1st year knocking on doors
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[quote=Ron 14]I will agree that Jones is incredibly generous with their good producers when personal situations come up. I will add that they are incredibly generous with even low level producers. An older gentlemen in my region had some family issues with a sick child that went on for about 8 months. He was below expectations before the incident and they kept him on and were paying him (I dont know how much, I didnt ask) until the situation had improved for him and his family.
Jones also extended a helping hand to my wife and I when we adopted our daughter. Giving us 5k towards the expenses. [/quote] That's pretty cool. Actually, they have done the same thing in my region. We have a guy in his 60's, been with the firm for years, produced maybe 250-300K/yr. He came down with cancer and some ancillary ailments that kept him out almost 2 years. They had a STL transition broker come in and the FA got 100% of the production (produced by the transition broker), or 100% of his T-12 prior to leaving, whichever was higher (plus full benefits while out). And he was also exempt from standards. He is back part-time, and is still exempt from production standards. This cost Jones a lot of money (his production was about 1/2 of his T-12, so they essentially doubled his production, AND they had to pay the transition broker a salary, plus living expenses). I have to say, this is one of the areas that Jones truly does things the right way.[quote=AGEMAN]As a rule I think people suck so I did my own thing.
So your marketing method avoids people--LOL What was his method??[/quote] Funny thing, if you hate people and try to avoid them every step you take there they are. His method was finding HNW people and guage them by the amount of equity in their home. He had some very top shelf invitations and would invite them to a white table cloth place he made a deal with. Would only have 6 couples max at any one dinner. The subject was estate planning.[quote=I knock]
Do the people that don't make it at Edward Jones fail because they don't actually get out and doornock their butt's off?
Others that started from scratch how did you do it? I need to make a decision before I sign on the dotted line. So any positive feedback would be appreciative. Yes, I know that this is a sales job. I have been in sales before. I am not afraid to discuss assett allocation, risk tolerance, bonds, American funds etc... Yes I am prepared to knock on door after door after door, cold call, send out mailers, set up a monthly community meeting about who what and why. I don't know any rich people so all assetts will be gathered from cold calling and knocking, is it possible? [/quote] Dont listen to the know nothing jerks on this website. I just think Jones is a hard road and really not worth it at the end of the day. Just look at all of the people who leave or who are unhappy at Jones. Plus you cannot do fee based business and that is what we all work for at the end of the day. If I was just starting out, and I was as hard working as you say you are, I would look for a good bank rep job. They make very good money and you can learn the ropes. If you do well you can earn BIG money at at bank. You do not own your book at Jones or at a bank. You only own your book at an indy. I am at an Indy and have been successful by the grace of God and hard hard work. It is nearly impossible to make it and I thank God every day. For someone starting out from scratch, with no wealthy friends or family, you would be best at a bank. Ed Jones and some of the others will just use you as a prospector. After you are burnt out after working your butt off and not meeting their goals--they fire you, keep your assets, and hire another. That is how these firms work. Best of luck to you.[quote=vbrainy][quote=I knock]
Do the people that don't make it at Edward Jones fail because they don't actually get out and doornock their butt's off?
Others that started from scratch how did you do it? I need to make a decision before I sign on the dotted line. So any positive feedback would be appreciative. Yes, I know that this is a sales job. I have been in sales before. I am not afraid to discuss assett allocation, risk tolerance, bonds, American funds etc... Yes I am prepared to knock on door after door after door, cold call, send out mailers, set up a monthly community meeting about who what and why. I don't know any rich people so all assetts will be gathered from cold calling and knocking, is it possible? [/quote] Dont listen to the know nothing jerks on this website. I just think Jones is a hard road and really not worth it at the end of the day. Just look at all of the people who leave or who are unhappy at Jones. Plus you cannot do fee based business and that is what we all work for at the end of the day. If I was just starting out, and I was as hard working as you say you are, I would look for a good bank rep job. They make very good money and you can learn the ropes. If you do well you can earn BIG money at at bank. You do not own your book at Jones or at a bank. You only own your book at an indy. I am at an Indy and have been successful by the grace of God and hard hard work. It is nearly impossible to make it and I thank God every day. For someone starting out from scratch, with no wealthy friends or family, you would be best at a bank. Ed Jones and some of the others will just use you as a prospector. After you are burnt out after working your butt off and not meeting their goals--they fire you, keep your assets, and hire another. That is how these firms work. Best of luck to you.[/quote]EJ has a fee-based platform. Seems that people who "know nothing" should probably do some research before they make assumptions. Yet again.
[quote=AGEMAN][quote=Moraen] [quote=vbrainy][quote=I knock]
Do the people that don't make it at Edward Jones fail because they don't actually get out and doornock their butt's off?
Others that started from scratch how did you do it? I need to make a decision before I sign on the dotted line. So any positive feedback would be appreciative. Yes, I know that this is a sales job. I have been in sales before. I am not afraid to discuss assett allocation, risk tolerance, bonds, American funds etc... Yes I am prepared to knock on door after door after door, cold call, send out mailers, set up a monthly community meeting about who what and why. I don't know any rich people so all assetts will be gathered from cold calling and knocking, is it possible? [/quote] Dont listen to the know nothing jerks on this website. I just think Jones is a hard road and really not worth it at the end of the day. Just look at all of the people who leave or who are unhappy at Jones. Plus you cannot do fee based business and that is what we all work for at the end of the day. If I was just starting out, and I was as hard working as you say you are, I would look for a good bank rep job. They make very good money and you can learn the ropes. If you do well you can earn BIG money at at bank. You do not own your book at Jones or at a bank. You only own your book at an indy. I am at an Indy and have been successful by the grace of God and hard hard work. It is nearly impossible to make it and I thank God every day. For someone starting out from scratch, with no wealthy friends or family, you would be best at a bank. Ed Jones and some of the others will just use you as a prospector. After you are burnt out after working your butt off and not meeting their goals--they fire you, keep your assets, and hire another. That is how these firms work. Best of luck to you.[/quote]EJ has a fee-based platform. Seems that people who "know nothing" should probably do some research before they make assumptions. Yet again.
[/quote] You call one mutual fund account and a few SMA choices a fee based platform??[/quote] There is only one mutual fund account? I thought they used several different ones. His statement was about "fee-based business". Obviously they can.
Even though Jones offers a fee-based program I don’t know how you can possibly start from zero and build a fee based business and still hit their numbers. That may be what vbrainy is getting at.
[quote=Ron 14]Even though Jones offers a fee-based program I don’t know how you can possibly start from zero and build a fee based business and still hit their numbers. That may be what vbrainy is getting at. [/quote]
You have that first year salary. If you can get $8 million in Advisory the first year (not impossible), that’s $108k in production. Not great, but better than having a cushion of $20k gross.
Mo,
I would agree with Ron, it would be tough at Jones to ramp up enough assets in advisory the first year. The challenge will be also that most "newbies" are not being taught to gather advisory assets at Jones. They want newbies to focus on learning how to sell securities first, and Advisory comes later. This is changing, though. It's just an evolution. Jones is really seeing the handwriting on the wall, and I think they are moving towards structuring their entire business towards advisory (yes, believe it or not). This is primarily due to market conditions (the rest of the world does this, and clients want it) and legislative conditions (at some point, C shares will probably go away, and who knows what will happen with A shares). But I think Jones is preparing themselves for that. I know it's hard to see that from "outside the steel curtain", but Jones is very quickly transforming itself. I think the next steps are a more evolved advisory platform (possibly UMA-type account) and a revamped compensation/production schedule for new hires, that acknowledges/compensates for fee-based assets.Folks how are you - a new broker over at Jones here… I was skeptical at first, especially with their training program - but it makes sense…
I mean - there are so many clowns out in the streets that want to be cool and own funds… I have found that the people that do not want CNBC and understand that the markets are best suited for long term investors are the best folks to have conversations with…
it sucks to talk to people who want to give you their “hot stock picks”… I wish I could knock on doors through the night…
Yes… I am crazy like that!!!
Can someone give me some tips AND THE REALISTY… to blanket the CPA field… Coming into tax season…
I want to take a bout 3 weeks to hit like 1000 CPAs… whats the best pitch?
thanks
ROOKIE 007
SPELLING - REALITY!
My focus is advisory - up front… I think its the best deal going - from the senior folks… what do you think?
1000 CPA’s? WTF do you live? Geez. Unfortunately, you need to talk to them pretty damn soon. Don’t even walk in their door after January or you will piss them off forever. Keep in mind, most of them are courted all the time, so if you really have that many CPA’s in the area, try approaching the ones “off the beaten path”…the smaller ones, one-man shops, etc. I would not start out going to big firms, as most of them have relationships already. Those will take some years to bust into. But don’t expect anything this year. It’s a little late to build a relationship 2 weeks before tax season.
Yes - somewhat crazy I guess… I know its probably going to be late for the tax business this year for me, but at least want to get out there and pass my info around - so hopefully by the next year - I get 3-5 that bite…
I figure if I hit about 500 or CPAs, small and large - (probably 70% small)… I should get a couple referrals…
Do they expect a written agreement up front?
A written agreement for what? That you won’t do their client’s taxes?
I'm going to assume you're for real and not just another troll. That way I can feel a little better about spending some time on a fellow Jones guy. First, stop drinking the Red Bulls. Now, forget about contacting 500 CPAs in 3 weeks. Even if you could catch them all at their desk and get past their secretary, you'd only have about 1.5 seconds with them before you'd have to be heading out the door for the car so you could get to the next one. It's just logistically impossible. It's a great idea to meet some CPAs and let them know who you are. But make it maybe 10 to 25 instead of 500. Maybe two a day. You can't possible be of any real value to 500 CPAs at a time. Eventually you're going to end up with 1 or 2 good ones that you refer to and who refer back to you. And like B24 said, don't expect ANYTHING from them this year. They don't know you from Adam and they aren't about to put their reputation on the line for someone they don't know. Do some research before you just start randomly walking into CPAs office and handing over your business cards. Focus on the ones who don't also do financial planning. Most of them have websites that will include their services. Anyone that says they do investments, skip them. For now. Also, while you're doorknocking, ask the people you meet who does their taxes. Tell them you're looking for a good CPA to work with. When you start hearing the same name over and over, make it a point to find out more info about that person. They may be a big fish you can work on over time. At least you'll know who the players in your area are. Your real opportunity right now is with rollovers, transfers, and new IRA/Roth IRA startups. You should be hammering the new changes in the Roth conversions right now. If you don't know what that is PM me and I'll give you the primer. The training at Jones does work if effectively implemented. You sound like so many of the new FAs that have come and gone in our region. You're running 90 miles a minute, but you really don't know where you're going even though you've already been handed the map. There are lots of very successful Jones guys here. You might want to seek them out and get some real world advice.Do not to talk to them until May at the earliest! Otherwise you’ll just piss them off like B24 said.
My suggestion would be to find one that is about the same age as you and build a relationship with them (maybe have them do your taxes). They get hit all the time for referrals and business, so why would even 1 out of the 500 offer to give you referrals. They don’t even know if you are any good at what you do. And why would you give them referrals if you don’t know if they is any good at what they do? One the the quickest ways to lose a client would be to refer them to a CPA who gets them audited. A CPA will view you the same way.
Getting to work with CPAs and attorneys takes time. You have to build a relationship with them. 95% think they are smarter than everyone else so you have to be able to convince them you are worth listening to, and then be able to prove to them that you are a better person for them to send referrals to than the other RR who they just talked to last week.
Good day for contacts!!!..
Thanks for the advice - I am for real… and favorite energy drink is monster!!.. I know that getting the CPAs and attorneys is more of a relationship hurdle, and will take some time. I just want to try to get out there quickly - I know there will be other brokers trying to do the same…
Although it may be late this year, I think perhaps I can try some newer firms - some that may not be already networked, with brokers…
I will try to do some basic research this weekend on newer firms in the area, and try to just call them, to see if I can land appointments…
Just from a regulatory stand point - can I also tell them, that I will also be willing to refer clients?..
Again - very good advice for this newbie… Local market guys are good, but I feel like they are busy…
I'm beginning to sense this too. The more I talk to other FAs at our regional meetings, the more guys I find that have been handed assets and an office. There are a few who make it without that, but they live eat and breathe prospecting 24/7. I'm beginning to question if I have that in me. I leave for PDP in 18 hours.I have found that most people who succeed at Jones either … have a book of business handed to them to keep them afloat until they figure things out.