Being a Jones IR..... info needed
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Greetings to all....
I have been reading many post about different subjects over the last couple of days, so I thought I would receive your thoughts to the following.
First and formost I know that everyone one has there own opinion so I ask that you respect all. Stay positive, No bushing or negativity needed just honest feedback.
Ok I have read alot about EJ. It seems has if many in the industry do not like them for one reason of another. I am considering becoming an IR with them in thenear future. i have interviews setup in a week or so. I have done research on them and know about the disclouser of perferred funds as well as the door knocking. I am currently series 7 and 63 licensed. I left Fidelity because i got tired of the inbound calling. I have 1.5 years under my belt so I know about the industry (however there is a lot of room for more knowlegde)
Since I have been in the industry, I have heard both good and bad things about almost every company out there from individuals I assisted via phone in moving their assets to Fidleity. This ranges from commissions to fees to improper trading.
Now, my research has shown that EJ has been noted for having some of the best training in the industry, also recongnized has one of the best companies to work for.
I have read many post discouraging others to persue another career if they had little or no experience or telling others to chose other firms first. I believe that evry company out there has a target audience the same for a IR. I know IR that will turn people with less then 100k away or those that what stocks only. My vision is to enlighten poeple about financial wealth and make sure that they have a portfolio that meets there needs.
With that said please respond to the following..
Am I missing something about EJ IR's or the company? and why are so many hursh comments about this company.
Thanks for all the insight in advance.
Again if you have nothing constructive to say, the best thing to say is nothing. Please respect opinions.
Thank you
Frankly, if you've researched Jones and like what you see, I say go for it. Many on here have detailed the pros & cons about Jones and you can search on here for days if you want all of the goods.
Bottom line is, this is a company with a lot of name recognition and a lot of happy employees. Obviously, it has some warts and is not a great fit for everyone, but as you said earlier, Jones appears to do a nice job of training those new to the business and that's certainly worth something.
Go to the Home page of this website, and then click on “Careers.” Once there, go to page #3, and you will find an indepth article about the firm, entitled, “Keeping Up With the Joneses.”
Cuw, I work for Jones. I also read these posts. Basically, everyone likes to
criticize Jones for what I presume to be a lack of sophistication. It is true,
we do not write shorts and options, or deal in other investments like
commodities. That is just what the firm chooses to do. It works fine. I
enjoy the company, I enjoy the people, and they have been moving VERY
quickly to make signifcant improvements since Jim Weddell has been
managing partner. They have rolled out great financial planning
software, made other marked improvements in tech, migrated to land-
based broadband, mandated all take series 66 in order to become IAR’s
(paving way for expanded managed account business), encouraged CFP
qualification, dramatically improved new IR compensation, improved PR
efforts with nationwide campaigns. I can go on about the improvements,
but you get the picture. And I do believe that it is easier for a GOOD
candidate to succeed in the beginning versus other firms. Many of these
are the criticisms of former IR’s or industry folks “in the know” that have
some dated opinions and information. You also get your own branch
office and Admin, which is nice - no Branch Manager.
On the other end, some of the points that I would agree with:
1. yes, we do primarily use our 7-8 preferred funds; but what firms
don’t??? They don’t require them, they just make it much easier to use
them because of the relationships and wealth of information provided for
us. You can’t know all 14000 mutual funds out there (or whatever the #
is)
2. you will have a difficult time landing “big fish” early on. We do not
have a reputation for being “wealth managers”. However, in my first
month, I landed a $600K 401k roll off a doorknock, and 2 months later,
he referred his brother, who retired early and gave me $1M. You also
have to keep this in mind - nobody with real money looks up Morgan
Stanley in the yellow pages and calls a branch office for help. It’s all
about relation ships. Unfortunately, there are more wealthy relationships
with the wirehouses than with Jones. But I firmly believe that 7-10 years
in, it does not matter that much who you work for (unless you want to be
a true “Wealth Manager”). It matters who you forged relationships with,
how you treated them, and how you positioned yourself in your
community/circle of friends/family/colleagues/etc. I know plenty of
Jones vets that have well over $100M AUM, with some over $200M, and
are bringing down $750+ gross (plus profit bonuses, trips, uncapped
profit sharing, and partnership distributions which have averaged over
20% the last 40 years or so).
3. You pay for some things in your office, but it’s not that bad if you treat
it like it’s your own business, and don’t go hog-wild.
Like anywhere else, there are pros and cons. Don’t get too caught up in
the bashing. It’s mostly posted by disgruntled former IR’s that couldn’t
make it. There are 10,000 IR’s in the company. About 7,000 are
successful and profitable. Many of the 3000 are new, many are failing,
and many will ultimately fail. That’s a pretty good number to have 7000
successful ones.
Keep doing your research, and call and visity some branches.
"any of these are the criticisms of former IR's or industry folks "in the know" that have some dated opinions and information. You also get your own branch office and Admin, which is nice - no Branch Manager. "
Broker24,
FYI - NASD mandates that you MUST have a branch manager otherwise the firm would face failure to supervise charges.
Each EJ office is a "sub-branch" and StL is the main branch. Your "branch manager" for supervision is your FSD. For sales training your "manager" is IRD. And approval for "creative" sales literature is Marketing.
Q: How many managing officers at major BDs were forced to resign their post in the past year by the regulators?????
A: Please update my "dated information" as I only know of one.... Doug Hill
When you are at Jones be sure to hire a BOA who can proof read your correspondence. Your spelling is abysmal and embarrassing.
I am a former Jones broker, now independent. The company was not for me. You can search the forum for previous posts. Because I am happier and more successful where I am now, doesn't mean that Jones might not be a good fit for you. The only way to know is to interview with several offices, not just the guy who is recruiting you. He gets rewarded if you are hired. You might also want to interview with other independent firms. Despite what they say, you will not be running your own office at Jones.
Nobody has bashed Jones more than me...but...it is a good place to start in the biz but after you get to 250k in production...it's time to leave. If you do start with Jones remember two things:
1. Don't read any more stuff on Jones from this forum because it will just pi$$ you off about Jones and cloud your thinking. You need to follow EJ's instructions and build a business.
2. Sell yourself and not the firm...it will make it easier to move your clients later.
When you get to 250k...come back and I can tell you how to move your book.
A couple thoughts:
1. Realize that "the best training in the industry" is intro level sales training. Doorknocking, phone sales, pitching product, answering objections. It is not financial planning, advanced product knowledge, or anything else financially related.
2. Make sure you understand your employment contract. I don't know if they have a training reimbursement requirement for previously licensed folks, but make sure you check. You don't want to have them come after you for big money if you decide to go back to Fidelity after 8 months.
3. Your "vision" while nice in its intention will for all practical purposes be B.S. You need to understand that for your first five years you will be a salesman, going out and finding clients. Go rent "Door to Door" with Willam H. Macy. This is the best representation of what it is like to work for EDJ.
4. First impressions matter. This may just be an internet forum and no one expects perfection, but your posting makes you look illiterate. You're soliciting the advice of professionals, so be professional.
CompJerk, I know the whole deal on the BOM and FSD and IRD. I was speaking more as it relates to the work environment, not the compliance aspect. You are correct, you are NOT your own boss.
As far as the Doug Hill thing is concerned, most firms use preferred vendors in some form, and receive compensation as such. Many firms have paid fines, we were just targeted and a big deal made because of our "holier-than-thou" attitude. I can admit it. But we do run a very ethical business overall. It does not concern me in the least.
Like other posters have said...
1) It is a great place to start. But, you will need to increase your product knowledge on your own. Don't rely on EDJ for that. Read everything you can get your hands on.
2) Stay away from this board, and focus on building your biz.
3) Don't believe everything they (EDJ & GPs) tell you. Think for yourself. Most IRs @ EDJ don't have the ambition or desire to look outside of their little world. (some call it a cult, alittle strong of a word for me)
4) Make darn sure you are "ready" to door knock for 2-5 yrs. So many IRs fail because they can not force themselves to door knock.
5) Remember it's time in the biz, that gets you where you desire to be. You have to do the time to be successful, luck and timing will only get you so far.
6) Represent yourself not your firm. You may be perfectly happy with a career at Jones (or any other firm). But if you want to change employers or go independent down the road, you don't want to back yourself into a corner by selling the firm instead of your relationship with the client. This goes for your dress and appearance also. Don't follow the crowd, dress like a success. You can never make a second "first impression".
7) Remember that every firm has its good and bad, from management down to the brokers. Take everything you read here with a grain of salt.
Hopefully this helps.
[quote=exEJIR]
7) Remember that every firm has its good and bad, from management down to the brokers. Take everything you read here with a grain of salt.
[/quote]
But be careful, because new studies show that too much salt isn't good for you either. Limit it to just ONE grain.
[quote=compliancejerk]
"any of these are the criticisms of former IR’s or industry folks “in the know” that have some dated opinions and information. You also get your own branch office and Admin, which is nice - no Branch Manager. "
Broker24,
FYI - NASD mandates that you MUST have a branch manager otherwise the firm would face failure to supervise charges.
Each EJ office is a “sub-branch” and StL is the main branch. Your “branch manager” for supervision is your FSD. For sales training your “manager” is IRD. And approval for “creative” sales literature is Marketing.
Q: How many managing officers at major BDs were forced to resign their post in the past year by the regulators???
A: Please update my “dated information” as I only know of one… Doug Hill
[/quote]I believe his point was that you don’t have a BM (branch manager, bowel movement, take your pick) looking over your shoulder telling you to produce more so he can get a bigger bonus or throwing a fit when you leave early to pick up your kids.
As far as Doug is concerned, IMO the regulators did us a favor.
6) Represent yourself not your firm. You may be perfectly happy with a career at Jones (or any other firm). But if you want to change employers or go independent down the road, you don't want to back yourself into a corner by selling the firm instead of your relationship with the client. This goes for your dress and appearance also. Don't follow the crowd, dress like a success. You can never make a second "first impression".
Good advice. If you tell the client's how wonderful your firm is, they are going to wonder about you if you decided to move later. Did you lie about the firm in the first place? If it is so wonderful, why should they go with YOU?