We've been around since 1871

or Register to post new content in the forum

39 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Aug 20, 2007 8:10 am

I can't believe that I used to tell people that Jones has been around since 1871 and that they still spew this same nonsense.  I was at a friend's Grand Opening of his EDJ office and he actually said "We trace our roots back to 1871."  I thought I was going to blow chunks and had to leave the room because I started coughing so hard.  The worst part is I think people actually believe that nonsense even though Ed Jones wasn't even a sparkle in his pappy's eye yet.


Spiffy, you've got to get them to change that line to the truth!!!

Aug 20, 2007 8:59 am

Where do the get 1871 from?

Aug 20, 2007 9:04 am

Jones gets 1871 from an aquisition of a Bond firm started in 1871, Jones actually came about in 1922.  Due to the merger they get to use the oldest firms inception date.  I dont remember the name of the firm.

Aug 20, 2007 11:47 am

The firm was Whittaker and Co.  It was industry standard for years to use a starting date of a company you acquired.  If you'll pay attention (if you care) to Jones material these days, you find we've dropped the 1871 bit.  It still shows up from time to time, but Weddle and Co made a decision to stop using it.  Probably because if discussions just like this one.

Aug 20, 2007 1:42 pm

I'm glad they decidied to stop using it, because it's B.S. They just need to inform all FAs to not use bogus information to try and impress.

Aug 20, 2007 2:52 pm

1871 or 1922, either way it's old and so is the transaction model that was created at that time.


Spiff, did you open 10 or were you an account opener leader for the month say 18-33 new accounts?  

Aug 21, 2007 7:22 pm

That's an interesting point. They give the shovel award for opening 120 new accounts in the first year and fail to recognize the broker who opens few accounts but generates revenue that they share disproportionally with the rep.


Go figure.

Aug 22, 2007 11:05 am

I've never found I need to open a bunch of accounts to hit my goals.  I'd rather have 4 or 5 decent sized ones vs. 10 new IRAs.  I will this month, but it's because I have a few households moving over that all have trusts, IRAS, and Roths. 


I disagree that Jones fails to recognize the rep who generates revenue.  They just do it with different awards.  The shovel award is based on principle Ted Jones lived by that if you can open 10 new accounts a month for your first year, then you will be successful.  The dollars follow the accounts.  There are a lot of awards based only on production, but the shovel award is the only one based on activity.

Aug 22, 2007 2:49 pm

And it's only in your first year.  That's what you should be doing in your first year.  Nearly every other award they give is based on production.


Good friend of mine has been out about 10 years.  He still opens 15-20 new accounts per month - all referral stuff.  In his seg 5 training, he was told to knock off the new accounts and focus on what he already had - start culling through the book and mining for gold.


Look, Jones has plenty of faults.  But criticizing them for recognizing a good start to your business does not seem so bad to me. 

Aug 28, 2007 7:43 pm

You realize this means Wachovia Securities was founded in 1887 now...

Aug 28, 2007 9:13 pm
nestegg:

You realize this means Wachovia Securities was founded in 1887 now...


Good one....

Aug 31, 2007 6:58 am
Spaceman Spiff:

I've never found I need to open a bunch of accounts to hit my goals.  I'd rather have 4 or 5 decent sized ones vs. 10 new IRAs.  I will this month, but it's because I have a few households moving over that all have trusts, IRAS, and Roths. 


I disagree that Jones fails to recognize the rep who generates revenue.  They just do it with different awards.  The shovel award is based on principle Ted Jones lived by that if you can open 10 new accounts a month for your first year, then you will be successful.  The dollars follow the accounts.  There are a lot of awards based only on production, but the shovel award is the only one based on activity.




I won that award with Jones..when I was with them.. and you are right it is the only one for your activity ..and when you are spanking new ..ACTIVITY ..is all you have.. I did though find that once that hurdle was over ..the money did follow.. mind you I was doing this during the 90's rush to the market.. boy ..what good times.. knocking on doors in the middle of January at 8am..and freezing my a** off ..


Aug 31, 2007 8:13 am

I got that shovel award too... good times.  Now I realize it was to shovel all the crap away that EDJ was feeding us!!!  (I couldn't resist!). 


But whitewlfz is right, you have to start somewhere and beating on doors is a start.  I started in an older neighborhood and all the doors were solid hardwood.  I remember my knuckles actually being sore.  I'd comment on the lady's flowers and hand her an "Edward Jones and You" brochure.  Good times...

Aug 31, 2007 8:56 am

Long weekend, wonder how many brokers in the industry quit today?

Aug 31, 2007 10:35 am

A lot I'd assume.  Probably more at AGE than at Jones. 

Aug 31, 2007 11:38 am

SS-


Don't be so smug my good friend. Someday the old guard at Jones will retire and then the profit mongers will be available for takeover, just as it happened at AGE.


Never ever say it can't happen. Greed is everywhere, even at Jones.

Aug 31, 2007 7:40 pm

No, I ment industry wide, not just Jones. We had one last weekend. I got one nice account. Hope more quit.

Sep 1, 2007 3:04 pm

Spiff,


Keep in mind Wachovia is now in your backyard and has the necessary chips to make one more large aquisition...Per Jones future: I will bet that the growth goal for the firm won't sustain over the next 10 years and with the average producer being $250K (generous estimate) there will be a push to go public via aquisition.  Jones will continue to be behind in platform and tools, 2 trips for $215k producers will go away and the metro reps will get tired of not getting a good bonus for the same production the rural reps attain.  Simple interest partnership will not keep up with the new packages of today..   


Sep 2, 2007 9:59 pm

I agree that sometime before us young chaps are done - Jones will go in directions mentioned above.

Sep 3, 2007 6:17 am
gad12:

I agree that sometime before us young chaps are done - Jones will go in directions mentioned above.





It could stay private as an LP, but eventually EDJ is going to have to convert to a fee model.



In the mean time, I'd be building up the capital markets desks, so EDJ
can have customised bond portfolio's as a unique selling point over
schwab/fidelity.