any update to this thread…it was a good one…

Hey Boomer, Ask and ye shall receive<?: prefix = o ns = “urn:schemas-microsoft-com:office:office” /><o:p></o:p>

Gaddock, good for you! 

So the guy from Time tells me if it takes more than one piece of paper to explain something you don’t properly understand it and can’t properly explain it either.

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That hit home with me.

I came up with a decent analogy that helped me close the case with the life insurance funded by the RMD’s. The case had already been conceptually sold. All in all it was a pretty complex case and the last thing I wanted to do was burry them in numbers leaving them glazed over and unable to make a decision LIKE I’M HUGELY GUILTY OF TIME AND TIME AGAIN.

So, when they came in I began to compare the case to a washer & dryer. One being the life case the other the IRA. I told them we’ve already picked out the washer and dryer, now the decision is if we want to buy the extended warranty.

The choices:

The Washer; With out warranty a $10,500 annual life premium for $182K death benefit but it turns into a pumpkin at age 95. The warranty would be the same premium but to age 105 reducing the death benefit to $168K. Question; do you think you will live past 95? Answer no way. Then why pay for the extended warranty? Decided against paying for the extended warranty. SO I JUST SOLD A $10500 ANNUAL PREMIUM WITHOUT ONE CHART, PROPOSAL OR STATS OF ANY KIND. Joked with him that I hope the life policy turns out to be a very bad deal i.e. he lives to 95.

The Dryer; I showed them the piece from America funds (my one piece of paper) that shows the growth of ICA going back to 1934 and has the reason why not to invest each year. So, not paying for the extended warranty would be simply putting the $ into a good mutual fund. Then described a VA as simply a box that we could put the same fund into but get a guarantee on the cash flow i.e. the extended warranty. So, I simply said I wouldn’t pay for the warranty as I’m OK with the volatility that may be experienced. But the big question is are YOU? Turns out they are OK with it as well when explained in such SIMPLE TERMS.

So of the $203k $185 into ICA and $10,500 to pay the premium. The remainder a little bit of pocket change if needed. I have also found that not putting every cent into something seems to make a buying decision much easier even if it’s a tiny amount left over … go figure.

Gaddock I need a mentor… BTW…where did u start off? If not Edward Jones what u think of them? I ask coz I think u are smart & I value ur opinion. Also thanks for the info. I’ll sure hit u with a pm

Gaddock I need a mentor… BTW…where did u start off? If not Edward Jones what u think of them? I ask coz I think u are smart & I value ur opinion. Also thanks for the info. I’ll sure hit u with a pm

Hello MrsObama,<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Thank you for the kind words. I’m in my sixth month of production with AGE/WB.. I think Ed Jones is as good or bad as any other place you will get your start. One thing that is AWESOME about EJ is they will teach you how to prospect instead of simply handing you a phone and telling you to make $$.

If you considering getting into this business you need to know the reality of it out of the gate, a few quick thoughts on the subject;

1)      You are not a money manager; you are an asset gathering cold caller.

2)      You will work harder than ever before to even have a shot at making it.

3)       You will have to thrive in endless rejection. Anybody can pay that concept lip service but talking about it and living it are a world apart.

4)      Know that you will be on a financial burn rate and roller-coaster

5)      The other brokers in your office are not your friends; they are vultures waiting to split you book when you fail.

6)      You can make a huge difference in a persons life BUT YOU CAN ALSO DESTROY THEM and will loose lots of money for lots of people.

7)      This business is not at all what you see on TV. How Hollywood derived the fantasy they portray on the idiot box is beyond me.

8)      You have to be all in OR NOT AT ALL. There can be no half measures. You have to be an entrepreneur. Nobody will be holding your hand or giving you pep talks.  

9)      A good mentor is a HUGE HUGE help.

At the end of the day this business is about three things Prospecting, Closing & Asking for Referrals. If you make it at EDJ you can make it anywhere if you fail there you would have failed anywhere else. 

But alas that’s just the viewpoint of a poor little rookie who’s treading water.

Thanks Gaddock.   Wise words. I aspire to be where u are!

Great thread

I have been researching these forums for a couple months now and this is by far the best, unbiased, objective thread on what to expect as a new broker and how to tackle the subsequent obstacles.



I’d like to think that Gaddock hit the nail on the head that one’s success and failure at one company is indicative of how one would do at any other firm.



As I begin my production, I hope to keep this thread alive as an ongoing tool. Any encouraging words?

Agreed this is a great thread…As I get ready for my first fully booked week of appointments I will be keeping this thread in mind.

Thanks for the encouragement Gaddock, I’m in my third month of production and the going is slow.  

Gaddock, give us an update if you can.

I am not an FA yet, but I do find this thread to be very insightful into selling anything to prospective customers.  I spent almost two years as a lead generator for Home Depot, so I know talking too much can be a problem.   An older gentleman I worked with said, once you have their interest, slide the paper under them to review and hand them a pen.  Now this is for free estimates on projects, and I would assume signing away savings would be different.  However, it is just a way to illustrate that a lot of the time the client will sell themselves.  Great thread.  I would also be interested in an update.

Which Joe are you crediting in the original post?

I’m not in the biz, but this is an interesting thread to read re: the realities of life as an asset-gathering machine.  Just curious, how are you guys getting around do-not-call lists? Most everyone I know, including me, is on it.  I get few unsolicited calls any more except from companies where I already have an established relationship (who are trying to cross-sell other products).

[quote=Joshi]I’m not in the biz, but this is an interesting thread to read re: the realities of life as an asset-gathering machine.  Just curious, how are you guys getting around do-not-call lists? Most everyone I know, including me, is on it.  I get few unsolicited calls any more except from companies where I already have an established relationship (who are trying to cross-sell other products).

[/quote]

You don’t need to worry about how to get a hold of people. Just get in OUR business and then worry about grown-up stuff.

What a jerk.

He may be a jerk but in this instance he it right.  The DNC list just means you have to prospect a little differently.  There are far bigger challenges to making it in this  business.

There are no DNC laws for business to business. Most high net worth clients control a business or are a key executive at the corporate level. These individuals and their entities have critical planning and investing challenges that we have the solutions for.

Stok

Ah… gotcha.  Thanks for the info.