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Feb 20, 2010 4:28 pm

[quote=rankstocks]—Dear Jones brokers that are upset about brokers inheriting assets and then giving speeches at regionals…grow a set.  If it concerns you so much, why not call them out.  I do it in the occational regional I go to (maybe that’s why half the region loves me and half hates me).  But what difference does it make.  I even had our Area leader giving a talk about how great the number one producer at Jones (based in North Dakota I think) got there in something like 5 years.  I actually interupted him and asked how many assets he had inherited (knowing the answer), took the wind out of the area leader’s sail, but there’s always a story behind a fast starter like that (Inherited 150 million or so). 

  -There is a classification system that I use.  Its called the SPOON scale.  It comes from the common phrase, "born with a ______ spoon in his mouth."   Less than 5 million doesn't make a grade.  5-10 million is considered a SILVER SPOON. 10-30 million is considered a GOLD SPOON.  30+ is generally a PLATINUM SPOON.  If they ever get smart with you, ask them if the they would teach you to run a seminar titled, "How to inherit a large book" and that it would be very helpful for your business.   -Anything under 30 million really doesn't make a difference over the long run anyway.  Every broker that started in my region within 5 years that inherited reasonable assets I have more than doubled, and I wasn't handed a thing.  Doorknocked for 2 1/2 years, coldcalled, did seminars, and prospected the hell out of people.  So focus on what you can control, and that's hammering the doors or the phone.  Once you crack around 50 million the business takes on a life of its own. [/quote] Rank,   Is that North Dakota guy Troy Nelson? I was led to believe he started from scratch and just did a ton of insurance?
Feb 20, 2010 4:28 pm

Rank - I did just as you say when I was there.  Talk about getting ostracized.  Yes, half of the region loved me, but they weren’t the half that had the influence.  It got to the point where the wives gave my wife a hard time.  And my wife doesn’t play. 

Needless to say, it was easy to leave.

Feb 20, 2010 5:03 pm

[quote=Mr.Blonde] [quote=rankstocks]—Dear Jones brokers that are upset about brokers inheriting assets and then giving speeches at regionals…grow a set. If it concerns you so much, why not call them out. I do it in the occational regional I go to (maybe that’s why half the region loves me and half hates me). But what difference does it make. I even had our Area leader giving a talk about how great the number one producer at Jones (based in North Dakota I think) got there in something like 5 years. I actually interupted him and asked how many assets he had inherited (knowing the answer), took the wind out of the area leader’s sail, but there’s always a story behind a fast starter like that (Inherited 150 million or so).





-There is a classification system that I use. Its called the SPOON scale. It comes from the common phrase, “born with a ______ spoon in his mouth.” Less than 5 million doesn’t make a grade. 5-10 million is considered a SILVER SPOON. 10-30 million is considered a GOLD SPOON. 30+ is generally a PLATINUM SPOON. If they ever get smart with you, ask them if the they would teach you to run a seminar titled, “How to inherit a large book” and that it would be very helpful for your business.



-Anything under 30 million really doesn’t make a difference over the long run anyway. Every broker that started in my region within 5 years that inherited reasonable assets I have more than doubled, and I wasn’t handed a thing. Doorknocked for 2 1/2 years, coldcalled, did seminars, and prospected the hell out of people. So focus on what you can control, and that’s hammering the doors or the phone. Once you crack around 50 million the business takes on a life of its own. [/quote]



Rank,



Is that North Dakota guy Troy Nelson? I was led to believe he started from scratch and just did a ton of insurance?[/quote]



From what I heard, it went something like this…Troy’s father was a huge insurance producer in town. He was retiring or something and convinced all his clients to move their stuff to Troy.

I am not a naysayer, but most of the people at Jones that are big producers in a short amount of time did it with a LOT of help. There are plenty of longer-term big producers that actually did it themselves, but you don’t produce $3mm in one year through doorknocking.
Feb 20, 2010 5:26 pm

[quote=B24] [quote=Mr.Blonde] [quote=rankstocks]—Dear Jones brokers that are upset about brokers inheriting assets and then giving speeches at regionals…grow a set.  If it concerns you so much, why not call them out.  I do it in the occational regional I go to (maybe that’s why half the region loves me and half hates me).  But what difference does it make.  I even had our Area leader giving a talk about how great the number one producer at Jones (based in North Dakota I think) got there in something like 5 years.  I actually interupted him and asked how many assets he had inherited (knowing the answer), took the wind out of the area leader’s sail, but there’s always a story behind a fast starter like that (Inherited 150 million or so). 

 

-There is a classification system that I use.  Its called the SPOON scale.  It comes from the common phrase, "born with a ______ spoon in his mouth."   Less than 5 million doesn't make a grade.  5-10 million is considered a SILVER SPOON. 10-30 million is considered a GOLD SPOON.  30+ is generally a PLATINUM SPOON.  If they ever get smart with you, ask them if the they would teach you to run a seminar titled, "How to inherit a large book" and that it would be very helpful for your business.
 
-Anything under 30 million really doesn't make a difference over the long run anyway.  Every broker that started in my region within 5 years that inherited reasonable assets I have more than doubled, and I wasn't handed a thing.  Doorknocked for 2 1/2 years, coldcalled, did seminars, and prospected the hell out of people.  So focus on what you can control, and that's hammering the doors or the phone.  Once you crack around 50 million the business takes on a life of its own. [/quote]

Rank,
 
Is that North Dakota guy Troy Nelson? I was led to believe he started from scratch and just did a ton of insurance?[/quote]

From what I heard, it went something like this...Troy's father was a huge insurance producer in town. He was retiring or something and convinced all his clients to move their stuff to Troy.
I am not a naysayer, but most of the people at Jones that are big producers in a short amount of time did it with a LOT of help. There are plenty of longer-term big producers that actually did it themselves, but you don't produce $3mm in one year through doorknocking.[/quote]   Thanks B24, that does make more sense.   One of the top guys in the firm, good Canadian boy named David Gunn, GP now from Calgary started from scratch in 2000 or 2001 and up until 2007 gathered around 50 million. Then in 2008 before things went off the rails, was up to 100 million, confirmed on the green screen. Now that is trajectory! I don't know the story but production was pretty close to 2 million. All that and he used to sell cars.
Feb 20, 2010 7:24 pm

That may be, but I guarantee he had a “hook”. There’s no way to capture $50mm in one year at Jones without a hook. You can do it at a firm that specializes in insitutional money or Ultra HNW folks, but you simply can’t gather that many assets in one year slinging American Funds. Even if every account was $500K, that would be 100 households at 500K each. I have heard of guys buying other books and transferring them to Jones (under the radar). Not sure if this was the case with him.

Feb 20, 2010 7:36 pm
B24:

That may be, but I guarantee he had a “hook”. There’s no way to capture $50mm in one year at Jones without a hook. You can do it at a firm that specializes in insitutional money or Ultra HNW folks, but you simply can’t gather that many assets in one year slinging American Funds. Even if every account was $500K, that would be 100 households at 500K each. I have heard of guys buying other books and transferring them to Jones (under the radar). Not sure if this was the case with him.

  Probably.
Feb 20, 2010 8:02 pm

[quote=Moraen] Rank - I did just as you say when I was there. Talk about getting ostracized. Yes, half of the region loved me, but they weren’t the half that had the influence. It got to the point where the wives gave my wife a hard time. And my wife doesn’t play. Needless to say, it was easy to leave.

[/quote]



Your wife must have a thin skin and be a drama queen.

Your a broken record with your wife.

Heard it a dozen times.

Feb 21, 2010 1:46 am

[quote=DD] [quote=Moraen] Rank - I did just as you say when I was there.  Talk about getting ostracized.  Yes, half of the region loved me, but they weren’t the half that had the influence.  It got to the point where the wives gave my wife a hard time.  And my wife doesn’t play.  Needless to say, it was easy to leave.

[/quote]



Your wife must have a thin skin and be a drama queen.

Your a broken record with your wife.

Heard it a dozen times.[/quote]

What’s up mel?  Wife leave when she found out you were getting banged by your branch manager?

Feb 21, 2010 3:52 am

[quote=AGEMAN][quote=RealWorld]Hot Air?

I don't understand how it could be hard to realize how my situation would be frusterating. The most frusterating thing is really that one of the true benefits of Jones is to learn from the other people and get ideas. Why put people on a pedastool who have no ideas? That is called wasting my time and I can do that independently without paying 60% of my check. Right?   Lastly, don't tell me to produce. I do. Very well actually, it is funny how careers go at Jones and sometimes I think that I am talking to vets on here and most are newbies. I have been out a while and with Jones since 2003. I imagine I produce more than you, but then again this is the internet so no need getting into a pissing match. I am just a little taken back by your incredibly ignorant and defensive stance to my post. [/quote] Really frusterating.  I am frusterated with all of this.......LOL[/quote]     Sad part is most missed it...
Feb 21, 2010 4:00 am

[quote=B24] [quote=Mr.Blonde] [quote=rankstocks]—Dear Jones brokers that are upset about brokers inheriting assets and then giving speeches at regionals…grow a set.  If it concerns you so much, why not call them out.  I do it in the occational regional I go to (maybe that’s why half the region loves me and half hates me).  But what difference does it make.  I even had our Area leader giving a talk about how great the number one producer at Jones (based in North Dakota I think) got there in something like 5 years.  I actually interupted him and asked how many assets he had inherited (knowing the answer), took the wind out of the area leader’s sail, but there’s always a story behind a fast starter like that (Inherited 150 million or so). 

 

-There is a classification system that I use.  Its called the SPOON scale.  It comes from the common phrase, "born with a ______ spoon in his mouth."   Less than 5 million doesn't make a grade.  5-10 million is considered a SILVER SPOON. 10-30 million is considered a GOLD SPOON.  30+ is generally a PLATINUM SPOON.  If they ever get smart with you, ask them if the they would teach you to run a seminar titled, "How to inherit a large book" and that it would be very helpful for your business.
 
-Anything under 30 million really doesn't make a difference over the long run anyway.  Every broker that started in my region within 5 years that inherited reasonable assets I have more than doubled, and I wasn't handed a thing.  Doorknocked for 2 1/2 years, coldcalled, did seminars, and prospected the hell out of people.  So focus on what you can control, and that's hammering the doors or the phone.  Once you crack around 50 million the business takes on a life of its own. [/quote]

Rank,
 
Is that North Dakota guy Troy Nelson? I was led to believe he started from scratch and just did a ton of insurance?[/quote]

From what I heard, it went something like this...Troy's father was a huge insurance producer in town. He was retiring or something and convinced all his clients to move their stuff to Troy.
I am not a naysayer, but most of the people at Jones that are big producers in a short amount of time did it with a LOT of help. There are plenty of longer-term big producers that actually did it themselves, but you don't produce $3mm in one year through doorknocking.[/quote]   I heard that and something about being connected to some law firm...   Still not even close to as cool as "No panty thursday"
Feb 22, 2010 4:15 pm
B24:

That may be, but I guarantee he had a “hook”. There’s no way to capture $50mm in one year at Jones without a hook. You can do it at a firm that specializes in insitutional money or Ultra HNW folks, but you simply can’t gather that many assets in one year slinging American Funds. Even if every account was $500K, that would be 100 households at 500K each. I have heard of guys buying other books and transferring them to Jones (under the radar). Not sure if this was the case with him.

  Do they do 401k's in Canada?  If so, that would explain a huge jump in AUM in a year.  We had a guy in our area that landed a $40MM 401K.  Went from something like $80MM to $130MM in a year.  Then a short time later they brought him into the home office as a GP and put him in charge of Banking Services. 
Feb 22, 2010 5:05 pm
Spaceman Spiff:

[quote=B24]That may be, but I guarantee he had a “hook”. There’s no way to capture $50mm in one year at Jones without a hook. You can do it at a firm that specializes in insitutional money or Ultra HNW folks, but you simply can’t gather that many assets in one year slinging American Funds. Even if every account was $500K, that would be 100 households at 500K each. I have heard of guys buying other books and transferring them to Jones (under the radar). Not sure if this was the case with him.

  Do they do 401k's in Canada?  If so, that would explain a huge jump in AUM in a year.  We had a guy in our area that landed a $40MM 401K.  Went from something like $80MM to $130MM in a year.  Then a short time later they brought him into the home office as a GP and put him in charge of Banking Services.  [/quote]   RRSP= IRA Group RRSP= 401k   The guy I was talking about is in the home office but in Toronto. What happened to John Sauer?  
Feb 22, 2010 6:01 pm

John is in Banking Services.  The guy I mentioned is Todd Osterhage.  He is in Banking Solutions.  My mistake.  I guess one is products one is solutions. 

Apr 20, 2010 3:54 pm

I am interested in EDJ, can you tell me if transactional business, along with fee based biz are considered the same from a production standpoint?

What about insurance?

Can an FA recommend a stock or muni bond?

Apr 20, 2010 4:38 pm

You get 40% payout on almost everything - stocks, bonds, MFDS (A shares), annuities, insurance, etc.  You get 35% payout on heavily discounted stock trades, C share mutual funds, and some UIT's (the shorter maturities).

They take a haircut on annuity and insurance business before you get your 40%.

Yes, you can recommend stocks and bonds.

Apr 20, 2010 4:59 pm

Thanks B24. If I were to bring over around 10 mm in assets from a former employer, and prospect through referrals and other contacts, will that approach be well recieved at EJ?

Or will I still also be expected to prospect through their format (DK)?

Do I have any say in the branch location of BOA hiring process?

Apr 20, 2010 6:12 pm

[quote=careerFA]

Thanks B24. If I were to bring over around 10 mm in assets from a former employer, and prospect through referrals and other contacts, will that approach be well recieved at EJ?  - Yes

Or will I still also be expected to prospect through their format (DK)? - Yes.  But only during the initial training period if you go through the normal KYC/EvalGrad process.  After that, they really don't care how you prospect as long as you're putting up the numbers. 

Do I have any say in the branch location of BOA hiring process? - Some.  As to the BOA, if you have someone in mind, you can give their info to the home office.  They'll interview them just to make sure they are a good person to hire.  After that you can hire anyone that makes it through their screen

As to the office location, you get to pick your area, then work with the leasing folks to find office space.  It's highly likely that you could end up taking over an existing office or doing a Goodknight plan or some derivation it, so finding an office immediately may not be in the cards for you.

[/quote]

Apr 20, 2010 6:48 pm

Can anyone tell me about EJ technology to support clients? Do you have access to financial planning software, a CRM tool to propsect, send emails?

Does the company offer turn key seminar formats, other rmarketing support?

Thanks

Apr 20, 2010 7:05 pm

[quote=careerFA]

Can anyone tell me about EJ technology to support clients? Do you have access to financial planning software, a CRM tool to propsect, send emails?

Does the company offer turn key seminar formats, other rmarketing support?

Thanks

[/quote]

Yes to all of that.  But let me elaborate:

The technology used to be pretty piss-poor.  However, they have come a LONG way in improving it.  They have one of the best CRM tools of most captive firms (i.e. wirehouses), and the integration with their portfolio aggregation software, financial planning software, and order-entry system is virtually seamless.  You can now send e-mails from the CRM tool and they are logged in CRM.  You can create marketing lists, sort and filter by dozens of criteria, etc.

They have tons of canned seminars.  Most of them are good.  I would not call many of them "great", but they get the job done for the most part.  They are pretty typical of what you would expect for canned seminars that have to go through compliance. 

The marketing support is excellent.  Literally hundreds of customizable flyers, ads, internet banners, etc.  Lots of canned seminars, access to wholesaler seminars as well, seminars for CPA's and attorneys, several different newsletters (short form, long form, tax newsletters, and newsletters specifically for CPA's and attorneys), tons of brochures that can be ordered very inexpensively (some are free), canned postcards that can either be ordered blank, or you can download the PDF, customize them and have them printed at a printer, canned radio ads, canned newspaper reports/articles you can submit to local papers (weekly).  They also have an extensive direct-mail campaign that you can opt into for clients and prospects.  You have to pay for it (they do offer some free ones during the year), but the cost is far less than doing them yourself, and the postage is cheaper.

They also reimburse you for seminars...usually a maximum of $150 per seminar, but more for certain seminars, and more for newbies.  There is no limit as to how many seminars they will remiburse you for.

Apr 20, 2010 7:10 pm

This forum has been extremely helpful..

Is EJ a place for someone who wants to build the practice, with the company support, and do this for the next 20 years?

In other words, how many of the EJ FA's have 10+ years with the firm?