EJ (another) compensation question

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Aug 22, 2008 6:29 pm

Hi,

 
Any EdJ FA's who might know the amount of base salary that is offered to newbies in  the Los Angeles area?  Also, what kind of income are EdJ FA's making during the second year when the base salary has ended?  Any insight is appreciated.
 
Thanks
Aug 22, 2008 6:32 pm
william:

Hi,

 
Any EdJ FA's who might know the amount of base salary that is offered to newbies in  the Los Angeles area?  Also, what kind of income are EdJ FA's making during the second year when the base salary has ended?  Any insight is appreciated.
 
Thanks



The people that belong in our industry don't ask questions like that. They KNOW that they will make plenty of money in year one and year two.

Aug 22, 2008 6:49 pm

Regarding Vic Mackey's reply:  The self-righteous attitude is uncalled for.  This person doesn't know it all and shouldn't presume to know the background, drive, and ability of others. 

Aug 22, 2008 7:00 pm
william:

Regarding Vic Mackey's reply:  The self-righteous attitude is uncalled for.  This person doesn't know it all and shouldn't presume to know the background, drive, and ability of others. 



You asked for any insight and said it would be appreciated, young lady. You should've let us know that you only wanted us to say what you want to hear.

And just so you know...people with butterfly avatars always fail.

Aug 25, 2008 9:11 am
william:

Hi,



Any EdJ FA's who might know the amount of base salary that is offered to newbies in the Los Angeles area? Also, what kind of income are EdJ FA's making during the second year when the base salary has ended? Any insight is appreciated.



Thanks




I'd say no more than $2500.00 a month and after three months you can also start making commissions. You need at least 3-6 months in savings to start in this business. if you don't have that liquid cash (this does not include some old 401k with penalties and taxes) you should wait until you can afford to make the jump.



Typically you make the same income you made the first year in the second because now you have to sell more in order to make up the salary option you had in the first year..



Miss j

Aug 25, 2008 4:08 pm
Once again, Miss J is on the button...I am an LA Advisor with EDJ and she is pretty much on the nose...Just when I started to really cook....BAM....they took my salary away and I was 6 months back.  But then the snowball starts to roll down the hill and you see a light at the end of the tunnel.  Good luck, PM me if you have any other ???
 
 
 
 
 
MISS JONES:
william:

Hi,


 
 
 
 

Any EdJ FA's who might know the amount of base salary that is offered to newbies in  the Los Angeles area?  Also, what kind of income are EdJ FA's making during the second year when the base salary has ended?  Any insight is appreciated.

 

Thanks



I'd say no more than $2500.00 a month and after three months you can also start making commissions. You need at least 3-6 months in savings to start in this business. if you don't have that liquid cash (this does not include some old 401k with penalties and taxes) you should wait until you can afford to make the jump.

Typically you make the same income you made the first year in the second because now you have to sell more in order to make up the salary option you had in the first year..

Miss j

Aug 25, 2008 11:50 pm

The salary is eleventy kabillion dollars per month.

Aug 25, 2008 11:58 pm
noggin:

The salary is eleventy kabillion dollars per month.



EH?

Is that some kind of inside joke or what?

Aug 26, 2008 12:03 am

No he is just a moron who left jones and never has anything constructive to say so he needs to bash Edward Jones every chance he gets...he obviously didn't make it there ...they put him on goals and eventually kicked his sorry ass out!  Now he feels like he is getting back by trying to tell new Jones brokers that they shouldn't be with such a horrible company!

Aug 26, 2008 12:50 am
Actually, I only make those comments to the Bashers, otherwise I have, on many occasions if you look at my previous posts, state that Jones is for me but may not be for everyone and I am aware of the shortcomings and the benefits of independence for those at a certain point of their career that I am not currently at...so you Ice are mistaken
and obviously haven't read my posts.  Regarding Noggin, I am not mistaken, I have seen every post by him as a excuse to bash Jones and say how wonderful independence is...which is funny because at his own admission, he is fairly new (less than a full year) in the independant world which hardly qualifies him as an expert which is why I say what I say to him...other than him and bspears you haven't seen me make the comments about ex jones reps..
 
 
 
iceco1d:

No, it's actually just sort of an inside joke. 


 
Hey Kool-Aid is mistaking Noggin for a similar poster that does indeed go overboard with the EDJ bashing.
 
On the other hand, Hey Kool-Aid would be the converse of that...he pretty much defends EDJ to no end, even when a valid point is brought up.  He also frequently makes statements like those above (i.e. if you leave Jones, it must be because you are a piker/loser/wash-out/etc...it can NEVER be that you needed a more robust product offering, or (in the past) you wanted to be able to charge fees, or you needed better technology, or a better payout, or to be around other brokers, or any of the other VALID reasons people leave Jones). 
Aug 26, 2008 12:54 am

And also, I have never ...not even once, said that if you leave jones its because you are a piker/loser/washout etc...only those who do nothing on this thread other than look for ways to bash Advisors who currently work for EDJ...even those that bash jones but have good points and only do it to make them....I don't say that about...if you look at my previous posts, ice, you will see that it is true!

Aug 26, 2008 1:30 am
iceco1d:

I've defended EDJ myself, and I'm not even there..I don't think Noggin does much bashing.  I have read your posts - and it's pretty obvious...you do like the Kool-Aid.

 
Guilty, I love the company I work for and have no reason to complain at this point.  I do see how, especially with the new payout (i'm in one of the "5" states) it may be beneficial when you reach a certain AUM or Gross Comm to move to the indy model.   I hope to find out soon and have to make that decision.   I don't see how it is bad to defend the company you work for...particularly when they have put a load of money into me in the form of licensing, training, office, BOA, and many other things.  This new payout is really beneficial to the new FA...unfortunately, I think the Vets are paying for it...hence my previous comments. 
Aug 26, 2008 4:31 pm

"And just so you know...people with butterfly avatars always fail. "

...that made me laugh so hard i just shot my iced coffee out of my nose and onto my fancy monitor and keyboard...damn, if that wasnt so funny I would be mite tee'd off right now...
Aug 27, 2008 9:01 am

I know Noggin's story and he was far from failing when he jumped. Nog got disgusted over time and if I recall correctly, the final straw was finding out that a respected vet in his region apparently stole millions from his clients before committing suicide. I think Nog got tired of seeing the hypocrisy and being lied to. EDJ is far from the only firm to lie to employees to keep them in line, and the lesson of Nog's experience is that you can't believe much of what management (substitute RL's and GP's in the case of Jones) is telling you. Often management has a hidden agenda (usually your retention) that makes them prone to being less than honest with you. Stay in this business long enough and you'll see it for yourself.

Aug 27, 2008 11:43 am
Indyone:

I know Noggin's story and he was far from failing when he jumped. Nog got disgusted over time and if I recall correctly, the final straw was finding out that a respected vet in his region apparently stole millions from his clients before committing suicide. I think Nog got tired of seeing the hypocrisy and being lied to. EDJ is far from the only firm to lie to employees to keep them in line, and the lesson of Nog's experience is that you can't believe much of what management (substitute RL's and GP's in the case of Jones) is telling you. Often management has a hidden agenda (usually your retention) that makes them prone to being less than honest with you. Stay in this business long enough and you'll see it for yourself.

 
Absolutely!  I was in another beaurocratic profession and saw that over many years.  with 11k office +  you know we have our share of crooks like any other firm.  How noggin left is really unimportant, and I would totally understand how he feels if that is/was his situation.  But to knock the whole firm and try to tell newbies that the company as a whole is so terrible is not only unfair, its untrue.  I have friends with UBS right now and let me tell you...they are jealous of me working for a partnership, and a company that hasn't been involved in some of the stuff many other large, "well respected and highly regarded" firms are!
Aug 27, 2008 11:01 pm
Hey Kool-Aid:
Indyone:

I know Noggin's story and he was far from failing when he jumped. Nog got disgusted over time and if I recall correctly, the final straw was finding out that a respected vet in his region apparently stole millions from his clients before committing suicide. I think Nog got tired of seeing the hypocrisy and being lied to. EDJ is far from the only firm to lie to employees to keep them in line, and the lesson of Nog's experience is that you can't believe much of what management (substitute RL's and GP's in the case of Jones) is telling you. Often management has a hidden agenda (usually your retention) that makes them prone to being less than honest with you. Stay in this business long enough and you'll see it for yourself.

 
Absolutely!  I was in another beaurocratic profession and saw that over many years.  with 11k office +  you know we have our share of crooks like any other firm.  How noggin left is really unimportant, and I would totally understand how he feels if that is/was his situation.  But to knock the whole firm and try to tell newbies that the company as a whole is so terrible is not only unfair, its untrue.  I have friends with UBS right now and let me tell you...they are jealous of me working for a partnership, and a company that hasn't been involved in some of the stuff many other large, "well respected and highly regarded" firms are!
Indyone stated my feelings pretty accurately. It's like meeting a girl and falling in love and your buddies tell you she's not all that.... But you say you don't know her like I do and you continue on.
 
Then one day you realize that the VA that you sold your firm recieves 6.25% in compensation for and yet only pays you on 4.75% .
Where did that extra money go? Did it vanish? Was I mistaken?
 
Why was I told to put people in different investments than they wanted just so I would win a diversification trip? I was told 30 days later just exchange into what they wanted......everybody wins......
 
Why was i told to split investments up to avoid breakpoints so i would be compensated greater?
 
Why was i paid less on a C share than an A share when the C share was in the clients best interest?
 
Why did Jones wait so long to change from a 100% transactional brokerage firm?
 
Why did Jones allow a partner of the firm to defraud many clients and never even own up to the facts with the employees of the firm?
 
Why does Jones prohibit joint meetings with other firms?
 
Why did Doug Hill tell VA providers that if he found out they encouraged an IR to place a VA inside an IRA he would kick them out of the Jones system?
 
Why did Jones hire people who had absolutely no business being in the business?
 
Why did they let them loose on the unsuspecting public?
 
On a positive note, I am thankful to have gotten my start in the industry at Jones. I have some very dear friends still at Jones. I wish the best for them. They deserve better than the doublespeak and halftruths that they are given.
 
Koolaid- i wish you the best as well. One day you will be faced with the truth, what you do with it is certainly up to you.
 
 
 
Aug 27, 2008 11:36 pm
noggin:
Hey Kool-Aid:
Indyone:

I know Noggin's story and he was far from failing when he jumped. Nog got disgusted over time and if I recall correctly, the final straw was finding out that a respected vet in his region apparently stole millions from his clients before committing suicide. I think Nog got tired of seeing the hypocrisy and being lied to. EDJ is far from the only firm to lie to employees to keep them in line, and the lesson of Nog's experience is that you can't believe much of what management (substitute RL's and GP's in the case of Jones) is telling you. Often management has a hidden agenda (usually your retention) that makes them prone to being less than honest with you. Stay in this business long enough and you'll see it for yourself.

Absolutely!  I was in another beaurocratic profession and saw that over many years.  with 11k office +  you know we have our share of crooks like any other firm.  How noggin left is really unimportant, and I would totally understand how he feels if that is/was his situation.  But to knock the whole firm and try to tell newbies that the company as a whole is so terrible is not only unfair, its untrue.  I have friends with UBS right now and let me tell you...they are jealous of me working for a partnership, and a company that hasn't been involved in some of the stuff many other large, "well respected and highly regarded" firms are!
Indyone stated my feelings pretty accurately. It's like meeting a girl and falling in love and your buddies tell you she's not all that.... But you say you don't know her like I do and you continue on.  
Then one day you realize that the VA that you sold your firm recieves 6.25% in compensation for and yet only pays you on 4.75% .
Where did that extra money go? Did it vanish? Was I mistaken?
 Why was I told to put people in different investments than they wanted just so I would win a diversification trip? I was told 30 days later just exchange into what they wanted......everybody wins......
 
Why was i told to split investments up to avoid breakpoints so i would be compensated greater?
 
Why was i paid less on a C share than an A share when the C share was in the clients best interest?
 
Why did Jones wait so long to change from a 100% transactional brokerage firm?
 
Why did Jones allow a partner of the firm to defraud many clients and never even own up to the facts with the employees of the firm?
 
Why does Jones prohibit joint meetings with other firms?
 
Why did Doug Hill tell VA providers that if he found out they encouraged an IR to place a VA inside an IRA he would kick them out of the Jones system?
 
Why did Jones hire people who had absolutely no business being in the business?
 
Why did they let them loose on the unsuspecting public?
 
On a positive note, I am thankful to have gotten my start in the industry at Jones. I have some very dear friends still at Jones. I wish the best for them. They deserve better than the doublespeak and halftruths that they are given.
 
Koolaid- i wish you the best as well. One day you will be faced with the truth, what you do with it is certainly up to you.
 
 
It's all good nog, the difference I guess, is that I've never been pushed to use any specific investments nor have I been made to use any specific share class.  I have never been told to purchase anything for a client to win a Div Trip and switch it back.  I was certainly never told to split up purchases in order to avoid breakpoints.  My training here at Jones taught me the opposite of all of those things.  Regarding the unfortunate situation with the guy who defrauded his client and killed himself, well, that certainly sucks, i'm sure it happens in lots of firms..there are bad Brokers in every firm.  I'm sure, even as close as you were to the situation, you cannot possibly be aware of the inside dealings and what goes on to make the victims whole.   I certainly don't know, but unless you are privy to the Partner's private discussions you can only speculate.  It seems like you were unlucky and started in a poor region that tried to teach you the wrong way to do things, very much against what we preach in my region.  Look, I will be the first to tell you that Jones, or any other firm for that matter, is far from perfect.  I also know, as I have posted on this very thread, that i'm sure there is a point in a broker's career, that it may make sense to be indy.  I'm not at that point yet.  It also is a very individual decision based on how much it is worth it to you in dollars to have less headaches i.e. responsible for dealing with all expenses, taxes etc. , for some, it may be worth the lower payout in VAs etc.  Noggin, I wish you well also, I just feel the need to defend the company I work for, particularly when the hatred is spewing and I see the opposite in my region and in my training classes in Tempe.  I truly hope your situation is the exception and from conversations I have had with FAs country wide ...it is.
Aug 28, 2008 12:05 am
iceco1d:

Kool-Aid - I still think you confuse noggin with bspears...

 
Geez Ice...are you guys takin showers together or something?   lol...No doubt, bspears is much worse than Noggin...but I know the difference!
Aug 29, 2008 10:43 pm
Hey Kool-Aid:

No he is just a moron who left jones and never has anything constructive to say so he needs to bash Edward Jones every chance he gets...he obviously didn't make it there ...they put him on goals and eventually kicked his sorry ass out!  Now he feels like he is getting back by trying to tell new Jones brokers that they shouldn't be with such a horrible company!

Actually you are a moron if you think that is accurate.....
Aug 30, 2008 5:06 pm

[quote=]

william:

Hi,

 
Any EdJ FA's who might know the amount of base salary that is offered to newbies in  the Los Angeles area?  Also, what kind of income are EdJ FA's making during the second year when the base salary has ended?  Any insight is appreciated.
 
Thanks



The people that belong in our industry don't ask questions like that. They KNOW that they will make plenty of money in year one and year two.
[/quote]

 
I usually just read these boards but your response was pathetic and couldn't go unnoticed.
 
Everyone getting into this field asks questions like that. You are fooling yourself if you think you never thought about those issues when starting your career.
 
You sound bitter...must not be doing so well lately huh?