Ah. And so it begins…

Are there any other small towns around you with no EDJ guy/gal?

Yes and two much larger towns with only two reps.  I can’t for the life of me figure out why the guy would subject himself to prospecting a small town that a new guy started in less than a year ago.  Sure it impacts me but it’s going to be that much tougher for them.

Volt - I’ve seen instances where newbies don’t have that much of a choice. This is what they do. The people in market research are morons. And the regional leadership follows the “we could put twelve more offices here!” party line.



I hate it for you buddy. Elbow him out. Offer to host him at your office and take his prospects when he quits.

Don’t worry about it.  Prospect where you think it makes sense. Don’t let this get between your ears.
Competition is everywhere in this job – banks, independants, DYI-ers, wirehouses. So look at it this way – how much competition will this new guy really be?

This is where our model is limited…there is some paper-pusher in the home office that reads a spreadsheet of questionable asset figures and decides without much, if any, research that a town can support more than one FA.

I actually work in a small city next to a large city where there is more than one other broker. I just cold call and prospect in every area that does not have a Jones broker specifically attached to it. I circle out about 30 minutes from my branch. I have found that there is a lot of business that we (EDJ) have never really touched because Jones has never put a broker in the town and most of us are too myopic to prospect outside the city that’s on our business card.

Anyway, don’t panic. As you and I both know, new people (if they make it) aren’t skilled prospectors. If nothing else, you will be able to have a head start stealing business from that whale across the street from you.

[quote=voltmoie]On Friday my Regional Leader was kind enough to call and inform me that
they would be placing another FA  into my very small
town of 8000. He told me to draw a line in the town and suggested I
concentrate my prospecting efforts in preparation for the new guy.  I asked the logic behind such a
decision and it’s all based on their assets model for my area.  Such is
life but now I have to make steps to ensure I’m the only game in town,
I know it’s dirty but what else can I do.  It’s a dog eat dog world. To
this point I’ve been lazy and pretty deliberate in my prospecting
methods, hitting the towns around my area but not my town until my
office opened.  I’ve got a 6-8 month window to prospect the shear hell
out of this place. 

I plan to start knocking on every door within the area I’ll abdicate
and call those houses that no one is home and work my way back into my
"new" area.  I know, I know, I’m a jerk but I’ve already knocked in the
majority of the houses in town and it’s still my area for at least 6
months.  Blame Jones for using numbers rather than logic.

The asset base that Jones comes up with is complete suspect, but I have heard recently that they don’t even look at assets anymore… The new goal is population(5,000/advisor) and that is not households but total population. So for example town of 15,000 would get at least 3.



I agree with previous posters that it shouldn’t affect you, however i think mucks up the EDJ image of the existing broker when they higher a new guy.

Here is the best part of the story…  My buddy gets a call on Wed. from his RL, he calls to offer him a nice 15mm office.  When mine calls I start thinking, hell yeah … I’m getting an office too. hahaha Needless to say, I was disappointed!

I’m taking it in stride and really did need a kick in the ass.  This has provided it but I can’t lie, it’s annoying and needed to rant a little about it. Thanks for the advice.

Don’t think of it too much bud. Just whoop some ass and everything will be fine. I do, however, like the idea of hosting him in your office. I grew up in a small town of 1200. 8000 is not much larger., so I know how those small town people work. Let’s face it, if you do well and get in an office, there are not enough people to support that other FA because they will assume that he works for YOUR office. When he says “Edward Jones”, they’ll say, “Oh ya, the office over yonder”. When he quits, you’ll get all his accounts. Just rock it out and by the time he starts doorknocking, he’ll quit because he’ll realize every house he doorknocks has Volt’s name stamped on it.

Definitely, tell the RL you are splitting the area. Also, reach out to the new guy and tell him how you would propose to split it. Then absolutely pound the area you have proposed to give him to grab any low hanging fruit before he starts. It is your business and if Jones doesn’t want to think logically then screw them. If they want to play games you will beat them at their own.

That’s my plan, at least part 1 of 5.  After watching the history channel I’m calling  it: Operation OVERLORD

I wouldn’t feel quilty about any prospecting methods you use now or later.  Chances are he wont be with Jones in 3 years whether it be from failing or switching companies so why worry. 

Don’t think of it too much bud. Just whoop some ass and everything will be fine. I do, however, like the idea of hosting him in your office. I grew up in a small town of 1200. 8000 is not much larger., so I know how those small town people work. Let’s face it, if you do well and get in an office, there are not enough people to support that other FA because they will assume that he works for YOUR office. When he says “Edward Jones”, they’ll say, “Oh ya, the office over yonder”. When he quits, you’ll get all his accounts. Just rock it out and by the time he starts doorknocking, he’ll quit because he’ll realize every house he doorknocks has Volt’s name stamped on it.

Volt, I have been with EJ for almost six years, and the first couple of years it used to bother me when they would put another newb in my area. However, since I started approximately 71 FA’s have been hired, trained and quit in my direct marketing area. My region has opened only two offices in six years, only one of those was a newnew and currently we have 12 FA’s out less than 16 weeks. I have learned over the years that doorknocking is more advertising than prospecting. EJ hires anyone with a pulse knowing that 90% will quit or get fired within three years. Whether they stick for three months or three years they will be getting in front of hundreds of people telling them about EJ and when they leave at least one of the people they talked to is going to walk in your office and drop a big rollover at your feet. All because someone whose name they cannot remember left an EJ brochure at the door 18 months ago. Just remember, you are playing King of the Mountain, chances are the newb will quit after the salary runs out. How is that for a recipe!

Spiff,

This can’t be good for your LP buddy! 

Spiff you know those numbers are crap… They include checking accounts and all sorts of garbage.



They may go off the TLIA initially but the new goal also takes into account population.

Not to mention that the bulk of those TLIA assets are not Jones target market.

Spiff, two points…