EJ Cold Walk

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Apr 3, 2007 7:16 pm

“Initially, you will follow our recipe for success:



1)     Make 25 quality contacts per day (125 per week).

2)     Ask open-ended questions to obtain financial information.

3)     Present an appropriate investment and ASK for the order.

4)     Assess each contact and indicate the next action to be taken.

5)     Contact each prospect at least once every two weeks.”



This is from EJ FA career web.



I don’t have issues with points 2 to 5, but how can I make 25 “Quality”

contacts per day? At a pace of 3 per hour? (8 working hours / 25 = 3)

That’s like one each 15 minutes. What about the Quality part? How much

quality can I get from a 15 minute to 15-minute appointments? Or

Quality means different at EJ?

Apr 3, 2007 7:26 pm

Oh, I find the Quality answer at their site too.



“Making 25 quality contacts does not mean making 25 telephone calls or

knocking on 25 doors. A quality contact is a conversation during which a

prospect’s needs are assessed, his or her interest piqued, a product

explained or an appointment set.”



Again, how can I do this in 15 minutes? Can someone help?

Apr 4, 2007 7:28 am

Get some information or talk to the point where second contact is warm and expected.  You don't have to close the sale on their doormat in 14:59, you need to be able to add them to your pipeline as a serious prospect.

Apr 4, 2007 10:20 am

Don't read too much into the "25 quality contacts" statement.  No one at Jones expects you to have a full blown conversation about needs/goals/investments at the door. 


entrylevelFA is right on.  All you're expected to do is get enough info that you have a reason to come back and talk with them again.  At first it could be something simple like they have an IRA or they invest in CDs.  Simple.  Get their name and phone number if possible.  Then you'll go back to them later. 


At the end of each day you need to be able to tell your trainer in STL or Tempe that you met and had a decent conversation with at least 25 people. 

Apr 4, 2007 11:21 am

While there are some people at Jones who make 25 contacts/day when they are starting out, a LOT of IRs will just plain lie about it to St. Louis.  I got a "talking to" from Kim Webb (a GP) during PDP training because I wasn't hitting my contact numbers during the call sessions. I tried to politely explain to her that I was actually recording ONLY real contacts (contacts where I would at least present something to them).  She didn't seem to grasp that the guy next to me would count an answering machine as a real contact! 


Also, don't put too much credence in the IRs who claim to open a TON of new accounts.  If all a guy needed was an IRA for a 401K rollover, I knew an IR who would open the IRA, a joint account for him and his wife, a ROTH for the wife, and a ROTH for the husband.  His COMM screen would show 4 new accounts. It wouldn't mention that 3 of the 4 are empty and will stay empty until they are closed. But, at least at new IR meetings, he gets held up as someone who can open 20 accounts a month by the NIRSS (trainer).


I never understood why Jones didn't stress new HOUSEHOLDS instead of new accounts.

Apr 4, 2007 12:57 pm

Quote: "I don’t have issues with points 2 to 5, but how can I make 25 “Quality”
contacts per day? At a pace of 3 per hour? (8 working hours / 25 = 3)
That’s like one each 15 minutes. What about the Quality part? How much
quality can I get from a 15 minute to 15-minute appointments? Or
Quality means different at EJ? "


Your math is wrong. Ed Jones expects you to work at least 15 hours a day, 6 or more days a week. So that's only 1+ "Quality" contact an hour. You need to learn to work harder not smarter.

Apr 4, 2007 1:02 pm

I think that's changed now.  While there is some back patting at meetings and such for anyone opening up more than 10 accounts in a month, they have to be funded for them to count towards the new IR's monthly goals.  I wish they would focus on households.  I'll take 3 new households over 10 empty accounts any day.

Apr 4, 2007 1:06 pm
EDJ to RIA:

Quote: "I don’t have issues with points 2 to 5, but how can I make 25 “Quality”
contacts per day? At a pace of 3 per hour? (8 working hours / 25 = 3)
That’s like one each 15 minutes. What about the Quality part? How much
quality can I get from a 15 minute to 15-minute appointments? Or
Quality means different at EJ? "


Your math is wrong. Ed Jones expects you to work at least 15 hours a day, 6 or more days a week. So that's only 1+ "Quality" contact an hour. You need to learn to work harder not smarter.



Actually I used to teach my training classes just the opposite.  Work as little as possible to hit the goals.  If you can do the job in 4 hours, great.  Play some golf.  However, know that the next day may not go as smooth, so maybe you should only play 9 holes and ring a few more doorbells. 


Maybe the new Jones brokers should feel lucky they don't work for Merrill or Morgan, et al because I understand the training over there is much more brutal than at Jones.  You only need 3 hours of sleep every night right?  You don't have to pee more than once a day right? Lunch is optional right?

Apr 4, 2007 1:49 pm

So, is not a matter of having a full fact finding interview right? Is more like

present yourself ask if they are investing and ask what products their have,

then talk about a fund or stock that may help them and try to close there? or

just come back every two weeks with products ideas?

Apr 4, 2007 2:03 pm

Also, I won’t cold walk on neighborhoods. I prefer business owners and

professionals (Drs, Lawyers, etc) any idea how to pass the gatekeeper on a

face to face? I just say to them that I will like to introduce myself to their

bosses, my firm and services. That I know they are busy now and that I just

will ask them for an appointment to visit in a more appropriate time. Does

this work? Please advice.

Apr 4, 2007 4:46 pm

H, you may not prefer neighborhoods, but if no other FA's (IRs) have been in your area, it may work. 


As for Doctor offices, I was a drug rep for 16 years. It tends to take money (not alot) to see these folks, if she (gatekeeper) see if she looks like she eats dough nuts, buy her some Krispy Kremes. It's amazing what alittle wheat gluten and sugar can provide. If not, go get a bag full of small lotions from Bath N Body. If they look at you stupidly, well .... you look stupid. Just go to the next remembering as Doug us to say, "You are part of the Best dam sales force in the world."


As for the other posts above, that 25 f2f was a joke. But that view is from this old guy. You may take 30.

Apr 4, 2007 6:26 pm

I bet, there is not FA cold walking here. I live in Puerto Rico. Here we

don’t have EJ, but UBS, ML, SB, Wachovia, Independents and local banks

bds. Some of the advisors I talk to about prospecting feel cold walking

are not “professional” at all. I also notice that some of this FA that feel

that way are starving to death.



I am starting out as a new FA with one of this big wirehouse and I don’t

know wealthy people, which is the market my firm is asking to get in too,

my uncle of father is not rich so I have to look for a way to make it

happen.



I call EJ a couple of time but they are not interested in the Puerto Rico

market today. I came from the insurance industry. It is common to

prospect this way.

Apr 5, 2007 12:19 am

Maybe EJ should state this on their website:


"In the morning, before you embarass the helloutayourself, insert one bullet into the chamber, giver a good spin, then pull trigger.  If you are still alive after this - thank the Good Lord and start knocking.  No one will respect you, docs and lawyers will not become your clients unless they're idiots, but maybe you can get Jim Bob from the local grocery store to have a 15 minute conversation with you while on his smoke break from stocking shelves to share his financial dreams."


About the only thing more comical to me then the way EJ rookies have to build their business are "The Personal Advisors of Ameriprise".

Apr 5, 2007 11:56 am

What's comical to me is all of the people who think picking up a phone and calling 200 people a day is any different than cold walking.  The only difference is your feet have to move and you get to see people in person.  Oh yeah, and most people don't actually slam the door in your face.  Once in a while it happens.  Front doors don't have caller ID either. 


collazo - I'll bet you're right that no one else is cold walking in PR.  It might be a great addition to your marketing strategy.  Especially with the business owners.  I would suggest you try some neighborhoods before you completely throw them out. 


Here's a thought.  Buy the list of qualified prospects like you were going to cold call them.  Then send 50 postcards every day telling those people you are going to be in their area introducing yourself.  We've got a letter like that on our system ready to print and mail.  Then go ring their doorbells.  You already have their name and address and probably their phone number.  Once you meet them they'll remember you were the guy who rang the doorbell. 


Or you can mail 15 invitations to seminars to them over the next 2 years, hoping they get it, read it, and respond to it. 


You have a lot of choices as far as marketing goes.  Cold walking is a great alternative. 


Apr 5, 2007 11:58 am
brandnewadvisor:

Maybe EJ should state this on their website:


"In the morning, before you embarass the helloutayourself, insert one bullet into the chamber, giver a good spin, then pull trigger.  If you are still alive after this - thank the Good Lord and start knocking.  No one will respect you, docs and lawyers will not become your clients unless they're idiots, but maybe you can get Jim Bob from the local grocery store to have a 15 minute conversation with you while on his smoke break from stocking shelves to share his financial dreams."


About the only thing more comical to me then the way EJ rookies have to build their business are "The Personal Advisors of Ameriprise".



Someone with the name Brandnewadvisor should not be telling people how to prospect. Hopefully someone with a little more experience will chime in. This may suprise you but there are other wealthy people out there other than docs and lawyers who would probably appreciate a face to face introduction.

Apr 5, 2007 1:54 pm

Thanks, to all.

Apr 12, 2007 8:44 pm

Cold walking works the best. Demeaning, tiring, and unpleasant as it is, it is absolutely the most effective way to quickly gain trust. Although I disagree with most of what Jones does, their prospecting techniques are good.

Apr 12, 2007 10:10 pm

I opened over 80 accounts (about 3.5mm) in my first year that way. It

wasn't the ONLY way I opened accounts, but it worked quickly (which is

what you need early on).

Apr 13, 2007 12:36 am
hncollazo:

I bet, there is not FA cold walking here. I live in Puerto Rico. Here we

don’t have EJ, but UBS, ML, SB, Wachovia, Independents and local banks

bds. Some of the advisors I talk to about prospecting feel cold walking

are not “professional” at all. I also notice that some of this FA that feel

that way are starving to death.



I am starting out as a new FA with one of this big wirehouse and I don’t

know wealthy people, which is the market my firm is asking to get in too,

my uncle of father is not rich so I have to look for a way to make it

happen.



I call EJ a couple of time but they are not interested in the Puerto Rico

market today. I came from the insurance industry. It is common to

prospect this way.





Make sure you do not cold walk during siesta time amigo!

Apr 18, 2007 6:28 pm
hncollazo:

“Initially, you will follow our recipe for success:

1)     Make 25 quality contacts per day (125 per week).
2)     Ask open-ended questions to obtain financial information.
3)     Present an appropriate investment and ASK for the order.
4)     Assess each contact and indicate the next action to be taken.
5)     Contact each prospect at least once every two weeks.”

This is from EJ FA career web.

I don’t have issues with points 2 to 5, but how can I make 25 “Quality”
contacts per day? At a pace of 3 per hour? (8 working hours / 25 = 3)
That’s like one each 15 minutes. What about the Quality part? How much
quality can I get from a 15 minute to 15-minute appointments? Or
Quality means different at EJ?


I would find a target market/large company. Get a company directory, and start dialing. You'll get infront of qualified prospects by setting appointments, and you'll be viewed more professional than just showing-up unannounced.