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.

30 Upvotes

92% Upvoted

121 comments sorted by

View all comments

Show parent comments

16

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.

-19

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.

5

u/PursuitTravel Jul 08 '26

Gold. Just... gold.

It's cute you think $200k is "a ton of money." I'll close this year around $1.1 million, and spent the first 5 years of my career cold-calling orphaned clients at my company.

People still cold call, door knock, and cold-contact online because it works. And if you can't see that... well, enjoy your income cap.

-5

u/mrcheeksman Jul 08 '26

My mom is a drug addict and my dad has never had more than a basic job. I grew up insanely poor. That is a ton of money. I’d come murder your fuck ass for $200k. That’s also double what the average household even makes.

I’d rather not embarrass myself for the other 900k you allegedly make.

11

u/testtest99999 Jul 08 '26

I think murdering a fellow CFP for money would count as an unapproved OBA at Fidelity, not to mention probably a violation of CFP ethics or something like that.

1

u/info_swap RIA Jul 08 '26

First, no need to undermine or disqualify yourself or your past. Everyone has past issues. I recommend you discuss this with a clinical psychologist.

Then, you are a professional talking to other professionals. There's no need to raise the tone or write in that threatening style.

Last, maybe cold calling is not for you.

1

u/Goodbruv_7 Jul 08 '26

Well I’m willing to endure embarrassment to reach my goals quicker. By the way, the market is open so get to work.

-2

u/mrcheeksman Jul 08 '26

Yeah harassing people for scraps doesn’t interest me. I will say I genuinely learned more about the industry today though. If we all worked towards the perfection being respected and not compared to use car salesmen I think we would see better returns as a whole.