EJ (another) compensation question
Hi,
Any EdJ FA's who might know the amount of base salary that is offered to newbies in the Los Angeles area? Also, what kind of income are EdJ FA's making during the second year when the base salary has ended? Any insight is appreciated. Thanks[quote=william]Hi,
Any EdJ FA's who might know the amount of base salary that is offered to newbies in the Los Angeles area? Also, what kind of income are EdJ FA's making during the second year when the base salary has ended? Any insight is appreciated. Thanks[/quote]The people that belong in our industry don't ask questions like that. They KNOW that they will make plenty of money in year one and year two.
Regarding Vic Mackey’s reply: The self-righteous attitude is uncalled for. This person doesn’t know it all and shouldn’t presume to know the background, drive, and ability of others.
[quote=william]Regarding Vic Mackey’s reply: The self-righteous attitude is uncalled for. This person doesn’t know it all and shouldn’t presume to know the background, drive, and ability of others. [/quote]
You asked for any insight and said it would be appreciated, young lady. You should’ve let us know that you only wanted us to say what you want to hear.
And just so you know…people with butterfly avatars always fail.
[quote=william] Hi,
Any EdJ FA’s who might know the amount of base salary that is offered to newbies in the Los Angeles area? Also, what kind of income are EdJ FA’s making during the second year when the base salary has ended? Any insight is appreciated.
Thanks[/quote]
I’d say no more than $2500.00 a month and after three months you can also start making commissions. You need at least 3-6 months in savings to start in this business. if you don’t have that liquid cash (this does not include some old 401k with penalties and taxes) you should wait until you can afford to make the jump.
Typically you make the same income you made the first year in the second because now you have to sell more in order to make up the salary option you had in the first year…
Miss j
Any EdJ FA's who might know the amount of base salary that is offered to newbies in the Los Angeles area? Also, what kind of income are EdJ FA's making during the second year when the base salary has ended? Any insight is appreciated.
Thanks[/quote]
I'd say no more than $2500.00 a month and after three months you can also start making commissions. You need at least 3-6 months in savings to start in this business. if you don't have that liquid cash (this does not include some old 401k with penalties and taxes) you should wait until you can afford to make the jump.
Typically you make the same income you made the first year in the second because now you have to sell more in order to make up the salary option you had in the first year..
Miss j[/quote]
The salary is eleventy kabillion dollars per month.
[quote=noggin]The salary is eleventy kabillion dollars per month. [/quote]
EH?
Is that some kind of inside joke or what?
No he is just a moron who left jones and never has anything constructive to say so he needs to bash Edward Jones every chance he gets…he obviously didn’t make it there …they put him on goals and eventually kicked his sorry ass out! Now he feels like he is getting back by trying to tell new Jones brokers that they shouldn’t be with such a horrible company!
And also, I have never …not even once, said that if you leave jones its because you are a piker/loser/washout etc…only those who do nothing on this thread other than look for ways to bash Advisors who currently work for EDJ…even those that bash jones but have good points and only do it to make them…I don’t say that about…if you look at my previous posts, ice, you will see that it is true!
Guilty, I love the company I work for and have no reason to complain at this point. I do see how, especially with the new payout (i'm in one of the "5" states) it may be beneficial when you reach a certain AUM or Gross Comm to move to the indy model. I hope to find out soon and have to make that decision. I don't see how it is bad to defend the company you work for...particularly when they have put a load of money into me in the form of licensing, training, office, BOA, and many other things. This new payout is really beneficial to the new FA...unfortunately, I think the Vets are paying for it...hence my previous comments.I’ve defended EDJ myself, and I’m not even there…I don’t think Noggin does much bashing. I have read your posts - and it’s pretty obvious…you do like the Kool-Aid.
"And just so you know…people with butterfly avatars always fail. "
...that made me laugh so hard i just shot my iced coffee out of my nose and onto my fancy monitor and keyboard...damn, if that wasnt so funny I would be mite tee'd off right now...I know Noggin’s story and he was far from failing when he jumped. Nog got disgusted over time and if I recall correctly, the final straw was finding out that a respected vet in his region apparently stole millions from his clients before committing suicide. I think Nog got tired of seeing the hypocrisy and being lied to. EDJ is far from the only firm to lie to employees to keep them in line, and the lesson of Nog’s experience is that you can’t believe much of what management (substitute RL’s and GP’s in the case of Jones) is telling you. Often management has a hidden agenda (usually your retention) that makes them prone to being less than honest with you. Stay in this business long enough and you’ll see it for yourself.
Absolutely! I was in another beaurocratic profession and saw that over many years. with 11k office + you know we have our share of crooks like any other firm. How noggin left is really unimportant, and I would totally understand how he feels if that is/was his situation. But to knock the whole firm and try to tell newbies that the company as a whole is so terrible is not only unfair, its untrue. I have friends with UBS right now and let me tell you...they are jealous of me working for a partnership, and a company that hasn't been involved in some of the stuff many other large, "well respected and highly regarded" firms are!I know Noggin’s story and he was far from failing when he jumped. Nog got disgusted over time and if I recall correctly, the final straw was finding out that a respected vet in his region apparently stole millions from his clients before committing suicide. I think Nog got tired of seeing the hypocrisy and being lied to. EDJ is far from the only firm to lie to employees to keep them in line, and the lesson of Nog’s experience is that you can’t believe much of what management (substitute RL’s and GP’s in the case of Jones) is telling you. Often management has a hidden agenda (usually your retention) that makes them prone to being less than honest with you. Stay in this business long enough and you’ll see it for yourself.
Absolutely! I was in another beaurocratic profession and saw that over many years. with 11k office + you know we have our share of crooks like any other firm. How noggin left is really unimportant, and I would totally understand how he feels if that is/was his situation. But to knock the whole firm and try to tell newbies that the company as a whole is so terrible is not only unfair, its untrue. I have friends with UBS right now and let me tell you...they are jealous of me working for a partnership, and a company that hasn't been involved in some of the stuff many other large, "well respected and highly regarded" firms are![/quote] Indyone stated my feelings pretty accurately. It's like meeting a girl and falling in love and your buddies tell you she's not all that.... But you say you don't know her like I do and you continue on. Then one day you realize that the VA that you sold your firm recieves 6.25% in compensation for and yet only pays you on 4.75% . Where did that extra money go? Did it vanish? Was I mistaken? Why was I told to put people in different investments than they wanted just so I would win a diversification trip? I was told 30 days later just exchange into what they wanted......everybody wins...... Why was i told to split investments up to avoid breakpoints so i would be compensated greater? Why was i paid less on a C share than an A share when the C share was in the clients best interest? Why did Jones wait so long to change from a 100% transactional brokerage firm? Why did Jones allow a partner of the firm to defraud many clients and never even own up to the facts with the employees of the firm? Why does Jones prohibit joint meetings with other firms? Why did Doug Hill tell VA providers that if he found out they encouraged an IR to place a VA inside an IRA he would kick them out of the Jones system? Why did Jones hire people who had absolutely no business being in the business? Why did they let them loose on the unsuspecting public? On a positive note, I am thankful to have gotten my start in the industry at Jones. I have some very dear friends still at Jones. I wish the best for them. They deserve better than the doublespeak and halftruths that they are given. Koolaid- i wish you the best as well. One day you will be faced with the truth, what you do with it is certainly up to you.[quote=Indyone]I know Noggin’s story and he was far from failing when he jumped. Nog got disgusted over time and if I recall correctly, the final straw was finding out that a respected vet in his region apparently stole millions from his clients before committing suicide. I think Nog got tired of seeing the hypocrisy and being lied to. EDJ is far from the only firm to lie to employees to keep them in line, and the lesson of Nog’s experience is that you can’t believe much of what management (substitute RL’s and GP’s in the case of Jones) is telling you. Often management has a hidden agenda (usually your retention) that makes them prone to being less than honest with you. Stay in this business long enough and you’ll see it for yourself.
[quote=noggin][quote=Hey Kool-Aid][quote=Indyone]I know Noggin’s story and he was far from failing when he jumped. Nog got disgusted over time and if I recall correctly, the final straw was finding out that a respected vet in his region apparently stole millions from his clients before committing suicide. I think Nog got tired of seeing the hypocrisy and being lied to. EDJ is far from the only firm to lie to employees to keep them in line, and the lesson of Nog’s experience is that you can’t believe much of what management (substitute RL’s and GP’s in the case of Jones) is telling you. Often management has a hidden agenda (usually your retention) that makes them prone to being less than honest with you. Stay in this business long enough and you’ll see it for yourself.[/quote]
Absolutely! I was in another beaurocratic profession and saw that over many years. with 11k office + you know we have our share of crooks like any other firm. How noggin left is really unimportant, and I would totally understand how he feels if that is/was his situation. But to knock the whole firm and try to tell newbies that the company as a whole is so terrible is not only unfair, its untrue. I have friends with UBS right now and let me tell you...they are jealous of me working for a partnership, and a company that hasn't been involved in some of the stuff many other large, "well respected and highly regarded" firms are![/quote] Indyone stated my feelings pretty accurately. It's like meeting a girl and falling in love and your buddies tell you she's not all that.... But you say you don't know her like I do and you continue on. Then one day you realize that the VA that you sold your firm recieves 6.25% in compensation for and yet only pays you on 4.75% . Where did that extra money go? Did it vanish? Was I mistaken? Why was I told to put people in different investments than they wanted just so I would win a diversification trip? I was told 30 days later just exchange into what they wanted......everybody wins...... Why was i told to split investments up to avoid breakpoints so i would be compensated greater? Why was i paid less on a C share than an A share when the C share was in the clients best interest? Why did Jones wait so long to change from a 100% transactional brokerage firm? Why did Jones allow a partner of the firm to defraud many clients and never even own up to the facts with the employees of the firm? Why does Jones prohibit joint meetings with other firms? Why did Doug Hill tell VA providers that if he found out they encouraged an IR to place a VA inside an IRA he would kick them out of the Jones system? Why did Jones hire people who had absolutely no business being in the business? Why did they let them loose on the unsuspecting public? On a positive note, I am thankful to have gotten my start in the industry at Jones. I have some very dear friends still at Jones. I wish the best for them. They deserve better than the doublespeak and halftruths that they are given. Koolaid- i wish you the best as well. One day you will be faced with the truth, what you do with it is certainly up to you. [/quote] It's all good nog, the difference I guess, is that I've never been pushed to use any specific investments nor have I been made to use any specific share class. I have never been told to purchase anything for a client to win a Div Trip and switch it back. I was certainly never told to split up purchases in order to avoid breakpoints. My training here at Jones taught me the opposite of all of those things. Regarding the unfortunate situation with the guy who defrauded his client and killed himself, well, that certainly sucks, i'm sure it happens in lots of firms..there are bad Brokers in every firm. I'm sure, even as close as you were to the situation, you cannot possibly be aware of the inside dealings and what goes on to make the victims whole. I certainly don't know, but unless you are privy to the Partner's private discussions you can only speculate. It seems like you were unlucky and started in a poor region that tried to teach you the wrong way to do things, very much against what we preach in my region. Look, I will be the first to tell you that Jones, or any other firm for that matter, is far from perfect. I also know, as I have posted on this very thread, that i'm sure there is a point in a broker's career, that it may make sense to be indy. I'm not at that point yet. It also is a very individual decision based on how much it is worth it to you in dollars to have less headaches i.e. responsible for dealing with all expenses, taxes etc. , for some, it may be worth the lower payout in VAs etc. Noggin, I wish you well also, I just feel the need to defend the company I work for, particularly when the hatred is spewing and I see the opposite in my region and in my training classes in Tempe. I truly hope your situation is the exception and from conversations I have had with FAs country wide ...it is.Geez Ice...are you guys takin showers together or something? ;) lol...No doubt, bspears is much worse than Noggin...but I know the difference!Kool-Aid - I still think you confuse noggin with bspears…
Actually you are a moron if you think that is accurate.....No he is just a moron who left jones and never has anything constructive to say so he needs to bash Edward Jones every chance he gets…he obviously didn’t make it there …they put him on goals and eventually kicked his sorry ass out! Now he feels like he is getting back by trying to tell new Jones brokers that they shouldn’t be with such a horrible company!
[quote=] [quote=william]Hi,
Any EdJ FA's who might know the amount of base salary that is offered to newbies in the Los Angeles area? Also, what kind of income are EdJ FA's making during the second year when the base salary has ended? Any insight is appreciated. Thanks[/quote]The people that belong in our industry don't ask questions like that. They KNOW that they will make plenty of money in year one and year two.
[/quote] I usually just read these boards but your response was pathetic and couldn't go unnoticed. Everyone getting into this field asks questions like that. You are fooling yourself if you think you never thought about those issues when starting your career. You sound bitter...must not be doing so well lately huh?
[quote=Hey Kool-Aid] <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
I do see how, especially with the new payout (i'm in one of the "5" states) it may be beneficial when you reach a certain AUM or Gross Comm to move to the indy model. I hope to find out soon and have to make that decision. This new payout is really beneficial to the new FA...
[/quote]
How does this new payout work compared to the old one?
Thanks
[quote=mnmaze10]
[quote=Hey Kool-Aid] <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
I do see how, especially with the new payout (i'm in one of the "5" states) it may be beneficial when you reach a certain AUM or Gross Comm to move to the indy model. I hope to find out soon and have to make that decision. This new payout is really beneficial to the new FA...
[/quote]
How does this new payout work compared to the old one?
Thanks
[/quote] The new payout pays the FA 36% (new FA under 200K gross annual comm) as opposed to 40% previously...the difference is that now the firm pays some other expenses i.e. postage, advtg, networking group dues, as well as several other necessary expenses that were not previously P&L charges...for the new FA, since our Gross is less than veteran FA's, the amt. saved by them paying those expenses exceeds the 4% less of payout...however, when you reach a certain point, probably seg 4, your loss of payout is more than they are saving you by paying the expenses. Therefore, you are paying, and subsidizing if you will, the newer, less-productive advisors.[/quote]
Thanks, Do they usually explain the payout system and different segments in detail before hiring or after? I’d really like to get more info on exactly (detailed) how you are compensated and take home pay compared to somewhere like Raymond James and somewhere like Morgan Stanley.
I also have a few more questions if anyone knows about the three different firms and wouldn’t mind taking a few minutes of their time. Please let me know if it would be okay to send a private message.
Thanks
[quote=mnmaze10][/quote]
Thanks, Do they usually explain the payout system and different segments in detail before hiring or after? I'd really like to get more info on exactly (detailed) how you are compensated and take home pay compared to somewhere like Raymond James and somewhere like Morgan Stanley.
I also have a few more questions if anyone knows about the three different firms and wouldn't mind taking a few minutes of their time. Please let me know if it would be okay to send a private message.
Thanks[/quote] Not really sure since this whole "5 states" deal is pretty new. It isn't necessarily based on Segment as it is on Gross Production.. As everything else I have seen with Jones, the payouts are clearly stated in the info on the website and they will go over it with you in detail before you are hired. I don't know how the other firms do it so I won't be able to help you with that. good luck!
"however, when you reach a certain point, probably seg 4, your loss of payout is more than they are saving you by paying the expenses. Therefore, you are paying, and subsidizing if you will, the newer, less-productive advisors. "
Actually, I think this is probably wrong. In looking at it it seems that you would make out better the higher your production. For example, let's say you produce 900K. Your payout is now 38% instead of 40%. So on 900K, that's a haircut of 18,000. Your expense reimbursement credit is between 17,500-19,000 (900,000 is a cutoff between the ranges). So actually, if you use your entire credit (which you would), your AFTER TAX pay is better, since you are lowering your taxable income by 18,000, but you do not need to satisfy the 2% requirement to claim the expenses on your taxes (since they are itemized deductions). Now, may facts or calcs may be wrong, but I believe that's how it works. I am not in one of those states, so I spent all of 2 minutes to research it.[quote=B24]"however, when you reach a certain point, probably seg 4, your loss of payout is more than they are saving you by paying the expenses. Therefore, you are paying, and subsidizing if you will, the newer, less-productive advisors. "
Actually, I think this is probably wrong. In looking at it it seems that you would make out better the higher your production. For example, let's say you produce 900K. Your payout is now 38% instead of 40%. So on 900K, that's a haircut of 18,000. Your expense reimbursement credit is between 17,500-19,000 (900,000 is a cutoff between the ranges). So actually, if you use your entire credit (which you would), your AFTER TAX pay is better, since you are lowering your taxable income by 18,000, but you do not need to satisfy the 2% requirement to claim the expenses on your taxes (since they are itemized deductions). Now, may facts or calcs may be wrong, but I believe that's how it works. I am not in one of those states, so I spent all of 2 minutes to research it.[/quote] Acutally, B24 is correct....I was using Seg 3,4 and some Seg 5...when you start to approach million dollar producer...yes...you are better off...but, the majority of Brokers fall in the middle...like B24, my numbers are guesstimates...you would have to sit and do all of the math to figure out at which points you are losing...and then again at what production you would again be advantageous.sorry…just reread that and my grammar really sucked…was writing quickly. But you get my gist???
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