What else is there?
I went with Jones because of their “World Class Training”–something of which I have yet to experience.
I’ve been pounding pavement in crappy weather for nearly 4 weeks. My area is saturated with Jones FAs. I’m a little pissed to say the least. The one positive in this is that the FAs in my region are, for the most part, very supportive and encouraging, but I think I need to weigh my options and look elsewhere. I won’t work 9-5 in a call center.
What other options do I have?
Please be kind, guys!! And I appreciate your feedback.
You signed a contract and you are 4 weeks into your career, talk about patience…
No training program in this business teaches you how to close business in the real world. Not helping matters is that the real world we are presently experiencing is tougher than at any time in our lifetimes. You will face “saturated” competition anywhere in the country in this business (whether from your own firm or from another), so, you may need to ask yourself if it’s time to move on to a different carrier opportunity if you’re looking to blame your firm after about four weeks of starting your practice. Sorry, that’s as kind as I get.
You’re both right: I’m a little impatient. I guess I’m more concerned about the door knocking strategy for prospecting. I’m trying to figure out if there’s another firm that allows the independence but prospects another way. I believe that I’d be better off making those 500 cold, phone calls a day. I don’t mind the hours, the work, self-study or on the job training. It’s mostly about acquiring those clients and I don’t think door knocking is the way to do it.
Surely Jones doesn’t care if you also use cold-calling? Results are more important than method…assuming the method is legal.
[quote=JonesSoda]You’re both right: I’m a little impatient. I guess I’m more concerned about the door knocking strategy for prospecting. I’m trying to figure out if there’s another firm that allows the independence but prospects another way. I believe that I’d be better off making those 500 cold, phone calls a day. I don’t mind the hours, the work, self-study or on the job training. It’s mostly about acquiring those clients and I don’t think door knocking is the way to do it. [/quote]
Independence? You poor bastard. I can’t wait to hear what you’re saying two months from now.
Jones really doesn’t care if you cold call. There is actually a list on Joneslink of recommended call list companies. It lays out their pricing structure and which companies, jones has found to have the best leads. Look it up New Jack.
Soda, Jones gives you one prospecting method in the beginning, because that’s how they teach. They’re not going to lay out every possible method and hold your hand through it. It has worked for them, so they run with it. As YH said, it’s not going to be much better anywhere else. Do you think Merrill or Morgan is going to give you some “world class” training that is some big secret to success? Do you think hangning out your own shingle will somehow make everyone flock to you? I have two suggestions: (1) expand your prospecting methods to include everything you think will work, and do lots of it - OR - (2) get a job in another industry. I don’t mean to sound flippant, but changing firms (unless it means getting an existing book thrown at you or joining an existing team) is not going to solve your problems right now.
But in reality, despite what they tell you, Jones doesn't care how you prospect, as long as you make your numbers. They really don't.Where to start... First, let's define "saturated". In my neck of the woods I have about 12 EDJ guys within a 1 mile radius of my office. And there discussing adding more. Even with all of those folks, we still only have a little over 4% market share. So, for every 100 doorbells I ring, 4 of them will be EDJ clients. Each of the 12 FAs in my area could build $100 million books and still only have an 18% market share. There's not a place in the country that's "saturated" to the point where another EDJ person couldn't make a living. So, stop using that as an excuse. Second, you're only 4 weeks in. You've been doorknocking in the cold, rain, sleet, and snow. Congrats. Someday you'll be sitting around a bar in St. Kitts with your other EDJ buddies telling stories about how your first few weeks was sooo bad that you almost quit. You're weeks away from spring. Suck it up. Those people who you doorknocked when it was 30 outside will remember you. I find it funny that you say you won't work 9-5 in a call center, but yet you're looking for alternatives to doorknocking. Here are the alternatives: Cold Call - relatively cheap, but you're working in a call center from 9-5, it's just your office or your kitchen table; seminars - not free and a lot of work if you don't have a BOA yet; mass mail - not free, low response rates. Everything else is a derivative of one of those. The other guys are correct in that Jones doesn't care how you put up the numbers, just so you do. Doorknocking is the cheapest way to go. It's also, IMHO, the most effective. Try all of them if you want, then stick with the one that puts the most bread on your table. Before I tell you my thoughts on the Jones training, I'm curious what you expected. You said you have yet to experience the "world class training," so what was it you wanted to get out of your training experience?I went with Jones because of their “World Class Training”–something of which I have yet to experience.
I’ve been pounding pavement in crappy weather for nearly 4 weeks. My area is saturated with Jones FAs. I’m a little pissed to say the least. The one positive in this is that the FAs in my region are, for the most part, very supportive and encouraging, but I think I need to weigh my options and look elsewhere. I won’t work 9-5 in a call center.
What other options do I have?
Please be kind, guys!! And I appreciate your feedback.
You’re the one that signed up to be a door-to-door salesman.
Spiff,
Ok, ok. You’re putting things into perspective for me and I appreciate that. It sounds like you’re a Jones guy yourself and probably know a little about where I’m coming from. I do want to be that one who sits around a bar on a trip with other successful Jonesies laughing about the door knocking days. I think I was just having a bad week.
And thanks so the others for your honest remarks. I was probably sounding like a babbleing baby and needed your candor.
I started with doorknocking, as Jones teaches, I feel a bit more comfortable on the phone so I switched to cold-calling. I am exceeding expectations (which isn’t hard), so they leave me alone to do what I want. As mentioned several times, just hit your numbers in a legal, ethical way. That’s all they want.
And the training that I found to be world class was the license training. I had heard that the national pass rate is well below what Jones trainees was. After doing the training, the tests were relatively easy.Thanks, Sometimes.
Yes, Jones SFS program was helpful in passing the 7.
As far as cold-calling, where did you get your leads? Did you call former contacts? I know in some financial service industries (like life), you can buy leads. But I haven’t heard of such a thing in the investment world…what do you think?
JonesSoda - The reality is that is doesnt matter how you prospect. Door knocking works, cold calling works, networking works, seminars work. Yes at Jones you start by door knocking and it is a great way to introduce yourself to your community. Once you get up and running do whatever you feel like doing. It will all suck and it will all take a long time. There is no silver bullet. Just do what you dislike the least as much as you can possibly stomach.
There’s a list of recommened companies on Jonesnet. Do a search for prospect and leads lists.
FYI, the lists are cheap, they aren’t great, and you will not be reimbursed
Sorry are NOT cheap
I would use InfoUSA. A lot of lead compies get their lists from them and re-sell them under their own names.
[quote=JonesSoda]I went with Jones because of their “World Class Training”–something of which I have yet to experience.
I’ve been pounding pavement in crappy weather for nearly 4 weeks. My area is saturated with Jones FAs. I’m a little pissed to say the least. The one positive in this is that the FAs in my region are, for the most part, very supportive and encouraging, but I think I need to weigh my options and look elsewhere. I won’t work 9-5 in a call center.
What other options do I have?
Please be kind, guys!! And I appreciate your feedback. [/quote]
I’ve had three sunny days in four weeks so you’ll get no sympathy here. How about you suck it up, buy an umbrella, and make your contacts. There is no easy way out - just do the work. I hate it too when the weather stinks but the only thing you can control is what you do.
.
I’ve been door knocking for more than a month now with close to 400 prospects, but when I look up my area on google maps, it’s nothing but a very small square. And for every prospect I have, there are 7-8 homes where no one was home. If you were to cover 2 mile radius of your intersection and actually try and talk to EVERYONE in that 2 mile radius, it might seriously take you a few years just door knocking 60 hours a week. You would not believe how many houses there are on any given street. Amazing.
There are 4 new FAs within the 2 mile radius of my intersection. We coordinated and are DKing in each our own quadrant and we're just going to rotate every quarter or so. I personally don't think 3 mo is long enough to cover a quadrant. Yeah, there are also other FAs that's been out for a few years in the neighborhood but they really don't give a rat's ass even if you door knock neighborhoods right behind their offices. Maybe you want to avoid the mall in which the office is located, as a common courtesy. But that's been my experience so far. In fact they encourage you to the point where I was getting suspicious of them having access to my prospects. But of course, that wasn't true.[quote=wind3574]Cold calling works just as well, in fact in alot of cases works better. You can call people from those lists, who you know atleast have money and you can call about 100 people, instead of 25.[/quote]
I’m not disputing the fact cold calling is effective but do tell us your experience with it Windy. I seem to recall in other threads all you have to do is show up on a door step in a nice suit and people give you their statements and $200,000 transfers. If cold calling is more effective for you I can’t wait to hear this!
Personally I bought a couple cheap lists (like $.07 a name). It just gave address, phone #, length of time in residence, age, average annual income range, and a few other things. I avoided the lists that promise that people are asking for a call from a broker, both because they were too expensive and seemed to be made up. I never prospected any family, friends, or former co-workers. I just didn't feel comfortable with it, and I know a lot of people that have family/friends as clients from early on regret it. I have some that are clients now, but they came to me. The most important thing is that it still takes a while to cultivate a good prospect. It won't happen right away. The amount of work is the same too, it is just different. If anything, it accelerates the number of 'no's' that you hear on a daily basis. If you have specific questions about where to get the info, you can PM me.Thanks, Sometimes.
Yes, Jones SFS program was helpful in passing the 7.
As far as cold-calling, where did you get your leads? Did you call former contacts? I know in some financial service industries (like life), you can buy leads. But I haven’t heard of such a thing in the investment world…what do you think?
[quote=norcalstoppy]I’ve been door knocking for more than a month now with close to 400 prospects, but when I look up my area on google maps, it’s nothing but a very small square. And for every prospect I have, there are 7-8 homes where no one was home. If you were to cover 2 mile radius of your intersection and actually try and talk to EVERYONE in that 2 mile radius, it might seriously take you a few years just door knocking 60 hours a week. You would not believe how many houses there are on any given street. Amazing.
There are 4 new FAs within the 2 mile radius of my intersection. We coordinated and are DKing in each our own quadrant and we're just going to rotate every quarter or so. I personally don't think 3 mo is long enough to cover a quadrant. Yeah, there are also other FAs that's been out for a few years in the neighborhood but they really don't give a rat's ass even if you door knock neighborhoods right behind their offices. Maybe you want to avoid the mall in which the office is located, as a common courtesy. But that's been my experience so far. In fact they encourage you to the point where I was getting suspicious of them having access to my prospects. But of course, that wasn't true. [/quote] Believe me nobody cares about the boundries. If you run into another EJers client tell them they are with a great guy and have a nice day. Everyone is free game who is not currently a client of EJ. I wouldn't worry at all about the 2 mile radius thing.Source URL:https://www.wealthmanagement.com/forums/rookies-trainees/what-else-there