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Use Cold Calling To Jump Start or Supplement Your Client Development

Your Sales Manager Says "Just Do It."


More financial advisors talk about cold calling than ever before. Many of the most successful financial advisors tell me that cold calling remains a great way to identify prospective business and individual clients for their financial services practice. Here’s the latest information about what a group of million dollar plus producers say about cold calling:

  • You must be an experienced cold caller. Your first week on the job won’t yield the same results as a confident, polished professional with years of product knowledge. That’s one of the reasons new financial advisors moan about why cold calling doesn’t work for them. You’ll get better as the months progress. You'll develop what one multi-million dollar producer calls "technique."
  • You must focus on a target client or product. That’s why your sales manager is right. Select one or two products or ideas you really like, and analyze these products. Then practice explaining why these products or investment ideas make sense for your target client. Your products, services, or investment ideas won’t attract all customers. Again, you shouldn’t expect them to attract everyone.
  • You must establish goals. Before you pick up the telephone, you must have an objective. Your objective must be identifiable and realistic. Converting the prospect to a client on the first call isn’t realistic.
  • You must embrace a systematic approach to your cold-calling effort. In order to become an effective cold caller, you must: a) develop a script (though you shouldn’t read from it, and you should customize the script according to each prospect); b) make calls each day, and determine what times of day your effort yields the greatest results; and c) record your progress (you’ll be surprised at how many people you identify each week, and how the number builds—and don’t forget to ask for referrals!)
  • You must believe you can achieve results. This statement may seem a bit mystical to some financial advisors, but it’s true. If you don’t believe you’re any good at cold calling, you won’t be good at cold calling. Prepare to make cold calls by taking these steps, and you will become an effective cold caller!

Even if you’re not the greatest cold caller the world has ever seen, using a disciplined cold calling approach can add value to your warm call and referral development program. The benefit of cold calling is that it requires absolutely no connections.

“You’ve got to start somewhere!” says a high net worth financial advisor with Goldman Sachs in Miami.

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