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Field Foundations- My experience Thusfar

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MsBroker View Drop Down
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    Posted: May/19/2010 at 6:50pm

I thought some of the newbies might like to hear how someone else's first seven weeks are going:

Week 1- Started out Saturday after KYC. First block: Four contacts, 1 phone number. I was timid, scared to go for the number, so when I did I meekly asked for permission to call and got the response of: No. Called my ATL, said "please help. I'm doing this all wrong and I know it, but the way I practiced it just doesn't want to come out." He gave me this advice: when you go for the info, just tell them "I'll tell you what I will do, I will drop you a postcard in the mail to let you know when I get my office open, Your name is..." And if I need to follow up with you, what would be the best number to reach you at.... Look down, don't look up. Get the number, and then close with. "Great, with your permission, I will send you an investment idea periodically to meet your needs." I did this, and got the phone number on every contact the next block.
Mon-Thurs- Field trainer half days, 17-18 contacts during the afternoon and evening. Summer regionals Fri, Sat, Sun- Total for the week 80. Oh, yeah, and got propositioned for a threesome on day 2. Politely declined.

Week 2- Definitely not having the best conversations, but numbers were still high. Still not too comfortable asking financial questions. 1-2 a day that I feel might actually do business with me. The rest I have no idea. I established that 90% of them work with an advisor, but I know little more than that. Total-140

Week 3- Not too different from week 2. Maybe a smidgen better contacts, first real good R/O opportunity. I started to get very concerned about the quality of my contacts. Total- 140

Weeks 1-3 I noticed on Tuesday or Wednesday each week I would hit the wall. I would want to turn it in halfway through the day. I really had to push myself to keep going.

Week 4- Very significant improvement. Much better conversations. Days are getting longer because conversations are getting longer. Finally figuring out how to get people to be honest about the fact that they are not happy with their advisor. I don't feel like I'm being pushy either. More laid back, actually. Just chatting. Making Jokes. Total-137

This week there was no wall. I was just raring to go.

Week 5 (This week)- Again, conversations are better, but this week was damn hard for me. I didn't feel the motivation I have had. I really want to start selling. I hit a lot of businesses, and it's definitely not my strong suit. Feel pretty goofy about not having business cards. I get asked by every single business owner about this. I also hit really big houses this week, but surprisingly still had great contacts. I actually had a few prospects give me their phone numbers before I even asked. Got invited to speak at an investment club for women. May do that in a few months. I'm thinking right now may be a little soon for that. :) All day Rainy day Wednesday. Also on Saturday. Total-130

Week 5 as a whole was a wall. I'm guessing anxiety about my RL exam played into this.

I'm very excited to see how repeats go.

Also, my targeted area is right in the city, with houses very close together, which is why I've been able to do 30-35 a day. The many many stairs suck, but the sardine packed nature is great. Plus it is High Dollar, so even better.

If you all care for me to do so, I will keep you updated, and if anyone can give me advice on repeats, I am a sponge!

Update- Week 7- This week has been awful. We had major flooding in our area on Tuesday, so I couldn't prospect (7 prospects that day), and that really took the wind out of my sails. (It may just be this week as a whole, since everyone else in my class feels unmotivated this week)

I'm rounding out 800 prospects for Eval/Grad. I've actually spent a lot of time this week scheduling calls, as I hadn't really done that as I went along.
 
I've made about 60 first contacts this week and about 20 repeats.
 
I'm also fretting about getting the triple crown (just worried about the GDC part.)
 
I'm very excited for my Can-Sell but also terrified. I hope I have done enough to build a good base. I'm scared my contacts aren't good enough. I'm scared i just won't be able to sell.

Eval/Grad- Got the Triple Crown- Set 28 appts :) 



Edited by MsBroker - May/19/2010 at 6:53pm
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mlgone Quote  Post ReplyReply Direct Link To This Post Posted: May/19/2010 at 6:51pm
wow 

great post

always copy before submit.  from my personal experience
bustin members BS... day after day.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote MsBroker Quote  Post ReplyReply Direct Link To This Post Posted: May/19/2010 at 6:53pm
I did. Thank goodness, cuz I did get the error. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote BrokeBroker Quote  Post ReplyReply Direct Link To This Post Posted: May/19/2010 at 7:29pm
any recommendations for a noob? dos/donts/shortcuts/recommendations that i wouldn't be taught otherwise?

or should i just jump in and figure it out myself?
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Post Options Post Options   Thanks (1) Thanks(1)   Quote MsBroker Quote  Post ReplyReply Direct Link To This Post Posted: May/19/2010 at 7:37pm
For personal motivation (because this will be the real struggle) I used little incentives to drive myself. I wouldn't go to the bathroom until I got ten. No lunch until fifteen. If I got 20 by four I could go get ice cream. 

As far as the actual contacts go, keep it simple, ask questions about them. (Not about money, but personal stuff. How long have you lived here? Kids in the area? Grandkids? How old? blah blah blah...) You WILL feel like you are badgering them. You aren't. You are making small talk. I do this, then get around to asking what they do/if they are retired, etc. Then I ask if they are familiar with EDJ, tell them what I do, ask if they are working with an adivsor, probe deeper on that, and then get the name, address and phone number. 

Use a golf ball so people can actually hear your knock. 

And I had a little rule for myself: I wouldn't hit a street unless at least one person was outside. That way I knew I wouldn't walk away from that street with nothing.
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Post Options Post Options   Thanks (1) Thanks(1)   Quote MRD Quote  Post ReplyReply Direct Link To This Post Posted: May/19/2010 at 8:15pm
Just remember, your only goal at this point is to meet people and gather information. You are just like a politician. You want to make them talk about themselves. Remember it may take several contacts to make a client, so just ask questions and listen, and keep good notes. What I am trying to convey is just keep it simple doing one step at a time.
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Post Options Post Options   Thanks (1) Thanks(1)   Quote Ron 14 Quote  Post ReplyReply Direct Link To This Post Posted: May/19/2010 at 8:18pm
Also, don't ever skip a house. I don't care how crappy the lawn is or if there is a dead cat on the front step. Dont skip a house. A few of my best accounts came from homes where I didn't even want to go up to the door.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote MsBroker Quote  Post ReplyReply Direct Link To This Post Posted: May/19/2010 at 8:22pm
I skip any house that doesn't have a garage and no car is there. I'm lazy, though. :) 
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I never once came across a house without a garage.
 
I would still hit them all. Old people usually have only 1 car and you can easily stuff a 30yr muni down the throat of some old hag before her husband gets home. Wink
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You don't have business cards??
Good post by the way!!!  Sorry, I asked about the threesome.....
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Post Options Post Options   Thanks (0) Thanks(0)   Quote MsBroker Quote  Post ReplyReply Direct Link To This Post Posted: May/19/2010 at 9:28pm
Oh, I do now. This was an old RR post. We don't have business cards the first seven weeks, since we aren't advisors yet. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote MsBroker Quote  Post ReplyReply Direct Link To This Post Posted: May/19/2010 at 9:30pm
And I just got the threesome part of your post, Legend. Funny. 

I also ran across an adult film being shot while doorknocking. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote B24 Quote  Post ReplyReply Direct Link To This Post Posted: May/20/2010 at 12:18pm
Originally posted by Lollipop 7 Lollipop 7 wrote:

Also, don't ever skip a house. I don't care how crappy the lawn is or if there is a dead cat on the front step. Dont skip a house. A few of my best accounts came from homes where I didn't even want to go up to the door.
 
It's rare, but I landed my first big account (about 55K) on a doorknock.  Starte asking the guy about his 401K, he was retired, I said an IRA makes sense, he says "OK".  I was like..."uhhhh, OK to what?"  I almost shit myself.  This was like 8 weeks into being licensed.  And I ended up closing it.  It took a month or two after that, but I hit it.  Got me to seg 2 (with some othere stuff).  On one hand, that gave me lots of motivation (this shit is EASY!).  On the other hand, it gave me some false sense of security (this shit is EASY!).  Needless to say, it was many more months before landing another account like that.
 
Point of this whole story was that this house was a trainwreck, and I was VERY close to walking by it.  Overgrown shrubs, tons of trees, no grass (just leaves and pine needles), lots of dogs barking.  And the guy looked like he had just rolled out of bed.  Turned out to be a great guy, and ended up referring his brother a year later, which turned into a 1.3mm account.  My only other big doorknocking account is 850K.  It ook 3 years, and I think the guy pretty much forgot how we originally met by the time I landed it (I actually doorknocked his wife, and she eventually gave me his work # - probably to get me off her back).
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Post Options Post Options   Thanks (0) Thanks(0)   Quote MsBroker Quote  Post ReplyReply Direct Link To This Post Posted: May/20/2010 at 12:25pm
was it 55k or 550K? 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: May/20/2010 at 12:31pm
Originally posted by B24 B24 wrote:

Originally posted by Lollipop 7 Lollipop 7 wrote:

Also, don't ever skip a house. I don't care how crappy the lawn is or if there is a dead cat on the front step. Dont skip a house. A few of my best accounts came from homes where I didn't even want to go up to the door.
 
It's rare, but I landed my first big account (about 550K) on a doorknock.  Starte asking the guy about his 401K, he was retired, I said an IRA makes sense, he says "OK".  I was like..."uhhhh, OK to what?"  I almost shit myself.  This was like 8 weeks into being licensed.  And I ended up closing it.  It took a month or two after that, but I hit it.  Got me to seg 2 (with some othere stuff).  On one hand, that gave me lots of motivation (this shit is EASY!).  On the other hand, it gave me some false sense of security (this shit is EASY!).  Needless to say, it was many more months before landing another account like that.
 
Point of this whole story was that this house was a trainwreck, and I was VERY close to walking by it.  Overgrown shrubs, tons of trees, no grass (just leaves and pine needles), lots of dogs barking.  And the guy looked like he had just rolled out of bed.  Turned out to be a great guy, and ended up referring his brother a year later, which turned into a 1.3mm account.  My only other big doorknocking account is 850K.  It ook 3 years, and I think the guy pretty much forgot how we originally met by the time I landed it (I actually doorknocked his wife, and she eventually gave me his work # - probably to get me off her back).
 
Fixed?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: May/20/2010 at 12:33pm
Originally posted by MsBroker MsBroker wrote:

was it 55k or 550K? 
 
Either that or he meant seg 1 because he said he got the account 8 weeks out which means it wouldn't have counted toward seg 2 till after pdp.
 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote MsBroker Quote  Post ReplyReply Direct Link To This Post Posted: May/20/2010 at 12:36pm
But he said it took a couple of months to close. 
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Who cares if it is 55k or 550k ? When you are out there grinding away you take it with a smile.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote MainStreet Quote  Post ReplyReply Direct Link To This Post Posted: May/20/2010 at 2:35pm
I'll share this one quick thing ... i was at the end of my rope, I mean there were vultures circling over my head. It was a late Friday on a cold day.

My last knock, and I had already called the wife telling her we were done, turns out to be young professional. His wife is the same. They own, with their father, a chain of stores. You can fill in the rest of the story. Today they are not only incredibly close as clients, they are a huge referral source.

A good friend sold $80K in muni's on the doorstep. his last knock of the day, a bad day. It happens. 
Trouble is, you think you have time ~ Buddha
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SometimesNowhere Quote  Post ReplyReply Direct Link To This Post Posted: May/20/2010 at 2:38pm
Originally posted by X_LOCKEDJ X_LOCKEDJ wrote:

I'll share this one quick thing ... i was at the end of my rope, I mean there were vultures circling over my head. It was a late Friday on a cold day.

My last knock, and I had already called the wife telling her we were done, turns out to be young professional. His wife is the same. They own, with their father, a chain of stores. You can fill in the rest of the story. Today they are not only incredibly close as clients, they are a huge referral source.

A good friend sold $80K in muni's on the doorstep. his last knock of the day, a bad day. It happens. 


Love that. Couple days ago I was cold calling, literally every person I spoke to was on Social Security only. Last call, guy that had $400k in his checking account, a Vanguard account that was getting smoked, and a Metlife annuity he didn't like. Set the appointment on the first call. Back to the phones!
I sort of give a fuck.
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