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Crimson
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King of the Wicker People Joined: Feb/03/2013 Status: Offline Points: 2057 |
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Posted: Aug/30/2014 at 8:12am |
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Make calls in the Day in the Life. Don't get bogged with emails, it's a trap.
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jtp
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Joined: Aug/10/2014 Location: U.S. Status: Offline Points: 963 |
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Posted: Sep/11/2014 at 9:34pm |
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Met with the long-time FA in my town today at his request. If things work out it is possible he would offer me a 5m goodknight. Last time he tried this the guy washed out so he wanted to size me up. He was straightfoward that it would be a mix of hard to engage / needy / PIA clients.
I'm assuming that would still be worthwhile for me, right? Not trying to get ahead of things too much. Phone interview next week then hopefully day in the life after that. He reiterated what the Jones guys said here regarding the day in the life. |
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RIArules
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Trump Ball-Licker Joined: Mar/15/2010 Status: Online Points: 49907 |
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Posted: Sep/11/2014 at 9:41pm |
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What the fuck is Day in The Life?
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“We are all Antifa” - Hacksaw 9/12/2025
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Delbs
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Joined: Mar/10/2012 Status: Offline Points: 1942 |
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Posted: Sep/11/2014 at 9:48pm |
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$5mm to start is nice but it isn't going to change your life by any means. Set up where you want to be, not just because you are being offered a small GK. I would ask the vet FA, how many GK's has he/she done? The first one always has a bunch of shit in it.
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Ron 14
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Licensed Teller Joined: May/12/2010 Status: Offline Points: 19390 |
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Posted: Sep/12/2014 at 12:22am |
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Jtp- I am a big fan. I like your mindset. Delbs is right a 5mil goodknight isn't much at all. Especially if the guy hasn't done many. You will be getting a steaming pile of shit accounts so your prospecting will still make or break you. Just tread lightly. EJ doesn't give a fuck about you or your success as much as they act like they are one big family. It is a low goals wirehouse with herd mentality employees. Look out for yourself first.
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ClarenceBeeks
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Joined: Aug/31/2011 Status: Offline Points: 14334 |
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Posted: Sep/12/2014 at 10:43am |
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Well said. Took me way to long to figure this out.
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Nathan Explosion
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Trump Deep Throater Joined: Mar/08/2011 Status: Online Points: 43175 |
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Posted: Sep/12/2014 at 10:59am |
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5 mill is better than nothing unless some genius in stl decides to move you up in expectations ...p1 to p2. Than nothing is better!!! Most good knights are kinda dog shit but so are most of the doorknock clients. Start thinking outside the box now.
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B24
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Joined: Mar/09/2010 Status: Offline Points: 28776 |
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Posted: Sep/12/2014 at 11:00am |
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I did a $5mm GK about 7 years ago, and I managed to eliminate all but ONE client. It was complete horseshit assets. A shitty $1mm 401K for a group that eventually was sold (and 401K rolled into), a $1.2mm stock account for a CPA at the other end of the state that rarely trades, and the prior FA agreed to like a 25% discount on trades (he had it with us ebcause he didn't want any advisors in his own network to know how much money he had - and he had other accounts spread around other brokers), a $850K all stock account for a 87 year old woman with dementia (who's son handled and never traded), the rest of it was about 150 small accounts that took me 2 years to plow through and eventually closed about 100 of the accounts (after getting in touch, sending checks for the $23.57 left in their account from 12 years earlier). The ONE account I still have has become one of my largest accounts, but he had about $60K at the time. On the bright side, it helped me learn a lot early on, dealing with clients, talking to people that I had permission to talk to, etc. I think having assets are important and a great learning tool. But it takes your eye off the ball of prospecting. I still think the recruiting/development/training process for newbies is horribly wrong at Jones and most other firms.
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nooneshome
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Joined: Mar/14/2014 Status: Offline Points: 222 |
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Posted: Sep/12/2014 at 1:05pm |
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I just took over a very tiny office where the FA was fired a few weeks ago (3.5 mil).... She literally never showed anyone any reports. I found like 2.5 mil in assets the first week just by showing people basic portfolio charts and now that I've run through the entire list of existing clients to call and generating whatever business was needed for them (basically my first full week selling) I'm right back out prospecting.
The nice part about taking a small office or goodnight plan is that you basically will have your PDP numbers done in like 4-5 weeks but after that it's almost like starting new. It's nice to have some of the pressure taken off and in my case I have a 5yr BOA who I get along with very well so that's been extremely helpful. The real negative I have found (and what most have said already) is that of my 100 or so household 40 are inactive, 30 are absolute trash. There's probably a gem or two in that mess but if you just focus on calling them and get lazy your basically screwed later on |
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"I'm not a business man, I'm a Business, man" Jay-Z
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Ron 14
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Licensed Teller Joined: May/12/2010 Status: Offline Points: 19390 |
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Posted: Sep/12/2014 at 2:07pm |
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Same here
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Canton Delaware III
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Joined: Aug/29/2011 Status: Offline Points: 926 |
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Posted: Sep/12/2014 at 3:36pm |
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Having the Goodknight lined up may help streamline the hiring process, it used to anyway, I've been gone a while. I know in my town the EDJ rep can pretty much pick anyone to get hired if he will give them a Goodknight. He is a big producer that has been trying unsuccessfully to Goodknight for quite a while, and the town is an armpit no one wants to move to, so I don't know how much that plays into the equation.
Take seriously the 95% rejection part, that's why most people fail. You lay out what you think is a great plan that will help the person you are talking to. He kicks you in the nuts. You get up, smile, and repeat another 30 times. Every day. For a couple of years. Anyone who tells you it doesn't suck is lying. My wife listened in on a few of my calls when I first got started. She was shaking. If you don't have a personality defect that lets you shake this off, you won't survive the first 2 years. The good news is that in 5-10 years, you can be a 4 day a week piker and make good money. I like my life now, just happy I didn't kill myself 10 years ago. ![]() |
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ClarenceBeeks
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Joined: Aug/31/2011 Status: Offline Points: 14334 |
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Posted: Sep/12/2014 at 8:22pm |
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My wife reminded me last night, when she was turning me down again, how much of a bitch I was when I started out. You were fat, on medications, and the biggest asshole all the time, were her words.
My follow-up question got a commitment for tomorrow night, which is now tonight. Oh yeah, say you are the jones rep in a podunk town, you do a 5mil goodnight, the new guy turns out to really suck, and then boom, you have all the clients back again! Awkward.
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jtp
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Joined: Aug/10/2014 Location: U.S. Status: Offline Points: 963 |
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Posted: Sep/15/2014 at 10:19am |
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I would be the 3rd attempt on the same goodknight (reading between the lines here a bit). So ya, I would probably lose a few accounts from just their sheer frustration with how much no one wants to work with them. Edited by jtp - Sep/15/2014 at 10:20am |
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jtp
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Joined: Aug/10/2014 Location: U.S. Status: Offline Points: 963 |
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Posted: Oct/13/2014 at 9:50pm |
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Everything's official. I'm in.
Day in the life kicked my ass. Series 7 and shit... |
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Nathan Explosion
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Trump Deep Throater Joined: Mar/08/2011 Status: Online Points: 43175 |
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Posted: Oct/13/2014 at 9:53pm |
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we've had about half of our recruits get cut in the day in the life deal....
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