Edward Jones' Incentive Trips
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LPL grew from approx 8,000 to over 12,000 reps over the past 2 yrs. They acquired a few smaller B/D’s. Not sure if they surpassed Jones in # of reps in the US yet.
Not sure about the #'s of sub $100K producers, but their are over 1000 of $450K+ producers at LPL. The top LPL rep, http://www.joinpeak.com/aboutus.aspx, grossed over $10 Million last yr, & payout of 98%, minus his expenses in Omaha Nebraska, is still pretty decent, at least over 90% NET. Rank: My gross is only $600K+ last yr, 93% payout, & net 89.4% after all LPL fees & ticket charges (less than 1% stock business, ticket charges are miniscule, not sure where you got the 10% figure from, guess you must be a stock jockey at Jones). After office lease, assistant salary, & other office expenses, my NET NET is 78.3%. BTW, I had a few $100+K NET months (not gross, NET) over the yrs here at LPL, that never happened at Jones...WestH,
Just pulled up my pay for April, tax was $510 for the trip for the month, for a total of $1530. The value of the trip I just finished was $5100. Not quite the $8000 you mentioned. Take a look at the Investment News 2008 broker survey:LPL 2008:
Number of reps at year end = 11089
Number of reps producing greater than 100k = 5729Percent of reps producing less than 100k = 48.3%
Median Rep production = $103,265 Average Rep production = $186,900 WestH's defense of LPL = pricelessIts funny how every time someone starts a topic about anything on Jones the non Jones guys jack the thread talking about how the company is such a fraud. Doesn’t it get old?
[quote=joedabrkr] [quote=rankstocks]WestH,
Just pulled up my pay for April, tax was $510 for the trip for the month, for a total of $1530. The value of the trip I just finished was $5100. Not quite the $8000 you mentioned. Take a look at the Investment News 2008 broker survey:LPL 2008:
Number of reps at year end = 11089
Number of reps producing greater than 100k = 5729Percent of reps producing less than 100k = 48.3%
Median Rep production = $103,265 Average Rep production = $186,900 WestH's defense of LPL = priceless [/quote]When you are done beating your chest, please let me know how this should matter to my business, ok?
[/quote] It doesn't. Get back to work!! You have an office to feed.
Spiff: You’re right, Let’s get back to work.
Rank: It's actually not Priceless, at 93% payout, Independence's exact price is 38% More Net than Jones...I just registered for the National Conference for LPL and I noticed that Maritz was doinng the registration. GMI, Inc had done it in the past. I’m a little scared. Maritz always seemed to go low cost.
BTW...LPL pays for everything for me and my wife. We are going to be staying at the Penninsula in Chicago and seeing Sheryl Crow in a private concert just for the entertainment of the advisors. Not as good as paying taxes on a cruise to the Greek Islands, but it's nice that i don't have to pay for anything!Maritz will do as good a job as LPL will let them.
Sounds like summer regional meetings to me. I don't have to pay for those for my wife and I either. Sheryl Crow? Jones would have at least been able to land Hootie and the Blowfish.Ah Spiffy the memories of summer regionals…
Let's see there is the first hand experience of a rep heaving all over the wall (after leaving his breakfast in his chair) within spittin distance of the firm GP and in full view of everyone in the room during the business meeting... Or there is the real life experience of a regional leader forgetting to tell the advisors that they would be sharing common areas of suites inlcuding bathrooms! Man, that was a delicate sell to spouses... Or how about the introduction where we were supposed to tell something about no one would know. One IR got up an said in his youth he was a woman. Another veteran IR got up and immediately responded that he dated her... Close region in Jones speak.... I am sure Spiffy would tell you anything happens at meetings, including Jones meetings. I can tell you I haven't seen anything remotely close at LPL events.foot - you should really learn how to hold it together at meetings better than that. Heaving your breakfast that close to a GP? Wow. That must have not been a good conversation for you afterwards.
What kind of place was it that you guys shared common areas? I've never been in anything other than a hotel with Jones on any trip. Did you at least get to pick who you shared the bathrooms with? There are some wives in our region that wouldn't be so bad to stumble in on, but some... I guess the joke was lost on you with the woman/man comment. Sounds like the LPL events must be pretty boring then. Too bad for you.Spiff-
I would come clean if it was me. I have nothin to hide. I will admit it was comical to see the RL and the GP try and figure out how to spin it.... And it was very embarassing for the IR who is still at Jones and by the way doing well and a limited partner. He probably won't be in line for GP before you!!! The place was a tennis camp/summer resort in Lake Tahoe. It was a one time only experience. I ended up paying for my own room.... Still trying to figure out your wit on the man/woman comment...but I was a witness to all of it... And yes LPL events are pretty boring in comparison, so far. I will say that the vendors don't close down the bar after 30 minutes like they did at Jones regional events. So more than likely somewhere in the world is a drunk independent! And they don't have American Idol sing a longs like the Jones events. LPL had Chicago last year and Sheryl Crow this, so definitely a step up from an IR's singing akapelllllllla.That sing along thing reminds me of my mentor and my first regional meeting. I'm not a guy who drinks. At least not often enough to say I do. My first mentor was THE GUY in the region who would get drunk quicker than anyone else. Well, evidently at that meeting he was way past drunk and got up and did a song that evidently shook the rafters. 5 years later I still hear about his karaoke escapade that night.
Jones has a hospitality room at all of the regional meetings. You can get more than enough alcohol in your system to make yourself look stupid if you want. Typically there is one new FA who misses a big part of the Saturday morning meeting because he and some of the vets stayed too long in the hospitality suite. Nothing like the RL pointing our your lateness as you stroll in with bloodshot eyes at your first regional meeting. At those big LPL meetings, are they the national sales meeting that everyone from everywhere gets to go to? If so, that's probably why the budget is big enough for Chicago or Sheryl Crow. If Jones did one big annual sales meeting for all 10K of us I'd bet they'd do something like that too. It might be more along the lines of George Strait or Billy Ray Cyrus though. Gotta know your audience.What, no weird Al Yankovic to sing parodies?
Geesh, you guys are a bunch of minor leaguers!I remember our area leader used to come to the regional meetings, and mini regionals and play the harmonica, and tell the same sad story about one of his former clients over and over.(meaning at more than one meeting) Now that was motivational! Of course he also made some motivational decisons in our region. I think this clown is still the area leader.
[quote=rankstocks]WestH,
Just pulled up my pay for April, tax was $510 for the trip for the month, for a total of $1530. The value of the trip I just finished was $5100. Not quite the $8000 you mentioned. Take a look at the Investment News 2008 broker survey:LPL 2008:
Number of reps at year end = 11089
Number of reps producing greater than 100k = 5729Percent of reps producing less than 100k = 48.3%
Median Rep production = $103,265 Average Rep production = $186,900 WestH's defense of LPL = priceless[/quote] Reconciling your numbers with the ones Icecold posted, it looks like your numbers include about 4,000 non-producing reps (perhaps like my licensed assistant), which would necessarily skew the median far below the average. If LPL has about 7,000 producing reps, most of them are well over $100K production, with the top 20% well over $700K production. All this proves is that LPL has the ability to serve reps from less than $100K production to over $10 million in production. I'd say that's the mark of a successul firm, but it's irrelevant to how LPL supports me and my business. One positive from your post is that I feel better being above average (about $300K last year) with LPL in only my third year out. I could get into a juvenile tug of war with you...change my signature line to something like "Edward Jones - working from your car, next to Subway or the dry cleaners, or out of a converted gas station - four of your five great office locations.", and although it would be a true statement (I've seen them all), it would be a silly waste of time for both of us. The bulk of the fomer Jones reps I meet at the national are very successful...far from the near washouts you are painting. If you want to resent LPL for, say, taking a lot of Jones reps from Jones, fine, but let's honestly label the source of your animosity. Maybe you've lost some nice accounts to a local LPL rep? It's fine to be angry, but be honest about why you don't like the firm. It can't be based on freedom, technology, product availability or payout as no objective person can realistically argue that Jones is superior in any of these areas. Come on, Rankstocks...tell us the real reason you don't like LPL.[quote=ednomore]
I remember our area leader used to come to the regional meetings, and mini regionals and play the harmonica, and tell the same sad story about one of his former clients over and over.(meaning at more than one meeting) Now that was motivational! Of course he also made some motivational decisons in our region. I think this clown is still the area leader.
[/quote] You've got to be talking about Jordy! I faxed my resignation in to him .Spiked:
Hey, I just booked for 4 nights at the Peninsula on the Mag Mile Chicago too! We stayed at the Four Seasons & Ritz Carlton Chicago already so trying to "diversify" our experience there. How can Maritz swing for those Peninsula rooms that normally goes for $700+ a night in Aug. Well, to have Sheryl Crow to open Mon night, Bonnie Raitt to close Thurs night, with Ted Koppel & Neil Cavuto (Fox News anchor) as featured speakers in between, I might even show up & go a meeting or two this yr. At least at LPL, there's no Jones RL or GP taking roll call attendance...EJ’s diversification trips are a stroke of brilliance. They are a huge motivator and allow travel literally all over the world. Additionally, Maritz travel has a team of advisors that handle every detail for you from your air tickets to on site problems to optioanl activities. Travelling without these guys is a drag! Since it takes only 107500 in aggregate gross seperated into 5 of 8 or 9 categories you must , ie growth, growth and income, tax free income, etc. anyone who is in the business 3 + years should qualify at least once a year.
The downside? You pay taxes on the trip because it is income, and Jones values the trips at close to 6k, taken over the next three months pay. Credit where credit is due on this one.Yes, CCs are lame as hell. A GP on a recent trip was gloating that fee income at EJ had finally met expenses, so now the FAs were “overhead!”
It seems that the firm wants 20,000 thirty somethings who feel that making 100 or 125k a year is big money and are happy to push credit cards, mortgages, etc., which have very little to do IMHO with financial planning. The dependance on fee income is very real, and that is, I think, the biggest reason EJ came out with a mutual fund fee platform...PLUS, it helps recruit experienced tarnsfers to EJ. I cant tell you how many prospective transfers lost interest over the last few years due to the lack of a fee based platform. Oh, and remember, its only for funds; there is no wrap account in the works. ..