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Moderate-plus View Drop Down
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    Posted: Jan/12/2018 at 3:00pm
   

    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!



Edited by Moderate-plus - Jan/12/2018 at 3:50pm
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Post Options Post Options   Thanks (0) Thanks(0)   Quote missionshooter Quote  Post ReplyReply Direct Link To This Post Posted: Jan/12/2018 at 3:45pm
Your font pisses me off. Can you change that shit?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Moderate-plus Quote  Post ReplyReply Direct Link To This Post Posted: Jan/12/2018 at 3:49pm
Is that better? Smile    

Edited by Moderate-plus - Jan/12/2018 at 3:50pm
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Post Options Post Options   Thanks (0) Thanks(0)   Quote luvindy Quote  Post ReplyReply Direct Link To This Post Posted: Jan/12/2018 at 4:10pm
Wolf will be doorknocking for five or six years. Anything less and you're pathetic.
8/31/12,Sportsfreak:
"If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time."
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Moderate-plus Quote  Post ReplyReply Direct Link To This Post Posted: Jan/12/2018 at 4:32pm
My main concern is basically this.  

 Door-knocking in the wealthy and entitled Bay Area north of SF seems very very different then knocking on doors in southern Georgia and getting invited for a glass of tea and a story.

There are a lot of older retired people here but also a lot of young tech people who probably think they are the world best day-trader.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bc2051 Quote  Post ReplyReply Direct Link To This Post Posted: Jan/12/2018 at 4:42pm
Those aren’t going to be your clients no matter how you get to them. Too early for excuses. Where is SN?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote advisorman Quote  Post ReplyReply Direct Link To This Post Posted: Jan/12/2018 at 5:54pm
Better off starting from scratch than a goodnight unless it's 100 million or more.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Fitness1983 Quote  Post ReplyReply Direct Link To This Post Posted: Jan/12/2018 at 6:01pm
Originally posted by Moderate-plus Moderate-plus wrote:

My main concern is basically this.  

 Door-knocking in the wealthy and entitled Bay Area north of SF seems very very different then knocking on doors in southern Georgia and getting invited for a glass of tea and a story.

There are a lot of older retired people here but also a lot of young tech people who probably think they are the world best day-trader.

Projecting is a mother-fucker isn't it?!?

This post of yours is an amalgamation of your fears.

Take it easy man
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Fitness1983 Quote  Post ReplyReply Direct Link To This Post Posted: Jan/12/2018 at 6:02pm
Originally posted by advisorman advisorman wrote:

Better off starting from scratch than a goodnight unless it's 100 million or more.

Not necessarily. I read comments like this in the beginning and it's inaccurate. There are a lot of variables
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bc2051 Quote  Post ReplyReply Direct Link To This Post Posted: Jan/12/2018 at 6:30pm
Originally posted by Fitness1983 Fitness1983 wrote:

Originally posted by advisorman advisorman wrote:

Better off starting from scratch than a goodnight unless it's 100 million or more.

Not necessarily. I read comments like this in the beginning and it's inaccurate. There are a lot of variables


I see both sides here. A GK will keep you around until you figure some things out. In a lot of cases, it can be a curse later
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Post Options Post Options   Thanks (0) Thanks(0)   Quote RIArules Quote  Post ReplyReply Direct Link To This Post Posted: Jan/12/2018 at 10:13pm
Originally posted by Moderate-plus Moderate-plus wrote:

My main concern is basically this.  

 Door-knocking in the wealthy and entitled Bay Area north of SF seems very very different then knocking on doors in southern Georgia and getting invited for a glass of tea and a story.

There are a lot of older retired people here but also a lot of young tech people who probably think they are the world best day-trader.


Yeah, I would hate to door knock there. 🤔
We may "rob you slowly," but you're not going to see that shit.

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After re-reading the opening post...

I always find it interesting when new people say they have experience DKing and really don't mind it and then in the very next breath ask how long they HAVE to do it for.

"Oh, DKing? I genuinely enjoy it. My only question is, how soon do I get to stop."

FOH

Edited by Fitness1983 - Jan/12/2018 at 10:47pm
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Originally posted by Moderate-plus Moderate-plus wrote:

My main concern is basically this.  

 Door-knocking in the wealthy and entitled Bay Area north of SF seems very very different then knocking on doors in southern Georgia and getting invited for a glass of tea and a story.

There are a lot of older retired people here but also a lot of young tech people who probably think they are the world best day-trader.

That's when you tell them that you deal with serious money for long-term investing, not "play" money.
Originally posted by SometimesNowhere SometimesNowhere wrote:

Ranking careers in order of degeneracy:

1) Real estate
2) Insurance sales
3) Financial sales
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1) it’s not fucking hot;

2) people actually have $$$;

3). They are actually somewhat educated;

4) it’s not fucking hot;

5) there are no mosquitoes

6) it’s like 75 degrees all year

5) people have actually saved for retirement

Did I mention it’s not fucking 115 degrees real feel all summer??!!

GTFO
We may "rob you slowly," but you're not going to see that shit.

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Originally posted by RIArules RIArules wrote:

1) it’s not fucking hot;

2) people actually have $$$;

3). They are actually somewhat educated;

4) it’s not fucking hot;

5) there are no mosquitoes

6) it’s like 75 degrees all year

5) people have actually saved for retirement

Did I mention it’s not fucking 115 degrees real feel all summer??!!

GTFO




I door knocked for 3 yrs in Georgia and never got invited in for sweet tea or pie
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Nathan Explosion Quote  Post ReplyReply Direct Link To This Post Posted: Jan/12/2018 at 11:58pm
Sat with a dude from Michigan or Minnesota or oh who gives a fuck on a dog trip and he was all amazed how how we DKed in places like LA and SF shithole (yep I said it!).   Yep it has challenges but he described the Midwest nice. They will invite you in for sweet tea but have no intention of ever doing business with you. I'll take the occasional rude or I'm not interested to find those that don't care if I compliment their god damn flowers.





Edited by Nathan Explosion - Jan/12/2018 at 11:59pm
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Originally posted by Moderate-plus Moderate-plus wrote:

   

    <span style="font-size: 15px;">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 th</span><span style="font-size: 15px;">at 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.</span><span style="font-size: 15px;"> </span><p style="cursor: default; font-size: 15px;">      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.

<p style="cursor: default; font-size: 15px;">How long does doorknocking actually last?

<p style="cursor: default; font-size: 15px;">    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.

<p style="cursor: default; font-size: 15px;">Do most people get into a Goodnight deal?

<p style="cursor: default; font-size: 15px;">   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.\

<p style="cursor: default; font-size: 15px;">Can you explain Goodnight a bit?

<p style="cursor: default; font-size: 15px;">   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?

<p style="cursor: default; font-size: 15px;">How much comission would each 1million AUM give an advisor?

<p style="cursor: default; font-size: 15px;">   I know it is different when you start due to salary, but just an idea.

<p style="cursor: default; font-size: 15px;">Do I have an office to use when I start?

<p style="cursor: default; font-size: 15px;">   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. 

<p style="cursor: default; font-size: 15px;">   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+

<p style="cursor: default; font-size: 15px;">   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. 

<p style="cursor: default; font-size: 15px;">   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?

<p style="cursor: default; font-size: 15px;">   Thanks in advance for all the comments and answers!




I’ve doorknocked in both city and rural. It works in both.

If you think everybody invites you in for sweet tea and cookies in the country, you’re wrong.

“How long do I have to doorknock?”- Until you don’t want to make anymore money.

As for me, I’ll doorknock probably until the day I die. It’s like shooting fish in a barrel. No other advisor is doorknocking, it’s free Marketing, and the #1 thing people wanna know is if they can trust you. A good starting point for trust is knocking on a door, shaking the prospects hand, and looking them in the fucking eye. Simple.

I started from scratch too so don’t tell me you can’t either. It just takes hard work, discipline, and consistency. Every day you have to show up.

If you approach this thing as wanting handouts and asking how long to doorknock, you’re going to fail.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Delbs Quote  Post ReplyReply Direct Link To This Post Posted: Jan/13/2018 at 3:26pm
Originally posted by TheWolf22 TheWolf22 wrote:

Originally posted by Moderate-plus Moderate-plus wrote:

   

    <span style="font-size: 15px;">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 th</span><span style="font-size: 15px;">at 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.</span><span style="font-size: 15px;"> </span><p style="cursor: default; font-size: 15px;">      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.

<p style="cursor: default; font-size: 15px;">How long does doorknocking actually last?

<p style="cursor: default; font-size: 15px;">    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.

<p style="cursor: default; font-size: 15px;">Do most people get into a Goodnight deal?

<p style="cursor: default; font-size: 15px;">   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.\

<p style="cursor: default; font-size: 15px;">Can you explain Goodnight a bit?

<p style="cursor: default; font-size: 15px;">   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?

<p style="cursor: default; font-size: 15px;">How much comission would each 1million AUM give an advisor?

<p style="cursor: default; font-size: 15px;">   I know it is different when you start due to salary, but just an idea.

<p style="cursor: default; font-size: 15px;">Do I have an office to use when I start?

<p style="cursor: default; font-size: 15px;">   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. 

<p style="cursor: default; font-size: 15px;">   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+

<p style="cursor: default; font-size: 15px;">   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. 

<p style="cursor: default; font-size: 15px;">   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?

<p style="cursor: default; font-size: 15px;">   Thanks in advance for all the comments and answers!




I’ve doorknocked in both city and rural. It works in both.

If you think everybody invites you in for sweet tea and cookies in the country, you’re wrong.

“How long do I have to doorknock?”- Until you don’t want to make anymore money.

As for me, I’ll doorknock probably until the day I die. It’s like shooting fish in a barrel. No other advisor is doorknocking, it’s free Marketing, and the #1 thing people wanna know is if they can trust you. A good starting point for trust is knocking on a door, shaking the prospects hand, and looking them in the fucking eye. Simple.

I started from scratch too so don’t tell me you can’t either. It just takes hard work, discipline, and consistency. Every day you have to show up.

If you approach this thing as wanting handouts and asking how long to doorknock, you’re going to fail.

Clap
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About your commissions question, the industry standard for Financial Advisors and RIAs is usually 1% of AUM up to the first million. Once a client has over a million USD, commissions are lowered to 0.75-0.80% of AUM. I have also heard from friends in the industry that commissions can be even lower when AUM for a client reach hundreds of millions. If it gets to that point, maybe 0.20-0.40% could be reasonable. Just don't compete in price. No sensible person wants a cheap doctor or a cheap advisor.

To sum up, for every 1 million AUM, your commission is 10,000. Keep in mind these are gross amounts, you have to subtract costs, taxes, etc.

As regards door knocking or cold calling, well basically anyone in sales has to look for clients somehow. They won't come out of nowhere. I would recommend you build a reputation as a trustworthy person and network a lot, specially through circles of influence and people you know. It will be a steep slope at first.

As a fellow colleague in the industry who is also starting, I wish you luck. I hope my post helped.

Juan Dager
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Post Options Post Options   Thanks (0) Thanks(0)   Quote PEACH_cm Quote  Post ReplyReply Direct Link To This Post Posted: Jan/13/2018 at 6:19pm
Originally posted by juandager juandager wrote:

About your commissions question, the industry standard for Financial Advisors and RIAs is usually 1% of AUM up to the first million. Once a client has over a million USD, commissions are lowered to 0.75-0.80% of AUM. I have also heard from friends in the industry that commissions can be even lower when AUM for a client reach hundreds of millions. If it gets to that point, maybe 0.20-0.40% could be reasonable. Just don't compete in price. No sensible person wants a cheap doctor or a cheap advisor.

To sum up, for every 1 million AUM, your commission is 10,000. Keep in mind these are gross amounts, you have to subtract costs, taxes, etc.

As regards door knocking or cold calling, well basically anyone in sales has to look for clients somehow. They won't come out of nowhere. I would recommend you build a reputation as a trustworthy person and network a lot, specially through circles of influence and people you know. It will be a steep slope at first.

As a fellow colleague in the industry who is also starting, I wish you luck. I hope my post helped.

Juan Dager
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