Chances with EDJ

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Dec 22, 2006 3:59 pm

OK, I am a newbie to this, but I have some questions if you all wouldn't mind giving me some insight.  I'm about half-way through the hiring process at the moment and I am doing a whole lot of thinking.  I know there is already a thread about an offer from EDJ, but this is more about the whole picture than simply the money issue.

I have just graduated from college with a BBA in Management and I am working two part-time jobs right now. I'm not making a whole lot of money (as you can imagine), so I'm pretty sure that the training pay that EDJ offers will be a boost for me anyway you look at it. But this is my question(s):

I live in a small South Georgia town with a pop of 19,000 in the city limits and probably 40,000 in the entire county.  There are already two EDJ brokers in town and one seems pretty well established.

However, for a small town, there is a lot of big money in town and a lot of small businesses.  It is also a college town, so there are students transitioning to the working world. I know those people aren't neccessarily the cash cows at the moment, but I think they are good people to begin a relationship that could turn into a lucrative one down the road. The town seems to be growing with the addition of a Lowe's and some other upscale restaurants, so I think that the market is growing and I know there is opportunity. Do you think that I could realistically get myself setup and do well here with two EDJ Reps already in town?

Dec 22, 2006 4:24 pm

Without question...I'm in a smaller town/county with more EDJ reps than that and we're all making money.

Dec 22, 2006 4:33 pm

No matter what the demographics are, the odds of making it in this business are slim (10% maybe) and your being young make it harder. 


HOWEVER, if you've got no other prospects and nothing to lose then you are in the perfect position to give it a shot!


The town size is pretty nice as you will be able to be "known" very easily.  Would it be better if there was no other EDJ or other competition? you bet.  Everyone that has started before you has a head start on building relationships with CPAs, Lawyers, Biz Owners, etc., and most of the town has probably been doorknocked by the second EDJ rep.  But, there is still plenty of money out there. 


Have you checked out other competition in town?  If it were me I would be checking out established independents to see if they are considering adding an associate (or even an assistant as a starting point).  There are a lot of baby boomer independents that are well established and starting to think about either taking more time off, growing their business, or transitioning into retirement.  I moved into a rural town smaller than yours and had offers from two different independents (I was previously licensed).    


If there aren't any independents or your heart is set on EDJ, I would ask about Goodnighting posibilities with the established rep.  You'll probably have to do this directly with the rep or through the Regional Leader.

Dec 22, 2006 7:34 pm

morene_iv,


I am in South Georgia, as well. Born and raised, but in a larger town than yours. And I'm indie.


You can check the "monetary value" of your town, or any other town, by going to www.fdic.gov and checking the total amount of deposits at the area banks. You can figure about 10% of the total deposits have the potential to be "investable". (Note: The "10%" figure is my best guess and is not based on any marketing studies.)


Good luck!


 

Dec 22, 2006 11:09 pm

Thanks guys.  I appreciate the info.  Just for the record, I spelled my name wrong in my username (yes, apparently I'm an idiot).  It actually should be moreno_iv.  Like Dan Marino, but Spanish instead of Italian.  Anyway....

I don't particularly have my mind set on EDJ, but they are my hot opportunity at the moment. I really want the freedom that is promised once I have myself established. Owning my own business is something that I have always wanted.  I realize that will be years down the road (if it ever happens), but having my own office and the potential to make pretty good money as well as helping people out really appeals to me.  Also, I am willing to work as hard as I have to.  I am so bored right now, I don't know what to do with myself.

What I would say to the comment about being young is this: I am young and that part of it intimidates me a little because I wonder how seriously people are going to take me when I come to their door wanting to sell them investments.  However, because our town is so small and because I have lived here for over 10 years with a pretty high profile family in the community, I actually know a whole lot of people.  I have a lot of contacts through my Dad (who used to be fire chief here), through my various jobs and through my fraternity. I think that this is an opportunity that I would be foolish to pass up if I am given the chance to have it.

I appreciate the comments eveyone. Y'all have given me a good insight into the idea.  If anyone else has any ideas, please lay them on me.

BTW, where are you from doberman?  I'm down here in Americus right now, and I think that's where they are going to want me.  Also, where exactly can I find that info on the FDIC website?

Dec 23, 2006 12:01 am

Moreno- I started at Jones with a guy in a town your size in MS. He is a hard worker and has been very successful. The model works faster in smaller towns your size. I am in a larger town around 120,000 and I am doing well. Good luck to you and if you want specifics, PM me.

Dec 23, 2006 8:50 pm

Moreno, you have a few thinbgs going your way:



1. small town, close-knot community.

2. you know a lot of people and your family has connections

3. the benefit to being SO young is that ANY income is probably as much

or more than you are making now. For people such as myself, it is going

to be years before I reach my pre-advisor income, and I have a family.

4. you are willing to work hard. don't listen to your friends talking about

having to work "until 6:00!" - just forget the 9-5 thing for now. A few

years down the road you will be begging someone to come golf with you

during the week.



Don't get hung up on the "selling door to door" thing. That's not really

what you will be doing. Present it as a simple introduction to your new

business, and offer to keep people informed about investing ideas. Only

REALLY aggressive IR's actually try to sell something at the door.



Good luck, and go for it.

Dec 23, 2006 9:09 pm

Frankly, I think the dorr-knocking thing at Jones is overblown. In truth, I

never opened a single account from door knocking. Not one. (There are so

many Jones brokers around here that I think everyone had been door-

knocked at least once!)



If you're starting at Jones, you're probably going to have to go through the

motions, but I'd advise you to have another venue going for you.

Dec 23, 2006 9:10 pm

SP: door

Dec 24, 2006 3:37 pm

What did you do to open accounts, since doorknocking did not work?


Starka:

Frankly, I think the dorr-knocking thing at Jones is overblown. In truth, I
never opened a single account from door knocking. Not one. (There are so
many Jones brokers around here that I think everyone had been door-
knocked at least once!)

If you're starting at Jones, you're probably going to have to go through the
motions, but I'd advise you to have another venue going for you.

Dec 24, 2006 3:45 pm

I did a lot of seminars. Happily, at the time, there were not that many

people doing them.

Dec 24, 2006 5:00 pm
Starka:

I did a lot of seminars. Happily, at the time, there were not that many
people doing them.


There still aren't many people doing seminars, at least in my area. Pull-up any of the B/D websites and you won't find many (if any) of them conducting seminars.

Dec 24, 2006 6:49 pm
doberman:
Starka:

I did a lot of seminars. Happily, at the time, there were not that many
people doing them.


There still aren't many people doing seminars, at least in my area.
Pull-up any of the B/D websites and you won't find many (if any) of
them conducting seminars.





Why is this the case? I've been wanting to attend a few seminars and have found it quite hard to find any.



Any thoughts?

Dec 24, 2006 7:07 pm

In my area, people literally can have brekfast and lunch every weekday at a

seminar. If no one is running them in your area, by all means give it a shot.

I think you'll find it worth your while!

Dec 25, 2006 4:21 pm

[quote=doberman]

morene_iv,


I am in South Georgia, as well. Born and raised, but in a larger town than yours. And I'm indie.


You can check the "monetary value" of your town, or any other town, by going to www.fdic.gov and checking the total amount of deposits at the area banks. You can figure about 10% of the total deposits have the potential to be "investable". (Note: The "10%" figure is my best guess and is not based on any marketing studies.)


Good luck!



Went on to www.fdic.gov, could not find info? Can you help.  Thanks

Dec 25, 2006 7:28 pm

TOP BROKER:

Went on to www.fdic.gov, could not find info? Can you help.  Thanks


------------------------------------------


The following link may help. The selection of "County Summary Totals" under "Report Content" will give you deposit totals for every county in your targeted state. Doing some searching on the website can even narrow it down to deposit totals for a particular zip code.


http://www2.fdic.gov/sod/sodMarketBank2.asp


Dec 25, 2006 9:59 pm

doberman,


Very interesting.  Thanks

Dec 26, 2006 7:23 pm

Sorry, but the particular pages of www.fdic.gov that would help you are difficult to bookmark or provide a link to. The best I can tell you is to roam around the site until you find what you're looking for.


It is possible to locate deposit totals for zip codes, cities, or counties.


Good luck!

Jan 1, 2007 10:37 pm
RecordGuy:

What did you do to open accounts, since doorknocking did not work?





What I would do, is enter through an available entrance (unlocked window etc) and then surprise them when they got home.


Jan 2, 2007 7:15 pm
AllREIT:
RecordGuy:

What did you do to open accounts, since doorknocking did not work?




What I would do, is enter through an available entrance (unlocked window etc) and then surprise them when they got home.