This pitch worked much better in the 80s and 90s when
A) most investors had a broker not just for advice, but because there was no easy way to trade individually or get live stock quotes until the internet was widespread and matured
B) telephone sales in general were more common then and less likely to be a scam (Stratton Oakmont and other boiler rooms played a large role in shifting public opinion on this)
C) The most desirable prospects (High Net Worth Individuals) were accustomed to dealing with legitimate brokers over the phone and being solicited by brokers from other legitimate firms in such a way
D) The markets were raging in such a way that everyone had FOMO and was dying to hear of a hot new tip
Almost nobody legitimate in the financial advising world acquires customers via cold call pitching anymore. Cold calling is still part of the toolkit for other sales niches (eg, tech sales) but it's a tough road with a low success rate.
A) most investors had a broker not just for advice, but because there was no easy way to trade individually or get live stock quotes until the internet was widespread and matured
B) telephone sales in general were more common then and less likely to be a scam (Stratton Oakmont and other boiler rooms played a large role in shifting public opinion on this)
C) The most desirable prospects (High Net Worth Individuals) were accustomed to dealing with legitimate brokers over the phone and being solicited by brokers from other legitimate firms in such a way
D) The markets were raging in such a way that everyone had FOMO and was dying to hear of a hot new tip
Almost nobody legitimate in the financial advising world acquires customers via cold call pitching anymore. Cold calling is still part of the toolkit for other sales niches (eg, tech sales) but it's a tough road with a low success rate.