Leaving Jones on Labor Day?

Hmm, somewhat less than the number leaving MSDW and maybe more than post on this board… How many ML guys are leaving that weekend? I know of one.

da bears

whats the reason edj reps are leaving now.  Is there something im missing with the timing? 

Don't get me wrong i cant understand why anyone would want to work for them im just wondering whats going on now to cause them to leave.

I agree with Guest1 on this one.  

I pose the same question to you folks that are always asking when Jones reps are leaving. How many are leaving the wirehouses by firm. How about the number of indy reps that move in other directions. 

I submit and Guest1 would probably agree that EDJ has no more and probably less than the industry average.  

Shouldn't the SIA have this info?

Out of complete curiosity.....is the 3 day weekend historically a time when brokers shift around, I understand why it would be. But does anyone know if there is an unwritten understanding that there is a large amount of movement on Labor day weekend?

Definitely.  They have one more day before the market opens to attempt to reach clients before the last shoe drops.

makes sense.

Jones had more than 700 brokers leave through the first 6 months of 2005.  Sure, many of them were new brokers in their first year or two of production.  However, they are on pace to turnover almost 1500 this year.  That, Jonesies, is a damn expensive proposition for your firm.  The growth initiative (firm objective #1) is a failure.  The turnover number compared to other firms is very high.  I still say the real E-Day (E for Exit) will come next year after profit sharing is paid, the LP “bonus pool” is paid out, and Diversification Trips are taken.  I still talk with several people who work there, (Believe it or not, they don’t “own” their own business.  Business owners don’t get W-2s.) and they are starting to make other plans. 

I find it odd that the number 1 place to work would have any trunover to speak of at all. 

7Year, are you suggesting that if Soothsayer's figures are accurate, 1500 brokers this year have failed at Jones?  Don'ty you think this would indicate that there are serious flaws in the Jones hiring and/or training areas?  It seems to me that a 15% attrition rate would be unacceptable.

The biggest flaw is the one-year, 24K salary, and then cutting a guy (or lady) off cold turkey.  Yeah, I know, I know, it worked back when Ted was in charge of the firm.  And, you can point to the rare exception of the person who survived this pay model.  The reality, however, is that it has not been adjusted in more than a decade. 

Sooth,  I have been following this forum for a year now, and your last post was by far and away the most accurate post I have seen.  I am currently at Jones, but not for long.  Jones has not been a horrible place, but to think someone can provide for a family on 2,000 a month minus a 500 dollar medical premium they have another thing coming.  We have been told they are looking at updating the scale, but it has been a year now, and still nothing has changed.  I predict with rising gas cost, and inflation rising more and more newbies will be heading for the door.

Not to mention putting 19 offices in a town of 40,000 people.  (Not to mention the other firms + banks competing for the business.)  Sure the first few rounds of brokers got the low hanging fruit, but as each round went thru, the fruit was harder and harder to reach.

Something to be said for working for a company that doesn't have an office on every corner (or across the street from each other) or outnumber the McDonalds in your town.

... don't take the last post as a slam on EDJ.  I still believe its a great company, they just need to adjust their marketing strategy.

I learned alot from them, and yes I was meeting all of their expectations when I left over a year ago.

I know 24 K is not a whole lot, (believe me I know), and Jones has there issues, But…They are not forcing anyone to work for them. It is what it is, take it or leave it. If you decide you want to upgrade to another firm or channell, that is your absolute right also. Don’t EVER let anybody disuade you from bettering your position, or do what’s best for you and your family.

In my opinion, Jones has this conceptual one broker office deal, that has evidently worked in some markets, and failed miserably in others (Mine). So why not alter it.

Think for yourself for one minute. Let's see, in your market of about a 30 mile radius, youve got ML, MS, SB, UBS, Janney Mont, RJF, AG Edwards, Another bunch o' insurance companies, All together with about 300 reps and advisors (whove been prospecting your territory for the last 50 years). Oh yeah, then throw in another 100 planners or so, and let's not forget about the pesky banks, That are on every frkn corner. "Allright son, youve had outstanding training, youve got your lap top, I know...It's alittle weird making calls from your phone in your living room, but we have something special here....Hey if a guy in a one horse town in the middle of nowhere can be a multi million dollar producer, then you should have no problem. Besides, now that we have our name on the Rams football stadium - Name recognition is 2nd to none!"    Do you think this guy really stands a chance in hell to survive.....let alone thrive???????

As a former IR, mentor, and occasional trainer in St Louis I remember new IRs being hired and sent into small towns that already had well established IRs.  One town in particular that has houses spread over wide areas on large wooded lots.  Lots of long gravel drive ways etc.  I felt bad for what these new IRs were told to do knowing they would never make it.  To this day, there are only two IRs in that area and I would guess seven or eight other who have failed. 

"Just go out and knock on doors."  Right.    All the while, the GP Regional leader in my area kept out any new offices in his town until three years ago.  There are 60,000 in his town and they were trying to put 3,4 and 5 offices up in areas near him that had populations of only 7000.    

It's such an unethical organization.  I suppose many of the larger brokerage firms are however.  The dif is though, EDJ puts itself up on a podum as being superior in morals and values to all the rest.

I guess in the end, it’s a persons choice based on their own due dilligence. It’s hard to assign fault when we have choices. I was mislead by The Jones guys who hired me. Both were Goodknight brokers who walked into 30 million, with established locations, and completely wrote off the advantages of that. If your going into the hardware buainess, would you take over the store on Main and State, that’s been there for 30 years, or sell hammers and saw blades from a wagon that you cart around town.

Labor Day is coming

It's another three day weekend...............

Things they are a changin..............  How many will leave?

If you Jonsers have the balls you need to follow the 25yr vet that just got smart................

Those of you thinking it will change, must be waiting for Santa .........oh, is that Doug "3" Mil Hill with a bag full of your hard work........the GP's need it more than you do........... 

C’mon, Player.  Give it a break, will ya?  If they leave, they leave.  What difference does it make?

Starka,

This is FUN............  The TRUTH hurts... 

The truth hurts who, Player?  Edward Jones?  I doubt it.  You seem to be the one who’s hurt here.

[quote=Starka]The truth hurts who, Player?  Edward Jones?  I doubt it.  You seem to be the one who's hurt here.[/quote]

Starka,

I am having Fun giving you hypocrites a bad time............

When I say the " TRUTH ", that means telling your customers the      " TRUTH ", not soft selling it like you are doing something good for them, when in reality you didn't......Can you honestly say the way IR's are out there exchanging Funds is really BEST for the CLIENTS?

I have seen illustrations to exchange American Funds to other Fund Families, so the IR gets a higher trail (Service Fee), is that really in the clients best interest?     

Edward Jones needs to clean-up their whores, and there are a lot more than you think  Can you justify this?

I left Edward Jones because of HYPOCRITES like you....two faced Leaders that just cared about their GP & LP, not the hard working "HONEST" IR's, or the clients, only the best deal they could get for themselves 

Tell your Leaders to clean up your own house FIRST! Then tell  tell us all how great you are?   Isn't Doug "3 Million" Hill still in charge, and didn't he have to personally pay 3 Million Dollars to keep the Missouri Attorney General from filing Fraud as well as other criminal charges against him and other leaders of Edward Jones  if he didn't settle with the SEC, and agree to resign by the end of this year?   

Was all of this because he did nothing wrong?  

He fell on the sword, didn't he?

Edward Jones was a GREAT FIRM, but your Leaders allowed greed to control it.........and then you defend them, instead of demanding them to right the ship, and for that I'm disappointed for the once proud heritage of the FIRM, buy the way isn't it interesting Edward Jones is referred to by IR's as the FIRM.......

I left Jones years before you did, Player.  I guess that makes me smarter and more moral than you, doesn’t it?

[quote=Starka]I left Jones years before you did, Player.  I guess that makes me smarter and more moral than you, doesn't it?[/quote]

Starka,

If it's true you left, I would agree with you, but then why are you defending their hypocrisy?

What year did you leave?

I'm not defending anything about EDJ...what I'm saying is that I don't care.  If brokers want to leave, then go.  If not, stay.

Machts nixt to me.

[quote=Starka]

I'm not defending anything about EDJ...what I'm saying is that I don't care.  If brokers want to leave, then go.  If not, stay.

Machts nixt to me.

[/quote]

Starka, if it walks like a JONSER, and responds like a JONSER, odds are you are a JONSER.............

By the way I know of two that left this weekend........, you might care if it cost you on your bonus for company profitability

Yes, let them go and decrease the surplus.................

As I said before, I left long before you did. 

Don't let it bother you so much.  It's not healthy.

Starka,

Don't try to reason with the player.....He is to the Jones Frustrated what Jim Jones was to organized religion....expecting player to represent coherent thought and discussion regarding EDJ is simply setting the bar too high.

Whiners,

In regards to the first year salary and the benefits....I say quit your bitchin and get out there and work.  I built my office from scratch and never really complained one day about it.  It grows tiresome to watch people with no book complain about the raw deal they were given at Jones.  You have to earn the right to complain.  This isn't everyone granted...but I see more and more of you jumping on the "bash Jones" bandwagon for the wrong reasons.  How can a first or second year broker with 3 million AUM complain?  You knew it would be tough starting out and you knew what the salary and benefits were when you signed up...so why are you complaining?

Build your book the right way...go indy when it's time and in the meantime shut the "F" up. 

I agree with zacko. It does not matter what firm you are with. Your clients are looking for you to service them. Its hard no matter what firm you are with. Merrill keeps brokers around a little longer because the salary is higher. But look at the BS you put up with while you are there.

The thing you must remember, everybody looks the same to the prospects and clients until you prove yourself . 

Zacko, thank you. Great words from one that has been on the anti-Jones side of the fence a few times. Appreciate the honest look. I agree that it is a bore to hear the guy in his first year talking about bailing at the end of year 2 because he is going to be mister Big.

The thing you must remember, everybody looks the same to the prospects and clients until you prove yourself 

Sage advice gator...Doesn't look like it makes a difference wether a Roger Clemens is wearing pinstripes of back home in TX...The man gets the job done!

I am coming to this realization now and am beginning the process descirbed by zacko.

Well Said ZACKO…

Player- a post with only one emoticon… you must be an impostor!!

[quote=noggin]Player- a post with only one emoticon..... you must be an impostor!![/quote]

ZACKO hit a home run...................