I'm Not Your Boss But

Your field service director is your “boss”, followed by a GP who is in charge of your area 

That was one of the main beefs I had with Jones.  They tell you that you are running your own business.  That is how they entice you into becoming a Jones rep.  Then you discover you are NOT running your own business. Everyone keeps interfering, by making you go to useless meetings and taking you away from your own prospecting and business activities, telling you how, when and where to do business and limiting the types of investments you can offer. However, if you really need help, they turn the tables and you are on your own because you are your own boss.  Right......just make up your minds people. Am I my own boss or is it the suits in St Louis or is it some pumped up GP none of whom give a rat's behind  about me or my clients.

Now as an Indy I know who is my boss....ME.  If I fail it is my own problem and the B/D doesn't pretend to care if I don't produce or if I do produce. Naturally they want me to produce because they make money also, but at least the hypocrisy is over.

[quote=babbling looney]

That was one of the main beefs I had with Jones.  They tell you that you are running your own business.  That is how they entice you into becoming a Jones rep.  Then you discover you are NOT running your own business. Everyone keeps interfering, by making you go to useless meetings and taking you away from your own prospecting and business activities, telling you how, when and where to do business and limiting the types of investments you can offer. However, if you really need help, they turn the tables and you are on your own because you are your own boss.  Right......just make up your minds people. Am I my own boss or is it the suits in St Louis or is it some pumped up GP none of whom give a rat's behind  about me or my clients.

Now as an Indy I know who is my boss....ME.  If I fail it is my own problem and the B/D doesn't pretend to care if I don't produce or if I do produce. Naturally they want me to produce because they make money also, but at least the hypocrisy is over.

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Ditto that.

But also add the salaried Field Supervision person who has either never done your job, or tried and failed.  Never met a more self-righteous group than Jones Field Supervision.

Seriously, though,  as long as you produce and make money for the GPs they will pretty much leave you alone.  You should try to buddy up with a more seasoned rep.  That is where you might get some help in sales ideas and moral boosting in your early years. ( I assume you are fairly new to this industry)

SonnyClips,

If you're new...GET OFF THIS SITE.  You don't need the rest of us bashing Jones for you right now.  Do yourself a favor and follow the Jones model to a T and then when you build your biz to 20 AUM and at least 200k gross, turn indy.

One final piece of advise...Sell yourself and not Jones...the transition will be easier.

Good luck

Your boss is the client. They hire you and can fire you!

Be the BOSS....fire a client once in awhile......They need you more than you need them........at Edward Jones it was called a Good knight Plan when you got rid of you bottom 20%, and I did it several times.

Even as an Indy there are some clients I just don't have the time to take care of and we recommend them to go down the street to my old Edward Jones Office and have the newbie take care of them..  we will not handle an account under 250K, just can't take the time......Be the BOSS control your own destiny.....

I’m not your boss unless you gross under 14k for 4 months in a row. Then I put you on goals, make you attend new ir meetings, and generally make your life miserable.

Sonny,

Don't worry about that now.  Worry about the important stuff...  building your business, learning as much as possible, making the contacts. 

Because if you don't do these things, 3-5 yrs down the road, you won't be in this business.

Put your nose to the grindstone, THEN after a few years start thinking about going indy.

I have been in Stealth Mode reading on this site for 18 months straight.  Started selling in December of '03.  I AM LEAVING JONES ON FRIDAY...not going indy, but going someplace that I can build a real business, with real products, and real managed money (Top 3 Wirehouse). 

By the way did I mention........I AM LEAVING JONES IN 36 hours.

What an awakening, I feel like I am getting out of jail.  There will be challenges, but the business is the still the same business, only I will be offer so much more.  I actually heard an IR once mention "The Law Of American Funds" in regards to returns being an average of 12%. I dont know of a single Jones Rep..well, maybe one, I think, dont know for sure, and he has an MBA from Stanford, that even knows what an efficient frontier is...ICA mountain chart is the Financial planning tool of choice in my area.

Once the move is done, I will be back in a few months after the smoke has cleared and will let everyone know what is happening. Oh, and dont start with the "GO indy, Go Indy, GO Indy" Chant. I have done extensive soul searching on my business model and it just isnt the right fit, right now, for where I am in the business.  Thanks to so many that contribute regularly on the forums to help me realize I wasnt a weirdo for seeing things I was have seen at Jones. We Just hired a guy that drove a Budweiser beer truck for a living. Come on, he's a great guy....but is he really the most qualified to manage millions of dollars? 

Enough Rant....I am excited and will keep you posted.

No Sig Pending Move

Best of luck and welcome to the big leagues.  Dont oversell 3rd party money managers.  Be it known that you are about to land on a planet far far away from the one you are leaving.  Things may seem strange for awhile.

Congratulations.

God Bless all bartenders and beer truck drivers.

Don't wait several months to contact your best clients and let them know where you are moving your business!!.  Jones will be on the phone to them before the impression of your butt cheeks is off of the chair....and they will spin a story about you or at best make you seem like a shoddy failure for moving from them.  They will also begin churning and burning in your client's accounts.   DON"T WAIT.

This is not legal advice by any means  but from my experience I was told that a general advisory call or letter that doesn't overtly solicite your clients to transfer, but is more of an informative message would be acceptable.

Sheesh I can’t type tonight…the lesson is don’t drink and blog. 

Good luck ctlatinger…  how are you dealing with the $75,000 contract clause???

[quote=ctlatinger]

I have been in Stealth Mode reading on this site for 18 months straight.  Started selling in December of '03.  I AM LEAVING JONES ON FRIDAY...not going indy, but going someplace that I can build a real business, with real products, and real managed money (Top 3 Wirehouse). 

By the way did I mention........I AM LEAVING JONES IN 36 hours.

What an awakening, I feel like I am getting out of jail.  There will be challenges, but the business is the still the same business, only I will be offer so much more.  I actually heard an IR once mention "The Law Of American Funds" in regards to returns being an average of 12%. I dont know of a single Jones Rep..well, maybe one, I think, dont know for sure, and he has an MBA from Stanford, that even knows what an efficient frontier is...ICA mountain chart is the Financial planning tool of choice in my area.

Once the move is done, I will be back in a few months after the smoke has cleared and will let everyone know what is happening. Oh, and dont start with the "GO indy, Go Indy, GO Indy" Chant. I have done extensive soul searching on my business model and it just isnt the right fit, right now, for where I am in the business.  Thanks to so many that contribute regularly on the forums to help me realize I wasnt a weirdo for seeing things I was have seen at Jones. We Just hired a guy that drove a Budweiser beer truck for a living. Come on, he's a great guy....but is he really the most qualified to manage millions of dollars? 

Enough Rant....I am excited and will keep you posted.

No Sig Pending Move

[/quote]

ctlatinger

Way to go.....you thought in through and you are making the right decision for YOU!   

INDY, is not for everyone, just like Edward Jones is not for everyone.

If you have the drive you will make it whatever you decide to do...........GO FOR IT! 

ctlatinger: Make sure you have some ammo to fire back @ ed jones if or when they get nasty about your leaving. I wouldn’t hesitate for a moment to tell YOUR clients that you left because of the serious ethical issues @ jones. After all, how many brokerage firms have EVER been forced to “retire” their pres. as part of an SEC settlement? 

I would hesistate on "bad-mouthing".  It doesn't look good.  What if the firm you go to appears in the headlines?  It can happen.

There are better reasons to tell people you are leaving. 

Thanks for all the input and encouragement.  Though I have no Idea who you all, I have read enough posts I feel like I know you all and appreciate the support. Some comments:

1) Clients: I will be on the phone all weekend, my goal is to try to get to 90% of them by Monday am. Chances are some will be out of town, unreachable etc, but we are going to give it everything we've got.

2) Training Fees: Attorney counsel came up with an estimated figure based upon my employment contract and LOS to determine what my liability would be.  New Firm has agree to pay those costs and defend my position as their employee. (I keep trying to figure out to get it in my pocket instead of Jones.  Is "...with the money you have available....buy some today"  really worth 75k?) Oh well..Moving on.

3) I will not bash voluntarily Jones, but I will have NO problem explaining why I left - in regards to how it helps the client, and that I am no longer comfortable at an environment such as Jones has. If Jones starts getting nasty...well...it isnt too hard to get nasty back in regards to Jones. Lets hope  they  dont try to play games with my clients. Legally you arent supposed to, but we all put out feelers with a few clients to test the waters....the consensus has been...1)How soon can we move over, and 2)It doenst matter if I am with Stocks R' Us, the clients are MY clients, Not anyone elses.  Feels good.  Okay, enough for now, I was so excited to share...but  I better lay low until I have moved.

Congratulations and well done.  As an Indy, I would tell you that you've assessed your situation correctly.  Only you know what is the best fit for your personality and business, and I don't believe that anyone should go indy just for the money...you have to love the idea of truly running your own business...not being half-a--- in control like you are in a Jones office.  At any rate, it would probably be too early for you to go indy as the concensus I've seen is at least five years in the biz before you try it.

Keep us posted and good luck.

Listen....LEAVE on GOOD TERMS.  APOLOGIZE...tell your regional leader/AL you are sorry for doing this and that you would like to leave the door open for coming back.

Of course you will mean NONE of it--but it will help your case when they debate whether to come after you or not.

BRING IT!

Ct,

Recently left Jones and here is what my clients told me Jones was saying about me when I left.

1) "He will never make it"

2) "His new firm will MAKE you sell out of everything and you will HAVE to buy what his new company says to"

3) "Do you realize how many fees you will have to pay to move your account ?" By the way it is Jones that will be charging the transfer fees to the client...not your firm ( Is that their best reason to keep the client ??? )

4)  Even my old BOA, who knows better ( and I thought was ethical ) was piling on board...Unbelievable !!!

These are quotes from my clients that transferred and some of them were actually arguing with the TR. It is sad how ignorant/blind they are when it comes to what else is out there. I am only sad to say it took me longer than I would have liked for me to make the move. I feel like a new man !  

CT,

You are getting some great advice on here, especially from Zacko & da bears, they will come fast and hard to save their book...even though we all know it is your book.

As for the training fees, you will get nasty letters and a request for the training fees, negoiate they will negoiate.   Also, because they are loosing so many large producers you just might fly under the radar.........Good Luck

The funny thing is…When I left Jones, some spanish guy from ST. Louis named Raphael (who did not know the business that well), was the one calling to try and retain my clients. If you are going to a good firm, the compliance dept.  will handle negotiating, and paying your training costs.

My new indy office is VERY close to my old Jones office.  Keep this in mind.

Funny thing is immediately after I left--the call center at Jones contacted all my clients (within a few hours) and told them "We don't know where he is...but your money is safe here at Edward Jones"  It gets even better as after these phone calls clients immediately went to my old Jones office (those I hadn't spoken to yet) and asked about my whereabouts.  The response was: "he left suddenly and we have no idea where to find him".  All this while my new indy office is just steps away.  Clients who found their way to me..many times upset, ended up thinking much less of Jones and their lack of ethics.  Shame on them for upsetting and lying to widows who just wanted to keep their accounts with Zacko.

BTW, don't go indy wih less than 20 million..even 25 million.  I know people do it with less assets--but I would advise you to stay the extra year or two and get to a level where you have a larger asset base.  Even if you can't stand the firm..remember in the back of your mind that you are there to serve your clients and build a book.  The importance of ANY firm is secondary to your running a good business and helping your clients.

Zacko is dead on…my clients were pissed by the way Jones handled my leaving.

Let Jones do the talking, and the clients are still walking over to my office leaving Jones in the dust..........

If the client isn't smart enough to know how Jones covered up their problems, and never did completely disclose to them, do you really want someone that stupid as a client? I don't

Besides, maybe Doug "3 Mil" Hill was right, Edward Jones clients don't read the WSJ.............If, they are still doing business at the local 7-11 of wall street firms, let em stay and get churned and burned by the new guy, bend them over compliance will turn their head...who cares any way....Doug "3 Mil" Hill still gets his Millions.....................Ir gets a 38% payout, who's really getting bent over?