Best regional ever!

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Jun 30, 2009 4:05 pm

-Guest speaker Tony Danza did a keg stand with my RL!


-Hooters catered!
 
-Crystal in the open bar!
 
-Jack Nicholson was staying in the same hotel, and I gave him my card when we were in the Jacuzzi!
 
-Meth lab bust in the GP's room!
 
-The wholesalers brought complementary Omaha Steaks gift certificates!
 
 
the only negative thing about the whole weekend is that I have to wait another YEAR before I can do it all over again.
Jun 30, 2009 4:11 pm

Forgot to mention......the JOURNEY COVER BAND!!!!!!!!!!

Geeze I'm just glad to see that Steve Perry found work!
 
The "Anywayyouwantit's" rocked by the way.
Jun 30, 2009 5:06 pm

This dude weirds me out.

 
end of story
Jun 30, 2009 7:46 pm

HAHAHA, that's hilarious...my regional was no where near as exciting...when are they gonna stop making us go to this crap?

Jun 30, 2009 9:49 pm

Probably the worst one I've attended. I'm just glad it was truncated by a day.

 
Every session turned into a discussion about how to move existing mutual fund clients into Advisory Solutions.
Jun 30, 2009 9:55 pm

maybe next year they can send us out camping, maybe toast a couple of marsh mellows around the fire, sing some camp songs, tell scary stories...now that would save the firm a couple of bucks instead of pushing for delayed quotes in the office...unbelievable...

Jun 30, 2009 10:03 pm

My first meeting, was not impressed with the agenda or execution.  The people I met were great for the most part - willing to share and offer advice. Got nothing from the sessions though.

Had hoped to walk away recharged .. just left tired.

Jul 1, 2009 9:13 am

And so begins the exodus....

Jul 1, 2009 11:19 am

I don't think there will be an exodus because of the lack of quality of the regional meeting.  Sure, it was uninspiring, but not a reason for a mass exodus.  BTW, you're just one in a very long line of people predicting a mass exodus from Jones.  So far you folks have been about as accurate as an online psychic.   

Jul 1, 2009 11:28 am

There will never be a mass exodus from Jones for a couple of reasons:



1. They hire so many damn people. They will have an FA in your office 3 minutes after you walk out the door(if he isn't waiting in the lobby already). Even if 20% of the firm left, there wouldn't be an empty office.



2. People are stupid. Some guys who are doing and will never due more than 300K at Jones(slackers as we like to call them) should leave and set up there own shop and get more money. But they either don't want to or don't care to(slackers again)



3. Tough to break away from the Jones model without reinventing your business. Jones does a great job of separating the clients from you and attaching them to Jones. They have great branding(because there are so many of them) and are in every town(starbucks/mcdonalds).



4. Most of them are genuinely happy with making $100-$175K. They never thought they would get there in the first place.



5. The good producers have been there for years and don't want to start over when they are nearing retirement.



6. That damn LP

Jul 1, 2009 11:33 am

  I remember back in 2000 celebrating 10000 office!!!!!! Wow. Now 12000 offices nine years later, sounds impressive! But you hire 100-200 new irs every month so 9yrs times 1500 per year =13500 ir hired over 9yrs. impressive %15 percent retention rate. Go green     

Jul 1, 2009 11:41 am

I don't think there numbers are that far off from other places in terms of retention

Jul 1, 2009 11:52 am

Retention at any firm will never be that high.  At Jones, turnover will ALWAYS be high, because you will always have half the people leave in the first 3-6 months because (a) they can't pass their tests, and (b) they realize they didn't want to actually do this job (sell).  Those two things alone knock out half the people that leave in teh first few months.  It takes some people a bit longer to come to that realization, then a lot of people simply don't have the financial means to last as long as it takes (at any firm) to make it.  Then you have the people that get fired because they simply CAN'T make it work - they are either really bad at selling, have terrible personalities (prospects don't connect with them), or they simply don't want to work as hard as it takes to make it.  Then of course there are people that decide this firm is not for them, or they decide to go to another firm, whatever.

 
Bottom line, I don't think you can "blame" Jones (or any firm) for turnover.  Now matter how hard you try, a huge number of people will not make it from scratch in this business for all those reasons.  It's just like the failure rate in starting any new business from scratch.
 
The advantage the wirehouse firms have, is that they hire mostly transfer brokers that already "made it".  But they lose just as many to other firms as they hire, so it's sort of just a revolving door of front-end checks between the wirehouses.  Unfortunately, unless they ALL turn off that spigot, they will forever be paying front-end recruiting bonuses while watching others walk right out the other door to the other firms.  Not that Jones is "right" for growing organically.  I think the individual FA's get hurt worse in this environment versus the "front end check" world, because they are taking a leap of faith.  A 500K producer at Merrill isn't taking on too much risk going to Morgan.
Jul 1, 2009 1:09 pm
Spaceman Spiff:

I don't think there will be an exodus because of the lack of quality of the regional meeting. Sure, it was uninspiring, but not a reason for a mass exodus. BTW, you're just one in a very long line of people predicting a mass exodus from Jones. So far you folks have been about as accurate as an online psychic.





My prediction is only for the individuals on this site who have been so gung ho (the new guys), not in general. And I never predicted a "mass" exodus. Simply an exodus of a few. Blinders have been removed, time to take a look at what things are really like.

Jul 1, 2009 1:21 pm

.

Jul 1, 2009 1:42 pm

I have considered leaving, not because of product offering but lack of leadership and direction within my region. That and I share my "office" with hot wheels, talking donkey's, and all the other toys my kid has. 

If I were not an indentured servant to Jones it would have been a done deal. But alas, they have me by the balls .. so I can either pay the 5-10k I'd pay to get out of jail free or plow that into the business and see how my perspective changes once I'm in a more professional atmosphere and actually have someone to get my damn paperwork filed.

Jul 1, 2009 1:56 pm
voltmoie:

But alas, they have me by the balls .. so I can either pay the 5-10k I'd pay to get out of jail free or plow that into the business and see how my perspective changes once I'm in a more professional atmosphere and actually have someone to get my damn paperwork filed.

 
BTW the 75K is negotiable. I have a close friend that left in his first quarter and just settled for a 2K payoff. He originally owed the entire 75K.
Jul 1, 2009 1:58 pm

.

Jul 1, 2009 2:34 pm

Wind,

 
Did they have you speak at the new IR break out session?  That's a serious question, I'm also dating myself, it's probably new FA session. 
Jul 1, 2009 2:38 pm

.