Please tell me about EJ cold walking
I am thinking about cold walking residences and would like to hear about your experiences doing it, whats your pitch, anything else that may be helpful. Thank you!
Also, if you walk during the day, dont you find that no one is at home?
I work for EDJ and have had success with people opening accounts. Especially with small business owners. Retired people are home during the day, knock on their doors.
My average is 1 in 5 houses I find someone at home. If you are going to take the time to go residential, make sure you start early. 9:00 is when I try to get out. I’ve tried 8 before, but I catch people headed to work and they really don’t want to talk right then. When it stays dark longer the evenings are a great time. 3:00 until dark is a great time.
The "pitch" is pretty simple. Intro yourself, tell them who you work for, tell them what you are doing and ask some basic questions. Some people will really open up to you at the door. Make sure you have something to leave with them. Biz card isn't enough. It can be something as simple as a dividend paying stock report or as in depth as a sample portfolio analysis. Up to you. The goal is to get permission to call them back. That's what takes practice. You'll suck at it at first. You'll meet people doorknocking you won't get the chance to meet mass mailing, doing seminars, or cold calling. Not that those are bad, just that they don't always have a great response ratio. If I can talk with 25 people I'll come away with normally 2-3 people who will almost immediately turn into appts, 2-3 people who won't ever talk with me again, and 20 people that I'll drip on for a year. Some of those will become clients, some won't. People are generally friendly. I've never been run off of a porch with a shotgun. I did have a dog ruin a pair of pants when his teeth grabbed the cuff. I sent the owner of the house a thank you note with a bill for my pants. It's worth the time. It's cheaper than mass mailing and more effective. It's more interesting than cold calling. Better excercise too. Seminars are great, but how much more successful would they be if you had a list of people who you've already met that you're inviting. Try it. You may like it.I found going door to door degrading.
I can see that, but I was very successful. started with zero accts, added almost 300 in year one. it works. I hate phoning all day and getting no one home.
Now did you guys do this a long time ago? Or fairly recently??
started may 2005. it works because so few people are willing to do it. It is very easy to say instead " no, this feels degrading" or whatever. I mean, that’s fine if you feel that way; don’t do it then. But for rest of us, it makes it that much easier. REMEMBER: YOU STILL USE THE PHONE (after all, they GAVE you their ph#!) – IT’S JUST THAT WHEN YOU CALL THEY REMEMBER YOU! “Hello Mr. Johnson, this is X from company X-you may recall we chatted recently on your doorstep?”
I built my EDJ Jones business from scratch. I didn’t know anyone in my town and my family and friends don’t have any money. The Jones approach works…It worked so great I took my $50,000,000 business independent after 8 years and I’m now grossing $650,000 and will net $600,000. EDJ is a great place to start just don’t let the kool-aid get to far into your blood.
agreed. the jones bashers have good points-- I doubt I will last here. But they take the bashing way too far. all firms have pros/cons-- the tradeoffs are more obvious at jones however. but if you don’t like it MOVE ON both literally and figuritively. IT IS A GREAT PLACE TO START.
I believe fixedincome works at Merrill, and is just asking about the cold walking, not asking about working at EJ.
ok- but the thread is “EJ cold walking”. anyway, I will try to stay on topic
[quote=bspears]
I found going door to door degrading.
[/quote] Such a thought is between your ears and an aversion to a tried and true method of prospecting. I’m new in this business but I know that I will be very successful BY DOING what those that are not successful WILL NOT DO.Spears is one in line of many that said doorknocking was degrading to him. Not everyone likes it. The ones that do can open a lot of accounts and talk to a lot of quality people. Our top producer in the firm this year was a guy who started out by doorknocking. Doorknocking led to clients, who gave him referrals. Referrals led to over $2,000,000 gross this year. It does work. You just have to be willing to do it.
Spaceman,
The $2,000,000 gross you refer to above, is that yours or someone elses? If yours, what did you net from that amount?I felt it was degrading, however, I stated it was just a feeling I had. I had a friend who seen me out Dking and asked me what I was doing. He said.."Your not really going door to door are you???" Embarrassed me.....
Its a good way to open up alot of $100 DCA ROTH’s…and to earn your prospecting shovel…
I left that damn award, with many others, on my desk the day I left.
The $2 mil isn’t mine. I wouldn’t be wasting time on this board if it was. I’m not sure what he would net on that. If he’s got the typical 40% payout it would be $800K.
Spears - I hear that from time to time too. I tell them that I can try to reach new people several different ways. Phone, mail, or in person. I like in person, but if they'd prefer one of the other, I can do that from now on. Who do I call or to whom should I send the material? B7 - The majority of my largest accounts and rollovers came from doorknocking. If you focus on the $100 DCA's that's what you are going to open. I didn't.hey Mr. Spaceman why don't you tell use what works for you instead of what the koolaid induced "knowledge"
I am telling you what works for me. I followed the Jones guidance of doorknocking. Talk to them in person. Get permission to follow up in person or on the phone and do it. Ask them for an appointment or tell them about an investment. It boils down to talking with people. The same as in any other firm. We just put the face to face contact on the front of 5 phone calls instead of the back. Prospects meet us in person and give us their permission to call them. It still takes 5-7 contacts on average to turn them into clients.
Do you have some legit reason for all but calling me a liar?Spaceman,
KEEP ROCKING ON!
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Anybody that claims door knocking doesn’t work or demeans it has issues that should be avoided at all costs. If they are new in the business and saying such things, it’s aversion to prospecting & a career death sentence. If they are successful and saying things that might cultivate the above in others, well … such is foreign to me and never will be understood. Karma will be the final effect.
I applaud your efforts and admire your effort.[quote=Spaceman Spiff]
Our top producer in the firm this year was a guy who started out by doorknocking. Doorknocking led to clients, who gave him referrals. Referrals led to over $2,000,000 gross this year. It does work. You just have to be willing to do it.
[/quote] Why don't you just start with "...one day at band camp" you might be more credible.Why do the same topics keep coming up over and over again? If you need information, just search for it!
Also, that is, in fact, exactly the crap that St. Louis trains you to say. Spaceman and Broker24 are shills who are paid to post in these forums!
I thought ag edwards was st louis?
absolutely degrading.
ok, degrading. but— what do you do in a small town? if you phone all day, few answer and the purchased lists are short and have the same names on them. they see that you called, so you can’t try daily. you can’t call on businesses daily, as there are only so many of them. seminars work, but once a quarter seems plenty in a small town. that leaves…
[quote=farotech] Why do the same topics keep coming up over and over again? If you need information, just search for it!Also, that is, in fact, exactly the crap that St. Louis trains you to say. Spaceman and Broker24 are shills who are paid to post in these forums!
[/quote]
Have you actually read my posts? If you had, and I mean no disrespect by this, you would understand that I have a rather balanced view of the firm that I work for. I have never, nor will I ever, claim that Jones is perfect. I have simply stated facts about the firm, some of the things I like, and some of the things I dislike. I find it strange that anyone that claims to like ANYTHING about Jones is criticized as some sort of GP suckup, or too stupid to think for themselves. I have never once criticized another firm or another business channel. My eyes are wide open as far as my firm and my employment are concerned. At my point in the business, I simply can’t find any other firm or channel that would be better for ME. Many others would prefer the wirehouse route. I do not. I have nothing against it, I just prefer my setup for now. I think indy setups are fantastic, but can’t imagine starting out in this business without a lot of direction.
The fact is, as it relates to me, I give props to ANYONE that makes it big in this business (ethically), regardless of who they work for (be it an employer or themselves). Just get over the anti-Jones thing - it’s getting old. It’s one of the reasons this board has gone to crap.
[quote=compliancejerk][quote=Spaceman Spiff]
Our top producer in the firm this year was a guy who started out by doorknocking. Doorknocking led to clients, who gave him referrals. Referrals led to over $2,000,000 gross this year. It does work. You just have to be willing to do it.
[/quote] Why don't you just start with "...one day at band camp" you might be more credible.[/quote] I'm amazed that you think that it couldn't work exactly like I said. Mabye it would have been more credible if I would have said he completely ignored the tried and true method of prospecting at EDJ and decided to spend 12 hours a day on the phone instead. He cold called 500,000 people and on the 500,001st phone call he landed a corporate exec who was retiring. That lead to other corporate execs who were retiring. Today I hear Stan O'Neal is going to move his account to this guy in North Dakota too. Everyone needs a good FA. You're a putz.Excert from Bspears diary, 2002.
"It was cold as hell today. Walked from house to house to house and got info on 12 people. 1/2 of these people I felt as if they had killed someone in their past. Oh well, they say to not judge a book by there cover. I will call them in 2 weeks and see if I can get them to buy BAC stock..I have a couple of great sales stories to tell them. I need to call my mentor for some advice. I had someone tell me to get the hell off their porch or they would shoot me. I need to know if I should call him in two weeks. They say I need to contact 7-9 times to make them a client. He might be that one person who has 40 million in an IRA at the bank making 1%. Just finished my notes in the laptop. My feet are thawing...wow...walking through the snow and slush is hell, but I know if I continue to do this I can win a trip for selling stuff. Off to bed, I need to meet 37 people tomorrow to catch up on my 25 per day."Bspears diary, 2002
Still cold today. Had several great contacts today. One older lady I met today has a 5k cd coming due and would like for me to get her a new one, just to help me out. What a nice lady. I wonder how much I will make on the 3 month cd? Another gentleman has 2k in savings bonds he wants to cash out and buy some stock. Oh yea..BAC. Again today, many doors knocked on, few people who would talk with me. Had one lady tell me to get a real job. She must have not heard me say I was with Edward Jones. Oh well, she''ll rethink that once I call her on the new 30 year 5% tax free bond. Talked with another retiree who said he lived on social security. I doubt that, need to put in multiple phone calls to get him to fess up to his investments. Another nice gentleman told me if it didn't work out with my door to door sales, I could mow his yard this summer. 15$ per time. WIll consider, need to pay the bills. After several weeks I'm wondering were all this easy money is. I was told by my home office trainor, 25 a day, dk, call, dk, call....I'm afraid I won't know what to talk about again, once they say, no or hell no or they work with their son....hmmmmmmm Starting to feel kinda slimy with this door to door sales technique.Excerpt from Bspears diary, 2006.
This has been a rough month. The cold calling I've been doing because I don't want to doorknock hasn't panned out for me. I can't call those same clients again. I just switched their funds around last month. Mom and Dad don't have any more money. Those four contacts I made at the Chamber of Commerce lunch last month didn't go anywhere. Mabye sometime in the future, but not right now. Postcards are too impersonal, so I'm not going to try that. I'm not about to buy a bunch of people lunch if they aren't going to buy something from me. I just don't know what I'm going to do. I know that other guy in my training class said he does that stupid doorknocking thing. Man I wish I was in Segment 4 like him. If I don't think of something in the very near future I'm going to have to start looking at other opportunities. If Jones had any real marketing plan I wouldn't be in this mess. Maybe those guys over at LPL really do have the answer. They say people will just start throwing money at me if I wasn't under those GP's thumbs. I'll have to give that some serious thought. You know, if I have to jump over there mabye I can bring 80% of my book with me and tell them I'm going to become a financial planner. I sure can't do that right now. I can tell them I'm going to a fee based relationship and it's going to cost 1% to continue to do biz with me. Yeah, that will work! They'll think I'm a genious!Spiff…1:14PM…market’s open. Why are you wasting your time?? Shouldn’t you be out knocking on doors??
…you guys are killing me…thanks for the laughs…
[quote=Spaceman Spiff]My average is 1 in 5 houses I find someone at home. If you are going to take the time to go residential, make sure you start early. 9:00 is when I try to get out. I’ve tried 8 before, but I catch people headed to work and they really don’t want to talk right then. When it stays dark longer the evenings are a great time. 3:00 until dark is a great time.
The "pitch" is pretty simple. Intro yourself, tell them who you work for, tell them what you are doing and ask some basic questions. Some people will really open up to you at the door. Make sure you have something to leave with them. Biz card isn't enough. It can be something as simple as a dividend paying stock report or as in depth as a sample portfolio analysis. Up to you. The goal is to get permission to call them back. That's what takes practice. You'll suck at it at first. You'll meet people doorknocking you won't get the chance to meet mass mailing, doing seminars, or cold calling. Not that those are bad, just that they don't always have a great response ratio. If I can talk with 25 people I'll come away with normally 2-3 people who will almost immediately turn into appts, 2-3 people who won't ever talk with me again, and 20 people that I'll drip on for a year. Some of those will become clients, some won't. People are generally friendly. I've never been run off of a porch with a shotgun. I did have a dog ruin a pair of pants when his teeth grabbed the cuff. I sent the owner of the house a thank you note with a bill for my pants. It's worth the time. It's cheaper than mass mailing and more effective. It's more interesting than cold calling. Better excercise too. Seminars are great, but how much more successful would they be if you had a list of people who you've already met that you're inviting. Try it. You may like it. [/quote] spaceman, This is what you need to tell the newbies. What YOU have done personally NOT you have heard others at your firm "claim" hence the "....one day at band camp" statement.Bspears diary 2007
Wow what a wonderful change. My move to Indy has been nothing but awesome. I've handed out more of my business cards in a month than I did my whole time network marketing for Jones. I'm glad I don't have to go to the amway style meetings anymore.
Asked to lunch by local CPA. Seems as if he has lunch with other CPA's once a quarter, and would like to introduce me. Whew...I was hoping he wasn't mad at me when I sold his father a GMAC note, and its worth about 70% of value while at Jones.
Can't believe the payouts here!!!!!! I was use to a 35% payout and now...how can that be. Jones always told us this was the best they could do. I guess most network marketing firms end up out of business anyways.
Cold called a guy off my "old list" today. Seems he has an IRA with Merril Lynch and hasn't heard from him for awhile. Asked for an appt and he accepted. It can't be this easy.......I think I will take off at noon today and go fishin'
Spiffy Diary 2007
I wish everyone would leave me and Jones alone. I can't take this anymore. Its affecting my home life and I now I just hole up in my green office with the lights out. I know my kids are embarrassed when I'm out walking the streets and they drive by in the school bus. If I could just get that 85 year old to cash her cd's out and buy these A shares, I would keep above standard and keep the lie going. Maybe 1 more call to her and then I'll conveniently swing by this afternoon. Wish my luck....I need it right now.Excerpt from Bspears diary, 2006
Just switched to LPL, don't have time to call clients because they are calling me wanting to switch. 50% of my book switched in first month. Jones was right I didn't manage all of my clients money, but now they are bringing in accounts that they said they did not have... without me even asking about them... again... I guess my clients know the difference between a employee and a business owner after all.... WOW more choices for my clients that need them and the same choices for those that don't.... For some reason my paycheck is a whole lot bigger... I am such a IDIOT... I should of done this a long time ago.... _________________________________________________________________________ Excerpt from Spacemanspiff diary, 2010 .............. I am such a IDIOT... I should of done this a long time ago...Dam doneWjones…How did you get my diary??? All kidding aside, I believe whatever someone does in this busines to turn prospect to client, dking, calling or combination…if you do it with conviction and you believe in it…it WILL work and you WILL be successful.
Spears and Spiff…the NEW Abbott and Costello!
One thing I don’t get about "Jones Bashing’…why does the idea of a 30 year muni with a good rate elicit such stong criticism?
I sold a load of munis last year into this year, and it’s turned into quite a good move. Is it a bad idea simply because a Jones broker does it?
Not to bash on Jones or anything because its not as horrible as some say. However, why is it that the only people who say doorknocking works are the ones who are currently at Jones and not the ones who have left and moved on?
I have left Jones and door knocking works! How’s that.
Because I haven't done a Secrets Revealed Topic in awhile I thought you might want to hear from the horse's mouth the Secrets (Brutal Facts) that Edward Jones is currently facing. The Executive Committe (Doug 3Mil Hill, John Bachman, Jim Weddle, etc) believes these brutal facts must be addressed in order to move Edward Jones forward. 1. Increased pressure from competitiors to recruit our financial advisors. 2. High attrition rate of new financial advisors. 3. Financial advisor growth has been slower than planned since 2002. 4. International operations are NOT profitable. 5. Low market share and low brand recognition. 6. Dated technology and infrastructure. 7. No formal long-term planning process. 8. We are late to offer financial planning. 9. Product pricing and financial advisor compensation are out of date. 10. Clients are more aware of markets and investments 11. Thin Management depth. 12. Escalating competition for the client. 13. High-Cost business model. 14. Highly regulated industry. 15. The firm is getting sued much more now than ever before. 16. NO diversity in key leadership positions 17. ONE PRODUCT REPRESENTS 60% OF NET REVENUE This is straight from the upper management at EDJ[quote=spikedkoolaid]I have left Jones and door knocking works! How’s that.
Because I haven't done a Secrets Revealed Topic in awhile I thought you might want to hear from the horse's mouth the Secrets (Brutal Facts) that Edward Jones is currently facing. The Executive Committe (Doug 3Mil Hill, John Bachman, Jim Weddle, etc) believes these brutal facts must be addressed in order to move Edward Jones forward. 1. Increased pressure from competitiors to recruit our financial advisors. 2. High attrition rate of new financial advisors. 3. Financial advisor growth has been slower than planned since 2002. 4. International operations are NOT profitable. 5. Low market share and low brand recognition. 6. Dated technology and infrastructure. 7. No formal long-term planning process. 8. We are late to offer financial planning. 9. Product pricing and financial advisor compensation are out of date. 10. Clients are more aware of markets and investments 11. Thin Management depth. 12. Escalating competition for the client. 13. High-Cost business model. 14. Highly regulated industry. 15. The firm is getting sued much more now than ever before. 16. NO diversity in key leadership positions 17. ONE PRODUCT REPRESENTS 60% OF NET REVENUE This is straight from the upper management at EDJ [/quote] I read this same list recently. I like some of the paraphrasing you did. Were they from your source or did you add them yourself? There's nothing new or suprising on that list to those of us who are at Jones. It's actually nice to know that the management committee realizes that the firm isn't perfect and that some of the things we've been telling them for a few years is actually sinking in. Some of those things we can work on, some of them are out of our control. I would guess that if you were to ask all of the major firms out there what is on the minds of their board of directors it would be something similar to the Jones list. Notice that there is nothing on that list that directly impacts clients or the relationship we have with them?Spaceman--
10. Clients are more aware of investments and markets---HELLO!
I heard a stat when the whole REVENUE SHARING thing came out that only 3% of all EDJ clients read the Wall Street Journal. The Executive Committee was not concerned about the article in the journal but when it was reprinted in the St. Louis Dispatch and strung to all the other local/major papers they were very concerned.
I love listening to the KoolAid in your posts. We have been discussing these "brutal facts" on these boards for 5 years and then when the Executive Committee puts out a list of 17 things that the firm needs to address...you just say, "It's nice to know that the management committee is listening" WOW
Wake up and smell the coffee....Jones is way behind in lots of things in the financial services industry. It's a great firm to start with. It's a horrible firm to stay with.
We keep knockin’…and nobody is home…
I don’t want any thank you’s from the Jones loyal…but I just placed a call to Amway headquarters in Orlando…and I think I can get a deal brokered…they need another product to peddle to the “downline”…
Not to bash on Jones or anything because its not as horrible as some say. However, why is it that the only people who say doorknocking works are the ones who are currently at Jones and not the ones who have left and moved on?
AGE and now WB uses door knocking as one of three tracts. It’s the most successful statistically not to include those with the luxury of having a large natural market that CAN actually sustain them and allow them to gain enough referrals to grow the biz, VERY few have such an existing network. To qualify for that tract one must have just under 1000 people in the network. I don’t even know that many people that don’t like me. Most that think they do find themselves in short order blowing through the network and back to one of the other two... door knocking and telemarketing.
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10 handshakes cold walking are worth 30 from telemarketing.
I chose telemarketing as I have experience and I’m pretty darn good at it. Had I not I would have gone the door knocking route as it has the best stats of success. I have cold walked small businesses and it’s starting to pay off in spades.
The bottom line is to get in front of as many people as possible and ask for their business.
My hat’s off to those that have the stones to go out and do any of the above. I get stronger each and every day. Four months into production and I’m well on pace to meet my 25 million AUM in two years. I closed a case for $580k and had a fact finder first apt on another that has $250k today, both from cold calls. Days like this are becoming more and more often. Everything I’ve been doing is from cold calling/walking.
IT DOES WORK. MAKE IT HAPPEN
do you call homes by phone? does anyone answer?
Are you serious? Probably 80% of my calls are residential. Yes people answer the phone.do you call homes by phone? does anyone answer?
I am serious-- how many answer? 3% 8% 15 %? I get so sick of dialing and getting a machine…unless it is a business of course, rather than residential. What am I missing?
Around 20% during the day and 40% at night. I try to speak with 40 humans on a good day. That requires around 200 dials. If you are getting less than that you need to change your list. Actually getting through to the business owner is probably around 10%. "I get so sick of dialing" All jobs have a mind numbing task to one degree or another. As for the answering machines I always leave a message. When somebody actually returns a call, sooner or later one will, it's usually a very good lead.I am serious-- how many answer? 3% 8% 15 %? I get so sick of dialing and getting a machine…unless it is a business of course, rather than residential. What am I missing?
But if you leave a message, doesn’t that mean you cannot dial that # for at least several days? 200 dials a day; how many on your total call list?
I can run lists until pigs fly. My current databse has over 18k records.
If you dial 200 and only get 40 that leaves 160 for the next time. As for leaving messages, that wont stop me from caling again 10,000 times untill I sell them a yes or they sell me a no. I'm feeling you are using excuses to not prospect. There are a trillion reasons to NOT prospect. GET YOU A$$ ON THE PHONE AND START DIALING PUT ALL THE COW HOCKY TO THE SIDE. I have one reason to prospect ... that's to build me empire and build I will.do you call for appt only, or start with a product to catch their attention?
Both
The prob. with this thread is that while its meant to be informative… we suddenly have pple coming out just to be SARCASTIC! Stop it!
I have to say that the diary excerpts were HILARIOUS. I am suggesting a new reality TV show which cronicles the daily lives of Spiff and Spears.
But seriously, what job isn't in someway "degrading"? Even successful people in this field understand it is in their best interest to get along with a boss who is a jerk or a client who is rude. And doesn't everyone have to start somewhere?Source URL:https://www.wealthmanagement.com/forums/rookies-trainees/please-tell-me-about-ej-cold-walking