Leave Jones after 3 months?

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Aug 15, 2006 8:03 pm

I've been at EDJ for 3 months.


I've started in the biz in 1999, at another firm, then was indy for the last year-and-a-half before joining Jones.  Took over an existing office after being referred by an EDJ IR who is a friend.


I'm having major 2nd thoughts about EDJ and their sales ethics. I have never (and will never) sell investments over the phone to prospects (especially to people I barely know except for what their front door-step looks like).  It just feels wrong. I care too much about people to call them from a noisy eval/grad class and sell them something I'm not even sure they need! 


My question: should I go back to being indy while I still can? I was doing well as an indy, my b/d will take me back with open arms and my old office is still available - all my previous office stuff is still there.


I feel I was greatly mislead into believing that since I was experienced and taking over an existing office, I would be mostly exempt from high door knocking expectations. I have a database of over 3,000 qualified prospects from the past 7 years and I'm now told that doesn't matter. Still must door-knock. I'm very torn up about this. I hope someone can help.




Aug 15, 2006 8:23 pm

I would suggest two things...get out your employment contract with Jones to see if there's any language in it regarding training costs or non-compete, and second, seek legal counsel.


Best of luck to you!

Aug 15, 2006 8:25 pm

Why did you join them in the first place?  Why not go to a wirehouse?

Aug 15, 2006 8:34 pm

Caring1- Frankly, your thoughts don't come across as genuine.  I have clients I've never met that are up over 50% on their investments- what is the shame in that?  Granted, I DO try to meet all clients' of significance.  Still- just do well by them and don't worry about the face time.  Besides, with some clients' your likely better off never meeting.  Sounds bizarre but often it's true in my experience.


Why would EDJ care what you are doing on a daily basis if you are gathering assets and producing?  Most firms could care less how your generating revenue as long as it's being done in a manner appropriate for the client.  Besides, 3000 "qualified prospects" should keep you very busy.

Aug 15, 2006 8:59 pm

I was less than thrilled when I learned about the "boiler room" at eval/grad.  I have accepted it by rationalizing that I only have to do it twice (PDP) and while a thirty year muni doesn't suit a lot of people, it's not a penny stock either.<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />


Regarding the door knocking, ultimately, they want you to get contacts.  If you have 3000 names, enter in 25 a day and spend the rest of you time doing what YOU think is productive.


Aug 15, 2006 11:34 pm

From one Jones guy to another, have a discussion with your DL or your Regional Leader.  I can't imagine that if you are meeting expectations or better anyone from home office is giving you any trouble.  They have other fish to fry. 


You have 5 days of PDP coming up.  Set up some phone contacts with some of your prospects and the existing clients you took over.  Set some appts, do the sales pitch and then forget about it.  I know lots of people who hate the dialing for dollars approach, so you're not alone.  If I were you I'd call your RL or your mentor and see what they say. 


I was an ATL at the home office before I jumped to the field.  I didn't care, or didn't know, where the prospects came from.  As long as the results were there no big deal.

Aug 16, 2006 12:16 am

Sounds like there's more to this story...if you were doing well as an indy, why on earth did you jump to Jones in the first place?!!

Aug 16, 2006 1:48 am

Yes, something is smelling kind of fishy.

Aug 16, 2006 7:09 am
Indyone:

Sounds like there's more to this story...if you were doing well as an indy, why on earth did you jump to Jones in the first place?!!


Because Jones is actually a great firm, in spite of the negativity on this forum.


Those of you who left there left because you're grabbing at the only thing you can to survive, the siren song of the higher payout.


You're busily cutting corners at every opportunity scrambling to live like a million dollar wirehouse producer on 300,000 worth of production as an independent.


Who needs a place with a lot of light?  The thermostat can be set at 80 in the summer and 65 in the winter--just wear short sleeve shirts in summer and a sweater in winter.


Who needs to share an assistant who is there all day, why not have Mrs. Jones come in two hours a day and putter around.


Clients don't really notice that you converted an old closet into a conference room or that your conference table is actually a discarded four top table from the diner next door--your wife's idea of buying a really nice table cloth was a stroke of genius.


Who needs a copier that copies more than 10 pages a minute when there are such great machines that act as a scanner, fax and copy machine-all in one.  Perfect for the one man office.


The clients are really fooled by the wife answering the phone with a recorded voice, why with VMail a one man shop can appear to be a Fortune 500 company.


Plus nobody cares if you show up or not.  No unnecessary branch manager, no unnecessary regional manager, nobody to wonder where you are when you're hung over, or want to go to the noon movie, or even goof off for a couple of hours.


If the clients need you they can leave you a message on voice mail, your cell phone will vibrate to let you know they called.  They can wait, right now you're busy trying to remember to keep your left arm locked and your head down throughout the swing.


Yep, you don't need anything--certainly not the name recognition and credibility of a household name like Merrill Lynch.

Aug 16, 2006 7:44 am
Spaceman Spiff:

I was an ATL at the home office before I jumped to the field.  I didn't care, or didn't know, where the prospects came from.  As long as the results were there no big deal.



I thought the EDJ home office was in St. Louis...

Aug 16, 2006 7:47 am
entrylevelFA:
Spaceman Spiff:

I was an ATL at the home office before I jumped to the field.  I didn't care, or didn't know, where the prospects came from.  As long as the results were there no big deal.



I thought the EDJ home office was in St. Louis...



Nevermind, I thought that said "I was at ATL at the home office"

Aug 16, 2006 7:47 am

Newbie, what you're describing sounds more like an Edward Jones office than anything else.

Aug 16, 2006 8:45 am
Starka:

Newbie, what you're describing sounds more like an Edward Jones office than anything else.


When you're not successful yourself it is unlikely that you would have had an opportunity to associate with those who are.


You should never judge an organization by observing its lowest common denominator.

Aug 16, 2006 8:50 am

Ah, but there lies the rub...I'm not unsuccessful, and I have associated with other successful brokers across the spectrum of firms.  In fact, I'm far more qualified to make these observations than a middle manager.

Aug 16, 2006 9:01 am
Starka:

Ah, but there lies the rub...I'm not unsuccessful, and I have associated with other successful brokers across the spectrum of firms.  In fact, I'm far more qualified to make these observations than a middle manager.


I have been in offices all over the world--not only for my firm but for competitors as well.  My job was to know what other firms were doing, and in doing that job I interacted with those at other firms who were to know what we were doing.


As for your statement that you're successful.  That is, of course, in the eyes of the beholder.  One thing that acts to deny your statement is that you waste time on this format--that is not something truly successful people would do.


Discipline and all that.

Aug 16, 2006 9:02 am

People such as yourself?

Aug 16, 2006 9:07 am
Starka:

People such as yourself?


If you haven't heard I am my only account--I am devoting 100% of my attention to my client.


There is no way I would have wasted time like this when I had responsibilities to others.

Aug 16, 2006 9:09 am

As for your statement that you're successful.  That is, of course, in the eyes of the beholder.  One thing that acts to deny your statement is that you waste time on this format--that is not something truly successful people would do.



Classic, newbie! 


Aug 16, 2006 9:18 am
NASD Newbie:
Starka:

People such as yourself?


If you haven't heard I am my only account--I am devoting 100% of my attention to my client.


There is no way I would have wasted time like this when I had responsibilities to others.



Have you forgotten that you were posting here when you were still employed?  In the event that it's slipped your memory, you were posting on these boards under the screen name "Put Trader", and you claimed at the time that you were a big shot at a major wirehouse.  Were you lying then, or are you lying now?

Aug 16, 2006 9:21 am
Starka:

Have you forgotten that you were posting here when you were still employed?  In the event that it's slipped your memory, you were posting on these boards under the screen name "Put Trader", and you claimed at the time that you were a big shot at a major wirehouse.  Were you lying then, or are you lying now?



Why do you think I was posting as Put Trader?