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Coldjumper
Rookie Joined: Mar/25/2020 Status: Offline Points: 20 |
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How do I go about this? I'm plenty happy to do it, but I've been actively discouraged from cold calling so I don't know where to begin. Anything that gets me to where I want to be I'm willing to do
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Coldjumper
Rookie Joined: Mar/25/2020 Status: Offline Points: 20 |
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Not optimism haha. I know how much this part of the business sucks and I know there's a really good chance I wash out. I just don't see a point in thinking about that possibility. Good QBs don't think about throwing interceptions and I figure good FAs don't think about failing
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Listshack They made you join the FB page 🤣 |
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Ron 14
Gold Member Licensed Teller Joined: May/12/2010 Status: Offline Points: 19385 |
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Avoid any banks that are Top 100 in size. Smaller bank programs won't be bad and you would probably get a salary for a year or commissions, whichever is higher. Be careful though with bank programs. I left Jones to go to a big bank and it cost me 4 years and all my Jones clients.
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I've never been at EDJ, but I've heard plenty of new EDJ people say they "discourage cold calling," but every EDJ veteran I've ever had advise on that subject is that EDJ doesn't care how you make contacts...so long as you make them and bring in AUM. To get stuff from wholesalers, call them from the companies you plan on using. I'm sure EDJ has their contact info on their intranet, or go to the advisor side of the fund company websites and look it up. Just find the external wholesaler from you area, and explain the situation. Be excited, tell them you're going to pound the phones while people are home. Be honest that you're new, but you want to use their "X, Y, and Z funds" and you're looking for them to support your growth. Normally they want to help people that are already doing business with them. But I'm sure with the right pitch you can catch someone's attention and get them to help you.
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Wholesalers are going to get you a list of 401ks or maybe corporate directories. It’s seems like you have every excuse imagineable.
Again - listshack Get a local google voice number, call some people at home, and report back Edited by bc2051 - Mar/25/2020 at 8:01pm |
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mindtech
Member Joined: Feb/18/2012 Location: Canada Status: Offline Points: 433 |
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Your regional leader won't care how you get aum. You field trainer won't care either.... but remember this.... if you do cold calling, or seminars or whatever, the next time your ass is in St Louis, you better tell people you door knocked and did not nothing else. Why you ask? Because all the old fart GPs who door knocked back in Nineteen Dickety Five don't want to hear anything different..... god forbid they have to rewrite the KYC syllabus. |
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Coldjumper
Rookie Joined: Mar/25/2020 Status: Offline Points: 20 |
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Excellent, thank you! All of the vets they make us talk to and our trainers have told us not to cold call. I had one 15 year EJ vet tell me, "if you wanted to cold call you should have joined NWM" so I haven't explored it much, but as I've said multiple times in this thread I'm just here to make it work however I can make it work. Thanks for you're advice I'm getting the ball rolling on that tomorrow morning
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Coldjumper
Rookie Joined: Mar/25/2020 Status: Offline Points: 20 |
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My RL is extremely old school and any deviation of the Jones way gets me an email at the very least, but I don't really much care. As long as I'm producing and doing my job I'll lie through my teeth about how I got the clients and they will be happy. You're exactly right though. I asked a GP my last time at HO about cold calling instead of door knocking and got shut down hard. Just another hoop to jump through, but if they see the assets rolling in I doubt they will ask too many questions how I'm finding them
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Hey man, don't get me wrong. If I had to do one or the other, I'd do door knocking instead of cold calling. Cold calling all day would drive me insane. But given the current situation, knocking is out. Notice I also said, "get on LinkedIn and prospect." I don't think that's magic. In fact I think it's inferior to both cold calling and door knocking. But it's PROSPECTING. And any form of valid prospecting is going to be a thousand times more beneficial for you, than working on the CFP.
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mindtech
Member Joined: Feb/18/2012 Location: Canada Status: Offline Points: 433 |
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Are you in a small town or a bigger city? RLs in bigger cities tend to be more lenient towards other ways of doing business than the ones from Upper Rubber Boot, Arkansas.
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Coldjumper
Rookie Joined: Mar/25/2020 Status: Offline Points: 20 |
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I've just been doing what Jones has told me up until this point, and the last few weeks they have told me to do nothing. They have even kicked around the idea of moving us to HO support staff for the time being. I came here looking for advice because I'm new and I want to be advancing my career the best way possible, I knew what Jones had me doing probably was not it, but I needed direction. You've given me some. May or may not pan out. but it's moving me in the right direction
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Coldjumper
Rookie Joined: Mar/25/2020 Status: Offline Points: 20 |
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My RL is rural and old. They constantly talk about the good ole days before Penny tried ruining the firm and before the fee based accounts were a thing. It is what it is and I have to play the hand I'm dealt. I think as long as I bring in assets and kiss a little ass they will be okay
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missionshooter
Senior Member Joined: Feb/12/2014 Status: Offline Points: 6136 |
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Agree with Helado.
Oh by the way, you are going to hear "No" a lot. Be prepared. Your wife thinks you're a broke punkass little whiney bitch right now. Suck it up and get to work cold calling. |
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I know, that's why I'm repeating it. Obviously if they put on some type of support job, you have no choice. I'd assume they'd be smart enough to drop you back into the game when this dies down. But aside from that oddity happening...the only thing worth doing for the next 3 years for you, is prospecting. Real prospecting. Phone. Door knock. Seminars. Networking and mailing do not count. You can do them, don't expect any results (maybe long term result here and there from networking). And they don't count towards your hourly goal of 40 hours per week actually prospecting. 40 hours a week, prospecting, any of the three methods I posted above. And you cannot fail. That's going to leave you working 60 hours a week because you're going to need time to do admin, take notes, place trades, etc.
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Coldjumper
Rookie Joined: Mar/25/2020 Status: Offline Points: 20 |
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My wife would think that even if i was bringing in the big bucks. I married a red head
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Ron 14
Gold Member Licensed Teller Joined: May/12/2010 Status: Offline Points: 19385 |
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NWM doesn't cold call either. They are like Jones (only our way works) but instead of door knocking it is worse, it is hunting down everyone you have ever talked to in your life and asking them for referrals.
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mindtech
Member Joined: Feb/18/2012 Location: Canada Status: Offline Points: 433 |
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This Coldjumper is going to fit just right in with us.
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Coldjumper
Rookie Joined: Mar/25/2020 Status: Offline Points: 20 |
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60 hours is nothing while I'm young and have nothing going on except building my career. Whatever it takes to skin a cat
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Red heads are seemingly always feisty!
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