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Does cold calling work?

When I started my practice in 2010, the idea was that my content would create referral sources from advisors and Third-Party Administrators (TPAs) using my articles to help retain and recruit plan sponsor clients.

Occasionally, I would get companies that would solicit me because their service was to cold call plan sponsor clients. I always thought it was a waste of time because I don’t believe that plan sponsors seek out ERISA attorneys on their own. Thanks to electronic filings of Form 5500, some databases plan providers can use to cold call plan sponsors. As a plan sponsor and plan fiduciary, I know this because I get the cold call.

Does cold calling work? I don’t know, I usually hang up as soon as I identify the caller as a telemarketer. Recently, I was invited to an event for plan sponsors by financial advisors. I immediately said no, because the last reason I’m hiring a financial advisor is because they fed me on some junket.

For me, I’d rather develop relationships with referral sources than spend time, calling people and dealing with the angry hang-ups, but that’s me.

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