I miss the tuna analogy to describe market volatility, or the cow one to describe long term bond interest. My favourite was the “1 in 4”. You take a brick and write “1 in 4” on it and leave it on your desk. When the client asks you say “every four years you’re going to feel like driving by my office and throwing a brick through the window. When you do, be sure to attach a cheque to the bottom”. My RL never did answer me when I asked if the cheque should cover the cost of the wndow

That is so good!! When I had a seg 4 tell me the tuna analogy I thought I would absolutely die!!! I wanted to ask if I should leave the tuna can open so the smell would give me plenty of opportunity to explain WHY I had a tuna can on my desk…really why not go all the way and have a full dead tuna lying on the desk, right in front of the two ugly green chairs!!! I am sure a dead tuna would help to improve their portfolio…maybe even motivate them to tie a check to the dead tuna…gotta love them jones boys!!

Oh, I forgot one of newest mutual fund analogy. It was a swim pool with lifeguards. The little life rings where the stocks, the lifeguard was the money manger. He was all powerful pulling little life rings in, so the little life rings must have saved them!!! this is a true story…there is an old hymn, throw out the lifeline someone is drifting away…I am sure the lifeline was a lovely shade of dark green…gotta them them jones boys and their stories

Jones is a multi-level marketing monster. It’s a volume business model where retention is not a high priority. All FAs are expendable regardless of segment. Jones is an equal opportunity employment terminator where the sacred ‘dot’ is the Holy Grail of job security. I recently met one Jones client who confided in me that his current Jones FA was the fourth he’s had in less than five years! He expressed his frustration and anger towards Jones for not supporting his third FA, who had been with Jones the longest and was struggling due to the recent market conditions. He had a great relationship with this particular FA. Sadly, he questioned the company’s judgement regarding such loose hiring and firing practices. He said that he felt as though he was truly not a valued customer but instead an account number with a dollar sign next to it. I think that fresh, naive recruits are the key to the company’s longevity. Why do you think that Jones does not require a college degree? The more applicants, the better. A new hire, properly indoctrinated, will pour his heart and soul into door-knocking and the Jones culture and work tirelessly until they experience burnout or until they finally gain enough industry experience to see the opportunities that await on the other side. For some folks, after a while the bloom comes off the rose. Advisors begin to recognize that Jones is not the best fit for them or their clients. The old-fashioned, folksy culture begins to lose its appeal. Newbies come to Jones as children of the industry full of blind faith. They are passionate, even zealous about the firm and its culture and are eager to begin the never ending journey toward financial independence and of fulfilling the dream of ‘running your own office’ . They are indoctrinated on a regular basis through incessant meetings, Ted-isms, product partner conference calls, dial-an-idea events, Thursday night promos, etc. The list goes on. And, like good little children, we believe all we’re told and never, ever do we question authority or procedure. Before too long, we may begin to feel as though something is missing. We feel as though we are trapped; boxed in. Just a dot on a grid far off in the midwest. That this whole thing is designed for most to fail. We begin to question…everything. Soon, the sobering reality hits home: There really is no place at Jones for independent thinking. But we begin to think for ourselves anyway…and that’s when we fail. In the end we find ourselves being ushered away, no longer welcome in the ‘family’. What about all our hard work? Our sweat equity? All the countless hours of sacrifice? But we were so close… Rest assured, all is well in the kingdom of Jones. The spirit of Ted will continue to live on in perpetuity. In a few weeks, a freshly minted newbie will be sitting in your chair, still wet behind the ears from eval grad, but full of zeal for all things Jones.   And he will inherit all our hard work and then add to it…In a year or two (if lucky), he will more than likely be forced to bequeath his entire inheritance to the next beneficiary. Wish him luck and tell him not to get too comfortable in that chair.

I had a partner tell me to use this response as a means of overcoming the objection, “I already have a broker (advisor)” or “I’m already working with someone.”



“Well, Mr. Prospect, I assumed that you already had an advisor, otherwise I wouldn’t be talking to you. Let me ask you, with whom do you currently do business?”



“Smith Barney.”



“That’s great. So tell me, where do you invest your real money?”   

One more to the “I already have an advisor”.

MoneyNeverSleeps (neither do edj seg 2's) I love that fact that I am leaving and I bought my own chair , I trashed all the ugly, ugly greens ones, so the new fa will have to stand!  I am going to a local bank that uses Raymond James.  What my question is, I was the 4th broker in 6 years, I too stayed the longest. I actually have done well. The top 20 clients in my office age mine. (The last two are brought in where 750k & 1.3 mil)   What do I say to clients.  I am leaving Jones because of the culture, also the process of how we are to build our business. (actuallly all the things you put in your post!)  I am in a small town, I have been networking, chamber involvement, Kawanis etc. When I did door knock, they would say things like, I met the other 3 brokers when are you leaving,  I will add your card to the pile...so I did not door knock at all. I would just like a salary, and still have a decent platform for my clients.

So what should I say to explain the change? thanks

So what should I say to explain the change? thanks

Jones is a multi-level marketing monster. It’s a volume business model where retention is not a high priority. All FAs are expendable regardless of segment. Jones is an equal opportunity employment terminator where the sacred ‘dot’ is the Holy Grail of job security. I recently met one Jones client who confided in me that his current Jones FA was the fourth he’s had in less than five years! He expressed his frustration and anger towards Jones for not supporting his third FA, who had been with Jones the longest and was struggling due to the recent market conditions. He had a great relationship with this particular FA. Sadly, he questioned the company’s judgement regarding such loose hiring and firing practices. He said that he felt as though he was truly not a valued customer but instead an account number with a dollar sign next to it. I think that fresh, naive recruits are the key to the company’s longevity. Why do you think that Jones does not require a college degree? The more applicants, the better. A new hire, properly indoctrinated, will pour his heart and soul into door-knocking and the Jones culture and work tirelessly until they experience burnout or until they finally gain enough industry experience to see the opportunities that await on the other side. For some folks, after a while the bloom comes off the rose. Advisors begin to recognize that Jones is not the best fit for them or their clients. The old-fashioned, folksy culture begins to lose its appeal. Newbies come to Jones as children of the industry full of blind faith. They are passionate, even zealous about the firm and its culture and are eager to begin the never ending journey toward financial independence and of fulfilling the dream of ‘running your own office’ . They are indoctrinated on a regular basis through incessant meetings, Ted-isms, product partner conference calls, dial-an-idea events, Thursday night promos, etc. The list goes on. And, like good little children, we believe all we’re told and never, ever do we question authority or procedure. Before too long, we may begin to feel as though something is missing. We feel as though we are trapped; boxed in. Just a dot on a grid far off in the midwest. That this whole thing is designed for most to fail. We begin to question…everything. Soon, the sobering reality hits home: There really is no place at Jones for independent thinking. But we begin to think for ourselves anyway…and that’s when we fail. In the end we find ourselves being ushered away, no longer welcome in the ‘family’. What about all our hard work? Our sweat equity? All the countless hours of sacrifice? But we were so close… Rest assured, all is well in the kingdom of Jones. The spirit of Ted will continue to live on in perpetuity. In a few weeks, a freshly minted newbie will be sitting in your chair, still wet behind the ears from eval grad, but full of zeal for all things Jones.   And he will inherit all our hard work and then add to it…In a year or two (if lucky), he will more than likely be forced to bequeath his entire inheritance to the next beneficiary. Wish him luck and tell him not to get too comfortable in that chair.

 - Can you guys come up with something original for the reasons you’re leaving Jones? 

Great post, Spiff!

Spiff, you almost sound like a normal person…I have not meet too many of those at Jones…I appreciate what you are saying. Yes networking is expensive, but so is door knocking if you are not getting any appointments… I just have the biggest issue with how jones brags and brags about the “culture” of caring, giving back because you where given too. THIS is a big lie. They should say we give back to certain new fa’s BUT NOT all new fa’s have a realtionship with a senior brocker. I think the good night is the best idea they have, being an isolated new new or taking over an office 2 weeks after you are out of KYC is a very lonely job…This may be excuses BUT they need to stop braging about the old culture that is not there today…I am realizing there are many other ways to help people and jones is not the only option…thanks for the honest, and fair post…

I don’t usually do this…but…I felt the need to help Edward Jones fill some of the (seemingly eccelerating) departing FA’s.  I think these two do know how to doorknock and will provide years of faithful and unrelenting work ethic for Edward Jones. 

Oh…and save the thank you’s, it all on me.  Just a little give back to the great training on how to approach a door…knock with a golf ball and to take two steps back…

Actually the culture you're talking about with GKN offices, legacy plans, office sharing for new/news, etc IS a newer part of the culture.  When Ted was around you started your own office in your own town, often miles away from anyone else.  You never went to meetings except the summer regional meetings, you never had call sessions, you didn't have a mentor. 

I think the people that fail out at Jones(because these  are who these people are, not those who leave on their own) aren’t fit for the job… “I want a better platform to manage clients portfolios, I hate doorknocking, I am sick, I can’t work more than 8 hours/day, They said I would make a lot of money, etc…”

I’m one who left on my own accord to a new city 12 hours away so I’m not dumb. Mid 20’s and a CFP with a degree in business from a major university. I agree with some things you say except for the assets. It’s a high cost business model; You can bring in all the assets you want, but if those things aren’t being re-invested, you’re screwed for your monthly bogey and trailer fees on A-shares aren’t going to cut it. How many times have you seen someone go to segment 3 with a 7 million dollar book and than they’re hailed as the almighty for 4 months until the big month drops of.I’ve heard of some talk that there will be a minimum asset number to graduate segments, though I can’t confirm that. My major issue isn’t even the nepotism that goes on as that is life and has been discussed on this forum at length. One guy took over 19 million 2.5 years ago and the book now sits at 18, but because he’s still relatively new, the quota is easy to achieve and he’s the one who tells all the newbies how to run their businesses. I’d take 19 million in a heart beat but be smart enough to keep my mouth shut and continue doing sudoku during market hours. In terms of my making fun of the analogies, it just happens to float my boat.

There is a lot of truth on who makes it at Jones. There are 4 left in my orginal class out of 13. Three of them are about to leave. The most sucessful of us  was given  a 30mil  office. They have hit every milestone, been on 3 trips and they are the poster boy for all new fa's to follow. The only other person who is making a living took over an office of 18mil. The moral of the story is if you are new with Jones hope and pray for getting an office with assest...better then 15 mil  would be a perfect start.  The last thing you want to do is be a new new, unless you have  no family, no life and NO expenses. If you can live off your parents for 3-4 years that would be great. If you have a family with a stay home mom. You need to have 3-4 years of reserves or have TOTAL expenses of less then 2k for a month. By total I mean, use the monthly budget sheet on the jones system and figure it out.  After 12 months when you salary goes away it is very difficult to live on 2-3k per month.  (Plus you will be under a non-compete for  the first 3 years so you are trapped until that goes away)

I’m supposed to start with Jones in 11 days and you guys are scaring the crap out of me.

I just called St. Louis to request a copy of my U-5. My experience since my termination has been upsetting. Those Jones FAs with whom you thought you shared a friendship will not accept my calls. I simply wanted to thank them for all their help over the past 13 mos. Also, my very own mentor will not return my call. All of my clients have been transferred to his branch I learned. My business telephone number, when dialed, now informs the caller that the number has been changed. The new number provided by the recording is that of my mentor. I discovered that I had two referrals attempt to contact my office this week and, unaware of the circumstances, called the new number referenced on the recording. Surprised that they reached another Jones FA and not me, they inquired as to my whereabouts. They were informed that I was no longer employed by Jones and were even encouraged, albeit unsuccessfully, by my mentor’s office, to open an account with him.



Everyone’s Jones experience is different and mine is certainly unique. I don’t want to dissuade anyone from making a decision based solely on what I’ve had to endure. All I can recommend is that you perform your due diligence. Find out all you possibly can about your proposed region and its leadership. Learn all you can. Knowledge is power. Then and only then roll the dice.







“Power corrupts; absolute power corrupts absolutely.” - Lord Acton