Leaving Jones

Yes, after your license is inactive for two years and you have to retest to be back in the industry.

Are you blaming Jones or do you feel this business is not for you?

[quote=lambda]

Are you blaming Jones or do you feel this business is not for you?

T-

Thardy, its ok to say this is not for me–go out and find what it is you really want to do–this business isn’t for everyone–I don’t feel sorry for Jones–they took the chance to invest in you and it didn’t work out–that being said they have the absolute right to keep you out of the industry for a couple of years–You leaving doesn’t make you a bad person–go find your place in the world.

Thanks for the replies, I think…Im not blaming Jones. But I do have a problem with the way things where explained to me in the beginning. I didnt think this industry would be easy, Im used to hard work and long hours in a sales atmosphere. Im just not used to doing it for free!  

Neither Lambda, like I said in my post, financially I can no longer afford to stay. It’s not about blame or failure.

I am not doing a goodknight, when I originally inquired about the program, it was discouraged by my RL.

The long term outlook is what attracted me to Jones in the first place. I would like to stay, but I really cant afford to at this point. It’s not even an option for me now.

T- “I do have a problem with the way things where explained to me in the beginning”

I agree with Miss Jones about the 6 months of income saved. I think that is pretty standard unless you are married with two incomes in the household. When I asked about income in the beginning I was told about 50-60k. They dont really explain how you get paid and what that number includes until after KYC. If someone could have explained the need for 6 months of savings during the interview process, I believe I could have made a better decision. I dont have a problem with the Jones model and I love the culture here. But I think that like many other firms and companies, Jones could do a better job setting people up for success, not failure. Jones does a great job hiring good people, the next step is to find a way to keep the good people they hired.

Can you explain what you were told during KYC that was different from when you were hired? If I recall correctly, they spell out how much you will be paid during study and after Eval/Grad. What was the big surprise? Let me clarify…they tell you how much you will make “base”. You should have calculated this as your worse case scenario. As I’m sure you know, nothing in sales is guaranteed; especially starting off.

Not hearing the full story until you are on board is not uncommon we had quite a lively debate at kwc when we were informed we do not get company leads so to speak. of the 14 of us there the only two who were aware of that were people that have family at jones. two decided to not purue it any further at that point. I was told the door knocking last anywhere from 3 weeks to 3 months. but that number can be accurate in a little town i suppose, but i work in a large city 14 months later I still door knock along with other activities, but starting over knowing what I know now I most likely would have taken a differant path. Jones is a great Company just not a great fit personally.

I still don’t get it.  I’m midway through the interview process and even before you begin EJ sends you the Resposibilities and Expectations booklet which outlines most of what you need to know including compensation.  In addition, compensation is explained to you TWICE during the phone invterviews, to make sure you understand.  They only component thats not 100% accurate (according to other posters) is the new account bonus which is not so easy to hit.

I believe “firm growth” being a category (and credit cards ) for winning a diversification trip is highly unethical. It causes FAs to recruit folks they otherwise would not have, and when you’re trying to win something, you tend to leave out most of the negatives.

I still don’t get it.  I’m midway through the interview process and even before you begin EJ sends you the Resposibilities and Expectations booklet which outlines most of what you need to know including compensation.  In addition, compensation is explained to you TWICE during the phone invterviews, to make sure you understand.  They only component thats not 100% accurate (according to other posters) is the new account bonus which is not so easy to hit.

The estimated first year income formula uses new account bonus to get milestone bonus so it sound like a slam dunk. i did better than there estimate my first year by exceeding the comm. because of bigger accounts. I only hit the new account bonus twice

I thought they made you sign a contract (or form) which shows the SPECIFIC dollar amount of each 3 month pay period for the first 12 months.  I don’t mean to be harsh, but what were your expectations?  Did they make you think they would supply the bodies and you did the paperwork?  I have gone through it myself, so I am having a hard time figuring out where you were possibly misled regarding income.  Yes, the new account bonus is a complete scam, but otherwise, everything was on the up and up for me.

I don’t think the salary portion was his(or who ever you are responding to)ianybody’s issue your right it is in writing. Some people expect if they do the requested contacts they will make the brochures estimated income. but without those estimated new account bonus’s the and chasing small accounts he can easily make less even though he did the work. I made more than there estimate with less new accounts. my issues are not with income I am well above standard. It is the “if we don’t handle it it must be bad for the customer” mentality. KInda like my 85 year old baptist mother, If she doesn’t understand it it must be from the devil!

I did receive the contract after the interview process. I understood the base, still didnt understand the commision at that point. I think what threw me off financially where the networking cost that I have paid. I was told by my field trainer when I started that we could use the 2K credit after Eval Grad to cover some of these cost. I think Jones does a great job setting the expectation for the actual labor involved, but not for the income. All they tell you during the interview process is 50-60k including the small base, I think they can do a better job describing the average commission over the first 4-6 months. I think where I went wrong was assuming I would have any out of pocket expenses besides fuel.

No need to appologize, I did ask questions throughout the interview process regarding the pay. Unfortunately, since the training and pay structure had just changed, the vets I spoke with could not answer my questions about what to expect the first few months after training. It wasnt until I met my field trainer, after I accepted employment, that I began to understand a little of what to expect. But even then I didnt factor in the out of pocket expenses. I should have spoken with some newer advisors before I accepted the offer.

How much more money do you need to make every month to pay your bills? 

[quote=Borker Boy]I believe “firm growth” being a category (and credit cards ) for winning a diversification trip is highly unethical. It causes FAs to recruit folks they otherwise would not have, and when you’re trying to win something, you tend to leave out most of the negatives.

[quote=thardy]
I think where I went wrong was assuming I would have any out of pocket expenses besides fuel. [/quote]

Just out of curiosity, about how much were those surprise out of pocket expenses (besides fuel)?  And how long did your 2k mailing allowance last?

I have been out about 10 months and when I was going through the interview process I was told several times to make sure I had several months expenses saved because it would be tight for a while…that being said I made the +/- $50k my first year (including hourly study time)…and haven’t yet hit a new account bonus although I had 4 qualifying accounts twice.  I have hit the milestone bonuses which are much larger and most important IMO.  I don’t think i’ve paid much at all out of pocket since I started…but I am one of the “5 states”…so all my networking groups, cell phones, stamps etc are picked up by EJ.

is this 75k fee something new?

The reason I am asking is because I was employed with Jones about 2 years ago and left before kwc.  Now I am rejoing the securities industry as a financial advisor in a role non sales related.

[quote=Spaceman Spiff][quote=Borker Boy]I believe “firm growth” being a category (and credit cards ) for winning a diversification trip is highly unethical. It causes FAs to recruit folks they otherwise would not have, and when you’re trying to win something, you tend to leave out most of the negatives.

It doesn’t suprise me at all to hear things like that.  When I was a trainer at the home office I often had a new FA come through my class that made me scratch my head.  I remember thinking 15,000 inquiries on the website every month, thousands of applications submitted, and this bone head is the best you can come up with? 

I actually think that if used properly…the Jones credit card can be good…i have a 75 year old widow who had 9 cards with a 7k balance…averaging about 18% interest…I got her consolidated paying 2.9% for a year and 9.9% thereafter…she was in tears talking to me the next month, how I helped her so much…unfortuately, i’m guessing when you need 12 more to get a trip to Africa it might be incentive to give them to everyone you see.

[quote=financeguy]

is this 75k fee something new?

The reason I am asking is because I was employed with Jones about 2 years ago and left before kwc.  Now I am rejoing the securities industry as a financial advisor in a role non sales related.

I actually think that if used properly…the Jones credit card can be good…i have a 75 year old widow who had 9 cards with a 7k balance…averaging about 18% interest…I got her consolidated paying 2.9% for a year and 9.9% thereafter…she was in tears talking to me the next month, how I helped her so much…unfortuately, i’m guessing when you need 12 more to get a trip to Africa it might be incentive to give them to everyone you see.

sorry your right i quit right after kyc…i had forgotten the correct terminology

I have spent between 150-200 per month on networking events. There are 3 organizations I want to join, that would be an additional $1000. I still have most of the 2k marketing credit. I get most of my marketing supplies for free from mutual fund wholesalers.

I am considering that, or at least coming back into the industry when I am more financially stable. I got a call from ML, but with their recent troubles I wasnt sure if that was a good move.

[quote=financeguy]sorry your right i quit right after kyc…i had forgotten the correct terminology