EJ Cold Walk

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hncollazo's picture
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“Initially, you will follow our recipe for success:

1)     Make 25 quality contacts per day (125 per week).
2)     Ask open-ended questions to obtain financial information.
3)     Present an appropriate investment and ASK for the order.
4)     Assess each contact and indicate the next action to be taken.
5)     Contact each prospect at least once every two weeks.”

This is from EJ FA career web.

I don’t have issues with points 2 to 5, but how can I make 25 “Quality”
contacts per day? At a pace of 3 per hour? (8 working hours / 25 = 3)
That’s like one each 15 minutes. What about the Quality part? How much
quality can I get from a 15 minute to 15-minute appointments? Or
Quality means different at EJ?

hncollazo's picture
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Joined: 2005-02-18

Oh, I find the Quality answer at their site too.

“Making 25 quality contacts does not mean making 25 telephone calls or
knocking on 25 doors. A quality contact is a conversation during which a
prospect’s needs are assessed, his or her interest piqued, a product
explained or an appointment set.”

Again, how can I do this in 15 minutes? Can someone help?

entrylevelFA's picture
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Joined: 2006-06-05

Get some information or talk to the point where second contact is warm and expected.  You don't have to close the sale on their doormat in 14:59, you need to be able to add them to your pipeline as a serious prospect.

Spaceman Spiff's picture
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Don't read too much into the "25 quality contacts" statement.  No one at Jones expects you to have a full blown conversation about needs/goals/investments at the door. 
entrylevelFA is right on.  All you're expected to do is get enough info that you have a reason to come back and talk with them again.  At first it could be something simple like they have an IRA or they invest in CDs.  Simple.  Get their name and phone number if possible.  Then you'll go back to them later. 
At the end of each day you need to be able to tell your trainer in STL or Tempe that you met and had a decent conversation with at least 25 people. 

now_indy's picture
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Joined: 2006-07-28

While there are some people at Jones who make 25 contacts/day when they are starting out, a LOT of IRs will just plain lie about it to St. Louis.  I got a "talking to" from Kim Webb (a GP) during PDP training because I wasn't hitting my contact numbers during the call sessions. I tried to politely explain to her that I was actually recording ONLY real contacts (contacts where I would at least present something to them).  She didn't seem to grasp that the guy next to me would count an answering machine as a real contact! 
Also, don't put too much credence in the IRs who claim to open a TON of new accounts.  If all a guy needed was an IRA for a 401K rollover, I knew an IR who would open the IRA, a joint account for him and his wife, a ROTH for the wife, and a ROTH for the husband.  His COMM screen would show 4 new accounts. It wouldn't mention that 3 of the 4 are empty and will stay empty until they are closed. But, at least at new IR meetings, he gets held up as someone who can open 20 accounts a month by the NIRSS (trainer).
I never understood why Jones didn't stress new HOUSEHOLDS instead of new accounts.

EDJ to RIA's picture
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Joined: 2006-11-28

Quote: "I don’t have issues with points 2 to 5, but how can I make 25 “Quality” contacts per day? At a pace of 3 per hour? (8 working hours / 25 = 3) That’s like one each 15 minutes. What about the Quality part? How much quality can I get from a 15 minute to 15-minute appointments? Or Quality means different at EJ? "
Your math is wrong. Ed Jones expects you to work at least 15 hours a day, 6 or more days a week. So that's only 1+ "Quality" contact an hour. You need to learn to work harder not smarter.

Spaceman Spiff's picture
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I think that's changed now.  While there is some back patting at meetings and such for anyone opening up more than 10 accounts in a month, they have to be funded for them to count towards the new IR's monthly goals.  I wish they would focus on households.  I'll take 3 new households over 10 empty accounts any day.

Spaceman Spiff's picture
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EDJ to RIA wrote:
Quote: "I don’t have issues with points 2 to 5, but how can I make 25 “Quality” contacts per day? At a pace of 3 per hour? (8 working hours / 25 = 3) That’s like one each 15 minutes. What about the Quality part? How much quality can I get from a 15 minute to 15-minute appointments? Or Quality means different at EJ? "
Your math is wrong. Ed Jones expects you to work at least 15 hours a day, 6 or more days a week. So that's only 1+ "Quality" contact an hour. You need to learn to work harder not smarter.

Actually I used to teach my training classes just the opposite.  Work as little as possible to hit the goals.  If you can do the job in 4 hours, great.  Play some golf.  However, know that the next day may not go as smooth, so maybe you should only play 9 holes and ring a few more doorbells. 
Maybe the new Jones brokers should feel lucky they don't work for Merrill or Morgan, et al because I understand the training over there is much more brutal than at Jones.  You only need 3 hours of sleep every night right?  You don't have to pee more than once a day right? Lunch is optional right?

hncollazo's picture
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So, is not a matter of having a full fact finding interview right? Is more like
present yourself ask if they are investing and ask what products their have,
then talk about a fund or stock that may help them and try to close there? or
just come back every two weeks with products ideas?

hncollazo's picture
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Joined: 2005-02-18

Also, I won’t cold walk on neighborhoods. I prefer business owners and
professionals (Drs, Lawyers, etc) any idea how to pass the gatekeeper on a
face to face? I just say to them that I will like to introduce myself to their
bosses, my firm and services. That I know they are busy now and that I just
will ask them for an appointment to visit in a more appropriate time. Does
this work? Please advice.

EJ2001's picture
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Joined: 2007-03-22

H, you may not prefer neighborhoods, but if no other FA's (IRs) have been in your area, it may work. 
As for Doctor offices, I was a drug rep for 16 years. It tends to take money (not alot) to see these folks, if she (gatekeeper) see if she looks like she eats dough nuts, buy her some Krispy Kremes. It's amazing what alittle wheat gluten and sugar can provide. If not, go get a bag full of small lotions from Bath N Body. If they look at you stupidly, well .... you look stupid. Just go to the next remembering as Doug us to say, "You are part of the Best dam sales force in the world."
As for the other posts above, that 25 f2f was a joke. But that view is from this old guy. You may take 30.

hncollazo's picture
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Joined: 2005-02-18

I bet, there is not FA cold walking here. I live in Puerto Rico. Here we
don’t have EJ, but UBS, ML, SB, Wachovia, Independents and local banks
bds. Some of the advisors I talk to about prospecting feel cold walking
are not “professional” at all. I also notice that some of this FA that feel
that way are starving to death.

I am starting out as a new FA with one of this big wirehouse and I don’t
know wealthy people, which is the market my firm is asking to get in too,
my uncle of father is not rich so I have to look for a way to make it
happen.

I call EJ a couple of time but they are not interested in the Puerto Rico
market today. I came from the insurance industry. It is common to
prospect this way.

brandnewadvisor's picture
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Joined: 2007-03-23

Maybe EJ should state this on their website:
"In the morning, before you embarass the helloutayourself, insert one bullet into the chamber, giver a good spin, then pull trigger.  If you are still alive after this - thank the Good Lord and start knocking.  No one will respect you, docs and lawyers will not become your clients unless they're idiots, but maybe you can get Jim Bob from the local grocery store to have a 15 minute conversation with you while on his smoke break from stocking shelves to share his financial dreams."
About the only thing more comical to me then the way EJ rookies have to build their business are "The Personal Advisors of Ameriprise".

Spaceman Spiff's picture
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Joined: 2006-08-08

What's comical to me is all of the people who think picking up a phone and calling 200 people a day is any different than cold walking.  The only difference is your feet have to move and you get to see people in person.  Oh yeah, and most people don't actually slam the door in your face.  Once in a while it happens.  Front doors don't have caller ID either. 
collazo - I'll bet you're right that no one else is cold walking in PR.  It might be a great addition to your marketing strategy.  Especially with the business owners.  I would suggest you try some neighborhoods before you completely throw them out. 
Here's a thought.  Buy the list of qualified prospects like you were going to cold call them.  Then send 50 postcards every day telling those people you are going to be in their area introducing yourself.  We've got a letter like that on our system ready to print and mail.  Then go ring their doorbells.  You already have their name and address and probably their phone number.  Once you meet them they'll remember you were the guy who rang the doorbell. 
Or you can mail 15 invitations to seminars to them over the next 2 years, hoping they get it, read it, and respond to it. 
You have a lot of choices as far as marketing goes.  Cold walking is a great alternative. 
 

12345's picture
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Joined: 2006-12-04

brandnewadvisor wrote:
Maybe EJ should state this on their website:
"In the morning, before you embarass the helloutayourself, insert one bullet into the chamber, giver a good spin, then pull trigger.  If you are still alive after this - thank the Good Lord and start knocking.  No one will respect you, docs and lawyers will not become your clients unless they're idiots, but maybe you can get Jim Bob from the local grocery store to have a 15 minute conversation with you while on his smoke break from stocking shelves to share his financial dreams."
About the only thing more comical to me then the way EJ rookies have to build their business are "The Personal Advisors of Ameriprise".

Someone with the name Brandnewadvisor should not be telling people how to prospect. Hopefully someone with a little more experience will chime in. This may suprise you but there are other wealthy people out there other than docs and lawyers who would probably appreciate a face to face introduction.

hncollazo's picture
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Thanks, to all.

farotech's picture
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Joined: 2007-01-05

Cold walking works the best. Demeaning, tiring, and unpleasant as it is, it is absolutely the most effective way to quickly gain trust. Although I disagree with most of what Jones does, their prospecting techniques are good.

Broker24's picture
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Joined: 2006-10-12

I opened over 80 accounts (about 3.5mm) in my first year that way. It
wasn't the ONLY way I opened accounts, but it worked quickly (which is
what you need early on).

troll's picture
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hncollazo wrote:I bet, there is not FA cold walking here. I live in Puerto Rico. Here we
don’t have EJ, but UBS, ML, SB, Wachovia, Independents and local banks
bds. Some of the advisors I talk to about prospecting feel cold walking
are not “professional” at all. I also notice that some of this FA that feel
that way are starving to death.

I am starting out as a new FA with one of this big wirehouse and I don’t
know wealthy people, which is the market my firm is asking to get in too,
my uncle of father is not rich so I have to look for a way to make it
happen.

I call EJ a couple of time but they are not interested in the Puerto Rico
market today. I came from the insurance industry. It is common to
prospect this way.

Make sure you do not cold walk during siesta time amigo!

Vin Diesel's picture
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hncollazo wrote:“Initially, you will follow our recipe for success: 1)     Make 25 quality contacts per day (125 per week). 2)     Ask open-ended questions to obtain financial information. 3)     Present an appropriate investment and ASK for the order. 4)     Assess each contact and indicate the next action to be taken. 5)     Contact each prospect at least once every two weeks.” This is from EJ FA career web. I don’t have issues with points 2 to 5, but how can I make 25 “Quality” contacts per day? At a pace of 3 per hour? (8 working hours / 25 = 3) That’s like one each 15 minutes. What about the Quality part? How much quality can I get from a 15 minute to 15-minute appointments? Or Quality means different at EJ?
I would find a target market/large company. Get a company directory, and start dialing. You'll get infront of qualified prospects by setting appointments, and you'll be viewed more professional than just showing-up unannounced.

Beagle's picture
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I've got 6 Ed Jones offices within 1.5 miles of my house.  I can guarantee you most are not walking door to door or mailing the houses close to their offices.

blarmston's picture
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Joined: 2005-02-26

"I've got 6 Ed Jones offices within 1.5 miles of my house."
That is such a joke...

entrylevelFA's picture
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I pass 7 on the way to work, three of them on the same road within a mile of each other.  Worst part is, the city I live in isn't that big!

Kargon's picture
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blarmston wrote:
"I've got 6 Ed Jones offices within 1.5 miles of my house."
That is such a joke...

I doubt it is a joke.  There are three offices within my small town of 22,000 people.  Now, they are 5 brokers, or whatever you call them at Jones.  It's kind of stupid.  All of the current brokers who run each office took over another broker's practice.  The other two people are goodnight's, or again, whatever you call them.  CAn't wait to open an office there and shut them down.  I am not Indy, so I have to build my practice up before I approach management about an office.

Kargon's picture
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Excuse my typo's above (as I know someone will say something), it's Friday, and I've had a long week.

blarmston's picture
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I wasnt suggesting it was a joke, I was saying that its pathetic...

Philo Kvetch's picture
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Do you have any clients that own new car dealerships? If so, ask them about
"flooding the floor". They hire more salespeople than they really need. The
result is that the salespeople cut each others' throats, basically making
minimal money, the dealer sells more units and doesn't have to pay anyone
any sales bonuses.

hoopfan's picture
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When I got out of college I interviewed with EJ. They brought up the door walking thing. I basically said I want to be an Advisor not a Jehova's Witness. They proceeded to tell me I wasn't EJ material.

doberman's picture
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hoopfan wrote:When I got out of college I interviewed with EJ. They brought up the door walking thing. I basically said I want to be an Advisor not a Jehova's Witness. They proceeded to tell me I wasn't EJ material.

Philo Kvetch's picture
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hoopfan wrote: When I got out of college I interviewed with EJ. They
brought up the door walking thing. I basically said I want to be an Advisor
not a Jehova's Witness. They proceeded to tell me I wasn't EJ material.[/
QUOTE]

I would have liked to be there to see that!

Good one, Hoop!

Broker24's picture
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blarmston wrote: "I've got 6 Ed Jones offices within 1.5 miles of my
house."
That is such a joke...

A friend of mine works in a Merrill office with 42 other brokers.

6 brokers on one block, 42 in one office....hhmmmmm....

Half those brokers in his office fail out within a year.

Philo Kvetch's picture
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Broker24 wrote: blarmston wrote: "I've got 6 Ed Jones offices
within 1.5 miles of my
house."
That is such a joke...

A friend of mine works in a Merrill office with 42 other brokers.

6 brokers on one block, 42 in one office....hhmmmmm....

Half those brokers in his office fail out within a year.

And what of the remaining 21, who are making it in the lofty regions of
Mother Merrill? They'll be leaving the six Jonsers in the dust.

The Jones office down the street has had 4 brokers in five years. Not too
impressive, m'boy.

theironhorse's picture
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Jones way of prospecting works well.  I don't understand why
people think it is such a big deal.  Face to face is a great way
to meet many people.  I don't do much residential, but smaller
business owners are everywhere, always open, and always willing to tell
you about their business if you walk through their door.

My only problem with Jones is the 2nd and succeeding "calls," where
they want(ed) me to call these same people and propose a 30 year
bond. 

707SE's picture
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A question for you guys who cold walk. Without even knowing this was a method employed by EJ, I put this as part of my marketing plan. I go live next week as a broker with a rep # and I plan on using this method. Question: When out cold walking what do you,
1. Wear
2. Bring with you i.e. marketing materials, product info
3. What is your goal? i.e. an introduction or something more? I wouldn't expect more than a introduction in the first meeting but I don't want to short change this situation.
thanks in advance for the replies.

troll's picture
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707SE wrote:A question for you guys who cold walk. Without even knowing this was a method employed by EJ, I put this as part of my marketing plan. I go live next week as a broker with a rep # and I plan on using this method. Question: When out cold walking what do you,
1. Wear
2. Bring with you i.e. marketing materials, product info
3. What is your goal? i.e. an introduction or something more? I wouldn't expect more than a introduction in the first meeting but I don't want to short change this situation.
thanks in advance for the replies.Most of the guys I know who do this successfully wear comfortable shoes and dress only slightly less casually than they would for an important meeting.Travel light.  Most of them carry business cards and at most a one-page flyer that serves as a useful leave behind.The goal would from what I understand usually be simply to gain an introduction and perhaps set up a meeting/get a phone number for later follow up.  There are others on these boards who can provide first hand information...but hopefully at least this is a good start for you.

Spaceman Spiff's picture
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Ideally when you are doorknock you wear what you normally wear into the office.  But at 85 degrees in May, the sweat stained shirt and tie become a distraction.  My rule of thumb is if it's warm, I wear a polo shirt (with EDJ on it somewhere).  If it's cool enough I'll stick to the shirt and tie. 
I take four things with me.  Business cards, a flyer of some kind, note cards I created to keep track of who I meet, and a bottle of water.  The note cards are my own creation.  On the front is all the info I'm looking for, ie name, address, age, phone, occupation, broker they work with, what they're interested in, etc.  The back is blank and I keep short notes.  Most of them say "not interested" or "w/ Smith the Jones broker". 
My goal at this point is to find out who they are, who they invest with, and maybe what they like to invest in.  If I can get a phone number, great.  If not I'll look it up.  It's really very basic.  Tell the people who you are, where your office is and then converse with them. 
The same concept applies to either residential or businesses.  You'll get some strange looks at both, but keep at it and it WILL work.   

drewski803's picture
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So what do you do when that great convo lands on a DNC number?

BteamBomber's picture
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The beauty of the Jones system is that once we get them to tell us their phone number at their doorstep, we can call them regardless of DNC.  In that way, we have access to leads that cold callers can't get through to.  We can cross reference to the DNC list if someone doesn't give a number outright.  I like being the only person that is ever making calls to DNC people because they gave me permission.  I'd have to say that my potential success rate with them is pretty good.  Instead of only dealing with used up lists of people that get called everyday by someone.

Dust Bunny's picture
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drewski803 wrote:So what do you do when that great convo lands on a DNC number?
Don't call, would be my guess.  You can still go visit people in person  (until they tell you to stay away) and send literature in the mail.  You can also ask if you have permission to call them when face to face. Many times people will say yes even if they are on the DNC.
Door knocking/cold walking worked quite well for me when I was transitioning to Jones.  Its a low key and friendly way to introduce yourself and meet with people.  I never ever tried to sell anyone on the doorstep.  I was more interested in meeting and hopefully setting appointments in my office.
 

707SE's picture
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Thanks for sharing this information fellas.
I was talking to my BM this afternoon after reading this post. We were brainstorming prospecting ideas and I said, "what do you think about cold walking, i.e. going from door to door to prospect?" He frowned and said, "Nah, not how you want to go about this business."
I'm a bit torn because I'm trying to do as he says. He's a really smart guy and has been successful in this business and peripheral interest as well. This to me seems like a effective means to go about getting clients but I'm inclined to go with the guy who's made it in my area.
I'll probably eventually take a morning and do it, but for now - I'll exhaust other ideas before I get to this.

theironhorse's picture
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I am doing it right now, and have been for the last 9 months. 
Focus on the business owners almost exclusively.  Simply walk in
(I do wear suit/tie, always) and ask them questions about themselves.
    

"My name is ????? and I am planning on opening an office here in ????
and I am trying to learn a little about the local businesses, who works
where and what goes on in each place, can you give me some history on
???"

This is all it takes.  They will tell you alot about their
business right away.  Yes, some are very open and immediately tell
you who does their 401K, SIMPLE, or personal stuff.  Others will
be somewhat guarded.  They will ALL ask you waht you do.  I
never open with "I work for Edward Jones, I make them ask.  The
will always want to know what business is moving in.

I never ask financial questions this first meeting.  I will
sometimes even tell them this is not a sales call, all I am trying to
do is meet people today.  They know why you are there, but do not
pry too quickly and do not put them on the spot in their business.

I take nothing but a business card.  But do take as many notes as
possible, immediately after talking to them.  And as cheesy as
this may sound, send EVERYONE a follow-up thank you.  It will make
a great impression, and I have had many people say so.

Beagle's picture
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I'm not going to say cold walking won't work and I'm all for the realization that we are nothing more than sales people.... To some extent we are also professionals selling a semi-complicated products.  All professionals are salesmen for the most part but do you really want to lump yourself in with the professionals who go door to door?Who else goes door to door?  Office supply guys, telephone services sellers, temporary employment service people, lawn care professionals, home repair services and copier salesmen.  That's who you have now associated yourself with.  Do you look at those salesmen as professionals or salesmen who will be gone from those companies in 6 months?Other industries who do selling but offer premium services at premium pricing are accountants / auditors, dentists just starting out, lawyers, pharmacists, mortgage brokers, bankers...  Which group does a better job of garnering premium pricing and is seen as at minimum a semi-professional?  It seems to me that the minute you walk into someones front door you are instantly seen as an amateur.  You've announced you've got tons of free time on your hands with nothing in the form of a client list.  Really, would a professional investment adviser with a large client list really be away from their desk while the market is open?  If I have a problem are they going to be around to help me or going door to door all day?  Maybe it works for you but I gotta believe offering a free appointment to meet for an hour via a mailer or flier has GOT to be more successful long term than knocking on doors.The most annoying part of my day is when the guy from the office supply company walks in my front door and just wants to talk about my office supply needs.  As if I've got nothing better to do at 11:00 in the morning and he just doesn't understand I'm not interested.  There is such a thing as bad advertising - trust me.

Edward Pwns's picture
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Beagle,
The door knocking thing is pathetic, and I felt pathetic doing it.  I never could see why anybody would trust their money to somebody going door to door.  But, I did open some accounts doing it.  The problem for a new broker (assuming one with limited contacts) building a business is: What is the alternative?  Sending out mailers offering a free appointment doesn't sound like a viable alternative.  Have you had success with that?
I was always open to new prospecting ideas, but never found any that worked anywhere close to doorknocking.  Direct mail and seminars never yielded anything for me.  Maybe I did it wrong.  Could you provide some insight on what you think is a good alternative to doorknocking.

anonymous's picture
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Beagle,  a flier or a mailer will only be more effective if you are a person who makes a terrible first impression.  I couldn't imagine a successful business owner who would schedule a meeting with someone because they sent a flier.
I've got news for you.  Cold walking business owners works.  The key is to be able to come across professionally and to be able to disturb the prospect.  If you can do both, you can set an appointment.  Otherwise, you can start to drip on them and you will be able to schedule appointments with a fair number of them in the future.
Some people won't see you as a professional.  So what?  When you walk past Joe's transmission shop, you can either stop in meet Joe or not stop in.  If you stop in, Joe probably won't do business with you.  If you don't stop in, Joe definitely won't do business with you. 

Broker24's picture
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This is true. Especially in the beginning...you need to develop some
critical mass quickly. Even if they are not ideal clients, you gotta get
some accounts opened and start eating. You will likely not be opening 7
figure accounts off a doorknock, but I have to say, I opened several large
6 figure acccounts that way.

I quickly transitioned away from doorknocking once I knew what I was
doing, and my networking/teaching/seminars started to gain traction.
But other than doorknocking/cold-calling, there are not many options to
get started quickly from scratch. It's not pretty, but it works for a while
to get the first 100-200 accounts opened.

Beagle's picture
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Joined: 2005-03-21

I'm not saying it wouldn't work.  All I'm saying is that I don't see it as leading to long term premium pricing.  As they say, you get one chance to make a first impression and with door-knocking, that first impression is one of being the lowest wrung on the ladder.  In high school I knew what I wanted to be.  I had a picture of my business in my mind but with the internet, some of that has been kicked to the curb but the core is the same - I offer outside services that funnel investment clients to me.  Have a picture of what you want your business to be in 5-10-20 years and consider - is that really what I want and is it possible?  Then figure out a way to attain it.Is walking door-to-door going to attain that or is it just a stop gap action which is making my real goal virtually impossible?  If what you want is a hard core selling business, you are achieving it.  If what you want is a consulting business with higher residual value, you aren't moving in the right direction.

anonymous's picture
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 Not knocking on the door makes no impression.
 
 

Spaceman Spiff's picture
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Beagle - I'll admit that I'm not fully getting your comments about premium pricing.  Are you saying that since I'm doorknocking that clients won't pay me as much?  That because you choose to cold call or do seminars you are somehow magically worth more than me?  If you've never doorknocked before you don't have any idea what people think of it. 
I've been doorknocking for about 2 hours every day for the last three weeks.  Residential.  My pipeline past July is looking pretty weak.  I've met 3 other sales people who have said to call them because they respect that I have the guts to actually do it.  One day last week I met 3 business owners at home that are going to open accounts with me.  BECAUSE I RANG THEIR DOORBELL!  They respect the effort. 
News flash for you.  You need people to consult with in order to run a consulting business.  Where you get them is really a moot point.  You just have to get them.  Doorknocking, cold calling, seminars, postcards, newspaper ads  - all have the same goal.  Get the people in the door.  Don't discount it until you've tried it.  
   

Beagle's picture
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Joined: 2005-03-21

1. I did door-to-door YEARS ago and it worked for buy/sell agreements and nothing else for me.  I worked at a national financial planning firm to get my licenses.  I didn't stay there for the same reason door-to-door wasn't a long-term solution.  2. Yes, you will be charging less long term for these clients is my opinion.  You may not recognize it because you charge the firm rate but your clients aren't going to see you as the ultimate expert.  There is a reason why some advisers spend thousands upon thousands (or millions) of dollars building a brand image to position their firm as experts.  Your brand is identified in many ways and that first impression will forever brand your relationship.  You'll always be that guy who knocked on the front door.  When they want an expert in 5 years, they'll go find one.  Look at it a different way.  Lot of attorney's with freshly minted licenses offer fixing tickets as their main service.  That's fine and all but in 5 years when you have a serious legal matter, is that the same guy you'll go to or will you go seek out someone a little more professional?  That guy will always be the ticket guy for you.  If you are in a localized office you basically service a community of 10,000+- people - do you want 1/3rd of them looking at you as the American Funds rep or the complete professional?

deekay's picture
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Joined: 2007-05-15

Beagle wrote:1. I did door-to-door YEARS ago and it worked for buy/sell agreements and nothing else for me.  I worked at a national financial planning firm to get my licenses.  I didn't stay there for the same reason door-to-door wasn't a long-term solution.  2. Yes, you will be charging less long term for these clients is my opinion.  You may not recognize it because you charge the firm rate but your clients aren't going to see you as the ultimate expert.  There is a reason why some advisers spend thousands upon thousands (or millions) of dollars building a brand image to position their firm as experts.  Your brand is identified in many ways and that first impression will forever brand your relationship.  You'll always be that guy who knocked on the front door.  When they want an expert in 5 years, they'll go find one.  Look at it a different way.  Lot of attorney's with freshly minted licenses offer fixing tickets as their main service.  That's fine and all but in 5 years when you have a serious legal matter, is that the same guy you'll go to or will you go seek out someone a little more professional?  That guy will always be the ticket guy for you.  If you are in a localized office you basically service a community of 10,000+- people - do you want 1/3rd of them looking at you as the American Funds rep or the complete professional?
Are you even in the business?
How is going door to door talking with business owners different from calling them cold?
Look - newbies either get business or starve.  It's that simple.  This grandiose idea of "premium pricing" doesn't mean squat if you don't have a pipeline full.  And most newbies don't have the money/time/experience to do seminars, blast mailing, or whatever the hell you think is more noble or "professional".  They need to get apps written and money flowing in the door.  It's that simple.
Care to try again?

deekay's picture
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Joined: 2007-05-15

anonymous wrote:
 Not knocking on the door makes no impression.
 
 

Well said, anon.

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