Skip navigation

Starting out

or Register to post new content in the forum

33 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Dec 1, 2005 1:29 pm

Agreewith what you said big pay, however the blended payout will be more like 35%. Deduct expenses and your down to about 30-31%. I know I lived it.

Dec 1, 2005 3:28 pm

Did you ever feel like a "sleezy salesman" by going door-to-door?

No, because I didn't try to sell any investments on the door step. (Even though that was what they suggested we do)  I looked at the process as a way to introduce myself to people personally instead of through newspaper advertisements.  I wasn't selling product.  I was selling myself (no sleazy remarks please   ) and getting to know people.   If they were interested (didn't slam the door in my face) I would give them a general idea of what I did, invite them to visit my office if they really wanted to discuss product, give them a listing of upcoming seminars and open house events, whatever worked at the time.

As to the new IR and pay structure, what I was saying was when I was new at Jones.  Evidently it has changed and it sounds like for the better.

Dec 1, 2005 3:33 pm

Stok nice post.

As for Bab loon... I think knocking on doors is good and bad. Different parts of the country have different cultures. So if you go the cities of New England they are going to tell you to "go f... your self". If you go to Dothan, AL or the south they might say "come on in." So my point is it depends.

I have talked with thousands of professionals from Maine to Puerto Rico over the past year so this is from my experiences.

Dec 1, 2005 3:54 pm

BigPayDay's rules for success:

1. Do not come to this board for advice. Most advice here is very jaded.
2. Remember that sales, and that is what this job is for the first two years, is a CONTACT sport. You need to make 25 contacts a day, period.
3. Follow the Jones recipe. It works. Most of the people on this board who have left Jones will agree that the training they got from Jones was very good.
4. Have a good work ethic. When it's 9pm and your falling asleep and you can't seem to get those hand written thank you notes done, DO IT NOW.
5. Have faith that your hard work will pay off.
6. Make sure you set goals for yourself. Not just commission goals, but goals for you and your family. Where do YOU want to be in 5, 10, 15, 20 years? Write it down and keep it in front of you at all times.

Good rules for success no matter what business you are in. Except for number 1  , not all of us are jaded. When I contemplated going from a regular paycheck + commissions at a bank platform to Jones and then from Jones to Indy, my husband gave me the best advice, which was given to him when he started his own business years ago.  "If you aren't prepared to go to the wall and lose everything, then you aren't prepared to be in business for your self."


As far as BL's comments above go, let me clarify a few things:

As I said it sounds like things have changed for the new IR.  However after the first year you will have to pay the full amount of your health insurance package, which amounted to over $600 a month for myself and spouse. As I recall there were only two options the Cadillac plan and the Kia plan.  The BOA had more choices and was subsidised.  Has this changed also?

I'm trying not to be so negative that the OP gets discouraged, but I feel that it is only right to know everything  before jumping in with both feet.  Looking through rose colored glasses (or green tinted glasses in the Jones case) doesn't help because eventually you have to take the glasses off.   It is better to know upfront the good and the bad.

Dec 1, 2005 6:25 pm

Big Payday's advice is ironic, or revolves around circular logic, or somthing like that....goes something like:

"Here, let me--an 'expert' on this board--give you some advice:  do NOT take advice from people on this board.  Oh, and here are 5 other pieces of advice to take (just ignore #1 for the moment, because I am the ONLY one who is not jaded)."

That argument/logic is eerily similar to "this is the only firm that is honest and the only place worth working attitude."  EJ is a great place to work, but any free market, including the one for labor in the US, allows the "best" to be sought out....I rarely see successful, experienced people in this business go TO Jones.  Unless it's because the rest of the 90% or so are selfish, greedy, etc., that means something--namely, that it's not the ONLY place to make a nice living w/a high quality of life serving your clients the right way.

I hope that didn't come across as jaded--it was meant to be a logical deconstruction of the argument that a new person to the industry should make an exception to a rule stated by the person who gave the rule.  Ironically, the other 5 rules are worth following (simple, but valuable)...unfortunately, #1 prevents someone from paying attention to them...

Dec 1, 2005 7:06 pm

I understand not selling product on someone's doorstep, rather getting to know them and building a reltionship, I guess I am just skeptical of people's reaction (I'm in the lower north-east) to someone cold knocking.  Thanks for all of the advice!!  I'll will keep everyone posted as to my decision/progress.  My face-to-face with EJ is tomorrow afternoon. 

Dec 1, 2005 7:12 pm

Also - BPD’s rule #1 is mostly true (although I wouldn’t necessarily call it “jaded” - more of a design flaw in the venue - the internet!).  After all, I’m sure that most of you are incredibly awesome people in real life, but this is the internet and people post some crazy stuff… trust me when I say that I’ve taken this whole site with a grain of salt.  But all in all, I truly truly appreciate all of you keeping it real for me and helping me to stay sobered minded about this decision.  I was truly just looking for some real-life situations and insight.  Any other thoughts are greatly appreciated.

Dec 2, 2005 6:03 am

[quote=executivejock]

Stok nice post.



As for Bab loon… I think knocking on doors is good and bad. Different parts of the country have different cultures. So if you go the cities of New England they are going to tell you to “go f… your self”. If you go to Dothan, AL or the south they might say “come on in.” So my point is it depends. I have talked with thousands of professionals from Maine to Puerto Rico over the past year so this is from my experiences.

[/quote]



Exec,

Looks like you have really done your research by talking to a lot of brokers. What’s your take on Cold Calling?

Sonny
Dec 2, 2005 6:23 am

[quote=SonnyTheBull] [quote=executivejock]

Stok nice post.


As for Bab loon... I think knocking on doors is good and bad. Different parts of the country have different cultures. So if you go the cities of New England they are going to tell you to "go f... your self". If you go to Dothan, AL or the south they might say "come on in." So my point is it depends. I have talked with thousands of professionals from Maine to Puerto Rico over the past year so this is from my experiences.

[/quote]

Exec,
Looks like you have really done your research by talking to a lot of brokers. What's your take on Cold Calling?
Sonny[/quote]

The firm that I work for doesn't do any cold calling. They do promos through large companies in the area and specialize with retirements. Of course, they have a strong media footprint and the marketing dept. is fantastic. I think cold calling is needed for the rookies. Being that I'm a rookie, I hope that by working for my current firm, I wont have to cold call. I'm willing to do my time in the trenches though!

Dec 2, 2005 3:13 pm

The bottom line comes down finding interested prospects. Whether that's done through door knocking, cold calling, mailing, seminars, or referrals. I've found the most efficient way is to phone those likely most qualified with needs and money- ala businesses. In 2 hours, I can reach 20 and set appointments with between 1 & 5. On the appointment they are interested and expecting me. I've tried door knocking- needed a brace to help keep my chin up though. Took all day to do what can be done in 2 hours with the right list, presentation and product. Door knocking obviously works for alot of people though. I just feel that cold phone calling is the shortest line from point A to point B.

Stok

Dec 2, 2005 5:09 pm

B-



Have you looked at the other wirehouses for comparison?  UBS, SB
or ML will give you a starting salary between $40K and $80K plus
commissions and bonuses.  (I’ve seen ML go to $100K for premium
candidates).  Company pays all the usual expenses.  Net
income is better (check Registered Rep’s salary survey or the Payout Grids at OWS).  Support is better.



Also, I assume that you’ve read The Rep’s Broker Report Card.







Jeff Cadieux, Partner

Gabriel & Associates

Executive Recruiters

www.GabrielHR.com

Dec 4, 2005 3:27 am

Those are certainly options... Im more of a long term sort of person though.  I would be going into a wirehouse knowing that it is temporary... I'd rather be building my own business given the rural nature of the area that I live in.  I certainly haven't written those ideas off and I appreciate your response.  What do you think about starting off as a ML FA? 

Dec 4, 2005 11:41 am

Cold calling... The industry I am involved with is a bit different, but we are trying to get information. On top of that we have contacted and traveled up and down America.

We know the culture really effects the results and peoples openess to open to door. This is not to say there are people in every town who will pour you a cup of coffee, just cities are extremly challenging. People in general are too busy and dont want to be bothered.

I would say network at churches, Lions club, Knights of Columbus, Toastmasters and other avenues in the cities. In the good old town you may be good to go with cold calls and door knocking.

I dont claim to be the expert by any means, but I do have some great experience in different industries.