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Rude Awakening at Edward Jones

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Apr 6, 2009 1:32 am
Ominous:

[quote=Bigmoneyhoney][quote=wind3574]Sam - I’m not as much worried about Cool Aid’s comment on appointments as I am the Primerica guy saying move there to not deal with “Taking it from the man”. lol

Paying for your license - $300
New suit - $400
Working for Primerica, giving your RVP 85% pay-out of your prospects, while being butt-holed from every direction and loving every minute of it - Absolutely Priceless

  I don't know what you're talking about, but I'm on pace to be making well into the six-figure income within the next 2-3 years.  All while not having to worry about being "butt-holed" by my boss, or having to worry about abiding by some strict schedule.  I'm 100% independent, and the activity I am doing right now is more than many of my cohorts.  [/quote]   Your ignorance of your situation is astounding.[/quote]   The only thing this idiot is on pace for is arbitration.
Apr 6, 2009 1:36 am

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Apr 6, 2009 1:56 am

[quote=wind3574]



Diane - Yes you have to make 60 product presentations at eval grad and have 20 pipelines (money dues/referrals, etc)… It really isn’t that bad, but I can promise you I went for the appointment. It also depends on your ATL because mine was REALLY relaxed and so was my VV. But I have heard of some that were military style so. It’s really just a game, they want to make sure you can do the job. It’s not really about what you can make at Eval/Grad. I only sold one bond, but I’ve done extremely well since I’ve been back. Just play the game.[/quote]



Thanks Windy! Are you basically just presenting bonds, or what? I just don’t see how you can get to the point of recommending a product after just a door knock, especially a door knock that was done before you can even talk investments.



My actual start date is tomorrow, but I went ahead and started studying this past week to get a head start for when the hard stuff hits.

Apr 6, 2009 2:00 am

Thanks for everyone who provided positive information and “get a life” for everyone else who is filling this forum with moronic banter…and of course, the Ameriprise guy shouldn’t even be on this forum, unless he’s hoping to join Jones one day (which he probably is…).

I seem to be getting the mantra, “just stick it out and things will be better after eval/grad” from almost everyone I speak to; but, it still is disheartening to be given this assignment. This clearly goes against everything I was led to believe during the interview process.

Also, there are a few people who have told me off-line that the phone calls need to continue for the first 2 years…this is getting depressing.






Apr 6, 2009 2:16 am

Whats wrong w/the Ameriprise guy??  I was giving some advice that I thought was pretty sound.  I mid-read the question, and thought you wanted to build your business starting off of COI’s and business alliances.  Thats what I thought by “relationship sales.”  I agree w/Wind when he says he wants to actually meet the prospect and develop rapport before recommending products, which is correct.  I just never called that “relationship sales”, I considered it developing a client relationship. 

Apr 6, 2009 2:20 am

Ameriprise is fine for this forum.  I have a problem with the MLM’ers.

  "Ameriprise"  "Primerica" - their names are not the greatest for an ad campaign at any rate.
Apr 6, 2009 2:33 am
The sales-related phone calls will never end. Getting people to buy stuff is the sole purpose of our existence.   Jones loves to harp on the "suitability" issue, but Ted Jones himself used to say "Sell them something they want and then sell them something they need."   I agree, it's very confusing.    And I've been at Jones for 3+ years. 
Apr 6, 2009 3:47 am

If you didn’t know this was a sales job you are in for a rude awakening.  You pitch the product to build the relationship, it’s not about selling 20k worth of bonds on that call it’s about moving the relationship, learning more, etc.  They are not  boiler room calls but you’re not going to sale a damn thing if you don’t ask.


Apr 6, 2009 3:50 am

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Apr 6, 2009 4:24 am

Windy… we know you are a god and all but most people never make a sale because they don’t ask for it.  That’s sales 101 - no use disputing it. The pitch gets the conversation started.  It allows you to qualify the person.  CAN THEY DO BUSINESS WITH ME, WILL THEY DO BUSINESS WITH ME?  You could be the exception to the rule but after you blow through the low hanging fruit from your 3 months of door knocking I expect the real side of the business will take hold.

Of course, you could be Zeus reborn and have the world bow at your feet but your experience will be anything but the norm.


Apr 6, 2009 4:45 am

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Apr 6, 2009 5:05 am

Sometimes you can break all the rules and still “win”.

Apr 6, 2009 5:43 am

I get what Wind is saying. I’ve always had much better luck selling in person. My focus has always been getting the appointment when calling, not actually pushing a product over the phone. Should be an interesting change.

Apr 6, 2009 11:34 am

Windy - you have a major complex man, I’m not doubting your production or methods.  This is not about you it’s about someone that has a problem asking for a sale.

Low hanging fruit you had for sure, just like I do.  You walk into a business and the owner wants to do business with you after 20 mins… That’s not relationship building that’s just lucky.  We’ve all been there but it’s not the typical sale.

Dianna - pushing the product is not the goal it’s the bridge to an appointment.  Do you really think people in your community want random Jones brokers to call you talk about fishing?  They know what you do - they want to know what the hell is going on with the market and how you can help them.

Apr 6, 2009 11:44 am

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Apr 6, 2009 12:21 pm

LOL…“John/Jane, This is an excellent opportunity and if you have the money available, I think you should buy some today!”.  That is, in a nut shell, the heart of what you should get to, eventually.  Even if you don’t make a sale, it advances the conversation into game on mode.  If you don’t create an expectation at the door that you will be calling clients back with an appropriate recommendation, be it a muni, blue chip, etc, you will set yourself up for major disappointment later on down the road.

Apr 6, 2009 12:53 pm
Still@jones:

Thanks for everyone who provided positive information and “get a life” for everyone else who is filling this forum with moronic banter…and of course, the Ameriprise guy shouldn’t even be on this forum, unless he’s hoping to join Jones one day (which he probably is…).

I seem to be getting the mantra, “just stick it out and things will be better after eval/grad” from almost everyone I speak to; but, it still is disheartening to be given this assignment. This clearly goes against everything I was led to believe during the interview process.

Also, there are a few people who have told me off-line that the phone calls need to continue for the first 2 years…this is getting depressing.

  Let's just put some perspective to this....   Despite how it appears, Jones is not really about "product pushing over the phone".  The sole purpose of these phone sessions - and some veterans AND trainers will admit this - is to train you to sell and be comfortable selling.  They pretty much KNOW you will not sell anything at Eval/Grad (even though they have the silly contest).  They are just forcing you to do something that is not natural and not comfortable.  And the reality is, you can't spend the rest of your career going face-to-face.  You have to rely on the phone at some point.  You are going to call to make appointments, catch up with people, build relationships, fill a "gap" in their portfolio, whatever.  But the reality is, if you someday have 250-500 clients, are you still going to be driving around town dropping off literature to them?  You're not.  And don't forget, every phone call is not a "sales call".  You don't have to sell product over the phone.   They are going to make you say some pretty silly stuff on the phone in STL.  Just hang in there.  It's all about training.  They can't train 50 different newbies 50 different ways.  Just get through it, call your worst prospects (so not to embarass yourself in front of good prospects), and make a conscious effort to get good on the phone.    You are still going to meet with people face-to-face the rest of your career, but like I said, the phone is going to be your friend.  You have to get used to it.  Whether you work here or anywhere else, you need to use the phone.   As far as using the phone "for the next 2 years", I don't quite get that.  You realistically are using the phone the rest of your career.  What you use it for is up to you.
Apr 6, 2009 1:59 pm

I think it’s a little funny that already, before you new guys have your CSD, you’re already trying to change the recipe.  Before you decide “relationship sales” or FTF sales, or whatever you want to call it is THE way you’re going to get things done,  you might want to talk with your regional leader or the vets in your area.  They may have some other suggestions for you.  None of you have ever sold stocks or bonds before.  I find it funny that you’re making up your own rules before you even start the game. 

  You're going to have calling sessions every day at Eval/Grad.  Used to be no more than an hour or so.  During that time you're going to call on specific things.  One time it will be a bond, one time a stock, others you get to pick.  You will have spent your time between KYC and E/G out meeting people, telling them that when you find something you think could be of value to them, you'll let them know.  That's what you're doing.  You're delivering on a promise.  You do that several times and you'll find yourself opening a new account.   Here's the problem with calling for appointments only:   You:  Hello Mr. Smith, this is Spaceman Spiff with EDJ.  Did I catch you at a good time or do you have just a minute?   Them:  I'm busy, what do you want.   You:  Then I'll be brief.  Mr. Smith, when I was at your door a few weeks ago we talked briefly about your financial situation and I'm calling to see if you would like to sit down with me so we can do a portfolio review.  How does next Tuesday at 10 or Thursday at 5 sound for you?   Them:  No.  I'm not interested.  I'm sticking with the guy that I've got.    You:  OK, well, then um....Thanks for your time.  Good bye.   You're done with that prospect.  You can keep going back to bug him about setting an appointment with you, but eventually he's just going to tell you to go away.  Him telling you no about an appointment is a different vibe than telling you no on a stock or a bond.  When he tells you no, he doesn't want to buy that stock, you can ask him why.  Or you can tell him when you see something else, you'll call him again.  Maybe he doesn't like stocks.  Maybe he prefers tax free bonds to corporates.  It doesn't completely shut down the process.                
Apr 6, 2009 2:11 pm
You're done with that prospect.  You can keep going back to bug him about setting an appointment with you, but eventually he's just going to tell you to go away.  Him telling you no about an appointment is a different vibe than telling you no on a stock or a bond.  When he tells you no, he doesn't want to buy that stock, you can ask him why.  Or you can tell him when you see something else, you'll call him again.  Maybe he doesn't like stocks.  Maybe he prefers tax free bonds to corporates.  It doesn't completely shut down the process.    Exactly. By asking for an appointment right out of the gate the prospect is going to say no because you haven't provided any reason for the appointment. If you tell him "we" have made available a tax free bond at 5% he will still say no but you will get more information from him because there is now something to discuss.  
Apr 6, 2009 2:27 pm

As said many times in this thread, and any vet will tell you, the business is about relationship building and reputation. My personal opinion about the Jones training process is that they are trying to give you the means to build a relationship. In that case, it is not about product sales, but selling who you are in contrast with either who they are working with/what they are currently doing. It is a process that was built to be one size fits all, from the no sales experience and up. Calling a client and offering them a product is just a conversation starter for you if you don't know any other way to meaningfully start the conversation.

B24 is right. You don't need to burn your good relationships for some ATL in Eval/Grad pitching them some stock that they think is great. Hit your numbers the way they ask you to, and cultivate your promising relationships for the time where the client is comfortable moving forward and you are ready to provide them the service they deserve.   And the Ameriprise dig was a bit unfair. I thought he/she was trying to be helpful.