Cold Doors 2020 - Discussion Thread

[DayTimer]

Go Out in the Cold​

Cold doors are a superior method of prospecting, That's right. knock on 100 cold doors and your bound to come up with at least one deal. How would you like to start out in the morning knowing that you'll have at least one deal that day? Everybody would. But everybody is not willing to work for it. The superstar is willing to knock on those doors. Why? Because superstars determine their own destiny. They, and nobody else, are going to decide how much money they're going to make. -Mike Ferry

Ah, but a man's reach should exceed his grasp,​

Or what's a heaven for?
from Andrea del Sarto by
Robert Browning

 

[KOC Agent]

What's your plan, cold no leads?

 

[DayTimer]

What's your plan, cold no leads?

Question: What's your plan? Answer: Cold, no leads.

This is a journal, not a diary. As a journal, I will write in it whenever I have something I wish to record. For example, I will be posting links to articles, books, videos etc. that contain materials or messages that I find useful or potentially useful to my goal.

I will not be posting a daily record of my activity here. I will be tracking my activity, of course. But I will not necessarily make it public, at least not a day to day basis.

I will track results here periodically as to how far behind or ahead I am of my planned achievement. I will link those results back to activity. My main problem or obstacle I have is that I am moving my business away from final expense and into retirement income and asset distribution planning using whole life as a banking strategy and annuities to convert lump sum assets into guaranteed income streams.

Given this change, I can't simply look back to previous years activity and production and say "I need to knock x doors to make y appointments to make z sales." I simply do not have the data that would allow me to "back into" the numbers I have posted in the chart in the first post.

One of the goals for me in this journal is that when we get to this time next year, I will be able to make that determination. If I fall short of my 2020 goal, I should nonetheless know with near certainty what I have to do in terms of activity in 2021 to hit the production that will yield that income.

I am testing the following hypothesis:

Cold doors are a superior method of prospecting

Using the following method: Massive prospecting, see more people, focus on producing results:



And being "mindful" of mindset: If you keep believing what you've been believing, you will keep achieving what you've been achieving. You are where you are because you're ok with it.



Between now and 1/2/2020 I am in rest, recharge, and planning mode. I will be revisiting materials from authors, speakers, and salesfolks from who I have learned in the past.

First door knock is planned for January 2, 2020 at 9 AM.

 

[Tahoe Ray]

This is a journal, not a diary. As a journal, I will write in it whenever I have something I wish to record. For example, I will be posting links to articles, books, videos etc. that contain materials or messages that I find useful or potentially useful to my goal.

I will not be posting a daily record of my activity here. I will be tracking my activity, of course. But I will not necessarily make it public, at least not a day to day basis.

I will track results here periodically as to how far behind or ahead I am of my planned achievement. I will link those results back to activity. My main problem or obstacle I have is that I am moving my business away from final expense and into retirement income and asset distribution planning using whole life as a banking strategy and annuities to convert lump sum assets into guaranteed income streams.

Given this change, I can't simply look back to previous years activity and production and say "I need to knock x doors to make y appointments to make z sales." I simply do not have the data that would allow me to "back into" the numbers I have posted in the chart in the first post.

One of the goals for me in this journal is that when we get to this time next year, I will be able to make that determination. If I fall short of my 2020 goal, I should nonetheless know with near certainty what I have to do in terms of activity in 2021 to hit the production that will yield that income.

I am testing the following hypothesis:



Using the following method: Massive prospecting, see more people, focus on producing results:



And being "mindful" of mindset: If you keep believing what you've been believing, you will keep achieving what you've been achieving. You are where you are because you're ok with it.



Between now and 1/2/2020 I am in rest, recharge, and planning mode. I will be revisiting materials from authors, speakers, and salesfolks from who I have learned in the past.

First door knock is planned for January 2, 2020 at 9 AM.

This is how Edward Jones reps are trained and while they don't do much by way of whole life, they certainly do a ton of annuities and investments.

You might consider finding someone who you can refer investment accounts to. If you get into a house with a 500k 401k rollover opportunity but that is the bulk of the client's assets, you're not going to be able to roll the whole thing due to suitability. It's tough leaving 200k on the table and it opens up the opportunity for another adviser to wedge you out. Just an idea but you may have already thought about that.

Interesting challenge. I'm looking forward to hearing your updates.

Good luck.

 

[DayTimer]

Just an idea but you may have already thought about that.

Thank you. I did indeed think about this, and I am in the process of finalizing putting relationships in place, all legal and in writing. All should be good to go as of January, 1, 2020. I will likely have have something more to say about this when the time is appropriate.

For marketing and compliance reasons, I myself do not have any plans to get my securities license back (I gave it up years ago when I started a real estate business and I'd have to take the exam(s) over again and all that entails). That could change in the future, but for now, I am sticking life insurance and fixed products.

 

[Tahoe Ray]

That could change in the future, but for now, I am sticking life insurance and fixed products.

No reason to go down that road today...I got rid of mine in 2010 and if I was going to go back, I'd just line up under my referral partner's RIA so that we can split fees (and not have to deal with a b/d). Most of those 401k rollovers (that aren't going to an annuity) are likely going to a managed account anyway.

 

[walleye]

Why are you going away from FE?

 

[DHK]

Thank you. I did indeed think about this, and I am in the process of finalizing putting relationships in place, all legal and in writing. All should be good to go as of January, 1, 2020. I will likely have have something more to say about this when the time is appropriate.

For marketing and compliance reasons, I myself do not have any plans to get my securities license back (I gave it up years ago when I started a real estate business and I'd have to take the exam(s) over again and all that entails). That could change in the future, but for now, I am sticking life insurance and fixed products.

Don't wait too long though. You might want to use the next week or so to really set up January. As John Savage said, "Well begun, half done."

 

[DayTimer]

Why are you going away from FE?

Why ask why?

Or, as Yoda would say, "There is no why, only do." (ok, as Yoda would almost say).

 

[DayTimer]

Don't wait too long though. You might want to use the next week or so to really set up January. As John Savage said, "Well begun, half done."

Double, Triple ...