Knock Knock, Guess who's there
So I’m playing some pool at the in-law’s today and guess who walks up to
their door in his buster brown shoes and sears suit?
Some newbie Edward Jones broker! It was hysterical. My father in law tells
the schlub that he already has his accounts with his son in law, that as luck
would have it that he’s here and that’s his BMW parked out front. I DIED
laughing. Got to hand it to the guy for having the balls to walk door to
door, but it was funny.
i give them credit. i could not do it. you do realize that their amway systems works. first, you hire anyone, then they open accounts, then they quit, pass them upstream or upline. dean witter had the same system for years. if the worst thing any broker does is sell you aivsx, then they cant be that bad.
Doorknocking sucks. I had some success with it, but still can't believe I ever did that. I had friends actually drive by me when I was out knocking and I had that big green Edward Jones badge on. I had a tough time explaining what the hell I was doing.
I'd say the system does work. They dangle enough of a carrot, mixed with loads of BS, to attract the guys pounding the used car lots and bussing tables. Some make it and open new offices. Most don't and the accounts get spread around. I don't believe Jones loses money on the ones that don't make it. They've got a highly motivated sales force doing door to door marketing for them, usually at less than $10 an hour, and the occasional sale generates enough commission to pay that hourly wage back. It's brilliant.
I knocked on doors for nearly a year and a half. Looking back I can’t believe I had the guts to do that. I think they get you so brainwashed in the KYC training into thinking it’s a normal thing to just walk down the street and “introduce yourself to the community” I will say though that it worked well for me, however, I don’t think I ever got any of my top clients through door knocking. It’s amazing what people will tell you on their doorstep.
[quote=apex01] It’s amazing what people will tell you on their doorstep.
How about, “GET THE F*CK OFF MY PROPERTY!!”
door knocking sounds miserable...and i would hate to do it.
but i know there are real estate agents who are multi millonares because of door knocking.
[quote=Ferris Bueller] [quote=apex01] It’s amazing what people will tell you on their doorstep.
How about, “GET THE F*CK OFF MY PROPERTY!!”[/quote]
I had a few people tell me that. Also had dogs chase me, the police were called a couple of times, and froze my a$$ off in the winter.
I’ll admit, I did open some good accounts…but Geezus was is hard. I would not do it again…Cold Calling is a walk in the park next to residential door knocking.
Door knocking wasn’t so bad … it was when the 90 yro grandma’s that no one talked with said …please come in for a minute and tell me about it … that you knew this part sucks… and not to mention …my first knock became my first account… it works… really… well…
Calm down all of you.
I think cold calling and cold walking just come down to having conversations with people. Letting them get to know you, and you listening to them. Trying to find a way that you can add value to the relationship.
You can do this in other ways like joining the chamber, being an active volunteer, giving seminars, etc.
Bottom line, you have to enjoy it, or you won't do it for long.
Starting new to the business is tough any way you look at it. Door knocking, cold calling, etc. I think Ed Jones should be given credit for putting together a great training program and providing new advisors to the business an opportunity to build a book. Door knocking sucks. Cold calling sucks. No matter how you grow your business, unless you come from money or come under an established rep, is going to be tough and for those that build that foundation we should applaud them no matter which firm they are with. Most people that start in retail don't make it, period. It's what that advisor does after they have built the foundation, which defines them. Some will forever stay an employee of a wirehouse, regional or bank and have the opportunity to make a great living. Some will recognize that it doesn't matter what name is on their card, that clients do business with them because of them, and will start their own practice. There are a lot of options out there for advisors in our position and we should be thankful for that. Not a lot of people in this country have the kind of options and can make the kind of money like we can. When I was in the wirehouse environment, we were brainwashed into thinking that if a rep wasn't at one of the big firms then they weren't a good rep. I have come to believe that as long as a rep enjoys what they are doing, stays compliant and does a good job for their client it doesn't matter what platform they choose to do business in.