Hard to take
Is anyone else finding it incredibly difficult to get people to invest with you nowadays? I think this downturn has freaked out even the most risky investor. In the past 6 weeks I’ve gotten zero people to become a client and I’m wondering if this is the end of the road. My leader keeps telling me to plug away and that my scripts are getting better and its a number game but I just don’t know. I’ve literally made $625 in the last 2 months and my savings is on its last legs. I want to think I can still make six figures before next May (my original target date) but I’m going to need some serious rollovers to get that. Is this happening to everyone out there?
Is anyone else finding it incredibly difficult to get people to invest with you nowadays? Nope. I think this downturn has freaked out even the most risky investor. Agreed. That being said, I ask people what they want and sell it to them. This year I’ve sold a ton of fixed annuity and investment grade corporate bonds.
BigMoney,
You are at a stage that is much more difficult for me to compare to. Most veterans are picking up clients and doing business. I know we must make money to live, but in reality you must control your work activity and then the results will come. You should work with your leader to make sure the activity you are doing is correct activity. Most advisors starve the first 2-3 years so if your savings is almost gone I would have some concerns for you. My comment though is primarily on you setting your expectations of making 6 figures before next May. Goals really need to be realistic and that truly is not. Take a deep breathe and truly look at what your activities are and how many contacts you are making. It's really tough to sell out of desperation or focusing on making money so if you do stay in the business talk with confidence for the long term benefit of the client without thinking in the back of your mind on the dollars you are making. Best of luck!It can take 3 to 6 months to fill the prospect pipeline. Still, you should have seen some results. Things are far far from dead. Accounts are being opened and biz is being done. The market downturn has created much opportunity.
You mentioned rollovers? Rollover biz is long lead time biz. If that's your focus you need to give it more time. However, unless your prospect pipeline is full I'd advise moving on. Wires and regionals pay trainees a salary for a reason. It's almost impossible to self finance your way in. Not that it can't be done, it depnds on one's expenses. Still it takes months to develope any kind of income and a year or two to develope a sustainable living. In most cases the expense line and the income line aren't going to get the time it takes to cross. This is a negative situation for all involved. Lastly, if prospecting isn't your strong suit try a bank.Bigmoney,
Are you with one of the companies that had a lot of bad press? Maybe that could be a contributor? I dunno.
Best thing I did was invest in books, audio programs, etc about the art of selling. If you are making the contacts but can’t get them to take the next step then that might be a good thing to work on…
[quote=Still@jones]Best thing I did was invest in books, audio programs, etc about the art of selling. If you are making the contacts but can’t get them to take the next step then that might be a good thing to work on…[/quote]
You open less than 6 accounts in your ENTIRE time in the business? WTF are you talking about?
He forgot to mention the worst thing he did......"NOT SELL SH*T!!!"...LOL...sorry [email protected]'t resist![quote=Still@jones]Best thing I did was invest in books, audio programs, etc about the art of selling. If you are making the contacts but can’t get them to take the next step then that might be a good thing to work on…[/quote]
You open less than 6 accounts in your ENTIRE time in the business? WTF are you talking about?
[quote=hotair1]
[quote=Still@jones]Best thing I did was invest in books, audio programs, etc about the art of selling. If you are making the contacts but can’t get them to take the next step then that might be a good thing to work on…[/quote]
You open less than 6 accounts in your ENTIRE time in the business? WTF are you talking about?
[/quote]
hahahaha wow. I love this sh*t. That is the most priceless thing I’ve ever read on this board. wow. hahaha yessss
dare I point out the obvious…my problem was I wasn’t very good at selling.
Just like BMH, I was making contacts but wasn’t closing sales.
I got cut free before I could turn things around, but I could tell I was turning things around.
dare I point out the obvious…my problem was I wasn’t very good at selling, or prospecting, or working hard, or at all.
Just like BMH, I was making 2 contacts a week but wasn’t closing sales.
I got cut free before I could turn things around, but I could tell that if I actually did half the crap I preach to others that I was still probably not going to be turning things around.
[quote=Still@jones]dare I point out the obvious…my problem was I wasn’t very good at selling.
Just like BMH, I was making contacts but wasn’t closing sales.
I got cut free before I could turn things around, but I could tell I was turning things around.
[/quote]
Still … maybe you could have turned it around in time however it’s not difficult to open a few accounts if you just do what they tell you. I figure for every 25 contacts at least two people will do business with me. Even if I’m a super star and you suck 1 out of 25 should do business with you. You were not making the contacts, not making the follow up calls and visits. You were not doing what they told you the entire time. There are a ton of no personality retards that make TONS of cash at Jones because they are too stupid to do it their own way, they follow the recipe. It just AMAZES me people think they can do it better when they start out in a new field.
You are NOT qualified to give any type of sales advice or suggestions to anyone.
If you are a new Jones FA, you probably saw the video of Phelan when he said the best thing he did was invest in books, audio programs, etc about the art of selling.
I really was just quoting this…are you saying Phelan doesn’t know anything about sales?
I’d like to add that I came into Jones with such a high level of determination, loyalty and commitment to this job that I can say with certainty that their sales training program sucks!!!
Take it easy tough guy. What you are 6 months in and you are shouting orders?[quote=Still@jones]dare I point out the obvious…my problem was I wasn’t very good at selling.
Just like BMH, I was making contacts but wasn’t closing sales.
I got cut free before I could turn things around, but I could tell I was turning things around.
[/quote]
Still … maybe you could have turned it around in time however it’s not difficult to open a few accounts if you just do what they tell you. I figure for every 25 contacts at least two people will do business with me. Even if I’m a super star and you suck 1 out of 25 should do business with you. You were not making the contacts, not making the follow up calls and visits. You were not doing what they told you the entire time. There are a ton of no personality retards that make TONS of cash at Jones because they are too stupid to do it their own way, they follow the recipe. It just AMAZES me people think they can do it better when they start out in a new field.
You are NOT qualified to give any type of sales advice or suggestions to anyone.
Funny...I came to jones without all of those things and am in over 3 years and I can say WITH CERTAINTY that their sales training program is incredible!!! I had no sales experience and from their training and guidance alone, I am succeeding! ...Maybe it was just you?If you are a new Jones FA, you probably saw the video of Phelan when he said the best thing he did was invest in books, audio programs, etc about the art of selling.
I really was just quoting this…are you saying Phelan doesn’t know anything about sales?
I’d like to add that I came into Jones with such a high level of determination, loyalty and commitment to this job that I can say with certainty that their sales training program sucks!!!
dare I point out the obvious…my problem was I wasn’t very good at selling, or prospecting, or working hard, or at all.
Just like BMH, I was making 2 contacts a week but wasn’t closing sales.
I got cut free before I could turn things around, but I could tell that if I actually did half the crap I preach to others that I was still probably not going to be turning things around.
Actually, it was just one contact a week...then I would grab a beer. I like Sierra Nevada!
[quote=Hey Kool-Aid]Funny…I came to jones without all of those things and am in over 3 years and I can say WITH CERTAINTY that their sales training program is incredible!!! I had no sales experience and from their training and guidance alone, I am succeeding!
...Maybe it was just you?[/quote]Might be...I tend to be an a$$hole...
but when you say training, I have no idea what you are talking about. And, if you think it was incredible, you are clearly smoking the Kool-Aid...
When I was having trouble getting phone numbers, the ONLY advice I got was to never look up...just keep the pen to the paper... And Elmer Fud, my field trainer, just kept telling me to knock on more doors...it is very clear he was just in it for the div trip...
Quite the Windy thing to say...[quote=Still@jones]dare I point out the obvious…my problem was I wasn’t very good at selling.
Just like BMH, I was making contacts but wasn’t closing sales.
I got cut free before I could turn things around, but I could tell I was turning things around.
[/quote]
Still … maybe you could have turned it around in time however it’s not difficult to open a few accounts if you just do what they tell you. I figure for every 25 contacts at least two people will do business with me. Even if I’m a super star and you suck 1 out of 25 should do business with you. You were not making the contacts, not making the follow up calls and visits. You were not doing what they told you the entire time. There are a ton of no personality retards that make TONS of cash at Jones because they are too stupid to do it their own way, they follow the recipe. It just AMAZES me people think they can do it better when they start out in a new field.
You are NOT qualified to give any type of sales advice or suggestions to anyone.
While I personally find it difficult to fail at Jones, I think Still brings up a good point. Not all regions are equal. Not all Jones guys are sold the same bill of goods. Some regions are not as good as others. Some get crappy home office trainers and field trainers. Some get good versions of both.
[quote=Still@jones] [quote=Hey Kool-Aid]Funny…I came to jones without all of those things and am in over 3 years and I can say WITH CERTAINTY that their sales training program is incredible!!! I had no sales experience and from their training and guidance alone, I am succeeding!
...Maybe it was just you?[/quote]Might be...I tend to be an a$$hole...
but when you say training, I have no idea what you are talking about. And, if you think it was incredible, you are clearly smoking the Kool-Aid...
When I was having trouble getting phone numbers, the ONLY advice I got was to never look up...just keep the pen to the paper... And Elmer Fud, my field trainer, just kept telling me to knock on more doors...it is very clear he was just in it for the div trip...
[/quote] I'm just going by results. The phone number vulcan mind meld is a funny one...however, it does work, But not if you sound like a moron prior to putting pen to paper. Hate to disappoint you, but your field trainer gets nothing towards a div trip by training you!
[quote=Hey Kool-Aid] [quote=Still@jones] [quote=Hey Kool-Aid]Funny…I came to jones without all of those things and am in over 3 years and I can say WITH CERTAINTY that their sales training program is incredible!!! I had no sales experience and from their training and guidance alone, I am succeeding!
…Maybe it was just you?[/quote]Might be…I tend to be an a$$hole…but when you say training, I have no idea what you are talking about. And, if you think it was incredible, you are clearly smoking the Kool-Aid…When I was having trouble getting phone numbers, the ONLY advice I got was to never look up…just keep the pen to the paper… And Elmer Fud, my field trainer, just kept telling me to knock on more doors…it is very clear he was just in it for the div trip…[/quote]
I’m just going by results. The phone number vulcan mind meld is a funny one…however, it does work, But not if you sound like a moron prior to putting pen to paper. Hate to disappoint you, but your field trainer gets nothing towards a div trip by training you![/quote]
Not div trip, but LP.
[quote=Moraen] [quote=Hey Kool-Aid] [quote=Still@jones] [quote=Hey Kool-Aid]Funny…I came to jones without all of those things and am in over 3 years and I can say WITH CERTAINTY that their sales training program is incredible!!! I had no sales experience and from their training and guidance alone, I am succeeding!
...Maybe it was just you?[/quote]Might be...I tend to be an a$$hole...but when you say training, I have no idea what you are talking about. And, if you think it was incredible, you are clearly smoking the Kool-Aid...When I was having trouble getting phone numbers, the ONLY advice I got was to never look up...just keep the pen to the paper... And Elmer Fud, my field trainer, just kept telling me to knock on more doors...it is very clear he was just in it for the div trip...[/quote]
I'm just going by results. The phone number vulcan mind meld is a funny one...however, it does work, But not if you sound like a moron prior to putting pen to paper. Hate to disappoint you, but your field trainer gets nothing towards a div trip by training you![/quote]
Not div trip, but LP.[/quote] That is correct!
Take it easy tough guy. What you are 6 months in and you are shouting orders?[/quote][quote=voltmoie] [quote=Still@jones]dare I point out the obvious…my problem was I wasn’t very good at selling.
Just like BMH, I was making contacts but wasn’t closing sales.
I got cut free before I could turn things around, but I could tell I was turning things around.
[/quote]
Still … maybe you could have turned it around in time however it’s not difficult to open a few accounts if you just do what they tell you. I figure for every 25 contacts at least two people will do business with me. Even if I’m a super star and you suck 1 out of 25 should do business with you. You were not making the contacts, not making the follow up calls and visits. You were not doing what they told you the entire time. There are a ton of no personality retards that make TONS of cash at Jones because they are too stupid to do it their own way, they follow the recipe. It just AMAZES me people think they can do it better when they start out in a new field.
You are NOT qualified to give any type of sales advice or suggestions to anyone.
This is not my first rodeo. 6 months in, 6 years in ... this job is not rocket science. We all know the formula to win.
I agree with this. Not everyone gets put in a good situation. A buddy I went through training with got put in an area of KC just swamped with Jones offices. He was busting nut but treading water. After 4 months he jumped ship for UBS. I was chewing him on the phone telling him he needs to hang in there, that he is missing a great opportunity. (I was drunk as hell on the kool aid at that time) He goes to UBS, joined a team, now 3 years later is breaking off on his own within UBS and is on fire, taking accounts only over 100k. This was a guy who was struggling opening 5k Roths! Now maybe Still didn't do the work, maybe he did. Just give the guy a break.While I personally find it difficult to fail at Jones, I think Still brings up a good point. Not all regions are equal. Not all Jones guys are sold the same bill of goods. Some regions are not as good as others. Some get crappy home office trainers and field trainers. Some get good versions of both.
When he stops giving advice to people on how to “sell” I’ll give him a break. I’m sure he’ll land a job soon and then he’ll be able to figure out if
it was him or the system. I personally hope he kills it - since he’s
not in my market
Can’t imagine setting up an office in St. Louis or another swamped area and prospecting via door knocks. What a nightmare. People remember the guy 5 years ago that knocked and failed in my town.
BTW: I’ve never had someone door knock with me. Never sat in on a
presentation. Never had someone observe a presentation. My region
blows. You’ve just got to say F-IT and figure it out.
[quote=voltmoie]
This is not my first rodeo. 6 months in, 6 years in … this job is not rocket science. We all know the formula to win.
[/quote]
At 6 months in, you don’t even know the formula to win…You only know the formula to start! It’s a completely different game getting someone to open a $5k American Fund account and trying to get someone to move their life savings over to you.
I was following the “formula to win” laid out in “The Million Dollar Financial Advisor Practice” and Jones wanted me to use Kirby Vacuum sales tricks to get people to give me their phone numbers. Add to that my field trainer, Elmer Fud, wanted me to call people and be an a$$hole until they buy. I really had the recipe for failure…
The truth is, I really thought I would succeed by treating people with dignity and respect and I was told the Jones way was to be a grifter and a d***…Maybe it’s good I got out now.
I am going to go out on a limb here and defend Jones a little. To design a training program to fit each one of the many newbs that go thru EJ is difficult. From what I understand, the sales training is so simple it has to work, if you stop over thinking it and do what they say. If you talk to 25 different people a day and can not succeed or make it long enough to figure out your way to success then there is something wrong with you not Jones.
Jones can afford to put up the money for those that fail out because for the longest time EJ's advertising budget consisted of a golf ball for door knocking and a charge account with a shoe store. Newbs are EJ's primary advertising budget. I did hear that the product training was lacking and mostly left to the region for development. So if your region sucks that's just tuff sh*t. For myself I find the prospecting part of the business difficult. I cant prospect well but I do explain and deliver on needs very well. Which is easy when you boil it down to two things. 1. Tell your prospect/client you ARE going to do something and then do it!! 2. Tell them what they need to do and show them the proof of why they need to. If I can work on prospecting I could give it a go alone. But until then I will just sell plans and strategies that I feel strongly about and can provide reason and logic behind. But personally long term I like Moraen's business model. I would like to provide a positive environment for producers to do what they are so talented at, which is meeting people or fighting to meet people. All of these ideas are plagiarized from some simple yet very wise statements learned here and in my personal life.[quote=Still@jones]
[quote=voltmoie]
This is not my first rodeo. 6 months in, 6 years in … this job is not rocket science. We all know the formula to win.
[/quote]
At 6 months in, you don’t even know the formula to win…You only know the formula to start! It’s a completely different game getting someone to open a $5k American Fund account and trying to get someone to move their life savings over to you.
I was following the “formula to win” laid out in “The Million Dollar Financial Advisor Practice” and Jones wanted me to use Kirby Vacuum sales tricks to get people to give me their phone numbers. Add to that my field trainer, Elmer Fud, wanted me to call people and be an a$$hole until they buy. I really had the recipe for failure…
The truth is, I really thought I would succeed by treating people with dignity and respect and I was told the Jones way was to be a grifter and a d***…Maybe it’s good I got out now.
[/quote]
How did that book “The Million Dollar Financial Advisor Practice” work out there for ya?
Thank you for proving my point, piker. Jone’s has a formula that works. You opted to try something you read in a book and that didn’t work either. You suck on both counts. You’ve lied to prospects, rented office space outside of compliance, and never sold a thing. So how can you talk about the formula to get the 5k rollover or the life savings transfer? Don’t act like you’ve been there or speak to something you had no idea how to do.
As for my business, I opened more accounts in Eval/Grad than you opened
in 17 weeks. Not a lie and not a single one friends or family. Don’t worry about me, I’m doing just fine. This job is hard (crazy hard somedays) but it sure as hell isn’t complicated.
piker?
pik·er–noun Informal.
1. a person who does anything in a contemptibly small or cheap way.
2. a stingy, tight-fisted person; tightwad.
3. a person who gambles, speculates, etc., in a small, cautious way.
I just don’t see it…
The book says building relationships with wealthy individuals can take 6 months to a year. I only approached people with money. I thought I was doing quite well at building relationships when I was let go…really caught me by surprise.
Do they not have a minimum level of requirements as you go? I remember starting out at my company they had an "action plan" if you ever went below minimum requirements. From day 1 of the action plan you had 10 weeks to get back on pace or you were let go. Everyone was aware of what happened when you went on an action plan. I find it hard to believe you could be going on a pace with only having opened a few accounts and thought you were doing great and then one day they just let you go.The book says building relationships with wealthy individuals can take 6 months to a year. I only approached people with money. I thought I was doing quite well at building relationships when I was let go…really caught me by surprise.
[quote=Still@jones] The book says building relationships with wealthy individuals can take 6 months to a year. I only approached people with money. I thought I was doing quite well at building relationships when I was let go…really caught me by surprise. [/quote] [quote=Still@jones]I’m a new FA who just recently finished KYC and I’m struggling with the whole idea of getting phone numbers. The main reason I am having this problem is that I just do not like the idea of pitching over the phone. The face-to-face strategy was the #1 reason I chose to work for Jones (I had 3 other offers) and I am very disappointed to have these new expectations.
I believe, if I bust my a$$, I could knock on every door in my town at least once every month and I feel I have the drive and motivation to do this. For people with whom I have a genuine conversation (not some bull-s**t conversation about their lawn gnomes) I would call and try to set up an appointment and have the opportunity to make my sale. The rest, I would follow up in person and possibly have a better conversation now that they know me.
This is what I call relationship sales and this is what I signed on to do. I’m very disappointed about the eval/grad requirements and have been seriously questioning my decision to join Jones.
If there is anyone who can offer some feedback or advice, it would be greatly appreciated. [/quote] You were surprised? Really? I doubt it.
[quote=Still@jones] The book says building relationships with wealthy individuals can take 6 months to a year. I only approached people with money. I thought I was doing quite well at building relationships when I was let go…really caught me by surprise. [/quote]
If it was a surprise it should not have been a very big one, as the fact that Jones reiterates their ‘Recipe for Success’ at almost every stage of the Hiring and Training process. It is pretty much tattooed into your memory. This is not a condemnation, but rather to point out that anyone who is starting out with Jones would be ill-advised to toss out their ‘time-tested’ methodology, and embark on an entirely different system. I think many people here would agree that building relationships with wealthy people is an excellent strategy, in a given context. But a Jones rookie is a different story.
I won’t comment on the training, as it should be judged on an individual basis, but discounting it as a Hoover Vacuum sales pitch is a huge mistake. Knocking on doors and collecting phone numbers may have left you feeling uncomfortable, fair enough it is not for everyone. That being said, if you can follow the system, it is an excellent method for getting started in this business and learning how to prospect. Personally, I think you might have done well to follow the recipe, and then gradually employ the latter as your business grew and transitioned, but then again I am not familiar with your situation…
Please refer to page 12 if you have any doubts:
http://careers.edwardjones.com/groups/jop_content/documents/web_content/jweb_004752.pdf
Again, Still, you seem like a nice guy but you’re performance is not a reflection of Jones. You opted to go your own route. Wish it had worked for you … it did not. Everyone understands just what is expected of us.
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