Financial Advisors Prospecting: When Cold Calling, Should I Mail and Then Call?

by Bill Good Marketing on May 22, 2011


“I Love to Cold Call”—Research Magazine on how to cold call and love it

“Winning Scripts for Cold Calling”—Research Magazine article on best scripts.

“16 Best Cold Calling Scripts”—You can get the scripts I wrote about in Research here

Hot Prospects—This is a link to the website for my book, “Hot Prospect.” It’s a handbook to designing a workable prospecting campaign. Book buyers get lots of scripts, letters, emails posted in the buyers section of the website.


In cold calling today, please understand: you are using the phone as a lead generation tool. Rarely will you find someone so hot they will set an immediate appointment.

Your objective: a prospect interested, qualified, willing to receive information.

You have two choices today in how to approach your market.

  1. Mail/Phone—Send a letter and follow it with a phone call no more than 3-5 days later
  2. Phone/Mail/Phone—Call, offer a free report, mail or email it to people who are interested and qualified, call back in an attempt to set an appointment

Which style should you use?

There are no hard-fast rules but one: test.

A benefit of cold calling is the ease with which you can test an idea. With a few hundred phone calls, you can rule a specific idea in or out.

In your testing, you may discover you feel more comfortable sending a letter first and then calling. Because you feel more comfortable, you prospect more. Great! For you, mail/phone is the way to go.

Nevertheless, there are some conditions that suggest trying Mail/Phone first.

1) The list is extremely well qualified and not pounded into the ground by everyone selling soup to nuts.

2) Your letter presents an offer uniquely appropriate to the people on the list.

3) Your phone call arrives not later than three days following receipt of the letter.

How to Test

Pick 200 names from a single list. Send half of them a letter.

Let’s assume it’s a list of business owners. You are offering info on a SEP/IRA.

You mail the letters on Monday. They will deliver in your area on Tuesday. Allow a couple of days for people to look at their mail.

Meantime, Tuesday and Wednesday, cold call from 8:00-10:00. You are running Phone/Mail/Phone.

Same drill: keep stats.

Friday about 10:00, compare results from each campaign.

Actual results, plus your own preferences will answer the question: should I mail first?

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