Detox required after region meetings edj
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[quote=FreeFromJones]... it ain't about technology, it ain't about fee-based, it's about being an adult. It's about actually owning your business, not being told you're your own boss but receiving a W-2 at the end of the year. [/quote]
[quote=Maxstud]
[quote=FreeFromJones] It's about actually owning your business, not being told you're your own boss but receiving a W-2 at the end of the year. [/quote]
I have two conflicting views on this continual owning your business complaint. The first is in my opinion when you work on commission( and I do include fee based planning in that) you do need to think of it as your business. When I was in college I sold electronics for a retailer and the store manager would often say the each of us were like our own little business within the business. If you took this literally when you were with Jones then you really did drink the kool aid(with a vodka chaser).
Secondly if you've left a firm to go indy and you take 85% of your book with you to your new business, how is that not building a business for yourself? If you choose to stay then so be it, eyes wide open.
[/quote]
I subscribe to the philosophy that everyone (even non-salespeople) should think of themselves as self-employed. Even the Wal-Mart greeter should realize that he is his own business that Wal-Mart hires to stand at the door every day. But that's a mental thing.
I really think Jones wants it's reps to think it is their own business. I was encouraged to call myself a business owner when I visited other businesses or went to the Chamber of Commerce, etc. Well, LEGALLY, I was NOT a business owner, that was a lie.
If YOU can't SELL it, YOU don't OWN it.
[quote=now_indy]I was encouraged to call myself a business owner when I visited other businesses or went to the Chamber of Commerce, etc. Well, LEGALLY, I was NOT a business owner, that was a lie.
If YOU can't SELL it, YOU don't OWN it.
[/quote]I agree about calling yourself a business owner, I always tell people I work for EDJ.
Did you take any clients with you when you went indy, now_indy? Can you sell that book now if you wanted? If so then IF someone decide to leave a firm and they take their clients with them then I would say they are building some equity in a business they may eventually own.
Max,
They still teach people to say "Hi my name Bob, I've opened a new business here in Podunk, and I'm just out trying to meet other business owners." It really is BS just as most of the sales pitch Jones teaches you is. If you want to spend your whole career having your RL tell you "just call and say, 'how would you feel about a 5% investment if you knew it was safe? Well if you have $25000 I think you should buy some TODAY!'" then have a nut man.
No problem. Glad I could help you through this tough part of your "real life".
"If you have $5.00 I think you should but some more LP today!"
Just resigned after 9 years of sh*t! You can take my 45k of LP and shove it up Noggins arse!!!! What a second rate, behind the times, gestapo excuse for a broker dealer. I will take every dime of my 57mil...mark my words you crappy ass firm.
Max-
The only thing we own is our attitude. Yours has to be as an employee. You do work for the man.
Some of us are the man (or woman).
[/quote]
... They jump to LPL, wrap their $20 mil at 1.25% and play a lot more golf.
[/quote]
Spiff,
You say that like...it's wrong.
The lack of a fee-based program for accounts smaller than 500k is astonishing in today’s super-competitive world of financial advice. I can’t believe that it’s not crippling Edward Jones. Apparently the GPs think the A-share model is far more profitable than widespread usage of wrap accounts.
I would guess that 3% of EDJ’s accounts are above $500K, so I bet it isn’t a high priority…
[quote=Spaceman Spiff] [quote=spikedkoolaid]
So I talked to my buddy who is still at Jones and he was telling me how
the NASD is going to model the industry after Edward Jones—Puke!
He was telling me that they are still blowing smoke about 25,000
Financial Advisors–Mega Puke!
He also mentioned they are going to have diversification trips awards
for BOA’s (Branch Office Administrators)–Yeah Right!
They are working on a fee based asset allocation model that will be
rolled out and will be the envy of the industry–Dangle that Carrot!!
They have figured out how to rally the troops and tell them how great
they are and how much they appreciate them and then they send them a
bill for the 2 night stay at the Super 8!
[/quote]
His RL must have received a completely different agenda than mine
did.
No mention of a BOA diversification trip. They did mention the fee
based model in a video. My interpretation is that it will be a mutual fund
advisory account only. Not traditional fee based. Sort of like buying one
of the Goldman Strategy portfolios, just through Jones and I get to keep a
bigger piece of the fee. We hear the 25,000 FA number from time to
time. I’ve been hearing it since I started with Jones over 10 years ago. If
we can just stop putting so many of them in my neighborhood I’d be
happy.
Spiff, I think I’m with you on this. I din’t hear about the other stuff. And
no Super 8 for us. We stayed at a sweet resort. No joke. This place is
first class (and I worked for the Ritz Carlton company in my past life, so I
have perspective).
[quote=GOLPL]
Just resigned after 9 years of sh*t! You can take my
45k of LP and shove it up Noggins arse!!! What a second rate, behind the
times, gestapo excuse for a broker dealer. I will take every dime of my
57mil…mark my words you crappy ass firm.
Sounds like a dupe. Only 2 posts??
[quote=footsoldier]
Max-
The only thing we own is our attitude. Yours has to be as an employee. You do work for the man.
Some of us are the man (or woman).
[/quote]This from the guy who took 7 years to figure out he was an employee at EDJ. Just a razor blade away thats all I am just a razor blade away.
Wow- what a thread! GoLPL you will get it all! I left 16 months ago with $50MM and today I clicked the $50MM mark at INDY. It took about 6 months to get 80% and then the rest just comes over gradually. Plus you will be able pick and choose who comes with you.
Max-
A little insight to the razor blade story.
When a friend of mine left Jones about the same time I did, his BOA (a friend of the departing FA) was asked by a StL GP to go to the hardware store and purchase a box of razor blades to etch his name off the door.
She refused because she was afraid she might cut herself. That was a very telling moment how important the firm felt about FA's. They had a transitional rep there that afternoon and a replacement FA within a week. And a new name was on the door soon thereafter.
Business as usual.
Foot,
I try not to get involved in these EJ threads because they are really pretty pointless, but somehow I was sucked into this one. Your above post really boggles my mind, so I will respond and be done with it.
I don’t know how business operates in your part of the country but where I live the procedure that most companies follow when someone leaves the company are usually pretty consistent. The person’s name is removed from the company directory, their computer access is terminated as well as their e-mail. Another person in the company is assigned to cover their duties until a replacement can be hired. Anyone outside the company that may have had business with the departing person is contacted to let them know who will be handling the business going forward. If the person left on good terms there may be a farewell happy hour for them to say goodbye. The company then continues with business as usual. Seems pretty straight forward to me.
[quote=footsoldier]
Max-
his BOA (a friend of the departing FA) was asked by a StL GP to go to the hardware store and purchase a box of razor blades to etch his name off the door.
She refused because she was afraid she might cut herself.
This is just funny. My two thoughts are:
She sure is lucky the invented safety razors or everyone would think she was French.
or
I hope she doesn't have young children or they will flunk all their take home projects in elementary school, I remember using Xacto knives and gasp razor blades.