First REAL doorknocking day
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Just finished KYC. Today was the first full day of door-knocking. I had to wait until 8:30 because of solicitation laws. I had the first door picked out the day before so I just drove up, got out of the car, knocked on the door without even thinking.
The first guy was a recently retired independent financial advisor. Nice guy. He said his neighborhood would be “fertile ground” because of the number of retirees and money. Didn’t bother to give that guy the brochure or get his name, maybe that was stupid.
Many hours later with rain starting I called it a day. I feel like a bum with only 24 solid contacts. Missed the mark of 25. I packed it in and went home at 3:30pm. Wow that’s bad. I need to kick it up a notch tomorrow.
One lady told me she has a lot of large CD’s coming due in October. Another lady invited me in to show me some pictures. An older gentlemen said his wife is making him get an advisor because she thinks he’s going senile and losing all their money on TD Ameritrade.
I’m disappointed that I called it quits so early. I’m also disappointed that it actually bothers me when someone gets mad at me for knocking on their door. I should just be able to brush it off and move on, right? I guess I’m human.
All in all, not a bad first day. Now to just keep this up for the next year or more…
ALSO, I would say at least 80% of the people I talked to mentioned that they had advisors. Should I worry? What should I say to these people? Keep in mind, these are EJ first contacts.
Fisher, the best prospects are the ones that already have advisors… all you need to do is get a statement from them and point out their fees. People with VA annuities are my biggest money makers doorknocking because they think they pay nothing until I show them the 2.5%/YR fees they are really paying. Also, people with advisors are people who realize they can’t do it on their own. As they say, keep dripping!
Go out and find some thicker skin and it shouldn't be a problem. Seriously keep us posted on your first few weeks of door knocking. I'm strongly considering working for EDJ.I’m also disappointed that it actually bothers me when someone gets mad at me for knocking on their door. I should just be able to brush it off and move on, right? I guess I’m human.
If you made 24 today, on your first day, that’s a great start. Especially if you stopped at 3:30.
Don't stress about the people who don't like you knocking on their door. They wouldn't like you calling them on the phone, or mailing them a postcard either. Some folks are just grouchy. Give it a few days and you'll be chuckling at how weird some people are. The couple of people you mentioned with money sound like they could turn out to be something. Keep in touch with them. Only 80%? You have to remember that your best prospects are somebody else's client. You need to learn to dig out info like how long they've been with that person, how often they hear from him, what value they feel they're getting for the fees/commissions they are paying, etc. Find the weak links and go after them. If they have a broker already, that means they have money already. Take that as a sign that you're in the right neighborhood for finding your first client.Nice first day. Seriously, to get 24 on day 1 is pretty good. Keep in mind, you are not going to find 25 clients per day. If you find one, yes ONE client per day (meaning one that will EVENTUALLY become a client), you will be incredibly successful. If you find 2 clients per WEEK, you will still be very successful. Just use that for perspective in terms of what you are trying to do. It's like cold calling - call 100 people, find 1 client. Same deal. Don't get put off by all the BS you get. You just need to find a few nuggets each week and you will be golden. And remember, the really, really nice people will not become your clients (they have no money). The cranky old people that shun you away the first time will become your good clients. They have money, and they don't want anyone stealin' it from 'em. Just get to know them.
And everyone has an "Advisor" or is "taken care of". Everyone. But, that might mean the nice lady who gives them their CD's at the bank, their insurance guy they never see, the 401K person in the Benefits department, or their neighbor who works for Primerica. Just don't assume that everyone that says "I have an advisor" (a) is telling the truth, (b) knows their advisor's name, (c) has a "real" advisor, or (d) actually LIKES their advisor. Most of the time, one of these four things are the reality. Most people you talk to aren't going to have a $10mm managed account at Goldman Sachs. Most people just don't have what we consider a "real" advisor. That has been one of my biggest revalations in this business. I thought everyone with money had an advisor. It just ain't so. And even if they do, don't be put off until they tell you "son, I'm well taken care of, you need not call on me anymore". Ask some probing questions...."are you pleased with your advisor, what has he been telling you about the market lately (in other words, does he ever call you??), what type of investments does he use, etc.". I have found some pretty large accounts of people that have 500K-1mm in their 401K, but nearly nothing outside of that. They might have some small brokerage account or annuity or something through their insurance agent. But nothing that would be considered a real "advisory" relationship. Go get it. Find out about his 401K (unless they have a "real" advisor, nobody is helping them with their 401K). This will open so many doors for you. Good luck.if you stopped door knocking at 3:30, you should be on the phone till 8:30. don’t quit the day until you get 1 “order”.
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Good job. Sounds like a nice neighborhood for prospecting. One tip is: don’t trash the other broker or their firm! It will just make the prospect mad and make them feel as if you think they are dumb for having chosen a “bad” advisor.
[quote=Vin Diesel]if you stopped door knocking at 3:30, you should be on the phone till 8:30. don’t quit the day until you get 1 “order”.
good luck.[/quote]I hear you. Right now I feel somewhat handcuffed by Jones. Until the week before eval/grad I'm not allowed to ask ANY financial questions let alone make a sale. Jones has the start of my career planned out to a "T" but I can't help but to feel handcuffed at this point.
It's tough introducing yourself as a financial advisor but not being allowed to ask financial questions. Luckily, some people volunteered info and I made sure to make note. During my repeat contact I'll be asking plenty of financial questions.
I got back to the house early but it took FOREVER to enter the prospects into the system and print out all th thank you cards. I'm starting to see the "busy work" trap for new advisors. I'm not even going to think about that stuff until after the normal business day.
What does everyone say to this question on the doorstep or in starbucks for that matter, "So where's the market headed?" I got that a few times today.
Thanks everyone for all the advice.
[quote=Broker24]
"are you pleased with your advisor, what has he been telling you about the market lately (in other words, does he ever call you??),[/quote]
I love it. I'll use that tomorrow and let you know how it works. Thanks.
[quote=fisher23] [quote=Vin Diesel]if you stopped door knocking at 3:30, you should be on the phone till 8:30. don’t quit the day until you get 1 “order”.
good luck.[/quote]I hear you. Right now I feel somewhat handcuffed by Jones. Until the week before eval/grad I'm not allowed to ask ANY financial questions let alone make a sale. Jones has the start of my career planned out to a "T" but I can't help but to feel handcuffed at this point.
It's tough introducing yourself as a financial advisor but not being allowed to ask financial questions. Luckily, some people volunteered info and I made sure to make note. During my repeat contact I'll be asking plenty of financial questions.
I got back to the house early but it took FOREVER to enter the prospects into the system and print out all th thank you cards. I'm starting to see the "busy work" trap for new advisors. I'm not even going to think about that stuff until after the normal business day.
What does everyone say to this question on the doorstep or in starbucks for that matter, "So where's the market headed?" I got that a few times today.
Thanks everyone for all the advice.
[/quote] "I predict the market will fluctuate. What is your strategy to spend the money you've made over the years in the market?" Guaranteed they've never heard that question asked.
[quote=Axle]Fisher, the best prospects are the ones that already have advisors… all you need to do is get a statement from them and point out their fees. People with VA annuities are my biggest money makers doorknocking because they think they pay nothing until I show them the 2.5%/YR fees they are really paying. Also, people with advisors are people who realize they can’t do it on their own. As they say, keep dripping![/quote]
Fisher, first of all, I agree with Axle that the best prospects are those who have advisors, however, for both of you, don't suck in the koolaid that fees whether in a managed/wrap account or in a VA are all bad. Axle...VA means Variable Annuity...it's not a VA annuity. VA's have there place and use for some clients, so don't think they are all bad. You might come to appreciate them some after you've been in the business for a while. Fisher, door knocking does work and some of my best clients came from knocking on doors. They are still MY clients even though I'm not with Jones anymore. Keep on working hard and you will make it. Don't think that every day will be so successful though. Wait until you've knocked for 8 hours and have just 4-5 meaningful contacts, that's when it really gets hard, but just call Spiff (or your mentor) and he'll help you through it.Thanks for providing me with a good laugh. I needed that. It hasn't been long since "newbies" at Jones actually wrote thank you notes by hand--like 1500 or more.…got back to the house early but it took FOREVER to enter the prospects into the system and print out all the thank you cards. I’m starting to see the “busy work” trap for new advisors. I’m not even going to think about that stuff until after the normal business day…
[quote=fisher23]
Right now I feel somewhat handcuffed by Jones. Until the week before eval/grad I’m not allowed to ask ANY financial questions let alone make a sale. Jones has the start of my career planned out to a “T” but I can’t help but to feel handcuffed at this point. It’s tough introducing yourself as a financial advisor but not being allowed to ask financial questions. Luckily, some people volunteered info and I made sure to make note. During my repeat contact I’ll be asking plenty of financial questions.I got back to the house early but it took FOREVER to enter the prospects into the system and print out all th thank you cards. I’m starting to see the “busy work” trap for new advisors. I’m not even going to think about that stuff until after the normal business day.What does everyone say to this question on the doorstep or in starbucks for that matter, “So where’s the market headed?” I got that a few times today.Thanks everyone for all the advice.[/quote]
Fish-
That’s an industry thing (FINRA), not a Jones thing. There is a period of time (3 months??) where after you are hired at a firm, you cannot solicit clients (cannot be licensed). At most firms, they have you helping in the office, doing busy work, learning the ropes, whatever (never been anywhere else, so I really have no idea what they do). Jones came up with this non-soliciting soliciting process that gets you out talking to potential prospects before you are licensed to sell. I’m not sure how they manage to get this by FINRA, but I guess it’s because they don’t allow you to ask financial questions. It just gets you out there a little bit earlier in the process.
I love when a competing advisor points out fees to one of my clients. If that is the best shot a competing advisor can take at me, bring it on. "You get what you pay for", "Do you care about what you pay or what you keep?", "If the cheapest option was the best, everyone would be driving Hyundais." If you take a client based on cost, you will lose the client when someone comes along that will charge less than you. If you take a client based on value provided, 99% of the time they will not even listen to another brokers value proposition.Fisher, the best prospects are the ones that already have advisors… all you need to do is get a statement from them and point out their fees. People with VA annuities are my biggest money makers doorknocking because they think they pay nothing until I show them the 2.5%/YR fees they are really paying. Also, people with advisors are people who realize they can’t do it on their own. As they say, keep dripping!
[quote=Primo]
I love when a competing advisor points out fees to one of my clients. If that is the best shot a competing advisor can take at me, bring it on. "You get what you pay for", "Do you care about what you pay or what you keep?", "If the cheapest option was the best, everyone would be driving Hyundais." If you take a client based on cost, you will lose the client when someone comes along that will charge less than you. If you take a client based on value provided, 99% of the time they will not even listen to another brokers value proposition. [/quote] Nice Primo, I like the way you worded that. I'm writing that down first thing in the morning.when they tell you they have an advisor, immediately ask how the SERVICE has been. not the performance, fees, etc. cause someone is always gonna be cheaper and have a better (historically) performing product. sell yourself, not the product. if you sell based strictly on fees and cost, you are setting yourself for turnover down the road, either that or reselling most stuff again.
one thing also is to ask who is their advisor. in a way you are qualifying them. Their is a rep in my city who has 1million min. Everytime i ran across a prospect who was one of his clients i knew they had money when they told me his name. Did i get some business from these people, yes, did i get 100%, no. No advisor has 100% of their clients business. This guy is a machine. I eventually met him and we have become friends. I can say he honestly does a great job for his clients and never loses them to anyone.
Second day of doorknocking. 24 more prospects loaded into the system. I wanted 30 but actualy had to be somewhere at 5:00 so I had to stop. By the end of the day I felt like I was in a groove and actually enjoying myself. It was harder to keep myself motivated in the morning.
Today was more difficult and no one ever seems to be home. I feel like if I get someone, I’ve got a 75% chance of getting a name, number, and some decent info. Today I would knock on 20 doors in a row and not find anyone.
I worked a retirement area in the morning and had limited success. I think the people in this area are pretty wealthy but I really have no idea for sure. Literally, 100% of people I talked to in this area said they had an advisor or two. Everyone has said this is a good thing. We’ll see.
2nd area I worked had many newer townhouses. I talked to many stay at home moms with their babies. Probably not the best market.
The 3rd area was a nice quiet neighborhood with single family homes all on 1/2 acre lots. I walked a marathon today! People were by far the nicest in this neighborhood and I spoke with retirees, baby boomers, and young couples. It was a good mix, it just takes a long time.
I’m thinking I can get 25 prospects in 3 or 4 hours on Saturday morning when people are home.
I made a stupid little reward system for myself today. I decided I wouldn’t break and drink my cold coke until I had 10 prospects. I cheated and took a break at 8.
Fisher, you’re on the right track. Just don’t get discouraged when you have those bad days. Remember, you need to find one client per day. You’re looking for that one gem. Some of them will take literally years to become clients. Nurture them. But those are often the best clients. The one that agrees to meet this Friday morning is the one that has a $1,378.25 rollover from the place they used to wait tables at. The good ones take TIME.