A Telling Sign for EJ?

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May 11, 2009 5:38 pm

http://www.shelbynews.com/main.asp?SectionID=1&SubSectionID=93&ArticleID=60615&TM=61345.32



Very sad story.  Another FA trying to kill himself. 
 
Jones Link.
 
http://www.edwardjones.com/enUS/fa/index.html&CIRN=611058
May 11, 2009 5:46 pm

I feel bad for the guy. 

May 11, 2009 5:51 pm

I don't care who the guy works for, why would you feel the need to post a link about this story? Why would they even need to have that story in their newspaper?

May 11, 2009 6:03 pm

Because it is called news...which is a form of entertainment... they no longer report facts because no one is interested in that... similar to the reason why Jerry Springer was a hit show..

May 11, 2009 6:48 pm

Changing the subject from this poor shlub  ....
Weddle was asked this weekend about an Seg. 3 FA who was 'coasting' -- working a couple of days a week and using his BOA to cover the office the rest of the week. W. said that he wished he knew who the advisor was so he could either a) encourage him to reach his 'full potential' or b) ask him to seek other employment.
Working two days a week and making 90k a year is basically my life's ambition, so this was disquieting.




May 11, 2009 6:58 pm

That is a sad story. I bet he used a lot of the Founding Funds strategy.

May 11, 2009 7:01 pm

Look at the posters forum topic.  A telling sign....  This scumbag has such an axe to grind he/she does not care who else is ground up in the process.

May 11, 2009 7:01 pm
buyandhold:

Changing the subject from this poor shlub  ....
Weddle was asked this weekend about an Seg. 3 FA who was 'coasting' -- working a couple of days a week and using his BOA to cover the office the rest of the week. W. said that he wished he knew who the advisor was so he could either a) encourage him to reach his 'full potential' or b) ask him to seek other employment.
Working two days a week and making 90k a year is basically my life's ambition, so this was disquieting.

 
Go Indy and once you get to the point of working two days a week you will be able to without have Weddle "reach around you".  I'm not there yet, but someday.



May 11, 2009 7:04 pm

ytrewq - I agree.

 
I don't know why anybody would post that.  I can't believe they called him out in the article.  If he survives and gets through therapy, who is going to want to do business with him.  His career is shot.
 
May 11, 2009 8:19 pm
buyandhold:

Changing the subject from this poor shlub  ....
Weddle was asked this weekend about an Seg. 3 FA who was 'coasting' -- working a couple of days a week and using his BOA to cover the office the rest of the week. W. said that he wished he knew who the advisor was so he could either a) encourage him to reach his 'full potential' or b) ask him to seek other employment.
Working two days a week and making 90k a year is basically my life's ambition, so this was disquieting.

 
notwithstanding the utter shame that this thread deserves, i thought EDJ guys ran their own business? the guy clearly is profitable, in segment 3, paying his bills to the firm and on the homefront, let him be.
 
i remember being at the seg 3 class (can't remember the name) and having Cahill tell the group "once you hit segment 3 you can work as hard as you would like. if all you want is $100k/year, more power to you, if you desire segment 4 and more income you will get alot out of this class."
 
just wondering what has changed lately at edj.
May 11, 2009 8:26 pm
Moraen:

ytrewq - I agree.

 
I don't know why anybody would post that.  I can't believe they called him out in the article.  If he survives and gets through therapy, who is going to want to do business with him.  His career is shot.
 



I don't know. Small, Southern town like that -- if he parlays this right, maybe starts wearing a straw hat and leaving a bottle of Wild Turkey on his desk and establishes himself as a character, it might even HELP his business.


May 11, 2009 8:30 pm

Well, you have to put it into perspective.  I doubt the guy is at the "top end' of seg 3.  Let's not forget the range is 15k - 27K per month - a big range.  And also keep in mind that you could "hit" segment 3 one month, then never do segment 3 numbers again, and still be in segment 3.  There's no way he hit segment 3, and now works just 2 days per week and does any meaningful amount of business.  If he had hit segment 4 or 5, then yes, maybe it could be done if he had built his assets up.  If the guy was really doing 100K net, Jones would be fine with that.  But I would wager that he was doing more like 150-180 gross

 

I think the BOA's point was that the guy was a total slacker and not doing much business.  And Weddle's point (and he was not given all the facts) was that segment 3 was no place to start slacking off and only coming into the office twice a week.  I sort of have to agree with him.  This is where I actually fault Jones sometimes.  They have a process in place where total losers could squeek by after years and years being barely profitable.  These are situtations where it actually makes much more sense to just go indy.  At a wirehouse, you would be fired for staying at Jones' seg 3 numbers (low seg 3 numbers).  The economics just don't work to let someone at a "captive" firm (i.e. Jones, wire, etc.) coast with real low numbers.
May 11, 2009 8:32 pm
B24:

Well, you have to put it into perspective.  I doubt the guy is at the "top end' of seg 3.  Let's not forget the range is 15k - 27K per month - a big range.  And also keep in mind that you could "hit" segment 3 one month, then never do segment 3 numbers again, and still be in segment 3.  There's no way he hit segment 3, and now works just 2 days per week and does any meaningful amount of business.  If he had hit segment 4 or 5, then yes, maybe it could be done if he had built his assets up.  If the guy was really doing 100K net, Jones would be fine with that.  But I would wager that he was doing more like 150-180 gross

 

I think the BOA's point was that the guy was a total slacker and not doing much business.  And Weddle's point (and he was not given all the facts) was that segment 3 was no place to start slacking off and only coming into the office twice a week.  I sort of have to agree with him.  This is where I actually fault Jones sometimes.  They have a process in place where total losers could squeek by after years and years being barely profitable.  These are situtations where it actually makes much more sense to just go indy.  At a wirehouse, you would be fired for staying at Jones' seg 3 numbers (low seg 3 numbers).  The economics just don't work to let someone at a "captive" firm (i.e. Jones, wire, etc.) coast with real low numbers.



I wonder if the BOA rats him out -- she will if she's a paid 'spy.'


May 11, 2009 10:55 pm
B24:

Well, you have to put it into perspective.  I doubt the guy is at the "top end' of seg 3.  Let's not forget the range is 15k - 27K per month - a big range.  And also keep in mind that you could "hit" segment 3 one month, then never do segment 3 numbers again, and still be in segment 3.  There's no way he hit segment 3, and now works just 2 days per week and does any meaningful amount of business.  If he had hit segment 4 or 5, then yes, maybe it could be done if he had built his assets up.  If the guy was really doing 100K net, Jones would be fine with that.  But I would wager that he was doing more like 150-180 gross

 

I think the BOA's point was that the guy was a total slacker and not doing much business.  And Weddle's point (and he was not given all the facts) was that segment 3 was no place to start slacking off and only coming into the office twice a week.  I sort of have to agree with him.  This is where I actually fault Jones sometimes.  They have a process in place where total losers could squeek by after years and years being barely profitable.  These are situtations where it actually makes much more sense to just go indy.  At a wirehouse, you would be fired for staying at Jones' seg 3 numbers (low seg 3 numbers).  The economics just don't work to let someone at a "captive" firm (i.e. Jones, wire, etc.) coast with real low numbers.

Let's really put it into perspective. The Segment 3 guy hired the BOA and is her supervisor yet SHE is going to say he is a slacker. That's where the model starts to breakdown. I heard the same speech in Visons class when I was in there.... You can't suddenly decide to change the culture because if you were at a wirehouse you would already be fired....Personally it all goes back to the hiring process,you know some hires are absolutely comfortable at that 80-100K level and you knew it when you hired them. You can't expect some sort of Tarsus road experience. One of the reasons I left is when I interviewed a potential candidate and told the home office do not hire this guy...They hired him and gave me credit for the hire. It was time for me to leave.....

May 12, 2009 9:00 am

Noggin, I see what you are saying.  But my point was that I think the reason this BOA was actually writing in was that the guy was probably more of a slacker than we would assume.  If he was doing 25K a month working two days, it's no big deal.  But if he's doing 10-12K, working two days a week, and she is twittling her thumbs, is that REALLY a good use of resources?  I know it's sort of a dilemma, because as long as you are hitting the minimum,  they will leave you alone.  But we are a partnership, so every slacker affects everyone else's bonuses, profit sharing, etc.  It's not like the guy is just taking Friday's off.  There are plenty of people working much less than 40 hours.  And nobody at Jones cares, as long as you are hitting your numbers.  I don't think anyone is trying to change the culture, just inject some reality and balance.  It seems to me that there was never a time where the Managing Partner of the firm would be pleased to be hear about a seg 3 guy working 2 days a week.  You can spin it how you want, but lets be realistic.

May 12, 2009 9:09 am

You guys left out the best part!  I think this may also shed light on this guys production... When the BOA runs out of things to do for the week (judging by her sugg, i'd say its about 10:30 monday morning), she asks the FA what he needs her to do.  He simply responds, "Bring a book with you and read during the day."  I'm sorry, but there is NO WAY this guy is doing SEG 3 numbers anymore.  65% of seg 2 and 3's in my region are BELOW standard right now.  Including the seg 3 guy, who's been seg 3 for EIGHT YEARS.

 
This guy probably sucks, but if he's profitable, I'm not going to complain.  Even LP's can't scream to loud if he's covering the bills at the office everymonth. 
May 12, 2009 9:41 am

To be clear - the guy in the article and the guy who is working 2 days a week may or may not be the same guy.  I'm guessing they aren't.  I agree that if he can be profitable working two days a week, great.  At least he's not dragging the LP down.  The BOA in the suggbox wire did say that he's relying on his few large accounts to pay the bills.  Maybe he's got some big fee based accounts or something that creates recurring revenue for him that allows him to only work a couple of days a week.  Who knows.  If that's the case, he's screwed if those folks ever decide to leave him.   

 
ManOnTheCouch - you're an idiot.  Shame on the Shelbyville newspaper who printed the article and shame on you for inferring that this guy's issues are directly correlated to EDJ.  I'm curious what you think is so "telling" about this situation and EDJ. 
 
 
May 12, 2009 10:01 am

I think an argument can be made that a BOA isn't even needed until you are consistently doing 20k gross. So what is the purpose outside of a pair of eyes to watch over the FA.

May 12, 2009 10:44 am

Someone to answer the phone while the broker is supposed to be out of the office meeting people. Getting an answering machine at 10:00 am isn't professional.

May 12, 2009 10:48 am

One of the main reasons for having the BOA is to establish the relationships w/ the clients so when the broker leaves or gets fired many clients will stick around.