Edward Jones forgets to pay

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Jan 2, 2009 3:23 pm

Due to holiday 'irregularities' Widdle and Co. have decided its in the best interest of the firm to delay FA pay by a week. I'm sure payroll was able to get his check out today. This message is gonna be short, I have to count up how much in late fee's my bills are going to be.

Jan 2, 2009 3:41 pm

Wow-

 
You don't screw with employee pay ever. Spiffy...is this in your best interest?
Jan 2, 2009 3:49 pm

It's called closing the books at year end. 3 extra selling days in the month = 3 extra days to settlement of the month. This is obviously koolaidspitter's first year end with EDJ.

Jan 2, 2009 3:50 pm

Were you the same guy who sent him a suggbox wire?  You're an idiot.  Weddle and Co. didn't decide to do it this way in some arbitrary fashion, just to screw us over or to play the float.  Check out Jim's 12/22 sugg box wires for the whole explanation.  It has to do with the closing of the books, payroll processing, and then bank processing.   

 
Just so you know, HQ folks get paid every two weeks.  So he got his check just fine.  Not that he needed it. 
 
And they haven't had to do something like this since 2003, just because of the way the calendar fell.  And just so you don't get your panties in a wad again, they'll probably have to do it again in 2012.  Fair warning.   
Jan 2, 2009 4:12 pm
footsoldier:

Wow-

 
You don't screw with employee pay ever. Spiffy...is this in your best interest?
 
Um...I got three extra days on my selling month and got to close some biz in Dec that I wasn't planning on until Jan, so actually it was a good thing for my office.  And if this guy's issue is not being able to pay his bills for 7 days, then he's got some other problems that have nothing to do with Jones and the pay schedule. 
 
AND they gave us more than a day's warning.  We knew about this a few weeks ago, probably early December.  So, if he just looked at his bank account today and realized that we didn't get paid today, he's even more of an idiot. 
Jan 2, 2009 4:18 pm

You're right on the mark there Spiffy...the guy is either a complete Blockhead or is in need of some serious financial counseling.

Jan 2, 2009 7:04 pm

Since the original issue has been resolved, I will say Jones is missing a huge opportunity by only having one payroll period/month. RJ does two/month, which isn't that important to me anymore, but were I still at Jones and pushing transactions through, to know I had another chance every two weeks would be worth alot. I recall a management meeting where they clearly stated revenue skyrockets in the last two days of the month. They could double that if they added a second payroll period.

Jan 2, 2009 8:35 pm

Spiff, would you mind giving me your email?  I'm a new hire waiting to graduate and I have a few questions about the firm.

Jan 3, 2009 11:43 pm
LuvIndy:

Since the original issue has been resolved, I will say Jones is missing a huge opportunity by only having one payroll period/month. RJ does two/month, which isn't that important to me anymore, but were I still at Jones and pushing transactions through, to know I had another chance every two weeks would be worth alot. I recall a management meeting where they clearly stated revenue skyrockets in the last two days of the month. They could double that if they added a second payroll period.

LPL does 2 a month also.
Jan 4, 2009 11:39 pm

I am a indy with LPL but I was with Edward Jones for 14 years--listen this is really just closing the books for the end of the year---Jones has been doing it this way forever!  If you have late bills because you are not getting paid for a couple of extra days---how the hell are you qualified to tell clients how you will manage their money????????????????????

 
It doesn't matter if you get paid twice a month or once a month--you have to be able to handle your own finances before you can really be professional enough to handle someone else!
Jan 5, 2009 8:51 am

Hey Kooaidspitter(OOOOOOOOHHHYEAAAAH!)

I've got a thought for you... sell more... do better...make more money...don't have this problem....
 
idiot.