Jones Stories... for the JONES

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Mr. Jones's picture
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Joined: 2008-08-08

Hey folks, I would like to start a thread that i think a lot of folks would really appreciate. All the EDJ FA's out there could post thier experience / failures / success and those of other FA's you know who made it or didnt make it.  I know there are a lot of EJ haters here so those folks can ignore this thread.  I will go first.
 
I Just accepted the offer, start date Sept 29th to study the series 7.  (not very inspiring i know).  I am located NW Florida. 
 
I have met and become friends with several of the EDJ FA's in the area. One in particular was about 8 months out from KYC and was about to open his office, he said he was hoping to have 2 million AUM by december.  He was really struggling, mind games, lonely, so on so forth, I taked to him the other day and they had a FA leave an office in South Florida after 11 years with AUM of 55 million.... they offered it to him and he started yesterday.... I told him about some of the things some of folks on this forum have been through that 90%+ of the clients will follow the other FA as this really is about the person not the company that people trust and like.  In any event i will let you know how that goes for him... I really think he has gotten a double edge swoard, if he can manage to keep some of the book hes off to a great start, but he better keep prospecting......   theres another FA in the pipeline he just finished his KYC, and he is really struggling, dont think he's gonna make it ... I will let you know how he does as well.  And of course I will be struggling in a couple of months like all newbys...

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

Mr. Jones wrote:Hey folks, I would like to start a thread that i think a lot of folks would really appreciate. All the EDJ FA's out there could post thier experience / failures / success and those of other FA's you know who made it or didnt make it.  I know there are a lot of EJ haters here so those folks can ignore this thread.  I will go first.
 
I Just accepted the offer, start date Sept 29th to study the series 7.  (not very inspiring i know).  I am located NW Florida. 
 
I have met and become friends with several of the EDJ FA's in the area. One in particular was about 8 months out from KYC and was about to open his office, he said he was hoping to have 2 million AUM by december.  He was really struggling, mind games, lonely, so on so forth, I taked to him the other day and they had a FA leave an office in South Florida after 11 years with AUM of 55 million.... they offered it to him and he started yesterday.... I told him about some of the things some of folks on this forum have been through that 90%+ of the clients will follow the other FA as this really is about the person not the company that people trust and like.  In any event i will let you know how that goes for him... I really think he has gotten a double edge swoard, if he can manage to keep some of the book hes off to a great start, but he better keep prospecting......   theres another FA in the pipeline he just finished his KYC, and he is really struggling, dont think he's gonna make it ... I will let you know how he does as well.  And of course I will be struggling in a couple of months like all newbys...
 
How can he be struggling already? He hasn't even gotten started.
 
He doesn't even know the definition of struggling...yet.

Ron 14's picture
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Joined: 2008-07-10

Exactly, that is not struggling. Struggling is going through 2 yrs of having your balls hit like a speed bag, actually thinking you have made it past the garbage, still meeting expectations and "following the recipe", but not paying your bills.

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

Borker is right.  You don't know what struggling is until you've been out 3-4 years and have a string of $7000 gross months.   Now that's struggling. 
 
The only reason someone just out of KYC could be struggling is if they are lazy or completely inept at doorknocking.  Cause that's all he's doing right now. 
 
The guy that took over the office in S. FL isn't going to struggle.  Depending on where the other FA is going, he'll probably keep about half of the book.  I know what you've read on these boards about clients following their FA, but the statistics at Jones are that in the average competitive situation the office keeps about 50% of the existing assets.  I've seen some that keep more, and some that keep less.  I'd guess that he ends somewhere in the high $20 mil to low $30 mil arena when the dust settles. 
 
Mr. Jones, this business is a fickle one.  The guy who says he's struggling could turn around in the next couple of months and have some killer production and not be struggling anymore.  Or someone who has just put up some outstanding numbers but let their pipeline dry up could feel like he has absolutely no hope for the future.   It's a constant up and down with your emotions.  You've got to learn to deal with that if you want to survive.  First, you have to pass that S7 exam. 

noob15's picture
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Joined: 2008-05-09

I know a lot of Jones FAs. When I started out and went to the new FA meetings for the first few months, I met all these "highly successful FAs." The further along in the process I went, I noticed that there really is a key to success: being handed an office. All of these FAs that are praised at the summer regionals for being so successful really havent done any of the doorknocking. They got out maybe a week or two from eval/grad and then, congratulations! We have a full office the last broker just left, do you want it? Now, I do not blame them at all, I would jump on that chance in a heartbeat. But I did start to realize that most brokers at jones that are actually successful are so because of a golden opportunity. And that golden opportunity is not doorknocking. It is very discouraging to see all these FAs get so much recognition for having done nothing, and then we are supposed to listen to them tell us to "stick with it, it's all so worth it." Just my two cents, anyone else feel this way?

noob15's picture
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Joined: 2008-05-09

I don't mean to send the wrong message either, Jones is a great opportunity and doorknocking certainly can work for some people. But when you talk to FAs who are "highly successful" make sure you know what their situation is. I wouldnt listen to a guy who won the lottery tell me that I need to work hard for my money.

Philo Kvetch's picture
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Joined: 2005-05-17

I wholly agree with Spiff in that this is a fickle business.  What I've found is that if you do what you know you must do, business will fall from the sky...usually from places where you least expect it. 
 
My advice to new brokers, for what it's worth, is not to look for that magic bullet; just do the things that you know you should be doing and business will find you.  It's as simple (or as complex!) as that.

Ron 14's picture
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Joined: 2008-07-10

    There is no doubt about that. If you want to be successful at EJ (or anywhere for that matter), in the first 5 yrs you need a natural market or to take over assets. If you grind it out for 5 yrs, you wont catch the people who did take over big offices or 10mil in assets, but you will have reached a good level of production. The question you must ask yourself is do you want to run through savings or go into debt to get through the first 5 or do you need to find a different avenue, like a junior position on a team or at a bank. If you have any ounce of competitve fire in you the BS that regions spew regarding the "success" of the people who have gotten handouts will make you puke. Guys in my region, who had a family and no savings when they started took on 50-100k in credit card debt to make it to year 5. I dont know if that makes any sense, but they made it, they drink the koolaid and hopefully in 10 more years they will have 100k in LP ( that they bought) and they will be on the positive side of the coin.

bspears's picture
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Joined: 2006-11-08

I had heard many stories about some of the top producers in my region getting a leg up to their careers.  I have a couple of vets in my old region who I still talk with on a regular basis.  One, I found out, failed at two locations in the late 80's.  He then took over a 40 mil office, (non competitive) and now manages over 150m and is always one of the top monthly gross production.  Sad part is...I THOUGHT he was one of a very few who actually started from scratch, doorknocked and now has a great business. I always referred to him when I struggled, because I felt he had walked in my shoes...well he did, but he failed 2 times doing it!!  I bet a large portion of the successful vets in any region...had a leg up...meaning...they were given assets.  Doesn't bode well for the new news......

jtorgerson's picture
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Joined: 2008-05-04

Wow. You guys sure know how to cheer a guy up.
 
I leave for KYC tomorrow. My thinking is, it really is just a numbers game and my only goal is to try to improve my ratios over time. That should happen because I'll get better at pre-screening, and also better at building rapport and trust.
 
It's an exponential thing. What I think traps so many of us is that once you start to get momentum on your side, the natural impulse is to take your foot off the accelerator and let it coast.
 
The guy who did my face-to-face started new-new 9 years ago. My field trainer started new-new 3 years ago. Both are doing well, and both said the secret to their success was simply being scared to death of not being able to feed their kids. Until that fear overcomes a person's fear of prospecting, asking for the sale, etc. you probably WON'T do everything you could.
 
On all the "kool-aid" bashing, I think of the EdJ opportunity as more of a franchise. We are basically buying into a system that has proven to work at least 10,000 times so far. And just like any other franchise, the system is static and may not work with too many changes to it. My goal, at least initially, is to not try to outsmart the system or reinvent it. Like so many of you guys have said here, it's really a matter of just getting in front of as many people as possible as quickly as possible. Jones goes face-to-face, the wirehouses go by phone. But it's all the same.

now_indy's picture
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Joined: 2006-07-28

jtorgerson, ask where the new/new reps are that started in 2001 and 2002, there are almost none of them.  When I left Jones, our region (about 45 reps) had no reps who had started in 2001 and 2002, at least 20 guys had burned through there (me included).  One guy went to another region to take over a $50M+ book, and surprise, he's still with Jones. I have a feeling that reps who start in 2008 could be in the same boat.  Not to scare you, but you should go in with your eyes open.

Axle's picture
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Joined: 2008-04-08

Being a fellow Jonesy and getting handed a "leg up" after going through the PASS program I can tell you the numbers don't lie.  1 out of 3 new news make it versus 80% of GK FA's at the 3 yr mark... I don't remember the stat for people taking over a branch but I bet its better than 50/50.  On the flipside, you can't expect to make it if your handed 10 mil and decide not to prospect.  You will go bust.  Getting a leg up is a nice start but its not the golden ticket unless you put the work in.
 
 

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

I really appreciate your enthusiasm and positive attitude, jtorgerson. Once you get familiar with the Jones system, make a note to post to this thread on 08/15/2011.
 
Although a big percentage of those who frequent this forum today will have moved on to other careers by then, I'll hopefully still be around to read about how you're doing at that point in your career.

jtorgerson's picture
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Joined: 2008-05-04

now_indy wrote:
jtorgerson, ask where the new/new reps are that started in 2001 and 2002, there are almost none of them.  When I left Jones, our region (about 45 reps) had no reps who had started in 2001 and 2002, at least 20 guys had burned through there (me included).  One guy went to another region to take over a $50M+ book, and surprise, he's still with Jones. I have a feeling that reps who start in 2008 could be in the same boat.  Not to scare you, but you should go in with your eyes open.

Absolutely, and I appreciate it! I was in business for myself in an unrelated field for over 6 years, and I see many, many new businesses drop in the first 3-5 years, so it's not unique to Jones or even the financial industry. Anyone who doesn't expect mind-numbingly hard work in this or any other startup is in for one hell of a disappointment. Success will come to those who do the same things, over and over and over.
I think too there is a problem with a lot of new/new is that they are going to "give this a shot". That is a form of quasi-commitment that feels exciting while it's new, but won't hold up to resistance. In my last business, I decided that I couldn't give myself an escape route, and I am not going to do it in this one.
 
Do I have any certainty that I'll make it? Nope. I can only control what I can control, and that boils down to attitude and activity.

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

If you look at all the wirehouses, it is the same.  The new/new attrition is like 85%, and the guys that join a team (their form of a "Goodknight" or "existing office") end up making it.  The big difference is what we call it.  It's not unique to Jones.

rankstocks's picture
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Joined: 2005-02-10

-I started NEW-NEW at Jones and didn't have a single asset handed to me, didn't even get an office until well after my can-sell.  Built up my book to just over 100 million in 10 years, and still am above 150 million now, even with the temporary back-up of the market.  I've brought in 15 million in new assets so far this year, and have been wrapping my book aggressively in MAP and Advisory Solutions to those clients were it makes sense. 
-What amazes me most about those brokers that get handed 5 or 10 or even 20 million, is they think it is a lot of assets, and the brokers around them think it is a lot of assets.  What I mean is....those EDJ brokers that get these assets are usually passed by NEW-NEW's in around 3-5 years because they don't fill their pipeline like they should.  Long term, 5 to 20 million in assets are a detriment, actually harmful to most if you look at the big picture.
 
-I still am on top of my game, in my opinion, at hammering prospects, nailing client appointments, product knowledge, and gathering assets, so if any of you EDJers want to PM me, go ahead, just don't expect an answer immediately, as I only check this site about once a week.

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

I have to agree with Rank. There is an even mix of new/new's and GK's in my region, out a few years. Obviously the GK's started out hitting their numbers. But about yr. 2, it seems that a lot of the GK's are plateauing already (scary), while the new/new's continue to gather assets and open accounts. The problem is, the GK's will squeek by with a 8 or 10K month, while the new/new does 6 or 7. But those new/new's are opening lots of accounts to get that gross, while the GK's seem to be getting a lot from existing clients.

The one advantage to the GK is the emotional advantage of being able to make the hurdles the first few years and not fail out early. But as Rank said, it does become a detriment a few years in.

Defector's picture
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Joined: 2008-08-02

Mr. Jones wrote:Hey folks, I would like to start a thread that i think a lot of folks would really appreciate. All the EDJ FA's out there could post thier experience / failures / success and those of other FA's you know who made it or didnt make it.  I know there are a lot of EJ haters here so those folks can ignore this thread.  I will go first.
 
I Just accepted the offer, start date Sept 29th to study the series 7.  (not very inspiring i know).  I am located NW Florida. 
 
I have met and become friends with several of the EDJ FA's in the area. One in particular was about 8 months out from KYC and was about to open his office, he said he was hoping to have 2 million AUM by december.  He was really struggling, mind games, lonely, so on so forth, I taked to him the other day and they had a FA leave an office in South Florida after 11 years with AUM of 55 million.... they offered it to him and he started yesterday.... I told him about some of the things some of folks on this forum have been through that 90%+ of the clients will follow the other FA as this really is about the person not the company that people trust and like.  In any event i will let you know how that goes for him... I really think he has gotten a double edge swoard, if he can manage to keep some of the book hes off to a great start, but he better keep prospecting......   theres another FA in the pipeline he just finished his KYC, and he is really struggling, dont think he's gonna make it ... I will let you know how he does as well.  And of course I will be struggling in a couple of months like all newbys...

Defector's picture
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Joined: 2008-08-02

He's not struggling -- the definition of "struggling" is when one starts out with "ZERO" AUM and has to build their book dollar-by-dollar, jump through the hoops to get an office built-out, jump through the hoops again to qualify for a BOA, and keep jumping through the hoops for the bones to get  to the next segment. I sure get "SOUR" taste in my mouth when I see a new-new FA steps into an existing office, with existing assets, a BOA and immediately reach segments 3,4, and 5; qualify for bonuses, trips etc, and the powers that be think they are the "Golden One". Sure, there are a select bunch that started from scratch and excelled rapidly -- my hat is off to those individuals  .

jtorgerson's picture
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Defector wrote:
He's not struggling -- the definition of "struggling" is when one starts out with "ZERO" AUM and has to build their book dollar-by-dollar, jump through the hoops to get an office built-out, jump through the hoops again to qualify for a BOA, and keep jumping through the hoops for the bones to get  to the next segment. I sure get "SOUR" taste in my mouth when I see a new-new FA steps into an existing office, with existing assets, a BOA and immediately reach segments 3,4, and 5; qualify for bonuses, trips etc, and the powers that be think they are the "Golden One". Sure, there are a select bunch that started from scratch and excelled rapidly -- my hat is off to those individuals  .
 
Well, that is definitely the case with me - new/new in a totally new town (no Ed J presence at all), no office, no BOA, and my grand total of AUM at the moment is: $0.00. I don't even have business cards yet. I have a great amount of support in my region in terms of training, involvement, and the occasional "atta-boy", but other than that, I'm very much on my own. This is going to be quite an adventure.

Ron 14's picture
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Joined: 2008-07-10

jtorgerson- I promise you that if you keep the attitude you currently have you will be a success. Over the last 2 yrs I have let every negative thought and frustration control me and it has brought a decline to my business. You are going to run into some BS but stay positive and stay the course. Good luck to you!

jtorgerson's picture
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Thanks, Ron. I have certainly had my share of self-doubt about this, but startup is the hardest part of anything, and I've done it before in a different line of work, so at least I'm not deluded about the amount of work involved.

now_indy's picture
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Joined: 2006-07-28

Just a tip, if jtorgerson somehow relates to your real name (I assume it does), then you may want to change usernames. Otherwise, think to yourself "if Jones, or my RL, were to read this, would they be happy?" before you post anything.

Ron 14's picture
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Have you heard instances where Jones will approach you from what you post? That is hilarious. I hope they call me!

norway401's picture
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Joined: 2007-10-16

Ron.....if EJ or any other Firm has the time to read Posts and then attempt to isolate or identify the person....GOOD LUCK If they have the time , then the Firm is most likely in other trouble/s. Can you imagine - here is our HR Department , our Compliance Department  and finally here is our Spying Department  the Checking Out Computers Department for the company.

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

I have never heard of a single instance of this at Jones.
 
Now, I HAVE heard of people being terminated for having "inappropriate" material on their PC or browsing "inappropriate" websites.  I think you follow me.
 
I think there was a guy from Merrill or one of the other wirehouses canned not too long ago for this (but what he was doing was rather dramatic).

now_indy's picture
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Joined: 2006-07-28

I think Jones (at least they used to) frowns on their reps posting things on public message boards.  I know this is an industry specific forum, but it is still public.  If your username is very close to your name, then all it takes is someone within your region to recognize you. They can then do a search of all of your past posts. Depending on what you said, that could suck.
 
I'm just trying to help him out, better safe than sorry. If his name is "Jim Torgerson," I would recommend changing his username.

norway401's picture
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B24....agree completely , if inappropriate. Now_Indy , if the poster is using his/her real name that would be at best dumb Hopefully they have the sense to figure that out

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

There may not be a department that "spies" on Jones people, but I can assure you that what we do on the firm's equipment is certainly monitored.  I used to be able to tell my new trainees how many times in a week they typed COMM to find out how much money they were making.  It was all tracked in the old green screens.  Today I'm sure they have tracking programs set up to monitor what sites are being used and which ones take up the most bandwidth.  I'm sure there's someone out there who could, relatively easily, find out who I am.  Not that I care.  They put the link to RR up on Jonesnet under Financial Publications, so as far as I'm concerned, they've given me permission to post whatever I want.  Hey, bonus for me if there's a GP watching.  Perhaps a little more in the LP offering the next time for being such a loyal kool aid drinker.

 
Oh yeah, Mr. Torgerson, you might want to change your screen name just in case.  I think it took me all of 3 seconds to have a pretty good guess as to who you are.  If I'm correct, my in-laws were just down your way a few months ago.    

norway401's picture
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Spiff , you are correct on the monitoring of computers , most firms , companies and governements have a policy, but I suspect would be used if they had reason to monitor. Not any difference when it comes to phones.

norway401's picture
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Spiff , the only time I have heard of somebody being called to task is for " inappropriate " activities and they were monitoring activities ie. internet and 900 calls.

troll's picture
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.

B24's picture
B24
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wind3574 wrote: Anyone know how to connect to Joneslink from an outside computer. Or can you even do that?

Sure. Just look it up on JonesLink. There are instructions. If you can't figure it out, just call Helpdesk.

FYI you will need very updated virus software, or it will keep you out.

Spaceman Spiff's picture
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norway401 wrote:Spiff , the only time I have heard of somebody being called to task is for " inappropriate " activities and they were monitoring activities ie. internet and 900 calls.
 
I agree.  I've never heard of anyone being called on something like these forums or Ebay or any other way we can think of to put off making phone calls.  They will QUICKLY call you out on those inappropriate activities and are very clear that it isn't a slap on the wrist.  But as long as we're putting up the numbers to keep STL happy, they don't seem to care what we do in our "spare" time.

jtorgerson's picture
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now_indy wrote:Just a tip, if jtorgerson somehow relates to your real name (I assume it does), then you may want to change usernames. Otherwise, think to yourself "if Jones, or my RL, were to read this, would they be happy?" before you post anything.
 
Although it's not really my nature to make an a$$ of myself, it's probably best if I do that. I'll be back under another name!!! (Bummer- I almost made it out of "Newbie" status.)

Mr. Jones's picture
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Joined: 2008-08-08

so other than getting off thread it appears that with all of the valueble input i should plan on being a bizillionaire in a few months

richchick's picture
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Joined: 2008-02-06

I'm a new Jones FA (3 months in) and just miraculously inherited an existing office with a large book of assets.  I've only lost a small percentage that the old broker took with him. Just wanted to say that from my brief stint as a newnew and from my classmates that it is REALLY REALLY hard to start from scratch. People are absolutely panicked in this market, they are batting down the hatches and keeping their money in CDs and savings account. I have nothing but respect and admiration for Jones brokers who start from scratch without any help. If I were to do it again as a newnew, I wouldn't consider starting without 50-75K in the bank to pay my bills. Best of luck to you!

Tincup's picture
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Joined: 2008-12-13

Just curious what qualified you to take over a large (not sure what you consider large) branch 3 months in?  Maybe your a pretty richchick or possibly related.

Moraen's picture
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Joined: 2009-01-22

She's female and Jones is on a "get some of these damn women to succeed!" kick.

richchick's picture
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Joined: 2008-02-06

How I got the office: I got word that it was opening and I shamelessly pursued it. I knew my RL was considering two other people, but I called him and told him that I wanted to be considered, that he wouldn't regret giving it to me, that I would move there (200 miles away) in a heartbeat, would start next week.  He called me two days later and offered it to me.  Now I just have to prove to everyone that he made the right decision....

DB Cooper's picture
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Joined: 2008-05-24

AAhhhh the old pass over a new new in the region to add a newby to the overall headcount trick.  It takes a savvy RL to pull that one off.  Kudos to your faithful leader.  Screw over a guy willing to work out of his home to keep his net new hire to the region.
 
Just remember, you serve one customer:  The long term serious General Partner.
 
With any luck for the RL, hopefully one of the new news who got looked over will be able to "establish a beach head" so to speak, and open an office before they wash out.  It is always easier to recruit to an open office than to get a new new to succeed.

Spaceman Spiff's picture
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Actually in this situation it sounds like the RL net zero new FAs.  Richchick was already a hire for him.  Her moving to the new office didn't gain him anything other than someone willing to take the office and try to survive.  He lost an advisor then moved an advisor.  Net zero to him. 
 
As for the other people, I don't think she said they were new/news like her.  Now, she also didn't say they weren't, so they might have been. 
 
Richchick - make sure you don't rely too heavily on the assets from that office.  I was told early on when I took over an office that for every $10 mil you have under management, you can spend one day a week in the office servicing those folks.  So, if you took over $20 mil, then spend two days a week on your existing clients, and the other three (or four) prospecting for new clients. 

DB Cooper's picture
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Joined: 2008-05-24

Perhaps you are correct Spiffy.  I read that she moved 200 miles and I assumed that would be a change of region, she could be up in Alaska for all I know.   In my experience, the RL is happy to take from one region to build his own.  If you are already willing to work from home, why should the RL allow you to move you into a vacant office?  Better to use the open office as a recruiting tool.  Only move a new new from within the region to an open office if all other options have been exhausted. 

Spaceman Spiff's picture
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I see where you are coming from.  Perhaps she'll enlighten us as to whether or not she moved regions. 

Swordoftruth's picture
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You got to take assets any way you can - especially in this type of environment.
 
Early in my career people kept telling me how noble I was for "going it alone".  It may sound noble but actually all it does it put you in a higher risk category than brokers who inherit assets.
 
If this were a normal environment I could buy the "you'll have more time to prospect" argument.  That is true in a normal environment.
 
If you have a choice - TAKE THE ASSETS.  You're going to need the trails, you're going to need the easy trades than come from CD's maturing, you're going to need the credibility that comes from having a few accounts.  Asset inheritors are quicker to win diversification trips.  You're going to need that vacation in 2 or 3 years no matter how much you pretend you're made of steel and somehow immune to burnout.
 
Don't use the assets as an excuse not to prospect. Get ahead of the curve, stay ahead of the curve, pray we don't have another down 40% when you're in Segment 3. 
 
This is a great time to be a rookie with the easy quota curve and no clients to hand hold.
 
Good Luck.

ytrewq's picture
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Swordoftruth wrote:You got to take assets any way you can - especially in this type of environment.
 
Early in my career people kept telling me how noble I was for "going it alone".  It may sound noble but actually all it does it put you in a higher risk category than brokers who inherit assets.
 
If this were a normal environment I could buy the "you'll have more time to prospect" argument.  That is true in a normal environment.
 
If you have a choice - TAKE THE ASSETS.  You're going to need the trails, you're going to need the easy trades than come from CD's maturing, you're going to need the credibility that comes from having a few accounts.  Asset inheritors are quicker to win diversification trips.  You're going to need that vacation in 2 or 3 years no matter how much you pretend you're made of steel and somehow immune to burnout.
 
Don't use the assets as an excuse not to prospect. Get ahead of the curve, stay ahead of the curve, pray we don't have another down 40% when you're in Segment 3. 
 
This is a great time to be a rookie with the easy quota curve and no clients to hand hold.
 
Good Luck.
 
I suspect anybody reading your posts now would not make the mistake of calling you "noble".  I also suspect "early in your career" meant last week.  Don't mean to be negative but your posts seem to be just one more in a long line of "this is so hard for me and it is so easy for everyone else".  Right now this job is hard for all of us at all firms.  This is not easy for anyone now.  We don't have time to feel sorry for you.  If we had the time (or inclination) we would use it feeling sorry for oursleves.  Brush it off, be positive, work hard.  Many will survive this and you should make sure you are one of them.

Swordoftruth's picture
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Joined: 2008-12-15

Ytrewq, 
You have a point.

 
I don't feel sorry for myself or anyone else.  Also, I do use these forums to vent a bit.  I always try to be two sided in my posts.
 
I'm not a ten year guy.  I'm in the middle.  Early in my career was definitely not "last week".
I'm trying not to rain on the firms parade or anyone elses. 
 
Here's a question for you though.  The firms can rip us to shreds but they can't handle a little criticism?  I'm not out rightly downing my firm - just point out some inconsistencies.  I get tired of the firm acting as if we had never ending wallets, unending patience, and that we're suppose to be universal dart boards for every problem.  Then the firm gets uptight because someone breaks the oath of silence and says it like it is.
 
I think the rookies need to know both - how great it can be and also the realities of when it goes bad.  For me, trying to get some middle ground with this job has been a never ending marathon.   I admit, I'm close to saying screw it.  The paradox is - I actually do better when I have this crusty attitude.
 
I'm out for a while.
 
 

F.A.4's picture
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Joined: 2008-09-04

rankstocks wrote:
-I started NEW-NEW at Jones and didn't have a single asset handed to me, didn't even get an office until well after my can-sell.  Built up my book to just over 100 million in 10 years, and still am above 150 million now, even with the temporary back-up of the market.  I've brought in 15 million in new assets so far this year, and have been wrapping my book aggressively in MAP and Advisory Solutions to those clients were it makes sense. 
-What amazes me most about those brokers that get handed 5 or 10 or even 20 million, is they think it is a lot of assets, and the brokers around them think it is a lot of assets.  What I mean is....those EDJ brokers that get these assets are usually passed by NEW-NEW's in around 3-5 years because they don't fill their pipeline like they should.  Long term, 5 to 20 million in assets are a detriment, actually harmful to most if you look at the big picture.
 
-I still am on top of my game, in my opinion, at hammering prospects, nailing client appointments, product knowledge, and gathering assets, so if any of you EDJers want to PM me, go ahead, just don't expect an answer immediately, as I only check this site about once a week.
 
Wow its really nice to see that it is actually possible to make it as a new new. anyone else on here start as a new new and survive?

ytrewq's picture
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Joined: 2008-08-02

yes.

jkl1v1n6's picture
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Joined: 2008-10-06

F.A.4 wrote:rankstocks wrote:
-I started NEW-NEW at Jones and didn't have a single asset handed to me, didn't even get an office until well after my can-sell.  Built up my book to just over 100 million in 10 years, and still am above 150 million now, even with the temporary back-up of the market.  I've brought in 15 million in new assets so far this year, and have been wrapping my book aggressively in MAP and Advisory Solutions to those clients were it makes sense. 
-What amazes me most about those brokers that get handed 5 or 10 or even 20 million, is they think it is a lot of assets, and the brokers around them think it is a lot of assets.  What I mean is....those EDJ brokers that get these assets are usually passed by NEW-NEW's in around 3-5 years because they don't fill their pipeline like they should.  Long term, 5 to 20 million in assets are a detriment, actually harmful to most if you look at the big picture.
 
-I still am on top of my game, in my opinion, at hammering prospects, nailing client appointments, product knowledge, and gathering assets, so if any of you EDJers want to PM me, go ahead, just don't expect an answer immediately, as I only check this site about once a week.
 
Wow its really nice to see that it is actually possible to make it as a new new. anyone else on here start as a new new and survive?
 
I don't mean to be a downer here but when was your can sell date RankStocks?  It wasn't within the last 10 years I would bet.  If it was then I will definately tip my hat to you.  This is a different time and a different era. 
 
I know of one person who started as a true new/new at Ed Jones within the last 10 years to make it.  When I say true new/new I mean he got no help in the beginning, middle, or the end, was never given any assets ever.  All the clients he has were truly his own.  He started exactly 10 years ago this year.  He is still working his ass off just to stay at meeting expectations.  Everyone else was given some clients from somewhere or they failed. 
 
I don't doubt that rankstocks is extremely successful but only a veteran broker could come out and say and probably believe that being given assets and an office is "a detriment, and actually harmful".  That is for sure OLD SCHOOL!   
 

Swordoftruth's picture
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Joined: 2008-12-15

I respect all the old school guys. Who doesn't??

What everyone forgets is that once your "over the hump" the business changes and
gets easier. The thing picks up speed. Also as much as I respect the Vets it must be
pretty cool to have you business humming and be able to give all these great speeches
about hard work and rolling up your sleeves.

I don't say that as a smart comment. It must be cool to be able to pontificate once
you've gotten to the promised land. A lot of people in my region are close to the
promised land or half way to the promised land and all heck has broken loose. I personally
feel like I could have used one more decent year to get my business over the top.

It's simple really. Build up your fee based business and anchor down some referral centers.
Once you got those your business is anchored like a rock. If you don't have much fee based or
you don't have referral centers it's a stone cold SOB in this environment.

My business is on the edge. It might make it. It might not. I'm putting in the hours. I sure as
heck ain't going to listen to no "you didn't do the work speeches". It will be time to drop gloves
and find out just how hard working that person really is.

Honest defeat is one thing. Listening to some fool talk about whether you made 23 or 24
cold calls in this environment is like spitting in the wind. Being put on GOALS in this environment
is almost a death sentence to your business.    I wish they'd call it what it is - a soft layoff.

Good luck to all the Segment 2 and Segment 3 "go it alone" brokers. To the vets I tip my hat. I
don't acknowledge the asset inheritors anymore. I have nothing against them but I have more in
common with a person in China than I do an asset inheritor.

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