Market Area

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Nov 7, 2008 1:34 pm

I'm Going through the hiring process with Jones.

I am suppose to give the marketing analysis guy my preferred potential market area this wk/beg of next and then confirm this area prior to being hired. So at this point it sounds like I have to be completely set on where I want that area to be long before I even get an office.



Background: I live in Southern Cali, So anywhere in Los Angeles and orange county areas are suitable.

Im currently living Near Torrance Cali and spending about $1,000 a month on bills, and have "some" savings (not much). Im single and 26. so no husband and no kids.



As far as being able to live in my market area:

Should I commute (save as much as I can)? Or move to market area?

[[majority of locations down through orange county and up through LA will be about a 10min-45min drive.]]



Where would be some really good market areas to potentially start my business seeing as I am just starting out? New money/old money? really wealthy areas? Average income? etc....



Thanks! Any suggestions are greatly appreciated.

Nov 7, 2008 2:11 pm

Don't know anything about LA, but I would guess the concept of 'neighborhood' out there is different than it would be in Davenport, Iowa. .... So I would think more in terms of your market as not being geographic but as being as certain kind of people -- business owners, or more specific than that, maybe Pet Store owners; or some kind of professional group. I know a Jones FA who was succesful in LA selling insurance to trophy wives (the husbands were so glad to do it because it allowed them to freeze the wife out of the estate that they gladly funded them.) .... I think you'll have to have a more creative marketing plan out there than Jones will teach you. ... Rich people are best, rich retirees best of all. Figure out how to get in front of them. Young woman with some moxie, they will like you and your tax free bonds.


Nov 7, 2008 3:24 pm

My preferred potential market changed 3 times after I chose and then I took over an office.. I wouldn't put to much "life changing" thought into it, because it will probably change. Look for older neighborhoods, because those are the people who will buy the bonds you are going to sell them

Nov 7, 2008 3:29 pm
Squash:

My preferred potential market changed 3 times after I chose and then I took over an office.. I wouldn't put to much "life changing" thought into it, because it will probably change. Look for older neighborhoods, because those are the people who will buy the bonds you are going to sell them





K, They made it seem like I couldn't change it after being hired. That I had to be "set" wherever I chose. When did it change for the last time for you? was it after training and everything just before you were suppose to get your own office? or did it change in the early stages of training?



Thx for the info

Nov 7, 2008 3:36 pm

You live in Torrance?  Then this is a no-brainer.... prospect the Palos Verdes peninsula.... tons of money there

Nov 7, 2008 3:46 pm
guitar1696:

You live in Torrance? Then this is a no-brainer.... prospect the Palos Verdes peninsula.... tons of money there





Thats definitely one of my potential areas but had a business associate who is in real estate and does his own investing say try some other places (he's suppose to be getting back to me about this).

He said its all old money over there and not as many people looking to invest. He actually lived behind the gates for awhile, if you know where Im referring to.



Currently there is 1 office in PV and a few down the coast in the beach areas. But none as you go from PV towards RPV and San Pedro.



It IS still one of my potential areas though! Just trying to get more ideas...



Where are you currently at (Firm/Area) if you dont mind me asking?



THX!

Nov 7, 2008 4:41 pm

Squash is right, it really DOESNT matter at this stage in the game, just throw something out that is close enough to drive to and the older neighborhoods are always a safe bet.  If you put in the work you'll be fine.

Nov 7, 2008 8:14 pm

Eminem, since you are only 26, you have little contacts and little experience. You wouldn't fit well in an area of "old money" wealth. You are going to want to focus on younger people (though they have less money). If you were 46 instead of 26, I would say find the old money. I'm just being realistic. Unless you see a 60 year old retired male executive with $4.2mm trusting his money to you, think long and hard about where to go.



This suggestion might go against conventional wisdom, but you have to be realistic and figure out what will keep you in business the first 3 years. Once you've "made it", you will have the confidence to head for big money.



I would try to live as close to your market as possible, especially if you plan on networking and having a presence there. Once you are established, it doesn't really matter as much. But people need to see you.

Nov 7, 2008 8:51 pm

I chose when I first began training, then after I passed the 7 it changed again. It stayed the same until PDP, when it changed because I took over an office... You have to remember that when people fail out ahead of you they open those areas back up(or office in some cases) and your RL may "suggest" you switch areas..

Nov 10, 2008 9:53 am

I worked part time for a B/D on the hill through college, but now I'm in Denver working on the product side of the business.

The area does have a lot of old money, but a lot of opportunity as well.  I hope to someday move back to the area and build my business there once I become an FA.