Leaving Jones

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Apr 16, 2008 7:01 pm

I am 2 months out of eval-grad with EJ and I realize that financially, I cannot afford to stay. I am hoping to find another job within the next month. Eventually, I would like to get back into the industry. After quitting Jones is there a certain time frame after which I would not be responsible for the training fees if I go to another firm?

Apr 16, 2008 10:31 pm

Yes, after your license is inactive for two years and you have to retest to be back in the industry.

Apr 17, 2008 7:57 am

Are you blaming Jones or do you feel this business is not for you?

Apr 17, 2008 8:46 am
lambda:

Are you blaming Jones or do you feel this business is not for you?

 
Lambda- The only person he COULD blame would be himself. So many people come into this industry thinking it's going to be easy money and it isn't. (It can be but that is not the norm) Someone at Jones should have told him that he needed a nice savings account before he made the leap. I would say 6 months worth of savings so you can truly survive the variable commissions. It's tough being commission only and heck he is just two months out of EVAL/GRAD, EDJ is still giving him a paycheck.
 
** You have to be fired to keep your license and avoid the 3 year pay back schedule of 75K.
Apr 17, 2008 9:27 am

T-

Are you by chance doing a Goodknight?
Apr 17, 2008 9:44 am

Thardy, its ok to say this is not for me--go out and find what it is you really want to do--this business isn't for everyone--I don't feel sorry for Jones--they took the chance to invest in you and it didn't work out--that being said they have the absolute right to keep you out of the industry for a couple of years--You leaving doesn't make you a bad person--go find your place in the world.

Apr 17, 2008 11:02 am

Thanks for the replies, I think....Im not blaming Jones. But I do have a problem with the way things where explained to me in the beginning. I didnt think this industry would be easy, Im used to hard work and long hours in a sales atmosphere. Im just not used to doing it for free!  

Apr 17, 2008 11:06 am

Neither Lambda, like I said in my post, financially I can no longer afford to stay. It's not about blame or failure.

Apr 17, 2008 11:07 am

I am not doing a goodknight, when I originally inquired about the program, it was discouraged by my RL.

Apr 17, 2008 11:37 am

The long term outlook is what attracted me to Jones in the first place. I would like to stay, but I really cant afford to at this point. It's not even an option for me now.

Apr 17, 2008 11:51 am

T- "I do have a problem with the way things where explained to me in the beginning"
 
---Explain this one.

Apr 17, 2008 12:09 pm

I agree with Miss Jones about the 6 months of income saved. I think that is pretty standard unless you are married with two incomes in the household. When I asked about income in the beginning I was told about 50-60k. They dont really explain how you get paid and what that number includes until after KYC. If someone could have explained the need for 6 months of savings during the interview process, I believe I could have made a better decision. I dont have a problem with the Jones model and I love the culture here. But I think that like many other firms and companies, Jones could do a better job setting people up for success, not failure. Jones does a great job hiring good people, the next step is to find a way to keep the good people they hired.

Apr 17, 2008 12:19 pm

Can you explain what you were told during KYC that was different from when you were hired? If I recall correctly, they spell out how much you will be paid during study and after Eval/Grad. What was the big surprise? Let me clarify...they tell you how much you will make "base". You should have calculated this as your worse case scenario. As I'm sure you know, nothing in sales is guaranteed; especially starting off.

Apr 17, 2008 12:20 pm

Not hearing the full story until you are on board is not uncommon we had quite a lively debate at kwc when we were informed we do not get company leads so to speak. of the 14 of us there the only two who were aware of that were people that have family at jones. two decided to not purue it any further at that point. I was told the door knocking last anywhere from 3 weeks to 3 months. but that number can be accurate in a little town i suppose, but i work in a large city 14 months later I still door knock along with other activities, but starting over knowing what I know now I most likely would have taken a differant path. Jones is a great Company just not a great fit personally.

Apr 17, 2008 12:46 pm

I still don't get it.  I'm midway through the interview process and even before you begin EJ sends you the Resposibilities and Expectations booklet which outlines most of what you need to know including compensation.  In addition, compensation is explained to you TWICE during the phone invterviews, to make sure you understand.  They only component thats not 100% accurate (according to other posters) is the new account bonus which is not so easy to hit.

Apr 17, 2008 1:03 pm

I believe "firm growth" being a category (and credit cards ) for winning a diversification trip is highly unethical. It causes FAs to recruit folks they otherwise would not have, and when you're trying to win something, you tend to leave out most of the negatives.

 
(Come to think of it, that sounds a lot like the conflict of interest with commission-based business! We're just chock full of conflicts!)
Apr 17, 2008 2:11 pm
lambda:

I still don't get it.  I'm midway through the interview process and even before you begin EJ sends you the Resposibilities and Expectations booklet which outlines most of what you need to know including compensation.  In addition, compensation is explained to you TWICE during the phone invterviews, to make sure you understand.  They only component thats not 100% accurate (according to other posters) is the new account bonus which is not so easy to hit.

 
Those new account bonuses are little to none existence. I got two new account bonuses but I only say that to toot my own horn. I think i can count on one hand how many other people I know that have earned those.
 
The next thing you can't count on is the milestone bonus. That isnt won by everyone either!
 
Miss J
Apr 17, 2008 3:05 pm

The estimated first year income formula uses new account bonus to get milestone bonus so it sound like a slam dunk. i did better than there estimate my first year by exceeding the comm. because of bigger accounts. I only hit the new account bonus twice

 
Yooper
Apr 17, 2008 3:10 pm

I thought they made you sign a contract (or form) which shows the SPECIFIC dollar amount of each 3 month pay period for the first 12 months.  I don't mean to be harsh, but what were your expectations?  Did they make you think they would supply the bodies and you did the paperwork?  I have gone through it myself, so I am having a hard time figuring out where you were possibly misled regarding income.  Yes, the new account bonus is a complete scam, but otherwise, everything was on the up and up for me.

Apr 17, 2008 3:54 pm

I don't think the salary portion was his(or who ever you are responding to)ianybody's issue your right it is in writing. Some people expect if they do the requested contacts they will make the brochures estimated income. but without those estimated new account bonus's the and chasing small accounts he can easily make less even though he did the work. I made more than there estimate with less new accounts. my issues are not with income I am well above standard. It is the "if we don't handle it it must be bad for the customer" mentality. KInda like my 85 year old baptist mother, If she doesn't understand it it must be from the devil!