{ "media_type": "text", "post_content": "If cold calling was essentially one's sole prospecting method, what size city population would be needed to sustain it; assuming one is following The 500 Day War and 300 calls a day?", "post_id": "5b8655ddd797813a4c75ab0b", "reply_count": 14, "vote_count": 4, "bowl_id": "599feb177c057d0010be0554", "bowl_name": "Financial Advisors" }

If cold calling was essentially one's sole prospecting method, what size city population would be needed to sustain it; assuming one is following The 500 Day War and 300 calls a day?

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Lol that is absolutely insane. Go take out a credit card and put together a halfway decent seminar and market the seminar and you will have 20 prospects that are all qualified and most of whom can do rollovers from retirement plans. Let me give you new numbers: Spent $2,000 marketing a seminar at a restaurant last week (you can use libraries and be cheap). Spent $800 on dinner. Total Spend: $2800 You will have at least 15-20 people attend. If a halfway decent speaker you will schedule meetings with at least 5-6. Close one piece of annuity business with those people assuming they are 5-10 years from retirement and it’s appropriate and they would like some guarantees of income in their plan. Say that piece of business is $100k (that’s way lower than average). You take upfront commission of 6-7%. You have made back 2x your investment and this is literally worst ass scenario of low turnout and bad booking and closing ratio. I average 5-7x return on my money prospecting with seminars. Also this is not including all the other money you can pour into fee based business and managed money and whatnot to create a “salary” and recurring income stream for yourself. It’s really not that complicated but you have to use the right forms of marketing and prospecting and cold calling is not it anymore.

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500 day war in 2018 - 25k dials = 2500 contacts - 750 listen to your pitch - 150 don’t hang up 15 agree to meeting- 3 are qualified 1.2 close (if you’re a ok closer) that’s a 0.005% dial to close ratio. Assuming you need about 10 clients a year to be successful that’s 200k dials a year which would be 833 a day

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What do you mean? How does what transition? During my seminar I talk about social security planning and then how an annuity can help to solve an income gap on a guaranteed basis and anything that’s left over can be in managed money in the market. I talk about how and why to do rollovers and by the time they come in for meetings most are ready to jump on board on that track.

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Cold calling?! That. Sounds. Terrible. Network.

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I had never heard of the 500 day war until you just mentioned it. Thank you for that. I’ve been rereading it for like 2 hours and am amped as hell to go to the office tomorrow.

I would love to hear if anyone out there makes this many contacts a day anymore. And what does the script look like?

That’s the ratio in my office

Forget it You can’t make cold calling. Lost cause

Fa3, I am doing seminars and wonder how they translate going from the transaction of an annuity to the building of a relationship to work with an adviser.

No, I meant that typically an annuity sale is a one time transaction whereas being at an RIA is an adviser who is looking for a long term aum relationship. Maybe you're different, but I'm an adviser looking for more than the sale of a product. I'm doing seminars where I'm not focused on driving a sale so I'm wondering how seminars work for someone like me

You should be hybrid so you can do both otherwise they will be hard for you and I will keep taking your clients because I can offer something you can’t.

Are you hybrid?

Yes that’s why I can use annuities and take commissions and also do fee based business and alternatives as well.

Don't limit yourself to one city- we call the whole nation and most of or firm uses cold calling ONLY!!!!

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