Jones Stories... for the JONES
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AAhhhh the old pass over a new new in the region to add a newby to the overall headcount trick. It takes a savvy RL to pull that one off. Kudos to your faithful leader. Screw over a guy willing to work out of his home to keep his net new hire to the region.
Just remember, you serve one customer: The long term serious General Partner. With any luck for the RL, hopefully one of the new news who got looked over will be able to "establish a beach head" so to speak, and open an office before they wash out. It is always easier to recruit to an open office than to get a new new to succeed.Actually in this situation it sounds like the RL net zero new FAs. Richchick was already a hire for him. Her moving to the new office didn’t gain him anything other than someone willing to take the office and try to survive. He lost an advisor then moved an advisor. Net zero to him.
As for the other people, I don't think she said they were new/news like her. Now, she also didn't say they weren't, so they might have been. Richchick - make sure you don't rely too heavily on the assets from that office. I was told early on when I took over an office that for every $10 mil you have under management, you can spend one day a week in the office servicing those folks. So, if you took over $20 mil, then spend two days a week on your existing clients, and the other three (or four) prospecting for new clients.Perhaps you are correct Spiffy. I read that she moved 200 miles and I assumed that would be a change of region, she could be up in Alaska for all I know. In my experience, the RL is happy to take from one region to build his own. If you are already willing to work from home, why should the RL allow you to move you into a vacant office? Better to use the open office as a recruiting tool. Only move a new new from within the region to an open office if all other options have been exhausted.
I see where you are coming from. Perhaps she’ll enlighten us as to whether or not she moved regions.
You got to take assets any way you can - especially in this type of environment.
Early in my career people kept telling me how noble I was for "going it alone". It may sound noble but actually all it does it put you in a higher risk category than brokers who inherit assets. If this were a normal environment I could buy the "you'll have more time to prospect" argument. That is true in a normal environment. If you have a choice - TAKE THE ASSETS. You're going to need the trails, you're going to need the easy trades than come from CD's maturing, you're going to need the credibility that comes from having a few accounts. Asset inheritors are quicker to win diversification trips. You're going to need that vacation in 2 or 3 years no matter how much you pretend you're made of steel and somehow immune to burnout. Don't use the assets as an excuse not to prospect. Get ahead of the curve, stay ahead of the curve, pray we don't have another down 40% when you're in Segment 3. This is a great time to be a rookie with the easy quota curve and no clients to hand hold. Good Luck.[quote=Swordoftruth]You got to take assets any way you can - especially in this type of environment.
Early in my career people kept telling me how noble I was for "going it alone". It may sound noble but actually all it does it put you in a higher risk category than brokers who inherit assets. If this were a normal environment I could buy the "you'll have more time to prospect" argument. That is true in a normal environment. If you have a choice - TAKE THE ASSETS. You're going to need the trails, you're going to need the easy trades than come from CD's maturing, you're going to need the credibility that comes from having a few accounts. Asset inheritors are quicker to win diversification trips. You're going to need that vacation in 2 or 3 years no matter how much you pretend you're made of steel and somehow immune to burnout. Don't use the assets as an excuse not to prospect. Get ahead of the curve, stay ahead of the curve, pray we don't have another down 40% when you're in Segment 3. This is a great time to be a rookie with the easy quota curve and no clients to hand hold. Good Luck.[/quote] I suspect anybody reading your posts now would not make the mistake of calling you "noble". I also suspect "early in your career" meant last week. Don't mean to be negative but your posts seem to be just one more in a long line of "this is so hard for me and it is so easy for everyone else". Right now this job is hard for all of us at all firms. This is not easy for anyone now. We don't have time to feel sorry for you. If we had the time (or inclination) we would use it feeling sorry for oursleves. Brush it off, be positive, work hard. Many will survive this and you should make sure you are one of them.Ytrewq,
You have a point. I don't feel sorry for myself or anyone else. Also, I do use these forums to vent a bit. I always try to be two sided in my posts. I'm not a ten year guy. I'm in the middle. Early in my career was definitely not "last week". I'm trying not to rain on the firms parade or anyone elses. Here's a question for you though. The firms can rip us to shreds but they can't handle a little criticism? I'm not out rightly downing my firm - just point out some inconsistencies. I get tired of the firm acting as if we had never ending wallets, unending patience, and that we're suppose to be universal dart boards for every problem. Then the firm gets uptight because someone breaks the oath of silence and says it like it is. I think the rookies need to know both - how great it can be and also the realities of when it goes bad. For me, trying to get some middle ground with this job has been a never ending marathon. I admit, I'm close to saying screw it. The paradox is - I actually do better when I have this crusty attitude. I'm out for a while.[quote=rankstocks]
-I started NEW-NEW at Jones and didn't have a single asset handed to me, didn't even get an office until well after my can-sell. Built up my book to just over 100 million in 10 years, and still am above 150 million now, even with the temporary back-up of the market. I've brought in 15 million in new assets so far this year, and have been wrapping my book aggressively in MAP and Advisory Solutions to those clients were it makes sense.
-What amazes me most about those brokers that get handed 5 or 10 or even 20 million, is they think it is a lot of assets, and the brokers around them think it is a lot of assets. What I mean is....those EDJ brokers that get these assets are usually passed by NEW-NEW's in around 3-5 years because they don't fill their pipeline like they should. Long term, 5 to 20 million in assets are a detriment, actually harmful to most if you look at the big picture. -I still am on top of my game, in my opinion, at hammering prospects, nailing client appointments, product knowledge, and gathering assets, so if any of you EDJers want to PM me, go ahead, just don't expect an answer immediately, as I only check this site about once a week.[/quote] Wow its really nice to see that it is actually possible to make it as a new new. anyone else on here start as a new new and survive?[quote=F.A.4][quote=rankstocks]
-I started NEW-NEW at Jones and didn't have a single asset handed to me, didn't even get an office until well after my can-sell. Built up my book to just over 100 million in 10 years, and still am above 150 million now, even with the temporary back-up of the market. I've brought in 15 million in new assets so far this year, and have been wrapping my book aggressively in MAP and Advisory Solutions to those clients were it makes sense.
-What amazes me most about those brokers that get handed 5 or 10 or even 20 million, is they think it is a lot of assets, and the brokers around them think it is a lot of assets. What I mean is....those EDJ brokers that get these assets are usually passed by NEW-NEW's in around 3-5 years because they don't fill their pipeline like they should. Long term, 5 to 20 million in assets are a detriment, actually harmful to most if you look at the big picture. -I still am on top of my game, in my opinion, at hammering prospects, nailing client appointments, product knowledge, and gathering assets, so if any of you EDJers want to PM me, go ahead, just don't expect an answer immediately, as I only check this site about once a week.[/quote] Wow its really nice to see that it is actually possible to make it as a new new. anyone else on here start as a new new and survive?[/quote] I don't mean to be a downer here but when was your can sell date RankStocks? It wasn't within the last 10 years I would bet. If it was then I will definately tip my hat to you. This is a different time and a different era. I know of one person who started as a true new/new at Ed Jones within the last 10 years to make it. When I say true new/new I mean he got no help in the beginning, middle, or the end, was never given any assets ever. All the clients he has were truly his own. He started exactly 10 years ago this year. He is still working his ass off just to stay at meeting expectations. Everyone else was given some clients from somewhere or they failed. I don't doubt that rankstocks is extremely successful but only a veteran broker could come out and say and probably believe that being given assets and an office is "a detriment, and actually harmful". That is for sure OLD SCHOOL!I respect all the old school guys. Who doesn’t??
What everyone forgets is that once your “over the hump” the business changes and
gets easier. The thing picks up speed. Also as much as I respect the Vets it must be
pretty cool to have you business humming and be able to give all these great speeches
about hard work and rolling up your sleeves.
I don’t say that as a smart comment. It must be cool to be able to pontificate once
you’ve gotten to the promised land. A lot of people in my region are close to the
promised land or half way to the promised land and all heck has broken loose. I personally
feel like I could have used one more decent year to get my business over the top.
It’s simple really. Build up your fee based business and anchor down some referral centers.
Once you got those your business is anchored like a rock. If you don’t have much fee based or
you don’t have referral centers it’s a stone cold SOB in this environment.
My business is on the edge. It might make it. It might not. I’m putting in the hours. I sure as
heck ain’t going to listen to no “you didn’t do the work speeches”. It will be time to drop gloves
and find out just how hard working that person really is.
Honest defeat is one thing. Listening to some fool talk about whether you made 23 or 24
cold calls in this environment is like spitting in the wind. Being put on GOALS in this environment
is almost a death sentence to your business. I wish they’d call it what it is - a soft layoff.
Good luck to all the Segment 2 and Segment 3 “go it alone” brokers. To the vets I tip my hat. I
don’t acknowledge the asset inheritors anymore. I have nothing against them but I have more in
common with a person in China than I do an asset inheritor.
I did not leave my region. And thanks for the advice about the AUM vs. days spent in the office. One thing that sucks about moving to take over this office is that all of my doorknocks/prospects/friends are in my old town. I knew everyone in my old town, no one in my new town. I’ve got to get out and prospect, but I’m the new girl in a small town. And my husband quit his job to move with me and therefore is currently unemployed, and we’re having trouble selling our house in my former town. So I felt like I had to make the move to take over the assets, but it hasn’t been easy. Overall, I’d say the moving was worth it because I know how hard it is to start as a newnew.
I don’t believe you have to be handed an office to be successful. It depends on your drive. I am only 2 months out and I have grossed about $20,000 so far and have roughly $2M in assets. I just now got into a legacy office from my house. I just think new FA’s that don’t make it are either lazy or listening to too much negativity that “Its hard”. It is very mentally struggling, but even in this market i am bringing in no less than a client a week with over $200,000. I think people just need to re-focus and no worry about so much negativity. Things happen, the market sucks…get over it and be successful. Bottom line, if you want it you will do the work.
I'm sorry, but even the Jones guys would have to say you're a liar wind.
Nice. ... Where are you finding those clients and what is prompting them to switch to you?I don’t believe you have to be handed an office to be successful. It depends on your drive. I am only 2 months out and I have grossed about $20,000 so far and have roughly $2M in assets. I just now got into a legacy office from my house. I just think new FA’s that don’t make it are either lazy or listening to too much negativity that “Its hard”. It is very mentally struggling, but even in this market i am bringing in no less than a client a week with over $200,000. I think people just need to re-focus and no worry about so much negativity. Things happen, the market sucks…get over it and be successful. Bottom line, if you want it you will do the work.
Just because you might not have been able to, doesn't mean he can't.[quote=wind3574] I don’t believe you have to be handed an office to be successful. It depends on your drive. I am only 2 months out and I have grossed about $20,000 so far and have roughly $2M in assets. I just now got into a legacy office from my house. I just think new FA’s that don’t make it are either lazy or listening to too much negativity that “Its hard”. It is very mentally struggling, but even in this market i am bringing in no less than a client a week with over $200,000. I think people just need to re-focus and no worry about so much negativity. Things happen, the market sucks…get over it and be successful. Bottom line, if you want it you will do the work.[/quote]
I’m sorry, but even the Jones guys would have to say you’re a liar wind.
I also admire anyone who started as a newnew, and added the assets that Rankstocks has, but everyone that I know that has been able to do that started 20 years ago and has a niche market to draw from. An example is a medium size town with a large employer with a constant stream of retiring employees. If he did it without that type of situation, he is the only one I am aware of that has done it.
[quote=Moraen] [quote=wind3574] I don’t believe you have to be handed an office to be successful. It depends on your drive. I am only 2 months out and I have grossed about $20,000 so far and have roughly $2M in assets. I just now got into a legacy office from my house. I just think new FA’s that don’t make it are either lazy or listening to too much negativity that “Its hard”. It is very mentally struggling, but even in this market i am bringing in no less than a client a week with over $200,000. I think people just need to re-focus and no worry about so much negativity. Things happen, the market sucks…get over it and be successful. Bottom line, if you want it you will do the work.[/quote] I’m sorry, but even the Jones guys would have to say you’re a liar wind.
Just because you might not have been able to, doesn’t mean he can’t. [/quote]
Spiff - I’ve got respect for you, but really? If you believe that, you’ve got so much kool-aid in your veins you are going to turn green.
“I’m out two months and am bringing in a $200,000 account a week.” I have no friends, and no family money. I’m just that big of a bad ass.
Is that what you were doing Spiff? Think back. I was exceeding expectations every month I was there, and I wasn’t doing that my FIRST TWO MONTHS!
I call bs.
Plus his grammar is atrocious - you talk to prospects like that and they hand you 200k? “It is very mentally struggling…”. Seems awfully consistent as well. I would have bit if he said, I bring in 200k+ a week.
Also, how long does it take to transfer accounts - tell me he learned that real quick, while he was out prospecting, then meeting the clients, or did they just hand him the statements the first time he talked to them.
What happened to 5-7 meetings/
Come on - look at the inconsistencies.
I know a guy thats doing a succession with his father and he’s not that strong. Good grief! And if anybody can do those numbers, this can.
I don’t believe you have to be handed an office to be successful. It depends on your drive. I am only 2 months out and I have grossed about $20,000 so far and have roughly $2M in assets. I just now got into a legacy office from my house. I just think new FA’s that don’t make it are either lazy or listening to too much negativity that “Its hard”. It is very mentally struggling, but even in this market i am bringing in no less than a client a week with over $200,000. I think people just need to re-focus and no worry about so much negativity. Things happen, the market sucks…get over it and be successful. Bottom line, if you want it you will do the work.
Also, let's take a look at this - "I've grossed $20,000 so far and have roughly $2M in assets." Think about that for a second. Also, $200k a week for two months is $1.6M. Also, on $2M, that is 1%. But if it's a client a week, that would be eight clients, and at 200k would be the 100k breakpoint, which would make it $40,000 gross.
Of course... there's no way he used mutual funds b/c of all of that sophisticated securities training they get at Jones.