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Norway,
Thank you for the reply. To sell VA, won't you in the near future need FINRA reg? thanks....
Dealing with Let Downs
- Thread starter Baconfat
- Start date
Norway,
Thank you for the reply. To sell VA, won't you in the near future need FINRA reg? thanks....
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StoneRiver said:
Yes but that is if and only if I want to sell VAs, Mutual Funds etc again.
- Thread starter
- #73
Yes. I was agreeing with Norway in how it is an expensive way to prospect.
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You missed his point. You invited her to dinner. Don't get mad that she enjoyed herself.
Meals are for clients, prospects get coffee.
Can't remember who told me that, but I always thought it fit. If the thought of a prospect eating a nice meal on your dime and then not doing business with you bothers you, you need to find another way to prospect.
- Thread starter
- #75
I get it, didn't miss the point. I dont mean to come off as lashing back, or however Gemini put it, but trust me I'm not mad at her, or myself for picking an expensive restaurant, just said it was beating me up and that I need to reassess things after reading the many helpful posts on this thread. I came here to learn, and more specifically to this thread, to see what you all might do to rebound and learn some tips on how to still earn some business if you were in a similar situation. There is such I high turnover in this line of work, thought it might be something alot of people could benefit from reading
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Or don't spend $200 on a meal.
I like to treat my prospects to lunch or breakfast sometimes. Since they are usually busy, I use it as a way to get an appointment while allowing them to do something they would normally do (eat). When we're there, I tell them that I want to get to know them, and I find that "breaking bread" is a good way to find out if we'll be a good fit and able to work together well to get his/her business to where they want it.
It usually works. My clients like the soft sell approach.
I like to treat my prospects to lunch or breakfast sometimes. Since they are usually busy, I use it as a way to get an appointment while allowing them to do something they would normally do (eat). When we're there, I tell them that I want to get to know them, and I find that "breaking bread" is a good way to find out if we'll be a good fit and able to work together well to get his/her business to where they want it.
It usually works. My clients like the soft sell approach.
My advice is to keep going after the bread and butter "small but steady" cases. I've seen a lot of new agents ruin careers by landing a big case too early in their career. You just have to mentally look at it as a good thing if you're planning to stay in this line of work for very long.
This is by far one of the most interesting cases that I've read. I can't imagine offering to pay for "Dinner" for a prospect. I've turned down their offers numerous times to buy me Dinner, and worried that I had offended them, but didn't want to be in the situation of having them pick up the check, and not get what they wanted later.
I do allow current clients to do odd jobs for me, and it seems to satisfy them and keep them coming back to me for different things.
Your job is to empty your client's wallet, not have them empty yours, duh.
I do allow current clients to do odd jobs for me, and it seems to satisfy them and keep them coming back to me for different things.
Your job is to empty your client's wallet, not have them empty yours, duh.
- Thread starter
- #79
I was just casually talking to a rep from another firm and he also mentioned that he likes breakfast meetings. I'm going to definitly consider that. I am going to keep on trucking along. I have other income coming in, but I'm determined to do well in this business. I'm not making a lot of money with my other income, but between that and my wife's salary we are able to pay our bills while i continue to try and replace my current income. I know it's a tough business and I knew that before I even started studying for my licenses (getting licensed was the easy part). Although i currently do not make a lot of money, I have built up quite a reputation in that field. Now I just need to build a reputation in the finance field, which of course is a lot easier said than done.
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Now I'm new and im not sure of your tone since, well, we are typing here. But I am on the side of fattening both my clients wallet and mine while providing a service that either they can't or don't know how to do. Before I do anything, wouldn't you feel it necessary to build some kind of trust/relationship? I know its an expensive and risky way to prospect but sitting down with someone for an hour or two is an intro to that relationship, no?
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And I should have mentioned it earlier, but I'm not looking to be a product specific (ie annuity) salesman. I'm looking to build a book of business of satisfied clients that refer me to everyone they talk to because they are overwhemingly satisfied with the service I provide. Getting to that point is every bit as difficult as experienced advisors warned me it would be
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I have been successful with soft sell approach in my previous/current line of work. Give a bit of info, spark some interest, tell them when and where to find me, and wait for them to come back. No pressure or obligation. I'm having trouble implementing that approach now though and am still trying to hone my approach. I know what I can do and what needs to be done. Im not sure if its my approach, the prospect, my confidence, my greenhorn status, etc. I realize the more people i get in front of the more deals I will close but there are other factors I am still working on. Therefore I humbly come to you all
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Has anyone ever seen the south park episode with the under pants knomes?
Step 1. collect underpants.
Step 2. ?
Step 3. Profits
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Now I'm new and im not sure of your tone since, well, we are typing here. But I am on the side of fattening both my clients wallet and mine while providing a service that either they can't or don't know how to do. Before I do anything, wouldn't you feel it necessary to build some kind of trust/relationship? I know its an expensive and risky way to prospect but sitting down with someone for an hour or two is an intro to that relationship, no?
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And I should have mentioned it earlier, but I'm not looking to be a product specific (ie annuity) salesman. I'm looking to build a book of business of satisfied clients that refer me to everyone they talk to because they are overwhemingly satisfied with the service I provide. Getting to that point is every bit as difficult as experienced advisors warned me it would be
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I have been successful with soft sell approach in my previous/current line of work. Give a bit of info, spark some interest, tell them when and where to find me, and wait for them to come back. No pressure or obligation. I'm having trouble implementing that approach now though and am still trying to hone my approach. I know what I can do and what needs to be done. Im not sure if its my approach, the prospect, my confidence, my greenhorn status, etc. I realize the more people i get in front of the more deals I will close but there are other factors I am still working on. Therefore I humbly come to you all
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Has anyone ever seen the south park episode with the under pants knomes?
Step 1. collect underpants.
Step 2. ?
Step 3. Profits
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Baconfat said:
I totally agree with the spending an hour to get to know a prospective client at the level you are dealing in. Having said that I personally don't like spending your money on them its definatly an expensive way to prospect. I wonder of your 10 responses that led to only 4 dinners how many of the 5000 mailers would have allowed you 10 or 15 minutes to show them a unique idea to grow thier accout or provide a longer stream of income in retirement or How long do you want Uncle Sam to be a primary beneficiary in your retirement account.
Granted 15 minutes doesn't give you time to present more than 1 idea and Yes that 1 idea may not be new or even a good fit for everyone you meet with but it let's you write some small tickets and work towards that big approach you want.
