Non Compete

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Oct 30, 2008 9:53 pm

I am with EJ and am currently in my first year.  Ofcourse, I think they are misleading about their statistics.  I am a new new.  Anyway.  I am not making what I thought I would first year and I have no more savings.  I am above standard and still behind on bills.  There is a bank who wants to pay me $50k to come over.  That would pay our mortgage and bills. 

 
I want to move but the hiring company may not hire me because they are afraid EJ will come after me and them.  I manage less than 1 million.  Is there any helpful advice you all can give?
Oct 30, 2008 10:09 pm

Gonna go out on a limb here.  "Ofcourse, I think they are misleading about their statistics."  "That would pay our mortgage..."  My advice is please take the $50,000 and go away.  As a matter of fact, default on your mortgage and claim the lender was "misleading about their statistics."  too.  The rest of us taxpayers will not come after you with a nonpayment (as opposed to noncompete).  Pretty lame that you start explaining your own poor financial planning with some excuse about "misleading statistics".  Disgusting broken record.  My advice?  Try a tiny bit of personal responsibility.  Go away.

Oct 30, 2008 11:01 pm

I don't agree with him that they are misleading, but on the other hand they do float a giant "if" balloon.. Some of those account bonuses they include are just stupid when I was there we had 6 people qualify for at least one( OUT OF MY WHOLE PDP CLASS)..



Why don't you drop your production for a month and make them fire you.. that is how a couple of guys in my training class got out of the contract

Oct 30, 2008 11:10 pm
iceco1d:

1 year out and < $1MM AUM is "above standard?"

 
They don't care what the AUM is, $1mm into annuities paying 6%= $60m production which is above standard for EDJ.  The bank wants him because he is already doing the type of business they love.
Oct 30, 2008 11:30 pm

ytrewq, that is a horrible post.  The person needs to take care of their family and obligations. That was a very rude post.  I will have to agree that Jones is a little misleading about its first year income possibilities.  Success really depends on if your handed a gift in a existing office with good assets. That is about what it takes to make it here. There will always be that miracle New New success story.  I wouldnt buy a damn thing from some Joker operating out of the trunk of his car or in the supply closet of some FA's office.  Let me tell you I was one of those jokers. My desk at my "Legacy Branch" faced the wall. 


To be handed a decent size book  where some goon who doesnt know how to make money for clients or at least protect money in a bear market could be your best bet. I would say there will be some of those who cant take the heat.  I was handed a gift in a decent size office. Other than that I wouldnt have wanted to put in the effort required as a new new. Not worth losing your family and ruining your credit. I wouldnt work 70 hours a week for any  company for any amount of money. No one on their death bed ever said they wished they worked more.  My friend three years in you will realize Jones is simply just a weigh station for bigger and better things if you want it. 
Oct 31, 2008 12:31 am

covered calls,
Your post is the one that is horrible.  In fact, his post is rude, and yours is rude.  If you take a moment and think.
1:  It does not take a handout to succeed.  I am sure almost everyone here, myself included, was handed absolutely nothing.  It takes personal responsibility.

2:  My post was about "family obligations".  I have a large sum of capital invested in EJ.  "Posting" for ways to screw me, EJ, and my family out of my very hard earned money p!sses me off.  There are many people on this site that have lost huge sums money invested in their firms for no fault of their own.  I would bet none of them appreciate people like you looking for ways to screw them just a little bit more.

3:  I have spent literally thousands of hours helping new FA's get a start.  Thousands of hours that could have been spent with my own family.

You say yourself you were handed an office and yet you still try to act like you know what it is to build your own.  I am not your friend and I passed "3 years in" 16 years ago.  How in the hell are you going to move on to bigger and better things when you admit yourself you could not have done it if not for someone else' hard work and generousity.   You wouldn't want to "put in the effort" or "work 70 hours a week"?  You do not deserve to call yourself an Financial Advisor.  Move on to better things now.

Oct 31, 2008 2:42 am

This thread has to be a joke.  No institution, including a bank, is going to pay a broker with less than a million in assets 50k to move over....I don't care if their balls are dipped in gold, it's not going to happen.  Second, to think any firm pays you squat your first year or two, you must be an idiot.  Third, you should be bringing in more assets than a million in your first year, which tells me toughbiz doesn't have much of a work ethic, considering the million is probably family.  I am so tired of these types of threads where "everything is someone else's fault", and "I shouldn't take any blame even though I am a lazy dumbass".  ToughBiz, just quit and save yourself from your own misery.

Oct 31, 2008 7:45 am

troll.

Oct 31, 2008 9:32 am

Unfortunately, it's tough to screen out the new hires based on "attitude" and "heart".  No matter how good or bad a firm is at hiring, there will still be many that are just not cut out to be FA's.  Whether it's here or Merrill or Morgan or indy, it's still essentially your own business to make or break.  Whether you get a W2, a 1099, or a K1, it's 100% up to you.  The only knock I would have against Jones (and other BD's), is that they probably don't adequately prepare potential new hires for the rigors and expense of the business.  Although Jones does put it out there, a lot of people that get hired are under the false assumption that this is an "occupation" that will give you a paycheck.  They should make it much more clear what the downside is, really just to weed out those that are not cut out for it, and save us the time, money, and effort of training them.  It's been 3+ years since I went through the research process for this career, so I don't remember exactly how Jones communicated it, but I will say I did all my own research and knew going in that you could make $0 or $1mm, and it was entirely up to you. 


B&H, I agree, I think this guy's a troll.  It's BSpears.  Maybe Borker Boy.  They're the two biggest anti-Jones whiners on this board.
Oct 31, 2008 10:27 am

I’ve just been hired at EDJ and there is no way that anyone walking into the position would have an over inflated idea on what makes a successful EDJ FA, what the initial earning potential would be or how much work is required.  They are pretty thorough in the hiring process before you even get your foot through the door of your final face-to-face interview.  <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />


 


If the poster is real ... go visit an FA in your area, buy them a coffee and ask what you are doing wrong.   It's your prospecting or your closing skills holding you back.   Also, if you are discouraged, is that coming across in your day to day consultations?  Clients smell fear and desperation.


 


Why leave as a failure?  Get out there and turn it around.

Oct 31, 2008 2:02 pm
ToughBiz:

I am with EJ and am currently in my first year. Ofcourse, I think they are misleading about their statistics. I am a new new. Anyway. I am not making what I thought I would first year and I have no more savings. I am above standard and still behind on bills. There is a bank who wants to pay me $50k to come over. That would pay our mortgage and bills.



I want to move but the hiring company may not hire me because they are afraid EJ will come after me and them. I manage less than 1 million. Is there any helpful advice you all can give?





The reason you aren't paying your bills is easy.. You manage 1,000,000 after one year! What the fuck have you been doing with the other 10 months in the year? I hear that same story on this website about how Jones lied about the stats for meeting the requirements and making money. You must have forgotten that you must sell to make money! Seems most people overlook that part of the job.

BTW- the reason that bank doesn't want you are shall we say 'they have doubts' is simple you CANNOT do the job. (i.e. 1 million after year 1) I suggest you look into a 1-800 customer service line. Go to Fidelity.. There you don't actually sell anything. You should wait until Jones fires you then you can keep the license and they won't come after you.



Best of luck!



Miss J

Oct 31, 2008 6:15 pm

ytrewq,


I wasnt calling you my friend.  Even though I dont see how you could say that I am not. If I saw you or your family in need of help I would lend it.  I also wasnt speaking of you when I mention three years in .  I am sorry to have offended you.    My opinion is that I dont think I would have spent thousands of hours training new FA's at the expense of my family.  I also dont think I would invest my money in the firm I work for unless I owned it outright. Those are strictly my opinions.  They are right or wrong depending on the individual. I do not need anyone to agree nor do I care.  I did not say that I wasnt willing to put in the effort. I said I would not be willing to put in the effort required to make it as a new new, especially without a salary after the first year.  It is difficult and takes extreme dedication. A price that I would not pay. I give the utmost respect to those who were given no handouts and made it even it was before there were 30 Jones offices within a 5 mile radius .  I would gladly give tough biz my office if he lived in my town if Jones would let me out of my contract.  I  can tell you I am not a troll.  I  admit I do hate the way this company operates and my opinion is  bias.


I also admit I am dumb for signing the employment contract and working for a brokerage firm that doesnt offer options trading. The barrier of entry was low and I fell for it. Hey Tough Biz, I will give you a tip. When you knock on doors and run into people who say they are  already with Jones. Say oh let me guess you like the American Funds. No doubt your advisor has been kind enough to show you how you can get into the  A share funds at up to half the upfront expense.  Really he hasnt. Wow I would love to tell you more about how it works.  I could come by another time or you would be welcome to come to
 my office. Works like a charm. 
Oct 31, 2008 6:44 pm

Hey Tough Biz, I will give you a tip. When you knock on doors and run into people who say they are  already with Jones. Say oh let me guess you like the American Funds. No doubt your advisor has been kind enough to show you how you can get into the  A share funds at up to half the upfront expense.  Really he hasnt. Wow I would love to tell you more about how it works.  I could come by another time or you would be welcome to come to

 my office. Works like a charm. 
 
 
You poach from others in your own firm?  Anyone else have a huge problem with this?
Oct 31, 2008 6:45 pm

covered calls is not a troll he is a retard.  I apologize if I offended any retards by that comparison.  "dont think I would invest my money in the firm I work for unless I owned it outright"  What's an ESOP dork?  Pretty much eliminates you working/investing in any publicly traded company in America.  Read you own posts again.  Contradicted yourself many times.

Nov 1, 2008 12:30 am

Ytrewq. do you know that you really are sort of an asshole?  What is your arguement. What do you mean when you say "what is an ESOP dork"?. Are you trying to tell me that ESOPs exist and I didnt know it?  I said that I would not invest in the brokerage I work for and that was my opinion.  If the company I work for gave me stock I would sell it at the right opportunity. If the company offered me partnership I had to pay for I probably would turn it down.  I said that was my opinion.    Yes, ytrewq, The word retard is offensive to me.  My daughter has mental retardation.   I dont see contradiction in my posts.  I see that they may be contraversial but not a contradiction.


Primo,  I never made it a point to  poach from others in my own firm.   I simply provide service and pricing that others are not willing to provide.  I run into many who are tired of paying the full 4-5% for managed mutual funds. It is mostly clients choice.  I wasnt this way originally until some  Seg 4 advisors poached my clients. I love  the 20 minute hows it going phone calls from fellow advisors that just before hanging up the phone give you the oh by the way a client of yours would like to switch over to me.  Get to the fucking point instead of wasting my time you greedy bastard.


  Even better  is when you take over a small office and everyone in the region knows your scratching and clawing for everything you've got.  Especially when way more than half the book followed the former advisor who stayed and took another  bigger Jones office. So the clients who stayed are frustrated that they are on their fourth broker in five years ,so some wont return phone calls. In understandable frustration, some show up at other advisors offices to talk about transfering out.  How many advisors do you think refused to bring the account into their branch until the client took the opportunity to meet the advisor of the branch they were in?  I dont know maybe an "oh you haven't met him yet, He is good, Jones is very selective with who they hire". "Make sure you take the opportunity to meet him".  Something like that may have worked. 
 
In their defense maybe they didnt think I was good so they didnt want to lie. Believe me they are thinking Im pretty damn good now and if they dont they soon will.  I make it my point to cold walk the neighborhoods right next to their office for weeks after these little incidents occur. I almost want to stay here because it is so fun.
 
 I  realized what steps would be necessary to make it as a new advisor in my area. I am sure other areas are different.  I hope I will not be in the same firm as these for too much longer anyway. If we all worked in the same office it would be different.  I will see to it that those brokers pay dearly  for their mistake when I change firms.  Until then I love it  when their clients accidentally call my office asking  for them (this happens every day). Where do you think those names and numbers go? They might need someone to not rip them off with 5% mutual funds and 3% bonds one day.   " your advisor told you that it would be prudent after 8 years of holding A shares  to move to a new Advisory account"  "Oh I thought you were kidding"  "Let me show you how that math works out and how your advisor gets paid"     He put you in a VA because he "wanted to guarentee  the income gap in retirement". I dont even need to go on.  
Nov 1, 2008 12:36 am

Covered Calls. do you know that you really are sort of an asshole? 

Nov 1, 2008 8:27 am

yes sir

Nov 1, 2008 8:33 am

ToughBiz,

Strangly enough I was talking about this with a manager from EJ a couple months back. If you are a failing broker they wont come after you and will be glad you are gone. If on the other hand you are kicking arse and go to another firm they will come after you. Most of the time in that situation the firms negotiate and take care of it. THe bank that you may go to will have zero liability so EJ cant go after them for anything.
Nov 1, 2008 8:59 am

"I said I would not be willing to put in the effort required to make it as a new new, especially without a salary after the first year. It is difficult and takes extreme dedication."

I think you've just stated that you are much better suited for a 9-5 salaried (or hourly) desk job. It's OK to admit this. Not everyone is cut out for building a business.



"I also admit I am dumb for signing the employment contract and working for a brokerage firm that doesnt offer options trading."

So you can't make it because you can't trade options? I can't tell you how many times I see advisors fail because they can't trade options....

FYI, don't be deluded into thinking that every Merrill or Indy broker is trading options just because a few people talk about it on this website. There are a lot of good advisors on this site that will agree that they did not need options to become successful (especially in the early years).



"The barrier of entry was low and I fell for it. "

You're certainly right there.



"They might need someone to not rip them off with 5% mutual funds and 3% bonds one day.   " your advisor told you that it would be prudent after 8 years of holding A shares to move to a new Advisory account" "Oh I thought you were kidding" "Let me show you how that math works out and how your advisor gets paid"     He put you in a VA because he "wanted to guarentee the income gap in retirement". I dont even need to go on. "

So....A-shares are bad....Advisory accounts are bad....VA's are bad..... Oh, I get it, it's just that all Jones advisors rip their clients off by switching them from A shares to VA's or Advisory or bonds or something. Do I have it correct? Well how about this...stop worrying about all those criminal FA's in your organization and just do your own thing. I'm sure they'll all get arrested and barred from the industry soon enough.







Calls, guys like you come and go all the time. You're a dime a dozen. It has nothing to do with Edward Jones. There are lackies at all firms. The difference is, the one's that make it don't come on here whining and crying. They keep working hard and make it work. Don't blame Jones for your problems. Don't blame the 20 other offices on your block, because Merrill, SB, and Morgan have offices down the street full of more advisors than Jones...and they're not crying about the competition in the next cubicle.

Nov 1, 2008 1:15 pm

Ive built a business and I am doing just fine.  I am not struggling to make it and have not been put in the position to have to make it as a new new for three years. I was very clear about that.  I certainly dont envy the position a new new is in by working out of the trunk of their car.  Your right  I am suited for a 9-5 desk job. A 9-5 commissioned desk job which is what I  have been doing for almost three years. 40-45  hours a week and enjoying my life.   I have made it without trading options.  I will say it is stupid to not have options and what makes you think I care how much everyone else uses them.   Its like not selling hammers at a hardware store. 

 
Who said A shares are bad. I put the clients in the intermediate term  A share fixed income funds for half the upfront fee or less and then move them into the funds we really want days later.   So, no you dont have it correct.  Those greedy FAs do not effect my business they actually motivate me and encouraged me to change my strategy. And yes VA's are pretty shitty in most cases.  Go ahead and fill your personal "income gap" with one. I hope you do.  Selling A shares and the benefits of them to a client 8 years or so ago and then suggesting they move into an advisory account we just rolled out is a pretty bullshit move. But hell if you can when a trip for it fuck em. These  are my opinion you dont have to agree.   Maybe this doesnt happen in the land you come from.  I havent blamed anyone for my success.   Nobody is whining, I love this business and my clients . Financial service firms have been ripping off clients for a long time, I am changing the way things are done.  Your clients are loving it.