It happened - sort of - The Ir was a mentor and owned the building ( a house) - Jones rented the front room and back room only from him for his office space. He went with First Union and moved his desk in the next room between the from and back office space. Clients walked in wanting to talk to Doug, his boa ( which he took) directed them to him. Rep they got to take over the office was fuming mad but nothing EJ could do. This happened in the South east 

Now that’s a heart warming story!

Wake-up Drones & Clones ....Do the math....L E A V E

If you can do over 250K you will increase your take home by 100% .....DO THE MATH.......Look around you....how many have left?     The ones leaving are not the losers they are still drinking KoolAidChuggers  and you can read what that does to your brain.............LEAVE

Not quite 100% Player…It’s more like 50% increase on average over previous take home.

Uwec86 stated:

"Jones needs to change their pay grid or continue to lose seg 3 & 4 guys...you know...the ones that turn a profit.  The arrogance of Jones is the issue and because of the zero bonus bracket from a few years ago, IR's are looking at other options.  I predict that Jones will change the pay grid in the next 12 months or they will be bought out."

From what I understand Seg 4 voluntary attrition is 4% per year, including retirement, death and transfers to headquarters.  

 

 

You're right, Vega.  All those here who have left Edward Jones are abject failures, and have no idea as to what we're talking about.  Go with Jones.

You'll love it there.

"You're right, Vega.  All those here who have left Edward Jones are abject failures, and have no idea as to what we're talking about.  Go with Jones."

Starka, I don't follow this response and how it relates to my response to Uwec86. Perhaps you can clarify. I should point out I did not state or intend any disparagement of those who have left Jones; rather, those who have extensive experience and success at Jones generally stay in high numbers. This seems in contrast with frequent sentiments expressed on this site.

RJFS attrition is 1.5%.  I think it's higher than that...but that's what they say.  I also beleive Jones attrition to be higher than 4%.  I have no proof....but I have seen some regions where it exceeds 20-30%. 

4% seems very low for Jones.  I find it hard to beleive that 96% of Jones brokers are either chickensh*t or clueless.

Zacko,

I think you have been gone too long.  Just think of the yahoos that led the cheerleading sessions at all the regional meetings.  I think 96% of Jones IRs are chicken, clueless or deluded into thinking they will be GPs some day.

The most recent "Uptick" says the firm has grown the number of IRs by 2% in the last year.

Are they realy just replacing the veteran brokers they are losing with new hires and bank transfers?  I remember hearing that new hire attrition is about 50% per year, so the rest must be people who have wised up.

brokerbob,

For as much effort, time and resource that Jones pours into "HEALTHY GROWTH", I'd say the numbers look more unhealthy--than healthy.  2% growth of new IR's is poor for a firm that spends as much as they do in recruiting, hiring, and training.

Bachmann always pounded the table on how important growth was to the long term success of the firm.  I couldn't disagree more--Maintaining good quality reps who WANT to stay there when they have achived success is far more important.  You cannot fight economies of scale--which Jones is trying to do. 

Having multiple Jones reps in a town only divides up the pie.  That's why i use my own firms name as an indy.  My DBA is bigger than RJFS in my ads.  That would never happen at Jones, where the IR's name (who is actually paying for the ad) must keep a lower profile than the Jones name in all ads.

To this day--I see no logical reason for any segment 4 to remain at Jones.  It amazes me the way Jones can still hold on to reps who deserve so much more for building their own books from scratch.   Too bad that the vast majority will never make the move. 

It's all about equity.  Ownership of your own business.  The extra money one makes as an independant rep is jusy icing on the cake.