What assumptions are used for this infographic?
Over a year, if you exclude weekends, official holidays, and two weeks of vacation, there are approximately 250 “working days”. The infographic uses five minutes as the average time that a consultant takes per cold call. Some calls made by a consultant hang up within a minute, others within a few minutes, and others become a real conversation.
It may take a minute after the call to focus on what you were doing before the interruption. Consultants can even listen to a cold caller’s voicemail a few times to determine if it is a recruiting cold call message or a potential customer referral, as most cold callers do not fully identify the purpose of their call.
The advisor averages for all of these variables naturally vary. Consultants in different companies, models, production levels and in different geographical areas receive different levels of cold recruitment. We can’t consider every variable and scenario, but consultants can project the impact on the time and effort of their person and assistant.
How much time and effort do consultants spend recruiting in a year or during their career?
For consultants who receive two or three incoming cold recruitment calls per day, the time and effort involved in handling these calls can add up, particularly over the course of a career.
For the consultant who receives two cold calls a day, about 500 cold calls are made each year. The consultant (and assistant) spent approximately 105 eight-hour working days for the consultant who will make a recruitment change within a period of 20 years in order to make 10,000 recruitment cold acquisitions.
A consultant who receives three cold recruitment calls a day processes 750 calls a year and takes 62 hours, which is a full 7.75 eight-hour working days. In a 30-year career, the same consultant spent 232 full working days on recruiting cold acquisitions and in a 40-year career 310 working days.
Gosh, no wonder some of your advisors are so grumpy when you pick up the phone and find that you have stopped what you did for another cold recruitment call.
Related article: Advisorbox gives consultants and their assistants a vacation message: No more cold call recruitment.
Where do all these recruitment interviews come from?
Unfortunately (but understandably) most of the cold call recruitment is not done by real recruiters who can actually offer real value to a consultant (other than scheduling a call for someone who can). In fact, there are very few “real recruiters” in the consultant recruitment industry, but an army of callers.
Most cold recruitment calls don’t come from store managers, recruiters, recruiters from third-party search firms, and recruiters from individual consultants. The majority of the recruitment volume for cold acquisition comes from different types of appointment setters (with different titles). You are not a recruiter yourself, but you are planning calls for the recruiter so the recruiter does not have to call you directly.
Why are there so many recruitment interviews?
The simple answer is because it works. Before there were do not call lists, most consultants also built their business through cold call, and some consultants still called cold call today to develop the business. Recruitment fees and rewards can be lucrative for the top 20% of recruitment professionals, and recruiters don’t need a very high success rate to make a living.
There have never been so many recruiting opportunities for consultants. With many options come many different types of internal and external recruiters who call consultants. Consultants are recruiting cold calls for options at wirehouses (though currently fewer), regionals, bank brokers, independent brokers, OSJs, rollups, and direct custodian RIAs.
Added to this are the larger independent companies and platform providers, which have caused an increase in cold recruitment in recent years to strengthen the ranks of their individual companies. Then of course there are the independent recruiters who, depending on the preference and goals of the consultant, fit for several options, models and options – Advisorbox is one of them.
The advisor box has cooled down during cold calls
Prospecting by recruiting cold calls has always been the basis of our business development. No longer. Read: Advisorbox gives consultants and their assistants a vacation message: No more cold call recruitment.
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