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Please tell me about EJ cold walking

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Oct 31, 2007 10:15 pm

One thing I don’t get about "Jones Bashing’…why does the idea of a 30 year muni with a good rate elicit such stong criticism?



I sold a load of munis last year into this year, and it’s turned into quite a good move. Is it a bad idea simply because a Jones broker does it?

Nov 1, 2007 1:54 am

Not to bash on Jones or anything because its not as horrible as some say.  However, why is it that the only people who say doorknocking works are the ones who are currently at Jones and not the ones who have left and moved on?

Nov 1, 2007 5:15 am

I have left Jones and door knocking works!  How’s that. 

  Because I haven't done a Secrets Revealed Topic in awhile I thought you might want to hear from the horse's mouth the Secrets (Brutal Facts) that Edward Jones is currently facing.   The Executive Committe (Doug 3Mil Hill, John Bachman, Jim Weddle, etc) believes these brutal facts must be addressed in order to move Edward Jones forward.   1.  Increased pressure from competitiors to recruit our financial advisors. 2.  High attrition rate of new financial advisors. 3.  Financial advisor growth has been slower than planned since 2002. 4.  International operations are NOT profitable. 5.  Low market share and low brand recognition. 6.  Dated technology and infrastructure. 7.  No formal long-term planning process. 8.  We are late to offer financial planning. 9.  Product pricing and financial advisor compensation are out of date. 10.  Clients are more aware of markets and investments 11.  Thin Management depth. 12.  Escalating competition for the client. 13.  High-Cost business model. 14.  Highly regulated industry.  15.  The firm is getting sued much more now than ever before. 16.  NO diversity in key leadership positions 17.  ONE PRODUCT REPRESENTS 60% OF NET REVENUE    This is straight from the upper management at EDJ
Nov 1, 2007 2:31 pm

[quote=spikedkoolaid]I have left Jones and door knocking works!  How’s that. 

  Because I haven't done a Secrets Revealed Topic in awhile I thought you might want to hear from the horse's mouth the Secrets (Brutal Facts) that Edward Jones is currently facing.   The Executive Committe (Doug 3Mil Hill, John Bachman, Jim Weddle, etc) believes these brutal facts must be addressed in order to move Edward Jones forward.   1.  Increased pressure from competitiors to recruit our financial advisors. 2.  High attrition rate of new financial advisors. 3.  Financial advisor growth has been slower than planned since 2002. 4.  International operations are NOT profitable. 5.  Low market share and low brand recognition. 6.  Dated technology and infrastructure. 7.  No formal long-term planning process. 8.  We are late to offer financial planning. 9.  Product pricing and financial advisor compensation are out of date. 10.  Clients are more aware of markets and investments 11.  Thin Management depth. 12.  Escalating competition for the client. 13.  High-Cost business model. 14.  Highly regulated industry.  15.  The firm is getting sued much more now than ever before. 16.  NO diversity in key leadership positions 17.  ONE PRODUCT REPRESENTS 60% OF NET REVENUE    This is straight from the upper management at EDJ [/quote] I read this same list recently.  I like some of the paraphrasing you did.  Were they from your source or did you add them yourself?    There's nothing new or suprising on that list to those of us who are at Jones.  It's actually nice to know that the management committee realizes that the firm isn't perfect and that some of the things we've been telling them for a few years is actually sinking in.   Some of those things we can work on, some of them are out of our control.  I would guess that if you were to ask all of the major firms out there what is on the minds of their board of directors it would be something similar to the Jones list.      Notice that there is nothing on that list that directly impacts clients or the relationship we have with them?   
Nov 1, 2007 2:53 pm

Spaceman--

10.  Clients are more aware of investments and markets---HELLO!

I heard a stat when the whole REVENUE SHARING thing came out that only 3% of all EDJ clients read the Wall Street Journal.  The Executive Committee was not concerned about the article in the journal but when it was reprinted in the St. Louis Dispatch and strung to all the other local/major papers they were very concerned.

I love listening to the KoolAid in your posts.  We have been discussing these "brutal facts" on these boards for 5 years and then when the Executive Committee puts out a list of 17 things that the firm needs to address...you just say, "It's nice to know that the management committee is listening"  WOW

Wake up and smell the coffee....Jones is way behind in lots of things in the financial services industry.  It's a great firm to start with.  It's a horrible firm to stay with.

Nov 1, 2007 3:02 pm

We keep knockin’…and nobody is home…

Nov 1, 2007 4:14 pm

I don’t want any thank you’s from the Jones loyal…but I just placed a call to Amway headquarters in Orlando…and I think I can get a deal brokered…they need another product to peddle to the “downline”…

Nov 2, 2007 8:15 pm
RULiquid:

Not to bash on Jones or anything because its not as horrible as some say.  However, why is it that the only people who say doorknocking works are the ones who are currently at Jones and not the ones who have left and moved on?

 

AGE and now WB uses door knocking as one of three tracts. It’s the most successful statistically not to include those with the luxury of having a large natural market that CAN actually sustain them and allow them to gain enough referrals to grow the biz, VERY few have such an existing network. To qualify for that tract one must have just under 1000 people in the network. I don’t even know that many people that don’t like me. Most that think they do find themselves in short order blowing through the network and back to one of the other two... door knocking and telemarketing.

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10 handshakes cold walking are worth 30 from telemarketing.

 

I chose telemarketing as I have experience and I’m pretty darn good at it. Had I not I would have gone the door knocking route as it has the best stats of success. I have cold walked small businesses and it’s starting to pay off in spades.

 

The bottom line is to get in front of as many people as possible and ask for their business.

 

My hat’s off to those that have the stones to go out and do any of the above. I get stronger each and every day. Four months into production and I’m well on pace to meet my 25 million AUM in two years. I closed a case for $580k and had a fact finder first apt on another that has $250k today, both from cold calls. Days like this are becoming more and more often. Everything I’ve been doing is from cold calling/walking.

 

IT DOES WORK. MAKE IT HAPPEN
Nov 3, 2007 12:36 pm

do you call homes by phone? does anyone answer?

Nov 3, 2007 8:06 pm
newnew:

do you call homes by phone? does anyone answer?

  Are you serious?   Probably 80% of my calls are residential. Yes people answer the phone.
Nov 3, 2007 11:31 pm

I am serious-- how many answer? 3% 8% 15 %? I get so sick of dialing and getting a machine…unless it is a business of course, rather than residential. What am I missing?

Nov 4, 2007 1:25 pm
newnew:

I am serious-- how many answer? 3% 8% 15 %? I get so sick of dialing and getting a machine…unless it is a business of course, rather than residential. What am I missing?

  Around 20% during the day and 40% at night. I try to speak with 40 humans on a good day. That requires around 200 dials. If you are getting less than that you need to change your list.   Actually getting through to the business owner is probably around 10%.    "I get so sick of dialing" All jobs have a mind numbing task to one degree or another.   As for the answering machines I always leave a message. When somebody actually returns a call, sooner or later one will, it's usually a very good lead.    
Nov 5, 2007 3:19 am

But if you leave a message, doesn’t that mean you cannot dial that # for at least several days? 200 dials a day; how many on your total call list?

Nov 6, 2007 1:42 am

I can run lists until pigs fly. My current databse has over 18k records.

  If you dial 200 and only get 40 that leaves 160 for the next time. As for leaving messages, that wont stop me from caling again 10,000 times untill I sell them a yes or they sell me a no.   I'm feeling you are using excuses to not prospect. There are a trillion reasons to NOT prospect.   GET YOU A$$ ON THE PHONE AND START DIALING PUT ALL THE COW HOCKY TO THE SIDE.   I have one reason to prospect ... that's to build me empire and build I will.
Nov 6, 2007 12:28 pm

do you call for appt only, or start with a product to catch their attention?

Nov 7, 2007 12:17 am

Both

Jan 19, 2008 12:01 am

The prob. with this thread is that while its meant to be informative… we suddenly have pple coming out just to be SARCASTIC! Stop it!

Jan 27, 2008 1:14 pm

I have to say that the diary excerpts were HILARIOUS.  I am suggesting a new reality TV show which cronicles the daily lives of Spiff and Spears.

  But seriously, what job isn't in someway "degrading"? Even successful people in this field understand it is in their best interest to get along with a boss who is a jerk or a client who is rude. And doesn't everyone have to start somewhere?