Reaching Out to Asset Managers, How to Get a List from the FDIC Site

Welcome to this week’s Weekly Q & A, where we answer member questions. 

This week, we have a question that says:

Is there a simple intro approach to reaching out to bank asset managers? I love the fact that I have info from BankProspector that allows me to come off knowledgeable – but are there any proven scripts that have been used by your students that have worked pretty well for establishing the relationship?

Well, let me first say that when we’re talking about the scripts, yes, we do have scripts. We have both some sample emails and intro scripts, as well as call scripts in the training. You should definitely go in and find those in there and use them, but you should also modify them for yourself, and you should test.

When we’re talking about scripts, and we’re talking about relationships, a script is something we use to get our foot in the door so that we can open up a relationship. However, the ongoing relationship – that really comes from continuing to be in touch and to deliver value to your prospect.

I really go in-depth in this in modules 5 and 6. The way you approach it will depend a lot on where you’re coming from and what your intention is, what your goals are. Folks like my friend and advisor, Pat Blount, he’ll just call, and he’ll say, “Hey, I’m looking to buy some notes,” just real direct.

And we’re talking about commercial notes, commercial, non-performing, or performing notes for him, but there’s lots of different approaches you can take. You need to be able to get comfortable with what you’re trying to achieve and what you need to say to get there. Part of that is just doing this again and again. 

With a lot of folks, what happens is they get started, make a call or two, and maybe it doesn’t go like they had hoped, and they give up. Well, that’s not really an approach that is going to bear any fruit. 

If you want to make this thing really sing and really get it going, then what you need to do is make a number of calls and try a number of scripts to see what really feels right and what resonates with these folks. There’s no magic button, no magic word. It’s going to depend on where you’re coming from and what they have on their books right now.

Generally speaking, when we’re approaching, what I want you to do is go in and learn more about this in modules 5 and 6. What you need to do is really focus on them, on discovering what it is that they’re working on, and what’s important to them. 

What’s keeping them up at night that prevents them from doing the job they need to do so that they can be recognized by their superiors, get raises, and have job security? 

That’s what motivates somebody who’s working at a bank. They’re not entrepreneurs. They’re folks who are working at a bank. For them to do better there, it means that they get recognized, get a raise, and do a good job in as little time as possible.

To the extent that you’re able to help them do that, you’re useful to them. And again, I talk a lot about this in modules 5 and 6 so I’d suggest that you go there and check that out. So no magic words, and you need to try it and try it again and see what sticks. 

Next question. 

The FDIC site is a lot different from the Unit 3 example. I could use a little help – I can’t figure out how to obtain a list.

We made a quick video for you here, and we’re going to update it so that you can see that there. But let me say this. BankProspector, which you have access to now, completely eliminates your need to go and do the FDIC work.

We’re going to make sure that you’ve got that video in there for future reference, and in case you’re pursuing this business down the road, maybe you don’t have access to BankProspector anymore.

But the best way to get your list is to go into BankProspector and to get it there. Now, the FDIC website, the FFIC, and the NCUA sites change from time to time.

We’re going to try and keep up with them here, but the way that you should really be getting your lists now, because you can do it in just a few clicks, is to go ahead and click on BankProspector, get into the software, and pull a list through there. 

Now, if you’re not sure how to use that software, if you find that you’re stumped in any way, look down at the bottom of the homepage, and there’s a section called “Mastering BankProspector,” and I want you to dive into that. It’s got short videos about how to do each thing inside of BankProspector. 

So that’s it, folks. Thanks very much for being here for the weekly Q & A, and I look forward to answering your questions next week.