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EDJ Door Knocking?

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Jul 6, 2006 6:47 pm

[quote=Cowboy93]RecordGuy dude–didn’t you ask this exact same question awhile back and then come up with excuses when you didn’t like the answers?  Man, just don’t go work for EJ if you don’t believe that it can work.  You seem to ALREADY make excuses and you haven’t knocked on door one.  It’s somewhat natural to rationalize THEN, because it’s not easy.  You see, if it was, everyone would do it.[/quote]

Agreed. 

Jul 6, 2006 9:19 pm

Lol, what?  Where did I type an excuse?  I’m just looking for feedback on real world experiences, and not just pr.  Thanks for all the feedback guys and gals.  Much appreciated.

Jul 6, 2006 11:26 pm

Guy--I don't work for the firm in question any more.  Maxstud did a decent job giving you the facts without too much propaganda.  You asked "does it work?" and got 3 of 4 answers...then you said, "it seems like it would be easier if..."  That, in this business, in an excuse.

You are NOT selling investments at the door, nor are you selling an office--before or after you get one.  Newbie/Put/BEF lays into people precisely because of the pattern you show here.  I have rationalized many things myself--it is a constant struggle for most of us.  If you knock on a door thinking "no one wants to talk to me," then you heck no it doesn't work.  Like, duh.

Jul 6, 2006 11:28 pm

corrections (uggh):  "...got 3 of 4 YES answers..."

"....then heck no it doesn't work."

Jul 7, 2006 12:13 am

I think you have misunderstood me.  That may be the reason for your attack.  If a stockbroker comes to your door and wants to sell you bonds, would you be more likely to buy them if you could go meet with him in his office?  What if he says I don't have an office?  Is there a credibility problem there?

I spoke with an ex-Jones broker who stated very simply that the new brokers who make it in his area are the ones who either goodknight or take over an existing office.  The other new hires never make it, meaning they never get an office.  It just got me thinking: How hard is it to sell if you don't have an office? 

Jul 7, 2006 4:07 am

[quote=RecordGuy]

I think you have misunderstood me.  That may be the reason for your attack.  If a stockbroker comes to your door and wants to sell you bonds, would you be more likely to buy them if you could go meet with him in his office?  What if he says I don't have an office?  Is there a credibility problem there?

I spoke with an ex-Jones broker who stated very simply that the new brokers who make it in his area are the ones who either goodknight or take over an existing office.  The other new hires never make it, meaning they never get an office.  It just got me thinking: How hard is it to sell if you don't have an office? 

[/quote]

Dude it's simple, either you need to get over you hang up about being unable to succeed without first having an office OR decide to explore opportunities with another firm. Now stop wasting our time asking the same question over and over with different words!!!

Personally I think you might want to consider another line of work...perhaps one that pays a reliable salary.  H&R Block will be offering their tax prep course in a few months......

Jul 7, 2006 4:13 am

If you think that was an attack, you are not cut out for this.  It is quite emotionally draining.

It is not a big deal to not have your own office if you don't act like it's a big deal.  You tell prospects they are "looking for office space for you."  If you are creative, smart, and have any wits, you ask a veteran broker if you can use his/her conf room or hallway or bathroom for your appointments if necessary.  If they say no, you go ask another.  Voila--you have an office.  EJ doesn't tell you the whole story, but they aint kidding that plenty of people have built a business knockin on door.  Others have had easier roads, but I've seen it done--my business is a good part directly attributable to doing it, but I've seen from direct experience people do what they're told, tweak a little for their personality and market, and do ridiculously well.  You are not going to someone's door to sell them bonds.  You are trying to sell yourself, which is harder.

OK, enough "attacking."  You can ask all the questions you want, but for those who want it bad enough, the office thing does not prevent someone from being successful...much like any # of "reasons" people at other firms use as excuses.

Jul 7, 2006 4:14 am

JoeD--great minds think alike.  I feel like I'm quoting any # of sales books and realize how true that positive thinking crap really is starting a business from scratch.

Jul 7, 2006 4:20 am

[quote=Cowboy93]

JoeD--great minds think alike.  I feel like I'm quoting any # of sales books and realize how true that positive thinking crap really is starting a business from scratch.

[/quote]

It's not crap at all.  It's hugely important, in fact.

Jul 7, 2006 4:23 am

Yeah, I know…that was supposed be sarcastic.  I’ll use a little winky face next time.  I used the “crap” term because before I started I felt that way, but in trying to get through to RecordGuy I just want to tell him to go read any one a zillion books and if he still doesn’t “get it,” it’s hopeless.

Jul 7, 2006 4:31 am

Cowboy93 wrote:"Maxstud did a decent job giving you the facts without too much propaganda."

If you don’t mind I’ll fix you post:"Maxstud did a excellent job giving you the facts without any propaganda.'

Thanks

Jul 7, 2006 11:36 am

[quote=joedabrkr]

H&R Block will be offering their tax prep course in a few months......

[/quote]

I can't recall when it was, but sometime in the last year or so I was in Palm Beach, or Palm Beach Gardens, or one of those places down there.

A friend took my wife and me out to dinner and afterwards we went for a walk around the town.

There was a HUGE H&R Block brokerage office--store front, very nice digs.

I was aware that they were out there in the wars, but I figured that they really only appeal to the "average guy" who does not need a real accountant, yet is not smart enough to run a Turbo Tax program.

Have any of you interviewed with them?  Are they in your neck of the woods?  Any opinions about them?

Jul 7, 2006 12:41 pm

I asked a simple question: Is selling investments, without an office, a viable business?  You answered my question, thank you.  I'm not sure why all that other crap was in your post.  Maybe you like being hard on noobs, or maybe you are just getting old.

Have a great weekend!

R'guy

Jul 7, 2006 2:42 pm

[quote=RecordGuy]

I asked a simple question: Is selling investments, without an office, a viable business?  You answered my question, thank you.  I'm not sure why all that other crap was in your post.  Maybe you like being hard on noobs, or maybe you are just getting old.

Have a great weekend!

R'guy

[/quote]

Yes it is a viable business.  It is just harder.  And like somebody said if you are at Jones and there is another office in your town, ask to use their conference room.   People will understand that you are looking for a location, or that your location is being remodeled and put up with that for a while. They're doing business with you and your personality not the nifty office furniture you will eventually get from Jones.

However, if you don't bust your a@@ to make enough sales to qualify for an office and soon, you might not be in the right business.

Jul 7, 2006 2:48 pm

[quote=babbling looney]

However, if you don't bust your a@@ to make enough sales to qualify for an office and soon, you might not be in the right business.

[/quote]

Not having ever worked at Jones I don't know a lot of things about the firm.

What are the standards that must be met to qualify for an office?

Once I have an office does Jones pay the rent, or is it charged back against me?

If it's charged back against me anyway why can I not just go rent some space and use it as my office--rather than using my spare bedroom or space in my basement?

I understand things like NASD definitions of a branch office--so what if I don't advertise it, I simply work out of there because I feel better about myself and when clients come in they will probably not even notice that it doesn't say Edward Jones anywhere on the door.

Jul 7, 2006 3:34 pm

It’s my understanding that certain communities have a no solicitation policy and signs posted. I assume there are stiff penalties and charges if you happen to meet the wrong people. How do you get through this?

Jul 7, 2006 5:55 pm

NASD--standards to "earn" an office are not that tough, but they sorta want to make sure you're going to be worth building out an office for, leasing, etc.  We're talking minimal production and opening some accounts in the first 4-6 months.  However, a large % of new people now end up filling the office of a departed broker, usually with a couple mil in assets but no substantial business going on.  As you maybe aware, some new brokers do not survive for more than a year or two.  (Add sarcastic tone to that last sentence)

The rent and most associated expenses are covered by EJ.  You could do like you describe above, but for reasons I'm sure you understand, EJ wouldn't care for it if they discovered your little "operation."  Also, you'd pay out of pocket for it.  Personally I like using a real live office, even if people know it's not yours, vs. this, but it certainly is an option if someone is smart about it.

Jul 7, 2006 5:59 pm

If you don't mind I'll fix you post:"Maxstud did a excellent job giving you the facts without any propaganda.'
--------

OK, OK....you win.  You were a bit defensive about blarm's small account crack, but otherwise, you are a maxstud.  I'm with you that there are decent size accounts to be had by actually talking to real live people at their homes.  Yeah, you get some small ones, but oh well, you always deal with those later if you have to.

Jul 8, 2006 12:13 am

[quote=Breaston15]It's my understanding that certain communities have a no solicitation policy and signs posted. I assume there are stiff penalties and charges if you happen to meet the wrong people. How do you get through this? [/quote]

This is a good point.  As a potential candidate for the business and someone interested in EJ, can some of the EJ vets address their experiences with this?  Thanks.

Jul 8, 2006 12:21 am

Have any of you gotten into a violent altercation at the doorstep?  Like if you wake up Igor after his shift down at the dump, on a day when his wife left him for a guy named Tyrone, who also works at the dump.

Cowboy, could you shed some light on some of the clients you generated from doorknocking?  Type of person, what did they buy, and how much?  How long did it take to make into a client?  I appreciate any insight.

Thanks in advance,

The RG