Diversification trips
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BJ Windy 3 - You are hated because you give blowjobs, lie to your clients and suck in general. Not much of a difference.
BJ Windy 3 - You are hated because you give blowjobs, lie to your clients and suck in general. Not much of a difference.
You're an idiot.
Moraen, I agree with your assessment of Windy's clusterfu@k of an analysis. However, I don't think Jones does anything underhanded with the P&L. I have personally verified each and every number. I was somewhat involved in the rental process, and I am being charged on my P&L exactly what I was originally told by the landlord. Now, there is also CAM charges and RE taxes which add to it, but I have seen those bills also, because the landlord sends them to me sometimes. I am guessing there were probably items that you had not accounted for related to CAM charges or something. Jones can't pull stuff out of thin air to place on your P&L. Also, don't forget the buildout ammortization that gets charged over the first 5 years. Mine is like $500/mo. All-in, Rent, CAM, RE tax, all Utilities, and buildout ammortization, I am at $3,100/mo. Excluding payroll & benefits, and systems, everything else I get charged adds up to $5300/yr. (postage, phone, licenses, supplies, etc.). So again, Windy is clueless. The only enigma to me is the systems charge. They have all broken down on our P&L, but there is one line item that doesn't make sense. "Data Charge" is $700 of the $1250 we get charged. Honestly, the rest of it makes sense - as we basically have to pay for phones, 2 PC's, server, battery backups, color laser printer, fax/scanner/copy machine, video system, all of the outside software services we use (realtime quotes, historical cost basis service, the CRM system, the online training system, Bondnet, scanning software, infax system, check scanner system, etc.), as well as system-support people that come out to fix and install all our stuff for "free". SO the other $550 we pay for is fine. It's just this "Data Charge". I guess it's a catch-all. I don't know. The problem with big firms, is that everyone has to have the same exact setup, regardless of their needs. So everyone has to have a check scanner, and a server, and a video system, etc. Independants can do without a lot of the stuff we have. Hell, I could do without a lot of the stuff I have.Once again, you have put your keen intellect to work and come up with the wrong conclusion.
Why is rent $2000? I’ll tell you why - Jones puts on your P & L a rent amount that they don’t pay. How do I know this? Well, for one I’m independent and actually sign the lease. The second reason is that while I was at Jones, I happen to ask the landlord (who became a client and still is after the move) what my rent was. Try a full $800 less than what was on the P & L.
I’ve posted how much it would cost for me to have a setup like Jones. 80%+ payout. It’s hard to believe because you’ve swallowed all of the kool-aid.
$500 for utilities?
Also, who needs a full-time assistant if you are just going to run a one person office.
License fees aren’t that much.
[quote=Moraen]Once again, you have put your keen intellect to work and come up with the wrong conclusion. Why is rent $2000? I’ll tell you why - Jones puts on your P & L a rent amount that they don’t pay. How do I know this? Well, for one I’m independent and actually sign the lease. The second reason is that while I was at Jones, I happen to ask the landlord (who became a client and still is after the move) what my rent was. Try a full $800 less than what was on the P & L. I’ve posted how much it would cost for me to have a setup like Jones. 80%+ payout. It’s hard to believe because you’ve swallowed all of the kool-aid. $500 for utilities? Also, who needs a full-time assistant if you are just going to run a one person office. License fees aren’t that much.
Moraen,
I agree with your assessment of Windy’s clusterfu@k of an analysis. However, I don’t think Jones does anything underhanded with the P&L. I have personally verified each and every number. I was somewhat involved in the rental process, and I am being charged on my P&L exactly what I was originally told by the landlord. Now, there is also CAM charges and RE taxes which add to it, but I have seen those bills also, because the landlord sends them to me sometimes. I am guessing there were probably items that you had not accounted for related to CAM charges or something. Jones can’t pull stuff out of thin air to place on your P&L. Also, don’t forget the buildout ammortization that gets charged over the first 5 years. Mine is like $500/mo.
All-in, Rent, CAM, RE tax, all Utilities, and buildout ammortization, I am at $3,100/mo.
Excluding payroll & benefits, and systems, everything else I get charged adds up to $5300/yr. (postage, phone, licenses, supplies, etc.). So again, Windy is clueless.
The only enigma to me is the systems charge. They have all broken down on our P&L, but there is one line item that doesn’t make sense. “Data Charge” is $700 of the $1250 we get charged. Honestly, the rest of it makes sense - as we basically have to pay for phones, 2 PC’s, server, battery backups, color laser printer, fax/scanner/copy machine, video system, all of the outside software services we use (realtime quotes, historical cost basis service, the CRM system, the online training system, Bondnet, scanning software, infax system, check scanner system, etc.), as well as system-support people that come out to fix and install all our stuff for “free”. SO the other $550 we pay for is fine. It’s just this “Data Charge”. I guess it’s a catch-all. I don’t know. The problem with big firms, is that everyone has to have the same exact setup, regardless of their needs. So everyone has to have a check scanner, and a server, and a video system, etc. Independants can do without a lot of the stuff we have. Hell, I could do without a lot of the stuff I have. [/quote]
Hey - I’m just telling you what happened to me. The rent was supposed to increase over five years and then reset. Problem is, they had the rent at the highest rate and then when it reset, there was no decrease on the P & L. I called Home Office and they said flat out that was what the landlord was billing them.
Hey Ken - which one is Ron - Danny?
Moraen, I agree with your assessment of Windy's clusterfu@k of an analysis. However, I don't think Jones does anything underhanded with the P&L. I have personally verified each and every number. I was somewhat involved in the rental process, and I am being charged on my P&L exactly what I was originally told by the landlord. Now, there is also CAM charges and RE taxes which add to it, but I have seen those bills also, because the landlord sends them to me sometimes. I am guessing there were probably items that you had not accounted for related to CAM charges or something. Jones can't pull stuff out of thin air to place on your P&L. Also, don't forget the buildout ammortization that gets charged over the first 5 years. Mine is like $500/mo. All-in, Rent, CAM, RE tax, all Utilities, and buildout ammortization, I am at $3,100/mo. Excluding payroll & benefits, and systems, everything else I get charged adds up to $5300/yr. (postage, phone, licenses, supplies, etc.). So again, Windy is clueless. The only enigma to me is the systems charge. They have all broken down on our P&L, but there is one line item that doesn't make sense. "Data Charge" is $700 of the $1250 we get charged. Honestly, the rest of it makes sense - as we basically have to pay for phones, 2 PC's, server, battery backups, color laser printer, fax/scanner/copy machine, video system, all of the outside software services we use (realtime quotes, historical cost basis service, the CRM system, the online training system, Bondnet, scanning software, infax system, check scanner system, etc.), as well as system-support people that come out to fix and install all our stuff for "free". SO the other $550 we pay for is fine. It's just this "Data Charge". I guess it's a catch-all. I don't know. The problem with big firms, is that everyone has to have the same exact setup, regardless of their needs. So everyone has to have a check scanner, and a server, and a video system, etc. Independants can do without a lot of the stuff we have. Hell, I could do without a lot of the stuff I have. [/quote] Wow, 3100 a month for rent. It makes profitability a big nut once you add in the other items. We had a guy that had a beautiful office and was running over 3600 a month for rent. He left for Ameriprise because he realized after awhile that a bonus was far far in his future.......[quote=Moraen]Once again, you have put your keen intellect to work and come up with the wrong conclusion.
Why is rent $2000? I’ll tell you why - Jones puts on your P & L a rent amount that they don’t pay. How do I know this? Well, for one I’m independent and actually sign the lease. The second reason is that while I was at Jones, I happen to ask the landlord (who became a client and still is after the move) what my rent was. Try a full $800 less than what was on the P & L.
I’ve posted how much it would cost for me to have a setup like Jones. 80%+ payout. It’s hard to believe because you’ve swallowed all of the kool-aid.
$500 for utilities?
Also, who needs a full-time assistant if you are just going to run a one person office.
License fees aren’t that much.
Some combination Our P&L shows my net commissions, minus this and that down to an operating expense at the branch level. Obviously, my BOA gets "paid" out of my net commissions. There are exceptions; notably printing expenses, telephone and postage, which come out pre-tax.I’m curious, when you EDJ guys say “you pay for X, Y, and Z.” Do you actually have to pay for those things? Or is EDJ just giving you a P&L report stating whether or not they are making money on your branch?
You got it. Most is not out of pocket. I am referring to the stuff that Jones pays for, and then charges to my branch P&L to show branch profitability.I’m curious, when you EDJ guys say “you pay for X, Y, and Z.” Do you actually have to pay for those things? Or is EDJ just giving you a P&L report stating whether or not they are making money on your branch?
[quote=noggin]
Wow, 3100 a month for rent. It makes profitability a big nut once you add in the other items. We had a guy that had a beautiful office and was running over 3600 a month for rent. He left for Ameriprise because he realized after awhile that a bonus was far far in his future.......[/quote] It is a lot. But keep in mind, I am including ALL utilities, common area charges, RE taxes, and the cost of the buildout. I also have about 1200 sq.ft. - more than I need, but I am also doing a Legacy plan, which credits my P&L. After 5 years, about $550/mo goes away (that was the buildout amortization). And in my area, $25/sq. ft. (all-in) is about normal. My straight rent is about $19/sq.ft.. I could have found a crappier place that was smaller, storefront, stripmall-type space. But I am in brand new class-A space on the water. I have all windows in my office. It is very nice. Of course Jones people think it's great (compared to their offices), but I get compliments from clients, friends, everything. To me it's worth it. I have almost no "Jonesie" stuff in my office, one little "Edward Jones" wooden sign outside the door. It's very nice. I think the impression it leaves can actually make the difference between getting some clients and not (if I compare to some of my colleagues' offices). Even with my rent, I am profitable at just under $14,000 gross/mo. And my profitability level will only go down over time, as my fee credits and asset holding credits get larger every month, and my buildout amortization goes away. My BOA only works about 30-35 hours per week, and doesn't need benefits. I am building a very simple business that will probably never require 2 BOA's, so my fixed expenses will only go up with rent increases, even at much higher production levels. I've got it all figured out - no worries here. But thanks for your concern .Some combination Our P&L shows my net commissions, minus this and that down to an operating expense at the branch level. Obviously, my BOA gets "paid" out of my net commissions. There are exceptions; notably printing expenses, telephone and postage, which come out pre-tax.[/quote] No she doesn't. She gets paid out of your gross commissions.[quote=iceco1d]I’m curious, when you EDJ guys say “you pay for X, Y, and Z.” Do you actually have to pay for those things? Or is EDJ just giving you a P&L report stating whether or not they are making money on your branch?
[quote=B24][quote=noggin]
Wow, 3100 a month for rent. It makes profitability a big nut once you add in the other items. We had a guy that had a beautiful office and was running over 3600 a month for rent. He left for Ameriprise because he realized after awhile that a bonus was far far in his future.......[/quote] It is a lot. But keep in mind, I am including ALL utilities, common area charges, RE taxes, and the cost of the buildout. I also have about 1200 sq.ft. - more than I need, but I am also doing a Legacy plan, which credits my P&L. After 5 years, about $550/mo goes away (that was the buildout amortization). And in my area, $25/sq. ft. (all-in) is about normal. My straight rent is about $19/sq.ft.. I could have found a crappier place that was smaller, storefront, stripmall-type space. But I am in brand new class-A space on the water. I have all windows in my office. It is very nice. Of course Jones people think it's great (compared to their offices), but I get compliments from clients, friends, everything. To me it's worth it. I have almost no "Jonesie" stuff in my office, one little "Edward Jones" wooden sign outside the door. It's very nice. I think the impression it leaves can actually make the difference between getting some clients and not (if I compare to some of my colleagues' offices). Even with my rent, I am profitable at just under $14,000 gross/mo. And my profitability level will only go down over time, as my fee credits and asset holding credits get larger every month, and my buildout amortization goes away. My BOA only works about 30-35 hours per week, and doesn't need benefits. I am building a very simple business that will probably never require 2 BOA's, so my fixed expenses will only go up with rent increases, even at much higher production levels. I've got it all figured out - no worries here. But thanks for your concern .[/quote] When I was at Jones, I was profitable at about 14,000 gross/mo level with much cheaper rent. It took me a while to realize what an effect those 2 things, i.e. rent and boa salary have on the P & L. The best thing that you can do for your p/l is hire a BOA that works in that 30-35 hrs a week and doesn't need or use the insurance. Mine worked 35 to 37.5 a week and used the insurance...... If your BOA worked fulltime and used insurance, your profitability number would be much higher!!! Good job.