EDJ Overtime Settlement

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Jul 10, 2008 1:08 pm
babbling looney:

I personally thought the overtime law suit was dumb because we all knew when we got into this buisness that we were not paid hourly on a 9-5 job.  However, I'm not about to turn down some extra money

 
I agree with BL.  I almost feel bad about taking the money. 
 
Jul 10, 2008 1:09 pm
 
 
Jul 10, 2008 1:11 pm

Sorry for the triple post.  Posting problems.


 
 
Jul 10, 2008 1:13 pm
 
Jul 10, 2008 6:43 pm

JONESIN, so you want to be there for a long time with big brother watching--see I don't care if LPL is watching--the client relationship belongs to me.  But I do understand your position!  By the way, I was at Jones for over 14 years before I got the message!


Jul 10, 2008 10:11 pm

Sorry, being new and all I just don't understand charging a company overtime for my own business.  Just retired from the military and I guarantee THEY don't pay a dime for overtime and I received zero benefit.  At EDJ the harder I work the more I get paid.  Not knocking you folks at all, just IMHO.

Jul 11, 2008 8:48 am
Catdaddy:

At EDJ the harder I work the more I get paid.


You must be paid differently than others because most FAs are paid according to results they get (production), not the effort they put in.  Obviously there is a correlation between the two, especially in the early years when you have a small client base, but you're in for a rude awakening if you think you can significantly increase your pay simply by working harder or longer.


Jul 11, 2008 10:30 am
Morphius:
Catdaddy:

At EDJ the harder I work the more I get paid.


You must be paid differently than others because most FAs are paid according to results they get (production), not the effort they put in.  Obviously there is a correlation between the two, especially in the early years when you have a small client base, but you're in for a rude awakening if you think you can significantly increase your pay simply by working harder or longer.


http://www.youtube.com/v/TROhlThs9qY&hl=en&fs=1

Jul 11, 2008 3:16 pm
Morphius:
Catdaddy:

At EDJ the harder I work the more I get paid.

You must be paid differently than others because most FAs are paid according to results they get (production), not the effort they put in. Obviously there is a correlation between the two, especially in the early years when you have a small client base, but you're in for a rude awakening if you think you can significantly increase your pay simply by working harder or longer.





Only an underachiever would believe that final comment.

Jul 11, 2008 3:46 pm
Morphius:
Catdaddy:

At EDJ the harder I work the more I get paid.


You must be paid differently than others because most FAs are paid according to results they get (production), not the effort they put in.  Obviously there is a correlation between the two, especially in the early years when you have a small client base, but you're in for a rude awakening if you think you can significantly increase your pay simply by working harder or longer.


 
OK tough guy.  For you to read into my comment and insinuate that I don't know that it takes results to get ahead indicates your head is pretty far in a dark personal receptacle.  But results don't come easy, they take hard work.  That's all I was saying.  If you think results come easy then maybe you are a master know it all who hasn't got the guts to face someone-you just like to throw snide comments.   You want to punk me-try again with something a bit stronger.  Last I looked that wasn't what this forum was about.  Last time I checked, without hard work, results don't fall into your lap.
Jul 11, 2008 8:41 pm
Catdaddy:
Morphius:
Catdaddy:

At EDJ the harder I work the more I get paid.


You must be paid differently than others because most FAs are paid according to results they get (production), not the effort they put in.  Obviously there is a correlation between the two, especially in the early years when you have a small client base, but you're in for a rude awakening if you think you can significantly increase your pay simply by working harder or longer.

But results don't come easy, they take hard work.  That's all I was saying. 


If that was what you were saying to say in the first place, why didn't you actually SAY that in the first place?  We're not mind readers here.

But you're still missing the point.  If you had any actual experience in this business you might realize how common a misconception it is for new FAs to think that hard work is the key to their success. 

It's not.  You don't get any extra credit for degree of difficulty. 

I can't tell you how many rookies over the years I've seen flame out who worked extremely hard, but not smart.  But they were too busy doing what they were doing - harder, faster, longer - when they should have used a fraction of that effort to think instead of just act.  But having lost sight of their goals, they redoubled their efforts.

And if you're so thin-skinned that you react like that when someone takes your words at face value and tries to warn you about repeating a very common mistake, you are in for a rude awakening in this business.  Not everyone who corrects or criticizes you is your enemy. 

Good luck to you.

Jul 14, 2008 9:29 am

I think every Jones IR would be making a HUGE mistake if they took the money from the settlement.  Their RL would black list them, their hard drives would crash, their cars wouldn't start, their BOAs would be y and uncooperative, their dogs would get mange, their cats would become aloof.  It would be catastrophic.  And I would get more money.


I can only say what every other independent says who left Jones.  LIFE IS GREAT!
 
 
Jul 15, 2008 8:34 am

I read today that any amount that's been set aside, but not "claimed", will be added back to the firm's earnings.

Jul 16, 2008 7:03 am

I read the same info about the unclaimed settlement $ being returned to Edward Jones earnings.  There was an 800 number to speak directly to the firm handling the settlement, so I called.  It is not like any class action settlement I have ever seen.  The deadline to submit a request is Aug 16.  The settlement firm collects these to verify those entitled to a claim.  They meet with Jones, and I sure he said the courts, to determine the amount that the claimants in each class receive per month worked.  That deadline is January 9th, 2009.  At that time any residual left off the money set aside to pay the claims, that is not due to the claimants, IS returned to Jones.

He did make it sound like if we did not take the check, more $ would go back to Jones.  It is also stated on the Jones FAQ that the firm WILL be provided with a list of everyone who makes a claim in this settlement.
Jul 16, 2008 9:36 am

How did Jones get away with such a small settlement? Yesterday MS agreed to $50MM.  UBS and SB paid out $90-$100MM each. Those new IR's even got to work in real offices.

Jones with the "itinerant peddler" model and all the costs it lards up on newbies comes out of this with only a $19MM settlement? 

Jul 16, 2008 10:13 am

Perhaps they had already heard about the other settlements we had to deal with and went easy on us.  Or perhaps our attorneys are just better at their jobs than the ones at MS, UBS, and SB. 

 
We'll never know for sure.  The question is, how much of the $19 mil will actually be paid out?  If the only people who file are the former EDJ guys, Jones will end up pocketing a large chunk of that $19 mil.  Slick, huh? 
 
 
Jul 16, 2008 10:16 am
avise:

How did Jones get away with such a small settlement? Yesterday MS agreed to $50MM.  UBS and SB paid out $90-$100MM each. Those new IR's even got to work in real offices.

Jones with the "itinerant peddler" model and all the costs it lards up on newbies comes out of this with only a $19MM settlement? 



Maybe because of this, from Registered Rep:

"Morgan was the last among Merrill Lynch, UBS, and Smith Barney to
settle with its brokers nationally. (UBS and Smith Barney had paid its
brokers $89 million and $98 million respectively by mid 2006. Merrill’s
national amount was not disclosed.) Morgan’s late deal may have paid
off in dollars given that there has been a bump (or two) in the road in
the last two years since those firms settled.

<!--begin paragraph-->In

December 2006, the same week Merrill’s national settlement was
announced, the Department of Labor, in response to a request by the
Securities Industry and Financial Markets Association, issued an
eight-page letter stating brokers are not entitled to overtime pay
after all."

Jul 16, 2008 1:32 pm

Yeah, "Whoops, sorry about all that litigation. "

Jul 16, 2008 3:39 pm

All I know is I sent out my letter of consent today. I can't wait to get some green from the overtime lawsuit!



Miss J

Jul 16, 2008 11:21 pm

Spiff...have you made up your mind on filing the form?

 
Just wondering,
 
Jones99
 
By the way, when I started, Jones promised me a $1500 per month training SALARY for the first two months.  Imagine my surprise when the first check was for only $1200 gross pay.  I called HR to inquire about the discrepancy....since Jones put our official start date for our training class on July 5th, they felt justified in docking us for 6 days of pay based on a 30 day month.  I suppose they did that to all training classes at the time, but it still pisses me off nine years later.  Maybe I can get my $300 back if I file the request form.