Early 20's starting w. jones

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May 7, 2007 6:54 pm

Im in my early 20's. Male. I've been selling insurance for the past 2 years. All i know how to sell, at least somewhat well is annuities. I have a lot of experience dealing with the 55+ market as i am in west central florida on the beach. Besides studying for the series 7, after that what are going to be my biggest hurdles. i can handle door knocking so long as i do it and stick to it. i'm just curious if my annuity experience on the insurance only side of things is going to hurt my ability to adjust to being a financial advisor or if it will be a possible plus. I'm curious to hear from people who are with jones or were with jones and have POSITIVE things to say about their experiences in the early days. i know the first 3-4 years are going to suck, i know i have no real experience whatsoever but i am curious for the mental tips to keep at it and get some traction in this business that they dont necessarily teach during my up and coming training classes. any responses will help

May 7, 2007 7:22 pm

Everybody's early experience was positive until they quickly realized what a POS firm it is. How's THAT for "positive"?

May 7, 2007 8:29 pm

Pray before you go to bed.



Stay confident and be a leach. Learn as much as you can and keep your eyes open for other opportunities.

May 7, 2007 8:51 pm

bobby hull- honestly, what is left of your life when you are inclined to comment with something as useless as that...i asked for help but clearly you need it a lot more than me. thanks

May 7, 2007 8:56 pm
newtojones:

bobby hull- honestly, what is left of your life when you are inclined to comment with something as useless as that...i asked for help but clearly you need it a lot more than me. thanks



You didn't ask for help.  You asked to be told what you want to hear. You want someone to validate your bad decision because you can't do it yourself. You are dumb.

May 7, 2007 9:02 pm

i dont require the help of any internet junkie to validate any decisions i make in my life, clearly you're bitter and lacking much in life. its like an ex gf dude...if you're really over her you dont take the time to get worked up anymore...clearly you're not...now does anyone other than airforce have any actual insight into the position in a constructive manner

May 7, 2007 9:09 pm
newtojones:

i dont require the help of any internet junkie to validate any decisions i make in my life, clearly you're bitter and lacking much in life. its like an ex gf dude...if you're really over her you dont take the time to get worked up anymore...clearly you're not...now does anyone other than airforce have any actual insight into the position in a constructive manner


You failed at selling annuities and you will fail selling securities.

May 7, 2007 9:11 pm

i sold 2.2 mil of annuties in my first 12 selling months. avg 7 percent commission, i dont think i failed at all...im aware a lot of other guys in my ins office were real big hitters writing over 10 in annuities each yr but certainly my first sales job i wouldnt consider a failure? any other presumptions?

May 7, 2007 9:12 pm
newtojones:

i sold 2.2 mil of annuties in my first 12 selling months. avg 7 percent commission, i dont think i failed at all...im aware a lot of other guys in my ins office were real big hitters writing over 10 in annuities each yr but certainly my first sales job i wouldnt consider a failure? any other presumptions?



You did good. Why would you toss in a winning hand?

May 7, 2007 9:14 pm

the type i was allowed to sell conflicted with my conscience...they were all single tier but i didnt want to only go into a house with one thing to present...also it seems silly if they like me enough to do something long term not to be able to have a full arsenal of products for more of thier needs i guess..

May 7, 2007 9:48 pm
newtojones:

the type i was allowed to sell conflicted with my conscience...they were all single tier but i didnt want to only go into a house with one thing to present...also it seems silly if they like me enough to do something long term not to be able to have a full arsenal of products for more of thier needs i guess..



Ignore Bobby, he is our resident troll. All he does is heap abuse on anyone foolish enough to reply to him.

May 7, 2007 9:50 pm

thanks allreit

May 8, 2007 12:15 am
newtojones:

i sold 2.2 mil of annuties in my first 12 selling months. avg 7 percent commission, i dont think i failed at all...im aware a lot of other guys in my ins office were real big hitters writing over 10 in annuities each yr but certainly my first sales job i wouldnt consider a failure? any other presumptions?


The annuities that Jones allows you to sell are crap. (Disclaimer: it has been a while so maybe things have changed.)  The fixed annuity rates were low low low and the pay out was cut way down.  The VA's while from good companies were custom made for Jones with sub accounts from the "Preferred Fund Families" and not the standard multifamily products that everyone else could sell.  Again with a very low commission.  I was sent out there to sell annuities with one hand tied behind my back.  No equity indexed annuities at all....which wasn't a problem, since I don't' think they are very appropriate anyway.


However, your ability to sell is what counts. Selling is the name of the game.

May 8, 2007 6:25 am

newtojones, Jones is the wrong place for you.  This is not a knock on Jones.  I may be one of the very few people on this board who has never had anything to say about them as a firm. 


You have to go with your strength.  Right now, your strength is annuities.  Annuities can be an incredible product when sold appropriately.  You need to go to a place that won't give you a hair cut for your fixed annuity sales and will allow you to sell the variable products that are best for your clients.  You would be much better off with a broker/dealer that is with an insurance company.


Disclosure:  I definitely have a bias in favor of insurance companies for anyone who is trying to implement the financial advice that they give to their clients.   This is because insurance is a hugely important part of financial planning and it makes no sense to put this through the grid.   

May 8, 2007 1:25 pm

RUNNNNN!!!!!  The green slime will ultimately cover you and you will DIE!!

May 8, 2007 2:22 pm

newtojones-I went to Jones from an insurance company myself.  I
did mainly VA's and very little fixed.  Biggest thing you will
notice is the HUGE reduction in payout.  Jones pushes almost all
"A" share annuities, so your payout goes through the grid exactly like
you are selling an American Fund.  Your $100K annuity that made
you $7000 will now pay $1100.  You will be taking a large paycut
across the board.  I have been with them 18 months and am looking
to go Indy as we speak.  If you plan on doing insurance(s) as a
large part of your business, look elsewhere.  EVERYTHING you sell,
LTC, VUL, TERM, DI, etc goes through the grid, 40% payout.  I
realize payout isn't the most important factor, but for someone with
experience who feels they don't need the sales training, Indy is a
better way to go to me.

May 8, 2007 3:52 pm

ironhorse...thanks a lot...the truth is i hate insurance, i like annuities because of the financial side of things but with just an ins. license i know im misleading everyone i speak to about thier investments. the main guy at the office i turn my biz in thru til the end of the month likes his payout on the annuities as well but gets on me about having "blinders" on by not writing any actual insurance, but i cant stand insurance, i know its valuable..but i dont want to constantly 20 yrs down the road have to go knock doors with leads for ltc or tax breaks. i dont imagine i would mind writing policies for clients in addition to everything else i can help them with i just felt limited and a fake. also, i met with two offices of jones guys..one was a total dick and the other one was nice, one was telling me you start at zero every month and there is no trailing commission. however the more open and polite person i met with told me he had about 3400 dollars a month of trails or residuals, i dont know what the details are but how do you build that up in the jones system. i know one person says no and the other says yes so theres gotta be some truth to both claims

May 8, 2007 4:07 pm
newtojones:

know one person says no and the other says yes so theres gotta be some truth to both claims





This has to be a troll.



1) Real insurance (i.e life, health, home,) is perhaps the most
important financial product people can buy. No one feel's fake selling
it.



2) Annuities/VUL on the other hand.....



3) This good cop/bad cop story is a great opener for a flame fest, except that no one will argue the Jones side in it.



4) $3400 a month in trails 40.8K == $40.8M in AUM assuming 25bps@ 40% payout. That seems high for EDJ.

May 8, 2007 4:49 pm

Why do you assume it's high for EDJ?  Do you figure the trails are too high or there aren't Jones brokers who manage big books?  A lot of the brokers in my region out 5-7 have hit $40 mil looking at $50 or $60 in the next couple of years.  


I would venture to guess that the Jones broker that says there are no trailing commissions was talking about fee based biz.  He gets some trails, but not anything fee based right now.  Yes, we do start at zero every month. 


Jones brokers seem to fall in one of two camps with LI.  Either love it or hate it.  I love it.  It's a great leverage tool for passing money to heirs, great for protection for younger families, and good payout considering it goes through the "grid".  Those that hate it, in my opinion, don't understand it and are more the product pusher type.  Sell them a bond, sell them a stock, sell them a fund.  LI is an easy sale when you position it correctly, but that involves cognitive thought beyond your training classes. 


My advice for you beyond your training is simple.  Take what you learn at Jones and keep learning.  They're great at teaching you to doorknock and how to make sales calls, but not so much teaching  you how to compete with other brokers.  Read books about sales, finance, asset gathering, marketing (which we suck at), money management, etc.  It's your name on the door and people are going to do biz with and refer people to you.  You just happen to work for Jones.  Talk to everyone you meet.  Tell them what you do.  At the beginning you can't have too many prospects in your system.      


Just get through your tests right now.  That's enough to think about. 

May 8, 2007 6:17 pm

allreit...no i dont feel fake selling insurance, i feel misleading giving them advice on investments in  the annuity category with just an life and health lic. the insurance is fine and completely agree with how important it is, as an insurance only guy i will always be an outsider providing one service instead of having the chance to be the main guy thats all i was saying sorry for confusion