Hiring at Jones...Do you have a pulse?
Got a call from a new new rep at Jones yesterday who was quering me about the Jones model. He got back from the first class last week and was questioning the wisdom of building a business from scratch, i.e. working the required 60+ hours a week it takes to get it off the ground. He said it was mentioned many times that they were running their own business , yet he was challenged because he knew that if he left the assets were Jones’ not his.
When he told me he will be 68 in two months I wondered what the requirement is to join the firm today. He said he now had sufficient assets to retire, and only wanted to work part-time. I know age discrimination is against the law, but what about the responsibility of the firm. He must be one hell of a salesman...or the bar has been lowered to meet numbers at any expense. I am sure Spiff will have a spin...Jones hires a lot of these people, hoping they will do ok for the next five years, then let someone come in and take over the assets. They figure they don’t need the income, but know a lot of people with $$$…
EDJ hiring process: PULSE: check Ability to swallow koolaid:check
foot,
Now is the time for you to shine. First, if this guy has a good network of prospects and really doesn't need the money then this may just be what he's looking for. If he doesn't, does he really want to bust his ass at the age of 68? You need to bring him in and give him an honest assessment of how hard this business is. I knew older guys that came to Jones and needed the job and it tore them up physically and mentally. Does he want the stress at age 68?Everyone on this board knows you dont have to have a MBA to sell securities. People can boast all they want about qualifications, etc etc etc. BUT, if you cant convince the prospect to write you a check, nothing else matters. Maybe you feel good b/c you know what a put, call, straddle, p/e ratio, pegy, etc. is. BUT the average retiree from a company like Verizon doesnt care. So shut the hell up about Jones and their hiring. Last time i checked LPL doesnt turn down too many either and I know of 2 FA’s that were hired by LPL that were compliance nightmares. Bottom line, every firm is trying to gain an edge.
The main difference is that LPL doesn’t have reps as employees where edj does…
Chief, they are still looking for the same end result - more revenue. W2 or 1099 doesn’t matter. Pulse, assets, revenue. Jones and LPL are both growth whores (and I mean that in the nicest way!).
I knew three people at Jones in my 14 years with the firm that got hired over the age of 65 and two lasted less than a year and the other retired at 70–the one that retired at 70 just did the minimum to get by!
However, I knew one by the name of Oscar Porter in Elizabeth City NC who was over 62 when hired--build a business from scratch--and was still going in his 80's and his son and grandson took over the "Family Business"... He was a really great guy! As a LPL guy now I can say that B24 and I are on the same page of this--they both are growth whores...but LPL will not take someone with no assets without a branch to work in. See I made my annual nice statement about Jones!Foot-
You’re missing the opportunity of a 68 yr old established individual (assumption on my part) that is looking to work part time. I don’t know the process, but put him in a desk with a phone and sign him up underneath you for a 20% cut with the expectation that when he retires (which would be very soon) that you will assume any assets. No out of pocket money on your part. Seems like a win/win to me…
I don’t see what the problem is with hiring older people. Hell, if they can do the job, why not? My Dad won’t ever stop working. He’s like a shark - I think he’ll die. So, I say work until they nail your coffin shut if you enjoy it.
I actually referred him to a pal who has the space…but in reality you are right. I should be seize the opportunity. After all, he is interested in working part-time. And he’s door knocking around us…Why not bring him into the fold…
Managing people isn't my strong suit... I dunno.Chief, they are still looking for the same end result - more revenue. W2 or 1099 doesn’t matter. Pulse, assets, revenue. Jones and LPL are both growth whores (and I mean that in the nicest way!).
The difference is that LPL is taking proven producers where Jones is taking on newbies and hoping for producers..
By the way I think it is creepy the way EDJ and LPL are so close in numbers.. When I left jones, and looked at LPL all I could think of was, WHEN they go public, it will be just like jones..
Ed Jones is what it is…a basic firm that will give people a shot. I don’t know one person who has applied for a job there that wasn’t either hired or offered though. Not one…so, I am not surpried that they hired an more mature person. My guess would be that he was told multiple time before his hire what would be required of him. They simply aren’t selective. I don’t think that is news. Their model doesn’t require them to be, and in the end you will be selling A-shares out of a strip mall. So, call it what it is…dig in and make some money. It is there if you work for it.
Funny, I know a bunch who have been turned down. Last check about 90% of them.
I'll have you know that I sell bonds, stocks, UITs, LTC, insurance, CDs, and a bunch of other stuff out of my strip mall in addition to mutual funds, thank you very much.Are you in a strip mall, Spiff?
I know for a fact that over 85% of people do not get offered a FA position. Trying to grow organically is not all bad. At least Jones doesnt have to worry merging completely different firms like BAC/Merill and AG Edwards/Wachovia/Wells Fargo. Either grow on your own and people on this board make fun of you OR merge. Neither is perfect.
At the end of World War II the Germans were putting old men and young boys in the front lines. That didn’t work either.
I would give the old guy a fighting chance if he had at least taken over assets. They give reps all the time assets who don’t deserve it.
But come on, even if the guy was extraordinary, is it fair to make him start from scratch pushing 70 years old. Jones gets the hire, and the guy is on the streets trying to supplement his income in no time as a greeter. Sad that the firm who cares so much about its employees treats them like an interchangeable part. Still waiting for Spiff's spin...Actually, I think it’s worse that we’re hiring the kid who is short selling his condo. Nothing like starting in this business with no emergency fund in a new town.
BH, that was yet another spoof on a Jones “new hire”. Are you starting to see a trend the past 30-60 days I think it’s BSpears hard at work in his garage/office.
[quote=B24]BH, that was yet another spoof on a Jones “new hire”. Are you starting to see a trend the past 30-60 days I think it’s BSpears hard at work in his garage/office.[/quote]
LOL!
I was wondering where he had been. You ought to make a real kool-aid inspired thread to bait him out. Lay it on thick, he won’t be able to resist!
[quote=B24]BH, that was yet another spoof on a Jones “new hire”. Are you starting to see a trend the past 30-60 days I think it’s BSpears hard at work in his garage/office.[/quote]
I guess I got caught by that one.
Some of this stuff is pretty funny and/or lets you blow off steam. But here’s hoping the site remains first and foremost a great place to share ideas and inspiration.
.
Your facts are...well...a little off based on the people I know who have interviewed and currently work there. No need to feel inferior about your firm though. It is a good company that offers unlimited upside, freedom from a branch environment, no pressure to annuitize assets, low asset/production hurdles, low barriers to entry, no need for initial capital outlay, and the ability to become a LP at some point...maybe, cross your fingers. It simply is not a hard firm to get hired at though...I know for a fact that over 85% of people do not get offered a FA position. Trying to grow organically is not all bad. At least Jones doesnt have to worry merging completely different firms like BAC/Merill and AG Edwards/Wachovia/Wells Fargo. Either grow on your own and people on this board make fun of you OR merge. Neither is perfect.
Great place to start. But at 68 the end is too close to make it at Jones unless he gets assets, and a lot of luck.
Jones should have counseled him to take another route. Those of you still there should be scratching your heads when you see your bonus money (still in the 0 bonus bracket?)go down the drain with decisions like this.
Checked junk mail today in my outside business acct email. Guess who wants me to become a Financial Advisor…Edward Jones. What a bunch of dipsh*ts…sending out mass emails to hook in some suckers. Nice…
bspears don’t be so negative, B24 will yell at you
I wonder if they are recruiting on the AARP website now…
My RL told me to start kicking over headstones…
Don’t they have enough brokers not meeting standards?
And it seems they don’t have the cash to go after guys who do break their contract. They are one of the Top 100 companies to work for. If you don’t believe me, just ask them.
bspears don’t be so negative, B24 will yell at you
I believe technically yes. However, I the other occupants are dentists, doctors, chiropractors, and insurance agents. So, is there a Subway, or a tatoo shop in my strip mall, no. Call it what you will.Are you in a strip mall, Spiff?
[quote=footsoldier]I would give the old guy a fighting chance if he had at least taken over assets. They give reps all the time assets who don’t deserve it.
But come on, even if the guy was extraordinary, is it fair to make him start from scratch pushing 70 years old. Jones gets the hire, and the guy is on the streets trying to supplement his income in no time as a greeter. Sad that the firm who cares so much about its employees treats them like an interchangeable part. Still waiting for Spiff's spin...[/quote] I don't see the point in hiring a 70 year old guy unless he has a $50 mil rollover that is going directly into Advisory Solutions or MAP. If they did hire a guy like that as a new/new then someone needs to be fired. With that said, I don't believe your story. Are you expecting us to believe that a 67 year old made it all the way through several interviews, both on the phone and in person, and didn't ever mention that he only wanted to work part time? That during those interviews there wasn't any discussion about knocking on doors, starting from scratch, 60 hour work weeks, etc? Did he think the practice doorknocking was just for fun? Why is he worried about leaving Jones and who owns the assets? Does he want to pass them on to his kids or grandkids when he dies? It just doesn't make any sense to me. And it wouldn't make any sense to one of our recruiters or our interviewers in the field. Something about this conversations stinks.I believe technically yes. However, I the other occupants are dentists, doctors, chiropractors, and insurance agents. So, is there a Subway, or a tatoo shop in my strip mall, no. Call it what you will. [/quote][quote=Borker Boy]Are you in a strip mall, Spiff?
Strip mall.
I believe technically yes. However, I the other occupants are dentists, doctors, chiropractors, and insurance agents. So, is there a Subway, or a tatoo shop in my strip mall, no. Call it what you will. [/quote][quote=Spaceman Spiff][quote=Borker Boy]Are you in a strip mall, Spiff?
Strip mall.
[/quote] OK. Then the indy lady down the street, the CPA, the attorney, the doctors, dentists, insurance agents, and the engineering firm are also in the strip mall. So be it.
With that said, I don’t believe your story. It’s the truth…I ain’t lying.
Are you expecting us to believe that a 67 year old made it all the way through several interviews, both on the phone and in person, and didn't ever mention that he only wanted to work part time? The reason he wanted to work part-time now was a change in his financial situation (I didn't press any further) occurred. Maybe he found out while he was door knocking it wasn't going to be that easy. Why is he worried about leaving Jones and who owns the assets? Does he want to pass them on to his kids or grandkids when he dies? It just doesn't make any sense to me. And it wouldn't make any sense to one of our recruiters or our interviewers in the field. That during those interviews there wasn't any discussion about knocking on doors, starting from scratch, 60 hour work weeks, etc? Did he think the practice doorknocking was just for fun? Maybe he read his contract before he signed it. Any reasonable person would or should have concerns about their exit before they start. That is a prudent and responsible thought process for a true business owner. He claims he likes doorknocking and hard work. Maybe he's a great salesman. I never met the man until he called. Something about this conversations stinks. What stinks is your firms hiring practices? I just find it outrageous they hired him in the first place. Spiff...when it sounds so bad, the messenger must be making it up. Unlike you, I don't have time for fictional communication.I believe technically yes. However, I the other occupants are dentists, doctors, chiropractors, and insurance agents. So, is there a Subway, or a tatoo shop in my strip mall, no. Call it what you will. [/quote][quote=Spaceman Spiff][quote=Borker Boy]Are you in a strip mall, Spiff?
Strip mall.
[/quote] If a kid kicks a Backside Heelflip on his new Ellismate deck in front of your office, you are in a strip mall.
Strip Mall.
You guys are mighty negative about Jones. What alternatives do you all suggest for a new/new to start out with? Obviously I think the story about the old man is a complete farse. Seems like a decent place to start with the deck loaded in your favor. As the not so funny 90’s comic Jerry would say, “What isss the deal?”
Farse \Farse, n. (Eccl.)
An addition to, or a paraphrase of, some part of the Latin
service in the vernacular; – common in English before the
Reformation.
I appologize I mispelled farce. My mistake, but I’m glad you took the due diligence to lookup words you do not understand.
Have to defend the truth at all times. The call happened 48 hrs ago. Your firm made a bad decision hiring a 68 year old. Has him doorknocking around me, and probably figure he will fade away in a few years if he makes it that long.
At least they will keep the picture framer employed with one more office to furnish.I believe technically yes. However, I the other occupants are dentists, doctors, chiropractors, and insurance agents. So, is there a Subway, or a tatoo shop in my strip mall, no. Call it what you will. [/quote][quote=Alice Cooper] [quote=Spaceman Spiff][quote=Borker Boy]Are you in a strip mall, Spiff?
Strip mall.
[/quote] If a kid kicks a Backside Heelflip on his new Ellismate deck in front of your office, you are in a strip mall.[/quote] Then I'm not in a strip mall, I'm in a professional office complex. I've never seen a bike in here much less a skateboard.
[quote=footsoldier]With that said, I don’t believe your story. It’s the truth…I ain’t lying.
Are you expecting us to believe that a 67 year old made it all the way through several interviews, both on the phone and in person, and didn't ever mention that he only wanted to work part time? The reason he wanted to work part-time now was a change in his financial situation (I didn't press any further) occurred. Maybe he found out while he was door knocking it wasn't going to be that easy. Why is he worried about leaving Jones and who owns the assets? Does he want to pass them on to his kids or grandkids when he dies? It just doesn't make any sense to me. And it wouldn't make any sense to one of our recruiters or our interviewers in the field. That during those interviews there wasn't any discussion about knocking on doors, starting from scratch, 60 hour work weeks, etc? Did he think the practice doorknocking was just for fun? Maybe he read his contract before he signed it. Any reasonable person would or should have concerns about their exit before they start. That is a prudent and responsible thought process for a true business owner. He claims he likes doorknocking and hard work. Maybe he's a great salesman. I never met the man until he called. Something about this conversations stinks. What stinks is your firms hiring practices? I just find it outrageous they hired him in the first place. Spiff...when it sounds so bad, the messenger must be making it up. Unlike you, I don't have time for fictional communication. [/quote] I still think that something stinks with this situation. It may not be your story, but it might be the info you're getting fed from the new Jones FA. Jones doesn't hire part time FAs. He must have had wax in his ears or blinders on when he was going through the hiring process because they make it very clear that it is hard work to build a business from scratch. Doorknocking, hours of calling, meetings, appointments, etc don't add up to part time work. This guy had to have done a great job selling himself to EDJ. I think in my many years of training new FAs (IRs back then) I had maybe three guys come through my class that were over 60. I don't remember what happened to them. I do remember that they struggled with the doorknocking. Just the physical part of walking like that day after day. Most of the guys like that were hired to take over an office or do a GKN with the RL or some Seg 5 guy. They weren't starting new/new. Contrary to the opening comments about the Jones hiring practices, they actually do a pretty good job. There are going to be some folks that get through that make you scratch your head. But then there will be some that you wonder if they can tie their own shoes, but yet become wonderful advisors.[quote=Alice Cooper] [quote=Spaceman Spiff][quote=Borker Boy]Are you in a strip mall, Spiff?
I believe technically yes. However, I the other occupants are dentists, doctors, chiropractors, and insurance agents. So, is there a Subway, or a tatoo shop in my strip mall, no. Call it what you will. [/quote]Strip mall. [/quote]
If a kid kicks a Backside Heelflip on his new Ellismate deck in front of your office, you are in a strip mall.[/quote]
Jaxson -
Backside heelflip? Ellismate Deck? What are you 13? Grow up and come back after you hit puberty.
The fact that he doesn’t seem to need the money is what will assure his failure. One of my close friends at SB was in his mid-60s when he signed on. He was retired Air Force, AND retired from Honeywell, plenty of money stashed away, and six figures in pension income. So how motivated is HE to bang on doors and make phone calls?
Not at all. He stuck around until the salary ran out, now he’s looking to open a restaurant.
[quote=Incredible Hulk] [quote=JAXSON] [quote=Alice Cooper] [quote=Spaceman Spiff][quote=Borker Boy]Are you in a strip mall, Spiff?[/quote]
I believe technically yes. However, I the other occupants are dentists, doctors, chiropractors, and insurance agents. So, is there a Subway, or a tatoo shop in my strip mall, no. Call it what you will. [/quote]Strip mall. [/quote]
If a kid kicks a Backside Heelflip on his new Ellismate deck in front of your office, you are in a strip mall.[/quote]
Jaxson -
Backside heelflip? Ellismate Deck? What are you 13? Grow up and come back after you hit puberty.[/quote] Numbnuts - Nope, but the kids outside your office are. At what age am i supposed to forget evrything growing up? Let me guess, you don't keep up with any childhood passions? Do you have too many bad memories locked away? Someone touch you in your special spot as a youth? Piss off you boring old f***!
I believe technically yes. However, I the other occupants are dentists, doctors, chiropractors, and insurance agents. So, is there a Subway, or a tatoo shop in my strip mall, no. Call it what you will. [/quote][quote=JAXSON][quote=Alice Cooper] [quote=Spaceman Spiff][quote=Borker Boy]Are you in a strip mall, Spiff?
Strip mall.
[/quote] If a kid kicks a Backside Heelflip on his new Ellismate deck in front of your office, you are in a strip mall.[/quote] Then I'm not in a strip mall, I'm in a professional office complex. I've never seen a bike in here much less a skateboard. [/quote] You would be correct Spiff. I saw an EJ office this weekend that was on the side of a Papa Johns. His office would probably suck. Yours... not so much.
[quote=Incredible Hulk] [quote=JAXSON] [quote=Alice Cooper] [quote=Spaceman Spiff][quote=Borker Boy]Are you in a strip mall, Spiff?
I believe technically yes. However, I the other occupants are dentists, doctors, chiropractors, and insurance agents. So, is there a Subway, or a tatoo shop in my strip mall, no. Call it what you will. [/quote]Strip mall. [/quote]
If a kid kicks a Backside Heelflip on his new Ellismate deck in front of your office, you are in a strip mall.[/quote] Jaxson - Backside heelflip? Ellismate Deck? What are you 13? Grow up and come back after you hit puberty.[/quote]
Numbnuts -
Nope, but the kids outside your office are.
At what age am i supposed to forget evrything growing up? Let me guess, you don’t keep up with any childhood passions? Do you have too many bad memories locked away? Someone touch you in your special spot as a youth? Piss off you boring old f***![/quote]
No, I think you should display your passion for skateboarding proudly. In fact, I’d suggest making it your primary means of transportation. Go to your clients house on it, assuming you have them. I’d also display your Ellismate Deck proudly behind you on your desk. I think it would really help you lock up the under 18 demographic in your area. Don’t forget to put on your Van’s shoes and pull your pants 6 inches below your waist for the full effect. Some people outside the industry looking in would actually consider you my peer. That’s the most depressing part of this.
Hulk - I think it’s interesting that you know what skateboarders wear, but are critical of them. I believe JAX was making the point that some EJ offices are in areas where kids skateboard, NOT that he skateboards around them, or cannot separate his personal life from his business life.
I play Halo, do you think that I actually have controllers hooked up the TV in my office? My guess is, most people can be professional without giving up the things they do for fun.
The most depressing part is that EJ has done such a good job marketing itself, that people think the pimply-faced kid up the street is my peer.
What's wrong with that?Hulk - I think it’s interesting that you know what skateboarders wear, but are critical of them. I believe JAX was making the point that some EJ offices are in areas where kids skateboard, NOT that he skateboards around them, or cannot separate his personal life from his business life.
I play Halo, do you think that I actually have controllers hooked up the TV in my office? My guess is, most people can be professional without giving up the things they do for fun.
The most depressing part is that EJ has done such a good job marketing itself, that people think the pimply-faced kid up the street is my peer.
[quote=Moraen]Hulk - I think it’s interesting that you know what skateboarders wear, but are critical of them. I believe JAX was making the point that some EJ offices are in areas where kids skateboard, NOT that he skateboards around them, or cannot separate his personal life from his business life. I play Halo, do you think that I actually have controllers hooked up the TV in my office? My guess is, most people can be professional without giving up the things they do for fun. The most depressing part is that EJ has done such a good job marketing itself, that people think the pimply-faced kid up the street is my peer.
What’s wrong with that?[/quote]
Spiff, nothing as long as you unhook them before the clients walk in
True. Just got to put them in your drawer.
Speaking of… What do you have going on right now ice?
Where do I put the wireless guitar for Guitar Hero?
Door knocking practice starts at 10am. Meet me in front of the Super Cuts.
[quote=Behavioral_FA]
Door knocking practice starts at 10am. Meet me in front of the Super Cuts.
[/quote][quote=Spaceman Spiff]Where do I put the wireless guitar for Guitar Hero?
[/quote] You and my father-in-law. Prefer Rock Band. The cool thing about the guitar is that you CAN actually hang that up in your office - I think that's what Wind does (sorry buddy, couldn't resist).Source URL:https://www.wealthmanagement.com/forums/whats-firms/hiring-jonesdo-you-have-pulse