EDJ Door Knocking?

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Jul 5, 2006 9:11 pm

Does it actually work?  Do people actually buy investments from a door to door salesman?  If so, which investments?  How much is a noob expected to sell to qualify for PDP?  What happens once you qualify for PDP?  Any insight is valuable.

Jul 5, 2006 9:47 pm

Yes.  Yes.  Depends on the prospect.  I don't remember but its something like $2400.  You get to start looking for an office, which will take a few months.

Jul 5, 2006 9:49 pm

I never could make door knocking work.  I opened a few accounts from it, but never anything that amounted to much.  I had a sense that people are very leery of someone knocking at the door in the middle of the day. 


If I remember correctly, PDP is Personal Development Program, and is one of the "Steps to Success".  Essentially, it's a training session in St. Louis that is slightly more advanced than basic selling.  Presumably, EDJ was willing to spend a little money on you after they saw that you weren't going to wash out after the initial 16 weeks or so.  I don't remember the assets gathered necessary to move up, but it wasn't much.

Jul 5, 2006 10:13 pm
Starka:

I never could make door knocking work.  I opened a few accounts from it, but never anything that amounted to much.  I had a sense that people are very leery of someone knocking at the door in the middle of the day. 


If I remember correctly, PDP is Personal Development Program, and is one of the "Steps to Success".  Essentially, it's a training session in St. Louis that is slightly more advanced than basic selling.  Presumably, EDJ was willing to spend a little money on you after they saw that you weren't going to wash out after the initial 16 weeks or so.  I don't remember the assets gathered necessary to move up, but it wasn't much.



It is Profitability Development Program.  You qualify by your net not by assets.

Jul 5, 2006 10:43 pm

I stand corrected.

Jul 5, 2006 11:58 pm
Starka:

I stand corrected.


From what I have seen that you have posted Starka, it is rare for you to make a mistake.BTW, that is a genuine compliment I have learned much from you.

Jul 6, 2006 12:00 am
RecordGuy:

Does it actually work?  Do people actually buy investments from a door to door salesman?  If so, which investments?  How much is a noob expected to sell to qualify for PDP?  What happens once you qualify for PDP?  Any insight is valuable.



i know someone who has been with EDJ for awhile now. yes the going door to door actually seems to work.

Jul 6, 2006 7:38 am
wanna_be_FA:
RecordGuy:

Does it actually work?  Do people actually buy investments from a door to door salesman?  If so, which investments?  How much is a noob expected to sell to qualify for PDP?  What happens once you qualify for PDP?  Any insight is valuable.



i know someone who has been with EDJ for awhile now. yes the going door to door actually seems to work.



You need to get with the program, nothing about Jones works.  The thousands of people who are happy there just don't get it.

Jul 6, 2006 10:29 am

[quote=NASD Newbie

You need to get with the program, nothing about Jones works.  The thousands of people who are happy there just don't get it.


[/quote]


Alcoholics and drug-addicits seem to have the same issues with their problems too. 

Jul 6, 2006 12:51 pm
RecordGuy:

Does it actually work?  Do people actually buy investments from a door to door salesman?  If so, which investments?  How much is a noob expected to sell to qualify for PDP?  What happens once you qualify for PDP?  Any insight is valuable.



Yes it works, depending on where you are geographically.  Some communities have gated or restricted access.  Urban areas tend to have less friendly reception at the door than rural areas. At least according to the anecdotal evidence shared at the training sessions.


I never tried to sell investments at the doorstep, even though that was what Jones wanted me to do. I was more into introducing myself, gathering some information and getting permission to possibly send some brochures or invite the prospect to come to a seminar...etc.   I just didn't feel it was professional to offer investments at the doorstep.  After all aren't we supposed to "know our customer"?  All I could tell from the doorstep was who wore pajamas until 11am.


After I had their attention and had them to come to the office and had a chance to really talk with them....then I would pounce with an investment.

Jul 6, 2006 12:53 pm

Seems like it is a lot easier to do once you have an office.  Invite them for coffees or seminars.  Seems like it is hard to get an office though.  How do you sell them if you don't even have an office?

Jul 6, 2006 1:14 pm
RecordGuy:

Seems like it is a lot easier to do once you have an office.  Invite them for coffees or seminars.  Seems like it is hard to get an office though.  How do you sell them if you don't even have an office?


Most everything about this business is hard.  The easy part is when you finally get them to meet with you and you can really get to know them. 


How do you sale them?  This is how it's done:


Knock on their door and they answer.  Introduce yourself let them know your opening a new office in the area and you are out introducing yourself in the community.  Asked them how long they have lived there, chat away about that.  Ask them how did you catch them at home, do they worked from home?  Chat about what they do for a living.  How long have you been at your current company?  This may be a clue that they left a 401(k) behind.  Asked them did you leave your 401(k)  behind or take control of it?  Tell them that you really enjoyed meeting them, and asked for their name and phone number, they give it to you, sometimes.  Then take a step back and say, by the way what are you currently investing in?  LISTEN.  Thank them again and leave.


Go back to the neighborhood with some flyer or seminar invite knock on their door again, say I was in the area again today and wanted to drop this off with you.  Chat some more listen for clues to their finances.


Now call them on the phone and get them to make an appointment.


It seems to me this is very much like what the big wirehouses do with their 300 dials a day, except with this method the people you call know who you are and can picture your face when they are talking with you on the phone.


Thank you and goodnight.



Jul 6, 2006 1:41 pm

and then ACAT that whopping 23K over...

Jul 6, 2006 1:42 pm
blarmston:

and then ACAT that whopping 23K over...



My biggest account from doorknocking is $700,000, and then he referred two $500,000 people to me.

Jul 6, 2006 1:44 pm

I would agree though that Merrill ect have higher overall net worth clients then EDJ.   Different strokes for different folks.  I made my choices for several reasons, not to say I spoke with Merrill. 

Jul 6, 2006 1:45 pm

Thanks for the feedback.  Did you find many people who were willing to engage in conversation on their doorstep?  25 a day?

Jul 6, 2006 1:53 pm
RecordGuy:

Thanks for the feedback.  Did you find many people who were willing to engage in conversation on their doorstep?  25 a day?



5 per hour.

Jul 6, 2006 1:55 pm
RecordGuy:

Thanks for the feedback.  Did you find many people who were willing to engage in conversation on their doorstep?  25 a day?


My experience (years ago) was that it was difficult to get 25 people to answer the door in a given day. 

Jul 6, 2006 2:11 pm

I doorknocked when I first started. Yes, it works. I still have several clients I adore and they often comment "What if you hadn't knocked on our door..."  It's okay when you first start but it isn't very time efficient once your business begins to grow. I stopped after 6 months. I found much more time efficiency in Seminars.


It's hard. Really hard. You will get doors slammed in your face. I came across a retired Morgan Stanley guy who laughed so hard I thought he wet himself. Said he had heard about Jones Door knockers but never thought he'd see one- on his doorstep.


And you will hear this one at least twice if you door knock "I already go to church..."


So, to answer you- yes it works- but you won't always be doing it.... unless you just love to punish yourself.

Jul 6, 2006 2:38 pm

RecordGuy dude--didn't you ask this exact same question awhile back and then come up with excuses when you didn't like the answers?  Man, just don't go work for EJ if you don't believe that it can work.  You seem to ALREADY make excuses and you haven't knocked on door one.  It's somewhat natural to rationalize THEN, because it's not easy.  You see, if it was, everyone would do it.