Edward Jones Experience

I got news for you, I am not “knocking on doors” like a dipsht encylopedia Brittanica salesman.

AJ,

Do yourself a favor and pick another career. Today, this biz is virtually impossible to succeed.

[quote=Aja1]

Folks:

I have spent the last couple of months researching and pursuing a possible career as an Investment Representative at Edward Jones I am looking for some honest and helpful feedback as an offer could come down in the next month or so. Any help from someone who has been through the program in the last year or two would be greatly appreciated.

I have read many good things about Edward Jones and I must say that the hiring process has been pleasant and the people have been extremely professional. Even with the negative posts there must be something going right there as they are at the top of many positive lists including best training, customer satisfaction, and great returns. That being said, I would like to investigate both sides so that I can mae an informed decision.

It appears to me that the business model is very appropriate for middle America but may be much more difficult in urban areas. Has anyone had experience with Jones in a major city or what would be considered a major urban area and how did you find the door knocking experience?

I have also read some major complaints about their current ability to get new IR’s into an office, field training and excessive drop-out rates. The complaints that I have read are about them not getting new IR’s into an office, something that is dangled in front of them and one of the key motivators to all new IR’s is extremely troubling. Many have said they have reached production goals and that the company drags its feet on the office and hiring what they call a Branch Administrator.

The complaint about the field training centers on the fact that now that they are expanding so quickly and hiring so many reps that the field trainers aren’t really interested in training the new reps because they are just more competition so they are left out to dry.

In addition, I read some crazy message that says out of 1200 reps they trained last year, 1150 dropped out. Is that possible?

It appears to me that maybe their expansion is causing them to be less effective in their training. This is of serious concern to me as I am making a major career transition and want to go where the training is solid.

Another question: How realistic is it that through the door knocking one can expect to make any real commissons the first year or two. It appears that their client base’s average income is small and the money that they would invest would be minimal which translated to needing a huge number of accounts just to make a small living.

Thanks

[quote=ezmoney]

AJ,

Do yourself a favor and pick another career. Today, this biz is virtually impossible to succeed.

No not at all. This is my best year yet. But I truely believe what I say about rookies trying to break into this biz. Candidates need to do some serious research before they choose this career.

I don't think we should be sugar coating the very slim odds of making it in this biz. They need to know the facts. What I say are the facts based on my experiences.

I would hate for someone with a family or no family to give up a decent career and savings to take a stab at this career. The chances of them suceeding are very slim today. They should avoid trying to make it in this biz. The odds are slim they will suceed.

Btw if a candidate is smart enough I do believe it is easier to make it in med school than this biz. At least a doctor after graduating med school is virtually guaranteed a 150 salary. We get no guarantees in this biz.

Btw, Newbie I realized I misspelled success and typo'd 150k. So don't get on me or anyone else for that matter. This is a message board and members here type fast, use slang, and make typos.

EZ,



If you educate yourself and obtain designations you can have a salaried job in this business if that is what you want. Get a master’s degree and the CFP and any accounting firm or trust department will pay you 80-100K guaranteed if thats what you want.



They are not however going to pay some career changer who joins Ed Jones and gets his Series 7 a salary of 100K+

Again we should not be sugar coating the fact the odds of success are very slim in this biz.

[quote=ezmoney]

Btw, Newbie I realized I misspelled success and typo'd 150k. So don't get on me or anyone else for that matter. This is a message board and members here type fast, use slang, and make typos.

[/quote]

Does typing fast make one spell words wrong--such as truely which is actually truly?

We’re not perfect, nor do we pretend to remember how to spell certain words. Are you perfect?

[quote=ezmoney]We're not perfect, nor do we pretend to remember how to spell certain words. Are you perfect?[/quote]

Yes.

you’re funny sometimes, but you’re still an ass.

Tell me, what do you truly do for a living? No BS.

[quote=ezmoney]Tell me, what do you truly do for a living? No BS.[/quote]

Trade Google options and draw down on a retirement as a New York based Senior Vice President of a top tier wirehouse.

which wirehouse? What was your job functionas a svp?

[quote=ezmoney]

which wirehouse? What was your job functionas a svp?

[/quote]

I was born late one night, but it was not last night.

thre’s lots of middle mgrs with a title of svp at wirehouses. Do you really think anyone will recognize you ? Doubtful, especially since your retired. Companies forget retirees as soon as they go out the door.

[quote=ezmoney]thre's lots of middle mgrs with a title of svp at wirehouses. Do you really think anyone will recognize you ? Doubtful, especially since your retired. Companies forget retirees as soon as they go out the door.[/quote]

Not the legends.

In your own mind I’m sure. lol

[quote=NASD Newbie]

[quote=ezmoney]thre's lots of middle mgrs with a title of svp at wirehouses. Do you really think anyone will recognize you ? Doubtful, especially since your retired. Companies forget retirees as soon as they go out the door.[/quote]

Not the legends.

[/quote]

By the way, your is incorrect when you're meaning "you are."  I'm surprised you kids are as illiterate as you are.

[quote=Aja1]Folks:

I have spent the last couple of months researching and pursuing a possible career as an Investment Representative at Edward Jones I am looking for some honest and helpful feedback as an offer could come down in the next month or so. Any help from someone who has been through the program in the last year or two would be greatly appreciated.

I have read many good things about Edward Jones and I must say that the hiring process has been pleasant and the people have been extremely professional.  Even with the negative posts there must be something going right there as they are at the top of many positive lists including best training, customer satisfaction, and great returns.  That being said, I would like to investigate both sides so that I can mae an informed decision.

It appears to me that the business model is very appropriate for middle America but may be much more difficult in urban areas. Has anyone had experience with Jones in a major city or what would be considered a major urban area and how did you find the door knocking experience?

I have also read some major complaints about their current ability to get new IR's into an office, field training and excessive drop-out rates.  The complaints that I have read are about them not getting new IR's into an office, something that is dangled in front of them and one of the key motivators to all new IR's is extremely troubling.  Many have said they have reached production goals and that the company drags its feet on the office and hiring what they call a Branch Administrator.

The complaint about the field training centers on the fact that now that they are expanding so quickly and hiring so many reps that the field trainers aren't really interested in training the new reps because they are just more competition so they are left out to dry.

In addition, I read some crazy message that says out of 1200 reps they trained last year, 1150 dropped out. Is that possible?

It appears to me that maybe their expansion is causing them to be less effective in their training. This is of serious concern to me as I am making a major career transition and want to go where the training is solid.

Another question:  How realistic is it that through the door knocking one can expect to make any real commissons the first year or two. It appears that their client base's average income is small and the money that they would invest would be minimal which translated to needing a huge number of accounts just to make a small living.

Thanks[/quote]

AJ, I find the 1150/1200 number unlikely.  It would be interesting to hear the correct number if anyone here is privy to that information.  Yes, I do believe that the Jones model probably works better in smaller markets, but I also believe that it's more the rep than the company.  That being said, Edward Jones seems to dictate your role and the products you use more so than some of it's competitors.  If you're new to the business, this isn't all bad.  Later when you understand the business better, this can sometimes frustrate your efforts to do what you think is best for your clients.

If you like the people you are working with, that's most of the battle in this business, and greatly improves your chances of success.  An office and some inherited assets are also a plus, but to get these things, you'll most likely have to show your worth (or be related to someone higher up the food chain).  Whatever you decide, I'd try to get important things promised in writing before you accept a position with anyone.  Management is notorious for promising all sorts of nice things and then backing out of those verbal promises at the first opportunity.  Verbal promises are as good as no promises at all.

[quote=Indyone]

 Management is notorious for promising all sorts of nice things and then backing out of those verbal promises at the first opportunity.  Verbal promises are as good as no promises at all.

[/quote]

What would be an example of something management promised you, but did not deliver?

AJA, the EDJ rep that I had an interview with claimed to make over 120K in the third year of his business. I really have no reason not to believe him…not bad for a bunch of small accounts.

[quote=NASD Newbie]

[quote=Indyone]

 Management is notorious for promising all sorts of nice things and then backing out of those verbal promises at the first opportunity.  Verbal promises are as good as no promises at all.

[/quote]

What would be an example of something management promised you, but did not deliver?[/quote]

How many examples do you want?  I'll start with compensation.  I was promised a compensation scale when I started, and I went through four different ones...each successive version less generous than the previous one.  I was also promised paid vacation...the last change rubbed that out.

Promised a marketing budget - cut



Promised to pay for my asst. - cut



Promised to not have wasteful meetings about nothing - changed to weekly meeting about nothing



Promised to provide lead incentives to bank employees - cut



These were at my former firm, need I continue…

[quote=Indyone][quote=NASD Newbie]

[quote=Indyone]

 Management is notorious for promising all sorts of nice things and then backing out of those verbal promises at the first opportunity.  Verbal promises are as good as no promises at all.

[/quote]

What would be an example of something management promised you, but did not deliver?[/quote]

How many examples do you want?  I'll start with compensation.  I was promised a compensation scale when I started, and I went through four different ones...each successive version less generous than the previous one.  I was also promised paid vacation...the last change rubbed that out.

[/quote]

Do you think that LPL might change your compensation plan?

Was yours changed, but noboby elses?

Paid vacation?  What were they going to base the amount they paid you on?

How about my average monthly income or is that to hard for management to calculate

[quote=bankrep1]Promised a marketing budget - cut

Promised to pay for my asst. - cut

Promised to not have wasteful meetings about nothing - changed to weekly meeting about nothing

Promised to provide lead incentives to bank employees - cut

These were at my former firm, need I continue...[/quote]

Cut?  From what to what?

[quote=NASD Newbie][quote=Indyone][quote=NASD Newbie][quote=Indyone] Management is notorious for promising all sorts of nice things and then backing out of those verbal promises at the first opportunity.  Verbal promises are as good as no promises at all.[/quote]What would be an example of something management promised you, but did not deliver?[/quote]How many examples do you want?  I’ll start with compensation.  I was promised a compensation scale when I started, and I went through four different ones…each successive version less generous than the previous one.  I was also promised paid vacation…the last change rubbed that out.[/quote]Do you think that LPL might change your compensation plan?

Was yours changed, but noboby elses?

Paid vacation?  What were they going to base the amount they paid you on?[/quote]

1.  As a matter of fact, LPL did change my comp last week...they raised it.

2.  No, they stuck it to all of us...which is why more than a third of us left last year.

3.  As was referenced elsewhere, average production.  We used to be paid at least a reasonable percentage of our average gross until management decided we made too much.  What did they base yours on?

There's much more...these were just a few examples since you were curious.  I am grateful to them for one thing...screwing me to the point that I had the courage to do what I did.

I'm sure working under your management style would have been better, but that point is moot...once the lion is out of the cage, he never goes willingly back.

[quote=bankrep1]How about my average monthly income or is that to hard for management to calculate[/quote]

When using the word "to" to indicate an excess--such as "too hard" the word uses the letter "O" twice.

To be fair to the original poster, we really should let folks discuss experiences working for Edward Jones, and let the grammar lesson and bank rep compensation go for awhile…

i agree indyone. i would like to see this be an exchange of information. for the original poster, let me give you the straight scoop on edward jones as i work for them. first of all, your not going to make 120k your third year. you would have to take over a huge existing office. the smaller town brokers do tend to do better. jones will be more patient than the wires with a new broker. if your a budding superstar, go with the wires. if your something less than that, jones is a good place to start. there are plenty of examples of guys who struggled for their first few years, almost getting fired, but stuck it out for 15-20 years and because top producers. they never would have made it at the majors. but, jones doesn’t offer fee based platforms. so it takes the constant need to bring in new assets. these are the tradeoffs with jones. it is an extremely tough business. all lucrative businesses are. i hope this information was helpful, even with the grammatical errors.

How can somebody so stupid get hired by a firm--even Jones?

If you had a sum of money to invest would you allow that guy to "advise" you?

It's sad to see what has happened.

[quote=NASD Newbie]

How can somebody so stupid get hired by a firm--even Jones?

If you had a sum of money to invest would you allow that guy to "advise" you?

It's sad to see what has happened.

[/quote]

How did someone as mean-spirited as you get hired by any major firm? 

[quote=Philo Kvetch][quote=NASD Newbie]

How can somebody so stupid get hired by a firm--even Jones?

If you had a sum of money to invest would you allow that guy to "advise" you?

It's sad to see what has happened.

[/quote]

How did someone as mean-spirited as you get hired by any major firm? 

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[quote=joedabrkr]

Most like he became considerably more mean-spirited simply as a result of spending so many years buried in middle management!
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Joeboy--sit and look at that icon deal.  Does it make you appear to have an IQ higher than a canary?

[quote=NASD Newbie]

[quote=joedabrkr]

Most like he became considerably more mean-spirited simply as a result of spending so many years buried in middle management!
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Joeboy--sit and look at that icon deal.  Does it make you appear to have an IQ higher than a canary?

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I don't dislike them, I find them childish.  They are a variation on a sign in a TV studio to remind the audience to applaud--or a laugh track on a sitcom.

If you're really bright you would know when what you are saying is clever and not need to insert a silly icon.

Feel free to use them as much as you like--others will remember what I'm saying and will also think you're childish.

[quote=NASD Newbie]

I don’t dislike them, I find them childish.  They are a variation on a sign in a TV studio to remind the audience to applaud–or a laugh track on a sitcom.

If you're really bright you would know when what you are saying is clever and not need to insert a silly icon.

Feel free to use them as much as you like--others will remember what I'm saying and will also think you're childish.

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[quote=joedabrkr]
Gee Mr. Newbie/Big Easy/Putsy/Sanchez, how did ya get so goldurn smart?????
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Intelligence is a genetic deal, like blood type.  I was lucky to be very bright.

But I took that luck and parlayed it into a vast amount of experience by paying attention to what was going on around me, asking a lot of questions, and studying human nature.

[quote=NASD Newbie]

[quote=joedabrkr]
Gee Mr. Newbie/Big Easy/Putsy/Sanchez, how did ya get so goldurn smart???
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Intelligence is a genetic deal, like blood type.  I was lucky to be very bright.

But I took that luck and parlayed it into a vast amount of experience by paying attention to what was going on around me, asking a lot of questions, and studying human nature.

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Yes you are.

Is it just me or does anyone else hear the theme of the dueling banjo’s playing in the background?

[quote=NASD Newbie]

[quote=joedabrkr]
Gee Mr. Newbie/Big Easy/Putsy/Sanchez, how did ya get so goldurn smart???
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Intelligence is a genetic deal, like blood type.  I was lucky to be very bright.

But I took that luck and parlayed it into a vast amount of experience by paying attention to what was going on around me, asking a lot of questions, and studying human nature.

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Are you aware of the studies that show that attractive people get the promotions?

[quote=NASD Newbie]Are you aware of the studies that show that attractive people get the promotions?[/quote]

That's so true!  And of course, stupid, ugly people end up in middle management.

[quote=NASD Newbie]Are you aware of the studies that show that attractive people get the promotions?

That's so true!  And of course, stupid, ugly people end up in middle management.[/quote]

Folks:

Thank you to those who put forth helpful information about Edward Jones.  Obviously with all companies there is good and bad, but as I come close to making a final decision, it would be great just to hear from those who can share real, informative insight.

These are the questions I still have.

1. Is it realistic to think that you will make any real money commission wise your first 12 months of selling?

2. The production goal of 120 accounts by month twelve seems awfully lofty for someone getting into the business.  If you don't reach that goal will they automatically delay your getting your own office and branch office administrator?

3. Is there ANY room for negotiation on the first year "base" salary compensation?

4.  Has anyone asked for and successfully delayed their start date ?

5.  Is there anyone out there that found the door knocking to be a positive pleasant experience.  It obviously seems strange to a lot of people but for my two cents so does sitting in front of a phone book and calling people all day.

6.  Does the positive side of the training subside once you begin with a field trainer?  According to the reps, the increased competition does not affect the field trainers frame of mind in so far as helping you to succeed.

7. Big Question:  Is there another way to begin in the business where I can expose myself to good training and experience but maybe attain a slightly higher salary and some benefits until I decide whether it's right for me.

Thanks for your help.

Aja

Aja1:

1. Yes, it is possible to make decent commission your first year, but you have to work really hard to do it.  Of course, that's somewhat relative depending on what your definition of 'real money' is.  $100K commission your first year out? Definitely possible, but not likely for most.  Second year, much more likely.  If that's what you're looking for your first year out, look elsewhere.

2. The 120 accounts in 12 months is a 'goal' not a requirement. You get an award if you do it. Some win, some don't. I personally know a rep who opened over 400 accounts their first year.  That goal is not what getting the branch office or getting an assistant are based on.

3. There isn't much room for negotiation.  They give you a base, a tremendous amount of training, and a support staff at the home office that knows everything you don't. They pay for everything related to leasing office space, building it out to spec, basic furnishings and give you a dedicated assistant when you've earned it.  They expect you to study, pass the Series 7 and 63, work really hard, meet a lot of people face-to-face and find ways to open accounts and sell investments.

4. I'm not sure what you mean here.  As I recall, you're given a range of start dates after you're extended an offer. If you've spent that much time in the recruiting process, you should have an idea of when you can start.

5.  Door-knocking is not for the faint-of-heart, nor is it for those with ego-control issues.  There will be some good days and more bad days.  No one expects you to love it, but if you work for Jones you WILL do it and you will come to understand how fundamental it is to the business model.  It's very difficult in both rural and metro areas, I know reps who washed out and others who did very well in both settings.  Keep that in mind when considering Jones vs. a wirehouse.

6.  Some of the most essential training you will receive comes from the other reps in the field who are assigned to help you (and from their assistants).  You can teach just about anyone to pass a test, but that doesn't teach them what they need to know in the field, aka the real world.  The reps in the field who are concerned about competition generally don't volunteer to be trainers.

7.  Have you considered working as an assistant in an office, for Jones or anyone else?  If you're not sure this is the field for you, you may want to do more research.  Sorry to sound negative on that one, but it sounds like you want a firm to give you your cake and feed it to you too.  This is definitely a pay-your-dues, earn-your-way industry.

Hope this helps. 

Aja1:

ladyrep hit the nail on the head with Jones.  There's not a Jones IR out there that will tell you starting with Jones is easy.  Most people will tell you that doorknocking sucks.  I think cold calling hundreds of numbers a day sucks, but that's  just me.  I think it works in either small or large markets.  Just depends on the IR starting.  By the way, except for the initial training period Jones doesn't make you doorknock. 

I think a lot of the training success depends on the person training you.  My first mentor was awful.  Didn't teach me a thing.  So I found one on my own who has really helped my development.  Jones is great at giving help when you ask for it.  But if you are doing well according to their standards they'll pretty much figure you're OK and leave you alone. 

I'm going to disagree with ladyrep on one thing.  I don't think it would help much to be an assistant at Jones.  It's difficult to go from a BOA to an IR.  You might get to know the tech side some, but you'll be too busy with BOA work to learn much about the IR position. 

If you're serious about Jones, I'd suggest talking with more brokers than just the one interviewing you.   You might get a different answer from someone not involved in the hiring process.

Spiff-

I disagree with your disagreement. Was a Jones BOA for 7 yrs. Didn't go in with the intention of becoming licensed - but soon understood that while I enjoy working in the support role, I want to advance. 

My empathy for my Rep's position became a valuable asset to her career. I understood then (as I still do today) that if fail in some aspect of my job, she might not make any money. I also understand that I earn my paycheck rain or shine - while my Rep may or may not get paid for the work she does.

The BOA work at Jones is mindless (once you are fully trained and have a routine down) and if you keep your ear to the ground, you can learn a great deal about the IR position, IMO.

Cold calling? Door knocking?

All that sht is intended to do is dehumanize you, turn you into an *sshole, and learn to hate people (that you are trying to screw) to the point that you become determined to “get even”.

F that.

[quote=Slim2None]Cold calling? Door knocking?

All that sht is intended to do is dehumanize you, turn you into an *sshole, and learn to hate people (that you are trying to screw) to the point that you become determined to "get even".

F that.
[/quote]

Haha, weird.  What do you mean?  Jones wants you to door knock so that you hate people and want to screw them out of their money?  ahahahaha

Slim2None,

I'm not sure I understand the "dehumanize" comment.  I think the doorknocking takes you a lot closer to the "human" side of things than dialing a phone, mass mailing, or seminar after seminar does. 

I think if your attitude while doing any prospecting is screw people, take their money, me me me then you're in the wrong biz.  I got into this biz not just because of the financial rewards, but because I feel that people really do need help. 

Maybe you can expound on the "dehumanize" concept.

I Have been with Jones for 5 years. Started an office from scratch. I have answered your questions below.

1. Is it realistic to think that you will make any real money commission wise your first 12 months of selling?

Yes it is possible. You will work very hard. I would not expect more than $60000 gross ($24000 net to you) in commissions. You will be doing well to do those numbers if you start from scratch. Add that to your base salary, and you made about $55000-$60000 year one. It depends on some of the bonus incentives you hit or don't hit. 

2. The production goal of 120 accounts by month twelve seems awfully lofty for someone getting into the business.  If you don't reach that goal will they automatically delay your getting your own office and branch office administrator?

120 is not lofty. very doable. expect to knock on a lot of doors (I opened one account for every 10 doors I knocked on--you do the math). if you have 120 accounts at the end of year one, you will be in an office with a BOA by your first anniversary date of selling (not of being hired)

3. Is there ANY room for negotiation on the first year "base" salary compensation?

Your base salary under the new comp system will be based on your employment history. Not very negotiable. Jones is very "pay for performance".

4.  Has anyone asked for and successfully delayed their start date ?

Sure. but there have been mitigating circumstances in most of these cases.

5.  Is there anyone out there that found the door knocking to be a positive pleasant experience.  It obviously seems strange to a lot of people but for my two cents so does sitting in front of a phone book and calling people all day.

There is nothing natural about it. But the way Jones teaches you to do it is very nonthreatening and very effective. Your ratio of calls/accounts skyrockets with doorknocking as opposed to cold calling. 10 doorknocks/account as opposed to 200 calls/account. The first few are the hard ones every time you go out. Once you have a couple out of the way, though, it is an oddly peaceful experience. I honestly enjoyed it once I got out of the car. getting out was the hardest part. It beats the crap out of cold calling.

6.  Does the positive side of the training subside once you begin with a field trainer?  According to the reps, the increased competition does not affect the field trainers frame of mind in so far as helping you to succeed.

We have a good cop/bad cop thing going on. The field trainer's job is to make sure you're doing the work and getting your numbers. Your mentor is the shoulder to cry on. Both, however, should be resources for you. The increased competition does bother some people, but sheesh man there is enough biz to go around. One person can only do so much.

7. Big Question:  Is there another way to begin in the business where I can expose myself to good training and experience but maybe attain a slightly higher salary and some benefits until I decide whether it's right for me.

In a word: no. Jones is the best place to learn if you are cut out for it, in my opinion. Their standards are reasonable and attainable if you are willing to do the work. You would have those things if you could get hired by a wirehouse, but good luck with that. With no experience it's next to impossible to get hired ny a Smith Barney or a Merrill Lynch.

Hope that helped.

RS

and I would wager that Slim2none is either not in this business or hucking Equity indexed annuities at everyone he talks to. That's certainly what I would try to sell someone if I hated them.

Rockstar,

I like your answer to #5.  I have been door knocking for a very short time and agree that the hardest part is getting started every day.  I have actually driven down a road only to turn around twice before I push myself out to get started.  After the first couple of the day it's not that bad.  One suggestion: if you work close to home, don't have lunch at your house, you only have to go through the same routine that you did in the morning.  I do find the 25/day to be on the difficult side so far. 

Aja,

I just wanted to jump in an contribute my two cents. I've only been doorknocking for Jones about 4 weeks now. I don't mind it at all. Actually, I enjoy it. I like meeting people and I find it really interesting to introduce myself to all sorts of different people with different backgrounds every day. And when people are cold or aloof to me, I take it not as a personal affront, but rather as a challenge (How could I have directed that conversation to make a different impression? How could I have responded to their behavior to better direct the meeting?).

The only frustrating part for me is when I'm out in the middle of the day and very few people are home on an entire block. Then I feel like I'm wasting my time. But once I have some clients I can use that time for callbacks and/or appointments.

I never had any problem getting out of my car to start doorknocking. Heh, when I took my two-day insurance class I felt really wierd that I hadn't doorknocked for 4 days (Sat-Tue). It was a relief to get back out on Wednesday. After all, the Jones model for success is built on (what I call) Shots on Goal: the more shots on goal (doorknocks) I make, the better my chance for goals (accounts + commission).

Aja, what part of the country are you in? I'm in a large city and my market is mostly tract housing/suburbs. Many of the new reps here are doing very well their first year. Apparently it's all about how hard the individual works. ie, do you settle for (the required) 25 new contacts each weekday or do you challenge yourself for more than the minimum? I have a stay-at-home wife that looks after our 2 small children and I've been able to find time to get over 150 contacts a week. It's possible to succeed. And the training that Jones gives is top notch. That, combined with the first year of supplemental salary makes this job that much easier to start in.

My field trainer is very busy but is very involved in training me and helping me to succeed. At Jones, everyone benefits from everyone excelling. It's not competitive - it's cooperative.

I delayed my start date one month with no problem.

I left a PM position at a major national bank because they wouldn't train me to move over to the investment side. Jones trained me, paid me to study, and is paying me a supplementary salary with milestone bonuses for my first year-and-a-half. I am optimistic that those provisions plus my intelligence plus my work ethic will result in a successfull career for me and my family. I am willing to take a cut in net pay for 2 years while I build my business. The result should be increased wealth and freedom for myself and my family. I like the idea of being my own boss and manager, able to take time off as I desire, and build my business as I like.

I hope this helps. As I said, I've only been with Jones since May 06 so I'm still very green. But I'm very optimistic as well.

SM

PS - I'm surprised at the extent of childish bickering in this thread. It's petty, mean-spirited and rude to the OP. Moderators should delete the BS posts. Another $0.02 from me.

Nice post Colorado.
What I have been acknolweding in these forums is that

If going Independent is how you "step up your game" why do you suppose that the big hitters at the wirehouses don't know that and just stay and stay and stay?

The reality is that the independent channel is a way for mediocrity to goose up its share of the revenue stream.  You get to keep more of your gross revenue.

In return you give up the support of a wirehouse, the name recognition, access to IPOs, access to home office experts, very pleasant and upscale surroundings and something that you don't understand until it's gone--you give up the camaraderie of being part of a larger organization.  The guys and gals down at the office.

Virtually no stars from the wirehouses leave, and most that do come back.

It is true that a lot of guys leave, and the wires hate to see a few of them go--but most are not really missed because they were not contributing that much to the bottom line.

A question for the forum--other than Joe, have any of you been at one of these firms?  AG Edwards, Merrill, Morgan Stanley, UBS, Smith Barney, Wachovia

Yes.

NASD, you are correct.  I do believe that most people who make changes aren't very successful. 

When one is successful, the environment often gets part of the credit.  Therefore, top producers tend not to leave.  

Just like top wirehouse producers don't leave, I don't see any top LPL brokers giving up their 98% payouts to go to a wirehouse, nor do I see big insurance company producers making changes.

Quite simply, yes.  BTW, it's way overrated.  Besides what Newbie mentioned, you also get greedy and jealous co-workers--the kind that'll stab you in the back in a heartbeat if it contributes to their agenda.  You also get the benefit of becoming a dot on someone's screen.  A dot that performs or doesn't perform, kind of like a cog in a wheel.  You're never really a name, face, or individual, just a dot that moves up or down.  Month to month, quarter to quarter, year to year.  And last but not least, and best of all, you get to answer to an empty suit of a manager who might on his best day have half the talent that you have. 

If he knew so much and was such an excellent producer in his day, then he would have stayed in production.  Oh, and then I almost forgot my favorite part of the guys and gals at the office.  The guys and gals who happen to be sons and daughters of former successful brokers.  They couldn't carry your jock or anyone else's who is worth a sh*t, but think they are royalty.  It's bad enough to put up with the idiots who think that they somehow "navigated" their way through the 90s.  It's even worse to put up with their sense of entitlement children who think the world is owed to them because they have a B.S. in marketing. 

Men and women leave production for the management track because they are intelligent and realize that there is more to life than gathering assets for a lifetime.

Pissant lower level producers, on the other hand, are convinced that they are stuck in the lower half because others are out to get them.

So they leave.  Who cares.

Is getting 95% of $200,000 as good as getting 45% of $750,000?

There are interesting stats that are never released--such as the top 100 producers in the entire country, regardless of who their broker/dealer is.

If there was a million dollar prize for guessing how many of them worked at wirehouses, instead of banks or the indy channel, I'd guess 98 of them.

The top indy producers would be middle-of-the-packers among the wirehouse brokers.

Putsy, it's evident to all, if not to you, that you were someone's idiot kid who wanted to play at stockbroker.  Presumably your attitude cost the firm business, so they 'promoted' you to management.

Look at the jobs they gave you to do, for goodness sake.  'Committee work', seeing how tough the various NASD exams were and testing training programs, keeping statistics on anything and everything.  Useless nonsense, for a useless employee.  If it helps you to believe that your work life had meaning, so be it.  But don't kid yourself...everyone on these boards knows you for what you are. 

Small wonder Purcell cashiered your worthless ass.

[quote=NASD Newbie]

Pissant lower level producers, on the other hand, are convinced that they are stuck in the lower half because others are out to get them.

[/quote]

This pissant always has made more coin than the empty suit "supervising" him.  I just got really tired of splitting my paycheck with said dumbsh*t. 

I have no ill will towards Indy's, nor wirehouse advisors. Whatever is best for each individual.

That said, I have to say that so many of the comments that come from Indy's on this board just reek of bitterness.  You don't see many wirehouse advisors bashing Indy's.

I could care less what the "suits" make.  I concentrate on my own practice.  That's all that matters, as far as I'm concerned.  Whether the suits make a dollar or a million, it's not going to affect my compensation.  Quit the freakin' bashing and focus on ideas that all of us (as financial advisors) can benefit from.

I’d like the sign The Judge’s last comment.

Edit: “to sign”

I’ve spoken to many top wirehouse producers and asked them the question, why not go indy? By their comments they all just basically did not have the balls to do it.  Plain and simple.

"Is getting 95% of $200,000 as good as getting 45% of $750,000?"

What a great example!  We'll just assume that if someone goes independent, their production will drop 73%. 

[quote=brothaK]I've spoken to many top wirehouse producers and asked them the question, why not go indy? By their comments they all just basically did not have the balls to do it.  Plain and simple. [/quote]

Where did you find these "many top wirehouse producers?"  What do you consider to be a top producer?

The reason they don't do it is because they know that in order to duplicate their day-to-day working experience.  If you're sitting in the corner office, with a view of the Hudson, two or three sales assistants hovering about, while planning what to wear on the awards trip to Venice in a couple of weeks you realize that your world is better than your buddy who is sitting in his spartan office, with his part time Mrs. Wiggins coming in to catch up on his correspondence.

It doesn't make sense to conclude that only those who are on the verge of washing out have "the balls" to abandon one of the best careers in the world.

It's like saying a senior partner in a law firm would be smart to walk away and open is own one-man shop and hope to find some business by listening to a police scanner talking about automobile accidents nearby.

NASD–perhaps in the old days (ie yours), the above was true. News

flash–the world changes over time. I think now you’d find some people

that were/are on their way to the big hitter status setting up their own

shop. Obviously some of the perks of a major firm will keep many

around, but technology and many other factors (including real or

perceived “freedom”) make it worthwhile to move for some.



Your point about a bigger piece of a much smaller pie obviously has some

merit–but the people you’re talking about can’t or won’t get to $750k, as

you argue. There’s probably some point, perhaps $400k, where many

fewer people will leave for the indy world. But some future $1m

producers definitely leave early in their ascent…now, they may not get

there as fast as indy because of the disruption to the biz. If you don’t

care about your company’s name, getting 65% of 700k is better than

getting 45% of $1m…and you can afford your own trips to Venice, etc.



As with anything the 80/20 rule is probably applicable here: 80% of guys

that go indy from wires may fit NASD’s idea of them, but the other 20%

are legitimately successful at wires and make up 80% of the production of

those that leave for indy. I honestly don’t understand why a long time

wire guy with good relationships doing only $300k doesn’t go indy–can

probably easily increase his income by 40-50%. Must be they get a hard

on about saying the name of their firm, much like NASD.



PS NASD–your lawfirm comment doesn’t quite make sense. Instead,

think of attorneys, CPAs, doctors, etc–how many work for a firm with a

nationally known name (like Merrill Lynch known?). They don’t–they are

independent and own the place (hence the term “partner”).

NASD please stop posting, your f**king up the whole forum. You remind me of an Islamic Extremist who doesn’t want to accept reality.

[quote=Cowboy93]NASD--perhaps in the old days (ie yours), the above was true. News
flash--the world changes over time. I think now you'd find some people
that were/are on their way to the big hitter status setting up their own
shop. Obviously some of the perks of a major firm will keep many
around, but technology and many other factors (including real or
perceived "freedom") make it worthwhile to move for some.

Your point about a bigger piece of a much smaller pie obviously has some
merit--but the people you're talking about can't or won't get to $750k, as
you argue. There's probably some point, perhaps $400k, where many
fewer people will leave for the indy world. But some future $1m
producers definitely leave early in their ascent...now, they may not get
there as fast as indy because of the disruption to the biz. If you don't
care about your company's name, getting 65% of 700k is better than
getting 45% of $1m...and you can afford your own trips to Venice, etc.

As with anything the 80/20 rule is probably applicable here: 80% of guys
that go indy from wires may fit NASD's idea of them, but the other 20%
are legitimately successful at wires and make up 80% of the production of
those that leave for indy. I honestly don't understand why a long time
wire guy with good relationships doing only $300k doesn't go indy--can
probably easily increase his income by 40-50%. Must be they get a hard
on about saying the name of their firm, much like NASD.

PS NASD--your lawfirm comment doesn't quite make sense. Instead,
think of attorneys, CPAs, doctors, etc--how many work for a firm with a
nationally known name (like Merrill Lynch known?). They don't--they are
independent and own the place (hence the term "partner").[/quote]

I disagree--I am telling you that when wirehouse brokers leave it is when they've hit a plateau and they're unable to kick it up another notch.

So they go--and so does a lot of their book.  A few are missed because they were good guys--most are not missed at all.  Their desk is filled by somebody else, and a newbie is hired.  Life goes on.

Would some of those guys eventuallly kicked it up another notch--the future million dollar hitter that Cowboy is talking about?  Who knows?   My conclusion that they would not have is based on more first hand knowledge than his opinion which is nothing more than that.

It seems as if only two of the people who are on this forum left a wire for LPL--Joeboy and Starka/Philo who are the same person.

Joeboy admits he was no million dollar producer--and Starka lies at every opportunity so nothing he says can be believed.

I'd be interested in knowing a bit about the top five producers at LPL--where they came from and stuff like that.  I'll bet somebody can come up with who they are.

[quote=brothaK]NASD please stop posting, your f**king up the whole forum. You remind me of an Islamic Extremist who doesn't want to accept reality. [/quote]

What is reality?  I was working at a major wirehouse about three months ago--you haven't even been able to land a job offer.

Are you old enough to buy a case of beer?

I found an old Ledger areticle from last October.  The top 10 producers for that month were Ron Carson, Robert Fragasso, Susan Kaplan, Garrett Ahrens, Todd Feltz, John Waldron, Kerrick Bubb, Cleves Delp, H. Michael Gilbert, and David Latko.  Other than knowing that Carson is generally #1, I have no idea how these people stack up over a year's time.  I don't know all their histories, so I'll leave that part to someone else.