Edj?
Long time lurker, first post noob here.
A little background: I’m a very recent college graduate looking for advice on where/what to pursue. I applied to EDJ for the PASS program on a recommendation from another broker, but wasn’t selected. Instead, the recruiter suggested an “apprentice” program for 4 months, making sh*t-pay per hour, before I could move on to start FA training.
Any advice on where to go from here? I wasn’t hoping to enter PASS to come out and take over a 20-30MM office or anything, but I do understand it is a VERY challenging business for your first couple of years. I’m young, and extremely young looking. I’m just not sure if I would be able to succeed starting new/new.
My college degree is completely unrelated to investing, finance, etc. as I was pre-med. I’ve also had interviews w/ NWM, and they seemed pretty intent on hiring (they probably hire everyone tho).
Just looking for some guidance from vets if EDJ is a good place to start, should I look elsewhere, etc?
Why not med school?
Tell them you want a full time position. There’s no need to do the intern/pass or any of that crap. They will hire you as long as you make it very clear during the interviewing process that you’re willing to bust your ass for 3 years and you don’t mind door knocking.
Also, being very young looking, cold call like mad. It works. Read the 500 day war that was posted here about a year ago. Cold calling works.
Btw I’m a long time lurker here as well. I’m currently an FA at Jones and have been here for a year. I’ve been exceeding expectations since being hired, but I cold call about 400 numbers a day. Just had one bite about an hour ago.
7:30am-7:30pm Mon-Fi is my work schedule. If you can handle it for 3 years, you'll be set.
It's not a hard job (physically), but it's hard to do (mentally).
400 a day, wow, that is impressive. No messages, right?
Is it me, or what?? Seems like if you are making 400 dials per day, you must not be talking to anybody. Regardless of the number of dials, what’s a good target for the number of quality conversations per day? Isn’t that the more relevant number?
Actually I do leave messages. They take about 15 seconds to leave and they generate about 1 callback per day, which generally qualifies the prospect as having interest in a bond. I call for 2 hours starting at 8am, then 30 minute break. Rinse & Repeat until 7pm which gets me 9 hours of calling per day.
I've followed this forum's advice on calling with my state's muni bonds, and I've found that people are pretty receptive to them regardless of their income level. I'm by no means knocking it out of the park, but it's working, and I'm staying above the green line.
"Why not med school?"
I’m not fired up about four more years of school, followed by 3-5+ years of residency making barely minimum wage when factoring in the amount of hours you work/study.
I guess I’m bored of learning about the Kreb’s cycle and want to make some money in the real world before I’m 30.
The reason being an FA interests me is the same reason being a doctor interested me, save for the details and subject. I enjoy explaining and advising people. The careers aren’t really all THAT different when you really look at the nuts and bolts. Besides potentially killing someone, of course.
MHO ... The training is good as advertised and the culture regardless of what people say is not overwhelming. Good support, and things you simply won't get I don't believe elsewhere (like ... up to $300 for every seminar you hold); but of course then you have to use their scripts which might dull the edge of a razor. That said, do not allow yourself to be a "new-new". Either become a Legacy, a GK, an office ... something. I'd guess the failure rate of new-news is about 90-95% and that's too much headwind for anyone to overcome.…Just looking for some guidance from vets if EDJ is a good place to start, should I look elsewhere, etc?
Translation... he did real bad on his MCATs. Careers are a lot different by the way. FAs sell and doctors don't.“Why not med school?”
I’m not fired up about four more years of school, followed by 3-5+ years of residency making barely minimum wage when factoring in the amount of hours you work/study.
I guess I’m bored of learning about the Kreb’s cycle and want to make some money in the real world before I’m 30.
The reason being an FA interests me is the same reason being a doctor interested me, save for the details and subject. I enjoy explaining and advising people. The careers aren’t really all THAT different when you really look at the nuts and bolts. Besides potentially killing someone, of course.
[quote=gethardgetraw]Actually I do leave messages. They take about 15 seconds to leave and they generate about 1 callback per day, which generally qualifies the prospect as having interest in a bond. I call for 2 hours starting at 8am, then 30 minute break. Rinse & Repeat until 7pm which gets me 9 hours of calling per day.
I've followed this forum's advice on calling with my state's muni bonds, and I've found that people are pretty receptive to them regardless of their income level. I'm by no means knocking it out of the park, but it's working, and I'm staying above the green line.[/quote] First of all if you are actually doing this... f***ING BRAVO... Dont worry about anything else. This will work(because it has for the last 15 years). The newbies who made it in this sites magazine did 4 things: Coldcalling, inherit book, join team and huge network.
Find what you have and run with it... What is the green line these days?
If you think the Kreb’s cycle is boring, just wait until you start talking with ice about MPT and asset allocation. Now that’s boring.
MHO ... The training is good as advertised and the culture regardless of what people say is not overwhelming. Good support, and things you simply won't get I don't believe elsewhere (like ... up to $300 for every seminar you hold); but of course then you have to use their scripts which might dull the edge of a razor. That said, do not allow yourself to be a "new-new". Either become a Legacy, a GK, an office ... something. I'd guess the failure rate of new-news is about 90-95% and that's too much headwind for anyone to overcome. [/quote] Clear your inbox[quote=dreamingFA]…Just looking for some guidance from vets if EDJ is a good place to start, should I look elsewhere, etc?
[quote=LockEDJ]That said, do not allow yourself to be a “new-new”. Either become a Legacy, a GK, an office … something. I’d guess the failure rate of new-news is about 90-95% and that’s too much headwind for anyone to overcome.[/quote]
This is sort of why I was hoping for the PASS program, since it’s tailored for graduates to take over an office, correct?
In any case, does a newly minted FA ass kiss for a GK or Legacy? Or is there some sort of funneling where assets get dispersed?
[quote=Squash1]Translation… he did real bad on his MCATs.
Careers are a lot different by the way. FAs sell and doctors don't.[/quote]Naw, MCAT (singular, there aren't multiple tests) was decent. Not going to Harvard, but I was never aiming there anyway.
I've enjoyed learning about investments from personal experience. That, and there's not a whole lot a biology grad can do without doing some type of grad school.
Shoulda been an engineering major.
it always seemed to me that there wasn't a rhyme or reason for the GK/Legacy thing. Maybe Spiff or Volt or B24 can speak to that.
it always seemed to me that there wasn’t a rhyme or reason for the GK/Legacy thing. Maybe Spiff or Volt or B24 can speak to that.
Like building a team at a wirehouse, there is no "formula" and nobody is guaranteed to get one. Some guys at wirehouses are lucky enough to be asked onto a team, others end up going it solo. At Jones, if you are in the right place at the right time, you could get asked to do a Goodknight, and if an office opens in your "target" location, and you are doing well at the time, you may be able to fill it. Yes, there's plenty of nepotism, jsut like at wirehouses, and indy firms, and law firms, and CPA firms. So to a degree, it's luck, but to a greater degree it's about who would want you working with them and their clients, and what the Regional Leader thinks about you. He is going to put in an office whoever he thinks has the best shot at making it. Some dork who can't get out of his own shadow isn't going to be given an open office, no matter how much he comes onto RegRep forums bitching about how awful Edward Jones is for not handing him some assets (that's not aimed at you LockEdj).
Personally, I was offered two Goodknight plans by different vets. The one I took was very small, and a bunch of crap (which I was told in advance), but it was in my hometown. The other would have been three times as much assets, in a monster office (180mm), but 40 miles from home where I knew nobody and would have had to move my family. I made the right choice, even though I would have had a MUCH faster start with the other one.
Sheesh, 193 posts and I’m comin’ around bitching about how Jones doesn’t do this and doesn’t do that.
Seriously, the people that interviewed me gave me my GK. They recruited me, liked me enough and said I’d be the one they wanted.
[quote=gethardgetraw] Actually I do leave messages. They take about 15 seconds to leave and they generate about 1 callback per day, which generally qualifies the prospect as having interest in a bond. I call for 2 hours starting at 8am, then 30 minute break. Rinse & Repeat until 7pm which gets me 9 hours of calling per day.
I’m by no means knocking it out of the park, but it’s working, and I’m staying above the green line.[/quote]
Who are you calling? Business prospects or residential … local or all over your state? Where do you get your lists?
Not sure what you meant, but hopefully you read where I said "This is not aimed at you LockEdj"Sheesh, 193 posts and I’m comin’ around bitching about how Jones doesn’t do this and doesn’t do that.
Seriously, the people that interviewed me gave me my GK. They recruited me, liked me enough and said I’d be the one they wanted.
… jk. No offense taken.
You're absolutely right. I hardly ever get a quality convo... maybe 1/20 calls. [quote=Squash1] First of all if you are actually doing this... f***ING BRAVO... Dont worry about anything else. This will work(because it has for the last 15 years). The newbies who made it in this sites magazine did 4 things: Coldcalling, inherit book, join team and huge network.Is it me, or what?? Seems like if you are making 400 dials per day, you must not be talking to anybody. Regardless of the number of dials, what’s a good target for the number of quality conversations per day? Isn’t that the more relevant number?
Find what you have and run with it... What is the green line these days?[/quote] Green line for new/new 12 months in is $5650 4-month rolling avg gross [quote=voltmoie] Who are you calling? Business prospects or residential .. local or all over your state? Where do you get your lists?[/quote] Mainly residential... but I'd rather not post my method of generating lists, although I've even simply opened the phone book with my 'Do Not Call' screen in front of me and called from that and had success. I call businesses whom I've met at the Chamber, but I've stopped going after I've found them to generally be a waste of time. I actually like cold calling. Well... definitely not physically picking up the phone and dialing numbers all day, but I love the thrill of when someone starts asking stuff like "hmm... what's the minimum?" or "How often will it pay?" (these are your bond buyers!). I also like just being a salesman in general... convincing myself to sound like I dont give a f*** and that this call is actually important whereas yes, I do need the money (very much so) and no, you're not the only person I'm calling today about this bond (there are 399 others I've got to call)
Just a question about leaving messages. I have been making residential cold calls and my percentage of reaching people at home is low. You would advise to go ahead and leave a message with your pitch with your phone number? This is working for you rather than trying to call another time? Thanks for elaborating on your approach. I like your thoughts on using your state’s munis. I have simply been offering to mail information about my firm’s services.
Ted Jones said (and I definitely agree) that when you ask for the order, it’s not about whether or not they buy (obviously it’s awesome if they bite immediately) but it starts qualifying them right away. You learn what they don’t like about the bond and what they already own. This gives you a much better idea of what to offer during your next call.
My messages go like this: "Intro... then 'I had a pretty good looking bond here that had an attractive interest rate and not too long of a maturity. Feel free to call me back for some info.' Then I add-in, as if I originally forgot to mention (didn't forget), 'Oh and by the way, you wouldn't pay a dime of taxes on this bond. Anyway, I'd love to hear from you.'" and that's it.Thanks for the info. That sounds like a pretty good approach. Just wondering about your approach when you actually do reach them. Do you offer to mail information about the bond? If so, what kind of info. do you send - just bond info. on your letterhead? Do you just try to set an appointment? Thanks
Stonewall … I’d offer this: use the negative to find out something that they’d like, and then hand-deliver the information either about the bond you called on or something else, without purpose or guile.
I was always told the purpose of the call was to get an appointment - classic Ted Jones right-left-right. Go see them if they won’t see you, but in either case, to me you got the appointment.
Are you only calling on muni’s?
I currently do not call on munis. My compliance is not allowing me to call on any specific product claiming it is a violation since I don’t know the prospect’s objectives. Therefore, I am offering to mail information about our services. However, it is interesting for me to learn about leaving a message that mentions specific benefits (interest rate %, no taxes, etc.). I can’t see how I could possibly get any interest from a message I leave unless I am mentioning some specific benefits vs. just “would you like to learn about what we offer?”
[quote=gethardgetraw]Ted Jones said (and I definitely agree) that when you ask for the order, it’s not about whether or not they buy (obviously it’s awesome if they bite immediately) but it starts qualifying them right away. You learn what they don’t like about the bond and what they already own. This gives you a much better idea of what to offer during your next call.
My messages go like this: "Intro... then 'I had a pretty good looking bond here that had an attractive interest rate and not too long of a maturity. Feel free to call me back for some info.' Then I add-in, as if I originally forgot to mention (didn't forget), 'Oh and by the way, you wouldn't pay a dime of taxes on this bond. Anyway, I'd love to hear from you.'" and that's it.[/quote] Are you calling only residential on muni's?You mentioned that you cold call with state munis. I have been cold calling asking to send general information about my services because my compliance will not let me call on a specific product. They said I can’t call on a product when I am not aware of the prospect’s situation. Do you have any compliance issues at Jones with calling on a specific product? Thanks
None at all. I’d think your compliance would be hard pressed to find any client who wouldn’t benefit from a tax-free bond.
Even the 20-year old investor just starting out needs 5 or 10% of their portfolio in fixed income according to most firm's asset allocation recommendations.So … a client with little or no earned income would benefit from a tax free bond?
Hah sorry, good point… would stick with a 6-7% corporate in that case.
Prob should have said Fixed Income in general
You also need to consider credit quality and spreads. In some cases a good muni is better than a corporate. I would prefer a good 5% muni over a 6% corp. And if the guy’s even in the 15% bracket, the yields are similar. And in my state, almost everyone pays 5% state tax, so it’s really 20% (on an in-state bond). Almost anyone in a higher tax bracket would benefit from muni’s over corps.
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