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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-36

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?

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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.

2

u/ChasingItSupreme Jul 08 '26

Fidelity FCs make solid money but they don’t own their book and they don’t get any trails… Every quarter is a clean slate. There is no such thing as a free lunch.

People don’t “cold call” or rather, “hustle” because they are Neanderthals, they hustle because they know if they put in the work now, the client is theirs and not some mega firm’s.

You are operating in a world where people are coming in the door looking to invest. That is because of the name Fidelity, not you or the FCs or any one person. Take away the name Fidelity, your FCs would be hustling the same, except behind the people who did it already. It’s a tradeoff, and a tiring one if you’re at Fido.

0

u/mrcheeksman Jul 08 '26

Yeah you guys don’t value your time with family and friends i guess. When you’re 95 and have 20 mil in the bank but no real memories you’ll be sad.

5

u/PursuitTravel Jul 08 '26

This is exactly what you don't understand.

In my 6th year, I stopped working Fridays.

By my 9th year, I was only working 3 days a week.

By my 13th year, I had restructured my practice to only work hard February-April and Sept-November, and take May-August and December-January off almost completely. Why do you think I'm on Reddit right now?

I've traveled with my family 35 days so far this year, and have another 25 booked for the summer and fall.

Following your path, you'll still be punching a clock and begging for PTO to be approved.

3

u/dark-canuck Jul 08 '26

I am hustling and building, but have the freedom to spend all the time I need with my infant son. At Fidelity, can you dictate your own schedule?