My EDJ Rant
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Here’s a different perspective…
In my town there are 3 FA's and about 5,000 households. In addition, we have Smith Barney, Morgan Stanley (still separate offices), Wachovia, Merrill Lynch, 2 Ameriprise offices, and several indy offices. One town away, we have one of the top-10 indy firms in the nation (assets), UBS, another Merrill office, Stifel, and many, many indy offices. I recently looked at my book of business. About 15% of my current clients are actually residents of my town. I would say 85% of my clients are within a 25 mile radius. My point is, yes, it seems like a kick in the gut when you have more than one person prospecting in your town. But the reality is (1) it only matters for a short time, and (2) think about how FEW clients you will actually bring on in the next two years, in the GRAND scheme of things. Let's say you bring on 30 new households each year for the next two years. Even if EVERY household is from your town (highly unlikely), that would be 60 households out of several thousand. And more likely, it would be 60 housholds out of the thousands in your town and all the surrounding towns. Personally, most of my clients did not come from doorknocking. That just got me started, and now most of my clients come from referrals, seminars, and networking. And very few of my new clients are actually residents of my town. So the whole issue with multiple offices in one town is way overblown.Oh, and our region’s top producer has about 190mm AUM, and is in a town of 4200 households. Of his 190mm, 52mm is from his town (I assume most of the “Jones Assets” in his town are from his office).
You are talking about 3 different groups. Wires, Indy and Jones… Three different clients.
Strange, I have pulled clients from all three office types. So I am not sure how they differ. Yes, maybe your typical Manhattan wirehouse client is different from a suburban Jones client, but in my area, we are all after the same clients (with some exceptions). I find it very hard to believe that in my area, I am the only one among all those FA's going after age 50+ clients with 250K+ in investable assets. The exception would be the old wirehouse advisors that are at the tail-ends of their careers.
I forgot to also mention that we have about 8 different banks/CU's represented in our area, most of which have brokerage departments.What i meant was, WIRES don’t pay on accounts under $100K on average… Jones has an average of less than $100K accounts
Jones as a whole has an average of under $100k per household, but that doesn’t mean B24 does. His may be way higher than that. In my metro market there aren’t a lot of people who are looking for only the HNW crowd. They’re out there I’m sure, but from what I can tell, the indy and wire guys are going after the exact same clients I am, just like B24’s competitors.
BTW, I think it's stupid to not get paid on anything under $100K at a wirehouse. Just one more reason I'll stay where I am. volt - I'm going to venture a guess that there are plenty of assets in your area. I don't know if you've found the Region Market Share Reports or not, but the TLIA numbers are on Joogle if you search for them. I'd guess that in a town of 8000 people, you've got around 4500-5000 households and probably $1.5B or more in TLIA. That's a lot of money out there to grab. No, not all of it is truly investable, but a lot of it is. Figure out how to find your 4% market share and you'll be fine.What is Joogle??
The latest in Search Engines, and like all things Jones, the greatest. It is the Search button at the top of Jones Link.
I wonder if when people ask questions on here that have already been answered, we should direct them to use Roogle... nope, that's gay.
No that is great… from now on when someone asks a repeated questions(more than 10x) I am just going to type Roogle…
WTF is wrong with you Jones people…
So was your first girlfriend.....Don’t hate on our new Joogle search engine. It’s awesome.
Nothing more than you thinking that Joogle is anything other than a funny way to refer to Jonesnet. You didn't seriously think that Jones named the search function on our intranet Joogle, did you? Please tell me you didn't.No that is great… from now on when someone asks a repeated questions(more than 10x) I am just going to type Roogle…
WTF is wrong with you Jones people…
Did they ever redo the bond trading system… they had been talking about that since I left, wondered if they ever did it…
Back on topic…
Volt, I'm sure you will kill it this next six months, and this poor guy coming in won't be able to touch you. I agree with Windy on this one, you will be Edward Jones to the people in that town.Just launched the new system last week. Verdict is still out...Did they ever redo the bond trading system… they had been talking about that since I left, wondered if they ever did it…
It’s a nice system. One piece of info that I read today was that they’re going to start giving us access not just to our physical inventory, but also to the inventories of other companies. I guess that would effectively take away the knock that our bond traders aren’t any good or that they only put long bonds into our inventory. If we can see the inventories of other firms too, then we can basically buy the best on the street. They did say that they won’t be showing all of the inventories of the other firms, because a lot of it is junk. Not my words, direct from the Suggbox.
If volt is in a town population 8,000, this is probably 3,000 houses.
After KYC, this newbie needs to make 25 contacts a day…from my experience, this means this guy will be knocking on at least 125 doors (every day) for 8 weeks (total of 5,000 knocks)…and, you guys need to split your town!!!
Sure there are other competitors in town, but there’s not enough doors to knock on…
I had a new guy start in my town in my week #4 of production…sh*t pissed me off!!! I think Jones is putting their partnership success ahead of your (volt’s) individual success.