EJ - Taking over an office
I’m with Edward Jones and just passed the series 7 and 66. After passing the 7 I got a call offering me an existing office. This is a very new office, opened in June '08 with only $3.4mil in assets and one client with $1 mil may leave before I have my Can Sell date. I know there are many reasons why this is a great opportunity. What I would like to know is what are some of the negetives if any.
Some other pertinent info: It's in a very nice area with no other FA's around. There is a BOA already in the branch. The girl who I'm taking this over from just gave up and hasn't done anything there in the last 6 months. As always thank you all for your help.If the existing office is somewhere you would want to live, then you should jump at the opportunity and take the office, especially because it is already staffed with a BOA. I started w/Jones over 5years ago and after selling for less than a year I took over an existing office w/less than $1 million AUM. It was the best move I could have made because it gave me instant credibility when I met with clients at "my office" instead of at my previous office (by the way--the trunk of my car). There is no downside to taking over an existing office with hardly any assets, other than the fact that you wished it had more assets. Good luck with your decision.
Lapide
Pluses:
You get an office with a BOA. This gives you added credibility. Minuses: Do not count on ANY of the assets or clients to give you revenue. Think of it as an empty office. $3.4mm is almost nothing, and after most of the clients leave, you will really have nothing. You will spend FAR too much time in the office "managing" existing clients and your BOA. If you can avoid this mistake, then it is a nice way to start and avoid the working from home thing. My suggestion, take it, but FORCE yourself to get of the office and prospect. Jones will require the activity numbers, but don't stop there. Just keep it going.The office lends credibility to you. It’s a leg up but you will still have to prospect your a** off. I would not listen to those that will tell you an office is actually a detrimnt to you. It can get you sidetracked from your ultimate goal of prospecting but the benefits outweigh the negatives. IMHO! It’s sure better than “ughhh, I’ll be opening an office in the near future, right now I work out of my home”.
I figured the one downside would be getting caught up in “office stuff” and not going out and prospecting. Maybe I’m just being idealistic because I’m new but I like to think that won’t be the case with me. I don’t know how I get charged for my portion of the rent, utilities, ect… That was more what I was worried about. I don’t want to be incurring expenses before I even start.
You are being idealistic, it is the case with everyone.I figured the one downside would be getting caught up in “office stuff” and not going out and prospecting. Maybe I’m just being idealistic because I’m new but I like to think that won’t be the case with me. I don’t know how I get charged for my portion of the rent, utilities, ect… That was more what I was worried about. I don’t want to be incurring expenses before I even start.
I took over a similar office(except 6 other people went through it before I got there) had about 4.6million in assets…
Call everybody who has an account and leave a message,"new guy would like to meet and discuss, goals, risk etc.." Then never call them again...There is nothing more wasteful then spending time on these people.. like previous people said, just consider it a shell.. When I took over mine, I didn't even start my day there.. I would prospect til 12 then eat lunch in the office while doing misc office stuff, then would cold call and call my doorknocking list til 7pm.. and go home...[quote=B24]Pluses:
You get an office with a BOA. This gives you added credibility. Minuses: Do not count on ANY of the assets or clients to give you revenue. Think of it as an empty office. $3.4mm is almost nothing, and after most of the clients leave, you will really have nothing. You will spend FAR too much time in the office "managing" existing clients and your BOA. If you can avoid this mistake, then it is a nice way to start and avoid the working from home thing. My suggestion, take it, but FORCE yourself to get of the office and prospect. Jones will require the activity numbers, but don't stop there. Just keep it going.[/quote]$3.4mm is a whole career for a CFP.
I had a similar offer, except it was only like $750k. Like the others said, just think of the office as your “home base” and don’t spend much time there. What I did was come in at 8:00 a.m. and organize my day until about 9 a.m. I would then try to make 10 - 15 quality calls by lunchtime, go eat and then hit the streets for four hours or so. Personally, I called on mostly small business owners. I’d come back to the office at 5 or so right before the assistant left in the rare case I’d actually had a message or god forbid a walk-in.
Then, I'd put my prospects in the system for an hour or so and head home. But, it was a heck of a lot better than coming back to a 'home office' for me. Some people can thrive that way, but it gave me a lot more confidence just having an office.[quote=wp_fan] I had a similar offer, except it was only like $750k. Like the others said, just think of the office as your “home base” and don’t spend much time there. What I did was come in at 8:00 a.m. and organize my day until about 9 a.m. I would then try to make 10 - 15 quality calls by lunchtime, go eat and then hit the streets for four hours or so. Personally, I called on mostly small business owners. I’d come back to the office at 5 or so right before the assistant left in the rare case I’d actually had a message or god forbid a walk-in.
Then, I’d put my prospects in the system for an hour or so and head home. But, it was a heck of a lot better than coming back to a ‘home office’ for me. Some people can thrive that way, but it gave me a lot more confidence just having an office.[/quote]
Once again, this sounds slightly trollish to me. As I recall, this is what I was told to do when I went to KYC.
Probably the biggest disadvantage to taking over an office with so few assets is that your performance standards will increase making it difficult to meet your goals and milestones. Maybe see if they will give you the office but keep you at new/new standards since the assets are so low. Probably a long shot but worth asking anyway.
What does BOA mean?
Branch Office Administrator
Fud, this is true. However, I have witnessed several Goodknights and takeovers do well out of the gates, only to sputter out in years 3 and 4 because they did not adequately prospect, or more importantly, develop a consistent prospecting system.
I believe it. I also believe that I have it within myself to take a long view and not set myself up for failure. If you've ever read the 7 Habits...then you must realize that it's those "Quadrant II" behaviors that those guys who sputter out didn't do consistently. If you haven't read it...it simply refers to the "important but not urgent" items that are generally the most effective tasks, but also usually the most mundane and therefore get put on the backburner. Classic examples...prospecting and follow up! I've had it happen to me before in another position, so I like to think I've learned from that mistake. Personally, I believe I have it within myself to succeed whether I start with new/new or with inherited assets, but just like everyone else I'd like to hit the ground running with as many advantages as possible. The trick is that you need to take advantage of those advantages...not take them for granted. IMO.Fud, this is true. However, I have witnessed several Goodknights and takeovers do well out of the gates, only to sputter out in years 3 and 4 because they did not adequately prospect, or more importantly, develop a consistent prospecting system.
Oh…and if anyone hasn’t read The 7 Habits of Highly Effective People…I definitely recommend it.
I believe it. I also believe that I have it within myself to take a long view and not set myself up for failure. If you've ever read the 7 Habits...then you must realize that it's those "Quadrant II" behaviors that those guys who sputter out didn't do consistently. If you haven't read it...it simply refers to the "important but not urgent" items that are generally the most effective tasks, but also usually the most mundane and therefore get put on the backburner. Classic examples...prospecting and follow up! I've had it happen to me before in another position, so I like to think I've learned from that mistake. Personally, I believe I have it within myself to succeed whether I start with new/new or with inherited assets, but just like everyone else I'd like to hit the ground running with as many advantages as possible. The trick is that you need to take advantage of those advantages...not take them for granted. IMO.[/quote] I hope you're right. But all these guys said the same thing...then blamed lack of production on everything except.....lack of prospecting. You ask them what they are doing to prospect, and it's like you asked them to recite the alphabet backwards drunk...... "I...uhhhhh.....wellll.........I go to Chamber events......and......uuhhhhh.....ask my clients for referrals......and...uh.....". Right. So you're saying you don't prospect. You can't get out of your office or pick up the phone because of "all" those existing clients you have. I carve out one week per month to call all my existing clients. I haven't been in the business long enough to have to spend the whole month doing it yet. Yet these chumps seem to take up the entire month doing it. It WILL happen. You just need to know how to overcome that urge. That urge to sit and read "literature". To map out the "ideal" portfolio. To read ESPN.com. To meet with wholesalers. To run errands. To come in late. To leave early. To only call the 3 people this month that you know have money coming due. The list goes on. Just remember this conversation in 2-3 years.[quote=B24]Fud, this is true. However, I have witnessed several Goodknights and takeovers do well out of the gates, only to sputter out in years 3 and 4 because they did not adequately prospect, or more importantly, develop a consistent prospecting system.
I believe it. I also believe that I have it within myself to take a long view and not set myself up for failure. If you've ever read the 7 Habits...then you must realize that it's those "Quadrant II" behaviors that those guys who sputter out didn't do consistently. If you haven't read it...it simply refers to the "important but not urgent" items that are generally the most effective tasks, but also usually the most mundane and therefore get put on the backburner. Classic examples...prospecting and follow up! I've had it happen to me before in another position, so I like to think I've learned from that mistake. Personally, I believe I have it within myself to succeed whether I start with new/new or with inherited assets, but just like everyone else I'd like to hit the ground running with as many advantages as possible. The trick is that you need to take advantage of those advantages...not take them for granted. IMO.[/quote] I hope you're right. But all these guys said the same thing...then blamed lack of production on everything except.....lack of prospecting. You ask them what they are doing to prospect, and it's like you asked them to recite the alphabet backwards drunk...... "I...uhhhhh.....wellll.........I go to Chamber events......and......uuhhhhh.....ask my clients for referrals......and...uh.....". Right. So you're saying you don't prospect. You can't get out of your office or pick up the phone because of "all" those existing clients you have. I carve out one week per month to call all my existing clients. I haven't been in the business long enough to have to spend the whole month doing it yet. Yet these chumps seem to take up the entire month doing it. It WILL happen. You just need to know how to overcome that urge. That urge to sit and read "literature". To map out the "ideal" portfolio. To read ESPN.com. To meet with wholesalers. To run errands. To come in late. To leave early. To only call the 3 people this month that you know have money coming due. The list goes on. Just remember this conversation in 2-3 years. [/quote] That's precisely what I'm talking about....taking up all your time on the stuff that doesn't really matter rather than determining what actions will give you the best bang and then doing THOSE. Of course, the sick thing is that people don't realize it when they're doing it, so they keep on doing it thinking they're doing "everything they could" to succeed. Then comes the excuses, the complaints, the bitchin' and moanin'. All of which are completely pointless. Think about it. People blame their company, policies, the economy, the weather, the market, the business model, the lack of training, the lack of support, too much competition, the unemployment level, the environment, other peoples' attitudes, Bernie Madoff, John Thain, Bush, Paulson, Obama, Geithner...etc. etc. etc. It goes on forever. You name it, they blame it. Instead, one should see what THEY could do to change their results. Who THEY can ask for help. What strategies THEY can employ to improve their production. It's easier said than done, that's for sure. But it all comes down to self accountability. Most people don't have it...which is why most people wash out of the tough, rewarding, high paying careers (in any industry) and find themselves content in mediocrity. It's also why most small business owners are in their mid-50's. They tried and failed several times already. I'm not embarrassed to say that I've endured some failures, and they were all preventable by things that I COULD HAVE done or that I SHOULD HAVE done. Looking back, I spent so much time blaming other people, things, and circumstances that were so irrelevant, but I just didn't realize it at the time. I feel like I've learned from those failures, and I'm ready to take on a new challenge prepared to succeed. Of course, like I mentioned earlier, I'll also take whatever leg up I can get, but I'm prepared for the challenge either way. Maybe I'll make it, maybe I won't. Either way, it'll be because of me and me alone.[quote=Fud Box][quote=B24]Fud, this is true. However, I have witnessed several Goodknights and takeovers do well out of the gates, only to sputter out in years 3 and 4 because they did not adequately prospect, or more importantly, develop a consistent prospecting system.
One thing no one mentions - burnout.
Force yourself to take a week off every year irregardless of where your numbers are. All this iron man stuff sounds great until you've been out 4 years and the market takes a 40% turd. Not taking a vacation last year was a big mistake for me because I went into this disasterous year already burned out. I'm still in the game but it's been rough. The race is a marathon - not a sprint. Prospect like heck but reward yourself for the small victories. During good months save money. While on salary - save money. JUST as many people fail for lack of money and they do for lack of prospecting. Business is easier with a little coin in your pocket. The slef help books sound great when your studying for the 7 or in your first 6 months. All the self help books say the same thing. Prospect a lot and have a good attitude. My favorite guru was Bill Good personally.Is there a basic equation for calculation commission off these offices? For ex, how much money is a FA making that managing $10mm in assets? what about 100mm? Not with the company, just curious.
Sure there is. It's simple too... [(((AUM * pi * (prime rate/no. of clients))/sqrt(no. of funds you use))-(time spent prospecting/no. of active prospects))^The Madoff Constant)*(no. of clients in fee based acct.)-sqrt(no. of clients who lost money last year)]+John Thain's Toilet = your commision before taxes and expenses Hope that helps!Is there a basic equation for calculation commission off these offices? For ex, how much money is a FA making that managing $10mm in assets? what about 100mm? Not with the company, just curious.
HA!
Please don’t take this as a knock on the EJ crowd, but I’m a bit curious as to how this model at your firm works. It seems that new brokers have stories of being given “offices,” and I would assume this means running an EJ office location rather than just occupying an office space within a larger complex.
Is this typical? It seems very difficult to me (I’m with ML), to be running an entire office with only a few million in AUM. I know at ML, you need $15 mm just to graduate from POA, and even then you’re at the very bottom of the pecking order. You don’t even get out of “Cubicle Land” until you’re managing 40-50 mm AUM.
However, I can grasp the concept to some degree. There is an EJ location near my home that seems as if only a few people work there (small place). Again, seems like a good gig, actually. I was just wondering whether someone could fill me in on the EJ business model.
Thanks
Jones offices are stand alone. Usually one broker and one BOA. The firm takes a huge hit on paying for the space and the assistant. new offices are often opened with very little AUM.
And it's a crappy gig. But someone else will give you the "better" points.Not sure what constitutes “crappy gig”. If you can produce, it’s a pretty sweet gig. If you can’t produce, nothing’s a sweet gig.
A brand new FA may have to start from home rather than a cube. Then, instead of a cubicle, you get your own single-broker office. You generally have to hit certain goals to get one, but it seems that isn't always the case. If there's an open office (due to firing or quitting or whatever) they'll try to fill it, sometimes with a new FA. If there isn't one available, then you start looking around your 'hood for a good spot to put one. They do spend a lot to open all of these single broker offices, so they hold you accountable for P&L of course.
This model has it's obvious ups and downs: independence vs. isolation, autonomy vs. managerial support, individual vs. team....it goes on. It's definitely not for everybody. If you like being around others and feed off of others' enthusiasm, or if you like to have someone nearby holding you accountable and motivating you, then this definitely isn't the model for you. As you can see, Mr. Moraen thinks it's crappy. But then again he likes to post 25 whines a day about Jones. My guess is that most Jones reps wouldn't have it any other way.Ok, when I left Jones I was producing over 200k, I had only been there for three years. So I didn’t leave because of production.
It is a crappy gig in my opinion for a number of reasons which I've already listed and no reason to go back into it. 40% payout is a good enough reason. Also in my opinion, if you are a ML broker, I wouldn't jump to Jones. Investigate and start your own RIA or join an established RIA that shares your philospphy.Nobody ever accused you of being a poor producer....just a whiner. You could've left as a Seg 5 and you'd still be a whiner in my book. Everybody appreciates your opinion as it pertains to the EJ business model. My contention still stands that "most Jones reps wouldn't have it any other way." You just ain't "most". Doesn't mean you can't produce, or that you didn't do the work, or didn't prospect enough, or whatever...just that you didn't like it.
It's not all about you...I’m sorry Fud, how long have you been in production?
This is an opinion forum. I gave my opinion.
As far as having someone motivate me, I’m sorry that you need that sort of thing. What I needed from Jones was to be left to my own devices and not have “the firm” shoved down my throat.
How long have you been at Jones?
People who have been there a while and have worked there a while can talk. You, can’t.
In my book you simply don’t know what you don’t know (which has been said about Jones reps many times).
Whiners quit. They don’t plan and implement a strategy and start a business that is wholly theirs (no non-compete, non-solicit here). I think you need a reality check before you start accusing people of whining.
And if I want to write my opinions all over this board I will until the Admin stops me. Give me a call when your contract is up, I might have a spot for you if your brain has developed.
[quote=Moraen]I’m sorry Fud, how long have you been in production?
I can understand why someone like you would try to shift attention from your own insecurities to someone else’s lack of experience. It’s simply a defensive response, but it really has nothing to do with what we’ve been discussing.
This is an opinion forum. I gave my opinion.
As did I.
As far as having someone motivate me, I’m sorry that you need that sort of thing. What I needed from Jones was to be left to my own devices and not have “the firm” shoved down my throat.
I never said anything about me needing to be motivated. You can go back and read the post again, but my comment regarding one’s motivation was not directed at you. Just the whining part. You obviously had other issues with your employer that you could not resolve. I don’t really care about your problems.
How long have you been at Jones?
Again, this is immaterial. If I told you 15 years, you wouldn’t believe me. If I told you 15 min., you’d use it against me. It actually doesn’t matter because none of my comments have anything to do with industry experience. All of my opinions…and that’s what they are…my opinions…are directed at your attitude. I never actually “stuck up” for EJ, rather, I just called you out on your ridiculous whining and complaining.
People who have been there a while and have worked there a while can talk. You, can’t.
I disagree. Unless you catch me talking about how great the company is and how it’s the best business model ever and that all the other firms are crap and blah blah blah…don’t begin to try and tell me what I can and can’t express.
Perhaps not, but, again, that is immaterial for the topic at hand.
Whiners quit. I don't know if you quit or got canned, but I do know that you spent an ungodly amount of time doing nothing but complaining about everything you don't like about Edward Jones. Nice life. It is truly sad for a presumably somewhat accomplished adult so wrapped up in something so inconsequential. They don't plan and implement a strategy and start a business that is wholly theirs (no non-compete, non-solicit here). Hey, more power to you. I think it's great if you feel you've moved on...now try moving on emotionally. I think you need a reality check before you start accusing people of whining. Man, I just call a spade a spade!
And if I want to write my opinions all over this board I will until the Admin stops me. I insist that you do...as will I. Give me a call when your contract is up, I might have a spot for you if your brain has developed. You never know what the future will bring. [/quote] Don't bother responding unless it's for your own personal gratification (which clearly most of your posts are) as I will no longer be corresponding with you on this topic. I'm getting very bored with this, it's not benefiting me at all, and we clearly aren't on the same page. I think I've made my point as clear as I can on several fronts. Perhaps we can banter about some other topic in the future. As I mentioned in a different thread...I hope nothing but the best for you, but I feel that if the best came you'd just bitch and moan at it. I truly hope I'm wrong.
[quote=Fud Box][quote=Moraen]I’m sorry Fud, how long have you been in production?
I can understand why someone like you would try to shift attention from your own insecurities to someone else’s lack of experience. It’s simply a defensive response, but it really has nothing to do with what we’ve been discussing.
This is an opinion forum. I gave my opinion.
As did I.
As far as having someone motivate me, I’m sorry that you need that sort of thing. What I needed from Jones was to be left to my own devices and not have “the firm” shoved down my throat.
I never said anything about me needing to be motivated. You can go back and read the post again, but my comment regarding one’s motivation was not directed at you. Just the whining part. You obviously had other issues with your employer that you could not resolve. I don’t really care about your problems.
How long have you been at Jones?
Again, this is immaterial. If I told you 15 years, you wouldn’t believe me. If I told you 15 min., you’d use it against me. It actually doesn’t matter because none of my comments have anything to do with industry experience. All of my opinions…and that’s what they are…my opinions…are directed at your attitude. I never actually “stuck up” for EJ, rather, I just called you out on your ridiculous whining and complaining.
People who have been there a while and have worked there a while can talk. You, can’t.
I disagree. Unless you catch me talking about how great the company is and how it’s the best business model ever and that all the other firms are crap and blah blah blah…don’t begin to try and tell me what I can and can’t express.
Perhaps not, but, again, that is immaterial for the topic at hand.
Whiners quit. I don't know if you quit or got canned, but I do know that you spent an ungodly amount of time doing nothing but complaining about everything you don't like about Edward Jones. Nice life. It is truly sad for a presumably somewhat accomplished adult so wrapped up in something so inconsequential. They don't plan and implement a strategy and start a business that is wholly theirs (no non-compete, non-solicit here). Hey, more power to you. I think it's great if you feel you've moved on...now try moving on emotionally. I think you need a reality check before you start accusing people of whining. Man, I just call a spade a spade!
And if I want to write my opinions all over this board I will until the Admin stops me. I insist that you do...as will I. Give me a call when your contract is up, I might have a spot for you if your brain has developed. You never know what the future will bring. [/quote] Don't bother responding unless it's for your own personal gratification (which clearly most of your posts are) as I will no longer be corresponding with you on this topic. I'm getting very bored with this, it's not benefiting me at all, and we clearly aren't on the same page. I think I've made my point as clear as I can on several fronts. Perhaps we can banter about some other topic in the future. As I mentioned in a different thread...I hope nothing but the best for you, but I feel that if the best came you'd just bitch and moan at it. I truly hope I'm wrong. [/quote] Not to speak for someone, but I would think that Morean's comment on your experience stems from the opinions you have. You talk about the culture, the pluses and minuses of the structure, etc, etc. However, you JUST met your field trainer so you obviously don't even have an office and I'd be willing to guess don't have your "can sell." This is the problem. You talk as if you know. You only know what you have read or what you have been told. So please tone it down just a bit until you've walked a mile in someone elses shoes. Get an office. Make it to PDP. Move up Segments. Use your knowledge and strategy and not some BS Hartford piece. Run a profitable office. Then offer your opinion on how someone should run their business or the experiences of your firm. You sound very "Tuesday Morning Quarterback" to me. And FYI, I am a former EJ broker and happen to agree very much with Morean. I have walked a mile in his shoes.
[quote=Moraen]Jones offices are stand alone. Usually one broker and one BOA. The firm takes a huge hit on paying for the space and the assistant. new offices are often opened with very little AUM.
And it's a crappy gig. But someone else will give you the "better" points. [/quote] You said someone who has been at Jones longer can comment. So, I am. It's not a crappy gig. At the wirehouses you have to live in cube world fighting for desk space, hoping the guys next to you don't steal your prospects while you're taking a piss. I know I've probably seen too many movies, but the trainees I had come through my classes said that was one issue that they had to deal with. If you're not in cube world, you're in someone's coat closet of an office until your book is big enough to play with the big boys. Maybe by the time you have $50 mil AUM you can see daylight from your office windows. Here's what Jones offers: One man office. Unless you do a Goodknight program. Then it's two for a while. Then you go get your own office. Your own BOA (assistant). Once you get the into an office, you get to hire your own BOA. We have a better retention rate for BOAs than we do FAs. You get your own office, not a cube or a closet. My personal office is about 15'X15'. My whole office space is probably 1800 sq ft. I have a conference room, a full size fridge, cabinets, and a good sized storage room. No cube world here. You get to be broker of the day everyday. My name is on the door. Only my name. Jones owns the office, so they're responsible for the basic furniture, carpet, office equipment, etc. If you're in the wirehouse world and you like the backing of a corporation, but don't want to have to explain why your company now belongs to someone else, give Jones a call. We're not the best company in the world. We have our flaws. It's certainly different than indy or RIA. But certainly not a "crappy gig."Spiff’s opinion on Jones can be respected. He has been there and does quite well for himself.
I say it’s crappy, he says it’s not - we can agree to disagree.
Probably the better way to state it is crappy for me. I actually apologize - I should have given only factual information since in fairness he did not ask for my opinion.
As for Fud - as you can see, people who have been there know what I know - you can talk about someone being a whiner when you’ve actually been to a few regionals.
There have been people on here who have called it whining - and they likely have good reason - their experience at Jones was different. You don’t have any - so it might be better for you to wait - then your opinion on whether or not Jones is a great company may be respected.
Just so you know, when I started with Jones, and all the way up to my eighteenth production month, I thought I was going to be at Jones the rest of my life.
Spaceman Spiff is right, imo. Talk about a crappy gig; my old career was crappy as hell. I started out of college in a commodities trading position for a large co-op, but about 9 months into my training (traveling around doing various jobs for a few weeks), that division of the company was sold; so I spent the next 12 years in accounting, qualitiy assurance and then up to manufacturing management! I made nice income and bonuses, but basically managed about a 700-person plant of predominantly immigrant workers - for 12 hours a day!
Edward Jones has been a God-send to me. I'm sure there are better jobs and maybe even better companies, but I've been on the other side so I won't give up what I've got for sure. I seriously would put it in the top 25% of all careers.SO your saying EDJ’s is better than managing a bunch of Mexicans at a chicken slaughtering plant…hmmm…ok…I’ll give you that.
[quote=Moraen]Spiff’s opinion on Jones can be respected. He has been there and does quite well for himself.
I say it’s crappy, he says it’s not - we can agree to disagree.
…
There have been people on here who have called it whining - and they likely have good reason - their experience at Jones was different. You don't have any - so it might be better for you to wait - then your opinion on whether or not Jones is a great company may be respected.
Just so you know, when I started with Jones, and all the way up to my eighteenth production month, I thought I was going to be at Jones the rest of my life.[/quote] I don't think it's whining, maybe that's because I agree with 99%. They are valid points. I also thought I would retire with Jones (and live off of my LP!). Obviously, that's not what happened. This board had a lot to do with my going independent. This was pretty much the only place I could get another opinion on Jones. Until I logged on to these boards, I thought it was just me! So, if that's whining, call me a whiner, but these posts are very valuable to a lot of people.
I am picturing the Mexican manufacturing plant in Ocean's Thirteen. Remember, the one where they manufacture the casino dice? They had an employee revolt. Quite funny. Spears, you are one of the few Jones-haters that makes me laugh. I wish I could bring you to one of our regional meetings for after-hours beers with the gang. I am guessing there would be a little sit-down with my RL the next day, but possibly worth it.SO your saying EDJ’s is better than managing a bunch of Mexicans at a chicken slaughtering plant…hmmm…ok…I’ll give you that.
If your region is anything like my old one, we may need to hurry up my standup..as the defections are taking an almost laughable uptrend. I may appt myself the RL for LPL in my area...that would be the shit!!
I talked to a good friend still with Jones last week and he said most of the Seg 1's and 2's are in trouble and many of the 3's are struggling. Said that he didn't know what his region will look like in the fall if this keeps up.
I just found out, the last of my friends left and went to Capital Bank. From what I can tell, if you are early Seg 3, Seg 1 or 2 it is rough for you. Especially in my area, since it’s easy to sell against the new guys. And we have a ton of Indy guys around here.
Its not if…I hope uncle sam doesn’t set up shop in Citi or BAC over the weekend or WATCH OUT BELOW…AHHHHHHH…DId anyone see the story on the guy who was bungy jumping and the bungy broke…kind of like the market…
No shit… kind of like the brokerage industry…the guy who jumped ship to the banks gave me a line on some struggling seg 3 brokers… time to recruit!
If your region is anything like my old one, we may need to hurry up my standup…as the defections are taking an almost laughable uptrend. I may appt myself the RL for LPL in my area…that would be the shit!!
We haven't had any defections in our region at all. We had one guy - a good friend of mine - leave to go indy. But he basically can't produce after 3 years (I don't mean that harshly - he is a good friend), and he's working out of his house again. He wanted to stay, but couldn't muster an 8K month.
Other than that, there has only been one other person leave for something else in the past year. A 2-year guy went to a bank. Most everyone else is hunkering down.
I highly doubt he qualified to go Indy with those numbers…so I call your nice little spin…always spewing the green line B24.
spears - he probably didn’t qualify for LPL, but there are some places that will take him at 96k.
Reread…he said he couldn’t muster 8k…I doubt the person is even real…
Oh. Sorry. You’re right. Damn that sucks. Not to say he isn’t real like spears said, although it really doesn’t seem likely, but wouldn’t he have been gone before that? No way you could be at 50% of standards at less than 8k per month, unless I’m missing something. They should have shitcanned him a long time ago.
I highly doubt he qualified to go Indy with those numbers…so I call your nice little spin…always spewing the green line B24.
He's going through Cambridge, and no, there is no spin. I asked him the same thing. His regional advisor, or whatever he called him, sort of "stretched" his numbers a bit to squeeze him in. He was told as long as he stayed above like 75-100K gross that he would be OK. I want to say he did around 100K T12 in 2008.
Spears, this has nothing to do with the Green machine or anything. This guy's actually a good friend, and I don't really have any reason to spin it. He went on goals, couldn't make it, and went indy. Not sure how that is considered "spin." I REALLY hope he makes it. He's a good person, but just not very good at this business.
And I think you've seen enough of my posts to know that I am not exactly a Jones troll.
Oh. Sorry. You’re right. Damn that sucks. Not to say he isn’t real like spears said, although it really doesn’t seem likely, but wouldn’t he have been gone before that? No way you could be at 50% of standards at less than 8k per month, unless I’m missing something. They should have shitcanned him a long time ago.
I obviously don't know his production every month. And as we know, production is not linear (it's sort of like the stock market!). But I am fairly sure he told me his T-12 was around 100K. I know he had months over 8K, but he also had a lot of months under 8K. And the last several months was when he couldn't muster an 8K month, since I think that was the magic number he had to get above to save himself. He was new/new and around 3 years out.
I'm really not making shit up. I don't know why I would make something up about this. It really doesn't have much bearing on anything. He's a good friend and good person that really can't produce. I wish him well. We are still good friends and we still talk regularly.
Let me break this down for you very simply. You’re B24. You’re from Jones. According to those like spears and Moron, if your lips are moving, you’re obviously lying. You can’t possibly know anything at all about the rest of the brokerage world. Therefore, they see it as their civic duty to let everyone here know that you are lying. How noble of them.
Thanks for setting B24 straight…With as many posts as B24 has put up in a VERY short time, I bet B24 is sitting in some cube in the dirty town of St Louis…
Exposed!Thanks for setting B24 straight…With as many posts as B24 has put up in a VERY short time, I bet B24 is sitting in some cube in the dirty town of St Louis…
STL is dirty? Dirtier than say Indianapolis? Huh. I never would have guessed. Now, East STL is very dirty. On a lot of different levels.
I think Indy is much cleaner than STL... and it has double the people..
For the record, never called him a liar - i don’t think he’s a home office ahem (don’t want to say the word b/c some people have gotten angry over it). B24 seems like he’s a legitimate Jones FA.
The only people I think who are lying are the ones who say that Jones is the greatest. B24 and Spiff - you guys at least admit there are some faults.
Just so you know though - you guys are WAY too smart to stay on the light side. Or is it the dark side?
Even with it’s faults, Jones is still the greatest! I could give you 23 reasons why, but I’m just not ready to put that much effort into it tonight. And you’re on the darkside, not me.
Squash - I've only been to Indy one time, last summer. Our summer regionals were there. I had a good time. The big difference between the two is that Indy is IN's state capitol, while STL isn't. I loved the statues and fountains in the middle of downtown. Nice place to just hang out and people watch. Anyway the Indy comment was more for spears' benefit than a slam against Indy.Spiff - Make some room in your mailbox.
Done. I hadn't payed that much attention to it recently. Lots of room now.
If I could interrupt this soap opera for a moment, I have a question about, of all things, taking over an EJ office.
How can a new guy take over an office with few assets? How do the bills get paid if he's struggling just to pay himself? Wouldn't that set him waaay back at the start of every month?[quote=Potential]If I could interrupt this soap opera for a moment, I have a question about, of all things, taking over an EJ office.
How can a new guy take over an office with few assets? How do the bills get paid if he's struggling just to pay himself? Wouldn't that set him waaay back at the start of every month?[/quote]He gets a salary his first year. He gets commissions on what he does. He gets milestone bonuses.
Yeah but to hear the tale told here, we're all doomed to slowly starve to death over our first 3 years, then quit. The "salary" is minimum wage and disappears right as we're entering the second year, which is when you get an office. So how do new guys, 16 months in the business and barely pulling down maybe $50k a year, afford to pay office expenses? I'm just praying that the unending tales of misery I read on this board are not representative of the average experience. But just yesterday, Jones revamped its rules because so many new FAs are failing -- and then I got a letter from corporate saying that if I wasn't prepared to work 60 hours a week and make next to nothing for a couple of years, I should consider another line of work (it was a form letter, I'm in my second week of training). And then I read in this thread about a guy taking over an office, he's the sixth FA to man it. Not exactly encouraging. So my point is that maybe a new FA can't afford to feed himseld and pay for a Jones office.[quote=Potential]He gets a salary his first year. He gets commissions on what he does. He gets milestone bonuses.
Potential, what office expenses are you referring to? I have some postage, some seminar expenses (if you choose to), some office supplies that are fairly immaterial. We don’t pay for rent, utilities, BOA wages, etc.
The letter is probably sent to give people the brutal reality of the world we are living in for right now. Wouldn't you rather get that letter BEFORE you start, rather than 2 years in?Listen to B24 from everything I’ve heard from him he’s a pretty sensible person. Move on before you go into debt to try and make it work find something else. Go back office somewhere for a while. Even go to St. Louis if they offer it to you. It’s a job!
[quote=B24]Potential, what office expenses are you referring to? I have some postage, some seminar expenses (if you choose to), some office supplies that are fairly immaterial. We don’t pay for rent, utilities, BOA wages, etc.
The letter is probably sent to give people the brutal reality of the world we are living in for right now. Wouldn't you rather get that letter BEFORE you start, rather than 2 years in? [/quote] lol...the letter is actually from John Bachman...I've been out a couple of years but when I got it I laughed so hard...I thought ..."wow...they really don't want people to stay"...then after a while I mentioned it at a regional meeting to my Area Leader and he wanted to see it but I couldn't find mine. I think its basically the last time when someone in the firm is up front and says "hey..this isn't for everyone...here's what to expect..and if you don't think it's for you, there is no shame in realizing it up front before a ton of time, effort & money is lost by all parties!I still have mine PM me with a fax number if you need a copy. Some excerpts:
"As you begin, your work will not be easy. It will, in fact, be much harder than what you imangined when it was described to you. You will be learning new things, doing new things and feeling both the financial and emotional pressures anyone experiences when building a new business. It is very hard work. Most financial advisors will, in retrospect, describe it as the hardest thing they have ever done...." "Some individuals are not prepared for the hard work. This is not an 8-to-5 job. In addition to the workweek, you should expect to spend one evening each week and at least three Saturday mornings each month contacting clients and prospects..." "Financial advisors run out of money. Many leave high-paying careers to become financial advisors, so existing lifestyle expectations often exceed what is realistic when starting a business. To maintain a pre-Edward Jones lifestyle requires substantial savings..." "Financial advisors sometimes lack family or spousal support. In all likelihood, you left a successful carreer to start from scratch in a new field. You're away from home alot. When you are home, you're often tired, cranky or both. You're consumed with you - how you are doing and what you should be doing. Meanwhile, your loved ones watch, more or less helplessly....Others wonder why you would leave a good career with good pay to take a position that pays so poorly and unpredictably in early months and years..." It closes "A career in the investment business can be a great one. A carreer at Edward Jones has much to offer. However, it is not for everyone. If you have carefully thought through the places one can stumble and believe you have the financial and emotional resources, the discipline and the energy to do this very hard work, you are on your way. If not, there is no dishonor in reconsidering and saying, "It's a great career for someone, but it's not right for me." In either case, I wish you only the best as you look forward."Yeah, that's the one. Paragraph after paragraph about why this job will suck and nothing other than the quoted sentence as way of justification. It kinda got me down. I mean, it's one thing to see relentless negativism on this board, it's another to have it mailed directly to you by the company."A career in the investment business can be a great one.
Start planning Potential - it’s not the business… it’s the firm. Unless you have the green stuff running through your veins… you’re not going to make it.
[quote=B24]Potential, what office expenses are you referring to? I have some postage, some seminar expenses (if you choose to), some office supplies that are fairly immaterial. We don’t pay for rent, utilities, BOA wages, etc.
The letter is probably sent to give people the brutal reality of the world we are living in for right now. Wouldn't you rather get that letter BEFORE you start, rather than 2 years in? [/quote] Well, I guess I'm not sure what the expenses are ... but I recall a thread with a guy asking how many times they were gonna make him pay for his computer monitor; and another with FAs talking about starting every month in the hole, as it were, due to office expenses. As to the letter, it just came as a surprise. This board is my only link to the community and it's one thread after another affirming what a stupid, awful, horrible mistake it is to be getting into this business. Seeing corporate essentially say the same thing was disheartening.If I didn't think I could make it, I wouldn't be doing it. While I appreciate your contribution, you're not exactly an unbiased opinion when it comes to Jones.Start planning Potential - it’s not the business… it’s the firm. Unless you have the green stuff running through your veins… you’re not going to make it.
Good for you!
I wasn’t saying you weren’t going to make it production-wise. What I was saying is that you seem to have an objective head on your shoulders and are likely going to make the jump anyway. I’m positive that you can make it production-wise, especially with your positive attitude.
I made it production-wise, but couldn’t stand being there.
Just remember, when your philosophy is not longer the same as the firms…
I got the same letter a couple of weeks ago, and I just started with Jones. I didn't really see anything negative or "gut-checking" about it. It really just reiterates the same stuff that is all over EJ's careers website and all over their recruiting materials. Really nothing new in the letter...just minus all the fluff and more pointed. I think it's more or less a "go all in or fold" letter.
Personally, I weighed the information on those materials, the commentary from Jones reps (both positive and negative), and the commentary from everyone on this and other forums (both positive and negative). Then I put it all through my bullsh t processor and what came out the other end was a decision to accept the position. Time will tell if it was the right decision. And, Moraen...I am truly impressed with the level of diplomacy in which you handled that last post, but still got your message across.Potential,
I'm a fairly new Jones FA and just inherited an office. At first it's hard to wrap your head around the expenses of the office. Jones basically told me to focus on prospecting and making money and not to worry about profits/losses until later. It is hard work, especially for a newnew, but Jones lowers the bar for new brokers for THREE YEARS. So even after you get an office, you don't have the same production standards as veteran advisors. I'm lucky that I got an office, but even if I hadn't I believe that Jones is a great company to work for. I worked for the government before this, and it was really lame. If you really want it, you can do it! Good luck.Yeah, that's the one. Paragraph after paragraph about why this job will suck and nothing other than the quoted sentence as way of justification. It kinda got me down. I mean, it's one thing to see relentless negativism on this board, it's another to have it mailed directly to you by the company. [/quote] The "relentless negativism" on this board is from the same 4 or 5 posters over and over. If you read their posts you will see they are giving speechs not presenting unbiased facts. They are bitter. Make up your mind to either do the work or not. Once you decide go all in 100%. It takes atleast 100% to succeed but it is worth it.[quote=Hank Newbie]"A career in the investment business can be a great one.
[quote=Hank Newbie] I still have mine PM me with a fax number if you need a copy. Some excerpts:
“As you begin, your work will not be easy. It will, in fact, be much harder than what you imangined when it was described to you. You will be learning new things, doing new things and feeling both the financial and emotional pressures anyone experiences when building a new business. It is very hard work. Most financial advisors will, in retrospect, describe it as the hardest thing they have ever done…”
“Some individuals are not prepared for the hard work. This is not an 8-to-5 job. In addition to the workweek, you should expect to spend one evening each week and at least three Saturday mornings each month contacting clients and prospects…”
“Financial advisors run out of money. Many leave high-paying careers to become financial advisors, so existing lifestyle expectations often exceed what is realistic when starting a business. To maintain a pre-Edward Jones lifestyle requires substantial savings…”
“Financial advisors sometimes lack family or spousal support. In all likelihood, you left a successful carreer to start from scratch in a new field. You’re away from home alot. When you are home, you’re often tired, cranky or both. You’re consumed with you - how you are doing and what you should be doing. Meanwhile, your loved ones watch, more or less helplessly…Others wonder why you would leave a good career with good pay to take a position that pays so poorly and unpredictably in early months and years…”
It closes
“A career in the investment business can be a great one. A carreer at Edward Jones has much to offer. However, it is not for everyone. If you have carefully thought through the places one can stumble and believe you have the financial and emotional resources, the discipline and the energy to do this very hard work, you are on your way. If not, there is no dishonor in reconsidering and saying, “It’s a great career for someone, but it’s not right for me.” In either case, I wish you only the best as you look forward.”[/quote]
How many times have I heard people cry “Jones never told me it would be this haaaard!” or "all the stuff they tell you is buuuullsh*t!"
So, Jones writes you a letter, before you start, telling you in black and white how hard it is going to be, and now I see people complaining because it’s a “downer”.
You people all have to get a grip.
Maybe I'm just overly optimistic about my new employer, but like I said before, I didn't really take it as a "this job is gonna suck" letter. It actually got me kind of pumped up. I embrace challenge. I hate easy. The greater the challenge the greater the reward. I know what I'm in for....BRING IT ON MOFO!!!!
I think Indy is much cleaner than STL… and it has double the people…
You guys don't let up about how great being Indy is, do you? I've never thought the EJ guys were dirty or anything.
I would say most of the pros and cons are illustrated in the responses of the people on this forum. At EDJ you will generally be around people brand new to the business, and very unaware of what other firms offer for clients or the adviors themselves. At one regional meeting a wholesaler from Goldman Sachs asked the “region” how they would introduce themselves to someone for the first time, and why they should do business with them instead of someone else. Most of the responses started with selling the company and bashing the competition, to the point where the Goldman WS asked for “a way to do it without just saying your company is better”.
It definately is a midwestern company by an step of the imagination, for better or worse. My question is, what criteria is needed to take over an office of the 10 to 20 million in asset size? From scratch at month 9 I am well above standard. I have industry experience after being out of the industry for a year previously, where I gave up a book at ML. I only ask as my region gives little guidance on this sort of thing, and it gets quite annoying hearing of a new kid taking over offices of that size with very small amounts of experience.
Pray to god the $1mm client leaves before you move in. That will put you under $3mm AUM, which classifies you as new/new for production standards. Anything over $3mm AUM and your standards nearly double.
Also, don’t be afraid to replace the BOA once you’re settled in IF you don’t get along seamlessly. I’ve talked to a lot of FA’s who feel like EDJ is doing them a favor by letting them take over the office. Remember, EDJ MUST put someone in there ASAP and $3mm AUM is NOTHING. This will most likely be your office for your entire stay at EDJ and if you’re not comfortable with the BOA, there are plenty of other offices for her to move to. Also, go with an older BOA. Trust me.
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