SSDD at Jones

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Mar 2, 2010 6:21 pm

Just went to a sales meeting yesterday. One of the newbies was congratulated for a $37,000 gross month. Way to go! Of course he just took over an 80mm legacy office.

Mar 2, 2010 7:08 pm

Jones has a study and a number for everything.  I wonder how many leave that built book from scratch, in the business 5 years with 25MM AUM and say "See Ya" when they hear that one more time. Why can't they figure out that they alienate FA's with this BS. 

Mar 2, 2010 7:11 pm

Oh, and what a tool the departing FA must be.  80MM and he does a legacy program.  Thats the guy I want advising me on retirement.  Can't figure his own life out.

Mar 2, 2010 8:15 pm

Was he barred from the industry?

Mar 2, 2010 9:08 pm

Is there a bogey to hit to avoid these meetings?  I always thought that co. meetings were pretty pointless, now the car rides to and fro I learned a TON.

Mar 2, 2010 9:13 pm

Haha, I realize with the Jones model of individual offices it is impossible to keep things fair, but to parade them at regional meetings is tacky.  Don't forget these things happen in wirehouses and banks too, not just Jones. 

Mar 3, 2010 12:13 pm

The FA is a nice guy, took over from a retiring FA, so a good chunk of his income goes to the retiree. No problem with that. It's just the lies and manipulation involved with using a situation like this as a good example to the rest of us. I'm learning how few FA's actually made it as new-new's. Yet they still pound the cold calling as if it's the only way to play. Unless I hear something new soon, I'm going to skip these meetings. I'll just sit in my office and tell myself how good looking I am and how long my d--k is. If I'm going to be lied to, it may as well be pleasant lies.

Mar 3, 2010 7:15 pm

Speaking of lying, a Legacy Program does not share any assets at all.  Just office space.  A desk with a phone and a connection for a laptop.  Maybe you misspoke when you typed "Legacy".  Maybe not.

Mar 3, 2010 7:39 pm

Oh, and what a tool the departing FA must be.  80MM and he does a legacy program.  Thats the guy I want advising me on retirement.  Can't figure his own life out.

 
 
Why do you think he's a tool?  He figured out that he can basically retire, hand the daily tasks of running the the office to a noob who is THRILLED to do the work because there's an $80MM book at the end of the rainbow, take a couple of trips, and get paid to do it.  That's being a tool?  He figured out how to improve his life and his bank account at the same time.  That's exactly the guy I want tell me how to retire. 

Mar 4, 2010 12:38 am

Blah, blah, blah, navet. Stop crying about those of us who got to take over a book. Now for the rest of my career, whenever I have a great month you will say it is because I took over a big book. Bravo to the newb with a $37K month! I bet he's not just sitting in his office telling himself how good-looking he is. Even with an 80M book, the money doesn't make itself, the guy is working.

Mar 4, 2010 7:40 am

Blah, blah, blah, navet. Stop crying about those of us who got to take over a book. Now for the rest of my career, whenever I have a great month you will say it is because I took over a big book. Bravo to the newb with a $37K month! I bet he's not just sitting in his office telling himself how good-looking he is. Even with an 80M book, the money doesn't make itself, the guy is working.

 Bull.

First of all.  ytrewq is right about the legacy.  Get a better lie.
Now, if he did take over an $80 million book, he is not doing the same "work" as scratch starters or even someone who took over a $10 million book.  Rickchick, I don't know how long you've been producing, but you can't compare yourself to scratch starters like ytrewq.  $80 million is a HUGE leg up.  Don't delude yourself.

No one cares that you took over an $80 million book.  Just don't talk about how you are "killing it" as a new FA, and don't let the regional leadership team bring you out talking about how great you are.  Because you are not.  You are doing the work of a Seg4 or Seg5 FA, not a Seg 1-3. 

Mar 4, 2010 8:05 am

Oh, and what a tool the departing FA must be.  80MM and he does a legacy program.  Thats the guy I want advising me on retirement.  Can't figure his own life out.

  
 
Why do you think he's a tool?  He figured out that he can basically retire, hand the daily tasks of running the the office to a noob who is THRILLED to do the work because there's an $80MM book at the end of the rainbow, take a couple of trips, and get paid to do it.  That's being a tool?  He figured out how to improve his life and his bank account at the same time.  That's exactly the guy I want tell me how to retire. 

And then this would also be the guy telling you that you are spending too much maney because your income just dropped off.  Come on, you know that the value of that book is HUGE and what he gets over the next couple years is less than 10% of what he could get. 

Mar 4, 2010 8:11 am

Blah, blah, blah, navet. Stop crying about those of us who got to take over a book. Now for the rest of my career, whenever I have a great month you will say it is because I took over a big book. Bravo to the newb with a $37K month! I bet he's not just sitting in his office telling himself how good-looking he is. Even with an 80M book, the money doesn't make itself, the guy is working.

 This is not working.  Half of that is trails and the rest is just money that is sitting needing to be invested.  I look at it as if he left money on the table.  That is a bad month for someone with 45MM book.  Maybe the newbies look in amazement but any body who has made it to Seg 2 will look at this as a failure.
I guess the motivational peice here is to keep the newbies holding on with the hope of taking over an office.

Mar 4, 2010 9:39 am

Blah, blah, blah, navet. Stop crying about those of us who got to take over a book. Now for the rest of my career, whenever I have a great month you will say it is because I took over a big book. Bravo to the newb with a $37K month! I bet he's not just sitting in his office telling himself how good-looking he is. Even with an 80M book, the money doesn't make itself, the guy is working.

 
 Bull.

First of all.  ytrewq is right about the legacy.  Get a better lie.
Now, if he did take over an $80 million book, he is not doing the same "work" as scratch starters or even someone who took over a $10 million book.  Rickchick, I don't know how long you've been producing, but you can't compare yourself to scratch starters like ytrewq.  $80 million is a HUGE leg up.  Don't delude yourself.

No one cares that you took over an $80 million book.  Just don't talk about how you are "killing it" as a new FA, and don't let the regional leadership team bring you out talking about how great you are.  Because you are not.  You are doing the work of a Seg4 or Seg5 FA, not a Seg 1-3. 

I agree with Mo.  I have no problem with someone taking over a book.  Someone has to do it.  And that person may turn an average book into gold.  But I think the disconnect with Jones is that they have guys out 2 or 3 or 4 years that were given a 30-50mm book, telling new/new's what they need to do to succeed.  So if that guy really turned that book into gold, he should be talking to the seg 3 or 4 guy that's been stagnated for 5-8 years not able to grow their existing books.  Maybe he's a wiz at time management or he's been successful with incorporating insurance or long-term care into his practice.  Or maybe he's got a great process for touching all his clients, or garnering referrals.  Share that with other FA's with 30-50mm books.  But why would you demoralize someone with a $2mm book by telling them how they can do a $30K month if they "just do what Joe does"?  It makes no sense.
A perfect example....in my region, a guy in his early 30's got a $40mm GK from his dad.  Both really nice guys.  Very humble.  He turned that $40mm book into gold.  His dad never did insurance, so he bascialyl started hitting everyone with insurance.  Most of these clients were neglected.  He started touching all of them.  He's got a GREAT process for managing his clients.  So they now have him doing seg 3 leader stuff.  It makes sense.  Help other guys with similar books get to the next level.  At $30mm+ AUM it starts to become about process, work habits and consistency.  If there is someone that can help teach you that, that's helpful.  But you can't have the $1mm producer talk to newbies about ILIT's and defined benefit plans. 

Mar 4, 2010 9:43 am

Is it possible that there just aren't that many new/new success stories to share, so they have to get these guys as "You Can Do It!" guys?

Mar 4, 2010 10:42 am

Is it possible that there just aren't that many new/new success stories to share, so they have to get these guys as "You Can Do It!" guys?

There is always at least one guy that is succeeding as a new/new (at least there used to be).

Mar 4, 2010 11:02 am

I thought the whole new philosophy was that no one starts from scratch and that they were all given assets. Scratch starters that have a backbone at all will always get offended by an asset inheritor being rolled out as the wunderkid. It's in their DNA..... But they keep doing it....

Mar 4, 2010 12:28 pm

Let me get this right. Let's say you retire from Jones with a $80 million book. You don't get any income from that book? What kind of an idiot would stay with Jones then? And where do you line up to get that book?

Mar 4, 2010 12:46 pm

OK, never mind the above post. The newbie was in a Succession plan. It's not like Jones teaches about these plans to newer reps. Real nice deal for the newbie. No problems with him. I just don't think it's a propper example for those of us who are stuck on tiera firma.

Mar 4, 2010 12:47 pm

Their retirement package is fairly identical to the wirehouses (or at least the merrill deal the last I heard).  You get paid 70%, 50%, 30%, 15% of production over 4 years.  Plus you retain benefits over the first 3 years (year 4 is a "consultant fee").