Jones is the highest ranking firm, but theyre also

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Oct 2, 2009 12:35 pm

Jones is the highest ranking firm (ethics, customer satisfaction, places to work)

 
yet theyre also the easiest firm to get hired by
 
 
how does this add up?
Oct 2, 2009 12:43 pm

We have a growth goal.  We don't have a survival plan like other firms. 

Oct 2, 2009 1:04 pm

????

 
how is jones such a prestigious firm but they hire anybody with a pulse?
Oct 2, 2009 1:06 pm

I'm not sure why they have to be mutually exclusive.


I guess we have to go through this again....Jones' business model plays very well into the rankings system:


First off, we focus on the upper middle-class, small business owner, essentially middle-America.  These people will get no service anywhere else.  And we have convenient, comfortable, local offices.
 
Second, part of Jones' business model is to focus on face-to-face intaraction, and a high degree of personal service and communication.  It has been shown that many investors get discouraged with the "my broker never calls me, and never returns my calls" treatment, regardless of what firm their advisor is with.
 
It's that simple.  It doesn't make Jones any better at managing money.  Are we the most sophisticated? No.  Do we have the best investment strategies? No.  We keep it simple, and it works.  It works for most people better than how they would be otherwise.  It just means we try to focus on the things that will improve the perception of our firm: give attention to those that won't otherwise get attention, and communicate with clients.  When you boil it down, those are the two biggest factors in our success in the rankings.
Oct 2, 2009 1:10 pm
utcheachea:

????

 
how is jones such a prestigious firm but they hire anybody with a pulse?
 
Based on the number of applications and the number we actually hire, that is just an incorrect statement.  Yes, we probably get thousands of crappy applicants, but that does not change the fact that we are more discerning than you might think.
Oct 2, 2009 1:22 pm

This guy is a made up account. He came on here with an agenda ... Don't feed the troll.

Oct 2, 2009 1:31 pm
Let's assume for a minute that you think ML et al hire only either transfer brokers that are doing $1MM in business, or MBAs from Ivy league schools, or former successful attorneys and accountants. Or even, simply because the wirehouses are more selective they get better people than Jones.
 
Exactly how does that group translate into:
*having morals
*giving great customer service
*being happy in their workplace?
 
I think the premise is flawed. "Better people" does not equal better customer service, or morality, or being happy in the workplace. To wit: Southwest Airlines.
 
 
Oct 2, 2009 4:04 pm

[quote=B24]

I'm not sure why they have to be mutually exclusive.


I guess we have to go through this again....Jones' business model plays very well into the rankings system:


First off, we focus on the upper middle-class, small business owner, essentially middle-America.  These people will get no service anywhere else.  And we have convenient, comfortable, local offices.
 
Second, part of Jones' business model is to focus on face-to-face intaraction, and a high degree of personal service and communication.  It has been shown that many investors get discouraged with the "my broker never calls me, and never returns my calls" treatment, regardless of what firm their advisor is with.
 
It's that simple.  It doesn't make Jones any better at managing money.  Are we the most sophisticated? No.  Do we have the best investment strategies? No.  We keep it simple, and it works.  It works for most people better than how they would be otherwise.  It just means we try to focus on the things that will improve the perception of our firm: give attention to those that won't otherwise get attention, and communicate with clients.  When you boil it down, those are the two biggest factors in our success in the rankings.[/quote
 
good post
 
but imagine how great jones would be if they upped the hiring standards, but kept everything else
 
i'm telling you what I know.  a lot of the new fa's at jones would not even be able to get interviews at these other firms.  their grades are too low, they didnt go to school/have any type of experience, etc.
 
if jones hired more knowledgeable advisors they would be untouchable
 
jones advisors get like 6 weeks to DO NOTHING BUT STUDY for the series 7. of course youre gonna pass.  the people i know working at other firms get 2-4 weeks to study WHILE working.  the other firms hire more "intelligent" (based on americas standards)workers.
Oct 2, 2009 4:22 pm

"the other firms hire more "intelligent" (based on americas standards)workers."


Dumbest post of the day. 
Oct 2, 2009 4:26 pm
B24:

"the other firms hire more "intelligent" (based on americas standards)workers."


Dumbest post of the day. 
 
the other firms want you to have 3.5 gpas and up from good schools just to get interviews
 
 
Oct 2, 2009 4:55 pm

Where do you get your information?  You should really stop reading the Inquirer. 


I'm going to guess that you don't really know anyone in any other firms.  If you did, you'd know that there isn't a big firm in the country that would send anyone to the S7 exam in 2-4 weeks of part time studying.   Their failure rate would be astronomical. 
 
Perhaps you should find an industry to work in that doesn't require some much brain power.  Like politics. 
Oct 2, 2009 5:21 pm
utcheachea:

[quote=B24]

I'm not sure why they have to be mutually exclusive.


I guess we have to go through this again....Jones' business model plays very well into the rankings system:


First off, we focus on the upper middle-class, small business owner, essentially middle-America.  These people will get no service anywhere else.  And we have convenient, comfortable, local offices.
 
Second, part of Jones' business model is to focus on face-to-face intaraction, and a high degree of personal service and communication.  It has been shown that many investors get discouraged with the "my broker never calls me, and never returns my calls" treatment, regardless of what firm their advisor is with.
 
It's that simple.  It doesn't make Jones any better at managing money.  Are we the most sophisticated? No.  Do we have the best investment strategies? No.  We keep it simple, and it works.  It works for most people better than how they would be otherwise.  It just means we try to focus on the things that will improve the perception of our firm: give attention to those that won't otherwise get attention, and communicate with clients.  When you boil it down, those are the two biggest factors in our success in the rankings.[/quote
 
good post
 
but imagine how great jones would be if they upped the hiring standards, but kept everything else
 
i'm telling you what I know.  a lot of the new fa's at jones would not even be able to get interviews at these other firms.  their grades are too low, they didnt go to school/have any type of experience, etc.
 
if jones hired more knowledgeable advisors they would be untouchable
 
jones advisors get like 6 weeks to DO NOTHING BUT STUDY for the series 7. of course youre gonna pass.  the people i know working at other firms get 2-4 weeks to study WHILE working.  the other firms hire more "intelligent" (based on americas standards)workers.
 
Anyone who could make that comment obviously wasn't hired by one of the "other firms" of which he speaks!
Oct 2, 2009 6:23 pm
utcheachea:

the other firms want you to have 3.5 gpas and up from good schools just to get interviews

 
 
 
Crappy plan in the first place. Not all "Intelligent" people can afford "Ivy League" schools, and most of those schools don't give you a shot unless your daddy paid for the Finance Building.
 
You need some life experience my friend. Couple examples. Warren Buffet was denied into Harvard. He was also denied a job working for his mentor, Ben Graham. Finally Ben gave in, now he's the most successful investor of all time.
 
My regional leader. Worked at John Deere for years, until he applied at Jones 25 years ago. Now he's a Million dollar producer, GP, and Regional Leader. Crack jokes about GP's all you want, but the man knows his stuff.
 
Just because someone has no experience, or is rough behind the ears, doesn't mean they don't have a chance at becoming very successful in this business. Alot of this job is knowing people, being able to relate to them. I know Analysts who would blow the doors off anyone in a Math/Finance test, but they don't stand a chance of standing on a beach, drinking a beer and skipping a rock across a f'in lake. I want my Financial guy to understand me, my dreams, and my goals. Not just my money and so do my clients. I think Jones does a wonderful job of getting people who do that.
Oct 2, 2009 6:35 pm

I believe the term is wet behind the ears. You should have picked that up during your life experience of being a male groupie for rock bands.

Oct 2, 2009 9:18 pm
utcheachea:
 
 
i'm telling you what I know.  a lot of the new fa's at jones would not even be able to get interviews at these other firms.  their grades are too low, they didnt go to school/have any type of experience, etc.
 
jones advisors get like 6 weeks to DO NOTHING BUT STUDY for the series 7. of course youre gonna pass.  the people i know working at other firms get 2-4 weeks to study WHILE working.  the other firms hire more "intelligent" (based on americas standards)workers.
 
Your first comment about grades being too low just show that you're probably fresh out of college.  Just to let you know, having a 3.0 GPA does not mean crap in this business.  I know some interns who graduated college and tried to go into sales.  Their whole mantra was "I'm a Finance major, I know what I'm talking about".  They were gone in weeks.  In the real world, experience is what counts, not whether you were magna cum laude. 
 
Second, the people you know at other firms? What firm are you with that you're allowed 2 weeks to study for the 7? Do you even have your 7? Or are you a Series 6 mutual fund slinger?
Oct 2, 2009 10:07 pm
army13A:

Your first comment about grades being too low just show that you're probably fresh out of college.  Just to let you know, having a 3.0 GPA does not mean crap in this business.  I know some interns who graduated college and tried to go into sales.  Their whole mantra was "I'm a Finance major, I know what I'm talking about".  They were gone in weeks.  In the real world, experience is what counts, not whether you were magna cum laude. 

 
Second, the people you know at other firms? What firm are you with that you're allowed 2 weeks to study for the 7? Do you even have your 7? Or are you a Series 6 mutual fund slinger?



I agree...college and grades don't mean sh*t! Any moron could get a 4.0 if that's what they really want. College professors spoon-feed information to students and students regurgitate that information on tests. It's really a joke to try to compare that to the creativity, determination and drive needed to succed in business.

Oct 3, 2009 11:29 am

I don't think they hire anyone with a pulse.  I think they said it was like 8% hiring rate based on total applications received.  They just have so many people training constantly that it seems like they hire anyone. 

Oct 3, 2009 3:59 pm

I've thought it was funny how Jones Always bragged on how "picky" they were, only hiring 8% or so of applicants.  I've worked for several major organizations over the years, most with apps and resumes coming in every day.  I would say less than 10% is the NORM - not some lower than average number that shows how choosey we are.  Crap, I bet theme parks have a lower hiring rate than that!

Oct 3, 2009 8:51 pm

We are salesmen with teams and technologies to do the theorizing for us. Hate to say it but its true. If you are someone with basic market knowledge and great people skills this is the career for you. Otherwise shut up and go get a calculator and a desk somewhere you will indeed fail at this career.

Oct 4, 2009 8:03 am
fa09:

We are salesmen with teams and technologies to do the theorizing for us. Hate to say it but its true. If you are someone with basic market knowledge and great people skills this is the career for you. Otherwise shut up and go get a calculator and a desk somewhere you will indeed fail at this career.





Some people can be salesman and financial expert. That's a true financial advisor.