EJ Training
Hello:
I am replying to my above message since for some reason it doesn't allow me to post messages in the first place. This is a question regarding EJ training. I am interested in how they get you ready for the series 7. I know you get the laptop and read and take practice exams. Here are some of my questions: 1. Are the practice exams completed and submitted to someone for review? 2. Do they monitor your practice tests? Is this done by a mentor? 3. What is the total time commitment each day that's required for studying? 4. IS there studying PLUS branch work during prep for the series 7? 5. What do they pay you during training. 6. Regarding door knocking....what do you do with neighborhoods that post "no soliciting" signs? Still make house visits? I'm a guy in my mid 40's thinking about a career change. I like the autonomy idea, not crazy about the door knocking but OK with it, really enjoy building people relationships (I do have a sales/key account sales background) and helping people achieve goals. I've looked at EJ and Ameriprise. EJ seems to offer more flexibility (ie: no load funds, etc). Any and all thoughts from all the "pros" out there is very much appreciated. Thanks.yeah, Jones is famous for their no load funds. Seriously, there is a ton of commentary on this topic posted throughout this forum. I would scan and search through some other forum topics for answers to many of your questions.
All new reps need to realize the amount of time is always more than you think it will be, and the pay is always lower than you hope. The Jones salary during training is nothing more than a few bucks to prevent you from starving. It is purely gravy, but a huge "mental" leg-up on the competition. Any first year salary should be one of the last things you worry about.I-Horse:
Thanks for the post. You're right. I've looked through alot of the replies and have had many of my questions answered. Just curious about those several ones. I look at a training salary is gravy since I'm lucky enough to be married to a great wife with a terrific job. Start up liquidity so to speak isn't an issue. My biggest one is passing the 7 and doing well at door knocking.Jones has THE BEST preparation course for the S7 in the biz. The pass rate is 90%. You have a Study for Success Trainer who monitors your test scores via the Jones system during your study. You’ll do them online so they can track them. They do conferences calls for the more difficult topics (at least they used to). You also have an 800 number to call for help when/if you get stumped on a concept. Unless you are a complete dolt, you won’t have any trouble with the 7 at Jones. Expect a normal 8-5 study time for the exams. You might be able to get done quicker, but that depends on your study skills. You might take longer.
As far as the no soliciting signs go, it's up to you. Some guys breeze right past them. Some people respect them. I've never had a good conversation with anyone with a no soliciting sign on their door, so I just skip them. There are too many good people out there that don't care if you ring their doorbell. Prospecting is prospecting. At Jones you do it door to door. At Amex you do it on the phone. I like doorknocking better than cold calling. It's more personal and more fun for me. If nothing good happens at least I got some fresh air and some sunshine.You are expected to study 45-50 hours per week you are paid buy the hour during this time including overtime. test are done on their lap top and are reveiwed on a group phone session each week the study material is very good, I thought it was more diffacult than the test itself, I think you have 2 chances to pass your practice final, but not sure on that. hourly wage depends on area etc expect about 12-14 per hour. I had no branch contact whatsoever no mentor either. but that may not be the norm.
NO soliciting signs are a good thing,weak people put those up. Make sure you hit every one of those unless your city has a ordinance against door to door marketing they mean nothing. Good Luck
Thanks Spaceman and Yooper! I think the door to door is a more personal touch. Over the phone is annoying and in alot of instances illegal. During studying, that’s all you do right? Nothing but a focus on passing the 7 I take it?
Also, once you're an FA and you have established accounts, how do you get paid on an account that more or less "invests and forgets"? Is there a retention bonus for that specific account?Dixie
Personally, I knocked on all No Solicit homes and let them know right off the bat that I wasn't soliciting but just meeting people in the neighborhood as I was opening a new business in town and wanted to get to know the people...It worked pretty well. As far as the study for success goes, Spiffy pretty much covered it, it was really a piece of cake and if you had a problem you had all the help you could possibly need/want.
It is a pretty rigid study program which is good. You must complete one exercise before it allows you to begin another one. It’s all organized on a computer program with tabs for what you need to accomplish each week and day. I’ve been very impressed with the course.
You must maintain a 70% average on all the tests or else you will get a call and they’ll make an employment decision. If your average after the Jones study program is 77% or higher, you have a 98% chance of passing the 7.
All your scores are automatically transmitted and monitored.
I study about 50 hours a week and score in the mid 80’s on my practice tests.
During the study time you do NOTHING but study. There are a couple days where you shadow your field trainer. It’s a nice break from the laptop.
I made roughly $60,000 in my previous career and they are only paying me $11/hour to study. It seems low but I’m only 24 so I think that has something to do with it.
I haven’t started doorknocking yet but I do have some experience with it from a different standpoint. I solicited painting contracts door-to-door when I was in college. I was nervous and skeptical at first but I just did it and quickly gained confidence and success. It got to the point where I almost expected a contract at each door. "why wouldn’t they want me to paint their house?!"
So far I’ve been impressed with the experienced brokers I’ve met so far. I had dinner with the Regional Leader. Great experience. I shadowed my field trainer. Great experience. They seem positive and willing to help. I think Jones must put pressure on these guys to help us be successful. I dunno.
I’m not sure where you got the impression the EJ sells no load funds. How would we get paid?
Good luck!
When you say “not crazy about the doorknocking but ok with it,” really think long and hard about that. I was certainly not crazy about it but told myself over and over it would be fine. Keep in mind, thats the majority of your job for the next two years. You need to be certain you can do this before you jump in. That being said, Jones has an outstanding training program (as far as I can tell). Good luck with whatever you decide!
Jones:
I know this is a very big question and issue. I think the "soft" approach would be to knock on the door, introduce myself, and tell the homeowner that I've just opened an office in the neighborhood and I'm out meeting the residents. I think that's non-threatening and would lead to more dialogue. One other question I had if anyone would like to chime in is this-how long do you go after passing the 7 before you get your office. Plus, in the meantime, how do you meet with clients? I can't imagine inviting them over to your basebment office in the house would look very professional. Thoughts Also....a marketing idea that I will throw out to all of you that came to me earlier today...Hook up with a local coffee shop and purchase from them $100 worth of gift cards. For buying these cards, get the coffee shop owner to allow you to pass out brochures on a weekday morning where patrons could sign up to win the gift cards. You ould have 2-$25 winners and 5-$10 winners, all of which are awarded that day to those who enter the drawing. This way, you get names and phones, you create a relationship with the coffee house owner by buying their cards (and putting money in their pockets) and you get follow-up interaction with the winners of the contest. What do you think? Thanks again for all the replies.Thinking about marketing strategies and unique ways to prospect at this stage is outstanding. Make sure that your prospecting and marketing efforts are focused. You want to come into contact with people with money. Do not use what time you have on a crapshoot. Not saying this couldn't work, but how do you know the patrons are the type of people you want to prospect.
Primo:
Very good point. I would think at the beginning you are trying to spray to many different areas and not focusing on just one or two....or am I wrong? To me, any face to face contact beats sending mailers, dialing for dollars, running an ad, etc. The other thing about face to face is arm extension techniques. I spent time at P&G and they had us teach or product demo people to reach out to the consumer with product coupons and samples since the natural reaction is to take it. Same as when a person extends their arm for a handshake.Makes sense on the gift cards and your results were interesting.
Speaking of marketing, does EJ provide tools to promote your business. I'm sure brochures are available. But what about "leave behinds" like refrigerator magnets, calendars, etc. Is this something you can purchase on your own through a set budget?Dixiepukes - you’re done before you’ve even begun. You’re apprehension to prospect like a morman, or a high school kid selling magizines - will hinder your efforts. If you don’t completly buy into your strategy, or message - you’re toast! If you stand for nothing - you’ll fall for anything. Give me one person who ‘legitimately’ built a successful practice by walking neighborhoods selling ‘goods’ out of their trunk.
Listen to yourself write - your sophisticated marketing strategy focuses on 'leave behinds' like magnets and calendars. Get serious - this is a tough business and you can't screw around with 'soft' 'wimpy' strategies. Honestly ask yourself if this strategy would motivate you to give someone hundreds of thousands of dollars to invest.[quote=dixiepucks]Makes sense on the gift cards and your results were interesting.
Speaking of marketing, does EJ provide tools to promote your business. I'm sure brochures are available. But what about "leave behinds" like refrigerator magnets, calendars, etc. Is this something you can purchase on your own through a set budget? [/quote] We have an entire marketing website dedicated to mailers, online ads, newspaper ads, etc. They can all be electronically manipulated online and e-mailed to wherever for publishing. Also, we have an online catalog of a few hundred different gift items that can be customized with your information (one of those corproate gift programs). My advice, when starting out, don't go hog-wild on gifts, ads, etc. It will be a waste of your money. If anything, choose one item, and make it your "trademark". Maybe it's a particular pen, or magnet, or whatever. But make it not-too-cheesy,and something you can give to anyone (that's why I like pens). I have nice rollerball pens with my name/logo that I give to everyone. People love them, and they remember me because of them. I see them all over town (don't use the cheesy Bic Stics). But all the marketing dollars ain't gonna close a deal. It just gets you a little exposure.Apprentice:
You are probably the guy that would come to my door, come at me hard and completely turn me off. I'd let you "pitch" me, then say no. I had a guy come to my door one time selling car wash packages. I told him "not interested" three times...he persisted. So I let him go through his 5-10 minute pitch. When he came up for air, I said "no Thanks" and closed the door. He ended up wasting enough time to probably visit 2-3 additional houses in that time. You are missing my point. When one door knocks, I would assume the strategy is to strike up a conversation with the homeowner, and then "leave behind" a business card or anything that will help them remember you. Sure, it's up to the FA to follow-up and get the sale. For example, I have magnets on my refrigerator for insurance people, pizzza shops, etc. I refer to them all the time and even pass along their information to friends. That's what I am saying. Stand for nothing? Unfortunately, you don't know me. I stand for quality service, solid relationships, great advice and the ability for people to trust me. It's kind of like the old bull and the young bull at the top of the hill. They see some great females at the bottom of the hill. The young bull wants to race down to do one of them while the old bull says lets take our time going down the hill and do them all. Follow me? Also understand that magnets and calendars are not at all "sophisticated", although you might feel otherwise. It's just a part of the overall plan that includes the seminars, the referrals, the meetings, the door kncoking, etc. As far as the motivation to invest, I'd be alot more motivated to someone who brought to me plans and ideas for long term success. Once I showed and proved such a strategy, I'm sure the hundreds of thousands of dollars would follow. That's my angle.Dixie, don’t forget to add the disclaimer about your historical results don’t come with a guarantee of future performance. Just to cover your ass, in case your strategy blows up…just an old bull giving some advice…
apprentice - you want just one person who built their business going door to door? How about thousands of them. If you want names, just open up your local yellow pages and write down the folks with EDJ.
Dking is only one way for you to get started…not build a great practice. The majority of Jones brokers I’ve been around inherited offices. I knew of only 2 in a region of 60, who started from scratch. No office, no accts and were still there after 7 years and doing well. With these numbers, I would think you could realistically say that Dking isn’t really that successful. To say you could open a phone book a call any rep with Jones to show success going door to door is…well…a crock of shit.
Door knocking sucks! But it never ceases to amaze me how well it works.
Spears is right about how the odds are well against you starting new/new. While dking can be a long term strategy, most of us hate doing it and come up with "good" reasons not to. It's also not at all time efficient. Dixie, the excitement about marketing is good. Try different things and see what works. Just don't kid yourself into thinking that if you spread enough stuff around, the phone will ring. It doesn't: you need to begin soft, but then ask for business. The 7 is easy with the Jones program. When you get started, focus on that. If you don't pass it, how you will market yourself is a moot point. Best of luck to you!This argument gets back to the “region:” thing. In my region, there is one office maybe every 4 or 5 towns at most, and some areas with no offices for 50 or 60 miles. It’s a young region, and I can count on maybe two hands (and not all 10 fingers) the number of people that have taken over an office (out of about 65 offices). Most of the rest started from scratch. 2007 saw our first completed Goodknight (there are several in the region currently).
I would guess in the real mature, concentrated regions (STL, Carolinas, Texas, etc.) that a lot of people have taken over offices, partly due to retirees, partly due to people just leaving, and partly due to failures. So again, in my region, the success rate of new/new’s is probably higher than many.
While we’re on the topic of marketing ideas, does Jones have to approve any websites that a rep builds themselves and uses it as a referral source?
Imabroker:
Thanks for the encouragement. You get it and it's awfully good to hear your thoughts. I know I will need to ask for the order. That's sales. And I think we'd probably go at it in similar ways. Thanks to everyone that's posted over the last few days. This has been tremendous. Keep them coming. DixIce - not sure if your at Jones, but if a rep were to purse building a site, are there specific compliance guidelines that would help them do that? Or will Jones ( or whatever firm) turn down your site 100 times until you get it right and it meets compliance?
I seriously doubt EJ would ever approve any prospecting website separate from the basic FA site off the corporate page. Possibly some web based banner ads placed on third party sites, but not a separate website. Too much compliance hassle/risk to them. Same applies to most, if not all, of the non-independent b/ds.
You can always ask, but I wouldn’t hold your breath. Lawyers rule.
Dixiepukes - you’re proving my point. You’re spending your day trying to ‘sell’ yourself on a chat site. You’re trying to convince yourself that door knocking and cold calling is productive, so you can justify the pain you’re feeling from your senior management breathing down your back to get something done.
Anyway - my opinion is that time is so short in this business - do something that will maximize your efforts. Spacey no-spiff, ZERO people have ever built a solid book by walking the streets. Your response of wanting me to go through the yellow pages is only confirmation that you have no real evidence. AGAIN - to maximize the effects of your door knocking, don't wear a short sleeved white shirt with a tie, and ALWAYS bring warm chocolate chip cookies!!Apprentpukes-What I am doing is something called “due dilligence” in which I am trying to get as much third party advice as I can before making an educated decision of whether or not I should get into this line of work. I believe that DK and cold-calling is part of the equation. In fact, the DK is a hell of a lot more interactive than picking up the phone.
I used to sell mortgages....I've done the cold calling...I understand the pain at times. But I always found that a face to face conversation was a hell of alot better than an impersonal phone call. Do you follow? I'm not really sure what your point is other than your ability to listen to what I am trying to accomplish.....just due dilligence my friend.apprentice - you are just simply wrong. My RL started from scratch. Doorknocking. Now manages almost $100 mil. Didn’t take over any offices, didn’t get any handouts from anyone. The most veteran guy in our region runs a $125+ mil book. He started from scratch. Doorknocking. So, the two most successful people in my region blow your statement clean out of the water.
I will give you that they didn't just doorknock. They did seminars. They made phone calls. They joined Chamber and Rotary. But the doorknocking gave them a solid foundation on which to build. My statement about the phone book was a bit of an exaggeration. But I'll bet if you called all of those people and ask them if they built their businesses doorknocking, a bunch of them would say yes. You might not see doorknocking as a "sophisticated" marketing strategy. That's your own shortcoming. People will talk to me when I ring their doorbell, hand them my biz card, and ask questions. Your "sophisticated" marketing strategy of invitations to dinner or fish bowl drawings or whatever doesn't put you face to face with anyone immediately. That's the beauty of doorknocking. Personal contact, short sleeve white shirt and all, right now. Knock it if you want, but it works. When it stops working, I'll stop knocking.Thanks Spiffy for proving my point. Despite themselves - people door knocked as they became successful - they did not become success because they door knocked.
Dixiepucks - you're awesome, I'm happy to see your passion come out. Again - my caution is that too much due dilligence will drive you out of the business. See the people, be the people - shake hands and kiss babies, you'll learn all you need to know along the way.Apprentice-You are absolutely right -the due dilligence can become analysis paralysis. All of you have taught me plenty on this forum. When I started my inquires, passing the 7 was my big worry. Now it’s the contract. With that said, I should still attend a career night at a local branch and ask all the questions.
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