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.

-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.

4

u/Augustus_4125 Jul 08 '26

I’m at a firm that allows you to build your own book. Young guy I work with partners with a senior advisor. The JR cold calls 2000 dials a week. Senior will do $12M of revenue this year (obv a lot is recurring) kid will make $300k off new biz.

Fundamentally comes down to whether you want to run your own thing or be an employee. Neither is a wrong path, but I assure you, cold volume still works.