Jones Stories... for the JONES
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I just reviewed my own accounts and I've decided to take myself to arbitration.I agree with jkl on his success rate being questionable. But, what salesman worth his salt can’t point out at least one mistake with anyones portfolio today? Hindsight is a beautiful thing when looking at the competition’s investment strategy.
Why is his success so hard for you to understand? To me it simply seems like he's putting himself in front of good prospects at a time when they REALLY want to talk with someone. They probably haven't heard from their advisor in a while. He's too busy worrying about his fee biz going from $500K a year to $250K or how big the retention bonus is going to be. It's incredibly easy to find the cracks in the armor right now. It's easy to point the finger at the advisor you're currently using and say he did something wrong. What I've found is that people are willing to talk to anyone right now. Especially if they ring the doorbell and it's a personal face to face visit. This is the time when the Jones philosophy of building a business in person, not over the phone, will shine. It's about human touch. He's not getting new accounts because he's showing them a better mousetrap. He's getting the accounts because he's showing interest in them personally. Now, he won't get all of them, but he'll get a good bunch of them with that approach. And the funny thing is that pretty soon, they'll be looking at their statements seeing all those positive numbers and they'll think he's a genius. Funny how this biz works.I don’t want to hate but wind3574 you’re blowing more smoke than Michael Phelps. I’m not talking about the numbers, I’m talking about the ease with which he is gathering permission to review accounts and transfer them. Who else is experiencing this? What is he showing them in this current environment that is so much better than what they currently have that they can’t wait to move their money to him? I’m not buying this!
[quote=B24] Actually, he’s probably telling the truth. I have seen stranger things happen. But what probably happened is he hit one account for a million-eight, and brought in the other 200K through other means. So the knucklehead extrapolates this out and thinks he’s gonna do this every month of his career.
I have a buddy that just hit on a $9mm account (not all investible, but still), and he’s only 14 months out. His client was moved from firm to firm by his broker “team”, and finally gave up. My friend got this off a doorknock (took about a year). The client is an un-sophisticated business owner that inherited a lot of land and real estate from family. He will probably never have something like that fall in his lap again.
So like I said, luck plays a part in all this stuff.[/quote]
B24 - you are right that luck plays a part - but he’s saying that the money is just falling into his lap and that all people need to do is just get out there and work hard. you and i both know people who have worked hard and barely scraped by until they could build enough in assets. and we know people who have worked hard and didn’t make it. we also know people who got lucky…and think that it is because they work hard.
there are many ways to look at his good fortune - but he specifically said he was bringing in a client a week at $200k. if he was pointing out all of the bad things that the other advisor was doing, then why wouldn’t he change investments and take the commission?
really - it just doesn’t add up. sorry. i’m sure he’s motivated.
but it just seems like you Jones guys want to hang on to the fact that someone is knocking it out of the park at your firm (and yes, I know that it could go the other way and I would just be looking for a reason to bash - but I’m actually trying to be objective lately).
if he had been in the biz three years, even two, I might think it would be right. but two months.
it takes time to transfer accounts, you make a few mistakes when you don’t have a BOA.
too many inconsistencies. he’s blowing more smoke than Cheech and Chong. forget about Michale Phelps.
Not only that Moraen, but let me tell you...I am very personable at the doorstep, and you may get people to open up and tell you what is worrying them about the market/their current broker, whatever, but to keep finding people to just say "so nice that you listen to me and want to help, here is 200k"...pahhhhhleeeassse. I don't buy it! While I like his approach, as it is the Jones textbook prospecting at the door method, finding that many people with 200k + size accounts that are willing to listen...never mind ACAT them over...just isn't realistic. Either that or I need some of that Cheech & Chong smoke to get me through the Bear Market!
This is hilarious. If I may summarize Moraen... 1: Hard work is overrated... All successful people (but him/her) are lucky. 2: You must have a BOA to not make a mistake on an ACAT even though the system fills it out for you. 3: Because Moraen MAY have caught him on a technicality then everything must be a big evil Edward Jones lie. 4: There are 12,000 EJ FAs so desperate for someone to make a trade or commission that we will annoint Wind our new Savior for placing a buy order. Dude. Just because you suck doesn't mean everyone else does too. Life is short I would find a way to stop being such a hater. Frankly it is not attractive anyway. Wind keep up the work man! Be prepared for Moraen to hate you even more when your $20,000 gross turns into $20,000 net.[quote=B24] Actually, he’s probably telling the truth. I have seen stranger things happen. But what probably happened is he hit one account for a million-eight, and brought in the other 200K through other means. So the knucklehead extrapolates this out and thinks he’s gonna do this every month of his career.
I have a buddy that just hit on a $9mm account (not all investible, but still), and he’s only 14 months out. His client was moved from firm to firm by his broker “team”, and finally gave up. My friend got this off a doorknock (took about a year). The client is an un-sophisticated business owner that inherited a lot of land and real estate from family. He will probably never have something like that fall in his lap again.
So like I said, luck plays a part in all this stuff.[/quote]
B24 - you are right that luck plays a part - but he’s saying that the money is just falling into his lap and that all people need to do is just get out there and work hard. you and i both know people who have worked hard and barely scraped by until they could build enough in assets. and we know people who have worked hard and didn’t make it. we also know people who got lucky…and think that it is because they work hard.
there are many ways to look at his good fortune - but he specifically said he was bringing in a client a week at $200k. if he was pointing out all of the bad things that the other advisor was doing, then why wouldn’t he change investments and take the commission?
really - it just doesn’t add up. sorry. i’m sure he’s motivated.
but it just seems like you Jones guys want to hang on to the fact that someone is knocking it out of the park at your firm (and yes, I know that it could go the other way and I would just be looking for a reason to bash - but I’m actually trying to be objective lately).
if he had been in the biz three years, even two, I might think it would be right. but two months.
it takes time to transfer accounts, you make a few mistakes when you don’t have a BOA.
too many inconsistencies. he’s blowing more smoke than Cheech and Chong. forget about Michale Phelps.
I guess I wasn't clear on my opinion. Whether or not the guy is telling the truth to me is irrelevant. Whether he was at Jones, Merrill, a bank, or an indy firm, my point was that it has basically been luck (no offense to him if he really is doing it). No matter how good you are, doing the cold-calling or cold-walking thing just doesn't open a flood of new, big accounts your first two months in business. You simply don't connect with enough qualified people WITH money to invest, that WANT to switch brokers, that do it right away. Over the course of many months/years, yes. But to just walk down the street for a few weeks and find all these 200K accounts floating around and bring them in so quickly has SO MUCH to do with luck. So, I am not defending the guy because he is at Jones. I am just saying that if he is actually doing all that in his first two months, luck HAS TO play a big part in it, if for no other reason than to actually FIND those prospects so quickly. Related to your other comment...I think hard work separates wildly successful people from the succesful people. But you have to know what you're doing to make it in this business. Some people just don't have the "IT" factor. No matter how hard they work, they are just not gonna make it in this business. Call it human intuition, call it instinct, call it charisma, or whatever....you could work 15 hour days and everyone will say NO to you if you don't have "IT". Some have more "IT" than others. That's why you see some people succeed in this business in such an apparently effortless way while others have to cold-call 10 hours a day for years to finally "make it". This business is not for everyone, and that's why people get angry when they hear "just work hard and you'll succeed" and then they don't succeed after working hard.[quote=B24] Actually, he’s probably telling the truth. I have seen stranger things happen. But what probably happened is he hit one account for a million-eight, and brought in the other 200K through other means. So the knucklehead extrapolates this out and thinks he’s gonna do this every month of his career.
I have a buddy that just hit on a $9mm account (not all investible, but still), and he’s only 14 months out. His client was moved from firm to firm by his broker “team”, and finally gave up. My friend got this off a doorknock (took about a year). The client is an un-sophisticated business owner that inherited a lot of land and real estate from family. He will probably never have something like that fall in his lap again.
So like I said, luck plays a part in all this stuff.[/quote]
B24 - you are right that luck plays a part - but he’s saying that the money is just falling into his lap and that all people need to do is just get out there and work hard. you and i both know people who have worked hard and barely scraped by until they could build enough in assets. and we know people who have worked hard and didn’t make it. we also know people who got lucky…and think that it is because they work hard.
there are many ways to look at his good fortune - but he specifically said he was bringing in a client a week at $200k. if he was pointing out all of the bad things that the other advisor was doing, then why wouldn’t he change investments and take the commission?
really - it just doesn’t add up. sorry. i’m sure he’s motivated.
but it just seems like you Jones guys want to hang on to the fact that someone is knocking it out of the park at your firm (and yes, I know that it could go the other way and I would just be looking for a reason to bash - but I’m actually trying to be objective lately).
if he had been in the biz three years, even two, I might think it would be right. but two months.
it takes time to transfer accounts, you make a few mistakes when you don’t have a BOA.
too many inconsistencies. he’s blowing more smoke than Cheech and Chong. forget about Michale Phelps.
The woods are full of 200k accounts.
I agree with B24 – some people have ‘IT’. It’s like the guy in college who didn’t appear to have anything going for him, but could get laid every night. (And yeah, we also knew the guy who lied about getting laid every night.)
Oh, and I transferred an account the other day when my BOA was out. If you have the statement, somebody at the home office can walk you through it and out comes the paperwork for the client to sign. Made me wonder if I really need a BOA. From now on, every time I get a statement I’m going to submit the transfer so I can be ready to slide the transfer paperwork across the desk.
“Why is his success so hard for you to understand? To me it simply seems like he’s putting himself in front of good prospects at a time when they REALLY want to talk with someone.” SpacemanSpiff.
What and nobody else is. I haven't heard this type of success from anybody anywhere. I hope it's true because if it is then I can still hold out hope for all the hardwork I'm doing. His success rate in first, meeting that many qualified clients, second are so willing to move, and third have that size of account lead me to question it. It makes me wonder what he is telling them at that visit. What about all the other people he is meeting with 10m, 17m, 32m does he just ignore them or is he transferring all of those also?Wind, since we both work at Jones why don’t you PM me and we’ll talk on the phone. I either need to know what you are doing or pop the bubble because those are crazy big numbers.
[quote=Moraen] [quote=B24] Actually, he’s probably telling the truth. I have seen stranger things happen. But what probably happened is he hit one account for a million-eight, and brought in the other 200K through other means. So the knucklehead extrapolates this out and thinks he’s gonna do this every month of his career. I have a buddy that just hit on a $9mm account (not all investible, but still), and he’s only 14 months out. His client was moved from firm to firm by his broker “team”, and finally gave up. My friend got this off a doorknock (took about a year). The client is an un-sophisticated business owner that inherited a lot of land and real estate from family. He will probably never have something like that fall in his lap again. So like I said, luck plays a part in all this stuff.[/quote] B24 - you are right that luck plays a part - but he’s saying that the money is just falling into his lap and that all people need to do is just get out there and work hard. you and i both know people who have worked hard and barely scraped by until they could build enough in assets. and we know people who have worked hard and didn’t make it. we also know people who got lucky…and think that it is because they work hard. there are many ways to look at his good fortune - but he specifically said he was bringing in a client a week at $200k. if he was pointing out all of the bad things that the other advisor was doing, then why wouldn’t he change investments and take the commission? really - it just doesn’t add up. sorry. i’m sure he’s motivated. but it just seems like you Jones guys want to hang on to the fact that someone is knocking it out of the park at your firm (and yes, I know that it could go the other way and I would just be looking for a reason to bash - but I’m actually trying to be objective lately). if he had been in the biz three years, even two, I might think it would be right. but two months. it takes time to transfer accounts, you make a few mistakes when you don’t have a BOA. too many inconsistencies. he’s blowing more smoke than Cheech and Chong. forget about Michale Phelps.
This is hilarious. If I may summarize Moraen…
1: Hard work is overrated… All successful people (but him/her) are lucky.
2: You must have a BOA to not make a mistake on an ACAT even though the system fills it out for you.
3: Because Moraen MAY have caught him on a technicality then everything must be a big evil Edward Jones lie.
4: There are 12,000 EJ FAs so desperate for someone to make a trade or commission that we will annoint Wind our new Savior for placing a buy order.
Dude. Just because you suck doesn’t mean everyone else does too. Life is short I would find a way to stop being such a hater. Frankly it is not attractive anyway.
Wind keep up the work man! Be prepared for Moraen to hate you even more when your $20,000 gross turns into $20,000 net.[/quote]
.Because I caught him on a technicality that means his credibility is suspect.
I am not trying to be attractive to you - although if you saw me from behind…
We’ve all been there. If he is working that hard, he’s not posting here, and I don’t care how prepared he is, you don’t do that in two months.
People just “hand him the statements”. We had a guy like that in my region - he said the same thing - he also inherited $40mil. You have to build trust. Five to seven visits remember, sometimes less, sometimes more?
Wind - you are the One.
I guess I’m full of it and don’t know what I’m talking about.
I never said that hard work doesn’t pay off. I run my own firm, and I work my ass off. And things pay off. But I’ve also been in the business for a few years and know how things work.
What I find amazing is all you can do is call people haters. Come up with some reasons as to why what he is saying makes sense, and I’ll bite. Of course, he’s now had time to change his story a few times.
I think it is an incredible coincidence and long shot if it is true, but good on him if it is.
Yes, you are a genius who fills out the transfer forms right for every case, because every case is textbook.
And really, I’ve never sucked. Until I started running my mouth at regional meetings, I was the man - pulling out consistent months left and right and bringing in assets like crazy. Of course, mine were more like, 20k here, 50k there 500k here, 300k there, 65k there… and so on. I did not have the amazing run of 200k accounts a week.
Let me tell, as far as sucking… RIA world is sooooo much better than the brokerage world. I
If you want to say I’m a hater… fine you are right. I am. But don’t let the kool-aid choke what common sense you have left.
Here is what I think he should have said, and I would have believed him. “Dude, I’ve been out two months and I’ve already grossed $20k. Got a couple of really big accounts at first because I was out doorknocking from 7 a.m. to 8 p.m. Hard work pays off - people need to stop complaining and start working”. I would have said, that’s awesome - don’t rest on your laurels. However, it is the inconsistencies that make me suspect.
Moraen, you are starting to sound pretty bitter. Why the fight? Who cares WHAT this guy did in gross? Why does it matter to you?
What inconsistencies did he post? I went back to read them again, looking for any inconsistencies, and didn’t see anything jump off the page at me. Any inconsistencies you think you might be finding are words put in his mouth by other folks. Nobody caught him in any inconsistencies. You’re just finding it difficult to believe that 1) It could actually happen and 2) that it could actually happen to a Jones guy.
Let's say wind is actually doing what Jones says and making 25 contacts a day. Every day, including Saturdays. That's 150 conversations every week. If his CSD was the first week of January, he actually said "the beginning of the year", and he's kept up every day with his 25, that's almost 9 full weeks of contacts. So, out of 1350 conversations you're amazed that he's transferred in 9 accounts? I'm actually amazed that if his process works as well as he says it does that he hasn't brought in more assets. He must be sandbagging for the Shamrock Saturday promo. Wind - keep up the good work.I don’t understand the need to try to pound on Wind. I say good luck to him. There are people who are looking for answers, find them and give them an answer with some conviction. You’ll gain a client. Repeat…