EDJ: Selling UK Operations
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There will undoubtedly come a time when Weddle has grown the firm past what he can handle and someone else will take over. I just hope I can do as good a job as Bachmann and Weddle did before me.
Nice one!
Windy, get the heck off Spiffs computer.There will undoubtedly come a time when Weddle has grown the firm past what he can handle and someone else will take over. I just hope I can do as good a job as Bachmann and Weddle did before me.
ok. this is a one off. waving hello from the UK.
First and foremost, whatever level you are at in EJ in the US, would you spare ONE thought for those who who have worked their socks off for the past years, trying to make the EJ "culture" and business "model" work in this country? No, somehow I don't think so. So, all is good now. Relax in your comfy chair, one threat is gone. As one of those who have thrived, struggled and persevered to build a viable business in a Country, where everyone says to you at the door"Jones, who?", I can tell you that quite frankly, your snarling remarks are a very good reason why it never worked here. But Hey, as they said today, the model would have not work here....so get comfier in your chair. No harm to you, but, as my Clients have said time and time and again, we don't know them, but we know you. We don't trust them, but we trust you. In a position where my Clients, in less than 6 months, would have to be told, sorry, but your portfolio will have to be changed to choice A, B, or C.....and still expected to get new Clients with the same outcome over the next few months... are you for real? As if! One question for you then? When do you start caring for other than yourself? See I strongly believe that we, here, were very intent in doing what was right for our Clients. I would would dearly want to see the same happening where you are.... Reading those boards over the past year, has taught me something entirely different. to finish you are the very best at looking after number one, YOU. Best of luck. I don't envy you.broce - as someone who is not at Jones anymore, I have to say - you guys were a mistake to begin with. And a drag on profitability. Maybe if you had encouraged your fellow FAs to perform, it wouldn’t have happened.
Trust me, fee-based is the way to go.
You are better set up to run your own firm now.
Cheers.
Moraen,
I guess it is hard to see how unsuccessful, the "knock at doors" business has been here, but believe me I know very few who would have been there to"use" Jones for their own purpose. In truth,those few were all gone after a few months, as they would have been in the US. As for building my own, you are right. Chamber of Commerce dinner tonight, and told, make your own and we'll follow you. In this world, either you have integrity from day 0, or you don't. Despite intense pressure put on me over the past few months, to get commissions, no matter how, I have kept my way, and that is the right way, as shown in the dinner. So, really, I am not the looser here. I just get seriously frustrated when dismissed, as some have been so kind to do today. I guess, "who the hell do you think you are?"is my point. So, yes, my country actually does not need you, EJ, and neither do I. Bear in mind, that if you don't grow, you die......plenty of time yet, but I know your turn will come EJ US. As for the Canadians, from today, they know what to do. and they will.Broce,
Wish you nothing but the best moving forward! I used to work for EJ Canada and can relate to the issues you went through. "EJ who" "They're an American company aren't they" Canada has gotten a wake-up call, too often we were told "EJ will never sell. We are a privately held company and don't have the same pressures as a publicly traded firm. We are here for the long term." Best of luck to you moving forward. God Save the Queen. I wasn't serious about the last part.Quit being a wanker, Broce. I think maybe your an Indian Englishman?
Good luck to you, know the transition has got to be tough.
Voltmoie, my friend, leave our Indian friends out of it.
You are talking to an Irish man, who knows what a wanker is.... and it is not me.Volt, are you a racist too?Quit being a wanker, Broce. I think maybe your an Indian Englishman?
Good luck to you, know the transition has got to be tough.
[quote=broce]Voltmoie, my friend, leave our Indian friends out of it.
You are talking to an Irish man, who knows what a wanker is.... and it is not me.[/quote]Seriously, I wish you the best .. tough going through transitions. I suspect you'll be much better off in the end.
Volt, are you a racist too?[/quote][quote=voltmoie]Quit being a wanker, Broce. I think maybe your an Indian Englishman?
Good luck to you, know the transition has got to be tough.
Yes
[quote=broce] Moraen,
I guess it is hard to see how unsuccessful, the “knock at doors” business has been here, but believe me I know very few who would have been there to"use" Jones for their own purpose. In truth,those few were all gone after a few months, as they would have been in the US.
As for building my own, you are right. Chamber of Commerce dinner tonight, and told, make your own and we’ll follow you.
In this world, either you have integrity from day 0, or you don’t. Despite intense pressure put on me over the past few months, to get commissions, no matter how, I have kept my way, and that is the right way, as shown in the dinner.
So, really, I am not the looser here. I just get seriously frustrated when dismissed, as some have been so kind to do today. I guess, "who the hell do you think you are?"is my point.
So, yes, my country actually does not need you, EJ, and neither do I.
Bear in mind, that if you don’t grow, you die…plenty of time yet, but I know your turn will come EJ US. As for the Canadians, from today, they know what to do. and they will.[/quote]
Broce - grow or you die is a myth. My business is perfectly sustainable right now if I didn’t want to grow it. Fee-based and fee only is the way to go.
I think Jones is learning that.
I’m sorry that the effort you put into a company has come to nothing. You bet on them, and they left you hanging.
Sorry brother.
The Jones model didn’t work in the UK largely the same way the model does not work in US urban areas. Please save all the St. Louis, Kansas City, blah, blah blah. Since '98, '99, '00, has it worked in LA, SF, Philly, Boston, NY, DC? What’s your market share there? Occasionally, you can make a hire where a guy has enough of a natural or professional network to get something going. But, the knock on doors, get to the know the pharmacist at the local corner drug store crap doesn’t work. And with rents at $24-40 sq/ft/nnn, the idea that you can have a business up and running in a year or two is a fairy tale.
The Jones model didn’t work in the UK largely the same way the model does not work in US urban areas. Please save all the St. Louis, Kansas City, blah, blah blah. Since '98, '99, '00, has it worked in LA, SF, Philly, Boston, NY, DC? What’s your market share there? Occasionally, you can make a hire where a guy has enough of a natural or professional network to get something going. But, the knock on doors, get to the know the pharmacist at the local corner drug store crap doesn’t work. And with rents at $24-40 sq/ft/nnn, the idea that you can have a business up and running in a year or two is a fairy tale.
It's more the rents than the prospecting method. People are people no matter where you live. I'd also imagine there are plenty of companies that like to poach 2-4 yr out advisors out of metros which makes retention a bit tougher.
Jones has addressed this and has a plan in progress. I think we'll see much more traction in years to come. NEXT
Sooth-
Haven't you heard? They are going to multiple reps while they are training before they get an office. Isn't that automatic that they will be successful in major metro areas? You claimed a couple of months ago Weddle wouldn't change anything until Bachman was pushing daisies (we have an owner of a football team out here we'd love to go that way too) and it appears Weddle hasn't been reading these forums because changes are definitely occuring. Anyone care to speculate how long Weddle will put up with continued losses in Canada? I'll wager 2 years. If no profit. Bye-bye.Mayor McCheese--I always admit when I'm wrong on here, but am more frequently proven correct--thus the moniker. I missed that one. I thought there would be more deference shown to Bachmann since the whole UK thing was his original bad idea. He owned it. And, he thought he was going to be such a genius in the long run. But, I'm with you on this. EJ Canada, the hourglass just got turned over on you!
The funniest part about all of this is that Juck Phones questioned EJ’s money losing international operations less than 60 days ago in these forums. Spiffy said that Jones was committed to those two countries, “no matter what.” He got the usual pile-on from the Jones’ zealot including Volt. Phones gets it. Money down that hole has a negative impact on the company during an industry wide downturn when there is only so much capital to go around.
I just wish some of the rest of you could step outside your pathetic little Jones world for a minute to see what a truly low-rent, third-class, control the message, pseudo-cult, quasi-multi-level-marketing, run by a bunch of greedy former pitchman goons your "firm" truy is. Phones asked a legitimate question--the kind I used to ask when I was there. Can you imagine the reaction in the room when the question at the summer regional was, "Any idea how much longer we're going to shovel money into the black holes known as Canada and the UK?" You were a pariah for even thinking such a thought, let alone wondering it out loud. John knew best. Doug knew best. Not for you to worry about. Now, go back to your office and sell some American Funds 3-pack and a 30-year muni. Pathetic. It was crap all along, and many of us knew it 10 years ago.