Tell me the truth

or Register to post new content in the forum

37 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Sep 5, 2008 2:00 pm

I am looking to make a career change (I know, here we go again)  I am looking to start at Ed Jones and believe me I've read all the posts.  I know the positives and the negatives, what I want to hear about is what I can expect starting new/new.  Has anyone here started out new with no assets and actually made it.  I have very little connections in my community, no rich family members, I don't know any other FA's and no special niche market to use to my advantage.  That being said I don't have any unrealistic expectations of making 150k after 2yrs all I NEED is at least 45-50k for the first couple of years.  I am not opposed to working my tail off and knocking on doors until my knuckles bleed.  Can anyone share there experiences with me and maybe give me some insight as to what I can expect.

Thank you all for your help and insight.
Sep 5, 2008 2:11 pm
A-Ron:

I am looking to make a career change (I know, here we go again)  I am looking to start at Ed Jones and believe me I've read all the posts.  I know the positives and the negatives, what I want to hear about is what I can expect starting new/new.  Has anyone here started out new with no assets and actually made it.  I have very little connections in my community, no rich family members, I don't know any other FA's and no special niche market to use to my advantage.  That being said I don't have any unrealistic expectations of making 150k after 2yrs all I NEED is at least 45-50k for the first couple of years.  I am not opposed to working my tail off and knocking on doors until my knuckles bleed.  Can anyone share there experiences with me and maybe give me some insight as to what I can expect.

Thank you all for your help and insight.
Well, I actually started with a small Goodknight, obviously it is much easier if you can find one or fall into an existing office.  We have plenty of FA's in my region that started new/new and made it, some bigger than others.  I won't kid you though, it is TOUGH, and I know lots who have fell by the wayside!  What I do think is that if you truly do all of the work...and don't get too discouraged by bad days, weeks,  etc...you can certainly make it.  It also really depends on your market.  I started with a $4.5 million goodknight, and I moved to a place where I had no contacts, connections, family, friends.  I opened no family/friend accounts to date...and i'm at Seg 2 and rising. The goodknight helped, but getting entrenched in the community has really done the trick, also, doing insurance was a big help too!  Good luck to you and if you have any other questions, PM me.
 
Sep 5, 2008 2:49 pm

I started out with AGE, this is my 13th month. I also had no natural market and refused to use my friends and family (The thought of washing out and the vultures keeping my friends and failmy account would have killed me) and have made throug hard work and a good bit of luck. If you will work like you say you will I would think you would do OK. It's a hard road to go though ... this is the last gig I would recomend to people who are looking for a new job.

Sep 5, 2008 3:12 pm

It's been a hard decision for me because of all that I have read about how hard this business is.  I wouldn't have chosen this if I wasn't sure it's what I wanted to do for a long term career.  I'm in small town New Hampshire and from what I hear this is the right type of area to be in. 

HKA - what are some ways you got yourself "entrenched" in the community?  That has been something I've heard mentioned often but not heard many examples.
Sep 5, 2008 3:57 pm

I started by joining the local Chamber of Commerce, truthfully, didn't get much business from it other than a few very small accounts, but met some people with which I eventually started a very successful Referral Group/Networking/leads.  I have received some large accounts and referrals from that.  Then I joined a Service Organization i.e. Rotary, Elks, Kiwanis.  In my town, there are some very large well attended groups.  Now mind you, I didn't just join and go to lunch once a week, I got very involved in volunteering and helping to raise money.  Many of the member saw my committment and hard work and what I added to the club and they started asking questions about investing.  I have gotten several large accounts from this and have many substantial prospects as a result.  These things take alot of my free time, but its better and more productive then doorknocking IMHO.

Sep 5, 2008 4:07 pm

MY experience has been similar to HKA's.  I have become extremely involved in the community.  The mistake some poeple make is in thinking that you actually go out to networking events to open accounts.  You do it for PR.  There is a newer guy in my area, and he tells me all the time when he meets people, they say...."oh, you must know B24".  So it is all about being seen.  And this does not happen overnight.  I started it from day 1, and it is just now starting to pay dividends (2.5 yrs.).  But I have been relentless about getting out there meeting people.

 
But I also do seminars, teach classes, am in Lions, in the Chamber, and I am on 3 boards.  In my area, you must know people.
 
One other thing....if you really only need 45-50K to live on the first few years, you are covering about 70% of the battle (many newbies "fail out" because they cannot afford to stay in).  So if that's the case, you shoudl be fine financially.  If you make much less than that, your production numbers will get you kicked out.
Sep 5, 2008 4:14 pm

B24,


 
What segment are you in after 2.5years, just curious?
Sep 5, 2008 4:48 pm

Thanks for your help, I have my final interview on Wed and then (hopefully) studying for the 7 and 66.  Not really worried about testing, I'm more focused on developing a stratagy for starting out so when I'm done with training I can hit the ground running.  One idea I wanted to run by you guys was coming up with a call list for the really cold/snowy/rainy days that will inevitably come.  Has that worked for anyone or do you still have to get out there and knock to get your 25 contacts.  Also, does it have to be 25/day or just 125/wk.  My thought being if I don't get 25 one day I can make up for it on Saturday or more names another day.  Again thanks for all the help.

Sep 5, 2008 5:13 pm
A-Ron:

Thanks for your help, I have my final interview on Wed and then (hopefully) studying for the 7 and 66.  Not really worried about testing, I'm more focused on developing a stratagy for starting out so when I'm done with training I can hit the ground running.  One idea I wanted to run by you guys was coming up with a call list for the really cold/snowy/rainy days that will inevitably come.  Has that worked for anyone or do you still have to get out there and knock to get your 25 contacts.  Also, does it have to be 25/day or just 125/wk.  My thought being if I don't get 25 one day I can make up for it on Saturday or more names another day.  Again thanks for all the help.

 
In the beginning, after KYC, you will be knocking on doors only, because you will not be able to ask or discuss any financial questions/comments.  You will be just meeting people and compiling a data base and leaving with a reason to return. There will be no point to calling on the phone.  Once you receive your can-sell date (at eval/grad)...you will then be able to start making phonecalls, particularly to the people you had knocked between kyc and eval/grad.  I wouldn't worry about much more than getting your presentations down and meeting folks everywhere and letting them know you will be back/call.  Regarding your other question, 25 a day is just a goal, it doesn't matter how many per day, although it is easier if you can get 25/day.  If I was short at weeks end, Saturday was always good.  I shot for 30 a day total and had the most phone numbers at eval/grad which made it so much easier since you get alot of machines and hang ups. 
Sep 5, 2008 10:10 pm

Thanks for the insight, I'm going to be doing my door to door surveys tomorrow.  Forecast calls for rain...good way to start things I guess.  I wouldn't want it to be 70 and sunny with a slight breeze and give me the wrong impression about what I'm getting into.  I'll post later and let you know how it went. 

Sep 6, 2008 7:35 am
Hey Kool-Aid:

B24,



What segment are you in after 2.5years, just curious?





I made seg 3 at about 18 months. Absent a miracle, I won't hit seg 4 for quite some time.

Sep 6, 2008 9:55 am

Sorry all but I have another ignorant question.  Everything I've heard is that you basically start back at $0 every month at Jones (ignoring the new fee based model, which I've heard isn't much help to newbies anyway), but everyone talks about how much of a headstart those that get an established office have vs those that start from scratch.  I admitedly don't understand the many complex ways reps are compensated which is the reason for my question.  I know there are some "trails" but I've heard those are pretty small so what is the benefit?  Is it more psychological, referrals from existing clients, or is there actually some substantial income from existing business?  Thanks for the input.

Sep 6, 2008 10:34 am
CoachXD:

Sorry all but I have another ignorant question.  Everything I've heard is that you basically start back at $0 every month at Jones (ignoring the new fee based model, which I've heard isn't much help to newbies anyway), but everyone talks about how much of a headstart those that get an established office have vs those that start from scratch.  I admitedly don't understand the many complex ways reps are compensated which is the reason for my question.  I know there are some "trails" but I've heard those are pretty small so what is the benefit?  Is it more psychological, referrals from existing clients, or is there actually some substantial income from existing business?  Thanks for the input.

 
I can only speak for myself Coach, the big benefit is that you have an existing portfolio to work, for example, I have several GK clients that my GK host hadn 't spoken too but we hit it off and they needed insurance, had rollovers, etc...so its a bunch of "prospects" who already are clients. 
 
 
Sep 6, 2008 11:32 am

Thanks HKA.  So is there any secret to getting a GK or an abandoned office?  I could kick myself that I passed up an opportunity a couple of years ago to take over an office for a rep that was taking over a bigger office in another state but I didn't feel like I was ready yet.

Sep 6, 2008 12:02 pm
CoachXD:

Thanks HKA.  So is there any secret to getting a GK or an abandoned office?  I could kick myself that I passed up an opportunity a couple of years ago to take over an office for a rep that was taking over a bigger office in another state but I didn't feel like I was ready yet.

No secret that I know of...I got lucky, I happen to enter a region where a broker was looking...fortunately we hit it off...which is huge because you are "married" to that broker for a year.  I can't imagine doing a goodknight with someone that I couldn't get along with.  Maybe, if you feel comfortable, talk with the RL and see if he knows of someone who is contemplating a GK...and then see if its a fit...existing office is pure luck that someone leaves somewhere near you planned on putting your office in the first place. 
Sep 7, 2008 8:05 pm
CoachXD:

Sorry all but I have another ignorant question. Everything I've heard is that you basically start back at $0 every month at Jones (ignoring the new fee based model, which I've heard isn't much help to newbies anyway), but everyone talks about how much of a headstart those that get an established office have vs those that start from scratch. I admitedly don't understand the many complex ways reps are compensated which is the reason for my question. I know there are some "trails" but I've heard those are pretty small so what is the benefit? Is it more psychological, referrals from existing clients, or is there actually some substantial income from existing business? Thanks for the input.





Jones is no different than any other firm in this respect. Truth is, most people don't technically start at zero. There are trails, fees, maturing CD's and bonds, automatic investments, retirement contributions, etc. The difference is, there is traditionally less fee-based business at Jones, so there is not as much automatic fee income. This stuff is obviously very small when starting out, which is why most people on this board whine about starting at zero every month. We all start at zero until everything starts hitting each month.

Sep 8, 2008 1:25 am

I started from scratch, made it to 100 million in 10 years which I am very proud of.  Doorknocked 2 1/2 years, worked out of my home the first several months, and am in a major metropolitan area.  This is the easiest, toughest career you could ever have.  Of course I am segment 5, which only requires a rolling 40k gross production.  Rumor has it a segment 6 will be coming out eventually....somewhere around 60-70k rolling.

Sep 8, 2008 11:19 pm

Rank....that's $40K over a rolling 4 months, right?

Sep 9, 2008 10:24 am

40K per month average per month for 4 months

Sep 11, 2008 8:35 pm

Ice,
Segments are based (mostly...as there are some time requirements in the beginning) on your 4 month avg gross production per month.  Can't remember each off the top of my head but Seg 5 is $40k.  Seg 4 is $27k.  Seg 3 is $18k.  Fuzzy on the rest.  To original poster.  I started directly out of college.  No assets. No office. No fear (did not know any better).  No common sense.  Still don't have any.  1/2 way across the country from my home town.  Still have a job. 
Joining a team.  Getting assets.  Goodnight.  Natural Market.  All that stuff is nice but.....
The people on this forum that are making it are the hardest damn workers on earth.  We all go after each other.  We can even be pretty brutal to each other but we all have one thing in common.  Everyone here works harder and does the type of work (prospecting and selling) that most people won't do like prospecting, doorknocking, telemarketing, etc. 
All you have to do to succeed (Independent or Wirehouse) is commit to spend the next couple of years working harder than you ever have before.  Don't waste time acting like you are working such as "doing research", "surfing the net", or "networking".  Spend every waking moment meeting people that need financial help and ask them questions so you can help meet their financial goals.
Warren Buffet said "Investing is simple but it is not easy".
This is a rewarding career and it is "simple" but it damn sure isn't easy.