Jones creating bonus programs for transfer brokers

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Jan 21, 2009 11:34 am

Email came out this morning that Jones is launching a  new program to attract transfer brokers.  It's bonus based, so no upfront money.  You get a guaranteed salary based on your current production and assets for the first year.  You can qualify for a bonus at your 6 month mark for assets gathered or brought over from your previous firm.  You can qualify for a bonus at the end of your second 6 months based on production goals. 

 
So, if you have been in the biz for 3 or more years, have $20MM AUM, and grossed more than $150K last year, PM me.  You can come work for the best firm in the world.  And I'll get to go to Egypt in October.  
Jan 21, 2009 12:45 pm

What are the 'ranges'?  Please do entertain me further! 

Jan 21, 2009 1:02 pm

I work at the best firm in the world, because I own it...

 
Good luck xfering the feebased assets into their stone aged program(kind of ironic considering it's brand new)
 
So bonus to new advisor, but screw existing?? Typical Jones... just remember that when you get there..
Jan 21, 2009 1:23 pm

haha oh squash, you never stop with the love.

 
xfering feebased assets is a dream come true for most jones advisors, easiest sale in the book,
"oh, your paying 2% a year at that firm?" 
"well you've got two choices, you can pay 1.35% a year here, or a one time fee of x%. with a minimal maintainence fee on your mf's"
"whats that? liquidate everything and reinvest here at jones? ok, whats your SSN?"
Jan 21, 2009 1:29 pm

Yeah only crazy people charge above 1.75% on assets..


Other problem is you feebased mutual fund/etf platform, can move assets without refiguring the whole interview paperwork...
 
However I think it makes perfect business sense to clear out terrible reps and bring in proven stars(of course they are terrible at wirehouses, but $300k production make you a superstar at jones)
Jan 21, 2009 1:35 pm

T-12 425k

aum 54 mil
what can I get?
Jan 21, 2009 1:54 pm

RL position....

Jan 21, 2009 2:22 pm

RL's need to have a minimum 500K in T-12 and 10 years at firm.

Jan 21, 2009 2:33 pm
Spaceman Spiff:
So, if you have been in the biz for 3 or more years, have $20MM AUM, and grossed more than $150K last year, PM me. You can come work for the best firm in the world. And I'll get to go to Egypt in October.





I'm going to Monte Carlo...I don't need the div trip credit, but I'd also be happy to answer any questions, serious or not.

Jan 21, 2009 2:35 pm

Any word from the Silver Fox... He was leaving Jones to start a new venture that sounded dumb... is he back?

Jan 21, 2009 2:39 pm
badmove?:

T-12 425k

aum 54 mil
what can I get?
 
Segment 4 and a lot of awards at summer regionals, taxable trips to various destinations throughout the world, and 40% payout. 
 
OR
 
Independent with no Segment designation, no peer recognition at summer regionals, no trips paid for by the firm, and 80% payout.
 
Not exactly but more or less this is what you can expect. 
Jan 21, 2009 3:49 pm
badmove?:

T-12 425k

aum 54 mil
what can I get?
 
If you moved all of those assets (or gathered enough to get back to that at the end of 6 months) and hit the production numbers...$207,166, according to the recruiters.  I'm not one.  I kind of put that original post up there to see what kind of responses I'd get.   
Jan 21, 2009 4:13 pm
B24:

RL's need to have a minimum 500K in T-12 and 10 years at firm.

 
500k maybe, 10 years, no. I know of at least one exception to that rule.
Jan 21, 2009 9:32 pm
B24:

RL's need to have a minimum 500K in T-12 and 10 years at firm.

Not exactly......
Jan 22, 2009 9:35 am
noggin:
B24:

RL's need to have a minimum 500K in T-12 and 10 years at firm.

Not exactly......





About a year ago, the requirement was 150 net and general approvement by the vets in the region (and be insane enough to volunteer 30 hours a week.)