Sorry Footsoldier…I’ve never met a GP who was only about themselves!!  Oh sh*t…I forgot we’re talking about Jones. Nevermind.

Gotta side with footsoldier...after I managed to de-program myself, I was amazed by the all the other pretty colors in the world.

I should have known something was up when my visiting vet (no longer w/ the brotherhood either) at kyc stood in front of the class and said, and  I quote, "just don't bleed green and you will all do just fine".  Stating that, I got my start there, learned quite a bit (although I came in with experience in the financial world) and only really regret the 3 year holding period until I could start my life.  If I could have done it again, I would have started somewhere else but there is no way of knowing if that would have been better or not.

I think if new guys keep their eyes open and don't follow like sheep, they can succeed no matter where they start.

Me toooooo…Love the new colors…the payouts…the control…the confidence to know your building a business for yourself and your family.  I drove by my old office at 4 yesterday…(going to the bank with a rollover check)…and wouldn’t you know…the place was closed up tighter than spiffys checkbook!!  PRICELESS!!!

What makes you think the FA wasn't taking his rollover checks to the bank too?  Maybe he was out on an appt and his BOA was out taking the checks to the bank.  Maybe he's already made his month and he's out golfing?  That's a pretty quick judgement without knowing all the facts.  Why wasn't your assistant taking the check to the bank?  Isn't that assistant work?  Oh yeah, you have to hire your own. But that would cut into your payout, so no need for one of those.

Missed your jabs spears.  There hasn't been a good EDJ sucks thread on here in a while.

Spiff-

There you go again acting like you don't pay for your assistant. Someday you will understand math.

[quote=footsoldier]

Spiff-

There you go again acting like you don't pay for your assistant. Someday you will understand math.

[/quote]

Snappy really snappy.....

I like to get out of the office every now and then…and yes your right, this would be a function of my assistant.  But of course, I like to see the tellers reaction on a 1/2 mill check being deposited.  I guess if you’ve earned the right to leave early…you can. However, the newby hasn’t…but more power to him…I’m sure I’m not the only one to notice

And of course…the little supplemental check he will receive for a few months from the generous accts of the GP’s…gives him a false sense of security.  This, my friend, will pass!

I understand the math.  It's part of the 60% Jones keeps.  I get it.   Overhead, P&L statements, etc.  I understand it.  Just havin' a little fun with spears. 

Congrats on the $2.5 million check.  That would be one I'd like to take to the bank myself too.  Just to see the reaction on the teller's face.  So, what's gross/net on a check like that for you?

I wish it was 2.5, its 500k.  Roughly, 10-12 gross-12%. Not a bad way to get the month of June started.  This will push me to 94k since Feb.  Not yet able to leave at 4pm, like you Jonesers…but on my way.  However, the big money is coming in today…933k inherited stock and cash. This should push my June close to 30k, and its Just June 1st.  My best at Jones was low 20’s.  Note to all…These two accts were referred by local CPA.  I had ZERO referrals (at least to my knowledge) while at Jones.  He wants to help a local business owner…hmmmm…what a concept.

Spiff-

Which would you prefer?

The 250K walkin or the CPA that wants to refer to the independent business owner like him or herself?

I know you get 3 or 4 a year like that.

I am with Spears 100%. I too have received much more in referrals since I left Jones. I even had an attorney tell me he was concerned about the inherit conflict with Jones trust company and revenue sharing. Something about fiduciary responsibility as I recall.

Spiff, you will get it someday.

Well, well, well…Just got a call from an old client still sitting in my lovely old office.  I guess he got word the new young gentlemen put into my office…has…welll…quit today!  What a wonderful call!!  I guess I’ll pull out my old magic list…and start making calls…ORRRR…I could go back to my old office for the 35% of the assets still left.

Lol, how long was the young gentleman at your office?

Referrals much better for me since I left, too.

a whopping total of 4 months!!!

Use jones to get licensed, get some training, get comfortable talking prospects, get good on the phone and then leave. I have been out of jones (independent) for about 4 years now and life is great.  

Newby, I am a current Jones FA and I love it! I have recruited FAs before, but have never done it just to win a trip like someone mentioned earlier. I win the trips without the “hire”. Most Jones reps recruit because they love working for Jones, which is why we are consistently the number one firm to work for in Registered Rep. I do agree with most of the comments made by previous respondents here, although some put a pretty negative spin on it. I think there are a lot of disgruntled or envious ex-Jones reps here. I have at least one day a week where the home office totally frustrates me, but I think that would probably be the same anywhere. I started from scratch at age 29, and I am now 41. I made it. I actually love door knocking and still go out on a nice day occasionally. I think it is pretty fun, and a nice change of pace. Everything is what you make of it. If you   are serious and enthusiastic and willing to work like a dog you’ll make it anywhere, Jones, or elsewhere. Also, make sure you don’t have any debt. I started with $20k in a money market, a wife with a nice steady $80k per year job, and no kids, and no debt. A pretty good way to go about it. Good luck wherever you choose to go. The world is your oyster! Hawg

Did any of those working at Jones ever consider starting out at a small independent?  Independent RIAs or broker dealers can offer all the same products and services these days but generally speaking you are more in charge of your destiny.  Lot of the 60+ year old independents are looking for help to transition their books.

When I was going through CFP training one of the instructors basically was begging one of us to come work with him so he could slowly transition his book to an assistant as he was seeing retirement in 5 years.  Just wondering if anyone even considered that option or if Jones was your only real choice.

[quote=bspears]Well, well, well....Just got a call from an old client still sitting in my lovely old office.  I guess he got word the new young gentlemen put into my office..has.....welll......quit today!  What a wonderful call!!  I guess I'll pull out my old magic list..and start making calls...ORRRR..I could go back to my old office for the 35% of the assets still left.[/quote]

So how's the transfer of assets going spears?  You took 65%?  You must be a whole lot better at taking assets than most people who leave Jones.  Once in a blue moon I hear of someone taking more than 50%, but they're rare.  In my region we've had 4 people leave in the last 2 years to go to other firms.  2 indy, one to a bank, and one to another BD.  None of them took more than 30%.  One of them didn't take 10%.  Congrats on the big move.  Life must be great for you now. 

Did I ever tell you that I have spies that work in the home office and can figure anything out about any office?

Spiff, is it possible those results are tainted because you are so close to the mothership? In my recent memory:

1 to LPL - 85% transferred within 6 months

1 to Wachovia - 70% of his 80MM went within a month

1 to AG Edwards - 50% in the first month alone and still bleeding

1 to Wachovia -currently at 90%, admittedly a smaller book - less than $20MM



I have yet to hear of anyone taking less than 50%. And we have had massive turnover in our seg 3,4,5’s.