Leaving Jones on Labor Day?

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Aug 21, 2005 10:02 pm

Any guesses on how many Jones brokers going to jump over the long weekend ? I know of one so far....

Aug 21, 2005 11:51 pm

Hmm, somewhat less than the number leaving MSDW and maybe more than post on this board.. How many ML guys are leaving that weekend? I know of one.

Aug 22, 2005 1:05 am

da bears


whats the reason edj reps are leaving now.  Is there something im missing with the timing? 


Don't get me wrong i cant understand why anyone would want to work for them im just wondering whats going on now to cause them to leave.

Aug 22, 2005 9:59 am

I agree with Guest1 on this one.  


I pose the same question to you folks that are always asking when Jones reps are leaving. How many are leaving the wirehouses by firm. How about the number of indy reps that move in other directions. 


I submit and Guest1 would probably agree that EDJ has no more and probably less than the industry average.  


Shouldn't the SIA have this info?

Aug 22, 2005 11:10 am

Out of complete curiosity.....is the 3 day weekend historically a time when brokers shift around, I understand why it would be. But does anyone know if there is an unwritten understanding that there is a large amount of movement on Labor day weekend?

Aug 22, 2005 11:56 am

Definitely.  They have one more day before the market opens to attempt to reach clients before the last shoe drops.

Aug 22, 2005 12:18 pm

makes sense.

Aug 22, 2005 11:53 pm

Jones had more than 700 brokers leave through the first 6 months of 2005.  Sure, many of them were new brokers in their first year or two of production.  However, they are on pace to turnover almost 1500 this year.  That, Jonesies, is a damn expensive proposition for your firm.  The growth initiative (firm objective #1) is a failure.  The turnover number compared to other firms is very high.  I still say the real E-Day (E for Exit) will come next year after profit sharing is paid, the LP "bonus pool" is paid out, and Diversification Trips are taken.  I still talk with several people who work there, (Believe it or not, they don't "own" their own business.  Business owners don't get W-2s.) and they are starting to make other plans. 

Aug 23, 2005 9:29 am

I find it odd that the number 1 place to work would have any trunover to speak of at all. 


7Year, are you suggesting that if Soothsayer's figures are accurate, 1500 brokers this year have failed at Jones?  Don'ty you think this would indicate that there are serious flaws in the Jones hiring and/or training areas?  It seems to me that a 15% attrition rate would be unacceptable.

Aug 23, 2005 9:52 am

The biggest flaw is the one-year, 24K salary, and then cutting a guy (or lady) off cold turkey.  Yeah, I know, I know, it worked back when Ted was in charge of the firm.  And, you can point to the rare exception of the person who survived this pay model.  The reality, however, is that it has not been adjusted in more than a decade. 

Aug 23, 2005 12:26 pm

Sooth,  I have been following this forum for a year now, and your last post was by far and away the most accurate post I have seen.  I am currently at Jones, but not for long.  Jones has not been a horrible place, but to think someone can provide for a family on 2,000 a month minus a 500 dollar medical premium they have another thing coming.  We have been told they are looking at updating the scale, but it has been a year now, and still nothing has changed.  I predict with rising gas cost, and inflation rising more and more newbies will be heading for the door.

Aug 23, 2005 12:45 pm

Not to mention putting 19 offices in a town of 40,000 people.  (Not to mention the other firms + banks competing for the business.)  Sure the first few rounds of brokers got the low hanging fruit, but as each round went thru, the fruit was harder and harder to reach.


Something to be said for working for a company that doesn't have an office on every corner (or across the street from each other) or outnumber the McDonalds in your town.


Aug 23, 2005 12:49 pm

... don't take the last post as a slam on EDJ.  I still believe its a great company, they just need to adjust their marketing strategy.


I learned alot from them, and yes I was meeting all of their expectations when I left over a year ago.

Aug 23, 2005 12:52 pm

I know 24 K is not a whole lot, (believe me I know), and Jones has there issues, But...They are not forcing anyone to work for them. It is what it is, take it or leave it. If you decide you want to upgrade to another firm or channell, that is your absolute right also. Don't EVER let anybody disuade you from bettering your position, or do what's best for you and your family.

Aug 23, 2005 1:26 pm

In my opinion, Jones has this conceptual one broker office deal, that has evidently worked in some markets, and failed miserably in others (Mine). So why not alter it.


Think for yourself for one minute. Let's see, in your market of about a 30 mile radius, youve got ML, MS, SB, UBS, Janney Mont, RJF, AG Edwards, Another bunch o' insurance companies, All together with about 300 reps and advisors (whove been prospecting your territory for the last 50 years). Oh yeah, then throw in another 100 planners or so, and let's not forget about the pesky banks, That are on every frkn corner. "Allright son, youve had outstanding training, youve got your lap top, I know...It's alittle weird making calls from your phone in your living room, but we have something special here....Hey if a guy in a one horse town in the middle of nowhere can be a multi million dollar producer, then you should have no problem. Besides, now that we have our name on the Rams football stadium - Name recognition is 2nd to none!"    Do you think this guy really stands a chance in hell to survive.....let alone thrive???????

Aug 23, 2005 1:55 pm

As a former IR, mentor, and occasional trainer in St Louis I remember new IRs being hired and sent into small towns that already had well established IRs.  One town in particular that has houses spread over wide areas on large wooded lots.  Lots of long gravel drive ways etc.  I felt bad for what these new IRs were told to do knowing they would never make it.  To this day, there are only two IRs in that area and I would guess seven or eight other who have failed. 


"Just go out and knock on doors."  Right.    All the while, the GP Regional leader in my area kept out any new offices in his town until three years ago.  There are 60,000 in his town and they were trying to put 3,4 and 5 offices up in areas near him that had populations of only 7000.    


It's such an unethical organization.  I suppose many of the larger brokerage firms are however.  The dif is though, EDJ puts itself up on a podum as being superior in morals and values to all the rest.

Aug 23, 2005 3:05 pm

I guess in the end, it's a persons choice based on their own due dilligence. It's hard to assign fault when we have choices. I was mislead by The Jones guys who hired me. Both were Goodknight brokers who walked into 30 million, with established locations, and completely wrote off the advantages of that. If your going into the hardware buainess, would you take over the store on Main and State, that's been there for 30 years, or sell hammers and saw blades from a wagon that you cart around town.

Aug 31, 2005 11:55 pm

Labor Day is coming


It's another three day weekend...............


Things they are a changin..............  How many will leave?


If you Jonsers have the balls you need to follow the 25yr vet that just got smart................


Those of you thinking it will change, must be waiting for Santa .........oh, is that Doug "3" Mil Hill with a bag full of your hard work........the GP's need it more than you do........... 

If the Firm doesn't GROW, you must GO.....................

Sep 1, 2005 8:00 am

C'mon, Player.  Give it a break, will ya?  If they leave, they leave.  What difference does it make?

Sep 2, 2005 2:29 am

Starka,


This is FUN............  The TRUTH hurts...