Jones Stories... for the JONES
Hey folks, I would like to start a thread that i think a lot of folks would really appreciate. All the EDJ FA’s out there could post thier experience / failures / success and those of other FA’s you know who made it or didnt make it. I know there are a lot of EJ haters here so those folks can ignore this thread. I will go first.
I Just accepted the offer, start date Sept 29th to study the series 7. (not very inspiring i know). I am located NW Florida. I have met and become friends with several of the EDJ FA's in the area. One in particular was about 8 months out from KYC and was about to open his office, he said he was hoping to have 2 million AUM by december. He was really struggling, mind games, lonely, so on so forth, I taked to him the other day and they had a FA leave an office in South Florida after 11 years with AUM of 55 million.... they offered it to him and he started yesterday.... I told him about some of the things some of folks on this forum have been through that 90%+ of the clients will follow the other FA as this really is about the person not the company that people trust and like. In any event i will let you know how that goes for him... I really think he has gotten a double edge swoard, if he can manage to keep some of the book hes off to a great start, but he better keep prospecting...... theres another FA in the pipeline he just finished his KYC, and he is really struggling, dont think he's gonna make it ... I will let you know how he does as well. And of course I will be struggling in a couple of months like all newbys...[quote=Mr. Jones]Hey folks, I would like to start a thread that i think a lot of folks would really appreciate. All the EDJ FA’s out there could post thier experience / failures / success and those of other FA’s you know who made it or didnt make it. I know there are a lot of EJ haters here so those folks can ignore this thread. I will go first.
I Just accepted the offer, start date Sept 29th to study the series 7. (not very inspiring i know). I am located NW Florida. I have met and become friends with several of the EDJ FA's in the area. One in particular was about 8 months out from KYC and was about to open his office, he said he was hoping to have 2 million AUM by december. He was really struggling, mind games, lonely, so on so forth, I taked to him the other day and they had a FA leave an office in South Florida after 11 years with AUM of 55 million.... they offered it to him and he started yesterday.... I told him about some of the things some of folks on this forum have been through that 90%+ of the clients will follow the other FA as this really is about the person not the company that people trust and like. In any event i will let you know how that goes for him... I really think he has gotten a double edge swoard, if he can manage to keep some of the book hes off to a great start, but he better keep prospecting...... theres another FA in the pipeline he just finished his KYC, and he is really struggling, dont think he's gonna make it ... I will let you know how he does as well. And of course I will be struggling in a couple of months like all newbys...[/quote] How can he be struggling already? He hasn't even gotten started. He doesn't even know the definition of struggling...yet.Exactly, that is not struggling. Struggling is going through 2 yrs of having your balls hit like a speed bag, actually thinking you have made it past the garbage, still meeting expectations and “following the recipe”, but not paying your bills.
Borker is right. You don’t know what struggling is until you’ve been out 3-4 years and have a string of $7000 gross months. Now that’s struggling.
The only reason someone just out of KYC could be struggling is if they are lazy or completely inept at doorknocking. Cause that's all he's doing right now. The guy that took over the office in S. FL isn't going to struggle. Depending on where the other FA is going, he'll probably keep about half of the book. I know what you've read on these boards about clients following their FA, but the statistics at Jones are that in the average competitive situation the office keeps about 50% of the existing assets. I've seen some that keep more, and some that keep less. I'd guess that he ends somewhere in the high $20 mil to low $30 mil arena when the dust settles. Mr. Jones, this business is a fickle one. The guy who says he's struggling could turn around in the next couple of months and have some killer production and not be struggling anymore. Or someone who has just put up some outstanding numbers but let their pipeline dry up could feel like he has absolutely no hope for the future. It's a constant up and down with your emotions. You've got to learn to deal with that if you want to survive. First, you have to pass that S7 exam.I know a lot of Jones FAs. When I started out and went to the new FA meetings for the first few months, I met all these “highly successful FAs.” The further along in the process I went, I noticed that there really is a key to success: being handed an office. All of these FAs that are praised at the summer regionals for being so successful really havent done any of the doorknocking. They got out maybe a week or two from eval/grad and then, congratulations! We have a full office the last broker just left, do you want it? Now, I do not blame them at all, I would jump on that chance in a heartbeat. But I did start to realize that most brokers at jones that are actually successful are so because of a golden opportunity. And that golden opportunity is not doorknocking. It is very discouraging to see all these FAs get so much recognition for having done nothing, and then we are supposed to listen to them tell us to “stick with it, it’s all so worth it.” Just my two cents, anyone else feel this way?
I don’t mean to send the wrong message either, Jones is a great opportunity and doorknocking certainly can work for some people. But when you talk to FAs who are “highly successful” make sure you know what their situation is. I wouldnt listen to a guy who won the lottery tell me that I need to work hard for my money.
I wholly agree with Spiff in that this is a fickle business. What I’ve found is that if you do what you know you must do, business will fall from the sky…usually from places where you least expect it.
My advice to new brokers, for what it's worth, is not to look for that magic bullet; just do the things that you know you should be doing and business will find you. It's as simple (or as complex!) as that.There is no doubt about that. If you want to be successful at EJ (or anywhere for that matter), in the first 5 yrs you need a natural market or to take over assets. If you grind it out for 5 yrs, you wont catch the people who did take over big offices or 10mil in assets, but you will have reached a good level of production. The question you must ask yourself is do you want to run through savings or go into debt to get through the first 5 or do you need to find a different avenue, like a junior position on a team or at a bank. If you have any ounce of competitve fire in you the BS that regions spew regarding the “success” of the people who have gotten handouts will make you puke. Guys in my region, who had a family and no savings when they started took on 50-100k in credit card debt to make it to year 5. I dont know if that makes any sense, but they made it, they drink the koolaid and hopefully in 10 more years they will have 100k in LP ( that they bought) and they will be on the positive side of the coin.
I had heard many stories about some of the top producers in my region getting a leg up to their careers. I have a couple of vets in my old region who I still talk with on a regular basis. One, I found out, failed at two locations in the late 80's. He then took over a 40 mil office, (non competitive) and now manages over 150m and is always one of the top monthly gross production. Sad part is...I THOUGHT he was one of a very few who actually started from scratch, doorknocked and now has a great business. I always referred to him when I struggled, because I felt he had walked in my shoes...well he did, but he failed 2 times doing it!! I bet a large portion of the successful vets in any region...had a leg up...meaning...they were given assets. Doesn't bode well for the new news......
Wow. You guys sure know how to cheer a guy up.
I leave for KYC tomorrow. My thinking is, it really is just a numbers game and my only goal is to try to improve my ratios over time. That should happen because I'll get better at pre-screening, and also better at building rapport and trust. It's an exponential thing. What I think traps so many of us is that once you start to get momentum on your side, the natural impulse is to take your foot off the accelerator and let it coast. The guy who did my face-to-face started new-new 9 years ago. My field trainer started new-new 3 years ago. Both are doing well, and both said the secret to their success was simply being scared to death of not being able to feed their kids. Until that fear overcomes a person's fear of prospecting, asking for the sale, etc. you probably WON'T do everything you could. On all the "kool-aid" bashing, I think of the EdJ opportunity as more of a franchise. We are basically buying into a system that has proven to work at least 10,000 times so far. And just like any other franchise, the system is static and may not work with too many changes to it. My goal, at least initially, is to not try to outsmart the system or reinvent it. Like so many of you guys have said here, it's really a matter of just getting in front of as many people as possible as quickly as possible. Jones goes face-to-face, the wirehouses go by phone. But it's all the same.jtorgerson, ask where the new/new reps are that started in 2001 and 2002, there are almost none of them. When I left Jones, our region (about 45 reps) had no reps who had started in 2001 and 2002, at least 20 guys had burned through there (me included). One guy went to another region to take over a $50M+ book, and surprise, he's still with Jones. I have a feeling that reps who start in 2008 could be in the same boat. Not to scare you, but you should go in with your eyes open.
Being a fellow Jonesy and getting handed a “leg up” after going through the PASS program I can tell you the numbers don’t lie. 1 out of 3 new news make it versus 80% of GK FA’s at the 3 yr mark… I don’t remember the stat for people taking over a branch but I bet its better than 50/50. On the flipside, you can’t expect to make it if your handed 10 mil and decide not to prospect. You will go bust. Getting a leg up is a nice start but its not the golden ticket unless you put the work in.
I really appreciate your enthusiasm and positive attitude, jtorgerson. Once you get familiar with the Jones system, make a note to post to this thread on 08/15/2011.
Although a big percentage of those who frequent this forum today will have moved on to other careers by then, I'll hopefully still be around to read about how you're doing at that point in your career.[quote=now_indy]
jtorgerson, ask where the new/new reps are that started in 2001 and 2002, there are almost none of them. When I left Jones, our region (about 45 reps) had no reps who had started in 2001 and 2002, at least 20 guys had burned through there (me included). One guy went to another region to take over a $50M+ book, and surprise, he's still with Jones. I have a feeling that reps who start in 2008 could be in the same boat. Not to scare you, but you should go in with your eyes open.
[/quote]
Absolutely, and I appreciate it! I was in business for myself in an unrelated field for over 6 years, and I see many, many new businesses drop in the first 3-5 years, so it's not unique to Jones or even the financial industry. Anyone who doesn't expect mind-numbingly hard work in this or any other startup is in for one hell of a disappointment. Success will come to those who do the same things, over and over and over.
I think too there is a problem with a lot of new/new is that they are going to "give this a shot". That is a form of quasi-commitment that feels exciting while it's new, but won't hold up to resistance. In my last business, I decided that I couldn't give myself an escape route, and I am not going to do it in this one. Do I have any certainty that I'll make it? Nope. I can only control what I can control, and that boils down to attitude and activity.If you look at all the wirehouses, it is the same. The new/new attrition is like 85%, and the guys that join a team (their form of a “Goodknight” or “existing office”) end up making it. The big difference is what we call it. It’s not unique to Jones.
-I started NEW-NEW at Jones and didn't have a single asset handed to me, didn't even get an office until well after my can-sell. Built up my book to just over 100 million in 10 years, and still am above 150 million now, even with the temporary back-up of the market. I've brought in 15 million in new assets so far this year, and have been wrapping my book aggressively in MAP and Advisory Solutions to those clients were it makes sense.
-What amazes me most about those brokers that get handed 5 or 10 or even 20 million, is they think it is a lot of assets, and the brokers around them think it is a lot of assets. What I mean is....those EDJ brokers that get these assets are usually passed by NEW-NEW's in around 3-5 years because they don't fill their pipeline like they should. Long term, 5 to 20 million in assets are a detriment, actually harmful to most if you look at the big picture. -I still am on top of my game, in my opinion, at hammering prospects, nailing client appointments, product knowledge, and gathering assets, so if any of you EDJers want to PM me, go ahead, just don't expect an answer immediately, as I only check this site about once a week.I have to agree with Rank. There is an even mix of new/new’s and GK’s in my region, out a few years. Obviously the GK’s started out hitting their numbers. But about yr. 2, it seems that a lot of the GK’s are plateauing already (scary), while the new/new’s continue to gather assets and open accounts. The problem is, the GK’s will squeek by with a 8 or 10K month, while the new/new does 6 or 7. But those new/new’s are opening lots of accounts to get that gross, while the GK’s seem to be getting a lot from existing clients.
The one advantage to the GK is the emotional advantage of being able to make the hurdles the first few years and not fail out early. But as Rank said, it does become a detriment a few years in.
[quote=Mr. Jones]Hey folks, I would like to start a thread that i think a lot of folks would really appreciate. All the EDJ FA’s out there could post thier experience / failures / success and those of other FA’s you know who made it or didnt make it. I know there are a lot of EJ haters here so those folks can ignore this thread. I will go first.
I Just accepted the offer, start date Sept 29th to study the series 7. (not very inspiring i know). I am located NW Florida. I have met and become friends with several of the EDJ FA's in the area. One in particular was about 8 months out from KYC and was about to open his office, he said he was hoping to have 2 million AUM by december. He was really struggling, mind games, lonely, so on so forth, I taked to him the other day and they had a FA leave an office in South Florida after 11 years with AUM of 55 million.... they offered it to him and he started yesterday.... I told him about some of the things some of folks on this forum have been through that 90%+ of the clients will follow the other FA as this really is about the person not the company that people trust and like. In any event i will let you know how that goes for him... I really think he has gotten a double edge swoard, if he can manage to keep some of the book hes off to a great start, but he better keep prospecting...... theres another FA in the pipeline he just finished his KYC, and he is really struggling, dont think he's gonna make it ... I will let you know how he does as well. And of course I will be struggling in a couple of months like all newbys...[/quote]He's not struggling -- the definition of "struggling" is when one starts out with "ZERO" AUM and has to build their book dollar-by-dollar, jump through the hoops to get an office built-out, jump through the hoops again to qualify for a BOA, and keep jumping through the hoops for the bones to get to the next segment. I sure get "SOUR" taste in my mouth when I see a new-new FA steps into an existing office, with existing assets, a BOA and immediately reach segments 3,4, and 5; qualify for bonuses, trips etc, and the powers that be think they are the "Golden One". Sure, there are a select bunch that started from scratch and excelled rapidly -- my hat is off to those individuals .
[quote=Defector]
He's not struggling -- the definition of "struggling" is when one starts out with "ZERO" AUM and has to build their book dollar-by-dollar, jump through the hoops to get an office built-out, jump through the hoops again to qualify for a BOA, and keep jumping through the hoops for the bones to get to the next segment. I sure get "SOUR" taste in my mouth when I see a new-new FA steps into an existing office, with existing assets, a BOA and immediately reach segments 3,4, and 5; qualify for bonuses, trips etc, and the powers that be think they are the "Golden One". Sure, there are a select bunch that started from scratch and excelled rapidly -- my hat is off to those individuals .
[/quote] Well, that is definitely the case with me - new/new in a totally new town (no Ed J presence at all), no office, no BOA, and my grand total of AUM at the moment is: $0.00. I don't even have business cards yet. I have a great amount of support in my region in terms of training, involvement, and the occasional "atta-boy", but other than that, I'm very much on my own. This is going to be quite an adventure.jtorgerson- I promise you that if you keep the attitude you currently have you will be a success. Over the last 2 yrs I have let every negative thought and frustration control me and it has brought a decline to my business. You are going to run into some BS but stay positive and stay the course. Good luck to you!
Thanks, Ron. I have certainly had my share of self-doubt about this, but startup is the hardest part of anything, and I’ve done it before in a different line of work, so at least I’m not deluded about the amount of work involved.
Just a tip, if jtorgerson somehow relates to your real name (I assume it does), then you may want to change usernames. Otherwise, think to yourself “if Jones, or my RL, were to read this, would they be happy?” before you post anything.
Have you heard instances where Jones will approach you from what you post? That is hilarious. I hope they call me!
Ron…if EJ or any other Firm has the time to read Posts and then attempt to isolate or identify the person…GOOD LUCK If they have the time , then the Firm is most likely in other trouble/s. Can you imagine - here is our HR Department , our Compliance Department and finally here is our Spying Department the Checking Out Computers Department for the company.
I have never heard of a single instance of this at Jones.
Now, I HAVE heard of people being terminated for having "inappropriate" material on their PC or browsing "inappropriate" websites. I think you follow me. I think there was a guy from Merrill or one of the other wirehouses canned not too long ago for this (but what he was doing was rather dramatic).I think Jones (at least they used to) frowns on their reps posting things on public message boards. I know this is an industry specific forum, but it is still public. If your username is very close to your name, then all it takes is someone within your region to recognize you. They can then do a search of all of your past posts. Depending on what you said, that could suck.
I'm just trying to help him out, better safe than sorry. If his name is "Jim Torgerson," I would recommend changing his username.B24…agree completely , if inappropriate. Now_Indy , if the poster is using his/her real name that would be at best dumb Hopefully they have the sense to figure that out
There may not be a department that “spies” on Jones people, but I can assure you that what we do on the firm’s equipment is certainly monitored. I used to be able to tell my new trainees how many times in a week they typed COMM to find out how much money they were making. It was all tracked in the old green screens. Today I’m sure they have tracking programs set up to monitor what sites are being used and which ones take up the most bandwidth. I’m sure there’s someone out there who could, relatively easily, find out who I am. Not that I care. They put the link to RR up on Jonesnet under Financial Publications, so as far as I’m concerned, they’ve given me permission to post whatever I want. Hey, bonus for me if there’s a GP watching. Perhaps a little more in the LP offering the next time for being such a loyal kool aid drinker.
Oh yeah, Mr. Torgerson, you might want to change your screen name just in case. I think it took me all of 3 seconds to have a pretty good guess as to who you are. If I'm correct, my in-laws were just down your way a few months ago.Spiff , you are correct on the monitoring of computers , most firms , companies and governements have a policy, but I suspect would be used if they had reason to monitor. Not any difference when it comes to phones.
Spiff , the only time I have heard of somebody being called to task is for " inappropriate " activities and they were monitoring activities ie. internet and 900 calls.
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[quote=wind3574] Anyone know how to connect to Joneslink from an outside computer. Or can you even do that?
[/quote]
Sure. Just look it up on JonesLink. There are instructions. If you can’t figure it out, just call Helpdesk.
FYI you will need very updated virus software, or it will keep you out.
I agree. I've never heard of anyone being called on something like these forums or Ebay or any other way we can think of to put off making phone calls. They will QUICKLY call you out on those inappropriate activities and are very clear that it isn't a slap on the wrist. But as long as we're putting up the numbers to keep STL happy, they don't seem to care what we do in our "spare" time.Spiff , the only time I have heard of somebody being called to task is for " inappropriate " activities and they were monitoring activities ie. internet and 900 calls.
Although it's not really my nature to make an a$$ of myself, it's probably best if I do that. I'll be back under another name!!! (Bummer- I almost made it out of "Newbie" status.)Just a tip, if jtorgerson somehow relates to your real name (I assume it does), then you may want to change usernames. Otherwise, think to yourself “if Jones, or my RL, were to read this, would they be happy?” before you post anything.
so other than getting off thread it appears that with all of the valueble input i should plan on being a bizillionaire in a few months
I’m a new Jones FA (3 months in) and just miraculously inherited an existing office with a large book of assets. I’ve only lost a small percentage that the old broker took with him. Just wanted to say that from my brief stint as a newnew and from my classmates that it is REALLY REALLY hard to start from scratch. People are absolutely panicked in this market, they are batting down the hatches and keeping their money in CDs and savings account. I have nothing but respect and admiration for Jones brokers who start from scratch without any help. If I were to do it again as a newnew, I wouldn’t consider starting without 50-75K in the bank to pay my bills. Best of luck to you!
Just curious what qualified you to take over a large (not sure what you consider large) branch 3 months in? Maybe your a pretty richchick or possibly related.
She’s female and Jones is on a “get some of these damn women to succeed!” kick.
How I got the office: I got word that it was opening and I shamelessly pursued it. I knew my RL was considering two other people, but I called him and told him that I wanted to be considered, that he wouldn’t regret giving it to me, that I would move there (200 miles away) in a heartbeat, would start next week. He called me two days later and offered it to me. Now I just have to prove to everyone that he made the right decision…
AAhhhh the old pass over a new new in the region to add a newby to the overall headcount trick. It takes a savvy RL to pull that one off. Kudos to your faithful leader. Screw over a guy willing to work out of his home to keep his net new hire to the region.
Just remember, you serve one customer: The long term serious General Partner. With any luck for the RL, hopefully one of the new news who got looked over will be able to "establish a beach head" so to speak, and open an office before they wash out. It is always easier to recruit to an open office than to get a new new to succeed.Actually in this situation it sounds like the RL net zero new FAs. Richchick was already a hire for him. Her moving to the new office didn’t gain him anything other than someone willing to take the office and try to survive. He lost an advisor then moved an advisor. Net zero to him.
As for the other people, I don't think she said they were new/news like her. Now, she also didn't say they weren't, so they might have been. Richchick - make sure you don't rely too heavily on the assets from that office. I was told early on when I took over an office that for every $10 mil you have under management, you can spend one day a week in the office servicing those folks. So, if you took over $20 mil, then spend two days a week on your existing clients, and the other three (or four) prospecting for new clients.Perhaps you are correct Spiffy. I read that she moved 200 miles and I assumed that would be a change of region, she could be up in Alaska for all I know. In my experience, the RL is happy to take from one region to build his own. If you are already willing to work from home, why should the RL allow you to move you into a vacant office? Better to use the open office as a recruiting tool. Only move a new new from within the region to an open office if all other options have been exhausted.
I see where you are coming from. Perhaps she’ll enlighten us as to whether or not she moved regions.
You got to take assets any way you can - especially in this type of environment.
Early in my career people kept telling me how noble I was for "going it alone". It may sound noble but actually all it does it put you in a higher risk category than brokers who inherit assets. If this were a normal environment I could buy the "you'll have more time to prospect" argument. That is true in a normal environment. If you have a choice - TAKE THE ASSETS. You're going to need the trails, you're going to need the easy trades than come from CD's maturing, you're going to need the credibility that comes from having a few accounts. Asset inheritors are quicker to win diversification trips. You're going to need that vacation in 2 or 3 years no matter how much you pretend you're made of steel and somehow immune to burnout. Don't use the assets as an excuse not to prospect. Get ahead of the curve, stay ahead of the curve, pray we don't have another down 40% when you're in Segment 3. This is a great time to be a rookie with the easy quota curve and no clients to hand hold. Good Luck.[quote=Swordoftruth]You got to take assets any way you can - especially in this type of environment.
Early in my career people kept telling me how noble I was for "going it alone". It may sound noble but actually all it does it put you in a higher risk category than brokers who inherit assets. If this were a normal environment I could buy the "you'll have more time to prospect" argument. That is true in a normal environment. If you have a choice - TAKE THE ASSETS. You're going to need the trails, you're going to need the easy trades than come from CD's maturing, you're going to need the credibility that comes from having a few accounts. Asset inheritors are quicker to win diversification trips. You're going to need that vacation in 2 or 3 years no matter how much you pretend you're made of steel and somehow immune to burnout. Don't use the assets as an excuse not to prospect. Get ahead of the curve, stay ahead of the curve, pray we don't have another down 40% when you're in Segment 3. This is a great time to be a rookie with the easy quota curve and no clients to hand hold. Good Luck.[/quote] I suspect anybody reading your posts now would not make the mistake of calling you "noble". I also suspect "early in your career" meant last week. Don't mean to be negative but your posts seem to be just one more in a long line of "this is so hard for me and it is so easy for everyone else". Right now this job is hard for all of us at all firms. This is not easy for anyone now. We don't have time to feel sorry for you. If we had the time (or inclination) we would use it feeling sorry for oursleves. Brush it off, be positive, work hard. Many will survive this and you should make sure you are one of them.Ytrewq,
You have a point. I don't feel sorry for myself or anyone else. Also, I do use these forums to vent a bit. I always try to be two sided in my posts. I'm not a ten year guy. I'm in the middle. Early in my career was definitely not "last week". I'm trying not to rain on the firms parade or anyone elses. Here's a question for you though. The firms can rip us to shreds but they can't handle a little criticism? I'm not out rightly downing my firm - just point out some inconsistencies. I get tired of the firm acting as if we had never ending wallets, unending patience, and that we're suppose to be universal dart boards for every problem. Then the firm gets uptight because someone breaks the oath of silence and says it like it is. I think the rookies need to know both - how great it can be and also the realities of when it goes bad. For me, trying to get some middle ground with this job has been a never ending marathon. I admit, I'm close to saying screw it. The paradox is - I actually do better when I have this crusty attitude. I'm out for a while.[quote=rankstocks]
-I started NEW-NEW at Jones and didn't have a single asset handed to me, didn't even get an office until well after my can-sell. Built up my book to just over 100 million in 10 years, and still am above 150 million now, even with the temporary back-up of the market. I've brought in 15 million in new assets so far this year, and have been wrapping my book aggressively in MAP and Advisory Solutions to those clients were it makes sense.
-What amazes me most about those brokers that get handed 5 or 10 or even 20 million, is they think it is a lot of assets, and the brokers around them think it is a lot of assets. What I mean is....those EDJ brokers that get these assets are usually passed by NEW-NEW's in around 3-5 years because they don't fill their pipeline like they should. Long term, 5 to 20 million in assets are a detriment, actually harmful to most if you look at the big picture. -I still am on top of my game, in my opinion, at hammering prospects, nailing client appointments, product knowledge, and gathering assets, so if any of you EDJers want to PM me, go ahead, just don't expect an answer immediately, as I only check this site about once a week.[/quote] Wow its really nice to see that it is actually possible to make it as a new new. anyone else on here start as a new new and survive?yes.
[quote=F.A.4][quote=rankstocks]
-I started NEW-NEW at Jones and didn't have a single asset handed to me, didn't even get an office until well after my can-sell. Built up my book to just over 100 million in 10 years, and still am above 150 million now, even with the temporary back-up of the market. I've brought in 15 million in new assets so far this year, and have been wrapping my book aggressively in MAP and Advisory Solutions to those clients were it makes sense.
-What amazes me most about those brokers that get handed 5 or 10 or even 20 million, is they think it is a lot of assets, and the brokers around them think it is a lot of assets. What I mean is....those EDJ brokers that get these assets are usually passed by NEW-NEW's in around 3-5 years because they don't fill their pipeline like they should. Long term, 5 to 20 million in assets are a detriment, actually harmful to most if you look at the big picture. -I still am on top of my game, in my opinion, at hammering prospects, nailing client appointments, product knowledge, and gathering assets, so if any of you EDJers want to PM me, go ahead, just don't expect an answer immediately, as I only check this site about once a week.[/quote] Wow its really nice to see that it is actually possible to make it as a new new. anyone else on here start as a new new and survive?[/quote] I don't mean to be a downer here but when was your can sell date RankStocks? It wasn't within the last 10 years I would bet. If it was then I will definately tip my hat to you. This is a different time and a different era. I know of one person who started as a true new/new at Ed Jones within the last 10 years to make it. When I say true new/new I mean he got no help in the beginning, middle, or the end, was never given any assets ever. All the clients he has were truly his own. He started exactly 10 years ago this year. He is still working his ass off just to stay at meeting expectations. Everyone else was given some clients from somewhere or they failed. I don't doubt that rankstocks is extremely successful but only a veteran broker could come out and say and probably believe that being given assets and an office is "a detriment, and actually harmful". That is for sure OLD SCHOOL!I respect all the old school guys. Who doesn’t??
What everyone forgets is that once your “over the hump” the business changes and
gets easier. The thing picks up speed. Also as much as I respect the Vets it must be
pretty cool to have you business humming and be able to give all these great speeches
about hard work and rolling up your sleeves.
I don’t say that as a smart comment. It must be cool to be able to pontificate once
you’ve gotten to the promised land. A lot of people in my region are close to the
promised land or half way to the promised land and all heck has broken loose. I personally
feel like I could have used one more decent year to get my business over the top.
It’s simple really. Build up your fee based business and anchor down some referral centers.
Once you got those your business is anchored like a rock. If you don’t have much fee based or
you don’t have referral centers it’s a stone cold SOB in this environment.
My business is on the edge. It might make it. It might not. I’m putting in the hours. I sure as
heck ain’t going to listen to no “you didn’t do the work speeches”. It will be time to drop gloves
and find out just how hard working that person really is.
Honest defeat is one thing. Listening to some fool talk about whether you made 23 or 24
cold calls in this environment is like spitting in the wind. Being put on GOALS in this environment
is almost a death sentence to your business. I wish they’d call it what it is - a soft layoff.
Good luck to all the Segment 2 and Segment 3 “go it alone” brokers. To the vets I tip my hat. I
don’t acknowledge the asset inheritors anymore. I have nothing against them but I have more in
common with a person in China than I do an asset inheritor.
I did not leave my region. And thanks for the advice about the AUM vs. days spent in the office. One thing that sucks about moving to take over this office is that all of my doorknocks/prospects/friends are in my old town. I knew everyone in my old town, no one in my new town. I’ve got to get out and prospect, but I’m the new girl in a small town. And my husband quit his job to move with me and therefore is currently unemployed, and we’re having trouble selling our house in my former town. So I felt like I had to make the move to take over the assets, but it hasn’t been easy. Overall, I’d say the moving was worth it because I know how hard it is to start as a newnew.
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I don’t believe you have to be handed an office to be successful. It depends on your drive. I am only 2 months out and I have grossed about $20,000 so far and have roughly $2M in assets. I just now got into a legacy office from my house. I just think new FA’s that don’t make it are either lazy or listening to too much negativity that “Its hard”. It is very mentally struggling, but even in this market i am bringing in no less than a client a week with over $200,000. I think people just need to re-focus and no worry about so much negativity. Things happen, the market sucks…get over it and be successful. Bottom line, if you want it you will do the work.
I'm sorry, but even the Jones guys would have to say you're a liar wind.
Nice. ... Where are you finding those clients and what is prompting them to switch to you?I don’t believe you have to be handed an office to be successful. It depends on your drive. I am only 2 months out and I have grossed about $20,000 so far and have roughly $2M in assets. I just now got into a legacy office from my house. I just think new FA’s that don’t make it are either lazy or listening to too much negativity that “Its hard”. It is very mentally struggling, but even in this market i am bringing in no less than a client a week with over $200,000. I think people just need to re-focus and no worry about so much negativity. Things happen, the market sucks…get over it and be successful. Bottom line, if you want it you will do the work.
Just because you might not have been able to, doesn't mean he can't.[quote=wind3574] I don’t believe you have to be handed an office to be successful. It depends on your drive. I am only 2 months out and I have grossed about $20,000 so far and have roughly $2M in assets. I just now got into a legacy office from my house. I just think new FA’s that don’t make it are either lazy or listening to too much negativity that “Its hard”. It is very mentally struggling, but even in this market i am bringing in no less than a client a week with over $200,000. I think people just need to re-focus and no worry about so much negativity. Things happen, the market sucks…get over it and be successful. Bottom line, if you want it you will do the work.[/quote]
I’m sorry, but even the Jones guys would have to say you’re a liar wind.
I also admire anyone who started as a newnew, and added the assets that Rankstocks has, but everyone that I know that has been able to do that started 20 years ago and has a niche market to draw from. An example is a medium size town with a large employer with a constant stream of retiring employees. If he did it without that type of situation, he is the only one I am aware of that has done it.
[quote=Moraen] [quote=wind3574] I don’t believe you have to be handed an office to be successful. It depends on your drive. I am only 2 months out and I have grossed about $20,000 so far and have roughly $2M in assets. I just now got into a legacy office from my house. I just think new FA’s that don’t make it are either lazy or listening to too much negativity that “Its hard”. It is very mentally struggling, but even in this market i am bringing in no less than a client a week with over $200,000. I think people just need to re-focus and no worry about so much negativity. Things happen, the market sucks…get over it and be successful. Bottom line, if you want it you will do the work.[/quote] I’m sorry, but even the Jones guys would have to say you’re a liar wind.
Just because you might not have been able to, doesn’t mean he can’t. [/quote]
Spiff - I’ve got respect for you, but really? If you believe that, you’ve got so much kool-aid in your veins you are going to turn green.
“I’m out two months and am bringing in a $200,000 account a week.” I have no friends, and no family money. I’m just that big of a bad ass.
Is that what you were doing Spiff? Think back. I was exceeding expectations every month I was there, and I wasn’t doing that my FIRST TWO MONTHS!
I call bs.
Plus his grammar is atrocious - you talk to prospects like that and they hand you 200k? “It is very mentally struggling…”. Seems awfully consistent as well. I would have bit if he said, I bring in 200k+ a week.
Also, how long does it take to transfer accounts - tell me he learned that real quick, while he was out prospecting, then meeting the clients, or did they just hand him the statements the first time he talked to them.
What happened to 5-7 meetings/
Come on - look at the inconsistencies.
I know a guy thats doing a succession with his father and he’s not that strong. Good grief! And if anybody can do those numbers, this can.
I don’t believe you have to be handed an office to be successful. It depends on your drive. I am only 2 months out and I have grossed about $20,000 so far and have roughly $2M in assets. I just now got into a legacy office from my house. I just think new FA’s that don’t make it are either lazy or listening to too much negativity that “Its hard”. It is very mentally struggling, but even in this market i am bringing in no less than a client a week with over $200,000. I think people just need to re-focus and no worry about so much negativity. Things happen, the market sucks…get over it and be successful. Bottom line, if you want it you will do the work.
Also, let's take a look at this - "I've grossed $20,000 so far and have roughly $2M in assets." Think about that for a second. Also, $200k a week for two months is $1.6M. Also, on $2M, that is 1%. But if it's a client a week, that would be eight clients, and at 200k would be the 100k breakpoint, which would make it $40,000 gross.
Of course... there's no way he used mutual funds b/c of all of that sophisticated securities training they get at Jones.
no I don’t !
If by securities training, you mean a golf ball and a script, then yes that is correct.
I don't believe i'm saying this...but Moraen is spot on! This guy is full of it! Technically, it may be possible, but do you think someone that motivated is going to timeblock time in the middle of the day to post it here?? Doubtful![quote=wind3574] I don’t believe you have to be handed an office to be successful. It depends on your drive. I am only 2 months out and I have grossed about $20,000 so far and have roughly $2M in assets. I just now got into a legacy office from my house. I just think new FA’s that don’t make it are either lazy or listening to too much negativity that “Its hard”. It is very mentally struggling, but even in this market i am bringing in no less than a client a week with over $200,000. I think people just need to re-focus and no worry about so much negativity. Things happen, the market sucks…get over it and be successful. Bottom line, if you want it you will do the work.[/quote]
Also, let’s take a look at this - “I’ve grossed $20,000 so far and have roughly $2M in assets.” Think about that for a second. Also, $200k a week for two months is $1.6M. Also, on $2M, that is 1%. But if it’s a client a week, that would be eight clients, and at 200k would be the 100k breakpoint, which would make it $40,000 gross.
Of course… there’s no way he used mutual funds b/c of all of that sophisticated securities training they get at Jones.
HKA - I think I might actually be wrong - if he used AF - he would be at $50k gross! I think. What is the dealer concession these days?
100k breakpoint is 3.5% or 2.75 gross to the FA....next breakpoint doesn't come till 250kHKA - I think I might actually be wrong - if he used AF - he would be at $50k gross! I think. What is the dealer concession these days?
$200k X 5 = $2,000,000 11,000 X 5 = 55,000 gross to FAHKA - I think I might actually be wrong - if he used AF - he would be at $50k gross! I think. What is the dealer concession these days?
Could be bringing over assets in kind. Or becoming agent of record on annuties. … I don’t know if he’s telling the truth or not. But if it’s a lie, it’s a small one, with no benefit to him.
Actually, he’s probably telling the truth. I have seen stranger things happen. But what probably happened is he hit one account for a million-eight, and brought in the other 200K through other means. So the knucklehead extrapolates this out and thinks he’s gonna do this every month of his career.
I have a buddy that just hit on a $9mm account (not all investible, but still), and he’s only 14 months out. His client was moved from firm to firm by his broker “team”, and finally gave up. My friend got this off a doorknock (took about a year). The client is an un-sophisticated business owner that inherited a lot of land and real estate from family. He will probably never have something like that fall in his lap again.
So like I said, luck plays a part in all this stuff.
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[quote=wind3574]
I don't follow the Jones script. I found that difficult in the beginning, so I just kind of made it my own and it has been really successful for me.[/quote]
What are you doing ... saying .... ?
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thanks, good stuff.
I have a new guy in my office, who needs to get going... mind running me through your conversation..I am a former Jones guy..
So you doorknock them and get permission to call first?? Call them in 3-5 days offering Portfolio review? they say they love their advisor.. You stop out 2-3 day later because you have appt in area(yeah right) and give them a gift, and they let you review their investments, talk about fees, bad investments, allocations... then they ask you what you would reco.. Are you giving the reco right there? or do you invite them to your office?.
#1 Permission is a joke. I can’t tell you how many people told me to go away, but the second I called them they were excited to hear from me. Same happens with people who gave me permission, but hung up on me. Permission is a joke and an excuse to not call them. Ex: The $1M account I received last week is a perfect example. He told me not to call him again and hung up on me. I stopped by and gave him a cup anyway with a deck of cards, 3 days later I’m working on a $1M transfer.
So without implicating yourself, are you ignoring the DNC, or just focusing on people who are not on the DNC, because without permission to call, how are you calling these people??.
Sounds like great ideas… and those numbers you are putting up are pretty good anywhere…
i found that most people give you their number–you just cannot ask directly! I ask What was Your Name again? and then immediately say And your number is …as I jot down their name.
almost always they give me the numberwithout thinking IF WE HAD A LITTLE chat first. If they give me a number I USE ITI don’t want to hate but wind3574 you’re blowing more smoke than Michael Phelps. I’m not talking about the numbers, I’m talking about the ease with which he is gathering permission to review accounts and transfer them. Who else is experiencing this? What is he showing them in this current environment that is so much better than what they currently have that they can’t wait to move their money to him? I’m not buying this!
I agree with jkl on his success rate being questionable. But, what salesman worth his salt can’t point out at least one mistake with anyones portfolio today? Hindsight is a beautiful thing when looking at the competition’s investment strategy.
I think I mentally just agreed with Hulk…wtf…
I just reviewed my own accounts and I've decided to take myself to arbitration.I agree with jkl on his success rate being questionable. But, what salesman worth his salt can’t point out at least one mistake with anyones portfolio today? Hindsight is a beautiful thing when looking at the competition’s investment strategy.
Why is his success so hard for you to understand? To me it simply seems like he's putting himself in front of good prospects at a time when they REALLY want to talk with someone. They probably haven't heard from their advisor in a while. He's too busy worrying about his fee biz going from $500K a year to $250K or how big the retention bonus is going to be. It's incredibly easy to find the cracks in the armor right now. It's easy to point the finger at the advisor you're currently using and say he did something wrong. What I've found is that people are willing to talk to anyone right now. Especially if they ring the doorbell and it's a personal face to face visit. This is the time when the Jones philosophy of building a business in person, not over the phone, will shine. It's about human touch. He's not getting new accounts because he's showing them a better mousetrap. He's getting the accounts because he's showing interest in them personally. Now, he won't get all of them, but he'll get a good bunch of them with that approach. And the funny thing is that pretty soon, they'll be looking at their statements seeing all those positive numbers and they'll think he's a genius. Funny how this biz works.I don’t want to hate but wind3574 you’re blowing more smoke than Michael Phelps. I’m not talking about the numbers, I’m talking about the ease with which he is gathering permission to review accounts and transfer them. Who else is experiencing this? What is he showing them in this current environment that is so much better than what they currently have that they can’t wait to move their money to him? I’m not buying this!
[quote=B24] Actually, he’s probably telling the truth. I have seen stranger things happen. But what probably happened is he hit one account for a million-eight, and brought in the other 200K through other means. So the knucklehead extrapolates this out and thinks he’s gonna do this every month of his career.
I have a buddy that just hit on a $9mm account (not all investible, but still), and he’s only 14 months out. His client was moved from firm to firm by his broker “team”, and finally gave up. My friend got this off a doorknock (took about a year). The client is an un-sophisticated business owner that inherited a lot of land and real estate from family. He will probably never have something like that fall in his lap again.
So like I said, luck plays a part in all this stuff.[/quote]
B24 - you are right that luck plays a part - but he’s saying that the money is just falling into his lap and that all people need to do is just get out there and work hard. you and i both know people who have worked hard and barely scraped by until they could build enough in assets. and we know people who have worked hard and didn’t make it. we also know people who got lucky…and think that it is because they work hard.
there are many ways to look at his good fortune - but he specifically said he was bringing in a client a week at $200k. if he was pointing out all of the bad things that the other advisor was doing, then why wouldn’t he change investments and take the commission?
really - it just doesn’t add up. sorry. i’m sure he’s motivated.
but it just seems like you Jones guys want to hang on to the fact that someone is knocking it out of the park at your firm (and yes, I know that it could go the other way and I would just be looking for a reason to bash - but I’m actually trying to be objective lately).
if he had been in the biz three years, even two, I might think it would be right. but two months.
it takes time to transfer accounts, you make a few mistakes when you don’t have a BOA.
too many inconsistencies. he’s blowing more smoke than Cheech and Chong. forget about Michale Phelps.
Not only that Moraen, but let me tell you...I am very personable at the doorstep, and you may get people to open up and tell you what is worrying them about the market/their current broker, whatever, but to keep finding people to just say "so nice that you listen to me and want to help, here is 200k"...pahhhhhleeeassse. I don't buy it! While I like his approach, as it is the Jones textbook prospecting at the door method, finding that many people with 200k + size accounts that are willing to listen...never mind ACAT them over...just isn't realistic. Either that or I need some of that Cheech & Chong smoke to get me through the Bear Market!
This is hilarious. If I may summarize Moraen... 1: Hard work is overrated... All successful people (but him/her) are lucky. 2: You must have a BOA to not make a mistake on an ACAT even though the system fills it out for you. 3: Because Moraen MAY have caught him on a technicality then everything must be a big evil Edward Jones lie. 4: There are 12,000 EJ FAs so desperate for someone to make a trade or commission that we will annoint Wind our new Savior for placing a buy order. Dude. Just because you suck doesn't mean everyone else does too. Life is short I would find a way to stop being such a hater. Frankly it is not attractive anyway. Wind keep up the work man! Be prepared for Moraen to hate you even more when your $20,000 gross turns into $20,000 net.[quote=B24] Actually, he’s probably telling the truth. I have seen stranger things happen. But what probably happened is he hit one account for a million-eight, and brought in the other 200K through other means. So the knucklehead extrapolates this out and thinks he’s gonna do this every month of his career.
I have a buddy that just hit on a $9mm account (not all investible, but still), and he’s only 14 months out. His client was moved from firm to firm by his broker “team”, and finally gave up. My friend got this off a doorknock (took about a year). The client is an un-sophisticated business owner that inherited a lot of land and real estate from family. He will probably never have something like that fall in his lap again.
So like I said, luck plays a part in all this stuff.[/quote]
B24 - you are right that luck plays a part - but he’s saying that the money is just falling into his lap and that all people need to do is just get out there and work hard. you and i both know people who have worked hard and barely scraped by until they could build enough in assets. and we know people who have worked hard and didn’t make it. we also know people who got lucky…and think that it is because they work hard.
there are many ways to look at his good fortune - but he specifically said he was bringing in a client a week at $200k. if he was pointing out all of the bad things that the other advisor was doing, then why wouldn’t he change investments and take the commission?
really - it just doesn’t add up. sorry. i’m sure he’s motivated.
but it just seems like you Jones guys want to hang on to the fact that someone is knocking it out of the park at your firm (and yes, I know that it could go the other way and I would just be looking for a reason to bash - but I’m actually trying to be objective lately).
if he had been in the biz three years, even two, I might think it would be right. but two months.
it takes time to transfer accounts, you make a few mistakes when you don’t have a BOA.
too many inconsistencies. he’s blowing more smoke than Cheech and Chong. forget about Michale Phelps.
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I guess I wasn't clear on my opinion. Whether or not the guy is telling the truth to me is irrelevant. Whether he was at Jones, Merrill, a bank, or an indy firm, my point was that it has basically been luck (no offense to him if he really is doing it). No matter how good you are, doing the cold-calling or cold-walking thing just doesn't open a flood of new, big accounts your first two months in business. You simply don't connect with enough qualified people WITH money to invest, that WANT to switch brokers, that do it right away. Over the course of many months/years, yes. But to just walk down the street for a few weeks and find all these 200K accounts floating around and bring them in so quickly has SO MUCH to do with luck. So, I am not defending the guy because he is at Jones. I am just saying that if he is actually doing all that in his first two months, luck HAS TO play a big part in it, if for no other reason than to actually FIND those prospects so quickly. Related to your other comment...I think hard work separates wildly successful people from the succesful people. But you have to know what you're doing to make it in this business. Some people just don't have the "IT" factor. No matter how hard they work, they are just not gonna make it in this business. Call it human intuition, call it instinct, call it charisma, or whatever....you could work 15 hour days and everyone will say NO to you if you don't have "IT". Some have more "IT" than others. That's why you see some people succeed in this business in such an apparently effortless way while others have to cold-call 10 hours a day for years to finally "make it". This business is not for everyone, and that's why people get angry when they hear "just work hard and you'll succeed" and then they don't succeed after working hard.[quote=B24] Actually, he’s probably telling the truth. I have seen stranger things happen. But what probably happened is he hit one account for a million-eight, and brought in the other 200K through other means. So the knucklehead extrapolates this out and thinks he’s gonna do this every month of his career.
I have a buddy that just hit on a $9mm account (not all investible, but still), and he’s only 14 months out. His client was moved from firm to firm by his broker “team”, and finally gave up. My friend got this off a doorknock (took about a year). The client is an un-sophisticated business owner that inherited a lot of land and real estate from family. He will probably never have something like that fall in his lap again.
So like I said, luck plays a part in all this stuff.[/quote]
B24 - you are right that luck plays a part - but he’s saying that the money is just falling into his lap and that all people need to do is just get out there and work hard. you and i both know people who have worked hard and barely scraped by until they could build enough in assets. and we know people who have worked hard and didn’t make it. we also know people who got lucky…and think that it is because they work hard.
there are many ways to look at his good fortune - but he specifically said he was bringing in a client a week at $200k. if he was pointing out all of the bad things that the other advisor was doing, then why wouldn’t he change investments and take the commission?
really - it just doesn’t add up. sorry. i’m sure he’s motivated.
but it just seems like you Jones guys want to hang on to the fact that someone is knocking it out of the park at your firm (and yes, I know that it could go the other way and I would just be looking for a reason to bash - but I’m actually trying to be objective lately).
if he had been in the biz three years, even two, I might think it would be right. but two months.
it takes time to transfer accounts, you make a few mistakes when you don’t have a BOA.
too many inconsistencies. he’s blowing more smoke than Cheech and Chong. forget about Michale Phelps.
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The woods are full of 200k accounts.
I agree with B24 – some people have ‘IT’. It’s like the guy in college who didn’t appear to have anything going for him, but could get laid every night. (And yeah, we also knew the guy who lied about getting laid every night.)
Oh, and I transferred an account the other day when my BOA was out. If you have the statement, somebody at the home office can walk you through it and out comes the paperwork for the client to sign. Made me wonder if I really need a BOA. From now on, every time I get a statement I’m going to submit the transfer so I can be ready to slide the transfer paperwork across the desk.
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“Why is his success so hard for you to understand? To me it simply seems like he’s putting himself in front of good prospects at a time when they REALLY want to talk with someone.” SpacemanSpiff.
What and nobody else is. I haven't heard this type of success from anybody anywhere. I hope it's true because if it is then I can still hold out hope for all the hardwork I'm doing. His success rate in first, meeting that many qualified clients, second are so willing to move, and third have that size of account lead me to question it. It makes me wonder what he is telling them at that visit. What about all the other people he is meeting with 10m, 17m, 32m does he just ignore them or is he transferring all of those also?.
And that zip code is?
Hey if it's true, Good on ya!
Wind, since we both work at Jones why don’t you PM me and we’ll talk on the phone. I either need to know what you are doing or pop the bubble because those are crazy big numbers.
[quote=Moraen] [quote=B24] Actually, he’s probably telling the truth. I have seen stranger things happen. But what probably happened is he hit one account for a million-eight, and brought in the other 200K through other means. So the knucklehead extrapolates this out and thinks he’s gonna do this every month of his career. I have a buddy that just hit on a $9mm account (not all investible, but still), and he’s only 14 months out. His client was moved from firm to firm by his broker “team”, and finally gave up. My friend got this off a doorknock (took about a year). The client is an un-sophisticated business owner that inherited a lot of land and real estate from family. He will probably never have something like that fall in his lap again. So like I said, luck plays a part in all this stuff.[/quote] B24 - you are right that luck plays a part - but he’s saying that the money is just falling into his lap and that all people need to do is just get out there and work hard. you and i both know people who have worked hard and barely scraped by until they could build enough in assets. and we know people who have worked hard and didn’t make it. we also know people who got lucky…and think that it is because they work hard. there are many ways to look at his good fortune - but he specifically said he was bringing in a client a week at $200k. if he was pointing out all of the bad things that the other advisor was doing, then why wouldn’t he change investments and take the commission? really - it just doesn’t add up. sorry. i’m sure he’s motivated. but it just seems like you Jones guys want to hang on to the fact that someone is knocking it out of the park at your firm (and yes, I know that it could go the other way and I would just be looking for a reason to bash - but I’m actually trying to be objective lately). if he had been in the biz three years, even two, I might think it would be right. but two months. it takes time to transfer accounts, you make a few mistakes when you don’t have a BOA. too many inconsistencies. he’s blowing more smoke than Cheech and Chong. forget about Michale Phelps.
This is hilarious. If I may summarize Moraen…
1: Hard work is overrated… All successful people (but him/her) are lucky.
2: You must have a BOA to not make a mistake on an ACAT even though the system fills it out for you.
3: Because Moraen MAY have caught him on a technicality then everything must be a big evil Edward Jones lie.
4: There are 12,000 EJ FAs so desperate for someone to make a trade or commission that we will annoint Wind our new Savior for placing a buy order.
Dude. Just because you suck doesn’t mean everyone else does too. Life is short I would find a way to stop being such a hater. Frankly it is not attractive anyway.
Wind keep up the work man! Be prepared for Moraen to hate you even more when your $20,000 gross turns into $20,000 net.[/quote]
.Because I caught him on a technicality that means his credibility is suspect.
I am not trying to be attractive to you - although if you saw me from behind…
We’ve all been there. If he is working that hard, he’s not posting here, and I don’t care how prepared he is, you don’t do that in two months.
People just “hand him the statements”. We had a guy like that in my region - he said the same thing - he also inherited $40mil. You have to build trust. Five to seven visits remember, sometimes less, sometimes more?
Wind - you are the One.
I guess I’m full of it and don’t know what I’m talking about.
I never said that hard work doesn’t pay off. I run my own firm, and I work my ass off. And things pay off. But I’ve also been in the business for a few years and know how things work.
What I find amazing is all you can do is call people haters. Come up with some reasons as to why what he is saying makes sense, and I’ll bite. Of course, he’s now had time to change his story a few times.
I think it is an incredible coincidence and long shot if it is true, but good on him if it is.
Yes, you are a genius who fills out the transfer forms right for every case, because every case is textbook.
And really, I’ve never sucked. Until I started running my mouth at regional meetings, I was the man - pulling out consistent months left and right and bringing in assets like crazy. Of course, mine were more like, 20k here, 50k there 500k here, 300k there, 65k there… and so on. I did not have the amazing run of 200k accounts a week.
Let me tell, as far as sucking… RIA world is sooooo much better than the brokerage world. I
If you want to say I’m a hater… fine you are right. I am. But don’t let the kool-aid choke what common sense you have left.
Here is what I think he should have said, and I would have believed him. “Dude, I’ve been out two months and I’ve already grossed $20k. Got a couple of really big accounts at first because I was out doorknocking from 7 a.m. to 8 p.m. Hard work pays off - people need to stop complaining and start working”. I would have said, that’s awesome - don’t rest on your laurels. However, it is the inconsistencies that make me suspect.
Moraen, you are starting to sound pretty bitter. Why the fight? Who cares WHAT this guy did in gross? Why does it matter to you?
What inconsistencies did he post? I went back to read them again, looking for any inconsistencies, and didn’t see anything jump off the page at me. Any inconsistencies you think you might be finding are words put in his mouth by other folks. Nobody caught him in any inconsistencies. You’re just finding it difficult to believe that 1) It could actually happen and 2) that it could actually happen to a Jones guy.
Let's say wind is actually doing what Jones says and making 25 contacts a day. Every day, including Saturdays. That's 150 conversations every week. If his CSD was the first week of January, he actually said "the beginning of the year", and he's kept up every day with his 25, that's almost 9 full weeks of contacts. So, out of 1350 conversations you're amazed that he's transferred in 9 accounts? I'm actually amazed that if his process works as well as he says it does that he hasn't brought in more assets. He must be sandbagging for the Shamrock Saturday promo. Wind - keep up the good work..
I don’t understand the need to try to pound on Wind. I say good luck to him. There are people who are looking for answers, find them and give them an answer with some conviction. You’ll gain a client. Repeat…
[quote=wind3574]
Thanks Spiff. If you join the Chamber of Commerce with a membership of roughly 5000 people, door knock, have atleast 2 or 3 appts a week, mail letters, AND make phone calls I am pretty sure it can happen. Why?...Because I really am pulling those numbers.
Spiff, you are forgetting the 3 months of door knocking, prior to my CSD. Add another 1000 to that......[/quote] OK, since you add those in, you're definitely sandbagging. You should be ashamed of yourself for the measley $2 mil you've brought in so far! Your C of C has 5000 members? Where's your office? Manhattan?.
[quote=Spaceman Spiff] What inconsistencies did he post? I went back to read them again, looking for any inconsistencies, and didn’t see anything jump off the page at me. Any inconsistencies you think you might be finding are words put in his mouth by other folks. Nobody caught him in any inconsistencies. You’re just finding it difficult to believe that 1) It could actually happen and 2) that it could actually happen to a Jones guy.
Let’s say wind is actually doing what Jones says and making 25 contacts a day. Every day, including Saturdays. That’s 150 conversations every week. If his CSD was the first week of January, he actually said “the beginning of the year”, and he’s kept up every day with his 25, that’s almost 9 full weeks of contacts. So, out of 1350 conversations you’re amazed that he’s transferred in 9 accounts? I’m actually amazed that if his process works as well as he says it does that he hasn’t brought in more assets. He must be sandbagging for the Shamrock Saturday promo.
Wind - keep up the good work. [/quote]
I’m shocked at the KIND of numbers. I’ll leave it alone after that. My guess is, if he really is pulling those numbers, he is doing more than 25 contacts a day. Also, like I said in a previous post, these threads and me talking about how he would change his story has occurred. I’m not amazed at the transfer of accounts, I am amazed that he “gets the statements right at the door”. I say good luck and God bless to wind.
If he’s really putting up the numbers, great. Personally, I think he’s full of it.
Also, define “conversation”. I remember the doorknocking days…
Prior post of Moraen said “RIA world is great”. Is he an IAR or is he actually an RIA? Doesn’t mean crap to me but I suspect he is not an RIA but an IAR. Of course all of his posts would be “suspect” because of his inconsistencies.
[quote=Moraen] [quote=Spaceman Spiff] What inconsistencies did he post? I went back to read them again, looking for any inconsistencies, and didn’t see anything jump off the page at me. Any inconsistencies you think you might be finding are words put in his mouth by other folks. Nobody caught him in any inconsistencies. You’re just finding it difficult to believe that 1) It could actually happen and 2) that it could actually happen to a Jones guy.
Let's say wind is actually doing what Jones says and making 25 contacts a day. Every day, including Saturdays. That's 150 conversations every week. If his CSD was the first week of January, he actually said "the beginning of the year", and he's kept up every day with his 25, that's almost 9 full weeks of contacts. So, out of 1350 conversations you're amazed that he's transferred in 9 accounts? I'm actually amazed that if his process works as well as he says it does that he hasn't brought in more assets. He must be sandbagging for the Shamrock Saturday promo.
Wind - keep up the good work. [/quote]
I'm shocked at the KIND of numbers. I'll leave it alone after that. My guess is, if he really is pulling those numbers, he is doing more than 25 contacts a day. Also, like I said in a previous post, these threads and me talking about how he would change his story has occurred. I'm not amazed at the transfer of accounts, I am amazed that he "gets the statements right at the door". I say good luck and God bless to wind.
If he's really putting up the numbers, great. Personally, I think he's full of it.
Also, define "conversation". I remember the doorknocking days... [/quote] Where has he changed his story? You can't someone a liar without backing up your assertion with what you think he lied about. And just saying it happened doesn't mean anything. Tell us where you think he lied about anything. Not just what you guess he's lying about, but actually where you caught him lying. Until that happens, I don't know why you would have any reason at all to doubt the validity of his statements. Conversations - the act of opening your mouth to make words come out. Usually directed towards another human being. They will in turn respond in a like manner back to you. You keep doing this until one or the other runs out of things to talk about. Then you move on to the next one. For example, I did some face to face contacts this afternoon. I've got 5 new prospects. I had 10 conversations where I actually spoke to another human. Some were short 30 second converstaions, others were longer, maybe 10-15 minute conversations. I have a former AGE client who wants me to look at his statements. Had I pushed, I probably could have been able to get him to go inside and get them for me. I have a CPA who is very good with accounting, but thinks she might need some help investing. I have another couple of people who are nervous about their 401ks and want me to look at those and to talk with them about starting Roth IRAs. Those are conversations. I didn't find the $200K account today, but I'm going out again tomorrow and I'm going to try again. I'll bet if I do this everyday for the next 3 months, I'll find half a dozen $200K accounts. I'll bet some of them would be willing to get their statements at the door. I'll bet they'll transfer to me. I'll bet I'll gross $20K or more on them. I'll bet if I do, you'll tell me I'm lying and it can't possibly work that way. But, I'm not a betting man, so I'll just do the work for fun.
I’m not sure if Wind is telling the truth or not… actually don’t care. As a new FA with Jones it gives me hope that people are willing to talk and move assets. Even if he’s doing half of what he says, I’ll take it!
… After visiting with my field trainer today I stopped at three businesses on my way home and here is what I found:
Business 1: Closing the doors in two weeks, has an account at ML she is not happy about. Wants some ideas.
Business 2: Runs store for fun, wants help, never had anyone help her, needs ideas.
Business 3: Son has a small 401k rollover, needs help
Took me all of 45 minutes. Point is if I could sell today I’d be doing business with at least one of them tomorrow.
I can’t help but notice that if he made a 1000 contacts pre CSD and another ~1000 since, then with 9 accounts he’s batting .0045. That’s a .45% closing ratio. Doesn’t seem all that outlandish to me. Maybe I’ll see things differently after my can-sell. We’ll see…
[quote=Spaceman Spiff][quote=Moraen] [quote=Spaceman Spiff] What inconsistencies did he post? I went back to read them again, looking for any inconsistencies, and didn’t see anything jump off the page at me. Any inconsistencies you think you might be finding are words put in his mouth by other folks. Nobody caught him in any inconsistencies. You’re just finding it difficult to believe that 1) It could actually happen and 2) that it could actually happen to a Jones guy.
Let's say wind is actually doing what Jones says and making 25 contacts a day. Every day, including Saturdays. That's 150 conversations every week. If his CSD was the first week of January, he actually said "the beginning of the year", and he's kept up every day with his 25, that's almost 9 full weeks of contacts. So, out of 1350 conversations you're amazed that he's transferred in 9 accounts? I'm actually amazed that if his process works as well as he says it does that he hasn't brought in more assets. He must be sandbagging for the Shamrock Saturday promo.
Wind - keep up the good work. [/quote]
I'm shocked at the KIND of numbers. I'll leave it alone after that. My guess is, if he really is pulling those numbers, he is doing more than 25 contacts a day. Also, like I said in a previous post, these threads and me talking about how he would change his story has occurred. I'm not amazed at the transfer of accounts, I am amazed that he "gets the statements right at the door". I say good luck and God bless to wind.
If he's really putting up the numbers, great. Personally, I think he's full of it.
Also, define "conversation". I remember the doorknocking days... [/quote] Where has he changed his story? You can't someone a liar without backing up your assertion with what you think he lied about. And just saying it happened doesn't mean anything. Tell us where you think he lied about anything. Not just what you guess he's lying about, but actually where you caught him lying. Until that happens, I don't know why you would have any reason at all to doubt the validity of his statements. Conversations - the act of opening your mouth to make words come out. Usually directed towards another human being. They will in turn respond in a like manner back to you. You keep doing this until one or the other runs out of things to talk about. Then you move on to the next one. For example, I did some face to face contacts this afternoon. I've got 5 new prospects. I had 10 conversations where I actually spoke to another human. Some were short 30 second converstaions, others were longer, maybe 10-15 minute conversations. I have a former AGE client who wants me to look at his statements. Had I pushed, I probably could have been able to get him to go inside and get them for me. I have a CPA who is very good with accounting, but thinks she might need some help investing. I have another couple of people who are nervous about their 401ks and want me to look at those and to talk with them about starting Roth IRAs. Those are conversations. I didn't find the $200K account today, but I'm going out again tomorrow and I'm going to try again. I'll bet if I do this everyday for the next 3 months, I'll find half a dozen $200K accounts. I'll bet some of them would be willing to get their statements at the door. I'll bet they'll transfer to me. I'll bet I'll gross $20K or more on them. I'll bet if I do, you'll tell me I'm lying and it can't possibly work that way. But, I'm not a betting man, so I'll just do the work for fun. [/quote] Spiff, To me you're proving Morean's or at least my point. You're a seasoned vet and yet you didn't get any statements at the door on the first or second meeting and you sure didn't get them to sign transfer paperwork. I hope for his sake and for our sake he truly is doing it like this. Gives me hope. But even you or anyone has to admit that the velocity of the process seems very suspect! Not saying it can't or didn't happen, I'm just saying!
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lol....think how many contacts we could have made instead of all of this bs!!! I don't know how wind makes time to post all day and still make 2000 quality contacts…5 pages of this crap…thats all I have to say…
Don't be condescending now, you were in on most of this crap.…5 pages of this crap…thats all I have to say…
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Nice.....some of us may have doubts as to whether what you are saying is true or not...but we haven't reverted to name calling....quite a personality! At 10pm i'm usually planning for the next day and researching so I can keep up with the financial news etc...you must be a great timeblocker too!?! I just got 6 million dollar accounts today just by talking to people in line at McDonalds just like they taught me at KYC!...I told them "wow tough economy huh?...let me look at your statements...oh you have them in the car...sign these ACAT papers and i'll make you lots of money". Sorry Spiff, B24 ....i'm all for positivity in a tough market ...and i'm a successful seg 2 and rising so I do understand how tough it is right now...but this guy is so full of sh*t his eyes are brown...and you have to be very naive not to see it in his posts. No disrespect meant to you guys but what Moraen said is true...this guy is a fraud!And i said the same thing a few pages back…It’s easy to find a bit of time to post…when its 10 at night…idiot…I’ve seriously had enough of all this negativity…Makes me wanna quit comin here…
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Try "Print Screen" & then Ctrl + V [/quote] Amen brother[quote=wind3574]Just because you drag your day out until Midnight, doesn’t mean I have to. I like to spend a little time with my family at 10 at night…I come to this post to get positive ideas and to give positive ideas. How do you expect people to use this website as a great tool, if your bashing everyone that says they are successful. I don’t have any benefit to lie to you on here…Those are my numbers…like i said…I wish I could post my Numbers off Joneslink…so you guys would shut up already…
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I'd love to hear what you are "actually" saying to these people. Not what you're going to tell us on this board but what you are truely saying to them to get them to show you statements and what magical investment you are putting them into.
You my friend must be able to sell ketchup popcicles to a lady in white gloves. I've figured it out! You're Bernie Madoff, you're promising 10% returns. Got it![quote=jkl1v1n6]
Spiff, To me you're proving Morean's or at least my point. You're a seasoned vet and yet you didn't get any statements at the door on the first or second meeting and you sure didn't get them to sign transfer paperwork. I hope for his sake and for our sake he truly is doing it like this. Gives me hope. But even you or anyone has to admit that the velocity of the process seems very suspect! Not saying it can't or didn't happen, I'm just saying! [/quote] No, it simply means I'm not as good at asking for the order as he obviously is. It's not in my nature to ask for statements at the door. My first mentor said he brought statements back to the office all the time. I couldn't ever get anyone to do it. I just waited until they scheduled an appointment with me and asked them to bring them then. The velocity of the process doesn't seem suspect to me at all. It's a horrible market. Everyone has doubts about their advisor and/or their investments. He's making the contacts. He's talking to people. The more money you have right now, the more you're worried. You lost $5000 on a $10,000 account, you don't sweat it too much. You lose $500K on a $1.2 mil account, you lose some sleep. Some of those big accounts may have been people that he doorknocked in Market Research (contact one) then again in Prospecting week right before E/G (contact two) then called during E/G (contact three) then another FTF contact last week (contact four). Some of them are realizing that they've heard from him more often in this troubling time than they have their own advisor. The guy they're paying. It's not completely unheard of to open accounts at the door on the first contact. It's not normal for sure, but not impossible. Especially in a time like this. Perhaps I just have my green goggles on a little tighter these days than normal. That must be it. Wind sucks. He's lying. He'll be on goals in a year.I'm tired of this thread, I'm not saying it's impossible, it's my OWN personal belief that it's improbable. I'm afraid of what he's telling them to get them to convert so quickly. In my OWN personal experience when I've seen it, it hasn't been good. That being said, I hope he kicks ass in an ethical and moral way of doing business. But we've all seen superstars flames burn out after a while. Best of luck to him, to you, and to everyone else out there. We all need it at this point and time.
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Keep clucking big chicken. You ARE the c*** of the walk. You’ve been out two months and are tearing it up. Congratulations I do hope you continue to do so.
Fortunately for you, you only have a handful of clients so far and none of them have lost much with you yet. You're too new to the game to understand where we are coming from. Wait until you get a few hundred households and you have a book of business to manage. We all must continue to prospect and I am assuming that we all still do. But we also have current clients to manage, most that have been with us through this downturn and the previous one. You are at a point where your only focus is building your book, not all of us have that luxury. We actually have to deal with clients that have lost money and can't be the white knight to ride in and save them. This is my last post on this topic! And my desk IS a beautiful mahogany! Rich in color! Too pretty!.
And that zip code is?
Hey if it's true, Good on ya!
Posted: Yesterday at 9:24pm Originally posted by Spaceman SpiffOriginally posted by Moraen
Originally posted by Spaceman Spiff
What inconsistencies did he post? I went back to read them again, looking for any inconsistencies, and didn't see anything jump off the page at me. Any inconsistencies you think you might be finding are words put in his mouth by other folks. Nobody caught him in any inconsistencies. You're just finding it difficult to believe that 1) It could actually happen and 2) that it could actually happen to a Jones guy.
Let's say wind is actually doing what Jones says and making 25 contacts a day. Every day, including Saturdays. That's 150 conversations every week. If his CSD was the first week of January, he actually said "the beginning of the year", and he's kept up every day with his 25, that's almost 9 full weeks of contacts. So, out of 1350 conversations you're amazed that he's transferred in 9 accounts? I'm actually amazed that if his process works as well as he says it does that he hasn't brought in more assets. He must be sandbagging for the Shamrock Saturday promo.
Wind - keep up the good work.
I'm shocked at the KIND of numbers. I'll leave it alone after that. My guess is, if he really is pulling those numbers, he is doing more than 25 contacts a day. Also, like I said in a previous post, these threads and me talking about how he would change his story has occurred. I'm not amazed at the transfer of accounts, I am amazed that he "gets the statements right at the door". I say good luck and God bless to wind.
If he's really putting up the numbers, great. Personally, I think he's full of it.
Also, define "conversation". I remember the doorknocking days... Where has he changed his story? You can't someone a liar without backing up your assertion with what you think he lied about. And just saying it happened doesn't mean anything. Tell us where you think he lied about anything. Not just what you guess he's lying about, but actually where you caught him lying. Until that happens, I don't know why you would have any reason at all to doubt the validity of his statements. Conversations - the act of opening your mouth to make words come out. Usually directed towards another human being. They will in turn respond in a like manner back to you. You keep doing this until one or the other runs out of things to talk about. Then you move on to the next one. For example, I did some face to face contacts this afternoon. I've got 5 new prospects. I had 10 conversations where I actually spoke to another human. Some were short 30 second converstaions, others were longer, maybe 10-15 minute conversations. I have a former AGE client who wants me to look at his statements. Had I pushed, I probably could have been able to get him to go inside and get them for me. I have a CPA who is very good with accounting, but thinks she might need some help investing. I have another couple of people who are nervous about their 401ks and want me to look at those and to talk with them about starting Roth IRAs. Those are conversations. I didn't find the $200K account today, but I'm going out again tomorrow and I'm going to try again. I'll bet if I do this everyday for the next 3 months, I'll find half a dozen $200K accounts. I'll bet some of them would be willing to get their statements at the door. I'll bet they'll transfer to me. I'll bet I'll gross $20K or more on them. I'll bet if I do, you'll tell me I'm lying and it can't possibly work that way. But, I'm not a betting man, so I'll just do the work for fun. Spiff, To me you're proving Morean's or at least my point. You're a seasoned vet and yet you didn't get any statements at the door on the first or second meeting and you sure didn't get them to sign transfer paperwork. I hope for his sake and for our sake he truly is doing it like this. Gives me hope. But even you or anyone has to admit that the velocity of the process seems very suspect! Not saying it can't or didn't happen, I'm just saying! Posted: Yesterday at 10:13pm Originally posted by wind3574
....5 pages of this crap.........thats all I have to say...... Don't be condescending now, you were in on most of this crap. Posted: Today at 8:28am
I'd love to hear what you are "actually" saying to these people. Not what you're going to tell us on this board but what you are truely saying to them to get them to show you statements and what magical investment you are putting them into.
You my friend must be able to sell ketchup popcicles to a lady in white gloves. I've figured it out! You're Bernie Madoff, you're promising 10% returns. Got it! Posted: Today at 9:29amI'm tired of this thread, I'm not saying it's impossible, it's my OWN personal belief that it's improbable. I'm afraid of what he's telling them to get them to convert so quickly. In my OWN personal experience when I've seen it, it hasn't been good. That being said, I hope he kicks ass in an ethical and moral way of doing business. But we've all seen superstars flames burn out after a while. Best of luck to him, to you, and to everyone else out there. We all need it at this point and time.
Posted: Today at 12:19pm Keep clucking big chicken. You ARE the c*** of the walk. You've been out two months and are tearing it up. Congratulations I do hope you continue to do so. Fortunately for you, you only have a handful of clients so far and none of them have lost much with you yet. You're too new to the game to understand where we are coming from. Wait until you get a few hundred households and you have a book of business to manage. We all must continue to prospect and I am assuming that we all still do. But we also have current clients to manage, most that have been with us through this downturn and the previous one. You are at a point where your only focus is building your book, not all of us have that luxury. We actually have to deal with clients that have lost money and can't be the white knight to ride in and save them. This is my last post on this topic! And my desk IS a beautiful mahogany! Rich in color! Too pretty!As you can see included with all the doubts about what you are saying are actual atta boys! If you noticed I wasn't the only one questioning these numbers. To give you our perspective, they are quite extraordinary. What you should take away from this is that YOU truely are experiencing something that many and most of us don't You should feel good about yourself that you are doing something that hardly anyone else has been able to accomplish. Things will however change when you have a large client base built up, if we go though another time like this during your career you will see that your experience in it will be completely different from what you are experiencing now.
So with that being said: Sorry, I was kind of a jerk! I should be more positive about things! Congrats on those numbers! All of what I just said was true, except I wasn't a jerk, I was just questioning the validity of your story. Now to the recipient (you) of that it probably sounding jerky. So to end it, keep doing what you're doing and BEST OF LUCK TO YOU!Nothing like a 5 mile run over lunch to help clear your head a little.
Prior post of Moraen said “RIA world is great”. Is he an IAR or is he actually an RIA? Doesn’t mean crap to me but I suspect he is not an RIA but an IAR. Of course all of his posts would be “suspect” because of his inconsistencies.
ice is correct - i am an IAR in my own RIA. and it doesn't get any better. and i said the "RIA world is great". i did not say, "I am an RIA". in fact, if you look at my posts i have said, "i have my own RIA".
DJ the 3rd,
I see you have GE listed on your webpage. Is this one of the investments that you have been recommending as a more suitable investment as you are pointing out cracks in portfolios?.
Wind, are you related to Obama?
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Just so everyone knows - in another thread I did in fact call myself an RIA - so whoever called me out on that was right. I apologize for my error.
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Wind,
I don't mean to bust your balls. If you are off to a fast start - congratulations! You will soon learn (like I did) that the worst thing you can do on these threads is post any type of production numbers. It is almost a given that you will get doubted, challenged and ripped open. It is just the nature of the beast. I also learned, from my training days at EDJ, that if you ask an industry colleaque, "how's business?" they are ALWAYS coming off of their best month ever. If you are having success doorknocking - keep it up. I doorknocked for about 30 minutes and then chose a different route..
On a different note - didn’t your alma mater get lit up by Missouri the other night?
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I can’t believe you guys are continuing to discuss this. Wind… I’m a new broker, so thanks for the positive outlook. But seriously fellas, let it go. I’m sure we can find something a little more constructive to debate.
[quote=wind3574] Lol so…Does that mean your name is Maddog?..
Wind - ever heard of sarcasm?
By the way Moraen…I find it funny that you are sitting here…doubting me…but posting this in another thread…
Moraen
Replies: 10
Views: 156
View Post Jones door-knocking numbers
Posted: Yesterday at 4:37pm
there is a guy killin’ it on another thread - ask him wind or something.
Sounds to me like you are just trying to stir up trouble…Call home office hell…You won’t find me lying…and i’ll laugh at
the fact that you wasted so much time…[/quote]
Oh and I guess it’s not the same guy. Unfortunate.
I know you did it to make a point. But it is very easy for someone at Jones to know exactly who you are by the numbers you posted.
[quote=joeramirez]
I know you did it to make a point. But it is very easy for someone at Jones to know exactly who you are by the numbers you posted.
[/quote] That and he had his real name posted in his profile. Wind - delete this name and start over..
I found another guy putting up some great numbers! Windy you go get 'em!!I started door to door last month.
$2 mil in assets in one month. lucky beginning?
Everyone seems to say the same thing:
Joe guy behind the door; “We have a broker.”
Me: “Great that is why I want to talk to someone like you. Have they
talked to you about your portfolio since the fed has raised interest rates
for the ninth consecutive time? yes/no What is your strategy for this
rising interest rate environment?”
nothing works with everyone. knock walk knock have fun.
[quote=Incredible Hulk]I agree with jkl on his success rate being questionable. But, what salesman worth his salt can’t point out at least one mistake with anyones portfolio today? Hindsight is a beautiful thing when looking at the competition’s investment strategy.
I just reviewed my own accounts and I’ve decided to take myself to arbitration.[/quote]
How does a funny comment like this get buried by 5 pages of meaningless posts?
Source URL:https://www.wealthmanagement.com/forums/rookies-trainees/jones-stories-jones