Two very impportant things in cold calling:

1- Cold Calling Presentation
2- Addressing Objections with Rebuttals

When I was a trainee, times were a lot different then, than they are now. I was in a program with 16 trainees, and we all sat at a big table, however there was only 8 chairs at that table, and if u didn’t get a chair that day you stood up for 13 hours and dialed. Furthermore we HAD to make 500 calls daily, or else we didnt have a job the next day. It was brutal, but I tell you what, IF you made it through the training process you would get your S7 books and most likely your future in the business looked good. I’ve seen some of the most successful financial sales people come out of programs like that.

As I said in my first post, a prospecting call is determined within the first 4-7 seconds of the call, so with that being said again it’s crucial that you have a strong open. Here’s my cold calling pitch that I used with great success.

EX:
Hi Gordon! This is Bud Fox SPEAKING (pause) from xyz capital how are you! (pause and let him respond). (“he replies Good” ) (You Say)- Great, I’ll keep this brief.. I represent a wealth management firm here in NY, and the reason for the call is to simply forward you out a business card and brochure, but most importantly contact you back at some point down the road when my company isolates something I believe will merit your attention, FAIR ENOUGH?

This is direct, straightforward and to the point. This pitch can be ammended to fit any investment product your selling. Remember it’s always the way you say it. You wanna have conviction behind your voice and be very clear. These prospects knows right away if you’re a rookie by your presentation. Put it this way if you had just raised 5 million from a client, and then got on the phone and starting prospecting, how do you think you would sound?
Now take that same scenario of getting on the phone and prospecting when you haven’t got a deal in 2 weeks. Catch my drift. Sell the sizzle not the steak!!!

OBJECTIONS:

You have to love objections, (well not really) there a huge part of any sales business. However the majority of objections are BS, unless they keep repeating them, or you haven’t put them to sleep. If you have a qualified lead you’re pitching and the guy makes 750k a year and has a NW of 5 mill, and is telling you he can’t put together 5-10k to test out your program, he’s lying to you! (PERIOD). Let’s look at the top 3 cold calling objections, and their rebuttals. I’m gonna use rebuttals as if we were soliciting about stock to make it easy, but rebuttals are universal. (I’m going to go through all of them in other posts).

1-NOT INTERESTED
2-NOT IN THE MARKET
3-NOT LIQUID/NO MONEY

NOT INTERESTED

This is the most famous objection in the industry, and also the biggest BS one as well. Some guys say it as soon as you say your name on a cold call. How can they possibly be not interested in something they know nothing of. It’s because your opening or presentation wasn’t strong, but sometimes it doesn’t matter they still click you. Let’s look at the rebuttal.

REBUTTAL /NOT INTERESTED

“Can I say this” It sounds like you’ve gotten quite a few of these phone calls? (he replies, yes and I hate them) “you reply” Ok I’ll spare you the pitch. What I’ll do is this, when I believe I have something that will merit your attention I’ll call you back one time, and give you the position to watch, you track it, and if the position works out i’ll call you back at some point down the road, and we’ll build credibility. FAIR ENOUGH? (He replies thats fair). Now a great seque to get back into the pitch to qualify him is “Ok great just so I can get back to you effectively in the future (you proceed to ask one of your questions to start qualifying him). Even if the position goes up down sideways, 9 out of 10 guys will never watch it.

REBUTTAL /NOT INTERESTED

Interest comes with performance. I have to believe if I can out perform your top performing investment you’d be interested correct? (He says Of course) You say. Ok so let me get back to you with one idea and if you like it great, if not we’ll part as friends. FAIR ENOUGH?

NOT IN THE MARKET

There’s over a billion investors in this country in some way shape or form. When they give you this objection it usually means they don’t want to get in the market with you, bc they don’t know you from adam, but almost everytime they’re in the market, whether it be pension, IRA 401k, and a slew of other different retirement plans.

REBUTTAL/NOT IN THE MARKET

Well you pop up as an individual who’s received dividends and income from investments in the U.S. When was the last time you invested? (he replies it’s been awhile, I don’t play the market that much) you say- Ok, I have nothing for you today, all I want to do is come back to you one time with an idea, I believe has significant upside potential, if you like it great, if not you walk away with a great recomendation. That’s Fair RIGHT?

REBUTTAL/NOT IN THE MARKET

Ok great I have nothing for you today, all I’m looking to do is simply send you a business card and brochure, and contact you back with my firms next top recommendation, if you like it great, if not we part as friends. FAIR ENOUGH??

NO MONEY/NOT LIQUID

This typically means they don’t have any money to give to you to invest, because again they don’t know you from Adam.

REBUTTAL/NO MONEY/NOT LIQUID

I appreciate your liquidity isn’t where you’d like it to be, but its safe to say, at some point down the road you’re going to be a little more liquid RIGHT? And your gonna want to allocate the bulk of your investment funds to a wealth manager who shows you the highest returns RIGHT? (he replies of course). You say- Ok today I’m not trying to sell you anything I’m just looking to send you out a business card and brochure, and contact you back with one idea ,to show you why I’m confident I can outperform all your investment vehicles. That’s gotta be fair right?

REBUTTAL/NO MONEY/NOT LIQUID

I understand sir, but I’m not trying to sell you anything, today I’m looking simply to send you out a biz card and brochure and contact you back at some point down the road
when we believe we have something that can merit your attention. FAIR ENOUGH??

These are some rebuttals that have worked like a charm for me. However in the cold calling business it doesn’t matter how good you are, you’ll still get hung up on most of the time, but these rebuttals will work wonders for you, if you say them correctly.

In conclusion, in my last post I had mentioned InvestorLeads.com as being the best lead company “in my opinion”, for the sole purpose of trying to help people acquire great financial leads. We’re in very challenging times, especially the financial industry. My purpose of these posts, is to help people in the industry, not argue about who’s way is right or wrong. If it works for you “great”, maybe I and other members can give you a couple of good ideas; and in this economic enviroment I don’t care who you are, you need all the ideas you can get. You don’t want to go to war with a six shooter. Do You?? I’m just sharing my experience. Until next time… Good Luck!!