First REAL doorknocking day.

52 replies [Last post]
fisher23's picture
Offline
Joined: 2008-03-03

Just finished KYC.  Today was the first full day of door-knocking.  I had to wait until 8:30 because of solicitation laws.  I had the first door picked out the day before so I just drove up, got out of the car, knocked on the door without even thinking.The first guy was a recently retired independent financial advisor. Nice guy.  He said his neighborhood would be "fertile ground" because of the number of retirees and money.  Didn't bother to give that guy the brochure or get his name, maybe that was stupid.Many hours later with rain starting I called it a day.  I feel like a bum with only 24 solid contacts.  Missed the mark of 25.  I packed it in and went home at 3:30pm.  Wow that's bad.  I need to kick it up a notch tomorrow.  One lady told me she has a lot of large CD's coming due in October.  Another lady invited me in to show me some pictures.  An older gentlemen said his wife is making him get an advisor because she thinks he's going senile and losing all their money on TD Ameritrade.I'm disappointed that I called it quits so early.  I'm also disappointed that it actually bothers me when someone gets mad at me for knocking on their door.  I should just be able to brush it off and move on, right?  I guess I'm human.All in all, not a bad first day.  Now to just keep this up for the next year or more...

fisher23's picture
Offline
Joined: 2008-03-03

ALSO,  I would say at least 80% of the people I talked to mentioned that they had advisors.  Should I worry?  What should I say to these people?  Keep in mind, these are EJ first contacts.

Axle's picture
Offline
Joined: 2008-04-08

Fisher, the best prospects are the ones that already have advisors... all you need to do is get a statement from them and point out their fees.  People with VA annuities are my biggest money makers doorknocking because they think they pay nothing until I show them the 2.5%/YR fees they are really paying. Also, people with advisors are people who realize they can't do it on their own.  As they say, keep dripping!

River_King's picture
Offline
Joined: 2008-05-26

fisher23 wrote:I'm also disappointed that it actually bothers me when someone gets mad at me for knocking on their door.  I should just be able to brush it off and move on, right?  I guess I'm human.
Go out and find some thicker skin and it shouldn't be a problem.
Seriously keep us posted on your first few weeks of door knocking. I'm strongly considering working for EDJ.

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

If you made 24 today, on your first day, that's a great start.  Especially if you stopped at 3:30. 
 
Don't stress about the people who don't like you knocking on their door.  They wouldn't like you calling them on the phone, or mailing them a postcard either.  Some folks are just grouchy.  Give it a few days and you'll be chuckling at how weird some people are. 
 
The couple of people you mentioned with money sound like they could turn out to be something.  Keep in touch with them. 
 
Only 80%?  You have to remember that your best prospects are somebody else's client.  You need to learn to dig out info like how long they've been with that person, how often they hear from him, what value they feel they're getting for the fees/commissions they are paying, etc.  Find the weak links and go after them.  If they have a broker already, that means they have money already.  Take that as a sign that you're in the right neighborhood for finding your first client.    

Broker24's picture
Offline
Joined: 2006-10-12

Nice first day.  Seriously, to get 24 on day 1 is pretty good.  Keep in mind, you are not going to find 25 clients per day.  If you find one, yes ONE client per day (meaning one that will EVENTUALLY become a client), you will be incredibly successful.  If you find 2 clients per WEEK, you will still be very successful.  Just use that for perspective in terms of what you are trying to do.  It's like cold calling - call 100 people, find 1 client.  Same deal.  Don't get put off by all the BS you get.  You just need to find a few nuggets each week and you will be golden.  And remember, the really, really nice people will not become your clients (they have no money).  The cranky old people that shun you away the first time will become your good clients.  They have money, and they don't want anyone stealin' it from 'em.  Just get to know them.
And everyone has an "Advisor" or is "taken care of".  Everyone.  But, that might mean the nice lady who gives them their CD's at the bank, their insurance guy they never see, the 401K person in the Benefits department, or their neighbor who works for Primerica.  Just don't assume that everyone that says "I have an advisor" (a) is telling the truth, (b) knows their advisor's name, (c) has a "real" advisor, or (d) actually LIKES their advisor.  Most of the time, one of these four things are the reality.  Most people you talk to aren't going to have a $10mm managed account at Goldman Sachs.  Most people just don't have what we consider a "real" advisor.  That has been one of my biggest revalations in this business.  I thought everyone with money had an advisor.  It just ain't so.  And even if they do, don't be put off until they tell you "son, I'm well taken care of, you need not call on me anymore".  Ask some probing questions...."are you pleased with your advisor, what has he been telling you about the market lately (in other words, does he ever call you??), what type of investments does he use, etc.".  I have found some pretty large accounts of people that have 500K-1mm in their 401K, but nearly nothing outside of that.  They might have some small brokerage account or annuity or something through their insurance agent.  But nothing that would be considered a real "advisory" relationship.  Go get it.  Find out about his 401K (unless they have a "real" advisor, nobody is helping them with their 401K).  This will open so many doors for you.
 
Good luck.
 

Vin Diesel's picture
Offline
Joined: 2007-04-18

if you stopped door knocking at 3:30, you should be on the phone till 8:30. don't quit the day until you get 1 "order".
good luck.

babbling looney's picture
Offline
Joined: 2004-12-02

_popupControl();
Good job.  Sounds like a nice neighborhood for prospecting.  One tip is: don't trash the other broker or their firm!  It will just make the prospect mad and make them feel as if you think they are dumb for having chosen a "bad" advisor. 
 
I usually offered a second opinion, free review.   "After all, Mr. Prospect.  Next to your own physical health your financial health is most important.  Wouldn't you appreciate a second opinion from another Doctor if you were worried about your health?"
 
Broker 24 lists some good probing questions to get the prospect thinking...."Hmmmm. I wonder if I AM getting the best advice and personal attention that I deserve?"

fisher23's picture
Offline
Joined: 2008-03-03

Vin Diesel wrote:if you stopped door knocking at 3:30, you should be on the phone till 8:30. don't quit the day until you get 1 "order".
good luck.I hear you.  Right now I feel somewhat handcuffed by Jones.  Until the week before eval/grad I'm not allowed to ask ANY financial questions let alone make a sale.  Jones has the start of my career planned out to a "T" but I can't help but to feel handcuffed at this point.  It's tough introducing yourself as a financial advisor but not being allowed to ask financial questions.  Luckily, some people volunteered info and I made sure to make note.  During my repeat contact I'll be asking plenty of financial questions.I got back to the house early but it took FOREVER to enter the prospects into the system and print out all th thank you cards.  I'm starting to see the "busy work" trap for new advisors.  I'm not even going to think about that stuff until after the normal business day.What does everyone say to this question on the doorstep or in starbucks for that matter, "So where's the market headed?"  I got that a few times today.Thanks everyone for all the advice.

fisher23's picture
Offline
Joined: 2008-03-03

Broker24 wrote:
"are you pleased with your advisor, what has he been telling you about the market lately (in other words, does he ever call you??),I love it.  I'll use that tomorrow and let you know how it works.  Thanks.

deekay's picture
Offline
Joined: 2007-05-15

fisher23 wrote: Vin Diesel wrote:if you stopped door knocking at 3:30, you should be on the phone till 8:30. don't quit the day until you get 1 "order".
good luck.I hear you.  Right now I feel somewhat handcuffed by Jones.  Until the week before eval/grad I'm not allowed to ask ANY financial questions let alone make a sale.  Jones has the start of my career planned out to a "T" but I can't help but to feel handcuffed at this point.  It's tough introducing yourself as a financial advisor but not being allowed to ask financial questions.  Luckily, some people volunteered info and I made sure to make note.  During my repeat contact I'll be asking plenty of financial questions.I got back to the house early but it took FOREVER to enter the prospects into the system and print out all th thank you cards.  I'm starting to see the "busy work" trap for new advisors.  I'm not even going to think about that stuff until after the normal business day.What does everyone say to this question on the doorstep or in starbucks for that matter, "So where's the market headed?"  I got that a few times today.Thanks everyone for all the advice.
 
"I predict the market will fluctuate.  What is your strategy to spend the money you've made over the years in the market?"
 
Guaranteed they've never heard that question asked. 

FreeFromJones's picture
Offline
Joined: 2006-11-29

Axle wrote:Fisher, the best prospects are the ones that already have advisors... all you need to do is get a statement from them and point out their fees.  People with VA annuities are my biggest money makers doorknocking because they think they pay nothing until I show them the 2.5%/YR fees they are really paying. Also, people with advisors are people who realize they can't do it on their own.  As they say, keep dripping!

 
Fisher, first of all, I agree with Axle that the best prospects are those who have advisors, however, for both of you, don't suck in the koolaid that fees whether in a managed/wrap account or in a VA are all bad. Axle...VA means Variable Annuity...it's not a VA annuity.  VA's have there place and use for some clients, so don't think they are all bad.  You might come to appreciate them some after you've been in the business for a while. 
Fisher, door knocking does work and some of my best clients came from knocking on doors.  They are still MY clients even though I'm not with Jones anymore.  Keep on working hard and you will make it.  Don't think that every day will be so successful though. Wait until you've knocked for 8 hours and have just 4-5 meaningful contacts, that's when it really gets hard, but just call Spiff (or your mentor) and he'll help you through it.

Borker Boy's picture
Offline
Joined: 2006-12-09

fisher23 wrote: ...got back to the house early but it took FOREVER to enter the prospects into the system and print out all the thank you cards.  I'm starting to see the "busy work" trap for new advisors.  I'm not even going to think about that stuff until after the normal business day...
 
Thanks for providing me with a good laugh. I needed that.
 
It hasn't been long since "newbies" at Jones actually wrote thank you notes by hand--like 1500 or more.

Broker24's picture
Offline
Joined: 2006-10-12

fisher23 wrote:
Right now I feel somewhat handcuffed by Jones.  Until the week before eval/grad I'm not allowed to ask ANY financial questions let alone make a sale.  Jones has the start of my career planned out to a "T" but I can't help but to feel handcuffed at this point.  It's tough introducing yourself as a financial advisor but not being allowed to ask financial questions.  Luckily, some people volunteered info and I made sure to make note.  During my repeat contact I'll be asking plenty of financial questions.I got back to the house early but it took FOREVER to enter the prospects into the system and print out all th thank you cards.  I'm starting to see the "busy work" trap for new advisors.  I'm not even going to think about that stuff until after the normal business day.What does everyone say to this question on the doorstep or in starbucks for that matter, "So where's the market headed?"  I got that a few times today.Thanks everyone for all the advice.

Fish-
That's an industry thing (FINRA), not a Jones thing. There is a period of time (3 months??) where after you are hired at a firm, you cannot solicit clients (cannot be licensed). At most firms, they have you helping in the office, doing busy work, learning the ropes, whatever (never been anywhere else, so I really have no idea what they do). Jones came up with this non-soliciting soliciting process that gets you out talking to potential prospects before you are licensed to sell. I'm not sure how they manage to get this by FINRA, but I guess it's because they don't allow you to ask financial questions. It just gets you out there a little bit earlier in the process.

troll's picture
Offline
Joined: 2004-11-29

Axle wrote:Fisher, the best prospects are the ones that already have advisors... all you need to do is get a statement from them and point out their fees.  People with VA annuities are my biggest money makers doorknocking because they think they pay nothing until I show them the 2.5%/YR fees they are really paying. Also, people with advisors are people who realize they can't do it on their own.  As they say, keep dripping!
 
I love when a competing advisor points out fees to one of my clients.  If that is the best shot a competing advisor can take at me, bring it on.  "You get what you pay for", "Do you care about what you pay or what you keep?", "If the cheapest option was the best, everyone would be driving Hyundais."  If you take a client based on cost, you will lose the client when someone comes along that will charge less than you.  If you take a client based on value provided, 99% of the time they will not even listen to another brokers value proposition. 

snaggletooth's picture
Offline
Joined: 2007-07-13

Primo wrote: 
I love when a competing advisor points out fees to one of my clients.  If that is the best shot a competing advisor can take at me, bring it on.  "You get what you pay for", "Do you care about what you pay or what you keep?", "If the cheapest option was the best, everyone would be driving Hyundais."  If you take a client based on cost, you will lose the client when someone comes along that will charge less than you.  If you take a client based on value provided, 99% of the time they will not even listen to another brokers value proposition. 
 
Nice Primo, I like the way you worded that.  I'm writing that down first thing in the morning.

theironhorse's picture
Offline
Joined: 2007-03-03

when they tell you they have an advisor, immediately ask how the SERVICE has been.  not the performance, fees, etc.  cause someone is always gonna be cheaper and have a better (historically) performing product.  sell yourself, not the product.  if you sell based strictly on fees and cost, you are setting yourself for turnover down the road, either that or reselling most stuff again. 

jamesbond's picture
Offline
Joined: 2005-03-21

one thing also is to ask who is their advisor. in a way you are qualifying them. Their is a rep in my city who has 1million min. Everytime i ran across a prospect who was one of his clients i knew they had money when they told me his name. Did i get some business from these people, yes, did i get 100%, no. No advisor has 100% of their clients business. This guy is a machine. I eventually met him and we have become friends. I can say he honestly does a great job for his clients and never loses them to anyone.

fisher23's picture
Offline
Joined: 2008-03-03

Second day of doorknocking.  24 more prospects loaded into the system.  I wanted 30 but actualy had to be somewhere at 5:00 so I had to stop.  By the end of the day I felt like I was in a groove and actually enjoying myself.  It was harder to keep myself motivated in the morning.Today was more difficult and no one ever seems to be home.  I feel like if I get someone, I've got a 75% chance of getting a name, number, and some decent info.  Today I would knock on 20 doors in a row and not find anyone.I worked a retirement area in the morning and had limited success.  I think the people in this area are pretty wealthy but I really have no idea for sure.  Literally, 100% of people I talked to in this area said they had an advisor or two.  Everyone has said this is a good thing.  We'll see.2nd area I worked had many newer townhouses.  I talked to many stay at home moms with their babies.  Probably not the best market.The 3rd area was a nice quiet neighborhood with single family homes all on 1/2 acre lots.  I walked a marathon today!  People were by far the nicest in this neighborhood and I spoke with retirees, baby boomers, and young couples.  It was a good mix, it just takes a long time.I'm thinking I can get 25 prospects in 3 or 4 hours on Saturday morning when people are home.I made a stupid little reward system for myself today.  I decided I wouldn't break and drink my cold coke until I had 10 prospects.  I cheated and took a break at 8.

Broker24's picture
Offline
Joined: 2006-10-12

Fisher, you're on the right track. Just don't get discouraged when you have those bad days. Remember, you need to find one client per day. You're looking for that one gem. Some of them will take literally years to become clients. Nurture them. But those are often the best clients. The one that agrees to meet this Friday morning is the one that has a $1,378.25 rollover from the place they used to wait tables at. The good ones take TIME.

Broker24's picture
Offline
Joined: 2006-10-12

One other thing....that $1,378.25 rollover is probably from a 32 year-old that also wants to "start investing". In the short-term, take the account and start doing something - hey, maybe you'll get a referral out of it someday (and it's good practice early in your career). But you will NOT survive off those accounts. You need to find older people (50+) that already HAVE money. Ideally, you want people that have $250K+ in investible assets. That seems inconceivable right now, but if you primarily deal with 50+ year-olds, it will be pretty common.

NOLA_Advisor's picture
Offline
Joined: 2008-04-23

The architecture (as well as several very questionable surrounding neighborhoods) of my area almost always puts gates and fences between me and the front door. I feel very intrusive about opening someone's gate and entering their 'secured' property. The ones that are locked generally have an intercom that rarely produces a face2face. Does anyone else deal with this type of environment?

Joe2121's picture
Offline
Joined: 2008-06-12

For you guys at Jones, do you think it is ok to wear a nice polo and slacks when door knocking in extreme heat ?

babbling looney's picture
Offline
Joined: 2004-12-02

Joe2121 wrote:For you guys at Jones, do you think it is ok to wear a nice polo and slacks when door knocking in extreme heat ?
_popupControl();

 
No. You should wear shorts and a tank top with flip flops so they can hear you coming up the walkway.
Actually, yes.  Not at Jones anymore but I doubt there would be no problem.  Your prospects would wonder about your sanity if you were wearing a suit.  You should be able to order a polo shirt with the EDJ name  embroidered on it.   Do you have a name tag?  I used to wear mine when door knocking, polo shirts not being my thing.

deekay's picture
Offline
Joined: 2007-05-15

fisher23 wrote:Second day of doorknocking.  24 more prospects loaded into the system.  I wanted 30 but actualy had to be somewhere at 5:00 so I had to stop.  By the end of the day I felt like I was in a groove and actually enjoying myself.  It was harder to keep myself motivated in the morning.Today was more difficult and no one ever seems to be home.  I feel like if I get someone, I've got a 75% chance of getting a name, number, and some decent info.  Today I would knock on 20 doors in a row and not find anyone.I worked a retirement area in the morning and had limited success.  I think the people in this area are pretty wealthy but I really have no idea for sure.  Literally, 100% of people I talked to in this area said they had an advisor or two.  Everyone has said this is a good thing.  We'll see.2nd area I worked had many newer townhouses.  I talked to many stay at home moms with their babies.  Probably not the best market.
Uhh...you're not thinking hard enough.  These stay-at-home moms have husbands who make enough money to afford having a stay-at-home wife.  Those husbands, in turn, have friends at their offices who make similar amounts of money.  Moral?  Don't be a fucking snob.  Until you have a fact finder on someone, EVERYONE is a prospect.
The 3rd area was a nice quiet neighborhood with single family homes all on 1/2 acre lots.  I walked a marathon today!  People were by far the nicest in this neighborhood and I spoke with retirees, baby boomers, and young couples.  It was a good mix, it just takes a long time.I'm thinking I can get 25 prospects in 3 or 4 hours on Saturday morning when people are home.I made a stupid little reward system for myself today.  I decided I wouldn't break and drink my cold coke until I had 10 prospects.  I cheated and took a break at 8.
 
Good activity though!

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

DK is right.  People at those ages switch jobs, need life insurance, 529 plans, etc.  And they have parents who are exactly the people you are looking for. 

 
I wear a polo with Dockers all the time if I doorknock and it's hot.  My suggestion is to order one or two of the Drifit or Climacool or whatever Addidas calls it.  They're great for doorknocking.  Nowhere near as hot as the regular old cotton ones in the Jones catalog.  I haven't got the guts to try it, but I've often thought about doorknocking in shorts and a polo during these hot summer months.  Maybe I'll try it on one of these 90+ days in MO.
 
Reward systems are a great motivating factor.  Create a small one for yourself daily, and a then a bigger one for the entire week.   

Broker24's picture
Offline
Joined: 2006-10-12

I used to doorknock in khakis/EDJ Polo shirt. I actually found it worked BETTER for residential doorknocking, as long as I was doing the old...."just introducing myself" routine. The outfit put people at ease much more than the suit and tie.    I found people to be much more open when I walked up in a nice casual outfit like that (and when it was hot, they thought I was an idiot for wearing a suit). However, I NEVER doorknock businesses like that, even if it's hot.

runner999's picture
Offline
Joined: 2008-05-06

Broker24 wrote:I used to doorknock in khakis/EDJ Polo shirt. I actually found it worked BETTER for residential doorknocking, as long as I was doing the old...."just introducing myself" routine. The outfit put people at ease much more than the suit and tie.    I found people to be much more open when I walked up in a nice casual outfit like that (and when it was hot, they thought I was an idiot for wearing a suit). However, I NEVER doorknock businesses like that, even if it's hot.
 
I hate wearing a suit.  I hate the tie, I hate the dress shirt that always ends up wrinkled, and I hate the suit jacket.  I always have and I always will.  But I am joining a wirehouse so I know I will be in one almost everyday.  Still doesn't mean I have to like it.
 
Personally, I think a nice button down shirt and a good pair of slacks with dress shoes looks just as professional as a suit any day.  But I know I am not making the rules. 
 
Well, actually on second thought, I guess I will be making the rules if I make it enough years and become successful. 
 
Maybe I will be the wirehouse broker that never wears a tie.  Oh well, I guess I need to just stay employed first. 

Broker24's picture
Offline
Joined: 2006-10-12

If you are talking about office attire, I can't imagine not wearing a suit in a wirehouse environment.  I work at Jones, and I would never be in the office without a suit.  I know a lot of little indy solo practices that are biz casual, but I think it all depends on the image you are trying to project.  Personally, I think you should always be dressed nicer than your clients.
 
If your shirt always gets wrinkled, just buy some of the no-iron shirts.  Lands End makes very nice ones, and they are very affordable.  I had my shirts cleaned and pressed for years and years, but it just got to be too much of a hassle.  I had someone that I had known for years tell me that they had always worn the no-iron shirts, and he always looked good, so I tried them.  Problem was, years ago, all the no-iron shirts were that crappy cotton-poly blend and looked like they were from JC Penny, so I wouldn't touch them.  But they are very, very good now.
 
Sorry, I digressed a bit.

runner999's picture
Offline
Joined: 2008-05-06

Broker24 wrote: If you are talking about office attire, I can't imagine not wearing a suit in a wirehouse environment.  I work at Jones, and I would never be in the office without a suit.  I know a lot of little indy solo practices that are biz casual, but I think it all depends on the image you are trying to project.  Personally, I think you should always be dressed nicer than your clients.
 
If your shirt always gets wrinkled, just buy some of the no-iron shirts.  Lands End makes very nice ones, and they are very affordable.  I had my shirts cleaned and pressed for years and years, but it just got to be too much of a hassle.  I had someone that I had known for years tell me that they had always worn the no-iron shirts, and he always looked good, so I tried them.  Problem was, years ago, all the no-iron shirts were that crappy cotton-poly blend and looked like they were from JC Penny, so I wouldn't touch them.  But they are very, very good now.
 
Sorry, I digressed a bit.

broker, I know you are right about wearing it into the office in a wirehouse. Like I said, I know that I will have to play by the rules. Both the wirehouse rules and the client rules.

That doesn't mean I have to like it. I am sure I am not the only person who doesn't like wearing a suit.

Trust me, I have no iron shirts. I have the best of the best. I am in an industry now where I have to dress "to the nines." I wear $300 Johnston&Murphy shoes and suits that are tailored. I don't have a choice.

Still doesn't mean that don't I hate buttoning that top button on my collar every morning and putting on that DAMN tie.    And when I walk in the door everyday after work the very first thing I do is to get out of that "monkey suit." I absolutely hate it.

Right now it is even worse because I live in the South and the humidity is through the roof and it is almost 100 degrees everyday. I am sorry, but it sucks having on a shirt and tie when it is that hot.

But as you, I digress. I am not going to pass on a great career because of my dislike for a suit.

doberman's picture
Offline
Joined: 2005-02-22

runner999 wrote: [Right now it is even worse because I live in the South and the humidity is through the roof and it is almost 100 degrees everyday. I am sorry, but it sucks having on a shirt and tie when it is that hot. But as you, I digress. I am not going to pass on a great career because of my dislike for a suit.
 
Ahhh, I miss the old polyester suits; especially during the summer.
 
You young "whipper-snappers" don't know what suffering is until you've worn a poly suit in the summer.
 
(For the young-uns on this site, "whipper-snappers" definition: a term used by old-fogeys to describe young headstrong, ignorant know-it-alls, who pass judgement on the previous generation using their short, sheltered life experiences as a basis for said judgement.)
 
Now, where the h*ll did I put my Metamusil!!!!!

runner999's picture
Offline
Joined: 2008-05-06

doberman wrote:Ahhh, I miss the old polyester suits; especially during the summer.
You young "whipper-snappers" don't know what suffering is until you've worn a poly suit in the summer.
(For the young-uns on this site, "whipper-snappers" definition: a term used by old-fogeys to describe young headstrong, ignorant know-it-alls, who pass judgement on the previous generation using their short, sheltered life experiences as a basis for said judgement.)
 

LOL, so I am a headstrong, ignorant know-it-all, and am passing judgement on your generation simply because I don't like wearing a suit? Interesting.

runner999's picture
Offline
Joined: 2008-05-06

iceco1d wrote: Get to $1MM in production and you can come to work in boxers and a wife beater if you want! 

That is funny right there, I don't care who you are.

And in all seriousness, I understand why it is important to be dressed in a suit if that is what your clients expect. I just have always felt uncomfortable in suits. Just me.

babbling looney's picture
Offline
Joined: 2004-12-02

I still think that shorts and flip flops are the ticket.
I know what you mean about the South and humidity.  I thought I was going to melt.   I was never so glad as to get back to my climate where is can be 100 degrees with very little humidity.  I'd take that anyday over 85 degrees and 80% humidity.
You think a suit is bad, try wearing make up, heels and nylons in hot weather.......or maybe not...... that image is just too weird with the shorts and wife-beater. 

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

I've tried the heels and nylons...they made my toes hurt. 
 
I know of a couple of guys in FL that don't ever wear a suit to the office.  Most advisors in HI don't either.  I think you need to understand the people you're dealing with.  You walk through the barnyard in your $300 shoes and get cow/dog/goose/et al crap on them and that farmer might just kick you off his property for being stupid and wasting good money.  At the same time, you pull up to his door in a BMW or Benz and he might not do biz with you simply out of principle.  He'd just as soon talk to someone in dockers and a nice oxford who pulled up in the King Ranch Edition F-150 than he would the guy who just got off the plane from NY City. 
 
I think I'm going to try doorknocking in shorts and a polo next week.  Just to see what happens.  I'll let you guys know. 

norway401's picture
Offline
Joined: 2007-10-16

 Spiff .....is right on the money. I think we used to call that " Know your customer 101 ".
 
Happy July 4th. to our friends south of the border

doberman's picture
Offline
Joined: 2005-02-22

Spaceman Spiff wrote:I've tried the heels and nylons...they made my toes hurt. 
  
I think I'm going to try doorknocking in shorts and a polo next week.  Just to see what happens.  I'll let you guys know. 
 
Ever consider speedos?

doberman's picture
Offline
Joined: 2005-02-22

babbling looney wrote:
 
You think a suit is bad, try wearing make up, heels and nylons in hot weather.......or maybe not...... that image is just too weird with the shorts and wife-beater. 
 
Agreed, that kind of outfit is worse than wearing a poly suit!

fisher23's picture
Offline
Joined: 2008-03-03

Sorry I haven't posted in awhile, I've been doing nothing but doorknocking.  I leave for eval/grad soon with 400 something doorknock contacts.  I feel like I've walked around planet earth a few times over in the past few months.  Somedays I feel like I'm  spinning my wheels and not going ANYWHERE, very frustrating.  On a side note, I've only been bitten by one dog that broke skin and only caught in two thunderstorms that completely drenched me and my suit.ANYWAYS, I feel like I'm working my but off but don't have a lot of realllllly good prospects.  I guess I'll find out soon at eval/grad.After eval grad I'm considering implementing a call list and divide and conquer between cold calls with the list and doorknocking.  No one in my region has mentioned this approach, they just always preach doorknocking.  A buddy in another EJ region has told me he's used call lists with success.  As a newbie right now I feel like I'm lost and just floating in the wind with no real direction.  Suggestions?

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

Don't make any judgements on your prospects yet.  You've met them one time.  You've spent maybe 3 meaningful minutes with them.  Some of them will tell you they don't have any money, all the while sitting on a $1 mil account.  They might just mean they don't have any NEW money to invest right now.  At the same time, some of the folks who seem really interested in talking with you right now may never talk to you again. 
 
Here's what I've found with prospects.  10% of the people you meet will just love you and appreciate that you stopped by to talk to them.  They will come meet with you in the next few months and let you review their portfolio.  Some will have money, some won't.  That's the low hanging fruit that everyone talks about. 
 
10% of the people on your list won't ever talk to you again.  You'll do what you can to try to get them to, but they'll eventually just tell you to go away or just never answer the door or phone again.  You'll turn them red in your system and eventually delete them.  If you can get them to tell you to go away quickly, then that's a bonus for you.  It's that much time saved chasing someone who really doesn't want to be chased. 
 
It's the other 80% that you need to really focus on and figure out.  In that group are the people with real money.  They're the ones who have said they have an advisor already, but it's OK to call them with ideas.  Or they talked to you but didn't really give you a lot of details.  They are the ones that you have to figure out if they belong in your keep pile or in your toss pile. 
 
So, look at it this way.  The Ted Jones Prospecting award is for opening 120 accounts in your first 12 months.  If you can get just 10% of your EXISTING prospects to do business with you, you should be well within striking distance of that award and probably whatever your goals for income are in your first year. 
 
You just simply don't know what you don't know at this point.  Try not to get frustrated with where you are.  Talk to your mentor, other Seg 2 or 3 FAs in your region, other new FAs.  Even other advisors at some other firms.  Get some ideas on what they did to become successful.  It sounds like you've done a little of that already.  Keep it up.  I know it sounds cliche, but the Jones recipe does work if it is followed.  Most of all, have fun. 

B24's picture
B24
Offline
Joined: 2008-07-08

Fisher,
 
YOur feelings are EXACTLY how most newbies feel when starting out.  Here's what you need to understand....you need to open about 10 accounts per month (5-7 households) to be successful - more if you want to be REAL successful.  So realize that the % of prospects that will turn to clients is VERY small in the beginning.  Unless your area is really prime with retirees, you are not going to get rich doorknocking, but it will certainly get you started.  I would plan to subsidize your doorknocking with cold calling, coldwalking businesses, networking, and seminars.  
 
In the beginning, you are fighting an uphill battle.  If you can make it through 3 years with money in your wallet, then you will do fine.  Don't get discouraged so soon.  What you aer going through is what everyone goes through (that does not already have a book or established market).

fisher23's picture
Offline
Joined: 2008-03-03

I was hoping you two would chime in.  Thanks.To be specific, this is what I'm considering after eval/grad:1. Buying a list with specific criteria: maybe 50 or older who own their home in my zip code.2. Cold-calling from the list and getting 10 new quality first contacts a day to add to the pipeline. Then send Thank you card, etc.  3. 15-20 repeat contacts (both phone and at door)People say that new brokers need to hit this prospecting thing from many different angles, BUT specific guidance and suggestions on how to use the phone in combination with door knocking would be helpful.

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

Hey Fisher..I got my can sell a little over a year ago, just moved into my office last month...got my BOA etc.  My advice for eval-grad is...don't worry so much about who was nice and who wasn't.  Call everyone and you will be surprised who talks to you.  Triple crown is nice (I got it)...but I would trade it in a heartbeat for no orders and double the appointments...IMHO Appointments are the key at eval grad because several of them will flake and not show up etc..  Good luck and keep us posted! and of course PM with any questions as I have gone through what you are not so long ago!

imabroker's picture
Offline
Joined: 2007-12-22

I agree with Kool-Aid.  I thoroughly expected many to be nasty at eval/grad and only one was.  I was very impressed with how many were receptive.  You will be surprised how some that you thought were great/interested prospects will never speak to you again, and some that you thought would never do business with you will become great clients.
 
Door-knocking sucks!  but it DOES work.  Good luck.

troll's picture
Offline
Joined: 2004-11-29

I am going to chime in here. I was just recently hired at Edward Jones. I start the SFC program on Monday. This seems to be the most informative post out of EVERYONE. It's basically documenting a new FA from the beginning and having vets chime in. I appreciate it greatly and i may have to keep this one going from my Day 1.  This is my first commission only job as well, so there are some concerns there, but i have only heard that if you work hard it will pay off greatly.

jtorgerson's picture
Offline
Joined: 2008-05-04

I agree, Wind. I am a week from KYC and have read this thread particularly. We should start one (or continue this one) for moral support, if nothing else.

NCTiger's picture
Offline
Joined: 2008-07-29

I appreciate all the information you guys are putting out, it is very helpful.  I got a call today from Jones with my offer, so I am excited, just a little anxious, with what is facing me in the next couple of months, can you explain some of the terminology you are talking about during graduation, evaluation and how things are going.  In addition are you guys in smaller communites or larger towns?

jtorgerson's picture
Offline
Joined: 2008-05-04

I'm in a very small suburb of a decent sized city. So that probably didn't help you at all. :P

NCTiger's picture
Offline
Joined: 2008-07-29

If i take the position, I will be in the same situation.  I am contemplating leaving a 70k job for a start with Jones, do you guys have feedback?  I started a thread on here a couple of weeks ago (80k or EDJ) and it turned out to be a bashing between two or three people that went on for 6 pages.  Anyways, you guys seem to have good advice and in a good position to keep everyone informed, thanks for the feedback.  Any information is helpful while making this decision.

troll's picture
Offline
Joined: 2004-11-29

Well i left a 30K job to start a career with Jones. I have never worked a commission only position so its a little new to me. I have a bachelors and a masters so i could probably find a job anywhere from 60K-100K, but i hear this opportunity is like no other so im willing to give it a whirl. I live in Oklahoma City, so i guess its safe to say there are enough people here. Is anyone going to KYC in Oct?

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

NCTiger wrote:If i take the position, I will be in the same situation.  I am contemplating leaving a 70k job for a start with Jones, do you guys have feedback?  I started a thread on here a couple of weeks ago (80k or EDJ) and it turned out to be a bashing between two or three people that went on for 6 pages.  Anyways, you guys seem to have good advice and in a good position to keep everyone informed, thanks for the feedback.  Any information is helpful while making this decision.
 

You have to understand that you will most likely take a paycut for the first couple of years.  You've got to earn almost $200k in gross commissions in order to net $70K.  However, you won't take home $70K after expenses are taken out.   That's something definitely worth some strong consideration. 
 
On the flip side of that, your $70K per year job is probably only going to get you a raise of 3-5% a year.  My income went up by 25% a year for the first few years and didn't plateau until my fifth year.  It could possibly continue to go up 25% a year for the forseeable future if I can get my butt out of my chair and back out to meet and greet people.  That's the upside of this job vs a corporate job. 
 
There are some other things that you've I'm sure heard about, like trips, that would add to your quality of life if you came to Jones.  However, it's not a 9-5 job.  So, there are some give and take.  Take the job.  The corporate world will be there if you find out you don't want to do it anymore. 

Please or Register to post comments.

Industry Newsletters
Investment Category Sponsor Links

 

Careers Category Sponsor Links

Sponsored Introduction Continue on to (or wait seconds) ×