For all you RIA's/Wirehouse advisor's etc. I have this discussion often in the office with the new brokers. I meet a lot of young guys who don't cold call at all to build their book nowadays and I always get blowback when I argue for it. Although I'll agree it's definitely not as successful in today's day and age, I still think it's a high volume supplement if you are trying to build a book. At the very least, it'll help newbies get over the fear of rejection. What are some of WSO's thoughts on cold calling in the modern world?
Jul 12, 2018
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Actually, I've never been a fan of it (been at it close to 30 yrs and did some early on). I would suggest time is better spent forming relationships with 3rd party endorsers (CPAs, Prop / Casualty shops, Law firms, etc.) Actually another form of cold calling but you're calling on them to show them how you can benefit their clients. These professionals frequently are asked their opinion on investments, planning ,etc by their clients. Generally, they are not comfortable (because it's not what they do) being "responsible" for that. Some may have a list of solid advisors to refer to. Others might be looking to form a relationship. when they bring you in, a typical client will just follow your guidance.
It's a softer approach, may take a little longer, but the referrals are solid and you tend to get many over the long haul.
Great take and I definitely agree on developing good 3rd party endorsers. +1SB
nothing in business building is a slam dunk, so you have to have lots of lines in the water. short answer: yes, cold calling works, but it's not a high hit rate.
I think it works precisely because everyone doubts it.
Good point. Always appreciate your insight. +1SB
It works and will keep working better and better for two reasons:
-less and less people are doing it -as more things are pushed towards faceless technology people more and more will want to deal with a real person
Nice take. +1SB
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