New Training Pay at EDJ
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Didn't they go out of business or something????? [/quote] hahahahahaha[quote=iceco1d]ML will pay them up to $125K, I believe.
New Training Pay depends on your zip code. High living expense the higher the pay. the pay for a major city is around $13. It doesn’t seem like alot but the payout is 40% which is more then other firms and the salary last for the first two years.
You might want to check that info... Jones used to pay full one year, then decrease 20% each quarter second year.. So at $13*40hrs*52weeks=27040 year 1 vs wirehouse $50K year 2 $13*40*13=6760 $10.40*40*13=5408 $7.8*40*13=4056 $2.6*40*13=1352 Total=17576 2 year total=44616 or $4K less than you made yr1 at a wire... Don't forget with the office(stamps, phone, other marketing)New Training Pay depends on your zip code. High living expense the higher the pay. the pay for a major city is around $13. It doesn’t seem like alot but the payout is 40% which is more then other firms and the salary last for the first two years.
I think you’re both right. The 40% payout on everything probably makes up for some of the reduced training pay. Obviously it depends on your production. And if you produce well enough, the nmilestone bonuses can be very big. I hit almost all of them, and currently, it equates to $38,000 over the first 36 months. Here’s the deal…if yuo hit all your milestone bonuses, chances are you will be in the 50-60K range minimum. If you produced just $50,000 in your first year, your total income would be in the mid 50’s. If you produced 75K, you would be close to 70K. I don’t think that’s unreasonable.
Damn, that’s pretty sweet. THAT is incentive to build a fee business pretty quick.
but you have to work out of your house.. weirdWait, wait, wait.
Wirehouses pay a higher salary than EDJ, for a longer period of time (typically 3 years). HOWEVER, I believe MOST of them don’t pay you ANY commissions, unless your net payout would exceed your salary. So if you are at a wire, getting a $50K salary, and produce $100K @ a 40% payout, you don’t get paid SQUAT on your production.
Not all wires, but some.
At EDJ, your salary is lower, BUT if you produce $100K @ 40%, you get paid $40K, plus whatever your salary is…
Wait a second…Didn’t most of the wires lower their grids last year? Didn’t they stop paying on HH under $100K for the most part? Didn’t they stop paying out on tickets under $100?
Not trying to start a war - I’m not at EDJ or a wire; but really, sometimes the EDJ guys need some extra ammo
i don't see the big deal. people should not be looking at an hourly rate to determine whether they want in this business anyway. sure it is nice for the first few months or first year, but if you are debating between $8/hour or $12/hour when choosing your entry into our profession, move along and find something else.
i guess i figure anything they give is "gravy." especially when you can go out and actually work hard and make whatever you want.The compensation for the first year is based on location and previous job experience and pay. I live in a remote location and got $13/hour during training, and got overtime for more than 45 hours per week. I got an office with a lot of assets, so it wasn't hard to earn the milestone bonuses (extra 10K for year 1), PLUS an approximate 24K of salary for year one. In year 2 the salary goes away, so you have to gross an extra 5-6K every month to make up for that. I concur that you can pay someone 100K per year during their first year, and they could still wash. Jones offers a great opportunity, but if I were to do it again and have to start newnew, I wouldn't do it without 50K in savings to survive the first few years.
[quote=richchick]
The compensation for the first year is based on location and previous job experience and pay. I live in a remote location and got $13/hour during training, and got overtime for more than 45 hours per week. I got an office with a lot of assets, so it wasn't hard to earn the milestone bonuses (extra 10K for year 1), PLUS an approximate 24K of salary for year one. In year 2 the salary goes away, so you have to gross an extra 5-6K every month to make up for that. I concur that you can pay someone 100K per year during their first year, and they could still wash. Jones offers a great opportunity, but if I were to do it again and have to start newnew, I wouldn't do it without 50K in savings to survive the first few years.
[/quote] Which is the whole reason that the higher salary helps the first year.......Jones is doing the correct strategy. Most of the guys I see at my B/D are looking for a paycheck, but that is the fault of the industry.
You are asking people to become entrepreneurs right off the bat, and on average, that is not going to happen (unless they are ambitious). You are going to get people who want safety and a paycheck and do the minimum amount of work. If I were Jones, I would up the commissions and keep the pay low.
And you wonder why the illegal immigrants are cleaning up in this country.
That's why they offer milestone bonuses and new account bonuses. The new account bonuses are relatively unachievable on a consistent basis (unless you are opening SIMPLE plans), but the milestone bonuses are so easy, adn they can be up to $14K (net) per year.Jones is doing the correct strategy. Most of the guys I see at my B/D are looking for a paycheck, but that is the fault of the industry.
You are asking people to become entrepreneurs right off the bat, and on average, that is not going to happen (unless they are ambitious). You are going to get people who want safety and a paycheck and do the minimum amount of work. If I were Jones, I would up the commissions and keep the pay low.
And you wonder why the illegal immigrants are cleaning up in this country.
[quote=Otane]Jones is doing the correct strategy. Most of the guys I see at my B/D are looking for a paycheck, but that is the fault of the industry. You are asking people to become entrepreneurs right off the bat, and on average, that is not going to happen (unless they are ambitious). You are going to get people who want safety and a paycheck and do the minimum amount of work. If I were Jones, I would up the commissions and keep the pay low. And you wonder why the illegal immigrants are cleaning up in this country.
That’s why they offer milestone bonuses and new account bonuses. The new account bonuses are relatively unachievable on a consistent basis (unless you are opening SIMPLE plans), but the milestone bonuses are so easy, adn they can be up to $14K (net) per year.[/quote]
I have seen it with FA’s who have been in the industry for decades. They lose the desire to increase their books and just coast. Their choice, but if I were the Regional head I would replace them.
I don’t think FA’s understand how well they have it. Starting in this business is the same as starting any other business…much easier from what I see since I am or was a business owner. The point is that the back end leak is almost nonexistent. Try any other business, and you see why people are always hustling to replace the customers they have lost.
With a little work, you could hit $65K again this year. I think the firm average is close to $55K. Surely you can work a little harder than average and make the extra 20%. Actually add another 10% into that to account for expenses like postage and toner cartridges. Still, I think $65K is doable.
RB,
Not sure you have lived anywhere else, but I can't think of a locale in Florida that is considered on the higher end nationally. The West coast and Northeast are MUCH more expensive (taxes, housing, etc.). As Spiff said, with some honest hard work, 55K should be simple. 65K is very do-able. 75K first year would be a stretch (if starting from scratch).I am figuring if you got the Partners or Regional Leader Award for 90,000 Gross 1st year and got 14,000 in milestones that would give you about 50,000. If you add the 24,000 in salary that puts you about 75,000. It can be done but that’s motoring along pretty well…
The big concern would be year two. I did over 60K my first year without milestone bonuses and was able to replace the loss of the salary and stay steady 2nd year. The first year is not the problem with the milestone bonuses and salary you will be good, think about the 2nd year....You have to remember the salary as well. I did 65K net (including salary) my first year and I wasn't crushing it. The second year is tougher, since the salary goes away, so you have to makeup a lot of gross to get there. If you are simply meeting expectations, you should be able to do 55K without exceptional effort. The bonuses are a big plus, so you really need to hit those. I think I got maybe 1 new account bonus.I am figuring if you got the Partners or Regional Leader Award for 90,000 Gross 1st year and got 14,000 in milestones that would give you about 50,000. To do 65,000 you would have to do on the lines of 127,500 in gross for 1st year. That’s a pretty good pull to average 10K in the first year. It can be done but that’s motoring along pretty well…