EDJ Goals
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To be honest, I never was sure about that claim. My experience with wirehouses is much more limited than my experience with Jones, given how small/rural my market is and how saturated we are with Jones offices.Do you believe that the wires are still “better” than Jones? I’m not so sure anymore.
More money for bonuses AND more money to distribute to LP’s and GP’s. Remember, EDJ is an employee owned LP. We may not all be there yet, but would hope to be soon…
Aw Spiff, you really shouldn't expect better...occasionally my mean streak just gets the better of me... I'm thinking that my motivation for the gulag/cult comment came from my recollection of a Jones friend telling me awhile back that if he ever left Jones, it would only be to leave the industry. Now understand, this is (what I consider to be) a very bright and personable guy and coming from him, it sounded incredibly naive and sheltered to me...like he'd just bathed in a vat of the green stuff. I've often wondered if he's ever second-guessed that statement since then, but given the blind devotion he showed when he said it, I can't imagine he has. I have no illusions of loyalty to my B/D. I like them just fine and they've taken pretty good care of me, but at the end of the day, they are a service provider that can be fired if the service goes bad and they know that. It's obvious that the influence that Jones has over most of it's workforce is much stronger than LPL's grip on me. I'll give them credit for that anyway.Indy, I really expected better from you.
Indy, that’s a great point. But captive brokers by nature need to have a better relationship with their B/D, since it is tougher to move and you are provided many more services. It’s like a CPA working for PWC versus owning their own little CPA shop. It’s two different worlds that you can’t really compare. Each has merits, but some people can’t imagine working in one or the other, while some people that work at PWC (or fill in firm name) would certainly consider going solo or “indy”. However, I bet you would find that people that work at PWC are much more loyal to PWC, just like people at Deloitte or E&Y are loyal to their firms.
I’ve been sounding out EJ brokers about the indy channel; many of them are not aware of the opportunities there.
Indy - I was just busting your chops.
I've heard many people over the years say that they'd never work for another company than Jones. Never is a long time. I'd love to think that I've found the company I'll retire with, but that's probobably 25 years away. That's almost 40 years with one firm. I don't know of very many people who stay with one company for that long anymore. My struggle would be where to go. I like the corporate culture. It gives me some comfort. I tend to get comfortable somewhere and stay put. Fortunately I like what Jones has to offer. b&h - I would agree that most folks don't understand the indy channel. I find it funny when I ask someone a question about indy and they look at me like I just sprouted a third head. We are certainly a sheltered group.