Edward Jones Article WSJ
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They need bodys, that’s it… Put them in some “special funds” make them pay upfront and charge them for everything. That way when the broker fails after 6 months, the next guy know exactly where to start…
Spiff... We have all been through the "training" in STL(or Tempe-heard they had better food). The training for taking the tests good, training for the rest crap. They rely on wholesalers(read American Funds) to train them on what to sell and what allocations, most of the twits(mean that in the best way possible) have no idea what they are doing... But there are an equal number who are very qualified, but they did the research on their own... Which is probably why they are still there..Monopoly - First, I wasn’t referring to you as wet behind the years. It was a reference to this statement: “My son who is a business major, laugh and laugh at the article.” I understand why you might chuckle, but what reference point does your son have that makes him chuckle?
Spears - so you talk to someone once and then forget about them? That explains a lot. It's a pretty common sales process in general to talk to people more than one time before they become a client/customer. And if you're that good that you can talk to people once and open accounts with them or decide it's not worth your time, perhaps I have a lot to learn from you. And maybe the attrition rate is 60% in the first 6 months these days. It sure wasn't during my years in those classrooms. Those numbers would mean, assuming out S7 pass rate hasn't plunged along with the market, that of 100 people hired we lose 10 to the tests and then 50 once they hit the field. 6 months in barely gets you past PDP. I'd be suprised if those numbers are accurate. And as far as being privey to those numbers, no, they don't send me an email, but I can get the info with a phone call or two. Which I will probably do tomorrow. Perhaps the writer of the article didn't write down her facts correctly. You'll notice that she didn't put it in quotes. So, I'm not inclined to believe everything written in an article with an obvious bias against Jones. And since I don't know this writer, I wouldn't take her at her word. After all, she can't even spell advisOr correctly.[quote=bspears]Spiff…are you saying Alm was telling a lie when he stated 60% washout in the first 6months? Are you privey to the numbers? After reading the link, I just shook my head in disgust…what a horrible way to make a living…and the poor sole keeps hounding those people…basically begging them to do business. I guess if I was unemployed, a few months on EDJ’s dollar wouldn’t be to bad until I got a new gig. Sucks in this weather though…[/quote]
Spears…you’ve been away for a while now. It’s time to let go of the whole bitter anger thing. Really.
All of us had to “beat the streets” in some form or another to get our start, whether we were with Jones or not.
Hell, I’ll give the guy shoveling sidewalks a lot of credit if that’s what it took to get their statements and get them talking about the nitty gritty of their finances. Like Nick Murray says, "People don’t care how much you know until they know how much you care."
How long can it take to shovel someone’s sidewalk? 15 minutes? That’s probably a lot more productive than cold calling in this environment. 25 cold calls and maybe you get one contact who says you can send your card and call back again in a few weeks to share an idea and learn a little more about them…or shovel a sidewalk and walk away with copies of their statements…I think I’d put on my boots and go shoveling if I thought I could make that work.
The point is moot !
EDJ clients don't read the WSJ. The firm has control. They can order reprints or just let it go.
When I went to the training, the golf ball was optional.
Nick Murray also said today in a conference call with WB/AGE brokers that this industry will have 25-35% less brokers in it by end of 2009. Who could it be…hmmmm…I can think of a few pikers on extended time right now because our manager did not have the nads to say see yah… Well, he did have the compassion to let them make nearly minimum wage for the last several months/quarters. Really, 7-9 years in the biz and only turning a buck and a half on t12… I’m sorry, I think it is time for these guys to be lookin for a new gig.
[quote=Cowboy93][quote=monopolybet]
First account I opened was over 200k, when I asked for help my field trainer, he said "just put it in American Funds". So I did I pick 4 funds and put 25k in each!!!! That what a week of training does for ya!![/quote] I guess the training skips math and the hiring process doesn't require much either (?).[/quote] ...maybe he put the other 100K with Madoff...[quote=Indyone][quote=Cowboy93][quote=monopolybet]
First account I opened was over 200k, when I asked for help my field trainer, he said "just put it in American Funds". So I did I pick 4 funds and put 25k in each!!!! That what a week of training does for ya!![/quote] I guess the training skips math and the hiring process doesn't require much either (?).[/quote] ...maybe he put the other 100K with Madoff...[/quote] the 4 x 25k was for the beakpoint calculation and I think Madoff had only FU shares not A shares.Oh, boy never make a mistake on this forum…you all, do not miss anything! Sorry I meant 100k…either way, to just tell a newbie to just put it in american funds with a wave of the hand and not help to meet the clients needs. We all know how EDJ puts the client first!!! So sorry I made a mistake. I just get soooooooooooooo upset when I think back to those early years!!!
We just had a EDJ trainee knock on our door recently. Unfortunately, I wasn’t home to enjoy the encounter. Next time I tell my wife to ask the IR trainee to shovel our driveway or pull some weeds out of the garden. She could say something like my husband will be home in two hours. He makes a good living. Can you do some work around the house until he comes home? (wait…you’re not IRs anymore you are Financial Advisors now - Congrats on the promotion!)
But seriously, as a former Jones IR, and former Wire house guy and now an Independent I do have a great deal of respect for the effort being made by the WSJ profiled Jones FA. His military background and pension will likely allow him to keep up the good fight for awhile. He is following orders well. The thing is he was only trained one way. Hopefully, he will learn to add working smart to working hard. Here is a secret the Jones home office won’t tell you - The reason the wire house FAs control more money and make much more than the 60K or so Jones seems to be averaging is that they work with their brains. Sticking to it with discipline can help lead to great things. Combine that, with lifting your head up to think once and awhile for yourself, and you will find you eventually out grow EDJ.
Hyman, I’m not bitter, just having a good time with Jones. I’ve not doorknocked once since I’ve been indy, not once…and my business is doing fine. I look back and cringe at the thought of walking down streets begging people to do business with me. It screams desperation…servicing my current clients to the max and casually sending clients to the local CPA and probate attorney has reaped far more for my practice than walking down a street when its 5 degrees asking old people to open a door.
Fortunately people are not as gullable as they may have been back in the 70-80's or even the 90's. They understand the false front of "acting" like they are genuine about helping them...THEY WANT YOUR MONEY is what it is screaming.Spears, I agree with you. However, let’s put it into perspective. We are talking about scratch starters, not people in the business for several years. Most people on this board like to talk about how JONES people get their business started. Let me ask you, if you started over from scratch, but didn’t have any of your current contacts, knowledge, etc., how would you get started without cold prospecting? It’s pretty tough to make it at any firm in the first few years without (essentially) begging. Whether it be over the phone or face-to-face, the first few years are pretty humbling (assuming you don’t have some natural market or network to turn to right away). I’m not really trying to defend Jones, I’m just saying that most Jones FA’s don’t really doorknock after the first year or two. Some do (some are good at it, or are in areas where it works well). But most, once they develop a client base and a process, and start networking, etc. move past doorknocking. Sometimes the folks on this board focus so much on how Jones FA’s get started. I just don’t know how many alternatives there are when starting out cold at any firm.
And after all, aren't most of us acting to a certain degree? And do people think Jones FA's are "acting" any more than at any other firm? I really agree with Wired when he said that too many Jones FA's don't think for themselves. This is one pet peeve I have with Jones people sometimes. Jones does sort of brainwash some people into thinking there is only one way to prospect. My experience is that about half the veterans at Jones move past that philosophy, and the other half will always bleed green. That's why sometimes, although Jones FA's seem to be very helpful, their "help" becomes less and less valuable as you progress through your career (how many times can you listen to a veteran tell you to "call on a good bond"?).[quote=B24]
I really agree with Wired when he said that too many Jones FA's don't think for themselves. This is one pet peeve I have with Jones people sometimes. Jones does sort of brainwash some people into thinking there is only one way to prospect. My experience is that about half the veterans at Jones move past that philosophy, and the other half will always bleed green. That's why sometimes, although Jones FA's seem to be very helpful, their "help" becomes less and less valuable as you progress through your career (how many times can you listen to a veteran tell you to "call on a good bond"?).[/quote] And unfortunately when a newb does try to do this they are accused of "going against the grain." It is not easy to do, and that is the culture issue Jones needs to fix.[quote=bspears]Hyman, I’m not bitter, just having a good time with Jones. I’ve not doorknocked once since I’ve been indy, not once…and my business is doing fine. I look back and cringe at the thought of walking down streets begging people to do business with me. It screams desperation…servicing my current clients to the max and casually sending clients to the local CPA and probate attorney has reaped far more for my practice than walking down a street when its 5 degrees asking old people to open a door.
Fortunately people are not as gullable as they may have been back in the 70-80's or even the 90's. They understand the false front of "acting" like they are genuine about helping them...THEY WANT YOUR MONEY is what it is screaming. [/quote]No offense intended, but to a regular reader it comes across as bitter.
Is it "acting" if you really care about people?
Geez, here is ANOTHER EJ article, this one in the Registered Rep January issue which just arrived.
Spears, we all act like we care about our clients even before they are clients. It’s human nature. It has nothing to do with Jones. You mean to tell me that you DON’T act like you care about your prospects/clients?
You would be correct. See…you act like everyone you doorknock are dumbasses and can’t see through why your there. Instead of training on coming up with bullshit conversation, why don’t you try to be upfront and say…hey I’m a Financial Advisor starting a practice here locally and wanted to introduce myself, do you already work with someone. Instead…its "hey I see you have some palm trees in your yard…wow you do a great job with that wonderful looking tree. You must be a master gardener…oh really…oh by the way…CAN I SEE YOUR STATEMENTS SO I CAN RUN A HYPO WITH ANY DATES I WANT TO MAKE SURE IT LOOKS BETTER THAN YOUR INVESTMENTS…PLEASE…PRETTY PLEASE…and then I can sell you out of them and buy A shares in American funds…please…please…the months about up and I don’t have shit on the books.
You must have really sucked at doorknocking. Otherwise you wouldn’t have the opinion of it that you do. The only time you can’t tell some that you’re a financial advisor starting a practice, blah, blah, blah is between KYC and the week before Eval/Grad. And even during that time you don’t need to have a conversation about their flowers, you just can’t ask them about their investments. After that short window, you SHOULD be telling them the whole I’m an advisor thing.
This whole arguement you're making is completely between your ears. It's YOUR perception that what you were doing was begging people for their statements. Perhaps you were naive enough to believe that you were fooling them with the whole flower conversation, but I don't believe Jones ever told you that you were trying to do anything but introduce your business to them so that you could get to their money. It's pure marketing. The reason training can't come up with anything better is because they are training you, at least during KYC, to be able to have a conversation with someone before you are technically licensed. They are trying to get one or two of those 5-7 contacts out of the way before you can even sell anything to them. You have to start somewhere and a non confrontational conversation about their kids, job, etc is a whole lot better than nothing. If these last few posts of yours are any indication of your career at Jones and how you handled yourself as an advisor while you were there, it's no wonder you have such a poor opinion of Jones FAs. You must have absolutely turned your brain off and plugged it into the Jonesnet instead. Cause if that was the way you ran your business you sure weren't thinking for yourself. But since you weren't thinking for yourself, obviously the rest of us aren't either.As I’ve stated before I grew a 2.5mil business to a 34mil bus in 5 years and IT WASN’T FREAKIN DOORKNOCKING…I DON’T DOORKNOCK…its rude…its slimy…its smells of desperation…I didn’t doorknock when I was there…I took names out of a phone book and put in bogus bullshit to get by the training. I was the 7th jones guy to blow through my old office…give me a break…how many times do you need to bother someone and feed them the same lame line.