Jones to RJFS --THANKYOU!
It's been several years since I have posted anything in this forum. After recently talking with a 3 year Jones rep, I am once again inspired to come out of 'retirement' and share my thoughts.
I was formerly at Edward Jones, and a top producer there for some time. I went independent with Raymond James and wanted to share some insight. After ten plus years at Jones and six plus years at RJFS (can't believe how time flies), I can say that without a doubt, in virtually every available metric of comparison, being independent is such a better place to be. I'm sure Jones has made a few tweaks over the years. But, my guess is no matter how much makeup you try to put on the ugly girl--she is still...yes...an ugly girl.
As I sit in my office, looking back at how my business has evolved from Jones over the last six years, I can tell you this. My production is up about 25% from my final year at Jones--even with a bear market. My take home pay is up dramtically. At jones, living off .25bps trails--lol... and 35% payouts, and here today/gone tomorrow bonuses, and paying for my postage stamps and 1% of my net for advertsing..etc...--just didn't add up. Like most transaction oriented firms, you are like a hamster on wheel. Just running and running--and getting nowhere. You can only increase your revenue by bringing in new clients or by moving around money in existing client's accounts. It was a continual search for available client funds.
Now, in comparison. Slightly over half my revenue is fee driven. It's nice to know I can take a week off and not have a measurable decline in production. I enjoy the benefits of having my own safe harbor retirement plan. I enjoy the benefits of being my own boss and managing my business efiiciently. RJFS is not a perfect firm--far from it. It's just a much better firm than Edward Jones. In fact, being independent is probably the best business decision I have ever made. So--to those of you who spoke with me while I was at Jones "bleeding green" and drinking the proverbial kool-aid. I just wanted to put it out there and say Thank you. Thank you for helping me do the right thing for myself, my clients, and my business. It's made a big difference in my life.
Cheers and Happy Early Thanksgiving!
Spiff-You probably weren't around when Zacko started on these forums. Now here is an example of Jones rep who can quantify why its so much better being indy. Can't wait to hear your company response... Zacko- my former monicker was footsoldier. It's nice to hear from you again. We actually talked on the phone a couple of times and all is very well on our end as well.
uwec - you rear your ugly head for that?zacko - What, were you bored today? Congrats on your success at RJ. foot - what would I need to give him a company response about? I happy that he's happy. I don't personally agree that Raymond James is a better firm than EDJ. I do believe that he feels it is a better firm for him. To each his own.
Spif…I only posted so I could get emails on the thread but thanks for your comment.
Spif…I only posted so I could get emails on the thread but thanks for your comment.
Zack-A point I have been making for eons is that Spiff only knows Jones. Has nothing else to compare and believes beyond any reasonable doubt that Jones is the best. Spiff- Fairly accurate assessment?
[quote=BigCheese]Zack-A point I have been making for eons is that Spiff only knows Jones. Has nothing else to compare and believes beyond any reasonable doubt that Jones is the best. Spiff- Fairly accurate assessment?[/quote] Not that I need to speak for Spiff or anyone else for that matter...but I believe he has said over and over "he believes beyond any doubt that Jones is the best ....FOR HIM!"
Yes…Eau Claire…1986 grad…Go Bluegolds!
Eau Claire freshman 1976
(dorm was 1078 Towers)
I cant remember my phone number, why do i remember that?
seems like it was 1576 now
HKA-I have to wonder how anyone could contend that the firm they work for is the only for him, if they have nothing to compare. Seems fairly obvious to me and probably others that its virutally impossible to be impartial with such a limited view of the overall marketplace.
How many sales pitches from how many brokerage firms does one need to hear to make an assumption of contentment? If you are going to base one’s ability to make a judgement based solely on first hand experience, then only the most seasoned journeyman with possibly a dozen firms behind him could make an “accurate” decision.
[quote=BigCheese]HKA-I have to wonder how anyone could contend that the firm they work for is the only for him, if they have nothing to compare. Seems fairly obvious to me and probably others that its virutally impossible to be impartial with such a limited view of the overall marketplace.[/quote] I'll give you an example...I have been in the business world for many years now, however, this industry is fairly new to me ( a few years in)...I know that at this point in my career, after doing extensive research...that Jones is a great place to work, particularly for a new FA...this model (EDJ)...suits a new advisor as well as a mega producer (IMHO). However, I do believe it punishes the middle of the road guy, as you can be making 50k/trimester (profit) and only get a piddly bonus...the bonus kicks up after a certain number (not sure what that is yet). Now, that being said...I know that when my assets/production hit a certain point...I will certainly look at my options at that time and consider Indy...however, at this time, Jones is certainly the best firm FOR ME. Now...i'm not saying that I'm correct, however, if it is truly how I feel it is good enough right now. Of course, for some people, believe it or not, the culture of our firm, trumps the money issue....I am not one of those people. So if Spiff, or anyone else says that it is best for them...I believe them....What if someone said, Cheese, you never worked for a wire...or a bank...so if I say that would be best for you, you couldn't deny it......IMO that's silly...Indy is the best for you because that is what your experience/heart tells you. So all i'm saying is that whatever someone thinks is best for them at that time....is....whether technically there is something out there that may make you more money...or give you more products etc...see what i'm saying here??
The firm you work for means something but, let me ask you this, what have you gotten in this business that you DIDNT get on your own?
no manager or firm has ever REALLY made a difference for my career. The BEST you can expect is that they dont screw anything up.
[quote=BigCheese]Zack-A point I have been making for eons is that Spiff only knows Jones. Has nothing else to compare and believes beyond any reasonable doubt that Jones is the best. Spiff- Fairly accurate assessment?[/quote] Accurate assessment that I have worked only worked for Jones in this career. I do believe that Jones is a wonderful company and beyond a reasonable doubt the best company for me. For you and countless others, there are other best companies.
HKA-Until you have worked for another firm, its all conjecture. You hope, assume, pray, I don't care what you want to call it, that the firm you are with is the best for you. If you couch it at the time, I can understand and even appreciate your point. What I have been trying to get across for a long time is that when you have stepped outside the Jones culture/company, it is then that you can be impartial. You can truly assess whether the firm is appropriate for you long term. Hearing from a former top producer at Jones and now out 6 years with Ray Jay is giving a perspective that all of you ought to at the very least take into consideration. In 1997 when I was hired by Jones I truly felt it was the last firm for me. 9 years later I left. It wasn't instantaneous, but over time I realized it wasn't the firm that I could see myelf retiring from. And now looking back after 3 complete years since, I am reminded with messages like Zacko earlier, that the path that I took like many others, was the best for me. Again I will say this about Jones. A great place to learn the business.
Wow Zacko, glad to see you back. You were a strong inspiration that pushed me over the edge to RJ (while I operated under a different handle). Everything you told me would happen has come true. Due to the decline and some short term expenses, my personal bottom line is only slightly better than it would have been at Jones, but my peace of mind has skyrocketed.
Beyond that, the upside is swinging in my favor and I am about to get back into that 45-65% net net range before long.
The thing about all of this Jones/Indy banter is that once you go Indy, outside of these forums you rarely look back. The forums give us an opportunity to express in writing how much better it actually can be than at Jones, and that is only understandable after you’ve left.
Zacko you are a better man than me for having the discipline to leave this forum as long as you did. It is an addiction for me, even though the content has gotten very immature over the last two years. Seeing an old familiar name brings back a level of sophistication to this place.
Zacko, i don’t recall seeing you on the boards back then, i have been on and off the boards for more than three years.But your post was great. Maybe you can stick around and add some INTELLIGENT content to the forum, which lately has been overshadowed by nonsense. I joined RJFS 6 months ago and am extremely happy. But its a short time to make a judgement, so it was encouraging to read your post. No doubt for ME, the Indy model is the right model. It gives me control and allows me to live my life my way.
It’s good to see an old familiar broker like Zacko…I don’t post often here anymore because the forums have deteriorated into a high school environment…“stop talking about me or I will out you”. But I enjoyed your wizdom over the years & hope to see more of you around. Like you I joined RJFS (2006) & have never looked back. Its’ the best move I ever made.Agreed indy is not for everyone, I still have friends that require the "incubation" chamber that is Jones & they have no desire to want to leave the womb..so be it, to them they have it all & maybe in their world they do.