Riddle me this
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What do these people have in common -
Jack Welch....... & any other CEO of a dominant company, during the most flush period of our countries history.
John Bachman........ (Edward Jones MP from 1980 - 2000......can you say whew, wiping your brow, as if you just missed getting pummled by a freight train)
Bill Clinton........ Dem or Rep.......you have to admitt, the only thing he had to stress about, is how to keep track of which lies he used to cover up some personal F up.
John Travolta......thanks Quinton - instead of a "pre owned" 911, I now park a small fleet of airplanes in my driveway.
Justin Timberlake, P diddy and any other no talent boy bands, or thugs....(Thanks to to the masses with $20 in their pockets)
Let's throw genius mortgage brokers in there.
And my personal fave........Hedge fund managers.
TIMING!
One would have to imagine the writing was on the wall when Bachman left. I did hear though that Hill was instrumental in negotiating the original rev sharing agreements and that is what really helped him climb as a GP. If that’s true, he got what he deserved timing aside.
Edward Jones has not been successful because of timing or luck. Since 1980, the date mentioned above, they have grown their offices five fold every ten year period. That isn’t by chance. Take a look:
http://www.edwardjones.com/pdf/PressKitMap.pdf
BPD
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The grass is still GREENER where you water it!
People give Bachman and the current regime all the credit. How much money did Teddy Jones leave the firm when he died?
How about Mark Cuban?! Happened to have a great idea that worked--not luck or timing. Selling in 1999--priceless.
Although, all the folks mentioned above did "make their own luck" to be in a position to cash in. You could say the same things about anyone that started in the financial advice business in the early 90s....20%+/yr in any investment ('95-'99) helps you grow a business pretty quickly...
Absolutely - They made there own luck, and …they took the ball and ran with it. I was just trying to have some fun. Being in this business between 82’ - 99’ Helped alot of brokers.
[quote=BigPayDay]Edward Jones has not been successful because of timing or luck. Since 1980, the date mentioned above, they have grown their offices five fold every ten year period. That isn't by chance. Take a look:
http://www.edwardjones.com/pdf/PressKitMap.pdf
BPD
______________________________________
The grass is still GREENER where you water it!
[/quote]
Got any information on the number of offices opened and closed in the US each year? All I ever see are closed Jones offices. I've never seen a closed Merrill office....
BPD -
FYI - For the majority of Bachman's 20 year tenure, business was easier to get......for a host of reasons. I really do think they have come to a point, where they need to do something diffeent. As MB said....There are a ton of vacated offices, that have housed 5-6 brokers in a short period of time.
I agree. I live in a town that is a suburb (10-15 miles out) of a city with a 500k+ population base. No one from this larger metro area really ventures into my city, which is more of a commuter town, of 25k people. The city I live in has an average income of $30k per working adult. Not a bunch of high net worth people. In this city, there are 9 EDJ offices.
Oh, I failed to mention that of that 25k people in the city, 5-8k are college students.
Is there really a need for that many offices? I personally don't think so.
BR,
Ill bet that 2 of the nine office account for over half the revenue and the other seven are struggling.
Then the new IRs are told to go out and knock on the doors around their office that have been knocked on many times before. Often times they uproot their lifes to start out in an office in a situation like the above. It’s a sad thing because they are almost always doomed to failure and the vets in the area know that. Yet Jones keeps craming them in with out any thought to what they do to these peoples lifes. After five years of nonstop work they may be making 70k a year if they are lucky enough to make it, which the vast majority in these areas are not.
[quote=BigPayDay]Edward Jones has not been successful because of timing or luck. Since 1980, the date mentioned above, they have grown their offices five fold every ten year period. That isn't by chance. Take a look:
http://www.edwardjones.com/pdf/PressKitMap.pdf
BPD
______________________________________
The grass is still GREENER where you water it!
[/quote]
These references to the Jones website are priceless. You know there are a lot more McDonald's restaurants than there were 20yrs ago too, that doesn't mean the food is healthy and the employees are rich....It's the shareholders and franchisees who make all the money. At Jones that would be the GP's and the....Oh wait, the GP's again
BECAUSE YOU DON"T OWN YOUR BRANCH!!!!!!
There is one guy out there that does fairly well (average I would estimate). I would love to invest with him, but…I want a stronger platform.
[quote=BigPayDay]BrokerReject,
That's what my clients care about... strong PLATFORMS.
BPD[/quote]
You don't even know what a PLATFORM is because YOU ONLY HAVE ONE! Touchdown bonds and A-Shares galore!
Do y'all still carry touchdown bonds in your inventory?
[quote=Starka]
Billions of flies eat sh1t too.
That doesn't mean I want a heaping bowl full.
[/quote]
Great Line!