Jones new numbers to get segments

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Dec 6, 2006 11:59 am

This just in, the gross will be going up to go from segment 1 to 2, 2 to 3 and so forth. What does this mean to all of the IRs on the line when the numbers go up?? Will you get left behind so you can make up the numbers or will St Louis give you a brake and let you join the next segment without actually making the new gross numbers. What will the  segment 3 doing 16k a month and now is under expectations do. And before all the cool-aid drinkers start bashing me for failing at EDJ, I was segment 2 in under a year and left at 18 months after my best month ever 20k gross, and I know of three segment 3s and a segment 4 that have left in this region in the last 6 months, the segment 4 had a office of 50 mil and still (he/she) left.

Dec 6, 2006 12:12 pm

Jim,


It's interesting that Jones is rethinking growth under Jim W. leadership and is now raising numbers to thin out the low hanging fruit.  I left Jones as a Seg 3 IR recently and know 1 seg 3, 1 seg 4, and 1 seg 5 that just left in this region. I think that people are finally starting to take off those rose colored glasses and see that there is life after Jones.

Dec 6, 2006 12:18 pm

So true,  when I was with EDJ it took awhile for me to see how rotten the IRs were treated by St Louis. Yea EDJ gets the best of this and the best of that but the only ones who can take claim for all the attention EDJ gets it the IRs. The best workforce in the country and EDJ can't keep them. Too bad.

Dec 6, 2006 12:29 pm

EDJ gets is the IRs



hate it when that happens

Dec 6, 2006 12:49 pm

I'm not sure what you two are talking about, but you're getting fed bad info.  There have been discussions about changing segment graduation criteria, but nothing official has been announced that I know of.  My guess would be that if you are currently Seg 2, you stay seg 2 even if your production wouldn't get you there under the new numbers.  That's been the Jones way of doing things. 


Maybe my region is the exception to the rule but I have never felt that I have been treated poorly as an IR at Jones.  Maybe then I still have my rose colored glasses on or took a big swig of kool-aid this morning. 


Our overall attrition is well below the industry average of 14%.  Brokers jump around all the time.  Grass is greener.  Checks are big.  Doesn't always mean Jones is bad.

Dec 6, 2006 1:02 pm

Spiff,

  Yea Jones would keep you as a Segment 2, but would you all of a suddenly be way under expectations? And my source was pretty good (heard it from the RL).

Dec 6, 2006 2:15 pm

Hey, maybe it's true, maybe it's not.  But even if it is, it's not such a bad thing.  It pushes people that would not have made it anyway.  As Spiff said, jumping happens in this industry.  If people like it, they stay.  If they don't they leave.  No big conspiracy theories.  I don't sit around talking about the 3 MS guys in my region that left.  It happens all the time.  Try looking at FA's Bio's at other firms.  It will show you how long in biz and how long at firm. Rarely does someone stay at same firm their whole career.  We are just another firm like everyone else.  Some like it, some don't.


Not sure how long those segments have been that way.  Maybe it was time to adjust them.

Dec 6, 2006 11:52 pm

I left Jones after reaching Segment 5.  I was grossing $550,000.  I will gross $420,000 in 9 months.  When I was at Jones my net after net was less than $200,000.  At LPL, my net after net is somewhere in the $320,000. 


Put it this way, "Jones has bred mediocrity."  Making segment 2, 3, 4, or 5 never meant anything to me.  I was just looking at my checking account at the end of the month.  I don't know how someone who has a $10 net month is having a great month.  After benefits, taxes, business expenses, and 401k contribution, there's nothing left.  I'm happy they are raising the numbers.  If you have read the book "Freakonomics"  it will probably have an outcome that the GP's don't expect. 

Dec 7, 2006 6:00 am

How long were you with EJ? That's a strong gross.

Dec 11, 2006 4:54 pm

You can search my posts:


I was at Jones for 8 years.  I started from scratch.  I didn't know one person in my town.


year 1:  $86,000


year 2:  $172,000


year 3:  $280,000


year 4:  $330,000


year 5:  $400,000


year 6:  $425,000


year 7:  $502,000


year 8:  $550,000


Year 9:  LPL  $425,000 Gross in 9 months/  $385,000 net to me!

Dec 12, 2006 7:52 am

Forgive me but those numbers in the beginning years are hard to believe.

Dec 12, 2006 8:04 am
spikedkoolaid:

You can search my posts:


I was at Jones for 8 years.  I started from scratch.  I didn't know one person in my town.


year 1:  $86,000


year 2:  $172,000


year 3:  $280,000


year 4:  $330,000


year 5:  $400,000


year 6:  $425,000


year 7:  $502,000


year 8:  $550,000


Year 9:  LPL  $425,000 Gross in 9 months/  $385,000 net to me!



Could you shed some light for the rest of us as to how you achieved those numbers in your first few years while starting from scratch and not knowing one single person in your town?  For example, what marketing/prospecting techniques did you use?  What were the most effective methods?  What were the least effective methods?

Also what were the AUM that drove those numbers?

Thanks.


Dec 12, 2006 10:53 am
$$$$$:

Forgive me but those numbers in the beginning years are hard to believe.


Do you think they are too low or too high.  They seem resonable to me.

Dec 12, 2006 12:29 pm
$$$$$:

Forgive me but those numbers in the beginning years are hard to believe.


I can only assume you are being sarcastic, unless of course you are confusing gross with net?     

Dec 12, 2006 2:24 pm

Year one net of $34K doesn't seem hard to believe.  Year two at 65K, .....those seem reasonable.  Keep in mind, you hear mostly the "bad" experience stories from former EDJ brokers.  You guys aren't getting all the good experiences on this site.  His numbers look to me like he was a very good starter and kept working hard.  Everything fell into place.  I have heard of people doing much more than that (although I have to always question exactly how they got there - usually with a big Goodknight Plan or office takeover with sizeable assets).  But those numbers are very do-able.  A stretch for a new/new, but do-able.  The guy's a self-starter, which is why he will take home 400 large this year.

Dec 12, 2006 3:53 pm

spike's #'s are legit. I tracked same #'s except for spike's last couple years where i stalled and spike jumped.

Dec 12, 2006 5:06 pm

Thanks Skolbrother--


Skolbrother and I were on a trip to Greece together and he's the one who implanted in my head the idea of possibly leaving some day.  My AUM wasn't that big.  I sold a lot of LTC.  In fact, I was #2 in the company in 2003.  I also missed a lot of breakpoints and sold a lot of UIT's at net 4.5.  I was top 10 in UIT's in the whole company. 


Let's put it this way, I sold the highest commissioned products I could find under the Jones umbrella.  I made sure there was no aggregration rules, etc.