GP eligibility/selection at EDJ
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The true story comes out! A GPs pet given a plum office. I knew there was some sort of edge for spaceman. Typical at Jones and a perfect example of why I left.
[quote=ezmoney]The true story comes out! A GPs pet given a plum office. I knew there was some sort of edge for spaceman. Typical at Jones and a perfect example of why I left. [/quote]
Are you kidding me? The plum office is just the beginning. He also was offered Limited Partnership without a dime of profitability. His own words, "my GP back there took care of me." It is exactly that kind of "taking care of" that I couldn't take another minute of. Sooner or later, you need to let natural selection run its course. The talented people should move to the top of an organization based on merit, skill, dedication, sacrifice, education, work ethic, leadership ability, etc. People like Spiff continually getting something for nothing is tough to stomach for the guy or gal that has had to scratch and bite for every scrap.
I would bet you my right arm that within Spiff's region there is a scratch starter or two who took the risk, and then weathered the difficult process of starting an office from scratch, and put a few grand of profitability on the board, only to be shut out in the LP offering.
[quote=Soothsayer]
I would bet you my right arm that within Spiff's region there is a scratch starter or two who took the risk, and then weathered the difficult process of starting an office from scratch, and put a few grand of profitability on the board, only to be shut out in the LP offering.
[/quote]
How does that affect you?
ezmoney - who said I got a plum office? Did you read the part about one of my goals is to get profitable? Plum office and get profitable don't usually go together. I did take over a small office, but I assure you it wasn't ezmoney from that point on. It also had nothing to do with GPs pulling strings. I just happened to call the RL at a time when he needed a new IR to fill an office.
The reason I like working for Jones is that they do take care of their own. I really wasn't expecting an offer. I was nowhere near profitable. In fact I was still in Seg 1 at the time. The GPs in my old department looked at the fact that the majority of my time since the previous offering was spent in their department. So, they made a request to at least make a small offer. The powers that be agreed. Very few other companies would do things like that.
Sooth - Something for nothing? Six years at the home office isn't really a lot, but it's hardly nothing. Now, had I gone to a $50 Mil office that would have been worth talking about. The one I took over, most of you wouldn't even have wasted your time on. It just happened to be close to home and available.
OK, enough about me. So, how's your month going?
My month will be be a new personal best (by a considerable amount), and I'll get to keep about 68-70% net of expenses.
BTW, thanks for asking.
[quote=Knows Wall St.]
How does that affect you?
[/quote]
I am never one to expect special treatment, only fair and equitable treatment. The situation described in this case is neither fair, nor equitable, to others who have done so much more. It "affects me" because officers of the company lied, or at least misrepresented (numerous times I may add), what would qualify an individual for participation in the partnership offering. Get it?
A Hartford insurance wholesaler I know in the southeast was given a 100 mill office by a jones vet. I mean this guy came from nowhere and now he stands up and gives talks to the rookies about what it takes to suceed at Jones. What a bunch of BS!
Meanwhile I start from scratch in 2002, make seg 3 in 11 mths and win two trips inside of 15 mths, and I get nothing when a big office opens up 10 miles north of me. Jones brings in some failing rep from California to take over the office. After that I left that crappy firm. I hate that firm!!
AGE does the same as Jones. I guess it’s a St. Louis thing.<!–
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[quote=ezmoney]
A Hartford insurance wholesaler I know in the southeast was given a 100 mill office by a jones vet. I mean this guy came from nowhere and now he stands up and gives talks to the rookies about what it takes to suceed at Jones. What a bunch of BS!
Meanwhile I start from scratch in 2002, make seg 3 in 11 mths and win two trips inside of 15 mths, and I get nothing when a big office opens up 10 miles north of me. Jones brings in some failing rep from California to take over the office. After that I left that crappy firm. I hate that firm!!
[/quote]
OK, so some other guy got an office. Life is not fair, and if you spend a second dwelling on something like that you spent too much time.
Had the guy from California been around longer? Is it possible that Jones management was not sure if you were "on board" or not?
The mere fact that you're whining about it after you left the firm indicates that you may have been sending negative signals while you were there. Perhaps on one of those trips you were overheard bitching over a drink in the bar. Perhaps you were simply seen sitting in the bar with another guy who they don't like.
There are reasons why things happen the way they do, and it's not some sort of conspiracy against you, or in favor of the other guy. Jones wants to make money and just like all corporations they make their moves with people as if they were pieces on a chess board.
[quote=Knows Wall St.]
Jones wants to make money and just like all corporations they make their moves with people as if they were pieces on a chess board.[/quote]
If their business moves are being equated with moves in a chess game, then I've got news for you. They are being checkmated. How many advisors who now work for LPL and Raymond James started at Jones? Jones paid their training and licensing costs only to create stiff, permanent competition to their business model.
Jones business moves look more to me like teenage first cousins in heat at a West Virginia family reunion.
[quote=Soothsayer]
Jones business moves look more to me like teenage first cousins in heat at a West Virginia family reunion.
[/quote]
At Jones you are only a razor blade away from being replaced. Interchangeable parts come to mind. They could care less if you succeed. I remember many times when the highest producing vet would say to me that I was in the sweet spot. Not making enough profit to matter, and more importantly not a drain to his bonus payout because I was covering my overhead and home office costs.
That was motivating.
If you don’t meet the minimum of your indy b/d, you will be forced to find a new b/d. So yes even you’re expendable.
ez…that’s correct in most situations, although I think my B/D will give you an opportunity to increase production the following year before just cutting you loose. However, in my first full year at my indy B/D, I’m well over the $125K gross to maintain my own OSJ. From what I understand, if I’m below that, I’d probably just have to affiliate under another OSJ to stay with my current B/D. I expect to be 50-60K over the minimum this year, so I don’t thing I’ll have any problem staying ahead of their minimum and I don’t feel any pressure to produce or be cut loose. Frankly, if you go indy full-time and can’t maintain $125K/year, you should probably be looking for another line of work anyway.
[quote=Indyone]ez...that's correct in most situations, although I think my B/D will give you an opportunity to increase production the following year before just cutting you loose. However, in my first full year at my indy B/D, I'm well over the $125K gross to maintain my own OSJ. From what I understand, if I'm below that, I'd probably just have to affiliate under another OSJ to stay with my current B/D. I expect to be 50-60K over the minimum this year, so I don't thing I'll have any problem staying ahead of their minimum and I don't feel any pressure to produce or be cut loose. Frankly, if you go indy full-time and can't maintain $125K/year, you should probably be looking for another line of work anyway.[/quote]
You've been in the business for seventeen years--17 years--and you're doing less than $200,000 gross?
[quote=ezmoney]I can’t see how you’re making it on your gross.[/quote]
What is your payout?