EJ Compensation package
I was wondering if any of you had any info on the updated EJ compensation package. I recieved an email from them saying they were taking into account location and experience. Any clue what an Army officer making just under 70K with 5 years of experience (27 months in combat) would possibly be looking at in a suburb of Boston? I am asking straight up salary - no commission. Please save the smart comments - I am currently deployed to a place called the “Triangle of Death” and we don’t exactly have high speed wireless. It took me about 40 min to post this…
Thanks in advance!Mike4,
EJ publish this on their web site. Look under "Responsibilties and Expectations" under starting your financial sales carreer, It also decribes in detail the interview process and a scenario of the first three years. Read it it is most helpful This is their summary ....Selling Months 1-12
Base Salary Est. $ 21,840
Commission Est. $ 18,000
New Account Bonus Est. $ 6,000Milestone Bonus Est. $ 9,000
Total $ 54,840
Selling Months 13-24
Milestone
Bonus Estimate $ 14,000
New Account
Bonus Estimate $ 6,000
Commission Estimate $ 42,000
Total $ 62,000
Selling Months 25-36
Milestone
Bonus Estimate $ 14,000
New Account
Bonus Estimate $ 6,000
Commission Estimate $ 68,000
Total $ 88,000
Mike - The website info is good for a ballpark figure, but the only people who have that info specifically for you and your location are the recruiting people. Shoot them an email (when you have another 40 minutes without people shooting at you) and see if they will give you better info.
[quote=btomba]Mike4,
EJ publish this on their web site. Look under "Responsibilties and Expectations" under starting your financial sales carreer, It also decribes in detail the interview process and a scenario of the first three years. Read it it is most helpful This is their summary ....Selling Months 1-12
Base Salary Est. $ 21,840
Commission Est. $ 18,000
New Account Bonus Est. $ 6,000Milestone Bonus Est. $ 9,000
Total $ 54,840
Selling Months 13-24
Milestone
Bonus Estimate $ 14,000
New Account
Bonus Estimate $ 6,000
Commission Estimate $ 42,000
Total $ 62,000
Selling Months 25-36
Milestone
Bonus Estimate $ 14,000
New Account
Bonus Estimate $ 6,000
Commission Estimate $ 68,000
Total $ 88,000
[/quote] The only thing I would add is that the New Account Bonus estimate is total bullshit. I think I made a total of 1,100 on that bonus option.. Most people I know never made one new account bonus.. So everything else might be right but I would say Mike if you can make 40-45K your first year.. Your doing things on par. Personally my first year I made in the 80's but that obviously included my commissions.. Jones doens't pay for your health coverage, Marketing expenses (they provide 2000.00 but your burn through that quickly), you will likely have to buy new clothes coming from a military job, you'll need 3-6 months of income saved somewhere so just incase you need to pay the mortgage you have money.. I would weigh seriously making a job change based on making 54,000 a year.. Most new people don't make that.. Plus you need to have some serious cash saved.. Just my advice.. If you feel you can do those things.. Welcome to the firm. ** Most don't weigh those things and they burn out.. Just trying to help save you that grief. Miss JLeave it to Miss Jones to make an objective observation…and tell it like it is.
Commission seems a bit low.
New Account Bonus - bank on zero Milestone bonuses - very doable. Salary - depends, but not far off. One other observation - depending on what your commissions are year one, you might not do much more in year two. This is because you need to add 22K in net commission in year 2 to make up for the loss of salary. And I found year 2 to be tougher. Year 3 numbers look very attainable (minus new acct bonuses).I just finished my first year from can sell date feb1,i did better than the 54 BUT the new account bonus was closer to a grand, commission was fair amount higher and missed 1milestone bonus (i was off 3 weeks last july) salary goes away on the 13th month,and i did not work 7 days a week 12 hours a day like they make think you need to, Good Luck
Yooper??? your signature line reads "I drank the koolaid but didn’t swallow "
* Does this make you a spitter? You either swallow or your spit.. Which one are you? Miss J - Just having a little bit of fun, at your expense.What in the world would bspears and Miss Jones do if the ellipsis were ever banned from this forum?
I see the devil is in Mrs. Jones!
we would have sex…on her edj’s desk with Weddle smiling down on me…
Or teds Horse and dog from the required"ted story"photo watching you…Ted has his head turned.
I’m not into animals watching…I have to draw the line somewhere…She would have to remove the photo…
Can someone ellaborate on why the New Account Bonuses are so hard to hit? Thanks
But are you into watching animals...never mind.I’m not into animals watching…I have to draw the line somewhere…She would have to remove the photo…
C’mon guys when you mention sex and animals in the same breath I’m getting a little worried about you.
New account bonuses are hard because you have to open a lot accounts to get it. It's pretty simple.Not all accounts count, and personnaly (right or wrong) I spend more time looking for rollovers etc than chasing 529 plans just to open an account, but what ever works for you, I know a F/A that opens 20+ accounts a month and never hit 6k his first year in bonus. makes for some braggin numbers unfunded accounts won’t pay your bills.
Because it is NOT a new account bonus! It is a new HOUSEHOLD bonus, and the timing makes it tough: you only get paid starting at household #5 FOR THAT MONTH. If you get your fifth household a day late, you get ZIP.
This was one of the worst new programs in my time at Jones. Why? because a bonus is supposed to be motivational, and to be motivational the FA needs to know that he/she will be paid for doing certain things. In this case, you have no idea if you will be lucky enough to "time it" in order to get all the households in for the month. You soon learn to forget about it-if you get lucky with it, so be it. stupid, kindergarten rules.I agree with newnew. That new account bonus program is horrible. That would be one of the many carrots that everyone bad mouth’s Jones for. If the numbers work in your favor it can be a nice system, but I don’t hear much from our new FAs about them getting any substantial NA bonuses.
That one day late thing will continue to haunt you for the rest of your commission based selling career. You'll get the rollover check that would have won you a diversification trip the day after the contest ends. You'll get the check for that last trade that would have moved you from Seg 2 to 3 the day after the selling month is over. It's going to happen. This biz can be brutal that way.Spiff's right. I only ever missed one trip and it was because last minute the client wanted to think a day or two. She ended up thinking for two months. I asked her to put money in with the Dow 7400. Cost her a boatload of money. It killed me. I'm really not over it yet! Geez!
I almost missed winning my first trip because of a check not getting there in time. I knew when the check was mailed, how much it was for, and what we were going to invest it in. I knew I was going to get that check on Wed or Thur (our selling month ends on Tuesday). I was so new that I actually called my RL and asked what to do. He said he can't tell me what to do officially, but in his office he wouldn't miss a trip because just because the check wasn't there. Trade plus three days settlement. Don't answer the wire over the weekend. Then tell HQ that the check has been mailed, maybe they give you a two day extension. He said that's the way he would do it in his office. Well, I placed the trades. Got the check the next day. But, man, was I sweating it.
[quote=Spaceman Spiff]
I almost missed winning my first trip because of a check not getting there in time. I knew when the check was mailed, how much it was for, and what we were going to invest it in. I knew I was going to get that check on Wed or Thur (our selling month ends on Tuesday). I was so new that I actually called my RL and asked what to do. He said he can't tell me what to do officially, but in his office he wouldn't miss a trip because just because the check wasn't there. Trade plus three days settlement. Don't answer the wire over the weekend. Then tell HQ that the check has been mailed, maybe they give you a two day extension. He said that's the way he would do it in his office. Well, I placed the trades. Got the check the next day. But, man, was I sweating it.
[/quote] Geesh, I had to take a swig of some Maalox just reading your post! I've got to give you credit, you've got a hairy set on you, buddy-boy!I would prefer a new ASSET bonus over a new account bonus. By having production and asset bonuses, it rewards new advisors for bringing in real clients, not the BS that most of them jockey for, The tough part is when you bring in a 500K IRA transfer and it’s already in American Funds, or some other good group of investments and you get little or no gross for it. The advisor should be rewarded for this, as opposed to getting $500 for opening 10 DCA accounts. I know Jones has this “open as many accounts as possible in the beginning” philosophy, which to an extent is very important, but they just disregard AUM. I am betting that this will start to change as they roll out the managed account program.
Now, I may be biased in this philosophy, since I consistently bring in a lot of assets, but rarely open the “coveted” 5 households per month. And there are others that are opening 10-20 accounts per month (this is usually the result of SIMPLE’s), but can’t make their production numbers. I guess there’s no perfect compensation model, since we all build it a little differently. The only thing I will say is that if you consistently open a lot of accounts every month, eventually that will pay off as a strategy (assuming they are “real” accounts). So I guess helping to keep someone in the game until that pays off is worthwhile.
I almost missed winning my first trip because of a check not getting there in time. I knew when the check was mailed, how much it was for, and what we were going to invest it in. I knew I was going to get that check on Wed or Thur (our selling month ends on Tuesday). I was so new that I actually called my RL and asked what to do. He said he can’t tell me what to do officially, but in his office he wouldn’t miss a trip because just because the check wasn’t there. Trade plus three days settlement. Don’t answer the wire over the weekend. Then tell HQ that the check has been mailed, maybe they give you a two day extension. He said that’s the way he would do it in his office. Well, I placed the trades. Got the check the next day. But, man, was I sweating it.
I did that once (to make Seg 3). It was an ACAT that had arrived on the last day, but was not yet showing in his account. I will never do that again. Too much anxiety. That is one of the things I dislike about the Jones stick-and-carrot model. Makes you do things you would otherwise not want to do. Not that this was unethical, illegal, or anything. I was just pushing the envelope on timing. But, nonetheless, it gives you that not-so-fresh feeling.
Wow, you lot have balls to risk trading on a check in the mail.
Obviously, the trip must have been .. a not too miss one .... Is there a choice ... a trip or a bonus??????I don't typically take a gamble like that. But, in that case, I knew when the check was mailed and how much it was for. I knew that I would get it in the next day or two, so I wasn't incredibly concerned. At that point I had been out less than a year, so I REALLY wanted to take the trip. I don't do that now.
There are choices on the trips. That one in particular was to Lake Como, Italy. That trip is now considered a supertrip. It was phenomenal. You can also take cash if travelling isn't your thing. I think the after tax amount is $2000. I've never cashed a trip, so I'm not too sure.Lake Como and Northern Italy are a beautiful part of the world. I have walked in the Italian alps in the summer and skied in the winter. A very captivating location.
[quote=Spaceman Spiff]
I almost missed winning my first trip because of a check not getting there in time. I knew when the check was mailed, how much it was for, and what we were going to invest it in. I knew I was going to get that check on Wed or Thur (our selling month ends on Tuesday). I was so new that I actually called my RL and asked what to do. He said he can't tell me what to do officially, but in his office he wouldn't miss a trip because just because the check wasn't there. Trade plus three days settlement. Don't answer the wire over the weekend. Then tell HQ that the check has been mailed, maybe they give you a two day extension. He said that's the way he would do it in his office. Well, I placed the trades. Got the check the next day. But, man, was I sweating it.
[/quote] I'm sure you ran that through your branch manager,er, field services person first, right?Hey…no spewing hatred until you have actually MADE IT as an indy…you may be begging for the green kool aid in a couple of months!
Until you have actually won a trip, don't come a knocking.......Hey…no spewing hatred until you have actually MADE IT as an indy…you may be begging for the green kool aid in a couple of months!
[quote=Hey Kool-Aid]
Until you have actually won a trip, don't come a knocking....... The trip will come....I should be eligible for the next one!...Plus they give me some rookie points so it will be a cinch![/quote] WHEN you win one, you will enjoy it! I know I enjoyed the ones I won. Be prepared for the tax burden that follows closely behind, ouch..... I wish you well.Do these trips mean that you have to go with other EJ reps? All talking about BS? I hope not!
I almost missed winning my first trip because of a check not getting there in time. I knew when the check was mailed, how much it was for, and what we were going to invest it in. I knew I was going to get that check on Wed or Thur (our selling month ends on Tuesday). I was so new that I actually called my RL and asked what to do. He said he can't tell me what to do officially, but in his office he wouldn't miss a trip because just because the check wasn't there. Trade plus three days settlement. Don't answer the wire over the weekend. Then tell HQ that the check has been mailed, maybe they give you a two day extension. He said that's the way he would do it in his office. Well, I placed the trades. Got the check the next day. But, man, was I sweating it.
I'm sure you ran that through your branch manager,er, field services person first, right? *********************** Having trouble with the quote function. Sorry if this looks goofy. Um...sure...I called them and they said do whatever you think you need to. Of course I didn't. Did you read the part where I said I called my RL? noggin - I have won trips, so I'll say it. You're too new as an indy to start spewing the I hate Jones crap. I have some respect for you for making the jump, but you're now the rookie over there. Just like when you started with Jones, you're too new to know what you don't know. Good luck with the transition.btomba - yes, you go with other EDJ FA’s on that trip. There is one mandatory meeting, ususally the first morning you’re there. It’s usually about 2-3 hours max. It exists so that the vendors can cough up the dough to pay for part of the expense of the trip. After that, you’re on your own. Nobody is taking roll to make sure you show up for everything. They normally plan a couple of nice dinners or events that Jones pays for, but you don’t have to participate if you don’t want to.
There is some biz talk outside of the meeting, but it's usually very low key. My first trip, that one to Italy, I hung around with this lady who had been a Jones FA for years. She had a lot of great ideas to pass on to a new guy. I found out 4 days into the trip that she is one of 6, I think, $2 million producers we've had a Jones. Here I am a lowly Seg 1 guy, hanging out and learning from one of the firm's top producers. It was pretty cool.Space, can you share what numbers you need to hit in order to win a trip?
Thanks[quote=noggin][quote=Hey Kool-Aid]
Until you have actually won a trip, don't come a knocking....... The trip will come....I should be eligible for the next one!...Plus they give me some rookie points so it will be a cinch![/quote] WHEN you win one, you will enjoy it! I know I enjoyed the ones I won. Be prepared for the tax burden that follows closely behind, ouch..... I wish you well.[/quote] Thanks noggin...all kidding and bashing aside....good luck to you too!!!...I did know about the taxes we pay on the trips...but overall i'm told its 1st class and well worth it!cerpen - $108K gross is the short answer. There are two contests every year. You have to hit those numbers to get your "points". You also have to qualify in 4 of 8 categories that Jones has set up. Five of them are production related(growth, growth and income, taxable income, tax free income, and LI), three are other things (firm growth, opened credit cards, and CFO accounts). It's called a diversification trip, so you can't just sell all equity funds and win.
The taxes suck. But you can't book a trip on your own like they put together for $1500 including airfare, meals, and hotel. As an add on to your normal duties they are a great incentive to work hard. That is if you enjoy travelling like I do.Can you take the cash instead of the trip?
Yes, but it isn’t even close to what the trip would have actually cost. Cash payout is $2000. They value the regular trips at about $5500 for tax purposes. The cash payout may be close to the portion Jones has to pay after the vendors kick in their piece.
The trips were definitely hard to give up but don't you think it is somewhat less than genuine for Jones to include the Whole amount in your end of year summary that is being given by Jones? I mean vendors paid that amount not Jones...... No matter what side of the fence you are on, the trips were nice.Yes, but it isn’t even close to what the trip would have actually cost. Cash payout is $2000. They value the regular trips at about $5500 for tax purposes. The cash payout may be close to the portion Jones has to pay after the vendors kick in their piece.
The trips were definitely hard to give up but don't you think it is somewhat less than genuine for Jones to include the Whole amount in your end of year summary that is being given by Jones? I mean vendors paid that amount not Jones...... No matter what side of the fence you are on, the trips were nice. [/quote] Trips are nice, but I don't even consider it as part of my total compensation. The way I look at it, if I didn't get those trips, I would not go on them myself. The total compensation report they send at year-end is pretty good. It really only helps in comparing to an independant environment (since going to a wire would be very similar). The only way Jones makes sense financially is if you aer a pretty big producer, so your bonuses and profit sharing are substantial. If you are producing $1mm, chances are your payout is around 65%. But that's before expenses, and not including any LP & GP returns, etc. I have a hard time considering LP part of compensation, since you buy it. But, I guess when you are independant, it is similar to investing in the startup of your office. It's a tough comparison, though.[quote=Spaceman Spiff]Yes, but it isn’t even close to what the trip would have actually cost. Cash payout is $2000. They value the regular trips at about $5500 for tax purposes. The cash payout may be close to the portion Jones has to pay after the vendors kick in their piece.
You know, I got my total compensation report in the mail a couple of nights ago. I looked at it where I normally do my best reading, and haven’t looked at it since. I think my percentage of total compensation was something like 50%. And I’m not getting any huge profitability bonuses yet. So I know that number is only going to up over time. 50% payout for not having to do ANYTHING other than sell seemed like a pretty good number.
Agreed. But they should also show us how much we spent out of pocket. Phone, postage, seminars, mailings, marketing, office supplies, etc. That number is significant. I know the number because I keep good records. But I wish they hadn’t done away with the out-of-pocket expense tracking in the system.
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