Please tell me about EJ cold walking

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Oct 26, 2007 3:06 pm

I am thinking about cold walking residences and would like to hear about your experiences doing it, whats your pitch, anything else that may be helpful. Thank you!

Oct 26, 2007 3:30 pm

Also, if you walk during the day, dont you find that no one is at home?

Oct 26, 2007 4:04 pm

I work for EDJ and have had success with people opening accounts.  Especially with small business owners.  Retired people are home during the day, knock on their doors.

Oct 26, 2007 4:57 pm

My average is 1 in 5 houses I find someone at home.  If you are going to take the time to go residential, make sure you start early.  9:00 is when I try to get out.  I've tried 8 before, but I catch people headed to work and they really don't want to talk right then.  When it stays dark longer the evenings are a great time.  3:00 until dark is a great time.  

 
The "pitch" is pretty simple.  Intro yourself, tell them who you work for, tell them what you are doing and ask some basic questions.  Some people will really open up to you at the door.  Make sure you have something to leave with them.  Biz card isn't enough.  It can be something as simple as a dividend paying stock report or as in depth as a sample portfolio analysis.  Up to you. The goal is to get permission to call them back.  That's what takes practice.  You'll suck at it at first. 
 
You'll meet people doorknocking you won't get the chance to meet mass mailing, doing seminars, or cold calling.  Not that those are bad, just that they don't always have a great response ratio.  If I can talk with 25 people I'll come away with normally 2-3 people who will almost immediately turn into appts, 2-3 people who won't ever talk with me again, and 20 people that I'll drip on for a year.  Some of those will become clients, some won't. 
 
People are generally friendly.  I've never been run off of a porch with a shotgun.   I did have a dog ruin a pair of pants when his teeth grabbed the cuff.  I sent the owner of the house a thank you note with a bill for my pants. 
 
It's worth the time.  It's cheaper than mass mailing and more effective.  It's more interesting than cold calling.  Better excercise too.  Seminars are great, but how much more successful would they be if you had a list of people who you've already met that you're inviting. 
 
Try it.  You may like it.      
Oct 26, 2007 5:13 pm

I found going door to door degrading.

Oct 26, 2007 6:06 pm

I can see that, but I was very successful. started with zero accts, added almost 300 in year one. it works. I hate phoning all day and getting no one home.

Oct 26, 2007 8:39 pm

Now did you guys do this a long time ago? Or fairly recently??

Oct 26, 2007 11:40 pm

started may 2005. it works because so few people are willing to do it. It is very easy to say instead " no, this feels degrading" or whatever. I mean, that's fine if you feel that way; don't do it then. But for rest of us, it makes it that much easier. REMEMBER: YOU STILL USE THE PHONE (after all, they GAVE you their ph#!)  -- IT'S JUST THAT WHEN YOU CALL THEY REMEMBER YOU! "Hello Mr. Johnson, this is X from company X-you may recall we chatted recently on your doorstep?"

Oct 27, 2007 9:37 am

I built my EDJ Jones business from scratch.  I didn't know anyone in my town and my family and friends don't have any money.  The Jones approach works...It worked so great I took my $50,000,000 business independent after 8 years and I'm now grossing $650,000 and will net $600,000.  EDJ is a great place to start just don't let the kool-aid get to far into your blood.

Oct 28, 2007 7:31 am

agreed. the jones bashers have good points-- I doubt I will last here. But they take the bashing way too far. all firms have pros/cons-- the tradeoffs are more obvious at jones however. but if you don't like it MOVE ON both literally and figuritively. IT IS A GREAT PLACE TO START.

Oct 28, 2007 12:56 pm

I believe fixedincome works at Merrill, and is just asking about the cold walking, not asking about working at EJ.  

Oct 28, 2007 4:45 pm

ok- but the thread is "EJ cold walking". anyway, I will try to stay on topic

Oct 28, 2007 5:10 pm
bspears:

I found going door to door degrading.

 
Such a thought is between your ears and an aversion to a tried and true method of prospecting. I’m new in this business but I know that I will be very successful BY DOING what those that are not successful WILL NOT DO.
Oct 29, 2007 9:06 am

Spears is one in line of many that said doorknocking was degrading to him.  Not everyone likes it.  The ones that do can open a lot of accounts and talk to a lot of quality people.  Our top producer in the firm this year was a guy who started out by doorknocking.  Doorknocking led to clients, who gave him referrals.  Referrals led to over $2,000,000 gross this year.  It does work.  You just have to be willing to do it.

Oct 29, 2007 10:12 am

Spaceman,

 
The $2,000,000 gross you refer to above, is that yours or someone elses?
 
If yours, what did you net from that amount?
Oct 29, 2007 11:54 am

I felt it was degrading, however, I stated it was just a feeling I had.  I had a friend who seen me out Dking and asked me what I was doing.  He said.."Your not really going door to door are you???"  Embarrassed me.....

Oct 29, 2007 12:49 pm

Its a good way to open up alot of $100 DCA ROTH's...and to earn your prospecting shovel..

Oct 29, 2007 1:00 pm

I left that damn award, with many others, on my desk the day I left.

Oct 29, 2007 1:59 pm

The $2 mil isn't mine.  I wouldn't be wasting time on this board if it was.  I'm not sure what he would net on that.  If he's got the typical 40% payout it would be $800K. 

 
Spears - I hear that from time to time too.  I tell them that I can try to reach new people several different ways.  Phone, mail, or in person.  I like in person, but if they'd prefer one of the other, I can do that from now on.  Who do I call or to whom should I send the material? 
 
B7 - The majority of my largest accounts and rollovers came from doorknocking.  If you focus on the $100 DCA's that's what you are going to open.  I didn't. 
Oct 29, 2007 2:58 pm

hey Mr. Spaceman why don't you tell use what works for you instead of what the koolaid induced "knowledge"