Staying Cool at the Door

Did you just say “door knocking is so good”?



If that is the case for you, then go at night, or bring several changes of shirts. the four weeks i did it, I ruined 14 ties. Wait until August, you’re going to die.



Also, bring some water. And get in your car to cool off.

Carry an umbrella for the sun.

I wore a polo shirt and a nice pair of khakis.  I figured the look was better than a sweaty mess with a discolored tie.  I think people were also less convinced that I wasn’t a Jehovah’s witness.  On cooler days or for businesses, I always did the tie thing.  Either way, it was hot!  If you’re like me and were a little nervous as well it was even worse.

The FA i talked to said he used to leave his car running and would walk up one side of the street and then get in his car to cool off before doing the other side. If you have a car with a remote entry you can just take it off the keychain and keep the car locked so you dont have to worry about someone stealing it. This is in texas so we get plenty of 100 degree days with high humidity. He also said he would carry around a towel to pat his forehead with just as the prospects were opening the door to milk it lol. He said other people only would walk the side with shade covering it etc etc.

I would recommend parking your car, door knocking four houses (two on each side of the street), and then getting back in your car, driving two houses down, and doing the whole thing over again.  Getting in and out of your car with the AC on full blast is SO much better than parking in one spot and hitting like twenty houses in a row.  That way, you can keep your water in the car.  Also, if you have any handouts, I would only carry up to four at a time. The sweat from your hands will ruin a stack of handouts.

5 Ways to Maximize ‘Hot Day’ Door Knocking:

Try to hit residential areas (retirees) earlier in the morning or late afternoon.  Don’t believe the “not going to door-knock during the dinner hours”.  You’ll catch a lot of folks home.  Hit the business during hot of the day - right after lunch.

Try the khaki/golf shirt thing.  I found people were MUCH less intimidated, as I didn’t have a suit on.  And it was much cooler.

I've done plenty of doorknocking during the hot months.  Missouri isn't as bad as it is down south, but we still get some warm ones. 

5 - do something more productive to prospect (like a professional, not an amateur)

I agree with Spiff, water is the key. When I used to door knock(sold vacs) I wore one of those Razorback helments that held a bottle of water on each side both had straws. And when you find someone that opens the door, just ask if you can refill your bottles. But I didn’t worry about changing clothes, they would just get soaked too.

Take a back pack.

Ha! I had just the opposite door knocking experience in my beginning days.  January. In the snow. Temperature about 32 to 36.   I did get lots of people inviting me inside for hot coffee and cocoa though   I’m sure they thought I was insane.

Ha! I had just the opposite door knocking experience in my beginning days.  January. In the snow. Temperature about 32 to 36.   I did get lots of people inviting me inside for hot coffee and cocoa though   I’m sure they thought I was insane.

I had the most success door knocking when I wore pants. The times I didn’t I got many strange looks.

Spiff, good idea on the boxers…  Chicks dig me, because I rarely wear underwear and when I do it’s usually something unusual.

Who says it has to be just “residential” door knocking? Save the residential door knocking for the cooler parts of the day, then switch to shopping centers and malls for business cold walks, for the hotter parts of the day.

Only someone who has never done it, scared to do it or is no good at it would say door knocking is unprofessional.  I held out for one year thinking the same thing...but it's the best, most productive form .  However, you've got to have some skills.  Sooner or later you've got to get in front of them why not make that the first contact.

5 reasons why knocking on doors is unprofessional:

Icecold (also a good name for brewery research) - I don’t disagree that it takes a lot of dedication and hard work to knock on doors.  However, that hard work and dedication can (should) be focused on activities to target very specific niches.  Also - I throw acedemics out the door - PhD’s tell me nothing except that they’re professional students with no ability to interact with society.  They live in a world of theory and not application.

[quote=apprentice]5 reasons why knocking on doors is unprofessional:

Spaceman - you said that door knocking costs you nothing but time and water.  Isn’t time our most valuable asset?

[quote=babbling looney]Ha! I had just the opposite door knocking experience in my beginning days.  January. In the snow. Temperature about 32 to 36.   I did get lots of people inviting me inside for hot coffee and cocoa though   I’m sure they thought I was insane.

[quote=apprentice]Spaceman - you said that door knocking costs you nothing but time and water.  Isn’t time our most valuable asset?

Babbs - I never said anything about being an anonymous voice on the phone (that’s almost more unproductive that knocking on doors).  You’re correct that face to face is good (in fact - it closes 80% of prospects).

[quote=apprentice]Babbs - I never said anything about being an anonymous voice on the phone (that’s almost more unproductive that knocking on doors).  You’re correct that face to face is good (in fact - it closes 80% of prospects).

I spent my morning doorknocking.  It’s 75 and sunny in the midwest today and much more pleasant for me to be outdoors than in.  

Read this on WSJ online edition…thought it fit…

Many entrepreneurs consider themselves visionaries or inventors — not salespeople. But without sales, you don’t make money.

No question that the whole concept of “closing sales” is much more nuanced than it used to be. It’s no longer about a guy in a blue suit toting a briefcase door-to-door. Today’s environment is much more complex — with technology tools, social networking and old-fashioned schmoozing all playing a part. And, wariness of salespeople seems higher than ever.

[quote=apprentice]

I think it depends on what you’re looking for, what market you’re in, etc.



Also, Spiff, those market share reports are worthless. The methods the home office uses are suspect. Investable assets include 401k assets. In my area, there is 5.5bil in investable assets. I know four firms that will comprise 20% of that. And they aren’t laying people off.



Doorknocking works, don’t knock it. But what does it work for? I gotta say, people in this area, will NOT do business with door-to-door brokers. It’s primarily an engineering and scientist market and the “aww shucks, buy this mutual fund” approach won’t work. You need statistics. You need to show stock intersection, you need a value-added proposition. This area has more Ph. D’s per capita than any place in the United States. Smith Barney is one street over from my office, Merrill Lynch is three. I have seven Edward Jones offices on my street, three are within less than a mile. Plus, there’s some place called “the Mutual Fund Store” which I actually thought was an Edward Jones office.



It works. I won’t knock it, but I found another way. And I work a LOT less than others. And I didn’t have to “build it wide”.



Oh, and as for being unprofessional - what other profession goes door to door for business? Just curious, but I’ve never had a lawyer, doctor, accountant, chiropractor (yes, i separated them for doctors) knock on my door. I have, however, had several Jones guys come to my door. One of them is still here.



Maybe somebody can take my office when I leave.



I know a lot of people who built it door-knocking - but I know more who built it saying that they door-knocked, but didn’t.

LMAO at some of you who think you’re sooo much better for cold-calling people during their day off/lunch/dinner to bug them vs knocking on their door? You are dense in the head if you think cold calling is ANY more professional than knocking on a door to introduce yourself and then warm call.

O…and DO NOT compare being a FA to a Dr/Lawyer…not even in the same league…we maybe all wish but not so. Being a FA is a salesman…Dr/Lawyer/Accountants are professionals…just my oppinion. Haven’t heard of too many people going to school 8 years to be a FA at MS/SB/ML/EDJ…im sure there are some but they wasted their time and it was un-needed

OBGYN stopped by the other night soliciting...but didn't let him in....we were eating dinner.

O…and DO NOT compare being a FA to a Dr/Lawyer…not even in the same league…we maybe all wish but not so. Being a FA is a salesman…Dr/Lawyer/Accountants are professionals…just my oppinion. Haven’t heard of too many people going to school 8 years to be a FA at MS/SB/ML/EDJ…im sure there are some but they wasted their time and it was un-needed

Wow. Why the hate?



I hope you aren’t talking about me. I’ve been pretty fair I think. And I work at Jones.



I just don’t think it’s the only way. Other than door-knocking, I’ve never cold called. But door-knocking never worked for me.



You make a good point about the telemarketing companies though. I wonder how the cold calling people will react…

You’re right about Doctors/Law/Acct not being FA’s, but they still have to get business. Where do they get it? Not door-knocking.



What about EA’s (Enrolled Agents)? They know more about taxes than most CPA’s, but they went to school for a year maybe? And accountants, oh yeah that Bachelor’s in accounting was real hard.



And before any of you CPA’s get upset, I did say MOST. I’m sure everybody on THIS board knows everything.



If I go to school for eight years, does that mean I don’t have to prospect?



Fine, I’ll do another year.

The difference between cpa/doctors/dentist and lawyers vs fa’s is that many times there is a deadline or a pressing need for people to act.  File your taxes by April 15, someone is suing you so you need a lawyer.  Your tooth hurts so you go to the dentist or you were raised properly and the 6 month checkup is what you do besause thats what you do.

BTW I have been a salesman all my working life and I love it.  Everytime a help someone I make money and the better I am the more I make.

You should ALWAYS be salesman if you are in business. No matter what business. Relationships are about sales. I fought it, and suffered. But when I embraced it, I started knocking it out of the park. It’s not the sales that I’m talking about. It’s about prospecting methods.



How do scientists who have an idea for a drug solicit money for a startup? I could go on and on about what professions don’t doorknock. He likely went to school for eight years, so I guess he doesn’t need it. What about writers? Do authors go door to door selling their books? Who “needs” the book or article? Is there timing on that?

What about writers? Do authors go door to door selling their books? Who “needs” the book or article? Is there timing on that?

Well, there’s such a thing as self publishing. I know quite a few people who use that method. And do pretty well. My wife does it with children’s books.



Wow, why do you have to be so insulting? I never said it was pretty stupid that people go doorknocking, did I? I said that it works, I was commenting on the perceived professionalism of it.



My definition of professionalism may be different than yours, and I’m sure it is. But also, people in my market do not see it as professional. People in rural areas do.



All I’m saying is that it is very few businesses that go door -to door. Am I correct? Or not?



I also noticed you didn’t answer about scientists. I will come up with a list if you want of all “professions” that don’t go door to door.



And I’m sorry you are having a bad day.

Wow. Why the hate?

I hope you aren’t talking about me. I’ve been pretty fair I think. And I work at Jones.

I just don’t think it’s the only way. Other than door-knocking, I’ve never cold called. But door-knocking never worked for me.

You make a good point about the telemarketing companies though. I wonder how the cold calling people will react…

hawse - sorry I mischaracterized your post.



I agree that there is a lot of Jones-hate on here.



I can’t imagine cold calling either though. Or door-knocking. Whatever works for people.



I will say I do question the professionalism of either method. That doesn’t mean it’s unprofessional, just trying to have a discussion about it. And I don’t think I ever actually said it was unprofessional. Just talking about the perception of it.



And I know you’re not talking about me, so thanks. Some people get really touchy on these boards though.

"My definition of professionalism may be different than yours, and I’m sure it is. But also, people in my market do not see it as professional. People in rural areas do. "

Babs - I like your approach. And I’m glad you found a way to make it work. Doesn’t quite fit the Jones model though of 5-7 contacts, offering investments and “if you have some money available…”.



And yes - I am in an extremely urban area. In the city alone, there are 34 Jones offices.



And I’m not opposed to people coming to my door. I merely asked the question. And wondering what people think about it.



Thank you for the polite dialogue.

All you ‘investment social workers’ are confusing ‘reception’ with ‘productivity’.  Of course - if you knock on enough doors - people will welcome you in (again - stay away from the bathtub). 

I’ve never done any residential door knocking.  I have done lots of business door knocking. 

[quote=apprentice]All you ‘investment social workers’ are confusing ‘reception’ with ‘productivity’.  Of course - if you knock on enough doors - people will welcome you in (again - stay away from the bathtub). 

[quote=apprentice]All you ‘investment social workers’ are confusing ‘reception’ with ‘productivity’.  Of course - if you knock on enough doors - people will welcome you in (again - stay away from the bathtub). 

Spacey - rock on!! 

Babby - I posted this last message before addressing your concerns. 

 Targeted calling to well researched prospects is a bit more productive. 

First off let me say Spiff that while I haven’t always agreed with the things you say, you always make very cogent, powerful arguments.



Also, just because a thread veers away from it’s intended subject matter, doesn’t invalidate the thought. (not directed at you SS).



As for prospecting, it starts with the phrase Jones tells you… "who do you know?"



I recognize that people starting out dont’t have a lot of people they can call on, but they better have met some people in their life or they need to quit immediately!



I had an unfair advantage. A mayor owed some favors, I did some volunteer work for a cause that a congressman championed. I served in the military, so did my entire family. While in Iraq I made several generals (and by several I mean 1 and a Col §) look very good.



And guess what? They all have families. With the young guys, I got their parents, then their grandparents. Older people their children, then brothers and sisters.



After you’ve exhausted the possibilities of families, begin in on the neighbors, their doctors, their dentists, attorneys, CPAs.



I spend three quarters of my day on the phone. I have a near limitless pipeline. Some are small potatoes, some very, very large potatoes.



Believe it or not, this worked even for a 22 year old wet behind the ears kid, who in his second year is doing 220k in production.



None of these have been cold calls.

Babbs - you’re the better man (or woman, can’t tell by your avitar).

Well, there’s such a thing as self publishing. I know quite a few people who use that method. And do pretty well. My wife does it with children’s books.

Wow, why do you have to be so insulting? I never said it was pretty stupid that people go doorknocking, did I? I said that it works, I was commenting on the perceived professionalism of it.

My definition of professionalism may be different than yours, and I’m sure it is. But also, people in my market do not see it as professional. People in rural areas do.

All I’m saying is that it is very few businesses that go door -to door. Am I correct? Or not?

I also noticed you didn’t answer about scientists. I will come up with a list if you want of all “professions” that don’t go door to door.

And I’m sorry you are having a bad day.

On the contrary, her books have done very well. Her first two books were self-published, did a couple of readings and BAM! People came knocking on HER door. Do you know how difficult it is to get a children’s book published? Since I don’t know you, I won’t say you don’t. But it is a lot more difficult than any other type, and she did it by thinking outside of the box.



At Jones, the box is doorknocking.



A lot of people work on commission and don’t get paid a salary. I don’t understand why you are capitalizing salary either. I get it that people get paid a salary in a lot of other professions. However, there are places where advisors get paid a salary and get eased into the business.



We see this as growing a business. Anybody who grows a business must sell and find a way to sell. It doesn’t matter the profession. We are entrepreneurs (at least that’s what they tell you at Jones).



Once again, I never stated that it was unprofessional… I pointed out the fact that others don’t knock on doors, and asked the question, “what other profession goes door to door?”.



So you can keep insulting me if you like, but the simple fact is you mischaracterized what I said, got defensive like the typical Jones kool-aid drinking fanboy because your feelings got hurt by what other people said, and decided to take it out on me. I challenge you to find where I called doorknocking unprofessional. I was speaking about perceptions. As an advisor, you should already know about perceptions.

Oh, and when did I say that it didn’t work? I just told you how people in MY area perceive it.

[quote=Magician]On the contrary, her books have done very well. Her first two books were self-published, did a couple of readings and BAM! People came knocking on HER door. Do you know how difficult it is to get a children’s book published? Since I don’t know you, I won’t say you don’t. But it is a lot more difficult than any other type, and she did it by thinking outside of the box.



At Jones, the box is doorknocking.



A lot of people work on commission and don’t get paid a salary. I don’t understand why you are capitalizing salary either. I get it that people get paid a salary in a lot of other professions. However, there are places where advisors get paid a salary and get eased into the business.



We see this as growing a business. Anybody who grows a business must sell and find a way to sell. It doesn’t matter the profession. We are entrepreneurs (at least that’s what they tell you at Jones).



Once again, I never stated that it was unprofessional… I pointed out the fact that others don’t knock on doors, and asked the question, “what other profession goes door to door?”.



So you can keep insulting me if you like, but the simple fact is you mischaracterized what I said, got defensive like the typical Jones kool-aid drinking fanboy because your feelings got hurt by what other people said, and decided to take it out on me. I challenge you to find where I called doorknocking unprofessional. I was speaking about perceptions. As an advisor, you should already know about perceptions.





[/quote]

Well I gotta give you credit you sure can write a lot without saying anything.  Your question implies its unprofessional and if you didn’t intend that why ask it?   Thanks for the challenge it was a very low hurdle.

I don’t recall making any great contacts while I was drenched in sweat, feeling horrible, smelling nasty.  When it is 110 degrees outside, you just have to door knock in malls.  When I was starting with EDJ I actually bumped into another new EDJ guy at the mall one day, he was prospecting everyone that walked by.  I never did it, but looking back, if you don’t get security after you, it was smart.

Why ask any question? Curiosity Trying to figure out what other people think. Which anybody can do without being insulting. Around here, people hate people at their door. So I’ll ask again, without implications, "How is doorknocking perceived?"



So everybody gets paid a salary in other professions. I’ll give you a complete example of a profession that doesn’t get paid a salary and doesn’t doorknock. Chiropractors.



Whether you think they are quacks or not (my wife does). But mine pulls in around $700k a year. When he left school, he had $100k in debt (eight years - chiro undergo more classroom hours than M.D.), got a loan for his practice, put out a sign, asked for referrals, networked and here it is 10 years later.



Another guy just starting out, doing the same thing. It’s the method they use, and obviously it works.

Door knocking is perceived as a negative by most people, but so what?

Now that’s an answer!



But some people do care about perceptions.

Whether you think they are quacks or not (my wife does). But mine pulls in around $700k a year. When he left school, he had $100k in debt (eight years - chiro undergo more classroom hours than M.D.), got a loan for his practice, put out a sign, asked for referrals, networked and here it is 10 years later. 

The school this guy went to is kind of weird. After the first adjustment, he calls you that night to see how you are feeling (kind of like reviewing statements after the client gets their first statement).



The guy who referred me to him (who went to the same school) was new and spent his time going to networking events, trade shows and then followed up with calls to get them in to “begin their path to true health”. Personally, I think a lot of what he’s selling is crap, but my neck and back have been killing me since Iraq, and I haven’t had any pain since going, so I’ll keep going.



Then they have these workshops that you are “required” to go to.



Still, I think you make a valid point. The professions are for the most part distinctly different.



However, since you said before that CPAs and lawyers work somewhere with a salary, I don’t see how we can possibly fall between them.



Our profession is unique. And I would say maybe there is no close comparison. The issue is appearance. Door-knocking works. That’s a fact and there’s no doubt about it. I just think there are better ways. Maybe not better, but more efficient ways.

I just think there are better ways. Maybe not better, but more efficient ways.

Akkula



I’ve already outlined my process in previous posts on this thread. The efficiency of the method is that if I talk to 5 people, 3 will do business with me. It’s because these are strong referrals and I’ve built an expectation that I’m growing my business, and that I’m the one they should work with.



From what I understand you are new to the actual financial advisor business, having been on the 401k side of things. I’m not sure I would be talking about guts to someone who has actually been in the trenches. Just a thought, not trying to belittle you.



By the way, I started new/new out of my 1 bedroom apartment.



It seems like you have the right attitude, and that you’ll go far. I wish you luck.

Magician - waive your magic wand and make yourself disappear.

No thanks.

All right after reading this entire post I have decided to put in my opinion.  First of all we all know EDJ is requiring their brokers to door knock.  With that being said since I have never knocked although I do targeted cold calling if you like opening $5,000 accounts with a slight chance at something even remotely worthwhile like over $100,000 then knock away.  If you look at the most successfull firm as measured by AUM and production per broker then in no way is knocking something someone at Goldman, Lehman, MS, ML, SB, WB, or an established Indy is  doing.  EDJ brokers seem to be happy working in very small markets and making production over 200K.  A lot of advisors have different business models and quite frankly a prospect with a $2 million dollar account is probably not going to say wow you knocked on my door you need to manage this money.  To me this strategy seems suited for small accounts in small cities where there is little competition other than an insurance guy who puts his clients in all American Funds.  I am not saying it is wrong or that you are wrong for doing it.  Being based in a major west coast city this strategy to me is completely worhtless.  But there are some EDJ brokers out here but I gurantee you they are not big producres by any means.  Bringing in clients is important but building your book fee-based with some kind of minimum is most important unless you want avg accts at $25,000 or something.  Since we all know EJ really doesn’t have fee based biz I say door knock build your clientele,  specialize in a niche, and then go Indy or joing an existng Indy office so you own your book and have true Freedom!

Do you really know anything at all about EDJ or are you just making wild guesses about the avg FA based on what you read here? 

Spiff is right.



There are some pretty big producers at EDJ, and I think the top producer is in ND. The other guys would know more.



And as much as I hate the inefficiency of door-knocking, I know a guy who pulled in a 6 million dollar account from doorknocking. He is indy with LPL now, but he did get it. It took him two years of going to the guys house and helping the old guy trim trees, but he got it.

Spiff to respond to your points:

The guy with the 6 mil was only with Jones for three years total, not very experienced, and I would say still not very knowledgeable.



I don’t know, a lot of these guys are GREAT salesman. Also, most people don’t knock after five years even if they did to begin with (there are exceptions, I know a 600k producer that still goes out - he loves it).



I do agree about platform, capabilities and product depth. It sucks. However, some people with that much money don’t really know a lot and don’t ask for all of the advanced investments. If they think they are going to get a 10% average annual return and not have to pay a commission and low expenses each year (a la American Funds).



That said, most of my clients do desire a truly wide range of capabilities. A lot of times, I find myself faced with great referrals who like me and want to do business with me, but want a fee-based account, the ability to invest in private equity, utilize options strategies, and some riskier type investments, etc.



And small towns have all of the LOOT anyway! Man, if you’re the only gig in town and their are wealthy farmers around, they’d rather deal with the redneck Jones broker so he doesn’t have to go into the city to talk with the Merrill guy. As soon as the kid graduates, we’re heading to Kemmerer, Wyoming and starting up a ranch.



In fairness though, you did say, “EDJ brokers seem to be happy working in small markets making 200k”.



I’m just saying.

Pardon me, I spelled there the wrong way. “their”.



And I meant to say in my gripe about capabilities that I lose those referrals. It sucks.

No, you didn’t say Jones doesn’t have any big producers.   You said “But there are some EDJ brokers out here but I gurantee you they are not big producres by any means.” 

If you have a big enough network and natural market you don't need to cold walk/cold call.  However, if you are like 99% of new FAs under 40, you need to do some type of cold prospecting because you simply don't have a big enough network of people with assets nor are your savvy enough to get people to trust you.  It seems the only way to solve both of these problems is to get experience by talking to as many people as you can.

Magician, if it works for you not to cold call, more power to you.  From everything I have been told and have experienced in other industries, cold calling can work and can help you develop your skills when you do get a warmer lead from networking. 

If you look back, I never said it didn’t work. In fact, I have said that it will indeed work.



Everybody has some sort of network. You start with what you have. Like I said, if you’ve made it this far in life without friends, like I said, might be a good idea to quit.



I’ve just seen guys do it my way, and cold calling. Both work. Mine is a concentrated effort, the other is a “contact” sport.



I think you’re selling yourself short if you don’t capitalize on the people you know.



I tried doorknocking by the way. And I started in August. In the South. And I did it for ten hours a day for six weeks. Got one account off of it. 25k. Working with people I knew was a lot cooler, and it was a lot more productive. It is entirely possible that it just didn’t work for me face-to-face and cold calling would have worked better for me.

Could also be that 6 weeks isn’t enough time for a process like doorknocking to really work like it’s supposed to.  If it takes on average 5+ contacts to make someone a client, you can’t do that in 6 weeks. 

True. However, I don’t know how it was when you started, but I had St. Louis breathing down my neck and telling me that I wasn’t working hard enough. I couldnt even get people to let me call on them. Those that did were upset I was trying to get them to buy something. "Magician, I thought you were just introducing yourself, why are you selling me something."



Once I started producing, STL backed off. I could have gone back to doorknocking, but since what I was doing was working, why would I? Much better to sit in your apartment in A/C than ruin a few good suits (I’ve always sweated a lot). I always promised my mentor (now Indy) that whenever my pipeline dried up, I’d go hit the doors. I’m happy to say that it hasn’t happened yet.

Good for you.  I’m not bashing you for the way you built your business.  It worked, so you exploited it.  I’m simply saying that the short amount of time you did it really isn’t enough time to say it didn’t work for you. 

and at the end of the day, who really cares?  Jones will continue doorknocking, non-Jones people won’t, and will continue bashing those who do, and chime in on the next thread about how stupid it is.  problem is, it has no bearing on who wins/loses at this game.  one way or another you need to get in front of people.  who friggin cares how you go about it?  can’t believe people waste so much time here talking about this issue.  cold calling works, if you have the skills.  doorknocking works, if you have the skills.  joining community organizations works, if you have the skills.  and oh yeah, if you BELIEVE it will work.  move on people.

Hi'