EDJ Startup/Ongoing Expenses
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Indyone-
All due respect - EDJ is patient with the marginal producer in SOME cases. I have no sour grapes story to tell. Just a humble former segment 4 IR now indy w/ LPL for nearly 3 years. The EDJ IR located in the "motherland" has had a vastly experience than the one located down the street from the 4H club. I left EDJ about the same time as you left the bank (have been lurking for several years). Jones is a great place to start (in fact, a fine firm in many ways). For many of us it's not a money issue (going indy), it's a culture issue.Spiff -
Not trying to be a D!cK but, I was in new IR training in the days of Bob Gregory. One of the things he told us (on a Saturday morning in the old Commmunity Federal Building) was: no matter what anyone has told you or how bad you think this is - it's ten times as hard (to build an office from scratch). Unless you have turned on the "pizza box" with no assets, no accounts and no way of obtaining same without bloodying your kncukles on the door trying to sell 100 shares of United Dominion (UDR), you can't understand. Even those with 5 - 10 million to start, that's huge - particularly in thenEDJ system.Hello, brother Johnny! Hey, I don’t have any disagreement with what you’re saying…I’m just observing what’s gone on around me and for the life of me, I’m surprised they haven’t cut the poor guy loose. I know he spoke to LPL and was turned down, which I would think is a rarity as LPL seems to love EDJ recruits.
...and I understand the culture clash, having been there myself. I'm glad we were both able to find a good home...[quote=DRAPALA]
Broker24,What a load of crap. NOBODY believes that. You need to get back to work and quit posting ALL day
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My bad. Apparently you are aware of the experience of all 11,00 advisors with Jones. Sorry for my outright lies. Boy did I stretch the truth. And by the way, I have been posting from a hotel, you sh!t-for-brains. I’m in NYC for a few days meeting with prospects. Get a life, and stop tracking when I post.
[quote=Johnny Roast Beef]Spiff -
Not trying to be a D!cK but, I was in new IR training in the days of Bob Gregory. One of the things he told us (on a Saturday morning in the old Commmunity Federal Building) was: no matter what anyone has told you or how bad you think this is - it's ten times as hard (to build an office from scratch). Unless you have turned on the "pizza box" with no assets, no accounts and no way of obtaining same without bloodying your kncukles on the door trying to sell 100 shares of United Dominion (UDR), you can't understand. Even those with 5 - 10 million to start, that's huge - particularly in thenEDJ system.[/quote] I'm not quite sure what part of my post you had a disagreement with, but evidently you found something. Anyway, I'm not one to discount all those people out there that started new/new with no assets, no office, no prospects. I've seen plenty of them crash and burn, but at the same time I've seen lots of them do very well. On the flip side, I've seen people take over $5-10 mil books crash and burn because they figured that was their meal ticket and they never worked like a new/new to bring in their own clients. And I'm going to respectfully disagree with your last comment. I think I can understand. I've bloodied my knuckles on those doors trying to find new assets. Struggled to find that one new account to buy whatever the stock of the day was at the time. Just because I had some other clients to work with doesn't mean that part of the Jones business building experience changes.Spiff- the answer to when they ring the bell and start you on “goals” is when you go below 40% of the green line. Then you have monthly goals to hit or you’re done. So, yes, you could struggle along at 45% for quite a while-- so it is true that folks have lasted months/years below expectations where they would have been let go at other firms. 40%=low bar.
I know of a rep who left a wirehouse & transferred to EDJ & was handed an office with nearly 20 million in assets. Sounds like a sweet deal…who makes these decisions in the Ed Jones system?
20MM. Average book at Jones is 55% funds= 11mm. Net trails at $1000.00 per mill: $11K per year before taxes. Not exactly gonna pay the mortgage.
It happens at several different levels. Home office has some input at the GP level. Each area has a GP responsible for it. The Regional Leader has some input. He may have a person he'd like to transition to that office. There's also an open office department at the home office who is responsible for filling those offices. Ultimately the decision is made between the GP and RL. It's not always a perfect system and often pisses off a lot of people, but they try to do the best they can for everyone involved.I know of a rep who left a wirehouse & transferred to EDJ & was handed an office with nearly 20 million in assets. Sounds like a sweet deal…who makes these decisions in the Ed Jones system?