Do I HAVE to knock on doors?
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I’ll say I am in the northern Suburbs/exhurbs of N.Y. City. Target rich, been here for 20+ years, deep roots in community, I’ve been in senior mgmt positions with fortune 500’s. making a career change. Think the EDJ model actually stands out from the big WMgmt guys for the reasons you say. They’re all sitting in their cubicals dialing for dollars. Just another guy on the phone who wants you to open an account with them. Just want to maximaize my kill rate when the time comes to sell. yes selling “me” is key and but the brand works to…I hope. LOL
Dear God to holy hell. Standing out from the Wealth Management guys? Wealth Management guys wouldn't touch 100% of the clients you are going to get. Yea they are all locked up in their cubicle rueing the day they decided not to go to EDJ.I’ll say I am in the northern Suburbs/exhurbs of N.Y. City. Target rich, been here for 20+ years, deep roots in community, I’ve been in senior mgmt positions with fortune 500’s. making a career change. Think the EDJ model actually stands out from the big WMgmt guys for the reasons you say. They’re all sitting in their cubicals dialing for dollars. Just another guy on the phone who wants you to open an account with them. Just want to maximaize my kill rate when the time comes to sell. yes selling “me” is key and but the brand works to…I hope. LOL
a lot of people at the firm DONT doorknock. ive met more people who took over an office than started new new.
the people that take over an office might doorknock for a few months
Dear God to holy hell. Standing out from the Wealth Management guys? Wealth Management guys wouldn't touch 100% of the clients you are going to get. Yea they are all locked up in their cubicle rueing the day they decided not to go to EDJ. [/quote] I think he is responding to my comment about the clients that could not/would not get service from a wirehouse/WM firm in the NYC area because of the size of their accounts. I don't think he is suggesting that he would go toe-to-toe with them at Jones. My point to him was that there is going to be a lot of "low-hanging fruit" in affluent areas that he could capture, that would be considered decent assets in most other areas. If you have 300-400K in Greenwich, CT, you are on welfare. I am quite certain that most average advisors in other parts of the country would "accept" a new client with that amount.[quote=The BEAR]I’ll say I am in the northern Suburbs/exhurbs of N.Y. City. Target rich, been here for 20+ years, deep roots in community, I’ve been in senior mgmt positions with fortune 500’s. making a career change. Think the EDJ model actually stands out from the big WMgmt guys for the reasons you say. They’re all sitting in their cubicals dialing for dollars. Just another guy on the phone who wants you to open an account with them. Just want to maximaize my kill rate when the time comes to sell. yes selling “me” is key and but the brand works to…I hope. LOL
From that perspective it makes complete sense. I just saw the comment about WMA's and picturing him thinking they are drolls who sit in a 3x3 cube all day dialing like they are in a boiler room and hating life. My company is not a premier wealth manager by any means, but I know my managers used to sell it to the recruits as a place that emphasizes the "personal touch" and sticking up their noses at those who simply dial all day. Since this guy just got hired, I'm wondering if thats how it was sold to him.
[quote=3rdyrp2]
From that perspective it makes complete sense. I just saw the comment about WMA's and picturing him thinking they are drolls who sit in a 3x3 cube all day dialing like they are in a boiler room and hating life. My company is not a premier wealth manager by any means, but I know my managers used to sell it to the recruits as a place that emphasizes the "personal touch" and sticking up their noses at those who simply dial all day. Since this guy just got hired, I'm wondering if thats how it was sold to him.
[/quote] Got it. It's funny how some companies (such as Jones) paint a picture that every other firm makes you cold call all day. Incidentally, I think he is just looking at Jones - I don't think he has even applied yet.My apologies for the start of this thread. I will apologize for my damn generation. This isn’t anything to do with Jones. It’s simply a staple of my generation. “Do I have to…”, “but why do I need to do that”, “I can’t do that”, “but…but…but”. Grow some f***in Balls and just do it.
And spiffy went to lunch with this guy. Wow.My apologies for the start of this thread. I will apologize for my damn generation. This isn’t anything to do with Jones. It’s simply a staple of my generation. “Do I have to…”, “but why do I need to do that”, “I can’t do that”, “but…but…but”. Grow some f***in Balls and just do it.
And spiffy went to lunch with this guy. Wow. [/quote][quote=Ronnie Dobbs]My apologies for the start of this thread. I will apologize for my damn generation. This isn’t anything to do with Jones. It’s simply a staple of my generation. “Do I have to…”, “but why do I need to do that”, “I can’t do that”, “but…but…but”. Grow some f***in Balls and just do it.
I believe Jones calls it "mentoring"
TB, are on the West Coast or East Coast? Based on the Entertainment comment, I assume West. If you ARE on the East Coast, let me know, I can give you some insight. In either case, much of it in these communities has to do with perception. I can give you some feedback if you want to PM me. It starts with not being the "Jones kool-aide guy". I have very littly "Jones" crap in my office, other than the green wall and the Ted Jones picture with the horse (believe it or not, people seem to gravitate to it, and they LOVE it.). One nice little wooden sign outside the door. Sell YOU and your process, but not Jones (other than the private partnership aspect, conservative approach, and "service" model). In wealthy areas, you may actually have a pretty good shot at some of the people that don't have "millions" because they are either too small for the huge wirehouse teams/"wealth management" firms, or they are getting no service at all because they are small. But to some firms on those areas, $1mm may be a small client. I have a colleague that works in the Greenwich area of CT. He is absolutely KILLING it. So it can work.[/quote] What is he doing? knocking?[quote=The BEAR]I just accepted the EDJ offer. Looking forward to my first kool aid party. Seriously, I am in an upscale community of one of the wealthiest counties in the country (Home price averages $750K, Family income $175k+). I like the EDJ DKnock model. Think it drives home the difference between you and the guy int the cubical dialing for dollars all day. I have lived here for 20+ years and have a healthy “natural market” to help my cause. My question is how succesful is the EDJ model in such a community? Town is loaded with C level’s and entertainment people. Comments?
DK ing works, but the FUN lasts about 2 days. Its the day after day, week, month etc that leads to turnover. The guys who make it just keep going even with the dogs, rain, wind, rejection, I gotta pee, etc. Good luck; I mean that.the Knocking was fun (Sincerely enjoyed it). Was surprised how many folks opened up and were willing to chat. . .
Many have methods to the madness that is doorknocking but for the most part you aren’t buying lists and hunting down their address if that’s what you are asking.
wow
So you just go knock on door and try to get inside and talk to them?
How often do they let you inside?
what is close rate for new accounts?
ive been in the biz many years built book cold calling.
never heard door to door until this web site
So you've been in the "biz" for many years and never heard of the small firm called Edward Jones that built it's business doing just this? We're tiny so I'm not suprised.wow
So you just go knock on door and try to get inside and talk to them?
How often do they let you inside?
what is close rate for new accounts?
ive been in the biz many years built book cold calling.
never heard door to door until this web site
Yes. You walk down the street in a suit, ring the doorbell, tell them you are opening an office in town, try to get the conversation directed towards investments, give them a queer brochure, ask them for their contact info so you can keep in touch with them regarding investment ideas, go back to your office and write a thank you note, call prospect every month with an investment idea until they tell you to get bit or they open an account. That is the "recipe" at Jones.wow
So you just go knock on door and try to get inside and talk to them?
How often do they let you inside?
what is close rate for new accounts?
ive been in the biz many years built book cold calling.
never heard door to door until this web site