Skip navigation

Leave Jones after 3 months?

or Register to post new content in the forum

42 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Aug 16, 2006 1:24 pm

LOL...nice try, Put.

Obfuscate when you're in a corner.

Again I ask...were you lying then, or are you lying now?

Aug 16, 2006 1:27 pm

[quote=NASD Newbie]

[quote=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.[/quote]

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.

[/quote]

Are you currently a Financial Advisor anywhere???  Somewhere??  If not, shut up.  Go sniff on My Space

Aug 16, 2006 1:40 pm

How many of those who post on this forum are not even licensed?

It's absolutely crawling with college kids who are thinking of coming into the business.

Every day there are questions about what to use to study for exams, those who are asking those questions are not even registered.

If I hurt your feelings by pointing out truths that you want so desperately to deny I'm sorry--but you can always just ignore what I have to say.

Aug 16, 2006 2:05 pm

Meanwhile…Back to the OP’s question.

If you leave Jones at this point they probably will go after you for the training costs.  As to the boiler room atmosphere, I hated it too.  What I did was prearrange calls to good clients to let them know I would be calling from a training class.  They were expecting my call and if they didn't buy (some did) they at least acted interested so the trainer who was listening in would be satisfied.  The other thing I did was to use that time to blow up those prospects that I knew I would NEVER do business with.

Once you are in your office you can do what you want. As long as you are producing, they don't give a rat's behind how you make the money. 

Aug 16, 2006 2:08 pm

[quote=babbling looney]

Meanwhile......Back to the OP's question.

If you leave Jones at this point they probably will go after you for the training costs. 

[/quote]

What training costs does Jones incur with people who are already in production at other firms?

Aug 16, 2006 2:23 pm

Assuming the OP already had a series 7 and not a 6 that needed to upgrade, they send you to these stupid and worthless training classes in St Louis to teach you how to do it the “Jones way”.  You learn about the technology system, how to run an office and most importantly (to EDJ) how to sell on the phone. When I was there, those classes last for a week. Then they send you back into the field to prospect some more and open accounts after your registration is completed. “Can Sell Date” is the charming terminology for it.  After you have opened enough accounts and generated some revenue they bring you back for more training.

The cost of the plane fare, room, food and of course the time of the trainers would most likely be the costs.  Who knows how much they would try to recover if you already had your Series 7.

I found the training a complete waste of time but was still  forced to attend. I felt very sorry for the new IRs who had no clue about the inadequacy of the program.

Aug 16, 2006 2:28 pm

Do they put you up in hotels, or do they have apartments that they either own or long-term lease?

A week hardly sounds onerous--when I started I was in New York for sixteen weeks.

Aug 16, 2006 2:44 pm

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?!!

Indy1 and NASD Newbie: Thanks for your questions. I left the "Indy" gig ( to take over an existing office at Jones) because I was attracted to to 3 things. 1. Office and BOA are paid for by EJ. 2. A farily large book of existing clients, many of which I already knew, and 3. The great support system that exists in my region. The other IR's are good people and have been very supportive and helpful.

I also know that Jones has a good reputation and is a recognizable household name.  It feels good to have a company like that behind you.  All of these reasons for making the "jump" are advantages that I didn't have as an independent, even though my income was good.

Also, thanks to others for your suggestions. Some of them I've considered myself already, such as tapping into my database of 3,000 prospects and entering 25 of those a day.  When I asked if those would qualify I was told a resounding "NO." And I was told that if I didn't make the required number of "real" door-knocks" I would fail eval/grad.  If I could have been using those previous prospects to reach my numbers, I would have been doing it all along.  I wish I could! 

And regarding the fact that PDP is the last time I'll have to participate in the "boiler room," I have been told that before but after having checked with other 2-yr and 3-yr IR's, I found out that there are more weeks of training in St. Louis that follow (BDW? or something like that?) and that the expectations for increasing production and prospecting will continue. I'm not here to bash Jones or any other companies, etc. I was just looking for some input and got some. Thanks! 

In all honesty, I like other things about Jones and I think they are a great company for brand new advisors. The training is top-notch and the support systems (IT, business processes, contacts at home office) are impecable. The JonesLink system is very impressive. It's just that I come from a fee-based planning background and I prefer to work in an advisory capacity rather than mostly transactional.  Maybe the fit just isn't right for me.

One more thing- regarding what The Judge said about my not sounding very genuine: I'm not sure what you meant by that. I just mean that I care much more about my clients personally than I do about my commissions, how many accounts I open, contests, etc. What drives me in this business is wanting to help people, not the number on my paycheck. 

Thanks, again, everyone!

Aug 16, 2006 2:50 pm

[quote=NASD Newbie][quote=babbling looney]

Meanwhile......Back to the OP's question.

If you leave Jones at this point they probably will go after you for the training costs. 

[/quote]

What training costs does Jones incur with people who are already in production at other firms?

[/quote]

We all know that the acutal costs and effort are a separate issue from the paper costs that they can try to hang on you.

Back to the question; you have several options (IMHO):

Stick it out with Jones.  Try to work things out.  There's always the chance that they will fix things, or perhaps you can agree to an amiable separation.  No guarantees, but this may be worth a shot.
Get a good lawyer.  Then go back to your indy office and fight them over the fees.  (But don't be surprised if nobody wins but the lawyers).
Go back to your indy office and settle with EJ.  Yes, you're buying your freedom.  But at this point your freedom may be worth the price.
Go with a better firm.  Most wirehouses will cover any settlement with your previous firm (yes, even at the trainee level).  Be sure to negotiate this up front as part of your package.
There are several recruiters on this board that can help you with the wirehouse option.  Yes, I am one of them.  Drop me a note if you want to look into finding a better fit.

Ultimately the decision revolves around a key unanswered question: What do you want your practice to look like in 10 years?  Answering that question will help you evaluate your options.

Good luck and let us know how it turns out.

Aug 16, 2006 2:56 pm

Given the fact that you signed a non compete, there is a good chance Jones will threaten to  come after you if you bail back over to the indy side.

You state that Jones IT is "impeccable" but everything I hear about Jones IT states just the opposite...Makes me wonder when you were an independent what broker/dealer did you clear through & what wat their IT & support systems like?

Aug 16, 2006 2:57 pm

And if you think the technology at Jones is good, you really might consider going to a different indy firm instead of the one you originally came from.  Jones is notorious for having some of the worst tech interfaces in the industry.

Aug 16, 2006 2:59 pm

[quote=JCadieux]

Go with a better firm.  Most wirehouses will cover any settlement with your previous firm (yes, even at the trainee level).  Be sure to negotiate this up front as part of your package.
[/quote]

Before I get flamed too badly, let me clarify.  By “Better Firm” I mean a better firm for you.  Compatibility is a relative thing.



Aug 16, 2006 3:05 pm

Nah, there are better firms.  I'm not afraid to say it.

Also, I'd like to know what is so bad about the Jones technology.  How does it create negatives when it comes to selling?

Aug 16, 2006 8:49 pm

I hate to say it but you probably won't be done with boiler room atmosphere.  The region I came from required the seg 1 & 2 reps to attend a "phone workshop" every week.  The region next to us was the same thing but once a month.  These workshops should just be called boiler rooms.

Aug 17, 2006 4:03 pm

[quote=NASD Newbie]

Nah, there are better firms.  I’m not afraid to say it.


[/quote]

I agree.  Some firms are better than others.  But in this case my comments were about compatibility.

A lot of time on this board is wasted in flame wars over who’s firm is better.  Mark McCormack said “Never wrestle with a pig.  You get dirty and the pig enjoys it.”


Aug 17, 2006 8:48 pm

For an initial training to become an FA is there anything better?
I know it is case by case and mentor by mentor, but for overall purposes, is there anything better?

Aug 17, 2006 8:54 pm

[quote=brothaK]For an initial training to become an FA is there anything better?
I know it is case by case and mentor by mentor, but for overall purposes, is there anything better? [/quote]

Better than what?

Aug 17, 2006 8:56 pm

jones

Aug 17, 2006 8:57 pm

Edward Jones Financial Services

Aug 17, 2006 9:03 pm

[quote=brothaK]jones [/quote]

Of course there are better choices--the problem is getting hired by them.

Sometimes one has to be pragmatic and dance with the one who asks them.

Just don't go to work for a firm you have never heard of.

Nor should you go to work for a firm with a 28 year old branch manager who wears a lot of gold.

Nor should you go to work in a place that is actually just a big room with a lot of desks and a big TV tuned to CNBC.

Nor should you go to work for a place that talks about how much money you can make.

Nor should you go to work for a firm where you see long cords on the phones, as if they spend a lot of time standing up.

Nor should you go to work for a firm that has a white board at the front of the room with stock prices on it.

Nor should you go to work for a firm that is headquartered in Syosset, NY or Boca Raton, FL.

Nor should you go to work for a firm that has a name that sounds oddly similar to reputable firms--such as AS Goldman is similar to Goldman Sachs.