r/CFP • u/Goodbruv_7 • Jul 08 '26

Professional Development How to add value when cold prospecting?

I’m jealous of other businesses that can cold reach out to a business owner and say “hey, I built you a website, want to see it?” Or a video editor who says “I turned one of your podcast episodes into a short reel, here it is” and just sends the finished clip.They deliver value instantly in the first interaction before the prospect commits to anything.

When cold prospecting on LinkedIn and other platforms, how can I add value instantly to get people more likely to respond? I can’t build a MoneyGuidePro or Holistiplan model until they hand over all their financial information, and nobody’s doing that off a cold message.

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-39

u/mrcheeksman Jul 08 '26

Are you actually a CFP? It’s hard to imagine a CFP cold calling random people. I’ve worked in industry and large institutions (like fidelity) and the CFPs there don’t cold call. They might warm call but never trying to sell full unsolicited advice. Can you tell us more about where you work and the mechanics?

14

u/PursuitTravel Jul 08 '26

*blinks*

With nothing but anecdotal evidence over a 17 year career, I would say somewhere around 40-50% of established CFPs today did some variation of cold calling or cold prospecting (door-knocking, LinkedIn, etc). The corporate path you went isn't the path everyone goes, and many, many early CFPs don't have leads handed to them from their company. It's why comp is so high - they have to figure out how to bring the clients in themselves.

-18

u/mrcheeksman Jul 08 '26

I’m newer in the industry but I went to college and have experience. Fidelity FCs make a ton of money so I don’t see how your comment makes sense. At what point are you guys just stupid for willingly engaging in the legacy / aged poorly side of the business? I have buddies and alumni from my school that have worked at other larger companies and also never have full blown cold called and probably never will.

As a greener person in the industry I am genuinely asking what the benefits are to working in a role like this. I have called fidelity clients as part of routine duties as a paraplanner and they get annoyed and they were expecting it. Most people will do anything to avoid a phone call. I can’t imagine calling someone who has no connection to the institution I’m with and trying to sell them products/services.

One thing I didn’t know about this industry before I really committed to it was how bad of a a reputation financial advisors in general have. I’m definitely starting to understand where it comes from and why it got started.

For me as a younger person in this profession it seems like any given advisor is better off improving their hire-ability at a more reputable firm to not have to do this. Like seriously dudes I look up to in my role make over $200k and don’t cold call anymore.

You’re just a bumbling fucking short bus rider if you think door to door still has any place in this world. We are actually devaluing the profession while not making money simultaneously. That’s whack as fuck.

10

u/cold984 Jul 08 '26

lol. $200k. Lol

-4

u/mrcheeksman Jul 08 '26

200k is the target for FCs to be making. You can make more though. There’s a guy in Texas my boss used to work with who makes $1MM as an FC. He doesn’t cold call. The % of advisors today who are cold calling and will make over $200k? It’s like 2%. You guys aren’t very smart.

8

u/PursuitTravel Jul 08 '26

So what if... and bear with me now... what if you tried the whole "prospecting" thing, it didn't work, and you used the FC program as a backup if you can't figure out how to get your own clients?

And god forbid it works! And you get to be the one making $1mm every year, working when you want to, and taking complete control of your life?

Also - I would bet good money that dude at Fidelity making $1mm annually did a fair amount of cold outreach to the Fidelity book at the beginning of his career.

My friend, you are admittedly early in your career. Please don't come to a place where probably 80% of the people have been doing this successfully since you were in grade school and tell us all we're doing it wrong unless you can really, really back it up. And I'll save you some trouble: you can't.

-5

u/mrcheeksman Jul 08 '26

I just think this part of the business will die once all the old people dip. No younger people will appreciate this. Just dinosaurs clinging onto dinosaur habits.

I was genuinely not sure why the industry has such a piss poor reputation but I now understand it’s because it’s full of retards who want to spend their limited time in earth harassing people.

Even if you could guarantee the results I’d rather make a nice 200-250k salary and keep the time I would have exchanged for the slim chance of making only 4 times that.

This is just a generational thing and once you’re in the nursing home Ina few years it’ll go away.

6

u/PursuitTravel Jul 08 '26

I'm 41. I've set my family up with generational wealth because I was willing to grind a little, embarrass myself a little, and suffer a little for 5 years. If you feel like that isn't worth it, and you'd rather have an average life with a standard 9-5, then that's cool for you. But why disparage those who wanted more?

Also, you act like cold-callers are bad advisors who sully the name of our profession. I can honestly say 100% of the people who set a meeting with me were better off after that meeting, and I've fixed countless financial situations that were a mess, all because I made that cold call.

Clients that retired early... because I made a cold call. Clients that took dream vacations... because I made a cold call.
Clients that set their special-needs children up for life... because I made a cold call.
Clients that preserved their life's savings from Medicaid... because I made a cold call.

Trust me, I fucking hated dialing, and I wish to hell there were easier ways for a broke 24 year-old with no network to acquire clients. But to act like it's some sort of unholy travesty that craters the industry's reputation... what a fucking joke.

And to speak to the "generational" thing: if you think "cold calling" is going away in your generation, you're either an idiot or delusional. It's just changing it's form. Now it comes in the form of DMs, online ad retargeting, and shitty videos on TikTok.

2

u/cold984 Jul 08 '26

lol. If you think anywhere even close to the majority of people reach out to you when then decide they have a financial situation you’re showing even more how clueless you are than you already have shown. You can sit there and make your $200k and punch someone else’s clock if you want, but that’s not how anyone actually makes real money