Edward Jones Performance Exception
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[quote=Soothsayer][quote=Spaceman Spiff]
...... my little dot on my performance chart will move up. [/quote] And there is the essence of Jones in one little phrase. After more than 6 years at the company, Spiff, you're nothing more than a little performance dot on your RL's and AL's screen. They couldn't give a shit about you, your kids, your family, your situaton, or the fact that we're in the midst of the most difficult market condtions in 75 years. Pathetic.[/quote] Wow, I've been looking for the essence of Jones for 12 years now. I'm so glad that you pointed it out to me. I hate to break it to you, but in this business, whether at Jones or not, the only one who really cares about you, is you. I don't expect Jones to come running to my rescue if I decide to stop working. I don't expect my RL to call me and ask me how my family is doing. Now, he happens to do just that from time to time. In fact my wife and his wife have become great friends. But at the end of the day, my family and our friendship doesn't get in the way of a business decision. It's simply that. A business decision. Jones is not a not-for-profit organization. So, am I to infer from your post that if I were to leave Jones and go indy that suddenly LPL would give a rip about my family or my situation? I'm going to guess no. They have pretty much nothing on the line for you or your office. You could close up shop today and they'd never miss a beat. They wouldn't care. Neither would any of the other indy FAs in your area. Except they'd be circling like vultures at your front door wondering if they could build their book the old fashioned way - by buying it from you. I think it's funny that you take a phrase completely out of context and put so much meaning into it. It's also a little pathetic that so many of you continue to harp on the same old song and dance with the I hate Jones crap. Did you ever notice it's a one way street? None of the Jones guys talk about how stupid you are for going indy, or for going from one firm to another. It's always you ex-EDJ guys who still, after many, many years, harbor this resentment towards Jones. Again, pathetic.harris9:
I hate to be the guy who says you're an idiot...wait, looks like HymanRoth already did...anyway, you don't get from exceeding expectations with Jones to going on goals to getting fired while you are working your butt off. I've never seen anyone who was truly working his butt off at Jones fail like that. It's darn near impossible. The Jones goals are so incredibly low that if you can't hit them, you should seriously consider looking for employment elsewhere. And actually, I'll bet that if you took a poll in whatever town FA17 is in, you'll find it is exactly guys like him that keep investors from thinking that everyone in this biz is a crook. You don't get to be an RL, much less a GP, without some merit. And towns don't accept idiots and help them not just survive, but thrive. Well, evidently there are some out there given some of the comments we see here.you are an absolute jackass! The man is working his butt off trying to establish himself in this industry and you have to question his work ethic. It’s morons like you that continue to give this profession a black eye
[quote=Soothsayer][quote=Spaceman Spiff]
...... my little dot on my performance chart will move up. [/quote] And there is the essence of Jones in one little phrase. After more than 6 years at the company, Spiff, you're nothing more than a little performance dot on your RL's and AL's screen. They couldn't give a shit about you, your kids, your family, your situaton, or the fact that we're in the midst of the most difficult market condtions in 75 years. Pathetic.[/quote] I hated that dot...because it was skewed.. someone does 30K in a month and never does anything again, there average is still $7500.. meanwhile, if you do 4K,5K,6K,7K, you look like a schmuck, but your business is actually doing better because you are consistent... I had a fried call me after I left, before they put him on goals this month, and asked me "So how did you finish the month?"... I couldn't answer... At my b/d we get paid weekly, so months don't matter to me anymore(no more ignorant deadlines to get money in by so I get paid this month instead of next.. I miss this week, then I get paid next week).. He asked me what my 4 month trailing was, and of course no one else tracks that, I had to go back and look and do some math on my statements... Of course I know how much assets I have added, what my production is ytd vs last year, and how many referrals I have gotten... The only real number I care about.monopolybet:
Yes - Advisory Solutions Managed Assets Program EDJ Trust Company C shares Insurance Long Term Care EDJ Mortgage Company Medigap Insurance I'm sure I missed some that aren't transactional business, but there are plenty of ways that a Jones person can do business that isn't transactional. A new Jones FA really has one job. Bring in new assets. They just simply don't have enough clients that need to be called every month to keep themselves busy. Even if they brought in 5 new households every month at the end of the year they'd only have 60 households. That's about 2.5 days of work to call and touch base with all of those people. That leaves 20+ days to go out and find new people. That's a minimum of 500 other conversations that they'll have every single month. Now, if you can't hit the Jones goals (which haven't substantially changed in like 25 years) during your first few years making 560 contacts, then you're doing something wrong. And if you can't figure that out, Jones will have to tell you to leave.If your business is only transactional, like all newer jones fa are, then you are not being paid for calling all your clients over and over and over again. To tell them the buy and hold is the only way to go! Is there any other way?
[quote=Squash1][quote=Soothsayer][quote=Spaceman Spiff]
...... my little dot on my performance chart will move up. [/quote] And there is the essence of Jones in one little phrase. After more than 6 years at the company, Spiff, you're nothing more than a little performance dot on your RL's and AL's screen. They couldn't give a shit about you, your kids, your family, your situaton, or the fact that we're in the midst of the most difficult market condtions in 75 years. Pathetic.[/quote] I hated that dot...because it was skewed.. someone does 30K in a month and never does anything again, there average is still $7500.. meanwhile, if you do 4K,5K,6K,7K, you look like a schmuck, but your business is actually doing better because you are consistent... I had a fried call me after I left, before they put him on goals this month, and asked me "So how did you finish the month?"... I couldn't answer... At my b/d we get paid weekly, so months don't matter to me anymore(no more ignorant deadlines to get money in by so I get paid this month instead of next.. I miss this week, then I get paid next week).. He asked me what my 4 month trailing was, and of course no one else tracks that, I had to go back and look and do some math on my statements... Of course I know how much assets I have added, what my production is ytd vs last year, and how many referrals I have gotten... The only real number I care about.[/quote] But when that $30K month fall off he'll go screaming into the red and you'll keep yours rolling. If we continue your thought just one month farther and assume you both gross $10K your 4 month rolling would now be $7K, but his, because his big month fell off, would only be $2500. Now, your RL is singing your praises at the next meeting for being consistent and doing something right, while the other guy is getting a call from his mentor, the RL, and maybe even his area leader to ask if they need to look to backfill his office. Your comments are the specific reason Jones tracks a 4 month rolling average.Spiff,
Don't get too defensive, you're a level headed guy. I believe that the reason it is a one way street for bashing is because current Jones FA's don't have anything else to compare it to. It's quite possibly the only place they've worked in the industry. Those of us that have left have seen what's on the outside. Not better or worse, there is just the ability to have more perspective on the industry. Many people are bitter when they leave Jones, who knows why. Maybe they were told to just follow the recipe and you can't fail, maybe many of them did until they just couldn't anymore and that's when they failed and then in their minds they were lied to. Who know's. It doesn't matter. Besides my bet is that many of them would not be where they are today without the experience of working at Jones. I've said it before and I'll say it again, Jones is a very good place to get your start in this industry. If you want to stay, stay, if you want to move on, move on, that's everyone's individual decision. It's Friday people lighten up. Go turn on your favorite Bob Marley song and relax![quote=Spaceman Spiff][quote=Squash1][quote=Soothsayer][quote=Spaceman Spiff]
...... my little dot on my performance chart will move up. [/quote] And there is the essence of Jones in one little phrase. After more than 6 years at the company, Spiff, you're nothing more than a little performance dot on your RL's and AL's screen. They couldn't give a shit about you, your kids, your family, your situaton, or the fact that we're in the midst of the most difficult market condtions in 75 years. Pathetic.[/quote] I hated that dot...because it was skewed.. someone does 30K in a month and never does anything again, there average is still $7500.. meanwhile, if you do 4K,5K,6K,7K, you look like a schmuck, but your business is actually doing better because you are consistent... I had a fried call me after I left, before they put him on goals this month, and asked me "So how did you finish the month?"... I couldn't answer... At my b/d we get paid weekly, so months don't matter to me anymore(no more ignorant deadlines to get money in by so I get paid this month instead of next.. I miss this week, then I get paid next week).. He asked me what my 4 month trailing was, and of course no one else tracks that, I had to go back and look and do some math on my statements... Of course I know how much assets I have added, what my production is ytd vs last year, and how many referrals I have gotten... The only real number I care about.[/quote] But when that $30K month fall off he'll go screaming into the red and you'll keep yours rolling. If we continue your thought just one month farther and assume you both gross $10K your 4 month rolling would now be $7K, but his, because his big month fell off, would only be $2500. Now, your RL is singing your praises at the next meeting for being consistent and doing something right, while the other guy is getting a call from his mentor, the RL, and maybe even his area leader to ask if they need to look to backfill his office. Your comments are the specific reason Jones tracks a 4 month rolling average. [/quote] Yeah that is what I hated... RLs/Home office are fair weather fans... One moment you are the best broker ever, a new standard for newbies, the next you are crap...Or you start out as average(an still get called crap) and all of a sudden 3 years later, the "superstars" are gone and you are all that is left, then you get praised... it's BS.. My last Jones summer regional they had 4-7 guys stand up who had been out just as long as I had and said "this is the new leaders in Region blah blah" "they are the example" "the do it the Jones way"(they didn't, but really who does)... Now the they are all on goals, 3 are about to miss those goals, and soon the rest will be gone....What jones doesn't understand is that some people get lucky(yeah you can call it something else, but at the end of the day, someone walked in, someone called in, someone inherited money) and they skyrocket and everyone loves them, the problem is they did nothing to create that, but sit in a chair... Those people end up going bye bye in year 3-6.I remember felling truly sorry at the summer regional awards banquet for the guys that didn’t get anything. They had to sit there with their wives at their sides while everyone else was given something. It’s one thing when it’s just the brokers but when you throw in the wives it’s just ugly.
[quote=jkl1v1n6]
Spiff,
Don't get too defensive, you're a level headed guy. I believe that the reason it is a one way street for bashing is because current Jones FA's don't have anything else to compare it to. It's quite possibly the only place they've worked in the industry. Those of us that have left have seen what's on the outside. Not better or worse, there is just the ability to have more perspective on the industry. Many people are bitter when they leave Jones, who knows why. Maybe they were told to just follow the recipe and you can't fail, maybe many of them did until they just couldn't anymore and that's when they failed and then in their minds they were lied to. Who know's. It doesn't matter. Besides my bet is that many of them would not be where they are today without the experience of working at Jones. I've said it before and I'll say it again, Jones is a very good place to get your start in this industry. If you want to stay, stay, if you want to move on, move on, that's everyone's individual decision. It's Friday people lighten up. Go turn on your favorite Bob Marley song and relax! [/quote] You nailed what I think is the issue... EDJ is feast or famine. If you outstay all the others, take over their clients when they leave, and work hard you can survive there. It IS a good company to start in the business with. But what it comes down to for me is what was best for my clients. And now that I made the jump from EDJ to indy I can see that I DID have at least some wool pulled over my eyes. I was successful at EDJ... my clients are more successful with the indy model. The flexibility in choices alone makes it better for them (in my opinion). I will put my advisory account performance up against a stagnant American Jones Funds portfolio any day. Actually, I do, every day, and my clients win because of it... they want to pay me to work for them, not pay me to go "bring in new assets".jkl1v1n6:
Yeah, I got four awards at my first regional... meanwhile, the guy sitting next to me got none and it was awkward... His wife looked confused... my kids LOVED the shovel though... they used it in their sandbox for two months before it got lost.I remember felling truly sorry at the summer regional awards banquet for the guys that didn’t get anything. They had to sit there with their wives at their sides while everyone else was given something. It’s one thing when it’s just the brokers but when you throw in the wives it’s just ugly.
Ready2Jump:
Yeah, I got four awards at my first regional... meanwhile, the guy sitting next to me got none and it was awkward... His wife looked confused... my kids LOVED the shovel though... they used it in their sandbox for two months before it got lost.[/quote][quote=jkl1v1n6]I remember felling truly sorry at the summer regional awards banquet for the guys that didn’t get anything. They had to sit there with their wives at their sides while everyone else was given something. It’s one thing when it’s just the brokers but when you throw in the wives it’s just ugly.
jkl1v1n6:
If you want bitterness and anger toward Jones, be a fly on the wall when the wives get together at the summer regional. You'd expect fights to break out between the wife whose husband inherited $20 million in a downtown office and the wife who got an empty office next to the Chinese restaurant in the blue collar suburb. One thing that all Jones recruits should know -- you don't have a lot of leverage, but you have some, and do your best to get started in a good spot. Network like crazy, kiss ass -- do whatever it takes to help yourself.I remember felling truly sorry at the summer regional awards banquet for the guys that didn’t get anything. They had to sit there with their wives at their sides while everyone else was given something. It’s one thing when it’s just the brokers but when you throw in the wives it’s just ugly.
Borker Boy:
Doesn't one necessarily imply the other? How can I bring in assets and not sell them something? Thanks for your insight.Is gross production 1% of new assets brought in that month? Bringing in new assets doesn’t mean squat. You’ve gotta sell them something.
Potential:
Doesn't one necessarily imply the other? How can I bring in assets and not sell them something? Thanks for your insight.[/quote] Prospect might have stocks or mutual funds he wants to hold onto them either because he likes them or for tax reasons, so you convince him to move the assets over in kind, hoping to change his mind at a later date. Or he transfers in a money market balance and buys CDs. That's a tough situation: you're new, and you want the accounts and the assets, but I think it's better to bring people in who are committed to the investments you believe in.[quote=Borker Boy]Is gross production 1% of new assets brought in that month? Bringing in new assets doesn’t mean squat. You’ve gotta sell them something.
Potential:
Doesn’t one necessarily imply the other? How can I bring in assets and not sell them something?
Thanks for your insight.[/quote]
I have transferred in mutual fund portfolios and done internal exchanges that didn’t generate a dime outside of the .25% 12b1. I have transferred in Vanguard accts just so the guy doesn’t have someone else whispering in his ear. Cash is also a great example. Good brokers don’t turn investments that don’t need it.
[quote=Borker Boy]Is gross production 1% of new assets brought in that month? Bringing in new assets doesn’t mean squat. You’ve gotta sell them something.
Doesn’t one necessarily imply the other? How can I bring in assets and not sell them something?
Thanks for your insight.[/quote]
I have transferred in mutual fund portfolios and done internal exchanges that didn’t generate a dime outside of the .25% 12b1. I have transferred in Vanguard accts just so the guy doesn’t have someone else whispering in his ear. Cash is also a great example. Good brokers don’t turn investments that don’t need it.
[quote=Incredible Hulk] [quote=Potential] [quote=Borker Boy]Is gross production 1% of new assets brought in that month? Bringing in new assets doesn’t mean squat. You’ve gotta sell them something. [/quote]
Doesn't one necessarily imply the other? How can I bring in assets and not sell them something?
Thanks for your insight.[/quote]
I have transferred in mutual fund portfolios and done internal exchanges that didn't generate a dime outside of the .25% 12b1. I have transferred in Vanguard accts just so the guy doesn't have someone else whispering in his ear. Cash is also a great example. Good brokers don't turn investments that don't need it.[/quote] Herin lies the conflict of interest Jones puts on its advisors by not allowing them to charge an advisory fee on any asset type. If the client holds 500k of american funds, the other guy made $10k (gross), while the EJ guy gets 1250/yr (gross). The next client that walks in with cash and invests 500k puts $10k gross to the advisor, for no more work, and in some cases less because the advisor got to set up the portfolio from the beginning. Wake up Jones.
Spaceman Spiff:
I did. He is.
I hate to be the guy who says you're an idiot...wait, looks like HymanRoth already did...anyway, you don't get from exceeding expectations with Jones to going on goals to getting fired while you are working your butt off. I've never seen anyone who was truly working his butt off at Jones fail like that. It's darn near impossible. The Jones goals are so incredibly low that if you can't hit them, you should seriously consider looking for employment elsewhere. And actually, I'll bet that if you took a poll in whatever town FA17 is in, you'll find it is exactly guys like him that keep investors from thinking that everyone in this biz is a crook. You don't get to be an RL, much less a GP, without some merit. And towns don't accept idiots and help them not just survive, but thrive. Well, evidently there are some out there given some of the comments we see here. [/quote][quote=harris9]you are an absolute jackass! The man is working his butt off trying to establish himself in this industry and you have to question his work ethic. It’s morons like you that continue to give this profession a black eye
I did. He is.
[quote=Spaceman Spiff][quote=Soothsayer][quote=Spaceman Spiff]
...... my little dot on my performance chart will move up. [/quote] And there is the essence of Jones in one little phrase. After more than 6 years at the company, Spiff, you're nothing more than a little performance dot on your RL's and AL's screen. They couldn't give a shit about you, your kids, your family, your situaton, or the fact that we're in the midst of the most difficult market condtions in 75 years. Pathetic.[/quote] Wow, I've been looking for the essence of Jones for 12 years now. I'm so glad that you pointed it out to me. I hate to break it to you, but in this business, whether at Jones or not, the only one who really cares about you, is you. I don't expect Jones to come running to my rescue if I decide to stop working. I don't expect my RL to call me and ask me how my family is doing. Now, he happens to do just that from time to time. In fact my wife and his wife have become great friends. But at the end of the day, my family and our friendship doesn't get in the way of a business decision. It's simply that. A business decision. Jones is not a not-for-profit organization. So, am I to infer from your post that if I were to leave Jones and go indy that suddenly LPL would give a rip about my family or my situation? I'm going to guess no. They have pretty much nothing on the line for you or your office. You could close up shop today and they'd never miss a beat. They wouldn't care. Neither would any of the other indy FAs in your area. Except they'd be circling like vultures at your front door wondering if they could build their book the old fashioned way - by buying it from you. I think it's funny that you take a phrase completely out of context and put so much meaning into it. It's also a little pathetic that so many of you continue to harp on the same old song and dance with the I hate Jones crap. Did you ever notice it's a one way street? None of the Jones guys talk about how stupid you are for going indy, or for going from one firm to another. It's always you ex-EDJ guys who still, after many, many years, harbor this resentment towards Jones. Again, pathetic. [/quote]I can't speak for Jones, but I can tell you that there is one diff between LPL and being at a wire, and that is the LPL understands and acknowledges that you can take your business anywhere pretty much at the drop of a hat, and that it is their responsibility to do a good job so that you never want to leave. That culture pervades the organization, and IMO it makes a tangible difference.
The wires never seemed to get that.
HR, that opinion does NOT exist at Jones. They believe (or at least act like) anyone that leaves ends up losing half their book because none of the clients could bear to leave Edward Jones.
In one sense, they might be right in many instances. Jones does a great job (as they should) of getting FA's to "sell Jones". I think the FA's do this a lot to their detriment. I, for one, do not use Jones's name as a big advantage. Although I do use the current debacle in the industry to our advantage. But I want to be sure that if I ever leave, my clients barely remember the name of the B/D I work for. You will notice I have very little "Jones" crap around my office. That's for a reason. Don't get me wrong, I like our firm, I just have to protect my future.[quote=HymanRoth] [quote=Spaceman Spiff][quote=Soothsayer][quote=Spaceman Spiff]
...... my little dot on my performance chart will move up. [/quote] And there is the essence of Jones in one little phrase. After more than 6 years at the company, Spiff, you're nothing more than a little performance dot on your RL's and AL's screen. They couldn't give a shit about you, your kids, your family, your situaton, or the fact that we're in the midst of the most difficult market condtions in 75 years. Pathetic.[/quote] Wow, I've been looking for the essence of Jones for 12 years now. I'm so glad that you pointed it out to me. I hate to break it to you, but in this business, whether at Jones or not, the only one who really cares about you, is you. I don't expect Jones to come running to my rescue if I decide to stop working. I don't expect my RL to call me and ask me how my family is doing. Now, he happens to do just that from time to time. In fact my wife and his wife have become great friends. But at the end of the day, my family and our friendship doesn't get in the way of a business decision. It's simply that. A business decision. Jones is not a not-for-profit organization. So, am I to infer from your post that if I were to leave Jones and go indy that suddenly LPL would give a rip about my family or my situation? I'm going to guess no. They have pretty much nothing on the line for you or your office. You could close up shop today and they'd never miss a beat. They wouldn't care. Neither would any of the other indy FAs in your area. Except they'd be circling like vultures at your front door wondering if they could build their book the old fashioned way - by buying it from you. I think it's funny that you take a phrase completely out of context and put so much meaning into it. It's also a little pathetic that so many of you continue to harp on the same old song and dance with the I hate Jones crap. Did you ever notice it's a one way street? None of the Jones guys talk about how stupid you are for going indy, or for going from one firm to another. It's always you ex-EDJ guys who still, after many, many years, harbor this resentment towards Jones. Again, pathetic. [/quote]I can't speak for Jones, but I can tell you that there is one diff between LPL and being at a wire, and that is the LPL understands and acknowledges that you can take your business anywhere pretty much at the drop of a hat, and that it is their responsibility to do a good job so that you never want to leave. That culture pervades the organization, and IMO it makes a tangible difference.
The wires never seemed to get that.
[/quote] I second that. That's a HUGE difference. LPL works for me, not the other way around.