Why I quit Part III
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Wealth accumulation: LP is a fine return, no doubt about it. The problem is I could not get enough of it! talk to your vets. Every offering is within a couple of thousand of $25,000. Voluntering does not matter, producaiton does not matter that much. Not even Goofnights. Couple of thousand each way. Also, I have to wait three years to get 25! Each offer I paid cash and I equated each offering to the equivelant of buying about $40,000 in your ICA. This is EDJ’s little secret. Getting partnership is great and a highpoint of my career and life. However, I cannot get enough of it to matter. I have four times as much company stock as I ever did in partnership and opportunities to earn more. At EDJ the defered comp plan does not start until 200k net. (of course they have a plan like this for expenses starting at 50k)I have said in other posts I would give you the EDJ stock answer, but on this one I don’t have one. If you are netting 150, maxing your 401k and want to save more, there is no EDJ answer. I also could not buy the partnership with self directed roth money and EDJ gave me so many fits about buying it in my personal LLC I gave up. This is what happens when a former broker is in charge instead of a trained professional.
BTW in an answer to Part I, how would you feel if the Gp in charge of training had never been a broker, knocked on a door ect? I have a quesiton. How do you feel about investing in a company who has managers in charge of departments (directors and VP’s at public companies) with no management experience?
You my man are preaching to the choir. I left the big Green Mothership in September of last year for Smith Barney and I have to say that it's the best thing I could have done for my career. The whole time I worked for Jones I always had the distinct impression that something didn't quite add up with Mama Jones. There was this weird weight always around my shoulders there. That is gone.
Moving my book was a biatch but I have retained 90% of my assets. I had $24 mil under management when I left and I stand at $21 mil now.
It has not all been roses. Learning a new system sux. Moving a book even the size of mine took years off my life.
But it has been more than worth it.
On the building wealth front, amen to that too. Starting in '08 I will have a dollar for dollar match to my 401k up to 6%. No cap on compensation. I can buy C stock @ a 25% discount via payroll deduction (a 33% return) that vests in 2 YEARS and I don't have to wait for some self righteous blowhard to ask me to buy it. Jones can take their LP and shove it up their holier-than-thou keisters. I didn't mention deferred comp that is company funded.
Did I mention that I now have killer benefits and no "miscellaneous office expenses" coming out of my paycheck every month? The money that I was putting towards office expenses and that awful health insurance I am now saving (it amounts to about $900/month folks).
By the way, Jones folks, if what SB has done to compensation is any indication, y'all have a big day of reckoning coming with the Wage and Hour deal. Have fun with that.
and yes, STL does suck. Keep feedin' the GPs koolaiders.
RS
Wow, 21 million!!! I brought in more than that in the last 12 months. I don’t think that asset base gives you any right to judge anyone except yourself. Boy, what a loss for Jones, a Segment 2 broker.
Rank, the ship is sinking. The GP’s are already on the life boats and your still there singing the mantra. Get the hell out…now. You and your family will be better for it. It reminds me of the movie with Al Pacino and Keanu Reeves…the lawyer movie…with Al being…yes…a GP(devil). He found out the hard way…you need to get the ducks in a row…buildout a nice office and JUMP!!!
[quote=Philo Kvetch]Rank! Let it go, Buddy!
You’re coming off like a petulant child.[/quote]
Pot meet the kettle, your both black.
"Wow, 21 million!!!! I brought in more than that in the last 12 months."
No, you didnt... I will call your bull$hit...
rank-
The only way a broker would be Segment 2 with 21M would be if they took over an office. If it was new money they would be seg 4. Nice try.
[quote=Maxstud]
[quote=Philo Kvetch]Rank! Let it go, Buddy!
You’re coming off like a petulant child.[/quote]Pot meet the kettle, your
both black.[/quote]
I don’t even have a dog in this fight, Max.
By the way…you should have used “you’re”. It’s a contraction for “you are”.
[quote=blarmston]
"Wow, 21 million!!!! I brought in more than that in the last 12 months."
No, you didnt... I will call your bull$hit...
[/quote]
Ditto.
[quote=Maxstud] [quote=Philo Kvetch]Rank! Let it go, Buddy!
You're coming off like a petulant child.[/quote]
Pot meet the kettle, your both black.
[/quote]
Let's try to keep race out of this.
All I know is, my 2004 WSJ article on Rev. Sharing has cost Jones over $200,000,000 and the CEO his job. That's way better than any LP offering!!!
[/quote]
By the way…you should have used “you’re”. It’s a contraction for “you are”.[/quote]
I stand corrected.
[quote=uwec86]
[quote=Maxstud] [quote=Philo Kvetch]Rank! Let it go, Buddy!
You’re coming off like a petulant child.[/quote]
Pot meet the kettle, your both black.
[/quote]
Let's try to keep race out of this.
[/quote]I was referencing the old saying, "that's like the pot calling the kettle black". Black would be the color of the pot and the ketlle.
[quote=uwec86]
Max,
I know...I was kidding.
[/quote]Next time give me one of these , it helps me a lot.
rankstocks...I was started new/new (on 9/11) and was seg 5 when I left. You sir are classless.
RS
and apparently I have no grammar skills.
All I know is my family is better off and the huge weight I had on my shoulders for 5 years is gone.
RS
rank-
I have every right to judge Jones. I think they do a lot of things very very well. I think the culture of the firm is fantastic. I drank it harder than most. It's a great place for some people to work forever. Just not me. They gave me my start, but it was me who built the business from scratch. and congrats on bringing in $21 million last year.
I applaud you.
when my buyout of my partner and his $130 million dollar book is done maybe then you can call me and we'll see who has more assets.
RS
[quote=Maxstud]
[quote=uwec86]
Max,
I know...I was kidding.
[/quote]Next time give me one of these , it helps me a lot.
[/quote]
yes especially for morons...