a good start and beyond.

Into the biz, knocked down, got up, knocked down, got up, knocked down, got up..... eventually people are scared to f'n death of you, because you are like Brad Pitt in Fight Club. Blood oozing out year eyes and ears, and you're laughing like a maniac! This is FUN!


I miss BFP.

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We may "rob you slowly," but you're not going to see that shit.

Edward Jones Newb, Circa September 2016


Posted By: SometimesNowhere
Date Posted: Apr/08/2018 at 12:46pm
My all-time favorite BFP inspired post:

Originally posted by iceco1d iceco1d wrote:

I can picture it now...

[ring, ring, ring]

Client: Hello?

BFP: Hi Bob, it's BFP.

Client: Oh, hi BFP, what's up?

BFP: We need to sell your position in JNJ, WMT, and GS.

Client: What? Why?!

BFP: Don't question me! I've been in this business 25 years. I've seen this game a million times. We need to move now, and move quickly.

Client: But that doesn't really address why we need to trade them?

BFP: I told you. We must act quickly. I've seen this happen before. I've been in this business long enough to know when to hold'em and when to fold'em. I mean, I've been doing this 25 years now, you know?

Client: I can appreciate that. But what's wrong with JNJ?

BFP: Bob, I really need you to pull the trigger on these trades right now. In my 25 years, I've seen this type of thing before. Heck, I've seen clients and brokers alike burned by schemes like these jokers are playing.

Client: But BFP, we just sold all of my munis 2 weeks ago to buy this stuff? I lost a point and a half on the munis on each side of the trip, paid 2 points to buy these stocks, and now I'm supposed to sell them?

BFP: Yes.

Client: That's a lot of trading, and this is just the past 30 days!

BFP: Yes.

Client: Could we look at moving to a fee-based relationship? I heard that...

BFP: NO! Absolutely not! These fools have you brainwashed friend! I've been doing this 25 years and I've never seen a bigger racket than this fee-based gig...well, besides internet stocks, real estate, gold, variable annuities, indexed annuities, brokered CDs, structured products, mortgage backed securities, ARS, MARS, and well you get the point. Buying and selling stocks and bonds on a transactional basis is what we need to do, and we need to do it NOW before the month is over.

Client: Before the month is over?

BFP: Yes. Actually before the 27th. You know, T+3 for settlement.

Client: I don't understand.

BFP: You don't have to. Like I said, we need to do this NOW! I've been doing this for 25 years for fuck's sake!

Client: But wouldn't it be better to do this in a fee-based account? Rather than pay a point or two on 1/3 of my portfolio ever month?

BFP: Why on Earth would you want to pay 1.25% per yearr?

Client: Well if my math is correct...

BFP: Your math is WRONG! I told you already. 25 years! We need to act now.

Client: I really don't think so BFP. I can't be doing this every month.

BFP: But what about the club? And private jets? And yachts? And all that stuff?

Client: I don't know what you're talking about.

BFP: Everyone says that. I mean, 25 years! Jesus!

Client: I have to go BFP. Have a nice day.

BFP: In my 25 years I've never seen this type of vile behavior from a client! I'm making you a house account! Do you hear me! In fact, I'm just going to leave the business!

Client: Well do what you have to do I guess. I just asked a simple question.

BFP: I gave you 25 years of my life! And you give me horseshit! I'm leaving the business, I MEAN IT!

Client: Whatever you think is best.

BFP: I'M GOING TO POLL MY CLIENT BASE AND ASK THEM IF I SHOULD LEAVE THE BUSINESS, I'M FUCKING SERIOUS!!!

Client: I heard you.

BFP: I'M SERIOUS, I'LL DO IT!

Client: Ok.

BFP: Really.

Client: Ok?

BFP: I'M GOING TO DO IT THIS TIME!

Client: [Click]

BFP: I'm going...huh?

[crickets]

[ring, ring, ring]

Client #2: Hello?

BFP: Hi Jane, it's BFP. Hey listen, we have some serious action going on in WMT, JNJ, and some of your other holdings we picked up last month and we need to do some trimming...





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I sort of give a fuck.


Posted By: helado
Date Posted: Apr/08/2018 at 2:04pm
That guy was a genius. Wish he would come back.

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My posts are for abrasive entertainment only. Nothing posted is investment, legal, tax or any type of advice, nor is anything mentioned true or even based on real events. Posts are complete fiction.


Posted By: SometimesNowhere
Date Posted: Apr/08/2018 at 2:05pm
Too bad he was such an asshole 

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I sort of give a fuck.


Posted By: luvindy
Date Posted: Apr/08/2018 at 2:33pm
I miss Jay Wenk.

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8/31/12,Sportsfreak:
"If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time."
Dow 13,090 S&P 1406
5/23/13 UC:Dow 20k before 20% crrectn Dow 15,322


Posted By: helado
Date Posted: Apr/08/2018 at 5:00pm
well played.  x2

-------------
My posts are for abrasive entertainment only. Nothing posted is investment, legal, tax or any type of advice, nor is anything mentioned true or even based on real events. Posts are complete fiction.


Posted By: Muky13
Date Posted: Apr/09/2018 at 12:52pm
Hey great info, I was wondering if you guys ever left messages on cold calls/followed up a week later or something on those messages. 


Posted By: eggward
Date Posted: Apr/09/2018 at 6:03pm
Originally posted by bc2051 bc2051 wrote:

This is a good thread. So Egg if you’re starting today, how would you do it with DNC?

Biggest acct I’ve even been in front of was from a cold call where I ignored DNC. Sadly I didn’t get it. Asshole signed transfer paperwork for part of it (2 mil) to give me a shot and told me to wait to scan it in til he gave his guy the heads up it was coming. The call never came and I hounded him til I finally gave up. That one still bothers me

 
I do not know what would work for me if I were a rookie today.  What I do know is I would try at least three different ways to prospect, do them as much as time and $ allows, track their success (or failure), try other methods if needed, find the two methods that are the most successful for me....and then do them relentlessly for the next five years.


Posted By: eggward
Date Posted: Apr/09/2018 at 6:04pm
Originally posted by Muky13 Muky13 wrote:

Hey great info, I was wondering if you guys ever left messages on cold calls/followed up a week later or something on those messages. 

 
Never.  At best you will be ignored; at worst you will irritate potential prospects.


Posted By: SometimesNowhere
Date Posted: Apr/09/2018 at 6:09pm
Originally posted by Muky13 Muky13 wrote:

Hey great info, I was wondering if you guys ever left messages on cold calls/followed up a week later or something on those messages. 

I always left messages...as the Ameriprise guy in town. 


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I sort of give a fuck.



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