Do I HAVE to knock on doors?

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Oct 24, 2009 3:09 pm

If I come to Mr Jones with a large database of former customers and prospects from a prior business (enough to make warm and cool calls for several years), will they still INSIST that I go trick-or-treating for investments in the neighborhood?

Oct 24, 2009 3:18 pm

Ooo, with that attitude, you'd best look elsewhere. I've been at Jones for more than a year now, and have seen lots of roadkill along the way for guys who thought they could "out-think" the Jones system. LOTS of them.

Oct 24, 2009 3:23 pm

LeaseNoMore, at any firm in which you are an employee, you will have to do it their way in the very beginning.  However, once you get started, they won't care what you do as long as you are producing. 

 
How do you have enough names to make calls for several years?  If you need someone to have $100,000 to make a decent prospect, how many names of people do you have that fit that criteria.  Keep in mind that if you are calling for that, you will probably want to make 200 dials a day +. 
Oct 24, 2009 3:25 pm

If you already have a database large enough that you think that can succeed with them alone why even go to Jones?  Go independent and triple your payout.    You're gonna do it in 3 years anyhow so why not save the time right from the start?

Oct 24, 2009 3:35 pm

Baldy is right. I'd join an insurance firm if I had a large database of people to call on. Think it would be hard to go Indy from day one with no experience.



Plus, if you already think Dking is beneath you why join a firm that prides itself on it? Grow up.

Oct 24, 2009 9:17 pm
LeaseNoMore:

If I come to Mr Jones with a large database of former customers and prospects from a prior business (enough to make warm and cool calls for several years), will they still INSIST that I go trick-or-treating for investments in the neighborhood?

trick-or-treating for investors cant believe I dint think of it, but anyway I talked to a jones recruiter once they said you dint have to door knock. However cant always believe a recruiter.

Oct 24, 2009 9:27 pm
voltmoie:

Baldy is right. I'd join an insurance firm if I had a large database of people to call on. Think it would be hard to go Indy from day one with no experience.



Plus, if you already think Dking is beneath you why join a firm that prides itself on it? Grow up.



I must say volt is right.  When I was going to work for EDJ, I forced myself to accept the "Jones Recipe" and not try to out-think it.  Sure, there are a million ways to sell, but all the resources you have are designed to support a specific methodology.

Selling is hard enough... have you read the forums?  I think you will make it even harder when you are trying to out-think the company... just added, unnecessary stress. If you think the company's methods are dumb, you won't be a happy employee.  Unhappiness leads to resentment.  Jones has a very strong culture.  If you start with a chip on your shoulder, I doubt you will be successful there.  I'm not saying you will fail... I'm saying you will probably quit before that happens because you don't like people forcing you to do things you don't want to do.

I wouldn't say it's an better at a wire. I think the difference (someone correct me if I'm wrong), is that everything is more manager driven. My first manager liked my business plan and was very supportive.  My new manager is the complete opposite.  If I don't adapt (at least partially), my life will become difficult.

Of course, this only applies to new guys.  The big producers (at any firm) can basically do what they want.  Until you are bringing money into the firm, expect to be told what to do.


Oct 24, 2009 10:33 pm

Wow... what a great resource.  I posted a question... ran up to visit my daughter at college... then came home to find all kinds of valuable responses (well... almost all of them).

 
Through my previous business I have accumulated a database containing thousands of businesses, including those I have done business with and lots of prospects that at least know me.
 
To me it would make more sense to leverage those warm/cool relationships instead of the ice cold process of knocking on doors.  Of course, I never said I wouldn't do it... just wondering if they insist, even if it isn't the best use of my time.  
 
Maybe a little of both (or a LOT of both) will be the answer.
Oct 24, 2009 10:39 pm
LeaseNoMore:

If I come to Mr Jones with a large database of former customers and prospects from a prior business (enough to make warm and cool calls for several years), will they still INSIST that I go trick-or-treating for investments in the neighborhood?

 
If that's the case, you won't have to work for EDJ.  However, the list is only as good as you are with selling whatver it is you want to sell.  But hey, EDJ has only been doing face-to-face prospecting since its inception.  So whatever prospecting methods you have MUST be much better than what you've been doing.  Good luck.
Oct 24, 2009 10:52 pm

Uhhh... Isn't this the rookies & trainees area?   Seems logical that this would be the place to ask questions of the vets, with the hope of getting honest, yet respectful responses.  If we already knew everything like you do, we wouldn't be here.  So I ask you, oh wise one... Why the hostile response to a newbie feeling his way into a new world?

Oct 24, 2009 11:08 pm
LeaseNoMore:

Uhhh... Isn't this the rookies & trainees area?   Seems logical that this would be the place to ask questions of the vets, with the hope of getting honest, yet respectful responses.  If we already knew everything like you do, we wouldn't be here.  So I ask you, oh wise one... Why the hostile response to a newbie feeling his way into a new world?

 
If you have 1000 warm prospects, I'm not sure if you need to door knock.  You'll fall ass-backwards into sales and make a nice living.  Ultimately, it won't be what you expect it to be.  If you have 100 warm prospects and don't door knock, you'll fail guaranteed, unless you get a lot of referrals. 
 
I wouldn't suggest going indie right out the gate, because there is a lot to be said about having a mentor to show you how to do things right and how NOT to do things.  Ultimately, if you do no cold prospecting (walking or calling), it will be very difficult to succeed, regardless of the size of your natural market.  EDJ has a formula that has worked for decades, and may not be one that you should dismiss before you take a job with them.
Oct 25, 2009 9:02 am

I didn't mean to be "disrespectful"either, but if you really don't want to doorknock, then just find a different firm. All of Jones' training will be geared toward making first (and many subsequent) contacts face-to-face. If you don't believe in the premise, you won't get a thing out of the training anyway. Jones is not going to teach you how to cold-call. Let a wirehouse teach you a phone-only business model.

Oct 25, 2009 9:51 am

Thanks deekay & inland...  This is an odd situation I find myself in (owner of a moderately successful business forced to make a career change due to the tanking of an entire industry).

 
So here I am...  with Jones, MSSB, and NYL as options.  Each has some things I like and some things I don't...
 
Jones- independence, ability to help the 'less than wealthy', etc., but apparently with the reputation of being minor league (I didn't really know that until I started reading this forum), pushing only certain basic products, and yes- door knocking.
 
MSSB- power of being the big boy in the neighborhood, bigger salary, more commercial products to offer (good for my contacts), but in an 'under the manager's thumb' environment, only looking for people with sustantial money to invest, etc
 
NYL- make $$ sooner selling insurance, can sell investments too, lots of flexibility, but they are focused on insurance and, I am probably wrong, but it seems that extracting ins premiums in this economy would be less likely to happen than getting somebody to let me help them fix their battered investment portfolio.  I have NOTHING against insurance salespeople, but I am having trouble projecting myself into that role.
 
Wherever I land, it'll be "all in"... those college tuition bills won't wait!  I'm usually very decisive, but this decision is driving me crazy.
 
Is it too early in the morning to start drinking?
 
Oct 25, 2009 10:05 am

Nah, you won't be "all in" you've already convinced yourself you are better than all three options.



Time to add a fourth you can get behind.

Oct 25, 2009 10:19 am
LeaseNoMore:
Jones- independence, ability to help the 'less than wealthy', etc., but apparently with the reputation of being minor league (I didn't really know that until I started reading this forum), pushing only certain basic products, and yes- door knocking.
 
I think you are all getting your leg pulled.
Oct 25, 2009 10:21 am

Hey Volt...  I must be in the wrong forum.  I thought this was Registered Rep, but apparently it is Registered Pychoanalyst.


 
Don't mistake weighing the pros and cons of various options in order to reach an intelligent, thought-out decision with the inability to go "all in" on any one of them. 
 
I'm watching the NFL channel and they just referred to "Edward Jones Stadium" in St Louis... maybe that was a sign from above. 

Oct 25, 2009 10:36 am

Do it on a sheet of paper at home if you don't want feedback. Come on here and you're going to get an opinion.



Remember, you don't know any of these people. They can't tell you what to do. They might or might not be what they say so how the hell do you expect to make an "intelligent, thought-out decision" on here.



Pick up the phone and call people in each firm all across the country and get the real truth.

Oct 25, 2009 10:45 am

Thanks Volt...  "Feedback" would be giving an opinion on the 3 firms mentioned, not presuming to know me well enough to know what I would do with your input.

 
I appreciate all input but, you are right, it is coming from anonymous sources, each with their own opinion and agenda.  It's just one resource I am using to make a decision.
 
It's between doing research where I can (including here) and drawing straws.
Oct 25, 2009 10:52 am

Volt - owned

Oct 25, 2009 11:01 am

So, you are using strangers on an internet forum as a resource to make a decision that will have profound effects on your life and career? That's sad. Do some real work you lazy bastard. ( i say that in kind terms, seriously) Go meet with people in the field. If I had listened to most of these idiots I would still be looking for a job since every firm except their 1 person office is terrible.



Here is my feedback for you:



Choose NY Life. I work for them. They do a great job helping you develop your natural market. In less than a year I'm already on track to make six figures. Don't worry about the insurance part, I can focus on whatever I want as long as I'm bringing in the numbers. I'm an investment guy and my manager is cool with that. In fact, most of the INSURANCE guys in my office just throw me referrals because they don't want to deal with it.



...curious how I was owned, Ron, we're having a discussion? I'm not trying to one-up him