Where's The Love?

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Dec 25, 2006 11:02 pm

I just recently found this forum, and I'm amazed at how much Jones-bashing goes on. I've only been with Edward Jones for a little more than a year, but I'm very pleased with the firm and the business model.


It really says something about the folks doing the bashing of Jones, when Jones continuously ranks highest in the JD Power survey, Registered Rep. survey, etc., etc.


Of course, at first blush, a reader has to assume that the people speaking poorly of Jones are those who either couldn't get hired or couldn't cut it there.


Dec 25, 2006 11:05 pm

It is interesting how highly Jones brokers rate their fixed-income desk in the Reg Rep poll.  Especially since there isn't one.

Dec 26, 2006 8:39 am
Borker Boy:

I just recently found this forum, and I'm amazed

at how much Jones-bashing goes on. I've only been with Edward Jones for

a little more than a year, but I'm very pleased with the firm and the

business model.



It really says something about the folks doing the bashing of Jones,

when Jones continuously ranks highest in the JD Power survey, Registered

Rep. survey, etc., etc.



Of course, at first blush, a reader has to assume that the people

speaking poorly of Jones are those who either couldn't get hired or

couldn't cut it there.







Finally! After all these years, it's about time a Jones newbie pointed that

out.



Thanks.

Dec 26, 2006 8:59 am

Borker Boy,


    It's obvious that you are still drinking the koolaid.  I, too, drank it for 4 years, never questioning anything done by the GPs or anything decided in St Louis. I finally grew up though.  There's just something about doing all the work while someone else makes all the money.  I did that for 25 years in the military.  I guess when I retired from the military that I just couldn't cut it there either.  Some leave Jones for the wrong reasons, some of us leave just because we want to control our own destiny and to keep more of the money that we work so hard to earn.  Don't just assume that the people on this forum who have left Jones left because we couldn't get hired or couldn't cut it there.  The reason we left was because we got tired of being employees, and we got tired of the GPs making so D*** much money while the newbies worked their butts off just to be moved out after they had a few bad months.  We got tired of seeing our friends who refused to drink the koolaid being berated for not being team players.  Borker, just keep your eyes open wide because there may be a day that all of this comes back to mind, around the 4 year point.  You may wake up one morning and realize that what some say on this forum is correct.  If not, more power to you!!  I hope you have a very successful Jones career.

Dec 26, 2006 10:46 am
opie:

It is interesting how highly Jones brokers rate their fixed-income desk in the Reg Rep poll.  Especially since there isn't one.



That's because the IR's that fill out the survey are too ignorant to understand the question!

Dec 26, 2006 2:07 pm

Borker,


I was seg 4 when I left 4 years ago.  It's ok for you to drink the kool aid for now.  I strongly suggest that you come back here when you're doing 250k and get the inside real story about Jones...until then keep knockin'!


Have a great New Year!

Dec 26, 2006 3:22 pm

Boker-


My savings account as Jones was constantly tapped. I gave them way too long and gave them way too much. It was only one way. Theirs. I left in the last quarter of 2006 ,December was my best month in the business...ever by almost 40%. Remember the adage its not what you make, its what you keep.


The best I ever did at Jones was 13net before expenses. After overhead I expect to net net (after all overhead) 17K. And that was on the same revenue as the coveted net 10 (27k) at Jones.


It is about cost vs value. For me, the value that I received did not compare to the cost of staying. I remember Zacko pounding this into my head. The same revenue as before would net 20-25% more, even after the bonuses. And the downside viewpoint, if I grossed half as much I would earn roughly the same as if I stayed at Jones. It seemed fairly obvious what direction I was headed...independence.


And from the product availability standpoint. There just is no discussion. Today I have over 1200 bonds available because my firm participates in the national inventory (that most b-d's participate in but not Jones). At Jones I was lucky if I had 15-20. Tell me how this is providing A++ service. A friend told me that he received a wire (email for everyone else) not long ago from the bond desk telling him that there were no bonds that fit the Jones criteria in California.


I understand that only now Jones is telling seasoned reps to get their 65 or 66 license. The inference is that they may be embracing fee based business sometime in the future. I don't want to get into an argument which is better, all I know is I wanted to be able to offer it to remain competitive. At Jones, MAP was it and it is very expensive compared to what I have now. They were forcing us to offer what made them the most. Funds. A shares.


I think what others are saying on this forum have merit. When you get to the point (and you will) where you feel the value you receive does not compare to the cost you pay, you will start looking around. And when you do, you will be pleasantly suprised to find a financial world that has tremendous opportunities for both your clients and yourself.  

Dec 26, 2006 4:48 pm
Borker Boy:

I just recently found this forum, and I'm amazed at how much Jones-bashing goes on. I've only been with Edward Jones for a little more than a year, but I'm very pleased with the firm and the business model.


It really says something about the folks doing the bashing of Jones, when Jones continuously ranks highest in the JD Power survey, Registered Rep. survey, etc., etc.


Of course, at first blush, a reader has to assume that the people speaking poorly of Jones are those who either couldn't get hired or couldn't cut it there.




Yaaaawn.

Dec 26, 2006 5:44 pm
footsoldier:

I understand that only now Jones is telling seasoned reps to get their 65 or 66 license.



Actually, Jones is requiring every broker in the firm to get their 66, ASAP.


We are moving toward fee-based accounts, and there are other changes in the pipeline--such as an arrangement to provide brokers with a more consistent monthly income that isn't so transaction driven. 


I certainly don't have a thing against independents, but I get a ton of referrals from people in town who have friends or relatives in other towns who are Edward Jones clients. A good, solid brand name goes a long, long way.


As I've said before, I'm much different than most in the financial services business. I didn't get into this so I could "make a million." I just want a comfortable income with a TON of freedom...and that's what I've got with Jones. I completely agree that it's not the place for everyone...or most for that matter...just a select few whose philosopy aligns with ol' Ted's.



Dec 26, 2006 7:49 pm

such as an arrangement to provide brokers with a more consistent monthly income that isn't so transaction driven. 


ha ha ha ha ha..... you're funny.

Dec 26, 2006 7:56 pm

I'm going to assume this is a piker...

Dec 27, 2006 8:00 am

You've been with Jones a year and you get a ton of referrals???


 Bull!  Sure you get a referral here or there early on, but most vets with Jones that I worked with said their referrals really took off about year 7 to 8.  You can believe in your company for now and in the "Brand Name", just keep in mind that your opinion might change when you do actually start making money and haven't just finished a year of drawing a salary plus your commission.  Just keep your eyes and mind open!

Dec 27, 2006 8:39 am

Year 7 or 8?  If someone just learns how to ask for them, the referrals can start rolling in day #1 in the business.

Dec 27, 2006 8:55 am

anonymous


Yes, referrals can come from day one in the business, but I highly doubt he's getting a ton of referrals in year one. Also, referrals come because of relationships you've built with your clients and from your business building efforts, not just because the sign on your door says Edward Jones.  Bottom line is that Borker is trying to make himself feel good about working at Jones after reading all of the bad things people have to say on these forums.  That's ok, but the koolaid is only sweet for so long!

Dec 27, 2006 10:15 am

He should be getting tons of referrals in year one.  This is when someone needs the most referrals.  Referrals can come from clients and from business building efforts.  However, they mostly come simply from asking.


It takes tons of referrals to build a business, but only a few to maintain one.


Dec 27, 2006 11:19 am
Incredible Hulk:

I'm going to assume this is a piker...



pot....kettle....

Dec 27, 2006 11:32 am

We went several weeks without the Jones bashing club and someone apparently noticed and decided to stoke the fire...

In all honesty, I couldn't care less but I do have a Jones friend who tells me that Jones has been pretty different since ht new guy took over...I get the feeling that a lot of the complaints we hear around here might not necessarily be still valid under the new management.

Dec 27, 2006 12:13 pm

I've never understood the Jones bashing or the Jones praising.


It's a place to work.  It's a good fit for some and a bad fit for others.

Dec 27, 2006 2:17 pm

I think Jones is a great place to start!  That's as far as it goes.  I went all over the world on diversification trips. (Granted, I couldn't spend any money on those trips because I didn't have any).  I also had to scrimp the next three months when they taxed me on them. 


I built a business from scratch with no outlay of my own (except for the copier $400, the local advertising $400/month, half the postage $150/month, half the phone bill $150, gas to new IR meetings $10, $1000 out of pocket for seminars quarterly, $1000/month medical premiums for my family, toilet paper for the office bathroom $100/year, and all that and I got to deduct none of it because I was a W-2 and was struck by the AMT.


When you are ready to leave the mothership or should I say, "Hale-Bop", get your black Nikes on and move.  The best thing that ever happened to me was leaving Jones.  The best thing that ever happened to me before that was getting hired by Jones.  I guess what I'm saying is they gave me the opportunity to build a very successful business, I'm grateful.  They also tried like hell to keep the assets in the office when I left, but failed miserably.

Dec 27, 2006 4:17 pm

Not1,


I would agree with your statement about the changes at Jones.  I have only been here a year, but much of what I read on these threads must be old news, as it just is not the case anymore.  Jim Weddle is making progress with many of the complaints I read about, and that is where I will leave it.


On the other side, I think Jones IR's do a poor job of educating themselves on how to run their business.  I think it is much easier to be profitable and make money under the Jones system than many people lead on.  You need to be your own person, not just a "drone", so to speak.  Talk to successful vet IR's, talk to others in the industry, probe your trusted wholesalers for advice, read the articles in RR, etc...


My mentor with Jones came over from AGE.  He LOVES EDJ.  He acknowledges that there are some things he gave up, but overall he felt it was a net win for him.  He's not a Newbie - he has been in the business over 10 years.  I won't get into the details and bore everyone, but he said both are very good firms, but he just has more autonomy with Jones.  He does business HIS way, and just works within the boundaries Jones puts on him.  He has more of a "planner" focus, estate work, insurance, etc.  He does mostly MF's, with some stocks, bonds, closed-ends, etc. peppered in.  He focuses on HNW households and gets rid of the rest.  It CAN be done.  You just need to know how to run the business the right way and manage your network.


I think Weddle has acknowledged (or known all along) that our model has serious flaws, but they can be corrected.  Now that he has a few years under his belt, has gained the confidence of others in StL and in the field, and can make positive change, he is acting on it.  I have a five year plan with my business.  If he continues to make good changes and make the business a little more fun (to me that means being able to service a finite number of accounts well AND make money doing it), I will stay.  If not, well, who knows.  But I am encouraged by the changes to say the least.


Incidentally, today he announced the new required minimum standard for IR's is 18K gross per month (IR's out 4.5 years or more).