Jones Never had Mass Layoffs/Firings

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May 11, 2006 9:28 pm

You gotta hand that to the group, right?

May 11, 2006 10:28 pm

It would seem that the attrition rate is kept high enough at Jones so that layoffs are unnecessary.

May 12, 2006 7:51 am

Why would you lay off an employee that you never pay?


$1300 per month for state of the art technology

May 12, 2006 9:30 am

People lay them self off at Jones.  If you don't hit certain levels of production by a certain time you are let go.  They don't need to lay off people because the Higher producing brokers are carrying the newbies. 

May 12, 2006 8:14 pm

Every firm has standards you must achieve/maintain. MS, ML, SB all have strong standards to maintain or they are canned and all have had major layoffs at one time or another.

May 12, 2006 9:33 pm

[quote=peanutbroker]Every firm has standards you must achieve/maintain. MS, ML, SB all have strong standards to maintain or they are canned and all have had major layoffs at one time or another.[/quote


And so, Peanut - then what you are saying since you started this thread is that...... Edward Jones has never had mass lay offs -etc because..... Edward Jones .... DOES NOT have STRONG STANDARDS to maintain???!!!]


Get on the wagon man-

May 13, 2006 8:02 pm

Many many many more "IR's" quit--than are ever let go.  I'd say it's ten to one.  They basically run out of $$ or they get disenchanted with "jones opportunity"--or both.


May 13, 2006 10:17 pm

Zacko,


    You are correct that substantially more Jones brokers quit than are fired.  However, I have never seen a broker quit because they ran out of money, and those that quit aren't in the business long enough to be disenchanted.


    Basically, those that quit Jones do so because they FAILED.  I'm batting .900 when I determine that I think a new broker will fail.  Either the broker has a bad attitude, doesn't have the self-motivation, or simply doesn't have the skill.  It never seems to be their own fault when they quit either.  Rather take take personal responsibility for failure, they blame everything but themselves.  Tell me where I'm wrong?

May 14, 2006 8:26 am

Pick a region and look at those that are struggling but are still with the firm

at Jones. These guys would have been tossed years ago. That is why Jones

has the highest turnover among the 3-5 year broker and not the 1-2 year

broker. They are forced to carry the waste due to the expense of opening

and licensing each office.

May 14, 2006 8:28 am
rankstocks:

Zacko,


    You are correct that substantially more Jones brokers quit than are fired.  However, I have never seen a broker quit because they ran out of money, and those that quit aren't in the business long enough to be disenchanted.


    Basically, those that quit Jones do so because they FAILED.  I'm batting .900 when I determine that I think a new broker will fail.  Either the broker has a bad attitude, doesn't have the self-motivation, or simply doesn't have the skill.  It never seems to be their own fault when they quit either.  Rather take take personal responsibility for failure, they blame everything but themselves.  Tell me where I'm wrong?



I left Jones for another firm not because I failed...quite the opposite.  I met every goal and won every contest.  I left because I got tired of being so little pay for all the work I did, limited product choices, holier than thou attitudes in my region when those that had it would stab you in the back the second you turned around, and constantly hearing our region leader at Productivity Meetings say "okay, you new IRs, keep up the good work so we can get our bonus."  After, he literally would do his happy dance (he's also GP.)


Not everyone fails at Jones that leave.  Some people's ethics and character are too high for the place.


May 14, 2006 10:57 am

Running out of money is the same as not being able to afford to continue...

May 15, 2006 7:43 pm

Mr. RankStocks,


From my original KYC class of 12 guys.  8 quit in the first year.  4 made it passed three years.  1 guy was a transfer and he is now grossing over $500k.  I was there for 8 years and grossed over $500k and now have gone indy.  One guy is still in Segment 3 and one guy got a sweet deal from Smith Barney and took his Goodknight clients with him.    So there are 2 people left at Jones from our original 12.


1 $500,000+ producer


1 $150,000 producer


The rest have left.  I know this is an anecdotal argument but I thought you might like it.

May 15, 2006 9:38 pm

Out of my original 12. 3 are still with the firm after 3 1/2 yrs, 2 seg 4's and a seg 3.

May 16, 2006 8:19 pm

My point was that other firms have very high attrition too, AND they have had mass lay offs and firings. I think that is a good point to Jones. You must agree

May 16, 2006 11:03 pm

peanut, where do you think the money comes from to keep people?  I'll give you a hint.... the GP payouts don't seem to come down! Think about it, non-producing brokers kept long past their expiry date, (and this is where Jones brokers running out of money comes in) just to preserve the image of constant growth and avoid having an empty office which has to be shut down.  Meantime brokers pay for toilet paper, toner cartridges, and $1300 per month for technology ($1700 in Canada when I left).  No heroics there peanut, just blinding following a flawed and obsolete business plan.