Stl Bus Jnl...The truth is in the numbers
Here are some interesting facts for all you Jones lovers and haters out there:
Recently the Saint Louis Business Journal ran an article on the highest paid execs in Saint Louis. Jones had 5 of the top 10. Not bad, but here is the kicker. They only have to report their top 5 on their K1 report. No other company in Saint Louis has anywhere near that many execs at the top of the pay scale. WHAT WOULD IT HAVE LOOKED LIKE IF THEY HAD SHOWN THE 10 OR 20 TOP PAID GUYS AT JONES?
When all of you Jones brokers look at how much you are paying for heath care, office expenses, and the horrible retirement plan how does it make you feel that your hard earned money is making the rich get richer. Also what about your clients having to pay for TOD fees.
This is why you have not seen a big technology roll out at Jones, this is why you have not seen new departments created to look at more fee based planning. It is because these things cost money and these top execs are not willing to take a pay cut to provide these services or benefits for the clients and their employees.
Listen you Jones supporters can all take up for the firm, but how do you explain the FACT that unlike any other company in Saint Louis they have this many top paid execs when only the top 5 had to be listed. AG Edwards CEO, which is also based in Saint Louis was ranked 38 and Stiefel Nicalaus was ranked somewhere close too.
If someone has an explanation other then that Jones is ran by a bunch of greedy executives who put on a good face for their IRs and their clients please let me know. Would doing whats best for the clients and employees mean bringing your pay scale down to a more appropriate level where you still make a good living and share the riches to help reduce fees for the clients and increase the take home pay and benefits for the employees?
Even if you are a Jones supporter through and through you need to put these things in perspective.
GP...It is a BIG DEAL
An expensive deal that all the employees and customers are paying for.
I've said it before, and I'll say it again
Your the "GREATEST SALES FORCE IN THE WORLD" , according to Doug "3 Mil" Hill , and he pays you well for the privilage
that really S U C K S..................................