Lukewarm cold call

Newbies in the financial industry will find that telephone consultation is still an effective way to find new customers and establish a business book. Although holding investor seminars and visiting companies to help manage their retirement plans are good options, sometimes cold calls are still beneficial or even necessary. But it only works if you do it well, so keep reading the list of tips and strategies included in the cold call script.

Key points

  • Instead of trying to sell on the first call, make some suggestions to potential customers and make sure to follow up.
  • Make sure you emphasize your talents and ask questions-but don’t be too personal.
  • Listening to your customers and their needs can provide you with valuable information and prove that you are an excellent broker.
  • Make sure you set a date to follow up with your potential customers.

Don’t sell on the first call

Many new brokers try to sell when they talk to potential customers for the first time, which is wrong. In many cases, they are so eager to open an account that they give the impression of putting stocks in the throat of potential customers. However, being too persistent can cause many potential customers to be suspicious or shrink back. Instead, give potential customers two or three stocks to focus on—the ones you think will perform well. It is a good idea to avoid sharing your best ideas with non-customers, because your next choice (if they become your customer) may be affected compared to your first choice. Essentially, you want to provide potential customers with three stocks that you believe have the greatest potential for appreciation—even if the growth is relatively small.

By offering two or three recommendations to potential customers instead of one, you can also hedge your bets while demonstrating an understanding of asset management portfolio methods. Remember that anything can happen in the stock market, even the best companies trade at lower prices in certain markets. In the end, by only hearing the name of a stock, your potential customers may feel that you are chasing their money for a stock and a transaction. This is definitely not the way you want to build a relationship.

After the initial conversation, wait a few weeks or months, then follow up with potential customers and review the options you give them. Chances are, if your choices are done well, potential customers will be more interested in talking to you and hearing your next thoughts. This is the so-called soft sales method.

Don’t post things

There is an old saying in the brokerage industry-mailers are losers. This does not mean that you should not provide potential customers with the information they request, but rather try to do your best by email. This engages potential customers. If they are willing to visit a website that describes your company and your talents, and at the same time provide access to your company’s research and investment analysis, you may have a better life. The more you have contact with potential customers and give them the opportunity to participate in learning more about you and your company, the more interested they may be.

Instead of sending emails to potential customers, attract customers by emailing or directing them to your website.

Emphasize your talents

If you have experience in estate planning or retirement planning, or you can tell how you can help your clients achieve their financial goals, then you will make greater progress than simply promoting the potential stocks you want to buy. Before sending money in your way, potential customers need to have reason to have confidence in you.

Ask questions, but don’t be too personal

A good salesman—a reliable consultant—will ask many questions. This is your way to understand the financial goals and dreams of potential customers. However, please keep in mind that they do not know you, so they will not be willing to discuss private details about the stocks they currently hold. Agents who bite the bullet and ask these personal questions on the first call are more likely to fail. It’s best to leave the privilege of revealing this information to potential customers through suggestions-once they understand you and understand your company and your capabilities, maybe they will be willing to discuss their assets and goals with you. This allows you to sell potential customers the advantages of dealing with you and your company without having to be a rigid salesman.

Listen to the response of potential customers

Remember, we have two ears and one mouth for a reason. In other words, brokers can benefit from listening more and speaking less. Listen to everything your potential customers say on the phone, because even though they may not open up to you in the first few calls, they sometimes post valuable information that can help you increase your chances of selling. For example, they might talk about their spouse, children, or their very large mortgage. They may also mention the death of a relative or recent job change. Life-changing events such as these are reasons why potential customers may need help from financial professionals. Your job is to show them this and present yourself as the best candidate for the job.

Set the date to call again

The first call you make to a potential customer is an introduction, not a sales call. It allows potential customers and brokers to get to know each other, and provides the opportunity to ask some basic questions about the potential customer’s financial situation. At the end of the conference call, the broker should say that they want to follow up in a few weeks or months and suggest a specific date. Of course, this means that you should follow up with potential customers on this date. This will show them that you are an organized professional and that you are serious.

Bottom line

Cold calls may continue to be a necessary part of brokers, especially for new brokers, as they are building their own business book. Although it may be difficult to sell, cold calling does not necessarily have that big problem. The most successful brokers emphasize the reputation and talents of their company and listen to the opinions of potential customers. If you follow these simple tips, you are likely to successfully use cold calls to build your business.


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