Planning to take position at Edward Jones, and have some questions
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Just some background I am 26 years old and spent the last 2 years at AXA in their Retirement Benefits Group which is a grinder. Cold knocking is basically what I did with teachers in their rooms so I am fine with that aspect. I am very personable and had a great close rate once I got infront of people. Actually hearing they doorknock to prospect was a positive for me due to how crazy and unique it sounded.
I have spent hours reading all about the good and bad (mostly bad) that people say about EDJ and have a few questions, and see if my situation would likelty result in success or not.
How long does doorknocking actually last?
I have read people say you need to do it every day for years and some say that after about 6 months of it you wont need to anymore. It seems like if you show yourself to do that incredily hard work for a while, you are for the most part given accounts to manage.
Do most people get into a Goodnight deal?
The one thing that was consistent in my research was that almost every single advisor who made it was givin some part of a book to both use for prospects and to help them make enough to survive.\
Can you explain Goodnight a bit?
All I can really get online is that you take over some of the "worse" clients of an advisor and now you get paid on the assets they have invested. Does it mean we would now be "partners" slightly and I would work closely with them for a while? Some comments said accepting a bad Goodnight actually hurt them, how? Is there a standard amount new advisors recieve with it or is it just whataver the older one chooses?
How much comission would each 1million AUM give an advisor?
I know it is different when you start due to salary, but just an idea.
Do I have an office to use when I start?
After the training and I have the good to sell date over, im not sure what happens. I know there are no paid trainers anything back home so there must be at least some contact with local advisors.
I live in a very wealthy suburb of San Francico and there are 4 offices in the area, each with an advisor who looks 55+
I know as much as they need new clients, maintaining old connections is crucial. I am wondering if I might be walking into a goldmine if I work hard and show I am deserving of them.
I love people and talking so I have no problem with knocking at all, I am just wondering if I am the only young one in the area and am putting in the work, I might expect to be handed a some households to service and manage?
Thanks in advance for all the comments and answers!
I wish I knew the answer to all of this. I'm new myself. From what I understand, a friend of mine who started out new with no goodknight, he knocked on doors (or face-to-face as they like to call it now) for about 3 years. He said to target when people are home and not waste time. He went into every single business in the town where he lived... it was a large suburb of a large city in the south. He tells me he wore out two pairs of shoes. He is also (or was) an introvert and it was hard for him. Fast forward to today, and he is very successful! He says he wishes he would have started with EJ years ago.
I think a GK is a good thing, but usually it's the FA's worst clients. The good thing is that they maybe haven't been given a lot of attention and won't require more attention except to explain why they've been given to another FA. BUT, the F2F cannot stop.
From what I've seen and what I'm seeing now being in my first year, most people quit because they stop believing that F2F can work. It does work. It's a numbers game. I just need help hitting that many doors and targeting areas that haven't already been knocked by a new EJ FA in the past month. May have to go driving in the country...
If you work hard, I can't see any reason why you won't succeed especially if you are as good as you say in front of people.
All of this to say, I don't have a lot of insight yet...