Regret Leaving Jones?
I know I'm about to get blasted, but has anybody here left Jones and regretted doing so? I left 6 months ago and can't get rid of the nagging desire to go back.
I like my new shop and I've enjoyed adding other aspects to my biz (options particularly), but I think I left to early in my career for one thing, and I miss the culture and having my own office.
Sounds like you joined a bank or wirehouse...Jones isn't a bad place to start. I always tell Jones brokers to stay there a few years before jumping the gun.
I was there for ten years and I have never missed it. Not even for a second. Sounds like you left too early in your career and you didn't have an established business. It also sounds like you were promised a few few things that were not delivered at the new firm. I don't know your situation so I don't know what to tell you.
I'm not going to blast you though---you just left perhaps at the wrong time and for the wrong reasons.
I sure as hell don't miss it!! Where I am isn't perfect but it's better than EJ all the way. The fact that they don't allow fee based (< $500,00) is reason enough. You like being limited to using only "a" shares, and having to service your accounts for 25 bps?
I don't mean to blast you but you sound like the typical ignorant EJ broker. Can't see the forest from the trees. Do the math dumby!
EJ will take the initial post in this thread and place it in their recruiting tools...."Even on internet forums, IR's who have left us wish they could come back."
Don't go back, move forward. In th long run, if you can make it in the business, you will not regret your decision to leave. Although, you probably left way too early in your career---don't go back. It's a fools move for sure.
I think you have to answer that question with what does Jones provide you that would make you want to stay? Products- you have no equity research, no managed products, can't sell options, an average bond desk, 7 mutual funds and 3 annuity companies. I would say no. Technology- I assume you do not have real time quotes yet, no asset allocation program. I would say no. Training- I think that is debatable at best. Support- Jones has the lowest support at the home office level per broker than any other major firm in the industry. I would say no.
I guess I can't make an argument for you.
By the way I was reading the Registered Rep Report Card section and wanted to make a point. Jones reps rated their quote system and technology greater than the average of the rest of the firms. How can this possibly be? I think the answer is most brokers there don't know or haven't tested the theory that the grass is greener on the other side.
You will be better in the long run regardless of what avenue you decided to take.
I tested it. It's much greener.
Truth, you are correct. If you take the RR report card at face value--you would jump to some incorrect conclusions. Jones tchnology being above average. Maybe it's better than the Apple IIc I had in high school, but it's way below average. They also rate products very high...I say what products? What about research? Now, that's funny too.
Jones is what it is...if you truly know what else is out there, you can only laugh to yourself and wonder how they continue to convince their brokers that they are something that they are not.
[email protected] than the apple IIc that I had in high school…
I’ll probably get blasted for this one. I thought about leaving Jones last year. I decided to stay — at least for now.
I have spread out with the mutual funds and I am using several other
fund familes. I’m using ETFs too. Been doing that for quite a while now
and so far I’ve not gotten a single call from anyone wanting to know
why. The payout is the same, but the revenue sharing is not there on
those outside the 7.
The technology is way behind. No doubt. However, it has gotten better.
Supposedly there is a better system coming but I’m not holding my
breath for that. The recent tech problems really ticked me off, but I
managed to still get things done.
The things that tick me off the most about Jones would be getting so
many FS Pends and Compliance questions. I have never screwed over a
client and always did the best for them, but it takes a butt-load of
time answering all those wires. Really, Jones goes overboard with the
compliance stuff, IMHO.
I do wish there was a fee-based system. That won’t come until Doug Hill
retires, and evern then I think it’ll take time to get it in place.
There are serious trade-offs with any firm. Yes, the grass may be greener being Indy, but right now I am fairly/somewhat happy.
If you’re gonna blast me, it’s fine. I am a big boy and can take it.
Hawkeye, I am with you. I have somewhat the same views on Jones. I use quite a few fund families outside the 7, never get questioned for that. I find the fact that I see those other wholesalers to be informational for me. They give me a perspective that helps me build my business.
You would get questioned only if those funds outside the 7 make up a large portion of your overall business. And you have to be selling a boat load of these funds. I know a broker that is a huge producer there that was selling an outside fund. He was questioned by several GPs over this and basically told them to back off or he would leave. They took the smart path and left him alone. With the heat they are taking for revenue sharing, plus the settlement they are getting ready to take with the regulators, you will not see them jumping on your for this.
As far as the FSPENDs are concerned. Understand that most of these are generated once you put the order in the system. Very few are actually "sent" from compliance. I challenge you to try this. Just put the lamest answer you can think of on one of those FSPENDS. Most of the compliance people don't even read the responses. You might have some new guy that you are reporting to and he/she might actually try to prove their worth. But if you have someone that has been there more than 2 years, I can almost guarantee they are trashing your responses as soon as you send them back.
Do you understand that the compliance people cannot cancel trades without permission from a GP? If you really want to get compliance off of your back, send a message to a GP saying you are being picked on and they will make sure that your supervisor will leave you alone.
I think far too many leave Jones for indy when they don't have the numbers to back it up. Hawkeye, if you were in the business five years and were doing 300k or better gross...I would blast you.
But, as I recall you are just in your third year and you still have a business to build. It's the vets who are doing big business that choose to remain at Jones that deserve all the ridicule. Not you. You show far more intelligence than many ten year vets at Jones.
Don't worry--when you start doing 500k gross and decide to stick it out with Jones, I'll be first in line to rip you.
Thats a honest reply. Thanks Zacko. I hope you are well. I am the former DXHMAN…
Dont even talk to me about compliance until you have worked for a major bank that has just paid out millions in claims. (BAC) they are so compliance freaky now you can’t hardly do business there. IF something doesnt change with them, they will stop attracting transfer brokers because the existing brokers will start telling them how difficult the new management team have made it there to sell anything.
Deaniac- I am not arguing with you but the majority of firms are cracking down and in fact are trying to get ahead of the curve. Jones has always taken the opposite approach and rolls the dice hoping they don’t get caught. For instance, most firms now are screening for breakpoints on all purchases. Jones doesn’t until you hit around $50K or so. The Jones reps that complain about compliance I can almost guarantee you have never worked for another firm like you.
Well, Zacko, I hate to open myself up for fodder, but I’ve been with Jones now 6 years & am doing $275k gross.
Will I leave? I dunno. I am still looking at the options, but I’ll stay
for now. I have no illusions that EDJ is the “best” as I’ve seen the
way things really work behind the scenes. But for right now, I guess
I’m a quasi-drone. Getting smarter about things, though.
[quote=Hawkeye]Well, Zacko, I hate to open myself up for fodder, but I've been with Jones now 6 years & am doing $275k gross.
Will I leave? I dunno. I am still looking at the options, but I'll stay for now. I have no illusions that EDJ is the "best" as I've seen the way things really work behind the scenes. But for right now, I guess I'm a quasi-drone. Getting smarter about things, though.
go indy.....LPL or Raymond James
Change is difficult for most everybody. You thought about leaving a year ago, why didn't you? Has anything changed (for the better) since your decision or as my eight yeard old says about school ... is it "nothing new today, just same old same old"?
You've missed out on a LP offering and it seems that it will be quite awhile before the next one
1) promises of technology upgardes (haven't we heard about this before?)
2) email for the IRs and (haven't we heard about this before?)
3) of course those pesky reviews by the regulators.
If you leave before then you're family will be happier, you'll make more money (I'm assuming you'd go indy) for the same/less work.
With your current gross you are smart for staying for now. With all the changes going on I would not want to be trying to build a new business. Plus, $275 in on the low side. You would take a hit in the first couple of years.