Jones awards
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Can anyone tell me what qualifies you to receive the winner’s circle award from Jones. A fairly new rep in my town just talked the local small town newspaper into running a blurp about her winning it, and I can’t remember what it takes. As I recall it isn’t much, but she did use it to her advantage, which is what they tell you to do.
I believe that it is 90K gross with a limitation on accounts inherited for the first full year of production. I take that back, that is the region leader award. The winners circle is one month of 10K net production....Can anyone tell me what qualifies you to receive the winner’s circle award from Jones. A fairly new rep in my town just talked the local small town newspaper into running a blurp about her winning it, and I can’t remember what it takes. As I recall it isn’t much, but she did use it to her advantage, which is what they tell you to do.
noggin has the numbers right, but not the specifics. It’s an award given when an FA has a 10K net month for the first time in their career. If it was a fairly new rep in town she must be doing something right. There are guys who don’t see that award for 3-4 years into the biz.
Thanks for the correction....I knew I was leaving something out. When I was at jones, I got that award a couple of different times. Apparently a recordkeeping glitch.....noggin has the numbers right, but not the specifics. It’s an award given when an FA has a 10K net month for the first time in their career. If it was a fairly new rep in town she must be doing something right. There are guys who don’t see that award for 3-4 years into the biz.
Well, if that’s the case, I wonder what’s taken her so long to hit that milestone. With $25 mil and the clients that go along with it, I would have guessed that would have happened quicker.
Spiff,
I don’ know what took her so long, maybe the market. I do know what she was given, and the time frame. I just could not remember what the award was about.
She took over an office about 2.5 years ago that had about 25 million in AUM.
Not to defend someone whom I don't know, but... The awards given out at summer regionals are based on calendar year 2008. So, hypothetically if she took over the office exactly 2.5 years ago today, she could in theory have hit 10k net in her 12th month (Jan 2008) which would still be a solid performance.
Hulk,
I agree, I don’t know when when she hit the $10,000 month. I was not putting her down, I just could not remember what you had to do to get the award.
There is one thing about Jones it is full of people who take over 25 million and earn “awards” for their FAST starts.
I don’t know of anyone in my region who started new in a $25 million office. Much less anyone who got an award for getting a fast start because of it. To say that Jones if full of people who take over $25 million offices is just asinine. (I was going to say retarded, but I got called on that one before so I’m trying to spread around my derogatory remarks)
I agree. Lots of Goodknight plans, but most of those are the $5mm crap-account type-plans. There is one person in our region that took over meaningful assets (maybe 18-20mm, and this was 4 years ago), and our RL Goodknighted like $40mm to his son. We have very little (almost none) turnover among established FA’s, so there have not been any opportunities to take over big offices. There have been sporatic office turnovers in the $3-10mm range, but most of the turnover in our region happens before the office.
I think realworld is just a edj hater and needs to get his facts straight before he opens his indy mouth…
I know of two in my old region who split a $60 million office. Then there is the guy who came from the HO office who got a $23 million office.
This is a regular occurrence at Jones. I hope you guys stop it some day.
I can’t believe it would even take six months to turn a $10K gross month on a $25 million book. I’d consider a $10K month pretty slow if I had a book that size. Apparently, she inherited the book and just sat on her assets.
Indyone, If the mutual funds were paying 25BPS on say 10 million.... that's 2000 gross a month. If the rest was split among individual stocks and bonds( that's no trail dollars), you have trails of about 2K a month. Even if the mutual fund base was double that at 20 million you still only have 4000 gross a month. You are so used to the outside world my friend......I can’t believe it would even take six months to turn a $10K gross month on a $25 million book. I’d consider a $10K month pretty slow if I had a book that size. Apparently, she inherited the book and just sat on her assets.
I was thinking almost the exact same thing, noggin, but was too lazy to do the math.
The thing about a Jones book is that all of those assets have already been invested and someone has already been paid on them. A person who thinks they can take over even a $25-$30mm book and take it easy will be sadly mistaken. Regardless of the size of their book - up to a point, of course - the fact that a Jones broker has to constantly hunt new money is beneficial when they get ready to leave, because there's not a ton of pressure to take everything with them as there would be if the majority of the book was annuitized. They can go indy, bring those who want to come, get a higher payout, and get back to business as usual: hunting new money.Actually Indyone, it’s an award for your first $10K net month. At Jones that amount to roughly $25K gross. So, even on a book of $25 million, it’s no small feat to hit that in the first 6 months to a year.