Jesus comes to Jones!
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Fellow Jone’s … It’s a great day. As I read these forums is obvious Jesus has come to Jones and his name is Hot Air. It sure is “WINDY” in here. This guy is so good he get’s 25 f2f contacts just by knocking on 12 doors. People move money over to him just for a golf ball and him telling them how stupid they were. This guy is amazing. I am telling you he is super awesome. Heck he get’s 200k accounts just on the first knock!!!
Jesus, welcome to Jones. We love you and will worship you.
Don't get too upset. Either he's not a rookie or he's being disigenuous. Rookies at EDJ can't even spell UIT after two months much less figure out they can avoid the bond aggregation rule by "diversifying" with them.
Yeah I kinda agree. I spoke with many newbies at KYC and Eval/Grad and for the most part they new 1/10 of Wind’s vast knowledge. And for someone that is new to the industry it just seems to much to be true (numbers, lingo, termenology and free time to post it all). I would say there is a chance that someone is posting on here how easy and wonderful EJ is but to be honest about it, these claims just make me discouraged and realize just how much I apparently suck! I thought I had a good understanding about the industry, espeacially compared to the others in KYC/Eval/Grad, but compared to Wind I feel like the others at KYC/Eval/Grad. I thought I was a hard worker, but compared to this guy I am no where near where I should be. So, if you are new to the industry and a newbie two months out I say congrats and get off this board because no one will believe you or will leave you alone or quit F’n around and making sh*t up.
JAXSON, he’s not a rookie slugging it out door to door putting up those numbers. Even if he were taking over a decent book, a new/new wouldn’t have ramped up that fast - trails included. If he did, it was a large book which then, almost by definition, he would be a seasoned vet from another firm. Jones does not place former band roadies in a choice open office.
I think you’re all just jealous because he MIGHT actually be putting those numbers on the board.
Let's cover some basic facts: One - He's been doorknocking in the worst market in decades, possibly since late 20's early 30's. Two - People are unhappy with their performance. Three - The mighty have fallen. All those fancy firms like Merrill, Wachovia, et al have all been thrown into a tailspin from which they could not recover without assistance. Four - Advisors appear to be more concerned about their transition package or retention bonus than their client's portfolio. Five - Fee based accounts in general (along with commission based) have been decimated. Why pay a 1.75% fee on an account when a) it goes down like the market and b) you don't hear from your advisor. People are pinching pennies and if someone can show them a way to save some pennies over the long run, they'll jump. Six - He's doing the work. Sure, he may be lying through his teeth. However, you put all of the considerations above into the mix and it's no wonder he's opening accounts at the door. People are willing to talk to just about anyone who they think might be able to save them. Here comes a guy in a suit with a business card that says Financial Advisor. Surely he can't do any worse than the last guy did.I am not saying it is impossible. I am saying, for a newbie that has just entered the industry, to do this is the stretch for me. Think back Jonesies. There is not enough time in the day. Prospects are easy to find right now but most of the FA’s in my area are too busy saving their own business to take a newbie under their wing. I think there has to be an angle or he can stop time to learn, catch up or whatever. If I were single and moved to a town were I did’t know anyone that could distract me then I could do this in a 12 hour day maybe.
[quote=Spaceman Spiff]I think you’re all just jealous because he MIGHT actually be putting those numbers on the board.
Let's cover some basic facts: One - He's been doorknocking in the worst market in decades, possibly since late 20's early 30's. Two - People are unhappy with their performance. Three - The mighty have fallen. All those fancy firms like Merrill, Wachovia, et al have all been thrown into a tailspin from which they could not recover without assistance. Four - Advisors appear to be more concerned about their transition package or retention bonus than their client's portfolio. Five - Fee based accounts in general (along with commission based) have been decimated. Why pay a 1.75% fee on an account when a) it goes down like the market and b) you don't hear from your advisor. People are pinching pennies and if someone can show them a way to save some pennies over the long run, they'll jump. Six - He's doing the work. Sure, he may be lying through his teeth. However, you put all of the considerations above into the mix and it's no wonder he's opening accounts at the door. People are willing to talk to just about anyone who they think might be able to save them. Here comes a guy in a suit with a business card that says Financial Advisor. Surely he can't do any worse than the last guy did. [/quote] Yeah...OK Spiff. You've convinced me[quote=Johnny Roast Beef][quote=Spaceman Spiff]I
Five - Fee based accounts in general (along with commission based) have been decimated. he can't do any worse than the last guy did. [/quote][/quote] It's a good thing commission based (AmFds, VKAC, Frank/Temp) haven't been decimated, isn't it?From time to time it seems like the Jones Vets on this site have some good thoughts, but those quickly disappear and you see the kool aid stains on their shirts. Its almost as if you can see in their posts exactly how far removed they are from the last regional meeting. Spiff obviously just returned from one.
fwiw, I’m with spiff. … I’m hoping Wind is legit; could be a sign that prospects are tired of waiting and are ready to move.
[quote=Spaceman Spiff]I think you’re all just jealous because he MIGHT actually be putting those numbers on the board.
Let's cover some basic facts: One - He's been doorknocking in the worst market in decades, possibly since late 20's early 30's. He says he's doorknocking Two - People are unhappy with their performance. Yes, and they trusted an advisor they got to know over several years, someone comes to the door, hands them an ICA guide and all of the sudden, they fall on their knees and give him their statements Three - The mighty have fallen. All those fancy firms like Merrill, Wachovia, et al have all been thrown into a tailspin from which they could not recover without assistance. That wasn't the brokerage business - but I get your point Four - Advisors appear to be more concerned about their transition package or retention bonus than their client's portfolio. Yes, so that they can maintain their standard of living while transferring their books. Five - Fee based accounts in general (along with commission based) have been decimated. Why pay a 1.75% fee on an account when a) it goes down like the market and Such as FT and American? b) you don't hear from your advisor. You got me on this one, but does not hearing from your advisor make you think he's not working - my concern would be if this guy is out doorknocking all of the time, when does he have time to "manage" my investments - and let's be honest, people think that's what you are doing all day no matter what you tell them. People are pinching pennies and if someone can show them a way to save some pennies over the long run, they'll jump. So they are going to pay a 3-5% commission when they are already down, further reducing the value of their investments Six - He's doing the work. He SAYS he's doing the wok. Sure, he may be lying through his teeth. However, you put all of the considerations above into the mix and it's no wonder he's opening accounts at the door. People are willing to talk to just about anyone who they think might be able to save them. Here comes a guy in a suit with a business card that says Financial Advisor. Surely he can't do any worse than the last guy did. [/quote]Spiffy, you’re usually pretty level headed so I choose my words wisely, blow your nose and something green will come out and it sure isn’t what you might think. “Here comes a guy in suit with a business card that says Financial Advisor”. It could also be Bernie Madoff Jr…who else would be going door to door.
I met with a current Jones client today, had a million, now has $600,000 all in growth and aggressive growth funds (I'm from Canada, no breakpoints to dodge). Client says he had to initiate every conversation and when I asked him what he was trying to do with his money he said, "trying to make as much as I can safely". Small business owner, makes $40k a year, 55 years old and can live on less in retirement. Very simple questions regarding goals and experience that were never asked. This crap about waling up to a door and "can't do any worse that the last guy did" doesn't resonate with a guy that had a million and won't get it back before retirement.[quote=Lou Mannheim, CFP]Spiffy, you’re usually pretty level headed so I choose my words wisely, blow your nose and something green will come out and it sure isn’t what you might think. “Here comes a guy in suit with a business card that says Financial Advisor”. It could also be Bernie Madoff Jr…who else would be going door to door.
I met with a current Jones client today, had a million, now has $600,000 all in growth and aggressive growth funds (I'm from Canada, no breakpoints to dodge). Client says he had to initiate every conversation and when I asked him what he was trying to do with his money he said, "trying to make as much as I can safely". Small business owner, makes $40k a year, 55 years old and can live on less in retirement. Very simple questions regarding goals and experience that were never asked. This crap about waling up to a door and "can't do any worse that the last guy did" doesn't resonate with a guy that had a million and won't get it back before retirement. [/quote]I can picture this one pretty easily. EJ broker lands a million dollar account, consults his model portfolios, gives the client a risk tolerance quiz and suggests he do 65 pct stocks, 35 pct bonds. That's the home office recommendation.. Guy says, 'I have 10 years to retire, I need to grow my money, bonds are for sissies.' EJ broker agrees to put him 75 pct in stocks, feels good that he's got some fixed income in there. Over the last year, portfolio starts to go down. EJ broker sees Lehman fail and thinks, 'This can't be good,' but the advice he gets is that this is just a normal cycle and if he holds on the market will return, probably within the year. Shows this to the client. Investments continue to fall, broker keeps hearing the buy and hold, don't time the market, stay invested mantra. Doesn't call the client anymore because a) he doesn't believe the mantra, b) he's got prospecting to do and c) he can't make any money holding this guy's hand. So he hopes he market comes back. Of course, the investments don't come back. Bonds down. Large cap American Funds slaughtered. Home office finally admits that something has gone wrong, but never fear, even after 1929, stocks came back (20 years later!) .. Now the client goes to you, all of a sudden safety is important, and it's a fastball right down the middle for you.
Not that this has happened to me.
Actually, no you shouldn't. What you should be hoping for is that, with hard work AND A REFUSAL TO QUIT, you can push through this extraordinarily difficult time and make a living over the next 12-24 months. Survive that and the world is your oyster. Never, ever compare yourself to an anomole (assuming he's not all BS). Outwork your counterparts, refuse to quit and be happy with a livable wage for now. Do that and you'll be a crusty old veteran down the road telling all the young bucks about building a book through the Great Recession. Compare yourself to bogus numbers like these and all you'll do is become more demoralized day by day. You have to figure out what makes you different and REFUSE TO QUIT. Back in the early '90s my sales manager told me that as long as my fear of picking up the phone was greater than my fear of failing in the business, I might as well quit now. Don't do that.fwiw, I’m with spiff. … I’m hoping Wind is legit; could be a sign that prospects are tired of waiting and are ready to move.
I’m not coming here anymore and i am deleting my username
Mourning will be held in the Lounge tomorrow at 10 a.m.ok Windy - i dont know what it is about you that set me off. I am not one of the guys that often just goes off on people here. I think its just your hot sh*t attitude. I’m trying to be constructive here, really. You just need to dial it down a bit.
Now, I am going to give you the benefit of the doubt and assume that what you are saying about the 4% wrap fee is what you believe to be true. Which means there is something you are missing.
I have been with SB for more than a few years. I know the systems inside and out. There is NO WAY that a client would ever ever ever ever be charged 4%. If an FA put thru a contract for an account to be managed by Lord Abbett, or any other outside or inside manager, that contained a 4% fee, the home office would kick it out - reject it - it is not allowed - N-O=T A-L-L-O-W-E-D. Period!!!
So maybe the client was being charged on more than one account on one contract and the fee was being taken from the 300 k account, but applied to that plus another 300k account. But there is no way the client was chaged a 4% fee.
Now, on the other hand, lucky you, that you believed and the client believed that 4% was correct. That allowed you to dive in and save the client from the big bad SB Broker! And i give you credit for that, as i am sure all of my colleagues do.
Hope this helps. It was really meant to be constructive.
Actually, no you shouldn't. What you should be hoping for is that, with hard work AND A REFUSAL TO QUIT, you can push through this extraordinarily difficult time and make a living over the next 12-24 months. Survive that and the world is your oyster. Never, ever compare yourself to an anomole (assuming he's not all BS). Outwork your counterparts, refuse to quit and be happy with a livable wage for now. Do that and you'll be a crusty old veteran down the road telling all the young bucks about building a book through the Great Recession. Compare yourself to bogus numbers like these and all you'll do is become more demoralized day by day. You have to figure out what makes you different and REFUSE TO QUIT. Back in the early '90s my sales manager told me that as long as my fear of picking up the phone was greater than my fear of failing in the business, I might as well quit now. Don't do that. [/quote][quote=buyandhold]fwiw, I’m with spiff. … I’m hoping Wind is legit; could be a sign that prospects are tired of waiting and are ready to move.
I've known FAs who have come out of the box with 10k months right away. It's not that unusual. They are usually very skilled, very prepared, have a good mentor. I've known FAs who have hit milestones ahead of me. Never discouraged me, never made me jealous. More power to them. I'm doing what you say, learning and surviving. This is a tough market and I'm glad to hear you say so.
... The FAs who start quickly are -- and I don't mean this personally against Wind -- but they are hard-assed, relentless, probably people you might not like in a forum like this. They hard sell, and hard selling works.
I find it motivating that a young guy can start fast by doorknocking. I do find it discouraging when people say that you can't succeed by doorknocking, because knocking on doors is all I've got. No assets to start, no natural network, no cousin with a CPA feeding me clients. So I hope wind is for real and unless I learn otherwise, I give him the benefit of the doubt.