My KYC Class

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Nov 7, 2009 9:19 am

For fun I thought I'd chronicle the people that were in my KYC class since another one just vanished.


Me from the south - New/New, still knocking (punk ass mexican guy too dumb to fail)

Young Indian dude from the North East - FAILED (smart kid but he got my vote for most likely to fail, was awful on the phone and probably worse on the door. Made it to eval/grad but not PDP)

Older White Guy from the South - new/new, Still knocking (he missed eval/grad but is still in the system. I thought for sure he'd fail because of this attitude but was proven wrong)

Middle aged white guy from the north east - new/new, still knocking (he'll fail eventually because he'll run out of money, I hope I'm wrong but he's got a huge nut to upkeep and not enough production to make the gap)

20something white guy from the rust belt - new/legacy, FAILED (thought he could make it although he looked awkward in a suit and had weird facial hair. Nice guy but just didn't bring in the business. Made it to eval/grad but not PDP)

Young black kid from the south - new/legacy, FAILED (nice dude but a bit timid. He missed eval/grad but stay on a bit longer. I think his RL screwed him by limiting his prospecting to a specific area. Too young to tell him to f-off, should have listed to wise volt)

Middle aged South African from north east - new/new, still knocking (Don't like the guy but know he's a hard worker and does have some industry experience. His area makes it TOUGH for him so hopefully he'll overcome that in the long run and keep making it)

20something white male from the north east - new/new, STILL KNOCKING (Did the work, put in the time, got a nice branch with big $$$, he'll be around for awhile)

20something white male from the rust belt - existing office, STILL BRAGGIN (don't like the guy but he's a hell of a worker and would have made it without an office I think. Still makes me mad he got one though (he got it at eval/grad))

20something black male from the north east - new/new, FAILED (super smart but chose to prospect only one area that he felt comfortable in. Soon realized the folks didn't have any money. Sorry to see him go. He landed on his feet though and will probably make more $$$ in the long run)

10 men
6 still employed
4 failed


My guess is there will be three of us here after 3 years out of 10.

Nov 7, 2009 10:09 am

You must be in the diversity class or Jones changed their hiring practices.  For my KYC group(not class) there were maybe 8 minorities out of 60-70.

 
My class was all white..
40 something frmr BOA taking over office she was BOA in: Made it with no problem, think the assets were 30-40MM.
 
20 something male: took over an office in florida with $30MM, was told the guy retired, turns out he walk across the street to Wachovia, and brought all but $5MM with him. The guy in my class, failed on purpose. Went to Morgan Stanley and quit 3 years later(out of business)
 
50 something male: new/new until 5th day of PDP and took over $20MM non-compete office.. Still going well today.(Retired as CFO from some plastics company had a pension and retirement, so money wasn't a thing) said he won't be around much longer has enough money to live comfortably on forever.
 
20 something male from kentucky: new/new, wasn't going to make it back for PDP, so he got goodnighted... Was out of the business 1 year after the goodnight.
 
20 something male from virginia: new/new... never made it back from KYC..
 
20 something male from alabama: new/new... my hero.. was the one who showed us the way out.. Made it to KYC, qualified for PDP, but then got an offer to take over some assets at Wachovia.. Got EDJ to fire him, and not have to pay back the $75K and left...Does $500K in production now..
 
20 something male existing office- good guy, qualified for pdp came back, but then transfered an account from another Jones office(client hated the other rep for complete lack of service on a $5MM account, walked into this guys office.. Other rep called RL and RL got in new guys face.. next week new guy transfere to ML, took $5M client and 75% of book he inherited, ML paid jones$15K..
 
60 year old: new/new... turn down $20MM dollar office "because the drive was too far" I think it was 20 minutes from his house(South Carolina guy... I never did understand these people).. Took leave(was a triple crown winner... shows you that award is crap) for 6 months and came back... still on system no one is really sure why..
 
There was 3 other younger guys who were new new who never made it back from PDP..
Nov 7, 2009 10:12 am
voltmoie:




Me from the south - New/New, still knocking (punk ass mexican guy too dumb to fail)



You are Mexican?

Nov 7, 2009 11:54 am

Lessee ...

 
mid 30s salesman. Good guy, could "sell", but money ran out before he could get too far beyond PDP. Wife actually got pregnant during KYC, I believe, and I wouldn't be surprised the loss of income from that killed his shot. Landed a good spot, but out of this biz. (Funny story, he told me a prospect he'd been working on for awhile came in with 7 figures the week he quit!).
 
late 20s, former WS type analyst. Excellent on the phone, tremendous work ethic. Got through PDP, landed in a hard spot during the crash. Now with an indy, and making a good living I think.
 
30? guy, former annuity, GK. Knew how to do f2f and overcome objections. Fast start, got office; terminated at about M22 through no fault of own. I think at the time he was already a S3. Now with LPL, an indy and loving life - but not making absolutely huge scratch.
 
mid 30s, she got a basically empty office. Previously owned own business. Worked hard, had pressures from spouse and difficult environment. Out at M30, trying to land with bank.
 
early 20s, he got a $10-12MM GK in major metropolitan area. Worked butt off, didn't use GK to help him. Already on div trip, a rising Jones star. Likely S5 in three years.
 
50? Fast talking guy, some biz experience. Never made it to PDP, out of business I believe.
 
35, former IBMer. Has a grinder-mentality, gonna do what it takes and realizes it's time in the biz. He'll ultimately be your Seg 4 guy, leaving early on Fridays. Has support of good earning spouse.
 
Late 50s guy, AXA. Terrible. Never made it back to E/G.
 
Mid 40s guy, AA. Not polished at all, former military I believe. Left Jones (didn't have to pay them any penalties) and promptly opened up an RIA firm. Still in biz? I think so.
 
Late 20s, transfered in his 7. Past PDP, but to my knowledge out of the biz. Not sure he was 100% committed to the whole Jones experience.
 
Early 30s guy. After PDP got a GK ($10MM), wasn't doing well and put on goals. While  he was on goals, a $30MM office came open and they gave it to him (apparently a GK got his nose above water just in time).  Naturally, he's doing fine. Luck favors some.
 
And me. Very late 40s, white guy, no experience. Looks to have an ok career ahead of him, but destination unknown. Got some GK assets (actually they found a way to give me $4.5MM) which helped and hurt.
 
So, of 12, 8 of the people either had a license/signficant experience, or got assets/office. Four still with Jones. First day, the trainer's exact words: "look to your left, look to your right. Only one of you will be with us in three years."
Nov 8, 2009 11:56 am
BerkshireBull:
voltmoie:




Me from the south - New/New, still knocking (punk ass mexican guy too dumb to fail)



You are Mexican?



He's MA

Nov 9, 2009 11:07 am

As I was reading about your KYC classes, I was reminded of the hundreds of people that came through my classes at one time.  I keep track only a handful of them.  MANY of them have ultimately bailed on Jones or the business altogether.  The few that have made it, here or otherwise, are generally doing well.  It's been over 7 years since I trained anyone, so most of my former trainees are out 7-10 years now and loving their lives at Jones. 



 
It's interesting to me to see that things don't change.  There are some folks, just like in your classes, that I would have thought would crash and burn quickly, but then some who I thought couldn't sell anything to save their lives who are now on track to top producer or who hit it already.  This business is fickle that way.  Fortune favors the lucky.
Nov 9, 2009 11:10 am

There is now one left from my old class.  She is doing quite well at Jones.

Nov 9, 2009 11:40 am

Out of my original class of 12, there are 2 left with Jones and I am with LPL. Of the people that left (9) they had all failed by the end of the first year.

Nov 9, 2009 11:58 am

I had a different experience. There was 15 people in my KYC class and 12 came back to PDP. Everyone except for 1 has an office (opened or given). Not to say noone will quit, but so far it's not the average class.

Nov 9, 2009 12:39 pm

Only one in my KYC didn't make it back to PDP.  PDP isn't the issue.  It's when the salary runs out for most.

Nov 9, 2009 12:51 pm

How many were given goodknights or exisiting offices, Windy?  I think that is the difference maker in many cases.

Nov 9, 2009 1:59 pm

I think there was 5 who got an existing office. One of that 5 was a lady doing a succession plan with her mom (100M). That's gotta suck.

Nov 9, 2009 2:01 pm
voltmoie:

How many were given goodknights or exisiting offices, Windy?  I think that is the difference maker in many cases.


 
It can't be good for morale at Jones when mangers get to pick the winners and losers.  Guys like B24 and Wind get the world given to them (no offense to them, I was selected to join a team last year while other new guys at my company were on their own and failed out) and guys like Ron, Volt, and [email protected] are given no support.
 
Wouldn't Jones be more successful with their orphans if rather than giving away an office they divided the assets up amongst everyone doing the work?  If I'm given 200 households and a $10mil office how hard will I work the smaller accounts?  I probably won't even call half the people on my list.  How many new people will I see if I have 200 warm leads to sell?  I probably won't be working very hard and I probably won't be seeing many new people, and I won't be cold-prospecting much anymore.
 
Now if 4 guys are given 50 households and $2.5mil each, they're probably going to run to go out and see each of those households within the next quarter.  They're going to service the hell out of them and they're going to be excited and pumped up to be working at Jones.
Nov 9, 2009 2:02 pm

Precisely.  Of the people in my class that got an existing office or did a Goodknight, 100% are still with the firm (over 4 years).  There are a couple of new-new's still with the firm, but msot left very early on.  The only one's that left before PDP were new/new's.

Nov 9, 2009 2:09 pm

What is the PASS program? Was talking to a EDJ rep in my area and said they are dividing an office with $80MM to two guys, an legacy and a Pass program guy..

Nov 9, 2009 2:11 pm
BerkshireBull:
voltmoie:

How many were given goodknights or exisiting offices, Windy?  I think that is the difference maker in many cases.


 
It can't be good for morale at Jones when mangers get to pick the winners and losers.  Guys like B24 and Wind get the world given to them (no offense to them, I was selected to join a team last year while other new guys at my company were on their own and failed out) and guys like Ron, Volt, and [email protected] are given no support.
 
Wouldn't Jones be more successful with their orphans if rather than giving away an office they divided the assets up amongst everyone doing the work?  If I'm given 200 households and a $10mil office how hard will I work the smaller accounts?  I probably won't even call half the people on my list.  How many new people will I see if I have 200 warm leads to sell?  I probably won't be working very hard and I probably won't be seeing many new people, and I won't be cold-prospecting much anymore.
 
Now if 4 guys are given 50 households and $2.5mil each, they're probably going to run to go out and see each of those households within the next quarter.  They're going to service the hell out of them and they're going to be excited and pumped up to be working at Jones.



In Jones' defense they tried this in my region.  Split a $30 million competitive office 6 ways.  Guess what happened?  One guy is still at Jones.  The rep who left got $28 million.

Nov 9, 2009 2:13 pm

How did the rep who left get 28mm if they split a 30mm 6 ways?

Nov 9, 2009 2:19 pm

I just checked for kicks.  Out of 71 total people in my KYC "Graduating Class", 31 are still with the firm (43%).  KYC was about 4.5 years ago for me.  For PDP,  out of 57 total people, 40 are still with the firm (70%), which was about 4 years ago.  I have no idea the breakdown of GK/New-new.  But I would guess there is natural "survivorship" bias, and many of the people that made it did so because they got Goodknights or took over offices.  Which would lead me to believe that the success rate of Goodknights is extremely high.

Nov 9, 2009 2:24 pm
BerkshireBull:
voltmoie:

How many were given goodknights or exisiting offices, Windy?  I think that is the difference maker in many cases.


 
It can't be good for morale at Jones when mangers get to pick the winners and losers.  Guys like B24 and Wind get the world given to them (no offense to them, I was selected to join a team last year while other new guys at my company were on their own and failed out) and guys like Ron, Volt, and [email protected] are given no support.
 
 
Thats a pretty bold and un-informed statement considering I haven't really been given anything except an office with very little assets and I was 4 months past PDP when I got that. All my production has come from my hard work. So thats a little unfair to say.
Nov 9, 2009 2:26 pm
BerkshireBull:
voltmoie:

How many were given goodknights or exisiting offices, Windy?  I think that is the difference maker in many cases.


 
It can't be good for morale at Jones when mangers get to pick the winners and losers.  Guys like B24 and Wind get the world given to them (no offense to them, I was selected to join a team last year while other new guys at my company were on their own and failed out) and guys like Ron, Volt, and [email protected] are given no support.
 
Wouldn't Jones be more successful with their orphans if rather than giving away an office they divided the assets up amongst everyone doing the work?  If I'm given 200 households and a $10mil office how hard will I work the smaller accounts?  I probably won't even call half the people on my list.  How many new people will I see if I have 200 warm leads to sell?  I probably won't be working very hard and I probably won't be seeing many new people, and I won't be cold-prospecting much anymore.
 
Now if 4 guys are given 50 households and $2.5mil each, they're probably going to run to go out and see each of those households within the next quarter.  They're going to service the hell out of them and they're going to be excited and pumped up to be working at Jones.
 
OK, let's define "given the world".  I got about $4.5mm.  Three households, which were 100% stock, amounted to over $4mm (which is why my veteran was able to do the Goodknight).  Of those, one is left (the other two died), and he basically does an occasional stock trade.  The other 150+ accounts are now mostly gone.  I have exactly 4 clients left from my Goodknight - I gave some away to a "Legacy" guy in my office, and the rest I closed, transferred to offices locally (local to them), or they left.  And I was not "chosen" by my RL.  I was asked by my mentor to do the GK because he was impressed with my work ethic, attitude, and my approach to the business.
 
And i think you're wrong about your assertion.  You give someone $2.5mm, it just prolongs the agony if they end up failing, and it leads to some really unhappy clients.  You give someone $10-15mm, and they will probably "make it", and end up having happy clients (that didn't get shuffled to yet another broker).  $2.5mm will do NOTHING for a new FA.