Canadian -Investigating EJ

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norway401's picture
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Joined: 2007-10-16

Hello to All ,
 
I have been reviewing comments by members both experienced and new and in many cases have been impressed by the quality of some members comments. I have extensive sales/marketing experience and have been employed by multi-nationals and have owned my own business.
For those with experience with EJ ( and of course others ) , for a career changer with the view of starting in the industry does my time line or horizon of two to three years to have a reasonable book of business ( AUM ) be realistic and to generate an income level that satisfies both the company and myself be an achievable target?
I currently am in a business that is CLIENT focused , not customer focused meaning repeat business and referrals. Yes , competitive much like your business. Any comments or suggestions would be appreciated.

MISS JONES's picture
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Joined: 2007-08-28

norway401 wrote:Hello to All ,
 
I have been reviewing comments by members both experienced and new and in many cases have been impressed by the quality of some members comments. I have extensive sales/marketing experience and have been employed by multi-nationals and have owned my own business.
For those with experience with EJ ( and of course others ) , for a career changer with the view of starting in the industry does my time line or horizon of two to three years to have a reasonable book of business ( AUM ) be realistic and to generate an income level that satisfies both the company and myself be an achievable target?
I currently am in a business that is CLIENT focused , not customer focused meaning repeat business and referrals. Yes , competitive much like your business. Any comments or suggestions would be appreciated.
 
I think we need more specifics about you and your past sales goals and more importantly what you think is reasonable to make in two to three years. At Jones after three years you will be satisfactory with Jones or they will let you go. This is the same at any firm you go with (ML, SB, MS) .. Just as the different regions are run independently so are different branches with the wire houses. This is to explain that what Jones asks of me and what i ask of myself don't always line up. They have a lower expectation that what I really need to survive and maintan my current lifestyle.
 
After two years with Jones you need to be around 200% of standard to be making decent money.  Same goes with the three year mark.. Around 150% to be happy. If you believe you could do 100% but unsure about 150-200% I would stay where you are. This industry is very rewarding for those that put the time in.. But to make what i call decent money.. You have to be WAY above standard.
 
Hope that helps.
 
 Miss J

norway401's picture
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Joined: 2007-10-16

Thanks Miss J ,
 
In my current position , I am a manager that also has has a sales function thus personal production a significant part of my income. Like your business built on clients and referrals.
Also much like your business contacts are critical to sustaining both revenue and growth on a year to year basis. As we all know ....this is a numbers game. That being said the numbers have to be done with the view of quality of contacts and do they have monies to either spend or invest?
From my perspective ( and do realize looking from an outsider's perspective ) I would hope to be in the 65-70K personal income level by the end of year two. Is that a realistic target to be expect? I realize also that with EJ in Canada they offer funds , shares and insurance product/s which may or may not impact commission revenues.
With EJ , I realize part of your income is based on Bonuses ( Milestone Bonus ) and I would expect that really by year three , you have the past two years of trailer fees etc. plus new clients that would appear to be the sound basis of your business. From my observations some new people appear to have unrealistic income expectations....ie. six figure incomes by the second year.
 

norway401's picture
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Joined: 2007-10-16

Miss Jones ,
 
To give you a sense of my sales process .....I target 150.00 gross commission revenue per hour based on my actual selling time. Like we all know we are not spending  all our time selling. I would target ie. 20 hours actual selling time ( closing the sale ) per week with gross revenue of 3000.00 per week.
This is a personal target , other staff members I attempt to have them place a dollar value on their time and be able to return a reasonable revenue figure for both the company and their personal income. The figures are reflective of the industry I am employed in and may not be the same measurement that applies to your industry.
 

Broker24's picture
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Joined: 2006-10-12

norway401 wrote:Thanks Miss J ,
 
In my current position , I am a manager that also has has a sales function thus personal production a significant part of my income. Like your business built on clients and referrals.
Also much like your business contacts are critical to sustaining both revenue and growth on a year to year basis. As we all know ....this is a numbers game. That being said the numbers have to be done with the view of quality of contacts and do they have monies to either spend or invest?
From my perspective ( and do realize looking from an outsider's perspective ) I would hope to be in the 65-70K personal income level by the end of year two. Is that a realistic target to be expect? I realize also that with EJ in Canada they offer funds , shares and insurance product/s which may or may not impact commission revenues.
With EJ , I realize part of your income is based on Bonuses ( Milestone Bonus ) and I would expect that really by year three , you have the past two years of trailer fees etc. plus new clients that would appear to be the sound basis of your business. From my observations some new people appear to have unrealistic income expectations....ie. six figure incomes by the second year.
 
 
VERY attainable.  Now, I am not as familiar with the structure of the CDN business for Jones.  But that is a reasonable number in $USD.  A six figure income by year 2 is probably not reasonable to expect unless you already know the business.  Not that it can't be done - it's not a huge number in this business - but starting from scratch with no contacts or market, it would be a leap.

MISS JONES's picture
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Joined: 2007-08-28

norway401 wrote:Miss Jones ,
 
To give you a sense of my sales process .....I target 150.00 gross commission revenue per hour based on my actual selling time. Like we all know we are not spending  all our time selling. I would target ie. 20 hours actual selling time ( closing the sale ) per week with gross revenue of 3000.00 per week.
This is a personal target , other staff members I attempt to have them place a dollar value on their time and be able to return a reasonable revenue figure for both the company and their personal income. The figures are reflective of the industry I am employed in and may not be the same measurement that applies to your industry.
 
 
This is a very measurable goal. Sounds like you have the mindset of a business owner and understand what is needed to be successful. The only thing you have to ask.. Is.. Are you going to be able to walk this talk. I know several people that interviewed with me and they said the same types of things and then flaked out and ultimately washed out. I hope that doesn't happen to you. Also.. I should tell you that I like you came to Jones looking for a business of my own to run. For the first two years they treat you much more like an employee and then once you prove you can survive on your own.. then and only then.. They cut the cord and let you be.
 
I hope you find Jones a good fit and make it through the interview process.. I cannot remember if you said you are interviewing or just thinking about joining.. Either way.. Best of luck.
 
Miss J 
 
** As you have seen I was in the 80's my first year out. It is very possible to do that or even more.. Just be driven and focus on what will help your business and nothing else.

norway401's picture
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Joined: 2007-10-16

Miss Jones ,
 
Do appreciate your comments and yes I would think I have a complete understanding of being able to " walk the walk ". As a former business owner and corporate employee always aware of the need to put in the time to succeed. It has always seemed to me as an overview ... the lucky people ....always seemed to work very hard at being lucky.
I was interviewed about two years ago and declined their offer as I had a contract with my employer and perhaps old fashioned but do still believe in honouring a contract.
They have maintained contact  with me , as well as one of the more established FA in the region and they are still very interested. The FA has been very proactive with the HR staff and the RL. My assumption is that both EJ and myself may have a fit.
 

norway401's picture
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Joined: 2007-10-16

Broker 24 ,
 
Thanks for your comments. I suspect there are similarities with both the US and Canadian operations although obviously EJ more established in the US market. I understand that with the initial salary , milestone bonus program and commissions that the first two years are a bit of security to assist in the move to commission income. The theory that by year three , renewals and adding to your client base will increase the ability to sustain a profitable business for EJ and yourself.

Broker24's picture
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Joined: 2006-10-12

norway401 wrote:Broker 24 ,
 
Thanks for your comments. I suspect there are similarities with both the US and Canadian operations although obviously EJ more established in the US market. I understand that with the initial salary , milestone bonus program and commissions that the first two years are a bit of security to assist in the move to commission income. The theory that by year three , renewals and adding to your client base will increase the ability to sustain a profitable business for EJ and yourself.
 
Absolutely.  By year three, if you are not making 75K net in commissions, you are probably struggling.  Years one and two, you tend to make (on average) about the same amount, because the salary drops off and you do not have a real sustainable business.  However, if you exceed expectations, you can do extremely well in year two and three due to the milestone bonuses (since you need to already be doing decent commissions to hit the bonuses, it is like a multiplier effect), which can amount to about 14K per year in those years (I think? I have not checked the exact timing).  SO let's say in year 2 you do like 150K gross, which is attainable, you would net about $58K, plus $14K in milestone bonuses.  So year two, that's how you could hit $70K.  Year three, you will do even better, as you still can get the $14K in milestone bonuses, plus your commissions will grow quite a bit.  SO 100K net in year three (with the bonuses) is also very attainable.
 
But keep in mind, the milestone bonuses (which amount to $38K in your first 3 years, on top of the salary) are contingent on you being at or above 100% of expectations, for the 4 month rolling average preceding the bonus month.  Although I have hit mine, there are months where I have fallen below 100%, so part of it is luck (unless you shoot the lights out every month).

norway401's picture
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Joined: 2007-10-16

Broker 24 ,
 
Thanks ....astute comments. Have been around " the block " a few times and despite all the well intentioned plans some months it does not happen and conversly some months everything just seems to " click".
In my discussions with EJ and the Senior FA we discussed what was realistic in terms of income and attaining targets. My response was something to the effect of Year 1) 55K ,
Year 2) 65K and Year 3) 75-80K. These were conservative figures and the HR Specialist mentioned very realistic in fact she mentioned some candidates were grossly over in estimates of income expectations.
I do have a fair network of business and personal contacts and am definitely not concerned about doing the leg work to wit the " infamous door knocking ". Perhaps I view it more as a building of new contacts and a right of passage. In my work career served in the the Canadian Military as an officer in a Combat Arms Group ....so I guess what I am saying is you have to pay your dues.
In my current business situation , I have in excess of 1000 clients and if all proceeds, some of these clients may well be interested in my career choice. Again the provision....do they have the monies and ability to invest.

norway401's picture
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Joined: 2007-10-16

Yes I think so.....I think if you check , we are in Kandahar along with The Dutch , Americans , British.  Our NATO Allies ( French and Germans ) would prefer to stay in Support Positions ( away from the battlegrounds ) ....always support governments that we assisted to find that they think we should be taking the " hits " for them again. I assume you were making light of the Canadian Military? If not , please do check and see who has taken the most hits after the U.S. Forces in terms of casualties in Afghanistan.

Broker24's picture
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Joined: 2006-10-12

norway401 wrote: Broker 24 ,
 
Thanks ....astute comments. Have been around " the block " a few times and despite all the well intentioned plans some months it does not happen and conversly some months everything just seems to " click".
In my discussions with EJ and the Senior FA we discussed what was realistic in terms of income and attaining targets. My response was something to the effect of Year 1) 55K ,
Year 2) 65K and Year 3) 75-80K. These were conservative figures and the HR Specialist mentioned very realistic in fact she mentioned some candidates were grossly over in estimates of income expectations.
I do have a fair network of business and personal contacts and am definitely not concerned about doing the leg work to wit the " infamous door knocking ". Perhaps I view it more as a building of new contacts and a right of passage. In my work career served in the the Canadian Military as an officer in a Combat Arms Group ....so I guess what I am saying is you have to pay your dues.
In my current business situation , I have in excess of 1000 clients and if all proceeds, some of these clients may well be interested in my career choice. Again the provision....do they have the monies and ability to invest.

Yes, those numbers are very attainable. I did slightly better than that (more like 65/75/90), and I am in the US, and I am just slightly above average in production on the curve. It sounds like you have the right mind set, now you just have to get out there and actually do it.

Good luck.

Indyone's picture
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Joined: 2005-05-30

That's the way I took it.  You'll find as you surf around these parts that we like to give each other a little schidt from time to time.  For example, see my "Jones recipe for success" under rich chick's Jones interview thread...it's all in good fun...usually...

norway401's picture
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Joined: 2007-10-16

IcecoId & Indyone ,
Hey , not adverse to some "a!! kickin " or " bustin' chops " in fact message me on the topic and we can go at it...let the debate begin. I guess my direction was to be informed on the topic.
I assume we can all get more than enough " laughs " on a daily basis from our respective politicians and governments......???? No offence taken.

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