Jones GOALS....need input

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Feb 3, 2009 4:00 pm

Well, i am just being put on goals and have been with Jones for just over a year, I had been above the green for a good while, and hit a wall recently. I have alot of obvious concerns, job security, mortgage, etc. but I would like to know IF I am below the # and fired what, if any implications am I facing concerning the 3 year contract. I have searched, and yes I understand I should have made a copy, but I didnt, and I would greatly appreciate any guidence given regarding the circumstances. I intent to improve my #'s but I strongly believe to plan for the best, but prepare for the worst case scenario.


Thanks,
Feb 3, 2009 4:08 pm

As I understand it, if they fire you, you're off the hook for any of the training fees.  You will get more information from B24 in a little while I'm sure.  If you're needing to know sooner, try a search.  There has been a lot of that type of question lately.

 
 
Feb 3, 2009 4:15 pm

Thanks,

I hope it wont be an issue of concern, but i'd like to get a few more to post on the subject so I can be better prepared for either outcome.
Input is apppreciated
Feb 3, 2009 4:25 pm

Your DL has very little flexibility on goals.  If you are a little short, sometimes they can add the balance on to the next month.  Keep in regular contact with your mentor and regional leader.  Your regional leader can NOT override St. Louis when you are on goals.  Lastly, make calls like a mofo and get off goals.

Feb 3, 2009 4:41 pm

Well, they can't fire you and then come after you for money. ... I'd be curious as to what the status of your licenses would be. If you lose your job on the 1st of the month, how long do you have to find another job and keep your licenses.


Feb 3, 2009 4:58 pm

If they fire you, you owe them nothing... I would think you have 30 days to move your licenses..


 
By the way... if you are on goals at Jones and are only out a year(what you have to do $3K gross/month to avoid goals) then don't bother looking anywhere but a bank if you want to stay in the profession... maybe find a spot as an internal wholesaler..
 
Jones has some of the easiest goals starting out and if you are struggling now, then don't worry about the future, go find something else to do..
Feb 3, 2009 5:16 pm

Thanks,

I realize the goals are low, as I WAS hitting them relatively easily (just under 5k is month 1), but working out of your house begins to look a little shady to some after awhile I guess as I have been getting the
"lets wait til you open your office/the mkt stabilizes/ other bs. small town+ new guy+ working out of the trunk=broke lately.
Thanks for the insight, i'll look at the options if I cant cut it. I was concerned about being on the hook for 75k if I didnt hit the #'s
Feb 3, 2009 5:41 pm

Yeah you won't be... 7 guys in my class(not region) waited to go on goals so they could be fired so they could go to other firms (ML, MS, LPL, RIA)..

Feb 3, 2009 5:45 pm

No training costs if you're fired.  You still must abide non-solicit clause.  Good luck.

Feb 3, 2009 7:54 pm

the non-solicit is crap if you have little or no assets..

Feb 3, 2009 8:51 pm

You are not alone, there are many who fell into the same situation. I would start to look at options that you may have. Good luck to you!

Feb 4, 2009 10:53 am

Do you like the business?  If so, forget about the training cost question and get on the phone.

 
Find a stock that you really like and call everyone on your contact management system.  Yes, even if you called them yesterday.  The reason to sell a stock is because of the urgency you can convey with an individual equity as opposed to a mutual fund.  If you get them to the kitchen table (because you don't have an office yet) and find that a mutual fund would be more appropriate, you can move in that direction.  But you need to get in front of these people and sell them something.  And I wouldn't even consider selling any bonds that you have in your inventory, look at the history of your structured inventories.
 
If you are worried about not having an office, try to work it out with another vet to borrow his conference room for meetings, or maybe someone who is on a diversification trip. 
 
With only a year in the business, you know just enough to be dangerous.  Talk to seasoned vets and ask what they are selling right now.  Good Luck!  Let us know the outcome.
 
Feb 5, 2009 3:59 pm
exEJIR:

Do you like the business?  If so, forget about the training cost question and get on the phone.

 
Find a stock that you really like and call everyone on your contact management system.  Yes, even if you called them yesterday.  The reason to sell a stock is because of the urgency you can convey with an individual equity as opposed to a mutual fund.  If you get them to the kitchen table (because you don't have an office yet) and find that a mutual fund would be more appropriate, you can move in that direction.  But you need to get in front of these people and sell them something.  And I wouldn't even consider selling any bonds that you have in your inventory, look at the history of your structured inventories.
 
If you are worried about not having an office, try to work it out with another vet to borrow his conference room for meetings, or maybe someone who is on a diversification trip. 
 
With only a year in the business, you know just enough to be dangerous.  Talk to seasoned vets and ask what they are selling right now.  Good Luck!  Let us know the outcome.
 
 
To answer your question, yes, I enjoy sitting down with qualified prospects and advising them on why, despite what abc news or suzy orman thinks; it IS a great time to invest. I feel confident in what I am saying regarding a long term approach to investing, and with what return characteristically look like coming out of times like these. I have found doorknocking to be very unsuccessful in creating clients, probably more related to my approach than the model itself. Nonetheless, I am here and I am trying my best to hit the goals. Thanks for the advice everyone, I hope to succeed here, but if not I will move on and be successful somewhere
Feb 6, 2009 10:05 am
henryhill:

Your DL has very little flexibility on goals. If you are a little short, sometimes they can add the balance on to the next month. Keep in regular contact with your mentor and regional leader. Your regional leader can NOT override St. Louis when you are on goals. Lastly, make calls like a mofo and get off goals.





My advice is to get ready to leave. We recently put 4 people on goals in my region and they all got fired. Goals is not were you want to be that is one step out the door. I would get your wife prepared and start looking for a job in your free time at night!



Miss J



** not trying to be negative but the truth hurts when it comes to Jones and goals.

Feb 6, 2009 1:23 pm

As it pertains to your employment agreement, here are the facts:

 
1. If you quit OR get fired (doesn't matter), they CAN come after you for the $75K in training costs, but only if you keep your licenses with FINRA and become an employee or independent engaged in the sale of securities or insurance. Whether or not they WILL is a matter of experience which I don't have. I DO have my employment agreement with me, and I had it looked over by an attorney before signing.
2. The amount of training costs decrease every 3 months following one year of employment. It goes down in even increments, so whatever $75000 divided by 8 quarters is. 9000 and something...
3. The non-solicit simply says stay the hell away from your old customers for one year....no contact either directly or indirectly. As mentioned though, being so new, you probably don't have enough assets to warrant their concern.
 
The above 3 points are factual. Not my interpretation. I had them checked out by my lawyer and confirmed by one of Jones' lawyers. (Yes, I called their legal department.) The stipulation regarding the reason for termination was done on purpose to prevent people from trying to get fired on purpose. Yes they thought of that....no they're not stupid. The legal department did mention that that stipulation was changed to the current wording some 2 years ago. This means you probably signed the same contract I did. It also means that people did abuse that clause by getting trained and then trying to get fired, so they could go work somewhere else. Can you blame Jones for changing the wording?
 
Anyway, best of luck to you. Do the hard stuff...get the orders...get whatever help you can...I hope you make it.
Feb 6, 2009 10:50 pm

Here's what I say. You should tell your DL that you are putting Jones on GOALS. Net income is DOWN bitches! You guys are at 50% of standard! What the hell are you doing! Get out there and beat the bushes! Knock-knock son! If you don't bring that shit up in the next four months, I'm quitting!



And then tell them that when you quit, they are NOT to solicit YOUR clients, and that they owe you $75k for wasting your time!



But then again, I'm just drunk, so what do I know. Taking my advice might get you fired.



Feb 6, 2009 11:00 pm


Feb 7, 2009 8:51 am

Drunk or not that is funny!!! are you funnier drunk or sobber?

Feb 9, 2009 9:06 am

I'm probably funnier drunk. As I drink more, social norms tend to fall off and I get more brutally honest. Sometimes it translates into being funny. But really, I wasn't THAT drunk at that point, so I guess that was buzz funny.

Feb 9, 2009 10:01 am
Moraen:

Here's what I say. You should tell your DL that you are putting Jones on GOALS. Net income is DOWN bitches! You guys are at 50% of standard! What the hell are you doing! Get out there and beat the bushes! Knock-knock son! If you don't bring that shit up in the next four months, I'm quitting!

And then tell them that when you quit, they are NOT to solicit YOUR clients, and that they owe you $75k for wasting your time!

But then again, I'm just drunk, so what do I know. Taking my advice might get you fired.