Hiring at Jones...Do you have a pulse?

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Jun 16, 2009 10:01 am

Got a call from a new new rep at Jones yesterday who was quering me about the Jones model. He got back from the first class last week and was questioning the wisdom of building a business from scratch, i.e. working the required 60+ hours a week it takes to get it off the ground. He said it was mentioned many times that they were running their own business , yet he was challenged because he knew that if he left the assets were Jones' not his.

 
When he told me he will be 68 in two months I wondered what the requirement is to join  the firm today. He said he now had sufficient assets to retire, and only wanted to work part-time. I know age discrimination is against the law, but what about the responsibility of the firm. He must be one hell of a salesman...or the bar has been lowered to meet numbers at any expense. I am sure Spiff will have a spin...
Jun 16, 2009 10:29 am

Jones hires a lot of these people, hoping they will do ok for the next five years, then let someone come in and take over the assets. They figure they don't need the income, but know a lot of people with $$$..



EDJ hiring process: PULSE: check Ability to swallow koolaid:check

Jun 16, 2009 11:05 am

foot,

 
Now is the time for you to shine. 
 
First, if this guy has a good network of prospects and really doesn't need the money then this may just be what he's looking for.  If he doesn't, does he really want to bust his ass at the age of 68?  You need to bring him in and give him an honest assessment of how hard this business is.  I knew older guys that came to Jones and needed the job and it tore them up physically and mentally.  Does he want the stress at age 68? 
Jun 16, 2009 11:13 am

Everyone on this board knows you dont have to have a MBA to sell securities.  People can boast all they want about qualifications, etc etc etc.  BUT, if you cant convince the prospect to write you a check, nothing else matters.  Maybe you feel good b/c you know what a put, call, straddle, p/e ratio, pegy, etc. is.  BUT the average retiree from a company like Verizon doesnt care.  So shut the hell up about Jones and their hiring.  Last time i checked LPL doesnt turn down too many either and I know of 2 FA's that were hired by LPL that were compliance nightmares.  Bottom line, every firm is trying to gain an edge.

Jun 16, 2009 11:21 am

The main difference is that LPL doesn't have reps as employees where edj does..

Jun 16, 2009 11:26 am

Chief, they are still looking for the same end result - more revenue.  W2 or 1099 doesn't matter.  Pulse, assets, revenue.  Jones and LPL are both growth whores (and I mean that in the nicest way!).

Jun 16, 2009 11:53 am

I knew three people at Jones in my 14 years with the firm that got hired over the age of 65 and two lasted less than a year and the other retired at 70--the one that retired at 70 just did the minimum to get by!

 
However, I knew one by the name of Oscar Porter in Elizabeth City NC who was over 62 when hired--build a business from scratch--and was still going in his 80's and his son and grandson took over the "Family Business"... He was a really great guy!
 
As a LPL guy now I can say that B24 and I are on the same page of this--they both are growth whores...but LPL will not take someone with no assets without a branch to work in.
 
See I made my annual nice statement about Jones!
Jun 16, 2009 12:41 pm

Foot-

You're missing the opportunity of a 68 yr old established individual (assumption on my part) that is looking to work part time. I don't know the process, but put him in a desk with a phone and sign him up underneath you for a 20% cut with the expectation that when he retires (which would be very soon) that you will assume any assets. No out of pocket money on your part. Seems like a win/win to me...

Jun 16, 2009 1:13 pm

I don't see what the problem is with hiring older people. Hell, if they can do the job, why not? My Dad won't ever stop working. He's like a shark - I think he'll die. So, I say work until they nail your coffin shut if you enjoy it.

Jun 16, 2009 2:19 pm

I actually referred him to a pal who has the space...but in reality you are right. I should be seize the opportunity. After all, he is interested in working part-time. And he's door knocking around us...Why not bring him into the fold...

 
Managing people isn't my strong suit... I dunno.
Jun 16, 2009 3:10 pm
B24:

Chief, they are still looking for the same end result - more revenue. W2 or 1099 doesn't matter. Pulse, assets, revenue. Jones and LPL are both growth whores (and I mean that in the nicest way!).





The difference is that LPL is taking proven producers where Jones is taking on newbies and hoping for producers..



By the way I think it is creepy the way EDJ and LPL are so close in numbers.. When I left jones, and looked at LPL all I could think of was, WHEN they go public, it will be just like jones..

Jun 16, 2009 3:36 pm

Ed Jones is what it is...a basic firm that will give people a shot. I don't know one person who has applied for a job there that wasn't either hired or offered though. Not one...so, I am not surpried that they hired an more mature person. My guess would be that he was told multiple time before his hire what would be required of him. They simply aren't selective. I don't think that is news. Their model doesn't require them to be, and in the end you will be selling A-shares out of a strip mall. So, call it what it is...dig in and make some money. It is there if you work for it.

Jun 16, 2009 4:10 pm

Funny, I know a bunch who have been turned down.  Last check about 90% of them. 

 
I'll have you know that I sell bonds, stocks, UITs, LTC, insurance, CDs, and a bunch of other stuff out of my strip mall in addition to mutual funds, thank you very much.
Jun 16, 2009 4:44 pm

Are you in a strip mall, Spiff?

Jun 16, 2009 4:58 pm

I know for a fact that over 85% of people do not get offered a FA position.  Trying to grow organically is not all bad.  At least Jones doesnt have to worry merging completely different firms like BAC/Merill and AG Edwards/Wachovia/Wells Fargo.  Either grow on your own and people on this board make fun of you OR merge.  Neither is perfect.

Jun 16, 2009 5:25 pm

At the end of World War II the Germans were putting old men and young boys in the front lines. That didn't work either.


Jun 16, 2009 5:31 pm

I would give the old guy a fighting chance if he had at least taken over assets. They give reps all the time assets who don't deserve it.

 
But come on, even if the guy was extraordinary, is it fair to make him start from scratch pushing 70 years old. Jones gets the hire, and the guy is on the streets trying to supplement his income in no time as a greeter. Sad that the firm who cares so much about its employees treats them like an interchangeable part.
 
Still waiting for Spiff's spin...
Jun 16, 2009 5:33 pm

Actually, I think it's worse that we're hiring the kid who is short selling his condo. Nothing like starting in this business with no emergency fund in a new town.


Jun 16, 2009 7:51 pm

BH, that was yet another spoof on a Jones "new hire".  Are you starting to see a trend the past 30-60 days  I think it's BSpears hard at work in his garage/office.

Jun 16, 2009 8:01 pm
B24:

BH, that was yet another spoof on a Jones "new hire".  Are you starting to see a trend the past 30-60 days  I think it's BSpears hard at work in his garage/office.



LOL!

I was wondering where he had been.  You ought to make a real kool-aid inspired thread to bait him out.  Lay it on thick, he won't be able to resist!