Office In Transition "OIT" at Ed Jones

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Nov 5, 2008 4:05 pm

Does anyone know how much the OIT brokers at Eddy Jones make?

Nov 5, 2008 5:59 pm

Depends.  There are two types.  One is a typical HQ associate that doesn't travel at all.  They make in the ballpark of $55K.  I may be a little off on that one, but not too far. 

 
Second is a pretty cool job if you are a single person who wants to see the country.  Those OIT FAs travel the country trying to hold onto assets for EDJ when a big advisor leaves.  You might be in MS today, IA for the next 3 weeks, then CA for the following 3 months, then NY for the next 6 weeks with one or two days home in the meantime.  99% travel.  I have no idea how much they make, but it used to be 6 figures.  Not a bad gig if you're single.  Jones pays for lodging, rental car, meals, etc while you're on the road. 
Nov 5, 2008 6:16 pm

Sweet gig if your fixed expenses at home are low (have roommates, live at home, cheap apt., etc.). It's also a good deal for "empty nesters" that want to work & travel later in life. I see that a lot with our compliance/field supervision auditors. Not a great deal for people with families or a life.

Nov 7, 2008 2:56 pm

Home office OIT is responsible for open offices of 25mm or less and is typically run through the Pass program now.  They get to keep 10% of the gross for any transaction while the branch is assigned to them (Trails not included).  The traveling OIT team used to make a six figures but Jones closed that up a few years ago and now it's purely salary for around $55,000 - $65,000/yr plus home office benefits

Nov 7, 2008 3:22 pm

It would be tough for most people to bad mouth the departing rep when they do not even know that person!

 
What kind of a person could do that?  
Nov 7, 2008 3:26 pm

The HQ associates that call from St Louis are terrible and have no idea what they are doing. They called some of my clients and ask some of the dumbest questions ever..

Nov 7, 2008 4:59 pm
Greenbacks:

It would be tough for most people to bad mouth the departing rep when they do not even know that person!

 
What kind of a person could do that?  
 
How do you know they're badmouthing the departing rep?  Jumping to conclusions aren't we?
Nov 7, 2008 11:41 pm
Spaceman Spiff:
How do you know they're badmouthing the departing rep?  Jumping to conclusions aren't we?
 
Witnessed in person. 
 
One didn't even know who the beneficial owner of an UGMA account was.  oit's usually insinuate that the rep left due to "irregularities" and "don't know where they went" even if in small towns the rep openned an office ACROSS (yes ACROSS) the street. 
Nov 10, 2008 10:40 am

The OIT reps that handle smaller books, like your office I'm guessing, probably don't know where the other guy went.  They have one job, that's to service and retain clients for EDJ.  I've never sat in on the phone calls with the OIT guys so I have no idea what else they say to the clients. 

 
Now the ones who handle the larger more competitve offices probably do play hardball.  Again, it's their job. 
 
Squash - what kind of dumbest questions ever did they ask?
Nov 10, 2008 4:04 pm

I have listened in on the Home Office OIT and I can tell you that it is NOT the "They left from irregularities" statement even if it were indeed true.  The official line is "So and so  has left the firm to pursue another opportunity." They are not allowed to "Bash" the outgoing rep.

 
I also have a good friend in the Traveling Transition position and even in competitive situations, the irregularities line is rarely if ever used.  Anyone that has ever worked at Jones knows that we are taught on day 1 to never dis the other broker and this holds true on the trasition side as well
Nov 10, 2008 5:23 pm

You guys are kidding yourselves.  I respect Spiff a great deal, always honest and sees things from both sides, but this is not a universal truth.  I have an office in a small town, stuck between 2 larger cities, and Ed Jones guys come and go (as do guys from every other brokerage) and I have clients all the time relaying the home office phone call they received from Jones.  They are far and away the most timely and aggressive Home Office I know of when it comes to retaining assets. 

 
They will not come right out and say so and so is a crook.  But inuendos and what not are easy to perceive.  A large Jones producer in my area went Indy 6 months or so ago, she had sued Jones during the prior year, and many of her clients who I knew personally had this info relayed to them from the Home Office.  If the rep on the phone even mentions a "pending lawsuit," what is the client to believe?
 
I do not think Jones does anything others do not, but they certainly participate.
Nov 11, 2008 1:33 pm
Spaceman Spiff:

The OIT reps that handle smaller books, like your office I'm guessing, probably don't know where the other guy went.  They have one job, that's to service and retain clients for EDJ.  I've never sat in on the phone calls with the OIT guys so I have no idea what else they say to the clients. 

 
Now the ones who handle the larger more competitve offices probably do play hardball.  Again, it's their job. 
 
Squash - what kind of dumbest questions ever did they ask?
 
ooooooh good slam ss!
 
 a direct quote of yours is  "I've never sat in on the phone calls with the OIT guys so I have no idea what else they say to the clients."  but you'll make statement anyways?
 
 
Spiffy you might recall from a pm I sent you I described what role I played at your firm.  I heard with my own ears while observing their procedures, a couple of clients had even been kind enough to tape their conversations with oits and sent them in.
 
Regardless of AUM all the oits play fast and free with the procedures. Salary has modified some of their bad habits but it continues...... I wonder why that is?
Nov 11, 2008 4:32 pm

You are so wrong that it's not even funny.  First, for compliance reasons, the phone calls from the HQ OIT guys are recorded.  You should recognize the compliance implications there.  Can you imagine what an attorney would do if he found out that the OIT reps were badmouthing (slandering) the departing Jones reps?  Can you comprehend the number of potential lawsuits there would be if those guys were allowed to even insinuate anything? 


Second, what's in it for them?  What is there to gain for those guys to bad mouth the departing FA?  There's a lot more downside risk than upside risk.  On the downside there's legal action and termination.  On the upside there's...well, nothing.  So why in the world would they put themselves at that risk? 
 
Now, those travelling OIT people probably have a different story.  So let me see if I can play out how one of those conversations you might have taped goes.  So I'm bspears, who just got fired for instituting a "No Panty Tuesday" rule in the office, at the bar on Sunday afternoon.  One of my best clients walks in and says:
 
Client: Hey, I got this letter that says you're no longer with EDJ.  What's the deal? 
Spears:  Well, it's a long story I say...but let's just say things didn't end well. 
Client: So, you got fired?  It's OK you can tell me. 
Spears:  Well...I don't want to get into it, but it's just not a friendly company.  I'll get in touch with you Monday and we can talk about what to do with your account over there.  I'll be starting my own office with LPL here in the near future. 
Client:  Those idiots.  You're the best thing that's happened to me since my third wife cheated on me with my dad.  Who do I need to call to raise some cain? 
Spears:  I don't really know, I'm just glad to be independant now and working for myself.  I have so much more respect for myself now that I don't work for them any longer.  Hey let me buy you a Shirley Temple. 
 
So, fast forward to Monday.  Chip the OIT guy is in spears' old office making phone calls, when spears' client from Sunday walks in and demands to see the FA.  Chip invites him into the office, offers him some coffee, and asks how he can be of service:
 
Client:  So, what kind of sorry company are you people running here?  I talked with the best FA in the world, bspears, yesterday and he said you people fired him.  Who are you?  The guy who's gonna try and steal my money from him? 
Chip: Actually sir, my job is to service these accounts until we can find someone to replace Mr. Spears.  I'm not aware of the specific circumstances of his departure, but I was told he left Edward Jones to pursue other opportunities.  I'm not going to steal any money from Mr. Spears.  My only job is to service your account and make sure you have all the information you need to decide whether or not you would like to continue working with Edward Jones or not. 
Client:  So you people fired him, right?  What kind of company are you?  Not a friendly one for sure.
Chip:  Sir, again, I'm not aware of the specifics of the circumstances, but Mr. Spears has indeed left our company and we'll be finding a new FA for this office ASAP. 
Client:  Quit dodging the question.  Did you or did you not fire the best FA this town has ever seen?  You did, didn't you.  You idiots.  What kind of second rate company do you run here?  I'm moving my accounts as soon he get's his new office, the one right next door to the tatoo shop, all set up.  Thanks for nothing. 
 
So, the point is, clients who are emotionally attached to their advisor, possibly even friends, can construe almost anything they want from the milktoast answer they're going to get from the OIT folks when asked why their advisor is no longer with EDJ.  The fact that some of those clients might actually go as far as taping those conversations might lead me to believe they were asked to do it by the departing FA.  Do you think those clients told the OIT FA that they were taping the conversation?  Is that legal?    
Nov 11, 2008 6:57 pm

boy have you got an imagination

and it seems you have time to write about it too. 
Nov 12, 2008 9:41 am

Yeah, it was a quiet afternoon.  Too much caffeine. 

 
What, no witty comebacks or rebuttals? 
Nov 12, 2008 9:58 am

Is the "no panty" rule, a company wide memo that goes out, like uptick live..?

Nov 12, 2008 10:15 am

It's only illegal to record a conversation that you're not a party to.

Nov 12, 2008 10:58 am
Spaceman Spiff:

Yeah, it was a quiet afternoon.  Too much caffeine. 

 
What, no witty comebacks or rebuttals? 
 
what's there to rebut?  You just keep living in your own little private fantasy world of green.
 
I especially loved your options fairy tale.
Nov 12, 2008 11:17 am

WHAT THE HE LL.....You used my sacred name as fodder for your crazy story.  Let me just say...I had a client after my move and after the 2nd person came through my office, make the statement.."You can't believe all the bad stuff she has said about you"...SO..I know and I will bet the vast majority of the departing reps have stories like this...so your bullshit story has absolutel no weight.  Sorry...however, I did expect that from Jones. I was there when many left and just the badmouthing in the region was enough for me...you guys are pathetic.

Nov 12, 2008 11:47 am

bspears,

 
I hope you are not referring to me as I was not referring to you.