EDJ Question....

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bwstone's picture
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Joined: 2008-02-16

Just got a call from my area trainer.  I will be attending KYC on 3/3 and he was gathering some info.  He told me that the area I have selected for my location was covered pretty extensively by another rep for about 2yrs.  He just never made the numbers that would allow him to actually open his branch adn moved on.  The accts that he opened were subsequently assigned to a rep in a neighboring community.  My questions are:
1. Will it be possible for me to regain those accts opened by the former rep since I will be servicing the area?
2.  What exactly are the targets that you need to hit to open your branch?  I haven't seen this info as of yet.
Thanks!
 

theironhorse's picture
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Joined: 2007-03-03

the minimums are beyond easy.  the client movement is up to the RL.  we had both occur in my region.  1 rep got the old clients back, 1 did not.

bwstone's picture
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Joined: 2008-02-16

Thanks IronHorse! 

captclose's picture
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Joined: 2008-02-14

Hey BW, I am attending KYC in Tempe on 3/3. Will you be in Tempe or STL? Message me.

Broker7's picture
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Joined: 2007-02-23

The minimum is easy for some of us..it is obviously not the case for everyone. A rep worked hard for 2 years and failed in your local market.  You have bigger things to worry about beyond the accounts the other broker brought to EJ.  Those will never be yours.  You have lots of goals to meet for yourself to get into an office.  At this point, you dont need to know the targets, that is why they havent been revealed.  Just worry about getting back to EVG and PDP.

theironhorse's picture
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Joined: 2007-03-03

the minimum is what, 2K in 3 months, gross?

bwstone's picture
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Joined: 2008-02-16

Broker7 wrote:The minimum is easy for some of us..it is obviously not the case for everyone. A rep worked hard for 2 years and failed in your local market.  You have bigger things to worry about beyond the accounts the other broker brought to EJ.  Those will never be yours.  You have lots of goals to meet for yourself to get into an office.  At this point, you dont need to know the targets, that is why they havent been revealed.  Just worry about getting back to EVG and PDP.
 
I'm not scared 7....I think "worked hard" might have been an issue with the previous rep based on what I have been told.  Also think you may be premature on the account issue.  It appears I will get them per sources in my region.

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

bwstone wrote:
Just got a call from my area trainer.  I will be attending KYC on 3/3 and he was gathering some info.  He told me that the area I have selected for my location was covered pretty extensively by another rep for about 2yrs.  He just never made the numbers that would allow him to actually open his branch adn moved on.  The accts that he opened were subsequently assigned to a rep in a neighboring community.  My questions are:
1. Will it be possible for me to regain those accts opened by the former rep since I will be servicing the area?
2.  What exactly are the targets that you need to hit to open your branch?  I haven't seen this info as of yet.
Thanks!
 
 
*** I would take the Area Leaders wisdom and pick a different location.. You would have to be a real loser to have a guy in that area for 2 years and still not be able to open an office. I think that area is likely not a good location YET!
 
To open an office to have to be at least meeting expectations, open 50 accounts and some other low performance measurements.. The real deal is the time frame. I think once you come back from EVAL/Grad its another 10 months at the very earliest.
 
Miss J

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

I wouldn't think a second about what the previous guy did.  Unless he was a complete idiot and burned a lot of bridges between EDJ and the local CPAs, attorneys, biz owners, etc.  Then you might have a lot of repair work to do. 
 
Your original post also said that one of the other FAs told you that the area was "covered pretty extensively by another rep for about 2yrs" but he couldn't make his numbers.  Well, those two things don't go together.  If he covered the area he would have made his numbers. 
 
So, in my opinion, you have a fresh territory that hasn't been prospected correctly.  Don't worry about whether you get those accounts or not.  Unless there are hundreds of them, they won't be worth your time.  You certainly won't make anything substantial from them.  If you do your job right, you'll probably meet those people anyway.  Some of them may move their account to your office on their own.   Worry about creating your own new relationships, not picking up the pieces from someone else. 

Broker7's picture
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Joined: 2007-02-23

BW...
No one asked if you are scared. ...just reality check for you.  You will be starting as a new new.  There are no pre-existing offices in your area. Only 5-7% make it into a new office, from scratch.  Talk to the old rep...I bet he busted his butt for 2 years.  If and when you open an office, then the natural migration of EJ customers to an open local office is the only way you will get those accounts.  I don't know who is talking to you....but EJ will not just give you the accounts...that is the last thing clients need is to be moved for the third time to a non-existant office.  Good luck and let us know how things are going.

bwstone's picture
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Joined: 2008-02-16

MISS JONES wrote:bwstone wrote:
Just got a call from my area trainer.  I will be attending KYC on 3/3 and he was gathering some info.  He told me that the area I have selected for my location was covered pretty extensively by another rep for about 2yrs.  He just never made the numbers that would allow him to actually open his branch adn moved on.  The accts that he opened were subsequently assigned to a rep in a neighboring community.  My questions are:
1. Will it be possible for me to regain those accts opened by the former rep since I will be servicing the area?
2.  What exactly are the targets that you need to hit to open your branch?  I haven't seen this info as of yet.
Thanks!
 
 
*** I would take the Area Leaders wisdom and pick a different location.. You would have to be a real loser to have a guy in that area for 2 years and still not be able to open an office. I think that area is likely not a good location YET!
 
To open an office to have to be at least meeting expectations, open 50 accounts and some other low performance measurements.. The real deal is the time frame. I think once you come back from EVAL/Grad its another 10 months at the very earliest.
 
Miss J
 
Thanks Miss J...
 
This area was actually recommended to me by the recruiter and the area leader.  I'm not sure how long ago the previous rep worked the area, but in the last couple years it has really taken off and is growing like crazy. 
 
Thanks for the advice and I definitely plan on having several conversations on the topic with the folks at EDJ prior to locking it in.  The one thing that I think they should have done is make me aware of that info when they were pitching the area to me.

bwstone's picture
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Joined: 2008-02-16

Spaceman Spiff wrote:I wouldn't think a second about what the previous guy did.  Unless he was a complete idiot and burned a lot of bridges between EDJ and the local CPAs, attorneys, biz owners, etc.  Then you might have a lot of repair work to do. 
 
Your original post also said that one of the other FAs told you that the area was "covered pretty extensively by another rep for about 2yrs" but he couldn't make his numbers.  Well, those two things don't go together.  If he covered the area he would have made his numbers. 
 
So, in my opinion, you have a fresh territory that hasn't been prospected correctly.  Don't worry about whether you get those accounts or not.  Unless there are hundreds of them, they won't be worth your time.  You certainly won't make anything substantial from them.  If you do your job right, you'll probably meet those people anyway.  Some of them may move their account to your office on their own.   Worry about creating your own new relationships, not picking up the pieces from someone else. 
 
 
Thanks Spiff...that is exactly in line with my thoughts.  On the acct issue, I feel like you are dead on and I would want them more for whatever referrals I could obtain for them than any gross I could generate.  If they were great accts, the guy would still be there, right?

Broker24's picture
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Joined: 2006-10-12

Broker7 wrote:BW...
No one asked if you are scared. ...just reality check for you.  You will be starting as a new new.  There are no pre-existing offices in your area. Only 5-7% make it into a new office, from scratch.  Talk to the old rep...I bet he busted his butt for 2 years.  If and when you open an office, then the natural migration of EJ customers to an open local office is the only way you will get those accounts.  I don't know who is talking to you....but EJ will not just give you the accounts...that is the last thing clients need is to be moved for the third time to a non-existant office.  Good luck and let us know how things are going.
 

And even if you did get them back, it would not be until you have an office (say 12-18 months).  By policy, Jones does not give accounts to anyone without an office.

theironhorse's picture
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Joined: 2007-03-03

it does not take 10 months AFTER your training to get an office.  maybe if there is no space available in your region, but not if you are meeting/exceeding and office space is open.
i highly doubt anyone worked their butt off and failed.  seems the only way to do this is to be  an a** and not very likable, which would prevent your hire in the first place.  they may have said they worked hard, but i doubt they made 25 REAL contacts per day.  is it possible to fail if you do those numbers?  bear in mind probably less than 5% of all brokers, including successful ones, make 25 REAL/day.
if you don't mind hearing "you're the 3rd jones guy who i have talked to in 3 years...." it should not be a problem.

bwstone's picture
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Joined: 2008-02-16

Broker7 wrote:BW...
No one asked if you are scared. ...just reality check for you.  You will be starting as a new new.  There are no pre-existing offices in your area. Only 5-7% make it into a new office, from scratch.  Talk to the old rep...I bet he busted his butt for 2 years.  If and when you open an office, then the natural migration of EJ customers to an open local office is the only way you will get those accounts.  I don't know who is talking to you....but EJ will not just give you the accounts...that is the last thing clients need is to be moved for the third time to a non-existant office.  Good luck and let us know how things are going.
 
I will 7.  I am looking forward to the change.  I have been in the bond biz for the past 6 yrs and did well.  My firm was acquired and slowly dismantled over the last 2 yrs.  That along with the transparency and compressed margins in institutional bonds caused me to want to look at the retail side.  I have been approached by Jones several times in the past about coming on board, mainly because one of my great friends is a rep and has been in my ear about jumping over.  In the end, Jones felt the most "right" for me.  I'm excited about what the future holds.

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

The referrals you are thinking about aren't going to materialize for a long time.  First you have to get past some arbitrary time in those client's minds that says you are going to stick around.  They're not going to refer people to you if they think you aren't going to last any longer than the last guy.  Next, you have to prove yourself to them.  Not on the basis of the investments some other guy sold them, but on your own merits. 
It might be different if it were a Goodknight plan or a Legacy plan.  But you're thinking about clients some other guy who failed created.  Perhaps there are some diamonds in the coal chunks, but you're going to have to get really lucky to find them. 

newnew's picture
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Joined: 2007-02-23

i signed for a new buildout before PDP, 6 weeks after EVG, as a newnew. They made an exception---so the rules are not ironclad, which is one of the big positives that I have found here

Broker24's picture
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Joined: 2006-10-12

newnew wrote:i signed for a new buildout before PDP, 6 weeks after EVG, as a newnew. They made an exception---so the rules are not ironclad, which is one of the big positives that I have found here
 
This is true.  In my situation, real estate was so hard to come by that one of the vets in the area asked me to do a Goodknight after I had been out 8 months, and he saw what I was doing (out of my house).  Spent a year with him, then got my own office.  Had I not done the Goodknight, not sure when I would have found office space.  Despite what people here say, Jones was very particular about office space, and they passed over several options because they were too old, not big enough, too expensive to renovate (lot of historical buildings in my area), etc.  If there had been space readily available, it would have gone much quicker.  Turns out, things worked out perfectly for me, as far as office space. 

theironhorse's picture
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Joined: 2007-03-03

one thing you will eventually find out is that no rules are ironclad in this biz.  you produce and the rules will begin to change in your favor.

fpojr's picture
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Joined: 2008-03-12

so broker7, are you saying that only 5-7% of people that meet PDP numbers after graduation ever make it into an office with Jones??  what are some of the reasons as to why this is the case?  There must be more to it than not prospecting enough for only 1 of 20 ever make it...

Broker24's picture
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Joined: 2006-10-12

fpojr wrote:so broker7, are you saying that only 5-7% of people that meet PDP numbers after graduation ever make it into an office with Jones??  what are some of the reasons as to why this is the case?  There must be more to it than not prospecting enough for only 1 of 20 ever make it...
 
I think it's more like 5-7% of new/new's from day 1 make it.  Not of those that make it through PDP.  Once you make it to PDP, the success rate starts improving.  LOTS of people drop out prior to PDP.
 
The challenge, at any firm, is that starting from zero is very tough.  You have no clients, no prospects, no office (at Jones), and no reputation.  When you do a Goodknight or take over an office, you automatically have clients, prospects, an office, and some (albeit slight) credibility.  Also, starting from zero, you have NO base of income (beyond the salary/bonus piece).

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