Jones to RJFS --THANKYOU!
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There is no business for architecture. No one is building. Going from 3-4 plans a month to zero in no time during the collapse. Unless I want to work 18 hours a day like I did for only $.50/sqft down from $2.50-$5.00/sqft
So, to make about 100k or so a year what do you have to do in AUM, means assets under management, yes?
About $40,000,000 in AUM…at Jones. There are things about EJ you don’t need to know right now so I’d stay off here if I was you. EJ is a great place to start so just do what they tell you and follow the formula. When you’ve been there 3yrs…come back and we’ll tell you all you need to know. I’m not kidding!
I am not even hired yet. I have researched the position quite well and
it seems everyone wants to reinvent the wheel. I don’t know nuthin, so
I will drink the proverbial koolaid and work the wheel already there.
Thank you for your input, but I will mirror what Ice said. There is a good deal of info here. I think I can handle it, boss.
I’m just suggesting that he doesn’t need to fill his head with EJ negativity but needs to follow the formula…then we can open his eyes later.
Spiff–
If and when you get your junk bond--I mean LP. You won't be able to keep it when you retire. It's taxable federal and state as ordinary income each year. So, when the tax laws change here in a bit--close to half of what you earn on the LP will go back in taxes. Great deal? no.... but it's dangled like a carrot in front of you your whole career there. The GP's can defer part of their return and the GP returns are far greater. The amount that goes into profit sharing is pretty weak also. Other non-indy firms have much better benefits than Jones from what I have seen. Don't let them tell you what wonderful benefits you have--because you don't. My indy benefits ended up competing fairly well against my Jones benefits, which actually surprised me. I think if you compare with an "open mind", you will find that it will be difficult to stomach a long term career at Jones. You actually work like an independent, but aren't getting paid like one.@Uwec:
Wow, are you that arrogant that you make statements as if I am a fool of some kind that cannot think for himself? Were you a politician before you were a financial genius? Are you a Marxist or something? I brush of negativity, things are what you make them. You assume to many things to be good at sales. You probably talk yourself out of 80% of your potential.
I know what you meant, uwec. My point is that if you don't make it to 5 years in the first place, opening your eyes to other channels is irrelevent. And I truly believe this forum exponentially increased my early success in this business. Grim - slow down there bud. After you read a few dozen threads on this board, you'll understand what he was getting at in regards to Jones. He was just trying to be helpful, no malice intended. I just happened to disagree with his original advice.[/quote][quote=uwec1986]I’m just suggesting that he doesn’t need to fill his head with EJ negativity but needs to follow the formula…then we can open his eyes later.
I understand, but this is text, hard to discern intent. Seems "as if" if you know what I mean.
Ya’ll have a great day and I wish your coffers full o’ money. Sorry Uwec, took you out of context, my bad. []) Cheers, mate! I have to drive my kid to school. Cya, thanks for the advice.
[quote=LockEDJ][quote=B24]Few things:
Locked, so your margin is 10%, not 45%? OK, pretty close. It has nothing to do with believing you. I think you just don't know what you're talking about....[/quote] Is there some confusion regarding YTD and monthly numbers? I thought that was pretty clear for those that actually read what I wrote. But hey, whatever. It only shows that the person that didn't know what they were talking about in this situation was you.[/quote] OK, so you had one $20K month, and didn't have a BOA to pay yet. I can see how you get to 45%. Nobody can do 45% margins on 20K per month for a year at Jones. That would mean ALL of your expenses other than your commissions would have to be $40K or less for the year. Almost mathematically impossible unless you are hosting a Goodknight and they are taking the office overhead on their P&L. Or you don't have a BOA. Or you don't pay rent. Oh, and the tech fee of $15K backs your expenses down to $25K for the year. Back out the mandatory benefits (ER FICA and profit sharing), and you are down to $16K....to pay for rent and a BOA (and all the misc. expenses). The math starts to get a little fuzzy now, huh?....... You're barking up the wrong tree....Ty…Grim…that was the point I was trying to make.
Grim...Nobody has bashed EJ more than me, I would just hate to see someone allow themselves to get caught up in defending EJ at the start of their career. A new guy needs to believe that EJ is the best thing since sliced bread the first 3 years out. If he focuses on how the company might be screwing him, it will hurt his work. I know, Grim, you're an adult but the negativity about EJ will hurt you at this stage. I was not being arrogant at all, just trying to help. It's a great business but very very tough to survive the first two years. With the market down, it's a awesome time to start...you'll look like a hero no matter what equities you put your clients in. Make sure you don't confuse brains with a bull market. Good luckThanks guys for the insights. I understand there may be negative aspects to EJ, and how can I defend what I don’t understand yet or have even experienced? I can’t and wouldn’t even attempt to. For one thing I am certain, there are more negative disgruntled post from those who could not succeed, and probably because the lack of skill and mental fortitude. I may end as one of them and I may not. All I can control is me. I will do my best to achieve my goals and I am sure there will be barriers, but not giving up and following through to the light at the end of the tunnel is how success is made. I have done before, I can do it again. Not trying to be victorious is worse than trying your best and best and failing. You can’t win if you don’t play. The great philosopher Bosho once said, “A flute with no holes isn’t a flute, a doughnut with no hole is a Danish.”
grim - not to be a d!ck, but i have to disagree with uwec a little. make sure you keep your eyes open.
Jones is a great place to start, but it is easy to drink a little kool-aid. there are some people that are very successful that left Jones and are disgruntled.
There are some very unsavory aspects in CERTAIN AREAS of Jones. You may have a great region. But some didn’t.
[quote=Moraen]grim - not to be a d!ck, but i have to disagree with uwec a little. make sure you keep your eyes open.
Jones is a great place to start, but it is easy to drink a little kool-aid. there are some people that are very successful that left Jones and are disgruntled.
There are some very unsavory aspects in CERTAIN AREAS of Jones. You may have a great region. But some didn’t.
[/quote]
Tell me where the Utopia of firms is and we can all work there! Nothing is without its spot of bother.
[quote=grimlog]
[quote=Moraen]grim - not to be a d!ck, but i have to disagree with uwec a little. make sure you keep your eyes open.
Jones is a great place to start, but it is easy to drink a little kool-aid. there are some people that are very successful that left Jones and are disgruntled.
There are some very unsavory aspects in CERTAIN AREAS of Jones. You may have a great region. But some didn’t.
[/quote]
Tell me where the Utopia of firms is and we can all work there! Nothing is without its spot of bother.
[/quote]
PM me. You can come work for me at my utopia of firms.
Grimlog- Your experience at Jones can vary widely according to your region. Some regions are very good some are not. Some RL’s are good ones and others not at all. FYI, in my old region, my RL defrauded numerous investors, therefore my experience was not that great.
That experience does not mean that every region is that way, just be careful who you listen to in your region. Try to educate yourself outside of the parameters of EJ, there are numerous ways to do this. Become an educated financial advisor, educating yourself is more than going to lunch with the American Funds wholesaler........