My EDJ Journey Begins

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Jun 1, 2009 10:44 pm

Ok, I cleaned up my posts… I feel much more anonymous now…

Jun 1, 2009 10:47 pm

I know you’re frustrated now, but one day you’ll thank me.   

Jun 1, 2009 11:18 pm

No, not really frustrated… well, maybe with myself for my ignorance.  I appreciate the advice… I’d much rather deal with looking dumb today that have to deal with the consequences of being dumb after I launch my career!

Jun 1, 2009 11:52 pm

Like you, I’m previously active duty military with an MBA and posted many comments like yours on this forum before being hired by Jones. Listen to everyone when you are being told that it is tough because it is. I blazed through my 7,66,and Insurance exam and was the talkative one in KYC destined for EDJ glory. Just be ready for your door knocking days. Would you be willing to eat a 52 Gallon Barrel of dog sh%t each year to discover and open 120 accounts annualy. Are you prepared to do that for at least 2-3 years? Is success possible? you bet. Is it tough? Very. Military personnel are pridefull and rejection effects us the worst. Learn to deal with it now and move forward each day.

  Just remember that you will experience thousands of rejections to find hundreds of accounts. Good luck
Jun 2, 2009 1:12 am

Bastermind80, thanks for your candor.  I appreciate it. i am going into this with no delusions and I realize that this will be tougher than I can imagine in many ways.  The fact is… my options are limited at this point and this really seems to be the best option for me.

I have had numerous crappy sales jobs in my past and have done very well… used cars, telephone long distance, newspaper subscriptions… I even once sold light bulbs and vacuum cleaners door to door (not at the same time).

I can crawl through the mud for quite a long time… as long as I can see the end in sight.  If I know that I have to endure eating dogsh** for 3 years, but I can upgrade to cat puke after that, I will be okay.  When I get down, I just pull out the old Zig Ziglar/TonyRobbins/Joe Girard tapes and get the boost I need.

Yea cold calling sucks… but you know what sucks worse? Losing my 3,000 square foot house and telling my wife and kids we can’t order Little Ceasars Pizza tonight because we can’t afford it.

I had to live out of my car once as a teenager and it wasn’t fun.  Those memories provide great fuel for my motivation engine.

Cheers!

Jun 2, 2009 12:55 pm

This guy has been a pharmaceutical rep, sold used cars, telemarketed for a phone company, sold newspaper subscriptions, sold lightbulbs and vacuum cleaners door to door and been a military officer?  How old are you, 60?  And you live in a 3,000 square foot home???  How can you possibly say that you’re willing to continue to “crawl through the mud for quite a long time” when you’ve had probably 5 of the worst jobs in America, somehow got an MBA (paid for with your lightbulb income, I’ll presume) and served in the military?  Don’t you think you are at the point now where you’ve crawled through the mud 5 times longer than anyone else on Earth and should now be profiting off of your work?

Jun 2, 2009 2:43 pm

Yes… I should be done with the garbage jobs… but life had it’s
twists and turns. To clarify… I sold light bulbs as a kid before I
was old enough to get a work permit. I sold newspapers, cars, long
distance, and vacuum cleaners at various points throughout my college
career.

Finally,
after I served in the military, I got a stable pharma job and moved up
into sales and marketing management.  Yea… I thought I was done… got
a big house… drove a big Hummer and went on cool vacations.

Then
I got a pink slip… I have tried for months to get a job similar to
the caliber I was at… no luck… then I stated looking for $80K
jobs… no luck… then $65k jobs… no luck.

This is when I
decided that the only way to reclaim a decent income would be to start
over in financial services.  I really don’t want to lose my nice home. 
The three-car garage and wrap-around porch are nice amenities I never
had when I was living out of my car at age 17.

Sometimes you gotta do what you gotta do…


(BTW, I know that my life story is so crazy it seems unbelievable.  I wouldn’t believe it myself if I wasn’t forced to endure it.  I just want a normal life and to be able to take care of my family!)

Jun 2, 2009 4:17 pm

I was at Jones for 14 years and left a couple of years ago to go Indy.  I’m a retired military officer too! NAVY!  Anybody can land on a Runway!  Listen…Jones is a good place to start and maybe stay for retired military.  I wanted to go Indy and I have enjoy the freedom…but I have no real problems with Jones.  You can make a lot more there than we did in the Military…however, it is nice to still have that monthly pension (The rest of you folks keep paying your taxes) and the TRICARE medical.

  I also have a MBA and at Jones that doesn't mean anything!  Here I can provide consulting services for a fee.  I did a analysis of a corporate aircraft buy and I charged $250 an hour and got paid for my services!  So I can list my MBA behind my name on the indy side!   Good Luck!
Jun 2, 2009 6:38 pm

[quote=Roadhard]I was at Jones for 14 years and left a couple of years ago to go Indy.  I’m a retired military officer too! NAVY!  Anybody can land on a Runway!  Listen…Jones is a good place to start and maybe stay for retired military.  I wanted to go Indy and I have enjoy the freedom…but I have no real problems with Jones.  You can make a lot more there than we did in the Military…however, it is nice to still have that monthly pension (The rest of you folks keep paying your taxes) and the TRICARE medical.

  I also have a MBA and at Jones that doesn't mean anything!  Here I can provide consulting services for a fee.  I did a analysis of a corporate aircraft buy and I charged $250 an hour and got paid for my services!  So I can list my MBA behind my name on the indy side!   Good Luck![/quote]   Can you put your military rank behind your name and attack a small country for me?
Jun 2, 2009 6:40 pm

MBA2FA

I started at Jones over 5 years ago and left earlier this year to an Independent firm, so I can comment on some of your questions.

1.  The training at EJ was good, but I have nothing to compare it with because they were the only ones who trained me.  I was successful in the business and made a good living and qualified for diversification trips while I was with Jones.  If you do the things they ask you to do, ie doorknocking, making 25 contacts per day, etc. then you will be successful. 

2. I agree that the list of questions is a non-issue.  They just want to be sure you can talk to people you don’t know without freezing up.

3. I can tell you the failure rate is high in this business, whether you are with Jones or another firm, I don’t think it makes much of a difference.  After 5 years in the business, there were only 4 people left from my original training class of 13.  It’s hard work and some people can’t handle the pressure.

4.  You can write as many posts as you want, and as long as you maintain your anonimity some people will never think you are real.  Who cares, use the advice you want and discard all of the rest. 

I wish you all the best, even if you choose to carry an “alternative lifesyle bag”!

Lapide

Jun 2, 2009 7:53 pm

A vet in my region said to approach EDJ with the same kind of simple-mindedness of Forest Gump. Everyone you see…“Hi, my name is ______” as many times as possible all day. Don’t overthink it, just knock on doors until you bleed and you will build a huge prospect base. Then two weeks later, call them back offering some basic investment in anticipation of them saying no in order to uncover assets, money dues, referals, and an appointment. If you get none of those you at least further your relationship with them. This job is both simple and difficult. If you can maintain your positive attitude while getting kicked in the nads all day you’ll do great.

Jun 2, 2009 11:21 pm

Overthinking will be my greatest challenge.  I mean… I’m a military guy… I’m all about strategy.  I fear getting caught up in trying to refine my pitch, optimize my doorknocking schedule and routing, etc…

My plan (for starters) is only to measure number of contacts at first and go for a high number with the knowledge that everything else will eventually follow.  Instead of trying to worry about pitches, etc… I first need a bunch of people to pitch my stuff to.

Is there a standard ratio people go by at EDJ for DK’s --> Clients?

As in: 7 DK’s = 1 Contact,  5 contacts = 1 Appointment, 3 Appointments = 1 Close

…just curious

Jun 3, 2009 1:05 am

There is no standard ratio at Edward Jones.  They want you to make “25 real contacts per day”.  Those can be face to face or on the phone.  It “counts” if you are able to have a conversation with them and ask them to buy an investment or get some type of information from them.  I wasn’t really comfortable asking people I had just met to purchase an investment using the standard line–“if you have the money available you should buy some of this today”, so my goal was to make an appointment or get permission to call them back so I could  find out some kind of financial information.  It’s all a numbers game, talk to as many people as possible and you will be successful.

Lapide

Jun 3, 2009 11:00 am

I'm no longer with EDJ, but when I was door knocking for the 25 contacts, it would somtimes take over 125 knocks.  If you actually find people at home and are good on the doors, one in three people you meet will become a contact.  Of your contacts, probably only 1-2 out of 25 will become a client.  That was my focus - out of 25 contacts, try to get a couple of accounts opened. 

I came from a legal backgroun - law degree and had a problem with overthinking.  Now, I'm doing legal and compliance for an insurance wholesaler.  For me, the redundancy was slowly killing me.  While I made the goals I was supposed to, I was miserable.    Make no mistake, for your first 3-5 years, you will be nothing more than a telemarketer and door to door saleman - every day, all day.   That was something I couln't live with, but EDJ did buy me time to find a great paying job where I can actually use my degree and experience.
Jun 3, 2009 12:15 pm

Prospecting is grunt work, and the follow up is where strategy comes into play. No point in over thinking what to say, how to pitch, etc. Just walk and knock, and meet your goals (whether it is EJ’s 25, or a higher standard you set for yourself). You are trying to meet people in your community, not sell at the door. Follow-up is where someone can take a more strategic approach, via pitch, etc. This, I believe, is true for most sales in this career, regardless of the firm…

BTW… decent thread on this topic…

Jun 3, 2009 3:53 pm
Ron 14:

Borker you are going to have a blast at your summer regional !



We all are. lol..
Jun 3, 2009 6:38 pm

HAAIC–if you had ever served you’re country in uniform you would have know that the rank goes IN FRONT of the name!  Which country? 

Jun 3, 2009 7:01 pm
Roadhard:

HAAIC–if you had ever served you’re country in uniform you would have know that the rank goes IN FRONT of the name!  Which country? 

  Relax, dude. It's not like you were in the Army, Air Force, or Marine Corps.
Jun 3, 2009 7:05 pm
Alice Cooper:

Relax, dude. It’s not like you were in the Army, Air Force, or Marine Corps.



He served his country, Ferris, which is more than you or Bobby can say.
Jun 11, 2009 6:07 pm

My criminal background check finally came back clean (surprise surprise) and now I move on to the next phase of the interviewing process (woohoo)!

As you EDJ veterans know, now I have to do the surveys.  Before I go out, they want me to commit to a number of how many I will do.  The minimum is 15, but my guess is they are giving me an opportunity to shine here.  On the forms I have, there are room for 38 surveys.  Should I commit to this many or does it matter that much?