Why I quit Part I

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Mar 10, 2007 11:21 pm

I have read this forum for years and have recently quit EDJ, for many reason of which I will outline, depending on response. First, from first hand knowledge, the mother ship does read this forum and talk about it. this should get them talking. 1st reason I quit was people like Tony Marshel. He was a Bobby (cop) in England, went to southern California in the early 1990's and set up shop as a EDJ borker. Life was great for ten year, built up a great book. If you cannot sell stock is so Cal in the 90's you have a problem. However, in the 2000's he moves to the home office and is the GP for training. No disrespect for police officers or Tony, however is this the most qualified person to be a GP in charge of a division? EDJ consistently rewards either poor performers in the field with home offic opportunities (Jack Cahill, Doug Hill) or good salesman (Tony Marshel?) with leadership positions. Being a broker has nothing to do with running a firm. A specific example: up until about 2004 every EDJ office had it's own contract with the local phone company. Bearing Point/Arthur Anderson came in (under Doug's watch) and told them they were nuts! The contracted with Qwest and other national providers and moved all the contracts to the regional bells. My phone bill went from $300 a month to $125. (of which EDJ paid half) just by using some national buying power. Reason I quit Part I : inept and unqualified leadership.

Mar 11, 2007 2:33 pm

Sounds about right.  How do you know they read these boards?  One thing I find interesting is that forums of all sorts are blocked in my EDJ office.  Except this one.  I don't know if that is by design, or because Reg Rep is one of their main linked websites.  Either way I obviously don't access this site from my office.

Mar 11, 2007 2:51 pm

I have a hard time understanding why those in policy making positions at EDJ wouldn't block this forum, given the overall negative tone toward EDJ

Mar 11, 2007 4:35 pm

Now, what would all of you be saying if EDJ DID block this forum? You

would be bashing them for keeping us in the dark. Instead, you bash

them for NOT blocking it.



Besides, the number of people bashing Jones on this website in

relationship to the total number of Jones advisors is tiny. And since this

website is one of the few external links on Jones' own internal search site,

it's obvious they are not concerned about hiding anyone's thoughts.

25,000 EDJ employees have direct access to this site, and only, what 30

-40 people bash Jones on this site? And half of them are FORMER

employees. Not a major concern.

Mar 11, 2007 5:08 pm
Broker24:

Now, what would all of you be saying if EDJ DID block this forum? You
would be bashing them for keeping us in the dark. Instead, you bash
them for NOT blocking it.

Besides, the number of people bashing Jones on this website in
relationship to the total number of Jones advisors is tiny. And since this
website is one of the few external links on Jones' own internal search site,
it's obvious they are not concerned about hiding anyone's thoughts.
25,000 EDJ employees have direct access to this site, and only, what 30
-40 people bash Jones on this site? And half of them are FORMER
employees. Not a major concern.


24 - Take a CHILL PILL.  Neither I nor INDYONE are Bashers.  Re-read the posts (without such a defensive perception) and realize that we were not bashing Jones in our above posts RE: This forum.  (As you are claiming.)  We were just discussing the situation.    

Mar 12, 2007 10:29 am
STL Sucks:

I have read this forum for years and have recently quit EDJ, for many reason of which I will outline, depending on response. First, from first hand knowledge, the mother ship does read this forum and talk about it. this should get them talking. 1st reason I quit was people like Tony Marshel. He was a Bobby (cop) in England, went to southern California in the early 1990's and set up shop as a EDJ borker. Life was great for ten year, built up a great book. If you cannot sell stock is so Cal in the 90's you have a problem. However, in the 2000's he moves to the home office and is the GP for training. No disrespect for police officers or Tony, however is this the most qualified person to be a GP in charge of a division? EDJ consistently rewards either poor performers in the field with home offic opportunities (Jack Cahill, Doug Hill) or good salesman (Tony Marshel?) with leadership positions. Being a broker has nothing to do with running a firm. A specific example: up until about 2004 every EDJ office had it's own contract with the local phone company. Bearing Point/Arthur Anderson came in (under Doug's watch) and told them they were nuts! The contracted with Qwest and other national providers and moved all the contracts to the regional bells. My phone bill went from $300 a month to $125. (of which EDJ paid half) just by using some national buying power. Reason I quit Part I : inept and unqualified leadership.


You're seriously saying that they reward poor performers with GP titles!?  Almost all of the GP's that are in charge of some department at home office were top producers while in the field.  I'm not sure what world you live in, but I don't think I'd use the poor performers moniker with the GPs.  BTW, get your facts straight.  Tony was one of the GPs in charge of the New IR Training department, not the Sales Training division. 


Would you rather Jones bring in a bunch of new college grads with MBAs to run a New IR Training department?  Yeah, great move.  Hire someone without a clue of how Jones works to come in and teach everyone how to start an office.  If you've never worked in the home office you probably don't realize that the GPs are only as good as the team that backs them up.  Team leaders, associates, assistants, etc.  Tony looked good because the ATLs are good.   


I have a hard time believing you left your office in the field because of home office bringing in people like Tony Marshall, or Jack Cahill, so why don't you save us the suspense and outline the rest of your reasons for leaving.  Last I checked, the GPs have absolutely nothing to do with you creating a successful business. 

Mar 12, 2007 10:35 am

Tony was one of the GPs in charge of the New IR Training department, not the Sales Training division


Same thing.

Mar 12, 2007 1:50 pm

Sorry, not the same thing.  It's like saying the guy who runs the paint department at Home Depot is the store manager.  I'll give you that maybe STL Sucks doesn't know the difference. 

Mar 12, 2007 5:02 pm

Spiffy, since your up on the divisions at EDJ, answer this.  What major departments don't have "sales" in the description? Annuity sales, mutual fund sales, equity sales, fixed income sales, New IR sales desk, Weddle car sales desk etc..Doug Hill kill ducks sales desk, Bachman Russian sales desk,  Cahill, I sell muni bonds so I don't have to paint my house sales desk....Spiffy I do whats best for my clients sales desk...

Mar 12, 2007 5:16 pm
bspears:

Spiffy, since your up on the divisions at EDJ, answer this.  What major departments don't have "sales" in the description? Annuity sales, mutual fund sales, equity sales, fixed income sales, New IR sales desk, Weddle car sales desk etc..Doug Hill kill ducks sales desk, Bachman Russian sales desk,  Cahill, I sell muni bonds so I don't have to paint my house sales desk....Spiffy I do whats best for my clients sales desk...


Don't forget Compliance... sales prevention team

Mar 12, 2007 10:04 pm

I don’t get it..

What does any of this have to do with the fact you washed
out?  

Mar 12, 2007 11:20 pm

Clarification: I said Tony was in charge of training. I could care less the division. Second, I said he was a good producer, suggesting that may have something to do with time and location... So Cal and 1990's not qualifications and a FA. I suggested, Jack and Doug had less than stellar sales careers. Third, I was simply explaining the reasons I quit, not preaching. Think of this like an exit interview.



However, just from the tone of your post, I would suggest that in your opinion there would be no reason to quit ever. Your posts have motivated me to continue with reporting my reasons. There are ten in total. In response to your posts, I recommend the book Good To Great. You will need a library card if you still work for EDJ. If you do not respect the leadership and direction of the firm you work for, the only thing to do is leave. Compare Wells Fargo with about any other bank when they got a leadership chenge in the mid 1980's. Get the right people on the bus. In the modern era, consider B of A. GE before and after Wetch, C after Sandy. Bachman was a visonary. Doug was handed the job as a hold over because he was close to the mandatory age and toldjust don't screw it up until we select the next guy... I think Weddle is trying his best and making strides. The reason you gave your answer about MBA's is that is what your told from your RL. Because Goldman hires new MBA's they are the dumbest SOB's around. I don't think so. The reason DJ brings in good producers to the home office, is because that is what was done in before. It worked in 1977 and it should work now mentality.



Please remember in the parts II through X, I have been in your shoes. All the feelings you are feeling, I have felt. I am simply articulating the top ten reason I quit in this forum (there are more than ten)



   

Does it ever make you wonder, if everything was so great for this person and they are making all this money, and are such a pillar of the community, why do they quit and move to STL?

Mar 13, 2007 12:30 am
bspears:

Cahill, I sell muni bonds so I don't have to paint my house sales desk.......


What do muni bonds have to do with house painting?

Mar 13, 2007 12:30 am

STLsux,


You make many good points, I will be awaiting your future posts.

Mar 13, 2007 9:07 am

Great question Taco.  It was early on in my sales training with Jones.  Cahill did this thing on when he was new and trying to make it with the greatest firm in the world, he would still do stuff around the house.  One great Saturday, he was on this ladder (I doubt it), and had this vision.."If I could just sell a 50k muni bond, paying 3 points(the 45 year type), I could hire someone to paint.  Off the freakin ladder he went.  He went to his office and sold a muni bond.  He swore, that day, he would never do an honest days work again!! Great story!...I also like the Weddle story about walking through a field to talk to some farmer about his NEW business.  He would get ran over here, or shot.  But maybe it worked in the 70s, when there weren't 22 IRs rolling through the same office in 10 years, hell 5 years for that matter. Good Luck and Good Selling!!

Mar 13, 2007 9:35 am
Spaceman Spiff:

Would you rather Jones bring in a bunch of new college grads with MBAs to run a New IR Training department?  Yeah, great move.  Hire someone without a clue of how Jones works to come in and teach everyone how to start an office.  If you've never worked in the home office you probably don't realize that the GPs are only as good as the team that backs them up.  Team leaders, associates, assistants, etc.  Tony looked good because the ATLs are good.   





This is exactly the description of my ATL, two years removed from college and only industry experience was taking series 7 and 24 (I think the NASD website showed that ATL was a waitress at Applebees for the time between college graduation and becoming a Jones employee) - better yet, ATL saw all of the Brokers come in and make all of the money and heard all the stories about how easy it is.  ATL went to the field and lasted all of 6 months.


The visiting vet wasn't much better.  He kept calling the IRS code 72-T, Reg T.  This wasn't the worst thing but the guy didn't even know what the Fed's Reg T actually pertained to.


Spiff, I think your ATL's and  brokers should stick to what they do best and keep driving for the local cement company.

Mar 13, 2007 11:11 am

As I was reading these posts this morning I couldn't help but wonder how much better off we would be if we put those of you who seem to know how to do sooooo much better in charge. 


STL - what's the beef with Tony Marshall?  Why do you even care who the GP of NIRT is?  Bill Campbell, Dan Timm, Steve Seifert, Kim Webb, and Kevin Alm all were GP's there at one time.  What does that have to do with the man in the moon on what happens in your office or your success or failure?  I'm interested in your other 9, sorry IX, reasons for leaving. 


I made the comment about MBAs not because of anything I've heard from an RL, or from caring what Goldman does, but from 10+ years of being around Jones and knowing what people think about GPs in certain leadership positions that were never in the field.  How would you go about giving someone who has never been in our shoes the responsibility of running a department that teaches FAs anything?  Do you think you'd have any more respect for them if they were fresh from Harvard Business school telling you how to knock on doors or makes sales calls?  Or do you think it might be better to put someone who has been to a few Managing Partner meetings or has a Million Dollar Producer ring in front of the new people?


J&O, what would you have said if your ATL had been in the field and left to come to the home office.  I'm going to guess you would have said he's a failure, those who can't - teach.  Which would you rather have had?        


Bspears - I think you missed the point of Jack's talk completely.  It wasn't the muni bonds, it was the extra work to pay for the things he didn't want to mess with doing.