JD Powers Survey
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I received an invitation to participate in the JD Powers Broker Satisfaction Survey in the mail this weekend. Amazing that I never received one in the four years I was at Jones. Does JD Powers have to receive permission from Jones to send these out to all the IRs, oops excuse me, the new title is FAs? If so, maybe they only get sent to the big-time koolaid drinkers. Just wondering if any other ex-Jonesers got an invite after they left or if any of the regular Jones posters have actually been invited to participate.
I have to wonder if JD Power changed how they get their broker sample. This is my first year to ever get an invite to participate and I’ve been retail since 1999. JDP may have asked B/Ds for names in the past and if they did, they may very well have gotten skewed numbers. All I know for sure is that it’s interesting that it seems a lot of people are getting an invite for the first time this year…
Did you hear that Jones also brainwashes their FA’s and taps their phone calls. They have a really complex system just to piss off everybody that has left Jones and uses this forum. Everything Jones does is a conspiracy to ruin your life. You will not get out that easily!
Seriously time could be better spent. nothing personal, but some people on this forum have got some serious issues.
I don’t know why I even bothered typing this, let the flaming begin
"I Wanna Go Fast!"
Ex-lax and Mexican food! The flaming WILL begin, believe it!
Mr. A
RickyBooby,
It's that sort of sarcasm that just enforces the "I'm better than you because I chose to stay at Jones" mentality. Since you're such a newbie, less than 1 month old, why did you join, why do you read, and why did you post? Jones hasn't ruined my life. Leaving was the best thing I ever did, and the new guy in my office won't be there long if he doesn't pick up the pace. Just their way of tring to gather more assets without actually paying anyone any significant money.
I don’t think I’m better than anybody. I personally don’t care if any FA stays with or leaves Jones. Leaving Jones doesn’t make you a bad person. Joining Jones doesn’t make you a good person, or by any means better than any other guy out there in the business. Everybody has their preferences. It just seems that a few members of this forum want to bitch and moan about how bad Jones is, you don’t work there anymore who gives a crap! Anyways if you want to bitch that is your prerogative.
Unfortunately I can’t help but read it. Its pointless to dwell in the past. Move on, I’m sure a lot of people would be happy to just forget about how bad Jones was for them, and concentrate on how happy you are to be in a situation that works better for you. Oh and just because I registered last month does not mean that I haven’t been reading this forum for a while. Who knows 5-10 yrs from now I may be with LPL, it’s not out of the question. Just b/c I work there does not mean I’m blind. everywhere has its ups and downs.
As long as my Kool-Aid has sugar in it I think I’ll drink another glass
Well said. I like kool aid too. Nothing is perfect. Everyone has their opinion and FA’s that left are doing fine, I’m sure. It all about what makes you happy. Period.
[quote=FreeFromJones]
RickyBooby,
I Just their way of tring to gather more assets without actually paying
anyone any significant money.
I have to say, the whole theory that Jones prefers to just churn through
brokers is the biggest load of crap I have ever heard. I think you all seem
to forget that about 10 times as many newbies filter through the offices
of wirehouses every day. Is there a conspiracy at Merrill? I think not. It’s
called business. Jones can’t help every pathetic newbie survive. Some
make it, some don’t. The turnover is just magnified because of their
single-advisor office platform. If you had 25 advisors in an office, turning
over 5-10 a year wouldn’t be a big deal.
I realize that the GDC dollar is more valuable from a newbie than from a
vet, since they are not having to pay out bonuses, etc. But for the love of
god, have none of you ever run a business? I am sure they would much
prefer 10,000 quality advisors cranking out 400-500 GDC and no
turnover versus going through hundreds of newbies a year. Less
transition costs, training, salary, etc. This is also why they are
encouraging Goodknight programs so much now. They can get newbies
to claw through the dead end of a book and find any scraps they can,
while helping them survive at the same time. They have also introduced
enhancements to the GK program, allowing advisors to share their office
space with a newbie (rather than start out of your house), without having
to give up much assets (there are now 4 GK levels). This will HELP new
advisor retention. In addition, office expenses get shifted to the newbie
during this period (ENHANCING the veteran’s bonus). A pretty good
business decision in my eyes, and contrary to all of your conspiracy
theories.
You guys really stretch it on this one.
[quote=FREE] I WAS WITH EDJ 12 YEARS TP 7 OF 12 AND NEVER
RECEIVED ONE. [/quote]
I got one from JDP the other day. I’ve been with Jones about 18 months.
It’s just a little postcard. Almost tossed it - thought it was an ad. It’s
easy to miss.
I doubt Jones has any influence whatsoever over how these get
distributed.
[quote=Indyone]I have to wonder if JD Power changed how they get their broker sample. This is my first year to ever get an invite to participate and I've been retail since 1999. JDP may have asked B/Ds for names in the past and if they did, they may very well have gotten skewed numbers. All I know for sure is that it's interesting that it seems a lot of people are getting an invite for the first time this year...[/quote]
I don't know, 24...see above...I've never received the postcard before this year and it doesn't appear that I'm alone. I'm suspecting that JDP has changed how they sample brokers with a bunch of us getting a card for the first time this year. Whether it's a much larger sample, or B/Ds (not just Jones) supplying rep names to JDP in the past, or somethig else, I suspect that SOMETHING has changed, and if it means that the sample is considerably larger, or at least converted to a purely random selection mechanism, it's probably a change for the better.
This could be pure coincidence, but I have my doubts at the moment. If anyone knows anything, feel free to share...I couldn't find anything on the JDP website that was helpful...
B24,
I'll happily respond to your nonsense:
"I realize that the GDC dollar is more valuable from a newbie than from a vet, since they are not having to pay out bonuses, etc."
Exactly, this is how they generate income into the firm that is used to pay Weddle's and Malone's high 7 digit incomes. This is also how they dangle the LP carrot infront of folks, who if they took time to really look at it is not such a sweet carrot.
This is also why they are encouraging Goodknight programs so much now. They can get newbies to claw through the dead end of a book and find any scraps they can, while helping them survive at the same time.
You really think this helpd the newbie survive? Are there some nuggets? Occassionally, but usually just people who want to be left alone who the vet is tired of hearing them say, "no thanks." This way the vet can look like the hero for giving away part of his book.
In addition, office expenses get shifted to the newbie during this period (ENHANCING the veteran's bonus).
You said it, not me. Enhances the veteran's bonus. This helps keep the veteran around, not the newbie. Once the GK accounts have been shifted over to the new guy, the vet, (not in every case) just wants to work his book deeper and could care less about the newbie and his success. There's always more where he came from.
No conspiracy theories, just observations from the multiple years that many on this forum had at Jones. The amazing thing is that some many of the stories are so similar it's as if the same person is writing them. "There's your conspiracy theory. Only one person has ever left Jones and he represents himself as the many different posters on this forum!"
[quote=FreeFromJones]
B24,
I’ll happily respond to your nonsense:
"I realize that the GDC dollar is more valuable from a newbie than from
a vet, since they are not having to pay out bonuses, etc."
Exactly, this is how they generate income into the firm that is used
to pay Weddle’s and Malone’s high 7 digit incomes. This is also how they
dangle the LP carrot infront of folks, who if they took time to really look
at it is not such a sweet carrot.
Not really sure what this means. You only quoted PART of what I said.
First, who cares what they get paid? They make less than most public
company CEO’s of the same size firm. And…they’re in business to make
money. You sound like a minimum wage union employee. Get over it.
But I have to tell you, I just don’t agree that they are motivated to turn
over newbies in order to improve company finances. That’s just
ludicrous.
This is also why they are encouraging Goodknight programs so much
now. They can get newbies to claw through the dead end of a book and
find any scraps they can, while helping them survive at the same time. [/
P]
You really think this helpd the newbie survive? Are there some
nuggets? Occassionally, but usually just people who want to be left alone
who the vet is tired of hearing them say, “no thanks.” This way the vet can
look like the hero for giving away part of his book.
In addition, office expenses get shifted to the newbie during this
period (ENHANCING the veteran’s bonus).
You said it, not me. Enhances the veteran’s bonus. This helps keep
the veteran around, not the newbie. Once the GK accounts have been
shifted over to the new guy, the vet, (not in every case) just wants to work
his book deeper and could care less about the newbie and his success.
There’s always more where he came from.
Exactly. They enhance the veteran’s bonus. Which is exactly contrary to
what you argued in your point above. The point is not to ensure success
for the newbie. It helps him out, gets him started, gives him an office to
work in, etc. It’s not a ticket to success, and it’s not promised to be.
They make that VERY clear when you accept a GK plan.
No conspiracy theories, just observations from the multiple years
that many on this forum had at Jones. The amazing thing is that some
many of the stories are so similar it’s as if the same person is writing
them. "There’s your conspiracy theory. Only one person has ever left
Jones and he represents himself as the many different posters on this
forum!"
Wow, maybe you’re right! Here’s the deal, though. There’s 10,000+
advisors with Jones. I would say 60-70% of them are perfectly happy.
Most that I talk to are thrilled to be where they are. Many have
complaints, but are big enough to understand that anywhere they go
brings problems. It’s easy to blame the firm. Now, given that, there are
some very successful Jones Advisors (and former) that wanted/needed
more from Jones (services, payout, etc.). And there is nothing wrong with
that. [/quote]
You tell him B24. Probably just another disgruntled ex-joneser with a bone to pick.
If you ignore their goofy comments, maybe they'll go away. They probably get a charge out of tweeking your shorts.