EDJ Field Foundations- My Experience thusfar

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MsBroker's picture
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I thought some of the newbies might like to hear how someone else's seven weeks are going:

Week 1- Started out Saturday after KYC. First block: Four contacts, 1 phone number. I was timid, scared to go for the number, so when I did I meekly asked for permission to call and got the response of: No. Called my ATL, said "please help. I'm doing this all wrong and I know it, but the way I practiced it just doesn't want to come out." He gave me this advice: when you go for the info, just tell them "I'll tell you what I will do, I will drop you a postcard in the mail to let you know when I get my office open, Your name is..." And if I need to follow up with you, what would be the best number to reach you at.... Look down, don't look up. Get the number, and then close with. "Great, with your permission, I will send you an investment idea periodically to meet your needs." I did this, and got the phone number on every contact the next block.
Mon-Thurs- Field trainer half days, 17-18 contacts during the afternoon and evening. Summer regionals Fri, Sat, Sun- Total for the week 80. Oh, yeah, and got propositioned for a threesome on day 2. Politely declined.

Week 2- Definitely not having the best conversations, but numbers were still high. Still not too comfortable asking financial questions. 1-2 a day that I feel might actually do business with me. The rest I have no idea. I established that 90% of them work with an advisor, but I know little more than that. Total-140

Week 3- Not too different from week 2. Maybe a smidgen better contacts, first real good R/O opportunity. I started to get very concerned about the quality of my contacts. Total- 140

Weeks 1-3 I noticed on Tuesday or Wednesday each week I would hit the wall. I would want to turn it in halfway through the day. I really had to push myself to keep going.

Week 4- Very significant improvement. Much better conversations. Days are getting longer because conversations are getting longer. Finally figuring out how to get people to be honest about the fact that they are not happy with their advisor. I don't feel like I'm being pushy either. More laid back, actually. Just chatting. Making Jokes. Total-137

This week there was no wall. I was just raring to go.

Week 5 (This week)- Again, conversations are better, but this week was damn hard for me. I didn't feel the motivation I have had. I really want to start selling. I hit a lot of businesses, and it's definitely not my strong suit. Feel pretty goofy about not having business cards. I get asked by every single business owner about this. I also hit really big houses this week, but surprisingly still had great contacts. I actually had a few prospects give me their phone numbers before I even asked. Got invited to speak at an investment club for women. May do that in a few months. I'm thinking right now may be a little soon for that. :) All day Rainy day Wednesday. Also on Saturday. Total-130

Week 5 as a whole was a wall. I'm guessing anxiety about my RL exam played into this.

I'm very excited to see how repeats go.

Also, my targeted area is right in the city, with houses very close together, which is why I've been able to do 30-35 a day. The many many stairs suck, but the sardine packed nature is great. Plus it is High Dollar, so even better.

If you all care for me to do so, I will keep you updated, and if anyone can give me advice on repeats, I am a sponge!

voltmoie's picture
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Ms. Broker .. sounds like you are doing great.  Here are a few ideas.  Tell them exactly why you are going to call them.  Don't be shy about it, you are a professional and they need to know it.  Ask them about their retirement, savings, who they are working with, anything - act like you've done this for years.  "I love to keep in touch with the folks I meet, would that be ok?  Great, what's the best number to reach you at?  Terrific, when I come across a investment idea that might benefit you or your family I'll give you a call. Do you also have a cell number?"I'll be MONTHS and MONTHS before you get an office so don't hang your hat on that idea.  Had a guy in my KYC try that and he got screwed - all clients talked about was when his office was going to open.Skip the repeat contacts and continue to get new contacts .. you can't have too many raw prospects! You'll find it harder and harder to prospect once you get back from KYC. In hindsight I wish I had gotten more numbers!!!If you want to reconsider the threesome and have any cute FEMALE friends, let me know, i'll give you more advice in person ;)Keep us posted!

MsBroker's picture
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Joined: 2009-06-02

Thanks Volt, that's extremely helpful. I do really only use that close on the "I have an advisor, I'm happy, I'm not interested" types who are slowly trying to close the door. Even they will generally say, fine and give me their name. I will say, the first couple of weeks, this was the majority of my contacts. The last 2 weeks, though, I have had a lot better conversations.

I do have a legacy, though, so I am able to tell them I am currently working in an office and that location. Do you think that will help with the offie hagups? Okay, apparetly a few keys o my keyoard hae stopped workig. Shoot. This is ot good. I thik you get the gist. Goig to try to fi this.

voltmoie's picture
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If you have a legacy I'd avoid the whole "i'm new" conversation and talking about opening a new office reeks of that.  If it were me, I'd just say - "I'm just trying to get out of the office today and meet some people.  How long have you been in the area?"

MsBroker's picture
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Joined: 2009-06-02

I like it. I will use that on Monday and see how it works. I will let you know.

Thank you!

BerkshireBull's picture
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MsBroker wrote:Thanks Volt, that's extremely helpful. I do really only use that close on the "I have an advisor, I'm happy, I'm not interested" types who are slowly trying to close the door. Thank them for their time and move on.  They're not interested so why waste your time chasing something that's not going to happen?  I know we all chase long-shots from time to time, but there are too many people that NEED your help.  Focus on them.

Moraen's picture
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Joined: 2009-01-22

Ah MsBroker, where to begin?

I would not target high dollar clients, you won't be able to service them correctly.

They may not be happy with their advisors, but they are not going to give their money to a wet-behind the ears rookie who shows up at their doorstep who looks 15 (sorry, no offense - just trying to keep it real). Not when they've lost so much.

You should try cold calling, that way they don't see you. If they are not interested, they are telling the truth. Leave. Move on.

You sound timid. I wish you luck, but BioFreeze is likely right. Take a knee, drink some water and drive on.

voltmoie's picture
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BerkshireBull wrote:
MsBroker wrote:Thanks Volt, that's extremely helpful. I do really only use that close on the "I have an advisor, I'm happy, I'm not interested" types who are slowly trying to close the door. Thank them for their time and move on.  They're not interested so why waste your time chasing something that's not going to happen?  I know we all chase long-shots from time to time, but there are too many people that NEED your help.  Focus on them.I disagree, they warrant at least a follow up call & visit. With minimal effort you can make some of them your clients and you know they have money to invest.  You do have to cut the cord after that though and maybe just drip on them a few times a year.

Centurion's picture
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Ms. Broker,
the people in the real world or in this in the virtual world are not going to eat you for lunch. What I mean is, do your best every day, you'll get better, everybody was new at one time or another. Remember they need you, if not the people you're currently talking to then the next one will. This is a numbers game, look at it like this, every no gets you closer to the yes, that's what you're looking for. Thank the no people, you don't have to chase them and waste time in the future. You're looking for the yes people, interested qualified folks that are at least willing to listen. You can do this, believe you can and you will, believe you can't and you won't. God Bless you!

MsBroker's picture
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Moraen wrote: Ah MsBroker, where to begin?

I would not target high dollar clients, you won't be able to service them correctly.

They may not be happy with their advisors, but they are not going to give their money to a wet-behind the ears rookie who shows up at their doorstep who looks 15 (sorry, no offense - just trying to keep it real). Not when they've lost so much.

You should try cold calling, that way they don't see you. If they are not interested, they are telling the truth. Leave. Move on.

You sound timid. I wish you luck, but BioFreeze is likely right. Take a knee, drink some water and drive on.

Thanks for the input. I do appreciate it. On the age point, I agree somewhat, but the higher dollar clients I am targeting are not the ones that have issues with my age. That has been more the ninety year olds in the lower dollar areas. (I don't actually look 15. Just one very elderly lady made this comment.) Most clients without cataracts have said I look my age, which is 25. My voice, on the other hand, does sound like it's coming from a 15 year old.

I am not completely green. I have had my 6 and 63 and have been in the industry for a few years. Like most, though, I was timid my first couple of weeks door knocking, as this was completely new to me. I do feel that I have found my groove, now, but I am always looking for ways to improve. I feel that I know so much more than when I first started out in the industry, but I also know that I have immeasurable amounts more to learn.

As for the tougher prospects, I've heard too many stories of people that were difficult on the doorstep turning out to be the best clients for me not to push for their business. A million dollar producer gave me a whole new perspective on this. He said the prospects that are very loyal to their broker are the ones you want the most, because, if you can earn their relationship, they will, in turn, be your most loyal clients. I've kept that in mind with all of the prospects who I seem to be pulling teeth to get info.

Again, I appreciate all the input, I know there is a tremendous amount of knowledge in this group, and I can only hope to one day be as successful as you all have been.

LockEDJ's picture
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Ms Broker:
 
Yesterday I attended a funeral for a friend. One of the speakers reminded us in her closing comments ... "Life is good. Do what you like. Like what you do." Keep that in mind.
 
In the last month I've taken two newbies out for their first door knock before KYC. As it turns out, I had a hand in hiring them both. Here's some things I told them:
 
* You should have a pdg idea when you walk away from the door as to whether or not you really have a contact. You need at least five of those a day. Don't stop til you get them. Training requires you ask 25 people for an order, but I can't stress enough the importance of quality over quantity.
 
* Approach the client with nothing - NOTHING - in hand. Always keep your pens in the shirt pocket (in the winter, this will keep them from freezing). Have a set routine AND NEVER CHANGE IT. (This sort of mental training comes in handy later.) For example, my brochures are in my back pocket. My business card in my front left pocket. My note taking pad is in my inside jacket pocket.
 
* You can't sell anything now. So what. Have an idea of something you'd like to sell before you go to bed the night before. Put that idea somewhere on your person as you knock. Again, it's mental training to do something you'll have to do later.
 
* From reading your posts, you need to wipe out performance out of your mind. Listen to the pros - concern yourself only with the things you can control. Contacts. Attitude. Effort. Above all forget the last great contact/sale you made. You need another one right now, so get started on it.
 
* And don't spend any more time than is necessary here. The only person you need is right between your ears. You work for a great company. Go get 'em. 

MsBroker's picture
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LockEDJ wrote: Ms Broker:
 
Yesterday I attended a funeral for a friend. One of the speakers reminded us in her closing comments ... "Life is good. Do what you like. Like what you do." Keep that in mind.
 
In the last month I've taken two newbies out for their first door knock before KYC. As it turns out, I had a hand in hiring them both. Here's some things I told them:
 
* You should have a pdg idea when you walk away from the door as to whether or not you really have a contact. You need at least five of those a day. Don't stop til you get them. Training requires you ask 25 people for an order, but I can't stress enough the importance of quality over quantity.
 
* Approach the client with nothing - NOTHING - in hand. Always keep your pens in the shirt pocket (in the winter, this will keep them from freezing). Have a set routine AND NEVER CHANGE IT. (This sort of mental training comes in handy later.) For example, my brochures are in my back pocket. My business card in my front left pocket. My note taking pad is in my inside jacket pocket.
 
* You can't sell anything now. So what. Have an idea of something you'd like to sell before you go to bed the night before. Put that idea somewhere on your person as you knock. Again, it's mental training to do something you'll have to do later.
 
* From reading your posts, you need to wipe out performance out of your mind. Listen to the pros - concern yourself only with the things you can control. Contacts. Attitude. Effort. Above all forget the last great contact/sale you made. You need another one right now, so get started on it.
 
* And don't spend any more time than is necessary here. The only person you need is right between your ears. You work for a great company. Go get 'em. 

Thank you for this great advice! I'm going to work to implement these ideas this week. For the not having anything in my hand part, do you think that carrying a purse would work, since obviously I am female? I don't have all the pockets to work with. That's the only way I can think of to implement this. Any ideas on this would be appreciated!

LockEDJ's picture
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Joined: 2009-07-06

Mmmm. No pockets.
Well, adapt as best you can.

Weddle Me's picture
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Joined: 2009-07-19

LockEDJ is a bottom feeder.  He is JUST doing enough to keep his job.  Are you sure you want to implement his ideas?  Why a guy "JUST meeting expectations" feels qualified to give advice is beyond me.  It's clear he either sucks or does not prospect.

LockEDJ's picture
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Weddle Me wrote: LockEDJ is a bottom feeder.  He is JUST doing enough to keep his job.  Are you sure you want to implement his ideas?  Why a guy "JUST meeting expectations" feels qualified to give advice is beyond me.  It's clear he either sucks or does not prospect.

ROTFLMAO. You're absolutely braindead.

I've checked your posts - all of them. You've never added anything, to anyone or any discussion. You've been roundly dismissed. When asked to offer up any sort of qualifications you come up vapid, as do your posts.

And here - you're making assumptions about someone you don't know. Read the post. Respond to it. Are they good recommendations - or would you even know because you've never actually knocked on doors?Show some native intelligence.

Never mind. You've been shown to be an idiot time and again. But to you, MsBroker, good luck and the knowledge that you work for a great firm and not all the posters are like this buffoon, MeddleMe.

Spaceman Spiff's picture
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MsBroker wrote: Moraen wrote: Ah MsBroker, where to begin? I would not target high dollar clients, you won't be able to service them correctly. They may not be happy with their advisors, but they are not going to give their money to a wet-behind the ears rookie who shows up at their doorstep who looks 15 (sorry, no offense - just trying to keep it real). Not when they've lost so much. You should try cold calling, that way they don't see you. If they are not interested, they are telling the truth. Leave. Move on. You sound timid. I wish you luck, but BioFreeze is likely right. Take a knee, drink some water and drive on. Thanks for the input. I do appreciate it. On the age point, I agree somewhat, but the higher dollar clients I am targeting are not the ones that have issues with my age. That has been more the ninety year olds in the lower dollar areas. (I don't actually look 15. Just one very elderly lady made this comment.) Most clients without cataracts have said I look my age, which is 25. My voice, on the other hand, does sound like it's coming from a 15 year old. I am not completely green. I have had my 6 and 63 and have been in the industry for a few years. Like most, though, I was timid my first couple of weeks door knocking, as this was completely new to me. I do feel that I have found my groove, now, but I am always looking for ways to improve. I feel that I know so much more than when I first started out in the industry, but I also know that I have immeasurable amounts more to learn. As for the tougher prospects, I've heard too many stories of people that were difficult on the doorstep turning out to be the best clients for me not to push for their business. A million dollar producer gave me a whole new perspective on this. He said the prospects that are very loyal to their broker are the ones you want the most, because, if you can earn their relationship, they will, in turn, be your most loyal clients. I've kept that in mind with all of the prospects who I seem to be pulling teeth to get info. Again, I appreciate all the input, I know there is a tremendous amount of knowledge in this group, and I can only hope to one day be as successful as you all have been.
 
I'm going to completely disagree with Morean.  First, those HNW folks don't know that you're a rookie.  In fact, you're not a rookie. You're just a rookie at EDJ.  The million dollar producer you talked with has the right idea.  You never know what's going to trip someone's trigger these days to switch FAs.  You might just be at the right place at the right time.  I promise you that those HNW folks get phone calls from advisors all the time.  What they don't get is someone who is working hard enough to get off her butt and go see them personally.  And you do have the ability to service them well enough.  Morean just believes that because you work for EDJ that you're some sort of almost-FA.  Keep doing what you're doing with them and some of them will eventually become clients.
 
You can try cold calling if you want, but the results are not as good as you're going to see with doorknocking done right.  If you do try cold calling, I wouldn't give up on just one phone call.  You were taught that it takes 5-7 contacts, right?  Well, it would probably take twice that many if all you are doing is calling them on the phone and sending them stuff in the mail. 
 
You're too new to EDJ for anyone to be making predictions about your success.  There's only one person who can determine whether or not you're going to succeed.  You look at her every morning in the mirror. 

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Spaceman Spiff wrote: MsBroker wrote: Moraen wrote: Ah MsBroker, where to begin? I would not target high dollar clients, you won't be able to service them correctly. They may not be happy with their advisors, but they are not going to give their money to a wet-behind the ears rookie who shows up at their doorstep who looks 15 (sorry, no offense - just trying to keep it real). Not when they've lost so much. You should try cold calling, that way they don't see you. If they are not interested, they are telling the truth. Leave. Move on. You sound timid. I wish you luck, but BioFreeze is likely right. Take a knee, drink some water and drive on. Thanks for the input. I do appreciate it. On the age point, I agree somewhat, but the higher dollar clients I am targeting are not the ones that have issues with my age. That has been more the ninety year olds in the lower dollar areas. (I don't actually look 15. Just one very elderly lady made this comment.) Most clients without cataracts have said I look my age, which is 25. My voice, on the other hand, does sound like it's coming from a 15 year old. I am not completely green. I have had my 6 and 63 and have been in the industry for a few years. Like most, though, I was timid my first couple of weeks door knocking, as this was completely new to me. I do feel that I have found my groove, now, but I am always looking for ways to improve. I feel that I know so much more than when I first started out in the industry, but I also know that I have immeasurable amounts more to learn. As for the tougher prospects, I've heard too many stories of people that were difficult on the doorstep turning out to be the best clients for me not to push for their business. A million dollar producer gave me a whole new perspective on this. He said the prospects that are very loyal to their broker are the ones you want the most, because, if you can earn their relationship, they will, in turn, be your most loyal clients. I've kept that in mind with all of the prospects who I seem to be pulling teeth to get info. Again, I appreciate all the input, I know there is a tremendous amount of knowledge in this group, and I can only hope to one day be as successful as you all have been.
 
I'm going to completely disagree with Morean.  First, those HNW folks don't know that you're a rookie.  In fact, you're not a rookie. You're just a rookie at EDJ.  The million dollar producer you talked with has the right idea.  You never know what's going to trip someone's trigger these days to switch FAs.  You might just be at the right place at the right time.  I promise you that those HNW folks get phone calls from advisors all the time.  What they don't get is someone who is working hard enough to get off her butt and go see them personally.  And you do have the ability to service them well enough.  Morean just believes that because you work for EDJ that you're some sort of almost-FA.  Keep doing what you're doing with them and some of them will eventually become clients.
 
You can try cold calling if you want, but the results are not as good as you're going to see with doorknocking done right.  If you do try cold calling, I wouldn't give up on just one phone call.  You were taught that it takes 5-7 contacts, right?  Well, it would probably take twice that many if all you are doing is calling them on the phone and sending them stuff in the mail. 
 
You're too new to EDJ for anyone to be making predictions about your success.  There's only one person who can determine whether or not you're going to succeed.  You look at her every morning in the mirror. 

Actually, I didn't mean that she couldn't service them because she was new. I meant she couldn't service them b/c she is at Jones. Just a little dig.

It was a joke that nobody caught. My apologies, I must get better at this.

SometimesNowhere's picture
Joined: 2008-12-22

There is nothing about your experience that is unique or new, and nothing about you (from what you've posted) that is an automatic knock against you (age or otherwise). I am a relatively new guy, and I remember asking advice for what the most effective retort was to some question I would get asked on the doorstep or what the best way to get a phone number was, etc, etc. What I found out was that there is nothing magical about the process, and unless you are knocking on the door and flipping the person off and running away, it's likely there is little that you can do to dramatically change your numbers. Just do the work. It sucks. There is nothing that's going to make it better other than getting it over with.

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The purpose of having a set approach, i.e. nothing in your hands, brochures in your back pocket, pen in your inside coat pocket .....is so you don't have to spend any mental thought  on it. Door Knocking is not fun but it does work. Any approach to a potential client will work IF you repeat it often enough.

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Moraen wrote: Actually, I didn't mean that she couldn't service them because she was new. I meant she couldn't service them b/c she is at Jones. Just a little dig. It was a joke that nobody caught. My apologies, I must get better at this.
 
I got your intent.  I didn't catch the joke part.  You've got to put those emoticon things at the end of your sentences.  You and I seem to have the same dry sense of humor that doesn't translate well in print. 

voltmoie's picture
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Carry something in your hands, don't carry something ... it matters not.  Just knock on the doors, be nice, be professional, tell them why you are there and that you'll be in touch.  It's all that matters.
 
Rich people, middle class, upper middle class, it's all the same.  Only difference is between our ears. 
 
... Off I go to knock on doors, with padfolio in hand and greed in my eyes.

Behavioral_FA's picture
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"People don't know what you don't know if you don't tell them what you don't know."

 
You know more than 95% of the people you are calling on now. Be confident. Ask people to open acts. Be direct. These people know what you want. They need your help.

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voltmoie wrote:Carry something in your hands, don't carry something ... it matters not.  Just knock on the doors, be nice, be professional, tell them why you are there and that you'll be in touch.  It's all that matters.
 
Rich people, middle class, upper middle class, it's all the same.  Only difference is between our ears. 
 
... Off I go to knock on doors, with padfolio in hand and greed in my eyes.

Careful out there, it's a hot one!

voltmoie's picture
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BerkshireBull wrote:voltmoie wrote:Carry something in your hands, don't carry something ... it matters not.  Just knock on the doors, be nice, be professional, tell them why you are there and that you'll be in touch.  It's all that matters.
 
Rich people, middle class, upper middle class, it's all the same.  Only difference is between our ears. 
 
... Off I go to knock on doors, with padfolio in hand and greed in my eyes.

Careful out there, it's a hot one!It's blazing...

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voltmoie wrote: BerkshireBull wrote:voltmoie wrote:Carry something in your hands, don't carry something ... it matters not.  Just knock on the doors, be nice, be professional, tell them why you are there and that you'll be in touch.  It's all that matters.
 
Rich people, middle class, upper middle class, it's all the same.  Only difference is between our ears. 
 
... Off I go to knock on doors, with padfolio in hand and greed in my eyes.

Careful out there, it's a hot one!It's blazing...

That was a pretty short endevor, only two hours?

voltmoie's picture
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Blackberry - 4 hrs, only 11 contacts.  3 quality that expressed an interest to meet.  Need to be more productive next time.  PM calls starting......... NOW!

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voltmoie wrote:Blackberry - 4 hrs, only 11 contacts.  3 quality that expressed an interest to meet.  Need to be more productive next time.  PM calls starting......... NOW!
You can't control results, only activity.  LOL @ posting on here via a Blackberry though, that's great!

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It was really hot today. After 2 hours with Field trainer practicing for RL exam I had 28 contacts, 4 of which were repeat (saved repeats until after 5. Only hit ones that said not interested or didn't get #s from.)

Got 2 not interested households to become interested today.
 
Got phone numbers on two I hadn't gotten them on the first time.
 
Out of 28 contacts, approximately 9 were "green."
 
Now for the fun task of entering in the prospects, printing thank you notes and scheduling calls for Eval/Grad. The days never end.
 
Volt- I understand the Blackberry bit. I found myself pulling this forum up on my Iphone while eating lunch. I don't know why. Morbid curiosity, apparently. I must say, though, it was much more interesting with Windy around. Especially towards the end.

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Behavioral_FA wrote:"People don't know what you don't know if you don't tell them what you don't know."

 
You know more than 95% of the people you are calling on now. Be confident. Ask people to open acts. Be direct. These people know what you want. They need your help.
 
Problem is that too many newbies have been told this by their superiors and they actually believe it. 

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Part of the draw of this forum for Edward Jones reps. is there are actually other people in the business that frequent the site.  We are so cut off from our peers it honestly gets a bit lonely.  Soooo during my small breaks it's facebook, text messages, and seeing who's being outed on registered rep..  I'm glad the Windy threads are gone, it totally sucked me in for a few days.

edjgp123's picture
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Dear New Edj rep.......
 
every person you meet is not going to become a client.......
some of the people you meet, you will not want as client's.......
remember, it takes 5 to 7 contacts to turn a prospect into a client.......
#1 rule.....if you meet someone who has an advisor somewhere else.....they are a good prospect, because chances are they are NOT hearing from their person.....so repeat them later........
Some of my best client's were NOT interested in the beginning, but when they are not hearing from their advisor and they keep losing money.......well, you'll see......face to face, phone call, face to face, etc........
 
good luck and good selling.........

Ron 14's picture
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Right out of the playbook. Wow.

Moraen's picture
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edjgp123 wrote: Dear New Edj rep.......
 
every person you meet is not going to become a client.......
some of the people you meet, you will not want as client's.......
remember, it takes 5 to 7 contacts to turn a prospect into a client.......
#1 rule.....if you meet someone who has an advisor somewhere else.....they are a good prospect, because chances are they are NOT hearing from their person.....so repeat them later........
Some of my best client's were NOT interested in the beginning, but when they are not hearing from their advisor and they keep losing money.......well, you'll see......face to face, phone call, face to face, etc........
 
good luck and good selling.........

I wonder how many people kept losing money in American Funds last year.

I know quite a few former EDJ clients who are now my clients because even though their advisor was talking to them, they felt like they were paying him/her to do nothing.

I mean - this is hilarious! Ron is right. Right out of the propaganda machine.

hotair1's picture
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DJ is making friends with Ronny.  That's sweet!

Hey Kool-Aid's picture
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Joined: 2008-03-30

Moraen wrote: edjgp123 wrote: Dear New Edj rep.......
 
every person you meet is not going to become a client.......
some of the people you meet, you will not want as client's.......
remember, it takes 5 to 7 contacts to turn a prospect into a client.......
#1 rule.....if you meet someone who has an advisor somewhere else.....they are a good prospect, because chances are they are NOT hearing from their person.....so repeat them later........
Some of my best client's were NOT interested in the beginning, but when they are not hearing from their advisor and they keep losing money.......well, you'll see......face to face, phone call, face to face, etc........
 
good luck and good selling......... I wonder how many people kept losing money in American Funds last year. I know quite a few former EDJ clients who are now my clients because even though their advisor was talking to them, they felt like they were paying him/her to do nothing. I mean - this is hilarious! Ron is right. Right out of the propaganda machine.
 
Funny....I had clients who listened to me and added to their Amer. Funds (as well as others) at the beginning of the year, and some of them are already ahead of the game after the worst Recession/Bear since the Great Depression! 
 
 
 
 

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Joined: 2009-01-22

You mean, they've already recovered from their losses, or they are up for '09?

Hey Kool-Aid's picture
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Recovered from losses...now of course, these are the folks that were fortunate enough to have the cash available to add to their investments.  Fortunately, I had my older clients and clients near retirement re-allocate quite a bit near the top, but not nearly as much as I would have liked.  Anyone who tells you that their clients are making money or losing little during the last 2 years is either lying....or invested with Bernie Madoff!

MsBroker's picture
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Joined: 2009-06-02

Passed RL exam today:)

I know, I know, no big deal. I'm happy to have that done anyways. I figured I'd to e some a-hole ( not saying names) the satisfaction of saying "who cares"

Moraen's picture
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Hey Kool-Aid wrote: Recovered from losses...now of course, these are the folks that were fortunate enough to have the cash available to add to their investments.  Fortunately, I had my older clients and clients near retirement re-allocate quite a bit near the top, but not nearly as much as I would have liked.  Anyone who tells you that their clients are making money or losing little during the last 2 years is either lying....or invested with Bernie Madoff!

HKA - that whole "not losing much" or "making money in the last 2 years is lying" is more propaganda. I know of at least two other advisors in my town that have made their clients money. Not ALL of their clients, b/c some refuse to give up mutual funds. But at least some.

noggin's picture
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Moraen wrote: Hey Kool-Aid wrote: Recovered from losses...now of course, these are the folks that were fortunate enough to have the cash available to add to their investments.  Fortunately, I had my older clients and clients near retirement re-allocate quite a bit near the top, but not nearly as much as I would have liked.  Anyone who tells you that their clients are making money or losing little during the last 2 years is either lying....or invested with Bernie Madoff! HKA - that whole "not losing much" or "making money in the last 2 years is lying" is more propaganda. I know of at least two other advisors in my town that have made their clients money. Not ALL of their clients, b/c some refuse to give up mutual funds. But at least some.
It would depend on your allocation but I don't know how you could have an American Funds only portfolio that would be positive over the last 1-2 year time period if you had at least a 50% equity allocation.

Moraen's picture
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noggin wrote: Moraen wrote: Hey Kool-Aid wrote: Recovered from losses...now of course, these are the folks that were fortunate enough to have the cash available to add to their investments.  Fortunately, I had my older clients and clients near retirement re-allocate quite a bit near the top, but not nearly as much as I would have liked.  Anyone who tells you that their clients are making money or losing little during the last 2 years is either lying....or invested with Bernie Madoff! HKA - that whole "not losing much" or "making money in the last 2 years is lying" is more propaganda. I know of at least two other advisors in my town that have made their clients money. Not ALL of their clients, b/c some refuse to give up mutual funds. But at least some.
It would depend on your allocation but I don't know how you could have an American Funds only portfolio that would be positive over the last 1-2 year time period if you had at least a 50% equity allocation.

In his defense, he did originally say American Funds and others.

noggin's picture
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Joined: 2004-11-30

Oops, my bad.

Hey Kool-Aid's picture
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It can happen with American or any other fund family, provided that the Investor has enough in cash to add to their investments.  For example, Joe Client has $100k turned into $70K over the last two years and adds $50k in March, 09...well..you do the math!

Moraen's picture
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Joined: 2009-01-22

He had the 50k before, He already had the 50k, doing the math (I assume this is what you mean) would make it 120k (plus whatever it returned). American funds did not add that 50k in market returns. That was money he already had.

Hey Kool-Aid's picture
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Joined: 2008-03-30

Correct Moraen...I'm not saying that the Fund production on its own recovered his money.  I am saying that my advice to continue to add to his portfolio when the values were low caused the recovery!

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I actually have some clients that have added to their positions in the past year, and are now up on a combined basis.  Generally speaking, they were abnout 50% equities, 50% "other stuff", so they were down about 25% peak to bottom, and their original stuff is now down only about 8-10%.  But the new stuff they added is up handsomely, more than offsetting the losses.  As of about 6 months ago I overwighted Emerging Equities for many of my clients, which helped.  I also overwieghted Small Caps, which helped, but not quite as much as hoped.  Unfortunately, I have only had a few clients add meaningful amounts to their portfolios since the beginning of this year.  Of course, my new clients in 2009 think I'm a hero.  I DCA'd most of them into the market from Short Duration bonds, so they missed the residual drop in early 2009, and captured much of the upside since March.  Sometimes things just have a way of working out in the end.
I would say my worst portfolios are still down about 25% peak to today (these are primarily 30-somethings with mostly equities).  Even though they have a long way until retirement, I still hate them being down that much.  My worst near-retiree or retiree is down about 15%.  For some of my all-American Funds clients, they key was that much of my fixed-income exposure was in Govie Fund and not Bond Fund or High Yield.  My income-taking clients did, however, have higher allocations to those two funds, which blows.

Moraen's picture
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Joined: 2009-01-22

So you are taking credit for money he already had? So, adding it in March (this wouldn't be an attempt at market timing would it?), he pays 3.5% (or maybe you added it to advisory solutions?) to add HIS $50k.

I'm truly not trying to bust your balls, I think maybe I'm not understanding what you are saying. It sounds like you are saying that he used HIS money (on your advice of course) to recover his $30k loss and add $20k to it. Because in order for 70k (even with the 50k added to it) to turn back into 100k, you would need at least a 25% return. Have any of the American Funds done that?

Hey Kool-Aid's picture
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Joined: 2008-03-30

First off...I wasn't using exact numbers, I was just typing off the cuff.  I understand the "math" I spoke of doesn't work in that example, however, I think you got the drift?!  What i'm talking about isn't market timing as I always recommend clients continue to add to their portfolios, I do stress it when markets are down, just like I change allocations when the markets are extremely high (particularly with retired or nearly retired clients).
btw- you can correct me if i'm wrong (but i'm not) ...but Fundamental Inv., GFA & ICA are all over 25% up since March (ending 6/30/09, likely higher after July).  There may be more but those are the first 3 I checked!
 

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.

Hey Kool-Aid's picture
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Borker,  what is wrong with that!  The whole point of speeding up a recovery of a portfolio after a Bear Market is buying low....no???  If you aren't advising your clients to add to their investments when markets are depressed then you are the "complete tool"!

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Joined: 2009-07-14

do you people ever work or just talk on this forum?

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