EJ Cold Walk

Apr 3, 2007 11:16 pm

“Initially, you will follow our recipe for success:



1)     Make 25 quality contacts per day (125 per week).

2)     Ask open-ended questions to obtain financial information.

3)     Present an appropriate investment and ASK for the order.

4)     Assess each contact and indicate the next action to be taken.

5)     Contact each prospect at least once every two weeks.”



This is from EJ FA career web.



I don’t have issues with points 2 to 5, but how can I make 25 “Quality”

contacts per day? At a pace of 3 per hour? (8 working hours / 25 = 3)

That’s like one each 15 minutes. What about the Quality part? How much

quality can I get from a 15 minute to 15-minute appointments? Or

Quality means different at EJ?

Apr 3, 2007 11:26 pm

Oh, I find the Quality answer at their site too.



“Making 25 quality contacts does not mean making 25 telephone calls or

knocking on 25 doors. A quality contact is a conversation during which a

prospect’s needs are assessed, his or her interest piqued, a product

explained or an appointment set.”



Again, how can I do this in 15 minutes? Can someone help?

Apr 4, 2007 11:28 am

Get some information or talk to the point where second contact is warm and expected.  You don’t have to close the sale on their doormat in 14:59, you need to be able to add them to your pipeline as a serious prospect.

Apr 4, 2007 2:20 pm

Don't read too much into the "25 quality contacts" statement.  No one at Jones expects you to have a full blown conversation about needs/goals/investments at the door. 

entrylevelFA is right on.  All you're expected to do is get enough info that you have a reason to come back and talk with them again.  At first it could be something simple like they have an IRA or they invest in CDs.  Simple.  Get their name and phone number if possible.  Then you'll go back to them later. 

At the end of each day you need to be able to tell your trainer in STL or Tempe that you met and had a decent conversation with at least 25 people. 

Apr 4, 2007 3:21 pm

While there are some people at Jones who make 25 contacts/day when they are starting out, a LOT of IRs will just plain lie about it to St. Louis.  I got a "talking to" from Kim Webb (a GP) during PDP training because I wasn't hitting my contact numbers during the call sessions. I tried to politely explain to her that I was actually recording ONLY real contacts (contacts where I would at least present something to them).  She didn't seem to grasp that the guy next to me would count an answering machine as a real contact! 

Also, don't put too much credence in the IRs who claim to open a TON of new accounts.  If all a guy needed was an IRA for a 401K rollover, I knew an IR who would open the IRA, a joint account for him and his wife, a ROTH for the wife, and a ROTH for the husband.  His COMM screen would show 4 new accounts. It wouldn't mention that 3 of the 4 are empty and will stay empty until they are closed. But, at least at new IR meetings, he gets held up as someone who can open 20 accounts a month by the NIRSS (trainer).

I never understood why Jones didn't stress new HOUSEHOLDS instead of new accounts.

Apr 4, 2007 4:57 pm

Quote: "I don’t have issues with points 2 to 5, but how can I make 25 “Quality”
contacts per day? At a pace of 3 per hour? (8 working hours / 25 = 3)
That’s like one each 15 minutes. What about the Quality part? How much
quality can I get from a 15 minute to 15-minute appointments? Or
Quality means different at EJ? "

Your math is wrong. Ed Jones expects you to work at least 15 hours a day, 6 or more days a week. So that's only 1+ "Quality" contact an hour. You need to learn to work harder not smarter.

Apr 4, 2007 5:02 pm

I think that's changed now.  While there is some back patting at meetings and such for anyone opening up more than 10 accounts in a month, they have to be funded for them to count towards the new IR's monthly goals.  I wish they would focus on households.  I'll take 3 new households over 10 empty accounts any day.

Apr 4, 2007 5:06 pm

[quote=EDJ to RIA]

Quote: "I don’t have issues with points 2 to 5, but how can I make 25 “Quality”
contacts per day? At a pace of 3 per hour? (8 working hours / 25 = 3)
That’s like one each 15 minutes. What about the Quality part? How much
quality can I get from a 15 minute to 15-minute appointments? Or
Quality means different at EJ? "

Your math is wrong. Ed Jones expects you to work at least 15 hours a day, 6 or more days a week. So that's only 1+ "Quality" contact an hour. You need to learn to work harder not smarter.

[/quote]

Actually I used to teach my training classes just the opposite.  Work as little as possible to hit the goals.  If you can do the job in 4 hours, great.  Play some golf.  However, know that the next day may not go as smooth, so maybe you should only play 9 holes and ring a few more doorbells. 

Maybe the new Jones brokers should feel lucky they don't work for Merrill or Morgan, et al because I understand the training over there is much more brutal than at Jones.  You only need 3 hours of sleep every night right?  You don't have to pee more than once a day right? Lunch is optional right?

Apr 4, 2007 5:49 pm

So, is not a matter of having a full fact finding interview right? Is more like

present yourself ask if they are investing and ask what products their have,

then talk about a fund or stock that may help them and try to close there? or

just come back every two weeks with products ideas?

Apr 4, 2007 6:03 pm

Also, I won’t cold walk on neighborhoods. I prefer business owners and

professionals (Drs, Lawyers, etc) any idea how to pass the gatekeeper on a

face to face? I just say to them that I will like to introduce myself to their

bosses, my firm and services. That I know they are busy now and that I just

will ask them for an appointment to visit in a more appropriate time. Does

this work? Please advice.

Apr 4, 2007 8:46 pm

H, you may not prefer neighborhoods, but if no other FA's (IRs) have been in your area, it may work. 

As for Doctor offices, I was a drug rep for 16 years. It tends to take money (not alot) to see these folks, if she (gatekeeper) see if she looks like she eats dough nuts, buy her some Krispy Kremes. It's amazing what alittle wheat gluten and sugar can provide. If not, go get a bag full of small lotions from Bath N Body. If they look at you stupidly, well .... you look stupid. Just go to the next remembering as Doug us to say, "You are part of the Best dam sales force in the world."

As for the other posts above, that 25 f2f was a joke. But that view is from this old guy. You may take 30.

Apr 4, 2007 10:26 pm

I bet, there is not FA cold walking here. I live in Puerto Rico. Here we

don’t have EJ, but UBS, ML, SB, Wachovia, Independents and local banks

bds. Some of the advisors I talk to about prospecting feel cold walking

are not “professional” at all. I also notice that some of this FA that feel

that way are starving to death.



I am starting out as a new FA with one of this big wirehouse and I don’t

know wealthy people, which is the market my firm is asking to get in too,

my uncle of father is not rich so I have to look for a way to make it

happen.



I call EJ a couple of time but they are not interested in the Puerto Rico

market today. I came from the insurance industry. It is common to

prospect this way.

Apr 5, 2007 4:19 am

Maybe EJ should state this on their website:

"In the morning, before you embarass the helloutayourself, insert one bullet into the chamber, giver a good spin, then pull trigger.  If you are still alive after this - thank the Good Lord and start knocking.  No one will respect you, docs and lawyers will not become your clients unless they're idiots, but maybe you can get Jim Bob from the local grocery store to have a 15 minute conversation with you while on his smoke break from stocking shelves to share his financial dreams."

About the only thing more comical to me then the way EJ rookies have to build their business are "The Personal Advisors of Ameriprise".

Apr 5, 2007 3:56 pm

What's comical to me is all of the people who think picking up a phone and calling 200 people a day is any different than cold walking.  The only difference is your feet have to move and you get to see people in person.  Oh yeah, and most people don't actually slam the door in your face.  Once in a while it happens.  Front doors don't have caller ID either. 

collazo - I'll bet you're right that no one else is cold walking in PR.  It might be a great addition to your marketing strategy.  Especially with the business owners.  I would suggest you try some neighborhoods before you completely throw them out. 

Here's a thought.  Buy the list of qualified prospects like you were going to cold call them.  Then send 50 postcards every day telling those people you are going to be in their area introducing yourself.  We've got a letter like that on our system ready to print and mail.  Then go ring their doorbells.  You already have their name and address and probably their phone number.  Once you meet them they'll remember you were the guy who rang the doorbell. 

Or you can mail 15 invitations to seminars to them over the next 2 years, hoping they get it, read it, and respond to it. 

You have a lot of choices as far as marketing goes.  Cold walking is a great alternative. 

Apr 5, 2007 3:58 pm

[quote=brandnewadvisor]

Maybe EJ should state this on their website:

"In the morning, before you embarass the helloutayourself, insert one bullet into the chamber, giver a good spin, then pull trigger.  If you are still alive after this - thank the Good Lord and start knocking.  No one will respect you, docs and lawyers will not become your clients unless they're idiots, but maybe you can get Jim Bob from the local grocery store to have a 15 minute conversation with you while on his smoke break from stocking shelves to share his financial dreams."

About the only thing more comical to me then the way EJ rookies have to build their business are "The Personal Advisors of Ameriprise".

[/quote]

Someone with the name Brandnewadvisor should not be telling people how to prospect. Hopefully someone with a little more experience will chime in. This may suprise you but there are other wealthy people out there other than docs and lawyers who would probably appreciate a face to face introduction.

Apr 5, 2007 5:54 pm

Thanks, to all.

Apr 13, 2007 12:44 am

Cold walking works the best. Demeaning, tiring, and unpleasant as it is, it is absolutely the most effective way to quickly gain trust. Although I disagree with most of what Jones does, their prospecting techniques are good.

Apr 13, 2007 2:10 am

I opened over 80 accounts (about 3.5mm) in my first year that way. It

wasn’t the ONLY way I opened accounts, but it worked quickly (which is

what you need early on).

Apr 13, 2007 4:36 am

[quote=hncollazo]I bet, there is not FA cold walking here. I live in Puerto Rico. Here we

don’t have EJ, but UBS, ML, SB, Wachovia, Independents and local banks

bds. Some of the advisors I talk to about prospecting feel cold walking

are not “professional” at all. I also notice that some of this FA that feel

that way are starving to death.



I am starting out as a new FA with one of this big wirehouse and I don’t

know wealthy people, which is the market my firm is asking to get in too,

my uncle of father is not rich so I have to look for a way to make it

happen.



I call EJ a couple of time but they are not interested in the Puerto Rico

market today. I came from the insurance industry. It is common to

prospect this way.

[/quote]



Make sure you do not cold walk during siesta time amigo!

Apr 18, 2007 10:28 pm

[quote=hncollazo]“Initially, you will follow our recipe for success:

1)     Make 25 quality contacts per day (125 per week).
2)     Ask open-ended questions to obtain financial information.
3)     Present an appropriate investment and ASK for the order.
4)     Assess each contact and indicate the next action to be taken.
5)     Contact each prospect at least once every two weeks.”

This is from EJ FA career web.

I don’t have issues with points 2 to 5, but how can I make 25 “Quality”
contacts per day? At a pace of 3 per hour? (8 working hours / 25 = 3)
That’s like one each 15 minutes. What about the Quality part? How much
quality can I get from a 15 minute to 15-minute appointments? Or
Quality means different at EJ?
[/quote]

I would find a target market/large company. Get a company directory, and start dialing. You'll get infront of qualified prospects by setting appointments, and you'll be viewed more professional than just showing-up unannounced.

Apr 26, 2007 7:24 pm

I’ve got 6 Ed Jones offices within 1.5 miles of my house.  I can guarantee you most are not walking door to door or mailing the houses close to their offices.


Apr 27, 2007 12:12 am

"I've got 6 Ed Jones offices within 1.5 miles of my house."

That is such a joke...

Apr 27, 2007 12:20 pm

I pass 7 on the way to work, three of them on the same road within a mile of each other.  Worst part is, the city I live in isn’t that big!

Apr 27, 2007 9:25 pm

[quote=blarmston]

"I've got 6 Ed Jones offices within 1.5 miles of my house."

That is such a joke...

[/quote]

I doubt it is a joke.  There are three offices within my small town of 22,000 people.  Now, they are 5 brokers, or whatever you call them at Jones.  It's kind of stupid.  All of the current brokers who run each office took over another broker's practice.  The other two people are goodnight's, or again, whatever you call them.  CAn't wait to open an office there and shut them down.  I am not Indy, so I have to build my practice up before I approach management about an office.

Apr 27, 2007 9:26 pm

Excuse my typo’s above (as I know someone will say something), it’s Friday, and I’ve had a long week.

Apr 27, 2007 10:02 pm

I wasnt suggesting it was a joke, I was saying that its pathetic…

Apr 27, 2007 10:38 pm

Do you have any clients that own new car dealerships? If so, ask them about

"flooding the floor". They hire more salespeople than they really need. The

result is that the salespeople cut each others’ throats, basically making

minimal money, the dealer sells more units and doesn’t have to pay anyone

any sales bonuses.

May 15, 2007 5:50 pm

When I got out of college I interviewed with EJ. They brought up the door walking thing. I basically said I want to be an Advisor not a Jehova’s Witness. They proceeded to tell me I wasn’t EJ material.

May 16, 2007 12:01 am

[quote=hoopfan]When I got out of college I interviewed with EJ. They brought up the door walking thing. I basically said I want to be an Advisor not a Jehova's Witness. They proceeded to tell me I wasn't EJ material.[/quote]

May 16, 2007 12:16 am

[quote=hoopfan] When I got out of college I interviewed with EJ. They

brought up the door walking thing. I basically said I want to be an Advisor

not a Jehova’s Witness. They proceeded to tell me I wasn’t EJ material.[/

QUOTE]



I would have liked to be there to see that!



Good one, Hoop!

May 16, 2007 1:24 am

[quote=blarmston]

"I’ve got 6 Ed Jones offices within 1.5 miles of my

house."



That is such a joke…

[/quote]



A friend of mine works in a Merrill office with 42 other brokers.



6 brokers on one block, 42 in one office…hhmmmmm…



Half those brokers in his office fail out within a year.
May 16, 2007 2:14 am

[quote=Broker24] [quote=blarmston]

"I’ve got 6 Ed Jones offices

within 1.5 miles of my

house."



That is such a joke…

[/quote]



A friend of mine works in a Merrill office with 42 other brokers.



6 brokers on one block, 42 in one office…hhmmmmm…



Half those brokers in his office fail out within a year.[/quote]



And what of the remaining 21, who are making it in the lofty regions of

Mother Merrill? They’ll be leaving the six Jonsers in the dust.



The Jones office down the street has had 4 brokers in five years. Not too

impressive, m’boy.
May 16, 2007 2:47 pm

Jones way of prospecting works well.  I don’t understand why
people think it is such a big deal.  Face to face is a great way
to meet many people.  I don’t do much residential, but smaller
business owners are everywhere, always open, and always willing to tell
you about their business if you walk through their door.



My only problem with Jones is the 2nd and succeeding “calls,” where
they want(ed) me to call these same people and propose a 30 year
bond. 




May 21, 2007 1:55 pm

A question for you guys who cold walk. Without even knowing this was a method employed by EJ, I put this as part of my marketing plan. I go live next week as a broker with a rep # and I plan on using this method. Question: When out cold walking what do you,

1. Wear

2. Bring with you i.e. marketing materials, product info

3. What is your goal? i.e. an introduction or something more? I wouldn't expect more than a introduction in the first meeting but I don't want to short change this situation.

thanks in advance for the replies.

May 21, 2007 2:13 pm

[quote=707SE]

A question for you guys who cold walk. Without even knowing this was a method employed by EJ, I put this as part of my marketing plan. I go live next week as a broker with a rep # and I plan on using this method. Question: When out cold walking what do you,

1. Wear

2. Bring with you i.e. marketing materials, product info

3. What is your goal? i.e. an introduction or something more? I wouldn't expect more than a introduction in the first meeting but I don't want to short change this situation.

thanks in advance for the replies.

[/quote]

Most of the guys I know who do this successfully wear comfortable shoes and dress only slightly less casually than they would for an important meeting.

Travel light.  Most of them carry business cards and at most a one-page flyer that serves as a useful leave behind.

The goal would from what I understand usually be simply to gain an introduction and perhaps set up a meeting/get a phone number for later follow up.  There are others on these boards who can provide first hand information...but hopefully at least this is a good start for you.
May 21, 2007 2:27 pm

Ideally when you are doorknock you wear what you normally wear into the office.  But at 85 degrees in May, the sweat stained shirt and tie become a distraction.  My rule of thumb is if it's warm, I wear a polo shirt (with EDJ on it somewhere).  If it's cool enough I'll stick to the shirt and tie. 

I take four things with me.  Business cards, a flyer of some kind, note cards I created to keep track of who I meet, and a bottle of water.  The note cards are my own creation.  On the front is all the info I'm looking for, ie name, address, age, phone, occupation, broker they work with, what they're interested in, etc.  The back is blank and I keep short notes.  Most of them say "not interested" or "w/ Smith the Jones broker". 

My goal at this point is to find out who they are, who they invest with, and maybe what they like to invest in.  If I can get a phone number, great.  If not I'll look it up.  It's really very basic.  Tell the people who you are, where your office is and then converse with them. 

The same concept applies to either residential or businesses.  You'll get some strange looks at both, but keep at it and it WILL work.   

May 21, 2007 6:31 pm

So what do you do when that great convo lands on a DNC number?

May 21, 2007 6:42 pm

The beauty of the Jones system is that once we get them to tell us their phone number at their doorstep, we can call them regardless of DNC.  In that way, we have access to leads that cold callers can’t get through to.  We can cross reference to the DNC list if someone doesn’t give a number outright.  I like being the only person that is ever making calls to DNC people because they gave me permission.  I’d have to say that my potential success rate with them is pretty good.  Instead of only dealing with used up lists of people that get called everyday by someone.

May 21, 2007 6:45 pm

[quote=drewski803]So what do you do when that great convo lands on a DNC number?[/quote]


Don't call, would be my guess.  You can still go visit people in person  (until they tell you to stay away) and send literature in the mail.  You can also ask if you have permission to call them when face to face. Many times people will say yes even if they are on the DNC.

Door knocking/cold walking worked quite well for me when I was transitioning to Jones.  Its a low key and friendly way to introduce yourself and meet with people.  I never ever tried to sell anyone on the doorstep.  I was more interested in meeting and hopefully setting appointments in my office.

May 22, 2007 3:03 am

Thanks for sharing this information fellas.

I was talking to my BM this afternoon after reading this post. We were brainstorming prospecting ideas and I said, "what do you think about cold walking, i.e. going from door to door to prospect?" He frowned and said, "Nah, not how you want to go about this business."

I'm a bit torn because I'm trying to do as he says. He's a really smart guy and has been successful in this business and peripheral interest as well. This to me seems like a effective means to go about getting clients but I'm inclined to go with the guy who's made it in my area.

I'll probably eventually take a morning and do it, but for now - I'll exhaust other ideas before I get to this.

May 22, 2007 5:34 am

I am doing it right now, and have been for the last 9 months. 
Focus on the business owners almost exclusively.  Simply walk in
(I do wear suit/tie, always) and ask them questions about themselves.
    



"My name is ??? and I am planning on opening an office here in ???
and I am trying to learn a little about the local businesses, who works
where and what goes on in each place, can you give me some history on
???"



This is all it takes.  They will tell you alot about their
business right away.  Yes, some are very open and immediately tell
you who does their 401K, SIMPLE, or personal stuff.  Others will
be somewhat guarded.  They will ALL ask you waht you do.  I
never open with "I work for Edward Jones, I make them ask.  The
will always want to know what business is moving in.



I never ask financial questions this first meeting.  I will
sometimes even tell them this is not a sales call, all I am trying to
do is meet people today.  They know why you are there, but do not
pry too quickly and do not put them on the spot in their business.



I take nothing but a business card.  But do take as many notes as
possible, immediately after talking to them.  And as cheesy as
this may sound, send EVERYONE a follow-up thank you.  It will make
a great impression, and I have had many people say so.

Jun 8, 2007 9:17 pm

I’m not going to say cold walking won’t work and I’m all for the realization that we are nothing more than sales people… To some extent we are also professionals selling a semi-complicated products.  All professionals are salesmen for the most part but do you really want to lump yourself in with the professionals who go door to door?

Who else goes door to door?  Office supply guys, telephone services sellers, temporary employment service people, lawn care professionals, home repair services and copier salesmen.  That’s who you have now associated yourself with.  Do you look at those salesmen as professionals or salesmen who will be gone from those companies in 6 months?

Other industries who do selling but offer premium services at premium pricing are accountants / auditors, dentists just starting out, lawyers, pharmacists, mortgage brokers, bankers…  Which group does a better job of garnering premium pricing and is seen as at minimum a semi-professional? 

It seems to me that the minute you walk into someones front door you are instantly seen as an amateur.  You’ve announced you’ve got tons of free time on your hands with nothing in the form of a client list.  Really, would a professional investment adviser with a large client list really be away from their desk while the market is open?  If I have a problem are they going to be around to help me or going door to door all day? 

Maybe it works for you but I gotta believe offering a free appointment to meet for an hour via a mailer or flier has GOT to be more successful long term than knocking on doors.

The most annoying part of my day is when the guy from the office supply company walks in my front door and just wants to talk about my office supply needs.  As if I’ve got nothing better to do at 11:00 in the morning and he just doesn’t understand I’m not interested.  There is such a thing as bad advertising - trust me.

Jun 9, 2007 9:26 pm

Beagle,

The door knocking thing is pathetic, and I felt pathetic doing it.  I never could see why anybody would trust their money to somebody going door to door.  But, I did open some accounts doing it.  The problem for a new broker (assuming one with limited contacts) building a business is: What is the alternative?  Sending out mailers offering a free appointment doesn't sound like a viable alternative.  Have you had success with that?

I was always open to new prospecting ideas, but never found any that worked anywhere close to doorknocking.  Direct mail and seminars never yielded anything for me.  Maybe I did it wrong.  Could you provide some insight on what you think is a good alternative to doorknocking.

Jun 9, 2007 9:37 pm

Beagle,  a flier or a mailer will only be more effective if you are a person who makes a terrible first impression.  I couldn't imagine a successful business owner who would schedule a meeting with someone because they sent a flier.

I've got news for you.  Cold walking business owners works.  The key is to be able to come across professionally and to be able to disturb the prospect.  If you can do both, you can set an appointment.  Otherwise, you can start to drip on them and you will be able to schedule appointments with a fair number of them in the future.

Some people won't see you as a professional.  So what?  When you walk past Joe's transmission shop, you can either stop in meet Joe or not stop in.  If you stop in, Joe probably won't do business with you.  If you don't stop in, Joe definitely won't do business with you. 

Jun 10, 2007 8:43 pm

This is true. Especially in the beginning…you need to develop some

critical mass quickly. Even if they are not ideal clients, you gotta get

some accounts opened and start eating. You will likely not be opening 7

figure accounts off a doorknock, but I have to say, I opened several large

6 figure acccounts that way.



I quickly transitioned away from doorknocking once I knew what I was

doing, and my networking/teaching/seminars started to gain traction.

But other than doorknocking/cold-calling, there are not many options to

get started quickly from scratch. It’s not pretty, but it works for a while

to get the first 100-200 accounts opened.

Jun 11, 2007 3:51 pm

I’m not saying it wouldn’t work.  All I’m saying is that I don’t see it as leading to long term premium pricing.  As they say, you get one chance to make a first impression and with door-knocking, that first impression is one of being the lowest wrung on the ladder. 

In high school I knew what I wanted to be.  I had a picture of my business in my mind but with the internet, some of that has been kicked to the curb but the core is the same - I offer outside services that funnel investment clients to me.  Have a picture of what you want your business to be in 5-10-20 years and consider - is that really what I want and is it possible?  Then figure out a way to attain it.

Is walking door-to-door going to attain that or is it just a stop gap action which is making my real goal virtually impossible?  If what you want is a hard core selling business, you are achieving it.  If what you want is a consulting business with higher residual value, you aren’t moving in the right direction.

Jun 11, 2007 4:13 pm

 Not knocking on the door makes no impression.

 

Jun 11, 2007 4:35 pm

Beagle - I'll admit that I'm not fully getting your comments about premium pricing.  Are you saying that since I'm doorknocking that clients won't pay me as much?  That because you choose to cold call or do seminars you are somehow magically worth more than me?  If you've never doorknocked before you don't have any idea what people think of it. 

I've been doorknocking for about 2 hours every day for the last three weeks.  Residential.  My pipeline past July is looking pretty weak.  I've met 3 other sales people who have said to call them because they respect that I have the guts to actually do it.  One day last week I met 3 business owners at home that are going to open accounts with me.  BECAUSE I RANG THEIR DOORBELL!  They respect the effort. 

News flash for you.  You need people to consult with in order to run a consulting business.  Where you get them is really a moot point.  You just have to get them.  Doorknocking, cold calling, seminars, postcards, newspaper ads  - all have the same goal.  Get the people in the door.  Don't discount it until you've tried it.  

Jun 11, 2007 6:38 pm
I did door-to-door YEARS ago and it worked for buy/sell agreements and nothing else for me.  I worked at a national financial planning firm to get my licenses.  I didn’t stay there for the same reason door-to-door wasn’t a long-term solution. 

2. Yes, you will be charging less long term for these clients is my opinion.  You may not recognize it because you charge the firm rate but your clients aren’t going to see you as the ultimate expert.  There is a reason why some advisers spend thousands upon thousands (or millions) of dollars building a brand image to position their firm as experts.  Your brand is identified in many ways and that first impression will forever brand your relationship.  You’ll always be that guy who knocked on the front door.  When they want an expert in 5 years, they’ll go find one. 

Look at it a different way.  Lot of attorney’s with freshly minted licenses offer fixing tickets as their main service.  That’s fine and all but in 5 years when you have a serious legal matter, is that the same guy you’ll go to or will you go seek out someone a little more professional?  That guy will always be the ticket guy for you.  If you are in a localized office you basically service a community of 10,000± people - do you want 1/3rd of them looking at you as the American Funds rep or the complete professional?
Jun 11, 2007 7:29 pm

[quote=Beagle]1. I did door-to-door YEARS ago and it worked for buy/sell agreements and nothing else for me.  I worked at a national financial planning firm to get my licenses.  I didn't stay there for the same reason door-to-door wasn't a long-term solution. 

2. Yes, you will be charging less long term for these clients is my opinion.  You may not recognize it because you charge the firm rate but your clients aren't going to see you as the ultimate expert.  There is a reason why some advisers spend thousands upon thousands (or millions) of dollars building a brand image to position their firm as experts.  Your brand is identified in many ways and that first impression will forever brand your relationship.  You'll always be that guy who knocked on the front door.  When they want an expert in 5 years, they'll go find one. 

Look at it a different way.  Lot of attorney's with freshly minted licenses offer fixing tickets as their main service.  That's fine and all but in 5 years when you have a serious legal matter, is that the same guy you'll go to or will you go seek out someone a little more professional?  That guy will always be the ticket guy for you.  If you are in a localized office you basically service a community of 10,000+- people - do you want 1/3rd of them looking at you as the American Funds rep or the complete professional?
[/quote]

Are you even in the business?

How is going door to door talking with business owners different from calling them cold?

Look - newbies either get business or starve.  It's that simple.  This grandiose idea of "premium pricing" doesn't mean squat if you don't have a pipeline full.  And most newbies don't have the money/time/experience to do seminars, blast mailing, or whatever the hell you think is more noble or "professional".  They need to get apps written and money flowing in the door.  It's that simple.

Care to try again?

Jun 11, 2007 7:31 pm

[quote=anonymous]

 Not knocking on the door makes no impression.

 

[/quote]

Well said, anon.

Jun 11, 2007 7:34 pm

[quote=Beagle]

Who else goes door to door?  Office supply guys, telephone services sellers, temporary employment service people, lawn care professionals, home repair services and copier salesmen.  That's who you have now associated yourself with.  Do you look at those salesmen as professionals or salesmen who will be gone from those companies in 6 months?

[/quote]

Those that don't do direct prospecting in our profession will be gone in 6 months too. 

Jun 11, 2007 8:50 pm

Bashing your head against the wall might help you not notice the pain in your foot - doesn’t solve the problem.

If you want to be a professional, act like one in front of the client.  If you want to be a rookie your entire life, act like one in front of the client.

Jun 11, 2007 9:40 pm

 If you want to be a professional, act like one in front of the client.  If you want to be a rookie your entire life, act like one in front of the client.

Some of the most professional and successful people cold walk.  The difference between them and Beagle is that they simply don't care that some people won't find them professional.  They are focused on results and not on methods.

One advantage of cold walking is that it can give you a second chance at the same prospect.  I have cold called people who have hung up on me who have later become clients after I cold walked on them.  They certainly didn't remember me.  I also have clients who I cold walked and wouldn't give me the time of day, but became clients in the future once I got referred to them.

Personally, I want to be the guy who gets told "no" the most. 

Jun 11, 2007 9:43 pm

[quote=Beagle]Bashing your head against the wall might help you not notice the pain in your foot - doesn't solve the problem.

If you want to be a professional, act like one in front of the client.  If you want to be a rookie your entire life, act like one in front of the client.
[/quote]

Explain how walking in the door of a business out of the blue and asking for an appointment to explain what you do is not acting like a professional. 

Explain how calling them on the phone out of the blue makes you more professional.

Finally, please explain how a rookie with limited funds will have a TOTALLY full pipeline of prospects without doing either of these things.

Jun 11, 2007 9:53 pm

[quote=Beagle]Bashing your head against the wall might help you not notice the pain in your foot - doesn't solve the problem.

If you want to be a professional, act like one in front of the client.  If you want to be a rookie your entire life, act like one in front of the client.
[/quote]

True, but if a doctor was on your doorstep I'll bet you'd let him look at your foot.  Even before he told you that he was a OB/GYN just out looking for...well.     

You've not told us what you do to prospect.  You've just bashed the doorknocking idea as unprofessional.  Why don't you share some of your knowledge on building a "consulting business" with us?  Maybe we can learn something from you. 

I disagree with your lawyer comment.  The only way that lawyer makes sure he always stays the ticket fixer is if he never tells his clients he can do other work too.  I have a lot of accounts that started as just an IRA.  And they would have stayed that way if I didn't ask to help them with other parts of their financial lives.  Now they have insurance, they've got a will or trust that I helped them get set up through one of my attorneys, they've got college plans, and they know they're on track for retirement.   If I'm doorknocking businesses and get their retirement plan and nothing else, shame on me for not mentioning insurance planning, LTC, college, or the other things I can do for that business owner and his employees.  People will only let you work on as much as you ask about.   

Jun 11, 2007 10:11 pm

[quote=deekay]

Explain how walking in the door of a business out of the blue and asking for an appointment to explain what you do is not acting like a professional. 

Explain how calling them on the phone out of the blue makes you more professional.

Finally, please explain how a rookie with limited funds will have a TOTALLY full pipeline of prospects without doing either of these things.

[/quote]

Read your own questions and you'll see that you contradict yourself.  Yes, I said calling is a professional action.  So obviously I can't explain how a rookie shouldn't do it.  Maybe instead of arguing with me you should go make some cold walkins.

How many CEOs, attorney's, dentists, investment bankers.... make cold walk-ins?  They are all salesmen so why don't they?  Because it is a rookie move.  Pay attention to who walks in your office or neighborhood?  See many professionals over the age of 25 doing it?

And yes I do care if a client sees me as a professional versus a salesmen.  In their eyes I should be a professional that they don't even notice was sold.  The second they stop seeing me as a professional is the day that stop seeing me as the answer to the problems I show them exist.
Jun 11, 2007 10:20 pm

[quote=Beagle] [quote=deekay]

Explain how walking in the door of a business out of the blue and asking for an appointment to explain what you do is not acting like a professional. 

Explain how calling them on the phone out of the blue makes you more professional.

Finally, please explain how a rookie with limited funds will have a TOTALLY full pipeline of prospects without doing either of these things.

[/quote]

How many CEOs, attorney's, dentists, investment bankers.... make cold walk-ins?  They are all salesmen so why don't they?  Because it is a rookie move.  Pay attention to who walks in your office or neighborhood?  See many professionals over the age of 25 doing it?

[/quote]

I've had several attorneys and CPA stop by my business to drop off their cards.  They know they can help me in my business.  The doctors on either side of my office have both walked through the business in our area with the announcement that they are starting a new practice.  Ted Jones used to love to walk into businesses and ask for the owner to see if the owner had met the local Jones rep yet.  I might find it a little odd if the CEO of Mastercard stopped into my office to introduce himself, but I wouldn't call him less of a professional for it.  Maybe he decided he would come out and meet one of the people who contribute most to their bottom line. 

You're projecting your feelings of what professional is or isn't on a task.  It has nothing to do with the task.  Does cold calling make you more of a professional or just a telemarketer?  The last person I'd want to give my $1 million to is a telemarketer.  The professionalism comes from how you handle the relationship,  not how the relationship started.   

Jun 11, 2007 10:35 pm

My business is tax planning, tax preparation, divorce financial analysis and investments / simple financial planning.

I advertise tax planning and preparation - built in government mandated time line.  I have instant access to every financial document they hold and I up-sell them investments.  I focus my advertising on independent consultants.  Small clients who basically don’t do much for my investment side get referred to an independent CPA who has referred to me some of their business book keeping clients for retirement planning.  I am an Enrolled Agent.  In the fall I advertise in my community newspapers to do tax planning before it is too late and all spring it is tax prep. 

I do divorce financial analysis.  I work hourly and analyze the clients entire financial picture to guarantee them the best financial divorce settlement possible.  This brings in clients directly and referrals from attorneys, real estate agents and family therapists.  Once their divorce is settled, I have a direct link to their 401-k, IRA or investment account rollovers.  I am a CDFA.  Divorce planning has a court set time line so clients can’t procrastinate just like tax prep and planning.

I make 15 contacts per day cold calling for appointments to describe my services.  I contact individuals at work mostly but also new attorney’s entering the field of family practice.  I never got a single attorney referral until I did the divorce financial analysis.

You gotta think outside the box on prospecting and position yourself appropriately.  Would you give a referral to someone you see as a professional financial adviser or that salesmen who knocked on your door?

Jun 11, 2007 10:35 pm

[quote=Beagle] [quote=deekay]

Explain how walking in the door of a business out of the blue and asking for an appointment to explain what you do is not acting like a professional. 

Explain how calling them on the phone out of the blue makes you more professional.

Finally, please explain how a rookie with limited funds will have a TOTALLY full pipeline of prospects without doing either of these things.

[/quote]

Read your own questions and you'll see that you contradict yourself.  Yes, I said calling is a professional action.  So obviously I can't explain how a rookie shouldn't do it.  Maybe instead of arguing with me you should go make some cold walkins.

How many CEOs, attorney's, dentists, investment bankers.... make cold walk-ins?  They are all salesmen so why don't they?  Because it is a rookie move.  Pay attention to who walks in your office or neighborhood?  See many professionals over the age of 25 doing it?

And yes I do care if a client sees me as a professional versus a salesmen.  In their eyes I should be a professional that they don't even notice was sold.  The second they stop seeing me as a professional is the day that stop seeing me as the answer to the problems I show them exist.
[/quote]

You've yet to establish why a cold call is professional while a cold walk-in is not.  Also, please point out where I'm contradicting myself.  I'm not the sharpest knife in the drawer.

I get the sense that you don't think it's professional.  And that's fine.  But to think that no professional, polished, established consultants/advisors/salespeople pop into the office next door after a meeting is incorrect.  To dismiss it entirely because of your preconceived notions, well, you're limiting yourself.

Like anon said, you are focusing pleasing methods instead of pleasing results.  Results are the ONLY thing that matter.  Period.

Jun 11, 2007 10:41 pm

[quote=Beagle]
You gotta think outside the box on prospecting and position yourself appropriately.  Would you give a referral to someone you see as a professional financial adviser or that salesmen who knocked on your door?
[/quote]

See, that's just it.  Most advisors aren't cold walking.  That's pretty outside the box, no? 

I would give a referral to someone I see as someone who can solve my needs and wants, regardless as to how we first met.  No matter how you cut it, you have to prove to the client you're worth the money they will spend to hire you.  I mean, at the point of sale (and yes, I consciously wrote 'sale'), the client is going to ask themselves:

"Do we trust this guy?  Are we confident in him?  Do we like him?".  They DO NOT say "Gee, I dunno, he did just knock on our business door, I really don't think we should go with him...."

Jun 12, 2007 12:33 am

 Would you give a referral to someone you see as a professional financial adviser or that salesmen who knocked on your door?

The answer is that the one who knows how to ask for referrals is the one who will get them.  I get referrals on a regular basis on a cold walk.

Beagle, I hate using terms like this, buy you are definitely projecting your own feelings.  I went years without cold calling and in fact, I never cold walked until this year.  I've always had a pretty successful practice and I could go the rest of my career without making a cold call or a cold walk.  That being said, I hope that I never quit with the cold prospecting.  It has caused my practice to boom.

I'm not some rookie who can't read people.  Business owners, especially those who built their businesses from scratch, admire the tenacity and guts of those who can cold walk.  They didn't become successful waiting for business to come to them. 

Disturb them and show them a solution and they'll become clients.  It doesn't matter if you are an EJ cold walker, a Merrill Lynch corner office guy, or Anonymous from Anonymous Financial. 

Jun 12, 2007 12:37 am

I agree…

Jun 12, 2007 1:43 am

[quote=deekay]

[quote=Beagle]
You gotta think outside the
box on prospecting and position yourself appropriately.  Would you
give a referral to someone you see as a professional financial adviser
or that salesmen who knocked on your door?
[/quote]

See, that's just it.  Most advisors aren't cold walking.  That's pretty outside the box, no?  [QUOTE]

You also don't see most advisors working stoplights and traffic intersections.

Jun 12, 2007 2:23 am

I’ve seen guys standing outside offering oil changes for $19.99.  Maybe you should consider a sign that reads FINANCIAL PLANS $299.99 - hey, it is only unprofessional if you are projecting your own feelings  

Better yet, why not produce a bunch of those little yard signs and secretly put them along busy streets advertising your business.  That would be classy.  I’ve seen a lot of doctors advertise that way and I would really respect a professional who showed the guts to do something like that. 

Next time the guy selling poster art door to door says he was just working at a business next door and thought he’d drop by, I’ll ask if he saw you at that same mysterious business next door.  I’ll give him a few bucks so he can take you for an ice cold soda.  When the temperature hits 95 with 90% humidity, it’ll help you cool down as you walk the major streets of our fair city.  Hate for you to show up with pit stains and a soaked suit at your next red hot opportunity to pitch another 100 shares of Washington Mutual Fund - Class A. 

Lastly, when I’m looking to deal with a mortgage broker, I’m not looking for a guy or gal with proven excellence and professionalism at a reasonable price.  I’m looking for tenacity so that he’ll hound my ass for the next 5 months.

Jun 12, 2007 2:55 am

[quote=Beagle]I've seen guys standing outside offering oil changes for $19.99.  Maybe you should consider a sign that reads FINANCIAL PLANS $299.99 - hey, it is only unprofessional if you are projecting your own feelings  

Better yet, why not produce a bunch of those little yard signs and secretly put them along busy streets advertising your business.  That would be classy.  I've seen a lot of doctors advertise that way and I would really respect a professional who showed the guts to do something like that. 

Next time the guy selling poster art door to door says he was just working at a business next door and thought he'd drop by, I'll ask if he saw you at that same mysterious business next door.  I'll give him a few bucks so he can take you for an ice cold soda.  When the temperature hits 95 with 90% humidity, it'll help you cool down as you walk the major streets of our fair city.  Hate for you to show up with pit stains and a soaked suit at your next red hot opportunity to pitch another 100 shares of Washington Mutual Fund - Class A. 

Lastly, when I'm looking to deal with a mortgage broker, I'm not looking for a guy or gal with proven excellence and professionalism at a reasonable price.  I'm looking for tenacity so that he'll hound my ass for the next 5 months.
[/quote]

Thanks for the insight.  We've established how you feel about cold walking.  Tell us how you've built your $1mm producing book.  How would you propose getting in front of small business owners and earning their business?

Jun 12, 2007 2:58 am

Ok, Beagle, I get it.  You failed at it, so it must not work.

If I walk in on you, I have no chance at getting your business.  If I don't call on you, I have no chance at getting your business.

I'm not looking for the respect of a stranger.  I'm looking to help people and make $1,000,000/year in the process.  (no, I'm not there yet)   I don't care about how many people don't want my help.  I do care about how many people I do help.   The ones who become my clients respect me.  The other ones don't matter!

If the little yard signs worked, I would use them.  If standing on a corner worked, I would do it.

See, I'd rather get 100 new clients with 10,000 attempts than get 50 clients with 100 attempts.  Batting average in this business means nothing.  It's all about the number of hits and the neat thing is that we get to take as many at bats as we would like.

I cold walk businesses because it works.  I don't cold walk residences because I don't have the balls to do so.  If I thought that it would work more effectively, I'd make sure to grow a pair.

You can be the professional.  I'll be content to be the non-professional who makes lots of money helping others achieve their financial goals. 

By the way, I have no doubt that your prospecting methods also work.

Jun 12, 2007 3:12 am

Anonymous:

Do you gain more respect on the phone or face to face? This is the question for Beagle.

Jun 12, 2007 7:27 pm

anon - maybe you should try residential.  It might be a nice change of pace for those people to hear something other than “Hi, I’m the newest EDJ guy around the corner from you.” 

Oct 15, 2007 10:32 pm

Anonymous,

Can you please make an example of:

"Disturb them and show them a solution and they’ll become clients"

Thanks,

Oct 17, 2007 1:37 am

disturb: means they are made to feel urgency (e.g. the need to save NOW, not later).

  Solution: appropriate to this urgent need    Sign the forms. if they won't, you did not creat urgency (disturb).   This is the very simplest example to make a point. Normally it is of course more involved. 
Oct 17, 2007 3:15 am
hncollazo:

Anonymous,

Can you please make an example of:

“Disturb them and show them a solution and they’ll become clients”

Thanks,

  Do you know how much money you'll need to reitre?   Do you have a plan for accumulating that pile of cash?   If you die today will your family's quality of living continue?   If you get in an accident today will your family's quality of living continue?   Do you want your kids to go to college?  Do you have that pile of cash set aside?       There are tons of disturbing questions, the key is to make the prospect talk 90% of the time.  Let THEM tell you the problem and then give them the solution at a price they are willing to deal with.    
Oct 17, 2007 9:33 pm

I think the doorknocking idea is way overated. It is just a tool to get a name and number to prospect.  New brokers need something to do for the first year to stimulate activities.  I hated doing it and having been a business owner in the past and held management positions previously, I felt like a vac salesman, kinda wormy.  If your a bank teller, used car salesman, shoe salesman etc…you wouldn’t think this is below you to dk. The perception I felt doing this, wasn’t probably the reality.  But this was just the first negative thing that started me down the road of leaving and moving to something I could feel proud about.  I mentioned before, I felt embarrassed saying I worked for Jones…not sure why, but did.  I’m glad I stuck it out and hit the requirements to move to Indy.

Oct 17, 2007 11:12 pm

which are?

Oct 18, 2007 6:51 pm

Most Indy’s require minimum assets and minimum production numbers.  Call a recruiter and get the info for the particular numbers.

Oct 19, 2007 3:49 pm
bspears:

I think the doorknocking idea is way overated. It is just a tool to get a name and number to prospect.  New brokers need something to do for the first year to stimulate activities.  I hated doing it and having been a business owner in the past and held management positions previously, I felt like a vac salesman, kinda wormy.  If your a bank teller, used car salesman, shoe salesman etc…you wouldn’t think this is below you to dk. The perception I felt doing this, wasn’t probably the reality.  But this was just the first negative thing that started me down the road of leaving and moving to something I could feel proud about.  I mentioned before, I felt embarrassed saying I worked for Jones…not sure why, but did.  I’m glad I stuck it out and hit the requirements to move to Indy.

  That's a valid feeling that most of us had.  Unfortunately, you need to find some way of starting in this business.  Unless you are really plugged in, there is going to be a large piece of cold prospecting (calling, walking, ...).  I must say that it did work (only to get the business started), but the number of real quality clients I acquired was small.  Of course, some have become better clients, referred business, etc.  And some people barely remember how we hooked up at this point.  I am actually sort of shocked at some of the people that became clients from a doorknock.  I guess it is all in the positioning or approach.  There are actually some respectable business owners in our area (rather wealthy suburb) that doorknocked to get their name out.  I know of a dentist and a chiropractor that did it when they came to town.  And everyone loves to see the Town Selectmen, school board people, etc. coming door to door.  I did the old "opening a business in town" skit.  Never really handed out much, other than B card.  Again, if done correctly (i.e. NO selling), you are simply introducing yourself.  But man, it sucked while it lasted.
Oct 22, 2007 3:20 pm

The beauty of Jones is that the only time you are required to doorknock is during the training period.  Beyond that, it is merely a best practice.  Put prospects in the system, open accounts, and make $$ and nobody is going to call you and ask you how you did it.  I like doorknocking because it’s free.   I didn’t have the $$ when I started to mail out 10,000 invitations to seminars, or buy a bunch of decent lists.  But I did have money to buy gas for my car and new shoes. 

Oct 22, 2007 8:58 pm
Spaceman Spiff:

The beauty of Jones is that the only time you are required to doorknock is during the training period.  Beyond that, it is merely a best practice.  Put prospects in the system, open accounts, and make $$ and nobody is going to call you and ask you how you did it.  I like doorknocking because it’s free.   I didn’t have the $$ when I started to mail out 10,000 invitations to seminars, or buy a bunch of decent lists.  But I did have money to buy gas for my car and new shoes. 

  How long did you doorknock for?
Oct 22, 2007 9:11 pm

I'll answer for Spiff, counting last week.......10 years.

Oct 24, 2007 11:49 am
Thats kind of a shady way to approach and get around the DNC dont you think?      [quote=BteamBomber]The beauty of the Jones system is that once we get them to tell us their phone number at their doorstep, we can call them regardless of DNC.  In that way, we have access to leads that cold callers can't get through to.  We can cross reference to the DNC list if someone doesn't give a number outright.  I like being the only person that is ever making calls to DNC people because they gave me permission.  I'd have to say that my potential success rate with them is pretty good.  Instead of only dealing with used up lists of people that get called everyday by someone.[/quote]
Oct 24, 2007 12:15 pm

it is the LEAST shady way: you simply ask the prospect for their phone number in person! No one can claim you need to check the DNC if they verbally told you their ph#!

Oct 24, 2007 12:22 pm

I see what you are saying newnew, but the mentality of it I think is wrong.

Shouldnt a good firm provide REAL marketing support instead of door knocking and cold calling?

Oct 24, 2007 4:50 pm

I doorknocked a lot for about 2 years.  I still go out once in a while.  It’s a great way to fill up your pipeline quickly.  In fact, for the next couple of months I should probably go out every day for an hour so I can build up the pipeline for Jan and Feb. 

  Maybe I'm unclear about the REAL marketing that RUL mentioned.  Jones has a company that will do mailings for us at a discounted rate.  They pay for 1/2 the postage if I want to do a mass mailing campaign outside that program.  They have TV spots, radio spots, billboards, newspaper ads, postcards, etc camera ready and compliance approved.  They do national advertising like Schwab, Fidelity, et al.  We have a region ad pool that puts newspaper ads in the paper for us.   They will direct people from the Jones website to a local FA if someone looks for us that way.  We do advertising in the Yellow Pages.      You know how much biz I've received from all that advertising done by Jones?  Zippo.  I'll bet if you talk to most vets in the business your best bang for the buck isn't in marketing.  It's in talking in person with people.  So whether cold calling or doorknocking is the name of the game, it's still a numbers game.  Doorknocking is effective for me, so I still do it.
Oct 24, 2007 5:20 pm

Spiff- It's crazy but my location is GREAT! I get people that just stop in on their lunch breaks and I even get calls from the yellow pages ad.. I think it just depends on your market.. and your location within that market. Somethings work better than in one location/market than they do it others.

Miss J
Oct 24, 2007 8:29 pm

I do get a good walk in every so often.  But you have to go out of your way to get to my office, so it doesn’t happen often.  Normally when it does people say they have heard a lot of good things about EDJ so they want to talk to me. 

  Location can be a big help.  If you are the only FA in a town, then  you are going to get more walk in's.  I think there are 8 or 9 other Jones offices within a mile of me, so it's not like I'm here by myself.  I am one of the move visible ones though, so that helps. 
Oct 25, 2007 3:03 am

kinda tough in the snow, however

Oct 25, 2007 1:05 pm
Name a firm that provides all the marketing support and gives you a prospecting plan all laid out for you.  I think that group is very small and select, maybe Bernstein?  Even Goldman Sachs has their people cold call.  I work for a wirehouse and can get just about any type of marketing support I would need.  the boss will pay for advertisements, seminars, whatever.  I still got started as a cold caller because I learned it was just the fastest way to get people in the door.   [quote=RULiquid]

I see what you are saying newnew, but the mentality of it I think is wrong.

Shouldnt a good firm provide REAL marketing support instead of door knocking and cold calling?

[/quote]
Oct 26, 2007 4:54 am

For an example of real marketing go to www.ifa.com or www.indexfunds.com.  This is an RIA firm that’s already added $300 million YTD; mostly from their 200+ websites.  The problem with most advertising is that it is too generic to identify a specific prospect with a specific need.  In the case of index fund advisors - they basically know exactly who their prospects are and deliver tons of information, most of it automated and working round the clock.  I would guess they spent $150-200k on their web development; but in just a few years they’ve raised $1billion in AUM with a rather simple story.  They do no in person appointments and still charge 1% for what investors could presumably get for free with a Vanguard Retirement Target Date Fund.  Ridiculous!

Oct 26, 2007 2:33 pm

So you think the B/D they affiliated with offered them the money to do the advertising?  Maybe even set up the 200+ websites to generate the clicks to drive the business?  If you believe that you are fooling yourself.  There’s not a company out there that will front that kind of money for marketing.  Those guys made a bet on how to best generate interest in their business and it came through for them.  Kudos to them.

  Every firm has a specific way they use to generate prospects.  Amex uses fishbowls and websites.  Merrill uses cold calling.  Jones uses doorknocking.  Is one a better system than another?  No.  They're just different.  Does that stop a Jones guy from cold calling?  Or an Amex guy from doorknocking?  No.  Do whatever it takes to bring people in the door.  There's your marketing strategy.     
Oct 29, 2007 12:15 am

[quote=Spaceman Spiff]So you think the B/D they affiliated with offered them the money to do the advertising?  Maybe even set up the 200+ websites to generate the clicks to drive the business?  If you believe that you are fooling yourself.  There’s not a company out there that will front that kind of money for marketing.  Those guys made a bet on how to best generate interest in their business and it came through for them.  Kudos to them.

  Every firm has a specific way they use to generate prospects.  Amex uses fishbowls and websites.  Merrill uses cold calling.  Jones uses doorknocking.  Is one a better system than another?  No.  They're just different.  Does that stop a Jones guy from cold calling?  Or an Amex guy from doorknocking?  No.  Do whatever it takes to bring people in the door.  There's your marketing strategy.     [/quote]   Spiff - the firm is an RIA firm.  Since you don't appear to understand what that means: they don't have a broker-dealer and are an independent entity owned 100% by an individual.   They have grown over 40% in 10 months, so I'd say what they are doing works far better than fish bowls or cold walking.  Effective marketing is never a bet.  Every detail of every campaign, site, etc. is tested for number of vistits, time at the site, page views and so on.  Armed with the right statistical data they likely leveraged the money available to get a return on investment that was scientifically proven to work.   So...there are better systems than what you mentioned; as cold walking, calling and other types of uncontrollable marketing (non-systematic with significant deviation from one rep to another) have always proven to be the most innefective.  However, if you get someone who's talented and hard working they can still make it work.   Lastly, if you think spending a couple hundred thousand to build a multi-million dollar business is a lot - then I'd guess you don't run one.  Big practices take big money to build.
Oct 29, 2007 1:27 pm

Sorry, my bad.  I’ll rush right down to my local bank and borrow $150k and get started on those website designs.  I’m sure if it worked for those people it will work for my business too.     

Oct 29, 2007 3:56 pm

He didn't say open a porn site spiffy.  A decent site can be had for 4-10k, non e-commerce.

Oct 29, 2007 6:00 pm

I don’t know.  A porn site with investment info might actually get some hits. 

Nov 1, 2007 7:22 pm

Does Edward Jones financial advisors uses any specific script for coldwaking? Is there any training material prepared by EJ for this purpose?

Nov 1, 2007 7:48 pm

Knock knock.  Who’s there?  Spaceman Spiffy, I work for EDJ’s and would like to see your portfolio of investments.  (cheery, smiling)  GET THE HELL OFF MY PORCH!!! Bang, bang, bang…Run like hell, but don’t forget to stop at the next house…

Jan 19, 2008 4:05 pm

[quote=Broker24] I opened over 80 accounts (about 3.5mm) in my first year that way. It

wasn’t the ONLY way I opened accounts, but it worked quickly (which is

what you need early on).[/quote]



Broker 24…and what way was that? Cold walking, calling, postcards?

Jan 19, 2008 4:27 pm

[quote=shadow191]

Name a firm that provides all the marketing support and gives you a prospecting plan all laid out for you. I think that group is very small and select, maybe Bernstein? Even Goldman Sachs has their people cold call. I work for a wirehouse and can get just about any type of marketing support I would need. the boss will pay for advertisements, seminars, whatever. I still got started as a cold caller because I learned it was just the fastest way to get people in the door.



[quote=RULiquid]

I see what you are saying newnew, but the mentality of it I think is wrong.





Shouldnt a good firm provide REAL marketing support instead of door knocking and cold calling?

[/quote] [/quote]



I thouht Gold man Sachs was the “creme de la creme”. I find it hard to believe that those kids from Harvard would be required to wear out their leather shoes out in the snow.
Jan 19, 2008 4:30 pm
bspears:

Knock knock. Who’s there? Spaceman Spiffy, I work for EDJ’s and would like to see your portfolio of investments. (cheery, smiling) GET THE HELL OFF MY PORCH!!! Bang, bang, bang…Run like hell, but don’t forget to stop at the next house…




Jan 19, 2009 10:22 pm

There are a couple of posts in the beginning of this thread that allude to the amount of time a new EJ advisor will spend doorknocking. Of course, this thread, just as most others, quickly turns into a proxy argument regarding peoples opinions of this and that. And of course, everyone’s opinion is the right one!

  I've recently been hired by EJ and will begin studying for the Series 7 on 2/2. I will be doorknocking soon and was hoping to get some insight from those that are doing it and/or have done it.   First, generally speaking how much time will be spent per day cold walking to get those 25 quality contacts? How many doors, roughly speaking, would one knock on to get those 25 quality contacts? What have historically been the best days/times to go doorknocking? There will obviously come a time when your work day comprises of doorknocking, appointments, and follow up calls, in addition to any other peripheral tasks...   I guess the main question is: What does a day in the life of a new Edward Jones FA look like?   I appreciate any experiential advice that can be given.   As for all the argumentative, snide, condescending, one-sided, useless remarks that are bound to show up....as the great Tina Fey says, "You can suck it!"
Jan 20, 2009 2:36 am

Bud,

In the beginning, figure on 6-8 hours of doorknocking. Then it starts to scale back as time goes on and you get clients and appointments. It seems like you will doorknock forever, but ask and veteran, and they can barely remember their doorknocking days.

Jan 20, 2009 6:51 am

I am 9 weeks out after eval/grad, and I’ve been doorknocking since Sept. 1, 2008.

  To get 25 quality contacts in my market I knock a minimum of 150 residential doors.  That is a good neighborhood.  I have gone 60 doors before with not a single answer.  The best time to doorknock seems to be from about 8:30 or 9:00am to 11:00am, and then from 3:00pm until it gets dark.    It will take you all day (7 hours minimum) to get 25 contacts from doorknocking residential doors.  Once you start selling you can hit 25 fairly easily with the phone, so it is much easier to get your numbers.   Congrats on getting hired.  Enjoy the studying for the 7.  It is by far the easiest part of this job.   You may be different than me.  There is a guy that was in my KYC and Eval/Grad class that would just go anywhere and everywhere chatting up people.  He was entering 40+ contacts per day.  I don't know if they were good prospects, or if he turned any of them into clients, but the more conversations you have in a day the better.   Later,   Bob   My first post after lurking for over a year. . .