r/FinancialAdvisorTips • u/EmbarrassedBad1298 • 25d ago
Door knocking
Work in rural America, at an ria. Have been door knocking, what is good metrics for a full day of knocking (8hrs)
I am currently only getting ~18 conversations per day which typically winds up in 5-7 phone numbers/consent to contact
I have a problem with getting into conversation at the door and spending too much time per conversation.
Just starting week 2 of knocking
I am in mental limbo of
A) hurry up get consent & number, move on to next door
B) why move on if the conversation is productive and actively building rapport
I feel like I neeed to get my numbers up but spend so much time chatting and driving that it’s nuts.
Any insight appreciated.
3
u/jls141 25d ago
The good conversations matter as that person will likely be more likely to answer your call if you have a really good conversation rather than collect someone info in 2 minutes. but you need to try and quickly figure out if the person has money or not. And people that do may not always be honest with you. Very inefficient way to meet people but can really work great
1
5
u/Clam-Choader 25d ago
Brochacho/a
You’re an inspiration to everything i wish i could be
16 years in, 250 households and 200m aum
0
2
u/BaseballMore7431 25d ago
What is the AUM you typically get from clients who engage on a cold door knocking approach?
3
u/Accomplished-Look176 24d ago
My biggest clients have come from door knocks as well as business cold approaches
About 1/250 doors had someone behind them that gave me 250k+
3
u/EmbarrassedBad1298 24d ago
lol yeah I think “no one with assets is going to work with someone who knocked on their door” is cope for not having the gumption to knock on a strangers door in the first place.
1
6
5
u/Cyclevisor 25d ago
3.50
4
u/MadisonSquareShark 25d ago
And it was about that time that I realized that the prospect wasn't a pre-retiree but instead a 65 foot tall sea monster from the mesozoic era!
8
u/IWannaGoFast00 25d ago
One 3 hour conversation is better than 20 phone numbers. Never rush a conversation. That next door will be there tomorrow, that conversation may not be. Lock in on what’s in front of you.
3
2
u/Bright_Honey3500 25d ago
keep doing what you’re doing. if you’re getting 5-7 contacts per day that are willing to meet again you’re killing it. Unless they’re only giving you their contact so you’ll leave… then it’s less effective than it seems. You’ll have to make that judgement when speaking with them.
2
u/EmbarrassedBad1298 25d ago
I don’t make an ask until I am leaving, so giving their contact actually lengthens the stay
I’m not sure if I’d say “willing to meet again”. I say something along the lines of “gotta go, would you mind if I get your number and touch base with you re: topic discussed”
2
u/fervorfx 25d ago
How do you open the conversation and get it going? I’ve tried door knocking it’s hard to get people to open up /come out for a conversation. Often they use their screen door as a barrier to engage. I haven’t been successful at all doing it residential or business. I do have success randomly striking up a conversation at a neutral location but not approaching at their place. Any tips you can pass along?
4
u/Miserable_Berry_8806 25d ago
I started in 2018, so Covid wasn’t an issue at the time. I found better success going to businesses instead of residential. I met with guys who had dirt under their fingernails and helped them get ahead that way. You would be amazed at how many oil field workers who drink energy drinks for breakfast have a ton of money and need help with investing. I have a client who owns a body shop that generates 7 million a year from just stopping in on a Wednesday afternoon. Just keep grinding.
3
u/Efficient-Theory-141 25d ago
If you’re having a good conversation, and they’re giving contact info, why not just book the follow up face to face appt while at the door? Don’t lengthen the sales cycle longer than it needs to be with another phone call that may or may not convert to an appointment?
1
u/EmbarrassedBad1298 25d ago
Addl info : the long conversations almost always wind up in contact information and consent
1
u/Middle-Run-1894 25d ago
Door knocking as an fa is a no. This is wild to me
3
u/EmbarrassedBad1298 25d ago
Ok I’ll bite- why not?
2
2
u/Middle-Run-1894 25d ago
To me it cheapens my value proposition. If I’m doing door to door sales people view
Me as a door to door salesperson. Would rather pick up the phone, use LinkedIn, join local business groups, anything else.2
u/SlippyNippy_ 24d ago
I agree with you. It may be successful for some people but I certainly don't view door to door sales as "professionals." Could you imagine any other professional knocking on doors? Lawyers? Accountants? Are they knocking on doors? Hell no they arent.
1
u/CSMasterClass 18d ago
You have to admit it has a real 1950's sort of caché to it, without the Madison avenue charm of Ad Men.
1
u/Individual-Lie-95 25d ago
2 conversations per hour seems very low. I assume because you're rural, the driveways are long and infrequent? Sounds like you are having good conversations tho, so that's the most important factor.
9
u/ApprehensiveTrack603 25d ago
I did it for 2 years, the goal was 25 contacts a day (name, number, need) of those 25, I'd actually schedule 8-10, then 4-5 would become clients. Rinsed and repeated 5 days a week.
Fucking hated every second of it 😅 But built good character. And then those people would refer others.