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Ronnie Dobbs View Drop Down
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    Posted: Jun/03/2010 at 11:33pm

Per the discussion we were having about utilizing our BOA's, debolt would like me to post this here. This is what I do and how I utilize my BOA.

 
Basically I have a few criteria each month that my BOA knows to do. Each month we do the following.

#1. I print off our client assets report and commission rankings. She schedules 5-10 client calls everyday beginning at the start of the month. Every month they are in a different order and based on opportunity. She schedules them the morning I call based on where the biggest opportunity for an appointment or sale is. This ensures a couple of things. It gets you off to a pretty good start for the month and also ensures that you speak to every client by week 2.

#2. Every month she looks at the birthday list and calls each person with a birthday, as well as 2 other clients (based on opportunity), and I take them to either lunch or dinner. I pick them up in my SUV and take them someplace nice.

#3. She schedules appointments at 10, lunch (as said above) and 2. Anymore appointments can be made, but if 4 are made i push my prospecting calls to the next day, since appointments are where the money is made.

#4. We have a 20 mile area that we have mapped out and every neighborhood in that 20 mile radius mapped out. My BOA and I started with 1 neighborhood. She uses a map and starts with the first street and moves down the list. She uses whitepages.com to find a person that lives on that street. Once she does that she can hit "find neighbors" and it will give the names of everyone who lives there as well as address, phone number and age. She checks that info against various other databases to make sure the info is correct and that I am asking for the actual home owner. (The info is EXTREMELY accurate. Maybe 1 inaccurate every few days). After i've called all the people on that street, she moves on to the next. When that neighborhood is finished, we move on to the next. If they answer, I send them a thank you note and a market update along with a phone call follow up for a few weeks. If they don't answer, I call them 3 times, then put them on a mailing list. Surprisingly i have about a 4/10 answer ratio. (To answer your question. I only prospect residential. Reason being, ALL business owners live in a home. If you prospect residential, you are going to find the business owners. Vice Versa, you might not always find them at work or they may never go to their place of business. Just my opinion, but it works for me). I call between 1-7. Whenever she has me scheduled.

The most important thing is that she has COMPLETE AND TOTAL CONTROL of my day and month. I give her certain criteria that I want met, (Ex. Clients per day, lunches, prospects per day etc) and schedules my day. She has a list of priorities. #1. Appointments. #2. Clients #3 Prospecting/Networking. She takes full control of scheduling and organizing my day. I just come in and do it.

Oh. I treat every client the same, no matter the money. That means lunches, calls, etc....Even if they don't have money, someone they know does.

and this is impossible to do, if you do not have an amazing BOA/Assistant
 
I also reward her in a few different ways, for meeting our goals...
 
I give her 10% of any trimerster bonus (which we should start getting soon. Jones matches that as well up to 10%. So they get 20%. She gets $10 for ever $100,000 of new assets. I have 4 goals for each month.
 
1. 3 new $100,000 households
2. $500,000 in new assets
3. Household average of $125,000
4, $20,000 Gross

If we reach all 4 goals, then we take the last day of the selling month off in the afternoon. I give her $100 bucks. and we go have a drink. I am very blessed to have such a go getter BOA, so i appreciate it. Also told her that when we hit Seg 4, i will pay for her turnpike pass that she uses everyday to get to work. We are also talking about adding in a yearly incentive if we get our yearly goals.

You pay for greatness......in 4 ways..
1. Blood
2. Sweat
3. Tears
4. Money
 
 


Edited by Ronnie Dobbs - Jun/03/2010 at 11:35pm
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Debolt View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Debolt Quote  Post ReplyReply Direct Link To This Post Posted: Jun/03/2010 at 11:54pm

Great Post. I have a couple questions though...

 
1.

Describe the "Client Assets Report" "Commissions Rankings" and the purpose for these reports?

 

Does she call the client to schedule these calls?

 

How do you determine the "opportunity"?

 

2.

No questions

 

3.

Do you limit your day to 4 appointments? In the office or anywhere?

 

4.

What other databases do you use to check the names and addresses?

 

Do you call as a cold call or warm it up by pretending to know them or "Bob" down the street?

 

Misc.

Do you have a model template that is time blocked for her to go by? If so can you share it?

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
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Indyone Quote  Post ReplyReply Direct Link To This Post Posted: Jun/04/2010 at 12:10am
You've got an excellent BOA.  Mine is capable of everything you describe, although I utilize her differently since my business is at a different stage.  Nice constructive post.  Even though my business is in a different place than yours, I'm not above stealing some things from it.
"Independence is like the Berlin Wall. People are only jumping in one direction." - Philip Palaveev - November 2005. "You are never free...unless you are independent..." - Indyone - May 2005.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Ronnie Dobbs Quote  Post ReplyReply Direct Link To This Post Posted: Jun/04/2010 at 6:02am
Originally posted by Debolt Debolt wrote:

Great Post. I have a couple questions though...

 
1.

Describe the "Client Assets Report" "Commissions Rankings" and the purpose for these reports?

 

Does she call the client to schedule these calls?

 

How do you determine the "opportunity"?

 

2.

No questions

 

3.

Do you limit your day to 4 appointments? In the office or anywhere?

 

4.

What other databases do you use to check the names and addresses?

 

Do you call as a cold call or warm it up by pretending to know them or "Bob" down the street?

 

Misc.

Do you have a model template that is time blocked for her to go by? If so can you share it?


1. The client assets report is a report we can print that shows us a rank listing from the most assets to the least assets in our book, Commission ranking shows every client ranked 1- whatever, showing whos done the most business with us.

No she doesn't call them to schedule the calls. These are surprise calls from me, each month, even if it's just a "Hey how you doing". 

My BOA knows EVERYTHING, including what my paycheck is each month. I inform her everyday on where we are at gross, where we are in the bonus bracket, what sales I made, what my conversations were like and who i had them with. She keeps a whiteboard at her desk with all the goals on it. Each day I give her all the figures and she subtracts it from our goal. So shes staring at it in the face. She knows where the opportunity is and I let her decide. (After all your BOA/Assistant talks to your client more than you). She takes those reports, scans through the client list and chooses for me, who i should called based on who she thinks I have the best opportunity to get an appointment or a sale. The client could have called and expressed interest in something previously, or has money elsewhere that we haven't had moved over, or is in the process of a transfer, or mentioned something.  This works out amazing, except it works ONLY if there is 100% transparency with your BOA about EVERYTHING.

3. I will take as many appointments from 8-7 that I can get. Reason being, those are your money makers. Thats almost like saying, "I'm only accepting $400,000 in new assets today". I have them in my office or wherever is convenient for them. This must ALWAYS happen, no matter the size of your book. Example: I have a mutual client with another Jones rep in town, whos been around for years. She's only my client because her sister was and she passed away and now the new client is the heir to her estate. Well, not only was her sister, who passed, filthy rich, but the new client paid cash for her new $400,000 home, owns a small airport and thier own private plane. Yesterday, I had her review in her new home that she built and she was in awe that I came there. In fact, so much that she will be transferring all her assets to us, simply because i will do her reviews in her home and the guy shes had for 25 years, won't.

4. I'm not sure every database that my BOA uses to cross reference the white pages. I know that she checks the county assessor site, att phone book,google maps, etc. For Example: Whitepages.com will give you most of the info that you need, but sometimes it may give you 4 people that live in the home, so in order to make sure who the homeowner and wife is, she'll cross reference the county assessor site. This will also tell us if they have a trust (which means they have money) because the house will be in a trusts name. She cross references many databases just to make sure that the numbers and addresses are correct. By doing this, shes rarely wrong.

My strategy is different than most. I do not pitch anything at all. "This helps with the DNC thing as well". I have a 20 mile area mapped out and have about 20-30 good sized neighborhoods in that area. My strategy is to blanket call them all. Introduce myself, tell them where I am, and offer my assistance and a second opinion. This rids yourself of the "salesmen" stigma and separates you from the 20 other people that called them that day saying "If you have the money available, I think you should buy some today". You know right away if they are going to be accepting to your services. Even if they don't say right away "Yes transfer it all!", they will ask questions and at least have a 5 minute conversation with you. Then note it and move on to the next person. Each neighborhood should generate atleast 5 really good prospects, that were very open with their info and wanted to talk to you. if you blanket all the neighborhoods at 5 good prospects and 20 neighborhoods, thats 100 REALLY REALLY GOOD WARM OPEN PROSPECTS. (It would take you forever to do this with doorknocking and it probably won't work)

Now you have your pipeline. Only follow up calls with these folks. If you got an, "I have an advisor, bye", send em a card and a thank you note, fuck em, & move on. You have such a large pool to work with, that it doesn't matter. Work through those 100 prospects until you've squeezed every last drop out, then rinse and repeat and add 100 more. This ensures that you aren't dealing with objection after objection because your dealing with people who enjoyed talking to you and your skimming the neighborhoods for the open prospects, leaving out the stress. You will have some soft objections, but it's the difference between your favorite client and your worst client. And yes, you will get LARGE accounts doing this. It's basically, basing cold calling on the ol saying "You do business with people like you". Those people that were open to you right away on these phone calls, enjoy talking to you.


Misc.
I do not have a model template. As I said above, my BOA schedules appointments at 10, lunch, and 2 first, if more than 3 she fits em in where she can. Client calls in the morning and prospecting calls from 1-7. She puts the prospecting calls in way in advance and blocks a time around my appointments. If she schedules 4 or more appointments, she pushes my calls off to another day. Client calls are always made, though. She, like i said, is in COMPLETE control of my day. She schedules things as they come and adjusts as needed. This ensures that you are flexible but organized. IF i need to leave or need to do something, i let her know but this keeps you only working on your work and not wasting anytime planning for the next day. She also keeps my personal things organized, Ex: family events, weddings, vacations, dinner reservations. She schedules it all and even calls and makes the reservations.


This is why on the RR site, there was a thread if some of you remember that I was arguing with everyone that was saying a BOA hardly works. A BOA hardly works, if you let her hardly work. If you aren't busy, neither is she. If your busy, shes going to be. Your BOA/Assistant is what you make out of it and if you expect her to be part of the team, make her/him part of the team. Be open, transparent, honest, and giving with them. At the same time, let them know you expect nothing less than greatness. If she doesn't have enough to do, Its your fault. You aren't working hard enough. If she's only answering phones and filling out paperwork, you are wasting money. You can do that yourself. If my BOA was allowed, she would cold call right beside me. Why? I give her a huge part of my trimester bonus, She wants a $20,000 trimester bonus. 


Edited by Ronnie Dobbs - Jun/04/2010 at 6:28am
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Great post. 

I will point out that it depends on your abilities as a manager, and also on the BOA in question.  My philosophy was much like RD's, but the BOAs that they let you interview suck for the most part.  There are gems. 

I remember one, really hot one that worked for my mentor.  He got to Segment 5 because of her.  She was competent, hard-working and motivated.  Most of the BOAs are a mess. 

Just having the BOA touch base with your yellow and red clients is worth it IMO.  That's one of the things I did.  Unfortunately, no BOA I had was well-liked by any of my clients. 

The first thing you do when you have a bad BOA is look inwardly, making sure that YOU are not the problem.   If you determine that YOU are the problem, then fix it.  If it's not you, try to fix your BOA.  I have done this at my company and it seems to work.  Occasionally it will be a problem with me, but regardless, we've fixed problems as they've occurred. 

It seems as if RD has a really squared away BOA. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote cali123 Quote  Post ReplyReply Direct Link To This Post Posted: Jun/04/2010 at 10:13am
My strategy is different than most. I do not pitch anything at all. "This helps with the DNC thing as well". I have a 20 mile area mapped out and have about 20-30 good sized neighborhoods in that area. My strategy is to blanket call them all. Introduce myself, tell them where I am, and offer my assistance and a second opinion. This rids yourself of the "salesmen" stigma and separates you from the 20 other people that called them that day saying "If you have the money available, I think you should buy some today". You know right away if they are going to be accepting to your services. Even if they don't say right away "Yes transfer it all!", they will ask questions and at least have a 5 minute conversation with you. Then note it and move on to the next person. Each neighborhood should generate atleast 5 really good prospects, that were very open with their info and wanted to talk to you. if you blanket all the neighborhoods at 5 good prospects and 20 neighborhoods, thats 100 REALLY REALLY GOOD WARM OPEN PROSPECTS. (It would take you forever to do this with doorknocking and it probably won't work)

Ronnie - great info here  -thanks for sharing

How many names are you using in a neighborhood (basically what defines a neighborhood)

Mind sharing your actual pitch?

Do you find dripping /mailing them something afterwards worthwhile or do you just keep up the follow up calls.
Its just something about your face. I wanna punch you right in the suck hole! POW!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Sportsfreak Quote  Post ReplyReply Direct Link To This Post Posted: Jun/04/2010 at 8:06pm
RD - Curious to know - what type of area are you in? Big city, suburbs of a big or small city, etc???

Good constructive posts.
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 have a 20 mile radius mapped out. EVERY Neighborhood is called. Then again, to answer Sports question, I live in a decent size city. The part of the city that my office is located is all brand new housing development. It is also where all the new 10,000 sqft houses are being built, just kidding, but really. It's basically where all the new country clubs and gated communities are being built, as well as all the non gated $300,000+ homes. So, I know that all the neighborhoods in question have money. If i come across one that looks sketchy, i probably won't call it, but then again I might.

My strategy is to skim over all the neighborhoods and call EVERY person in that area. Your garaunteed 5-10 people who give you info and chat with you out of 100+ people in each neighborhood. Thats a large pipeline of SOLID, welcoming leads.....Can't beat that...

My pitch is easy...Nothing pitched. In a nutshell it's this:

My name is Fartsniffer. I have the Edward Jones office, just down the street from you. I actually live in the area as well. How are you?

I'm really only calling for two simple reasons. 

#1. I just wanna let you know that our office is just down the street, and 
#2. To see if i might be of assistance to you in anyway, whether it be a second opinion on your financial plan or just questions or concerns about whats going on in the market today.

They will either say, "I'm taken care of, I have an advisor" or they will start joking with you such as, "Well if you could get the market to go up about 4000 points" and start giving you info about where thier investments are and what they have. The objective people just get a thank you card, with my card and my BOA's card and fuck em. The second scenario client gets the same thing, a market update, and follow up call for lunch 2 weeks later. I don't bother with the objective people, I just skim all the neighborhoods for the warm clients. They add up.

and I don't really waste the stamps on people who don't wanna talk to me.

The overall objective is not to sell something to them. It's to find the good prospects, then follow up with a call for an appointment, then transfer everything they have. I'm not a "This is the most amazing bond, buy some today" guy. I'm the "Let's take some time, consolidate all 4 of your investment accounts and develop a solid plan to make sure your on the right track" type guy. I don't make my money from individual bond  or mutual fund sales. I make it from getting the entire account.


Edited by Ronnie Dobbs - Jun/04/2010 at 9:21pm
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Do you leave a message?  What market update do you send? 

Can you walk us through what you say to the "I have an advisor"
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Ronnie Dobbs Quote  Post ReplyReply Direct Link To This Post Posted: Jun/04/2010 at 9:27pm
Originally posted by Volt Volt wrote:

Do you leave a message?  What market update do you send? 

Can you walk us through what you say to the "I have an advisor"

I don't deal with the "I have an advisor" people, unless they start giving me details, but the guy that says "Im good, see ya"...fuck him. No need for stress. You'll get enough warm leads, you don't need to bother.

No message left. If they know why you are calling, they won't answer. (trick i learned in a call center). I call 3 times, then remove them if they never answer. 

I just send the most recent market update.


Edited by Ronnie Dobbs - Jun/04/2010 at 9:28pm
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RD - good for you not trying to open an account with a bond or stock sale.  
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Originally posted by Volt Volt wrote:

Do you leave a message?  What market update do you send? 

Can you walk us through what you say to the "I have an advisor"
A simple "How's that working out for you" usually does the trick. 
We may "rob you slowly," but you're not going to see that shit.

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Ronnie Dobbs View Drop Down
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Originally posted by Moraen Moraen wrote:

RD - good for you not trying to open an account with a bond or stock sale.  

Thanks Moraen. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote indynow Quote  Post ReplyReply Direct Link To This Post Posted: May/08/2012 at 3:55pm

God, I don't miss having a BOA. Seems like I spent more time repairing her errors than making my own. I'd rather make my own.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: May/08/2012 at 7:51pm
God, I don't miss Ronnie Dobbs. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: May/08/2012 at 7:55pm
Originally posted by iceco1d iceco1d wrote:

God, I don't miss Ronnie Dobbs. 


Are you happy with his replacement ala BFP and now Frank?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: May/08/2012 at 7:56pm
I kind of always thought you were Ronnie's replacement...
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Originally posted by iceco1d iceco1d wrote:

I kind of always thought you were Ronnie's replacement...


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Post Options Post Options   Thanks (0) Thanks(0)   Quote BondGuy Quote  Post ReplyReply Direct Link To This Post Posted: May/09/2012 at 2:35pm
I missed the beginning of the movie. Who is/was Ronnie Dobbs and why don't we miss him? This thread seems to give good advice.
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