How To Cold Call To Grow Your Book of Business

When people ask me what it’s like to be a financial advisor, I tell them that I’m always on, i.e., selling.

If you don’t like selling things, then you should seriously reconsider this as a profession.

Most of the time, your company will not be funneling you leads, and it’s kill what you eat.

Before I became a financial advisor, I expected that my days would be spent optimizing investment strategies, but most of the time it’s spent prospecting.

I focus on having as many meaningful conversations with people as possible to discover their needs and present a solution if I have one (and most of the time I do).

I don’t cold call because at this point in my career I get enough referrals, and I’ve mastered the art of prospecting in everyday life.

However, I know people that do because it’s their only option to grow their book of business. This is typically for more junior advisors that are just breaking into their careers.

If that’s you, and you’re considering cold calling as an option, here’s how I recommend approaching it:

– Define a target market. Know who you’re going after, and who could use your skills the most. Is it new families, elders, athletes? Get specific.

– Consider buying qualified leads, but you can also use social media platforms like Linkedin to reach out to prospects.

– Craft your script. (Keep it short. The goal of these cold calls is not to sell a product, but to schedule, a 15 min follow up call. Don’t make it too short though; you want to build rapport with your prospect, so they actually show up for your appointment. Get to know them, crack a few jokes, make yourself memorable and convey the importance of why they should give you their time.

This is a numbers game so get used to rejection. If you have a fear of rejection or ‘call reluctance’ just keep plugging away. You will become a master at this and a pretty good negotiator.

Making tons of calls per day can be daunting, but it can work.

Do I think it’s the most efficient and scalable strategy for the long term? No, but you know what is? Hustle. I’m a huge proponent of hustle and having as many conversations as possible.

Understand that there will be days when you will dial a hundred people, and no one will book an appointment. You will be cursed at and hung up on, but don’t give up.

I know stories of people that started off cold calling and worked their way up to become a top producer.

Now they get 100% of their leads from referrals. They put in the work, sowed the seed of hustle and now they’re reaping the benefits.

Cold call if that’s what you need to do to level yourself up. It works, just be prepared to stick with it.

If it’s unfamiliar territory for you, pick up a few sales books, do a few online courses, write out a script and start picking up the phone.

You will fumble, but the skill and grit you’ll get from it will transform you into a mentally strong, confident, and determined person.