Jones is the highest ranking firm, but theyre also
Jones is the highest ranking firm (ethics, customer satisfaction, places to work)
yet theyre also the easiest firm to get hired by how does this add up?We have a growth goal. We don’t have a survival plan like other firms.
???
how is jones such a prestigious firm but they hire anybody with a pulse?I'm not sure why they have to be mutually exclusive.
I guess we have to go through this again....Jones' business model plays very well into the rankings system:
First off, we focus on the upper middle-class, small business owner, essentially middle-America. These people will get no service anywhere else. And we have convenient, comfortable, local offices. Second, part of Jones' business model is to focus on face-to-face intaraction, and a high degree of personal service and communication. It has been shown that many investors get discouraged with the "my broker never calls me, and never returns my calls" treatment, regardless of what firm their advisor is with. It's that simple. It doesn't make Jones any better at managing money. Are we the most sophisticated? No. Do we have the best investment strategies? No. We keep it simple, and it works. It works for most people better than how they would be otherwise. It just means we try to focus on the things that will improve the perception of our firm: give attention to those that won't otherwise get attention, and communicate with clients. When you boil it down, those are the two biggest factors in our success in the rankings.[quote=utcheachea]???
how is jones such a prestigious firm but they hire anybody with a pulse?[/quote] Based on the number of applications and the number we actually hire, that is just an incorrect statement. Yes, we probably get thousands of crappy applicants, but that does not change the fact that we are more discerning than you might think.This guy is a made up account. He came on here with an agenda … Don’t feed the troll.
[quote=B24]
I'm not sure why they have to be mutually exclusive.
I guess we have to go through this again....Jones' business model plays very well into the rankings system:
First off, we focus on the upper middle-class, small business owner, essentially middle-America. These people will get no service anywhere else. And we have convenient, comfortable, local offices. Second, part of Jones' business model is to focus on face-to-face intaraction, and a high degree of personal service and communication. It has been shown that many investors get discouraged with the "my broker never calls me, and never returns my calls" treatment, regardless of what firm their advisor is with. It's that simple. It doesn't make Jones any better at managing money. Are we the most sophisticated? No. Do we have the best investment strategies? No. We keep it simple, and it works. It works for most people better than how they would be otherwise. It just means we try to focus on the things that will improve the perception of our firm: give attention to those that won't otherwise get attention, and communicate with clients. When you boil it down, those are the two biggest factors in our success in the rankings.[/quote good post but imagine how great jones would be if they upped the hiring standards, but kept everything else i'm telling you what I know. a lot of the new fa's at jones would not even be able to get interviews at these other firms. their grades are too low, they didnt go to school/have any type of experience, etc. if jones hired more knowledgeable advisors they would be untouchable jones advisors get like 6 weeks to DO NOTHING BUT STUDY for the series 7. of course youre gonna pass. the people i know working at other firms get 2-4 weeks to study WHILE working. the other firms hire more "intelligent" (based on americas standards)workers."the other firms hire more "intelligent" (based on americas standards)workers."
Dumbest post of the day.[quote=B24]
"the other firms hire more "intelligent" (based on americas standards)workers."
Dumbest post of the day. [/quote] the other firms want you to have 3.5 gpas and up from good schools just to get interviewsWhere do you get your information? You should really stop reading the Inquirer.
I'm going to guess that you don't really know anyone in any other firms. If you did, you'd know that there isn't a big firm in the country that would send anyone to the S7 exam in 2-4 weeks of part time studying. Their failure rate would be astronomical. Perhaps you should find an industry to work in that doesn't require some much brain power. Like politics.[quote=utcheachea][quote=B24]
I'm not sure why they have to be mutually exclusive.
I guess we have to go through this again....Jones' business model plays very well into the rankings system:
First off, we focus on the upper middle-class, small business owner, essentially middle-America. These people will get no service anywhere else. And we have convenient, comfortable, local offices. Second, part of Jones' business model is to focus on face-to-face intaraction, and a high degree of personal service and communication. It has been shown that many investors get discouraged with the "my broker never calls me, and never returns my calls" treatment, regardless of what firm their advisor is with. It's that simple. It doesn't make Jones any better at managing money. Are we the most sophisticated? No. Do we have the best investment strategies? No. We keep it simple, and it works. It works for most people better than how they would be otherwise. It just means we try to focus on the things that will improve the perception of our firm: give attention to those that won't otherwise get attention, and communicate with clients. When you boil it down, those are the two biggest factors in our success in the rankings.[/quote good post but imagine how great jones would be if they upped the hiring standards, but kept everything else i'm telling you what I know. a lot of the new fa's at jones would not even be able to get interviews at these other firms. their grades are too low, they didnt go to school/have any type of experience, etc. if jones hired more knowledgeable advisors they would be untouchable jones advisors get like 6 weeks to DO NOTHING BUT STUDY for the series 7. of course youre gonna pass. the people i know working at other firms get 2-4 weeks to study WHILE working. the other firms hire more "intelligent" (based on americas standards)workers.[/quote] Anyone who could make that comment obviously wasn't hired by one of the "other firms" of which he speaks![quote=utcheachea]the other firms want you to have 3.5 gpas and up from good schools just to get interviews
[/quote] Crappy plan in the first place. Not all "Intelligent" people can afford "Ivy League" schools, and most of those schools don't give you a shot unless your daddy paid for the Finance Building. You need some life experience my friend. Couple examples. Warren Buffet was denied into Harvard. He was also denied a job working for his mentor, Ben Graham. Finally Ben gave in, now he's the most successful investor of all time. My regional leader. Worked at John Deere for years, until he applied at Jones 25 years ago. Now he's a Million dollar producer, GP, and Regional Leader. Crack jokes about GP's all you want, but the man knows his stuff. Just because someone has no experience, or is rough behind the ears, doesn't mean they don't have a chance at becoming very successful in this business. Alot of this job is knowing people, being able to relate to them. I know Analysts who would blow the doors off anyone in a Math/Finance test, but they don't stand a chance of standing on a beach, drinking a beer and skipping a rock across a f'in lake. I want my Financial guy to understand me, my dreams, and my goals. Not just my money and so do my clients. I think Jones does a wonderful job of getting people who do that.I believe the term is wet behind the ears. You should have picked that up during your life experience of being a male groupie for rock bands.
[quote=utcheachea]
i'm telling you what I know. a lot of the new fa's at jones would not even be able to get interviews at these other firms. their grades are too low, they didnt go to school/have any type of experience, etc. jones advisors get like 6 weeks to DO NOTHING BUT STUDY for the series 7. of course youre gonna pass. the people i know working at other firms get 2-4 weeks to study WHILE working. the other firms hire more "intelligent" (based on americas standards)workers.[/quote] Your first comment about grades being too low just show that you're probably fresh out of college. Just to let you know, having a 3.0 GPA does not mean crap in this business. I know some interns who graduated college and tried to go into sales. Their whole mantra was "I'm a Finance major, I know what I'm talking about". They were gone in weeks. In the real world, experience is what counts, not whether you were magna cum laude. Second, the people you know at other firms? What firm are you with that you're allowed 2 weeks to study for the 7? Do you even have your 7? Or are you a Series 6 mutual fund slinger?[quote=army13A]Your first comment about grades being too low just show that you’re probably fresh out of college. Just to let you know, having a 3.0 GPA does not mean crap in this business. I know some interns who graduated college and tried to go into sales. Their whole mantra was “I’m a Finance major, I know what I’m talking about”. They were gone in weeks. In the real world, experience is what counts, not whether you were magna cum laude.
Second, the people you know at other firms? What firm are you with that you're allowed 2 weeks to study for the 7? Do you even have your 7? Or are you a Series 6 mutual fund slinger? [/quote]I agree...college and grades don't mean sh*t! Any moron could get a 4.0 if that's what they really want. College professors spoon-feed information to students and students regurgitate that information on tests. It's really a joke to try to compare that to the creativity, determination and drive needed to succed in business.
I don’t think they hire anyone with a pulse. I think they said it was like 8% hiring rate based on total applications received. They just have so many people training constantly that it seems like they hire anyone.
I’ve thought it was funny how Jones Always bragged on how “picky” they were, only hiring 8% or so of applicants. I’ve worked for several major organizations over the years, most with apps and resumes coming in every day. I would say less than 10% is the NORM - not some lower than average number that shows how choosey we are. Crap, I bet theme parks have a lower hiring rate than that!
We are salesmen with teams and technologies to do the theorizing for us. Hate to say it but its true. If you are someone with basic market knowledge and great people skills this is the career for you. Otherwise shut up and go get a calculator and a desk somewhere you will indeed fail at this career.
We are salesmen with teams and technologies to do the theorizing for us. Hate to say it but its true. If you are someone with basic market knowledge and great people skills this is the career for you. Otherwise shut up and go get a calculator and a desk somewhere you will indeed fail at this career.
Some people can be salesman and financial expert. That's a true financial advisor.
There are plenty of us who are financial experts on top of being salesmen. What I am saying is that people skills are the most important in this business and not where you graduated from. People skills are inherent and rules processes and theories are learned. Jones model embraces this and regardless of the prestige other firms think they have, look at all the financial trouble that “prestige” has cost them. I know its not as much the retail side of those firms but its crap to say that big schools and GPAs are success indicators.
This is exactly what I'm trying to say. Of course we know this because we're in this business and didn't just graduate from college. The kid who started this forum doesn't because he, as Ron put it, is wet behind the ears. I know tons of guys who don't have college degrees in this business. I know one specifically who barely graduated from high school and he's producing over $800K He just knows how to relate to people and have them trust him with their money. Individuals I know who recently graduated college are feeling the hurt in this economy as their newly minted degrees aren't being put to work. And you still haven't answered the question: Are you even in this business? I think I already know this answer.There are plenty of us who are financial experts on top of being salesmen. What I am saying is that people skills are the most important in this business and not where you graduated from. People skills are inherent and rules processes and theories are learned. Jones model embraces this and regardless of the prestige other firms think they have, look at all the financial trouble that “prestige” has cost them. I know its not as much the retail side of those firms but its crap to say that big schools and GPAs are success indicators.
There are plenty of us who are financial experts on top of being salesmen. What I am saying is that people skills are the most important in this business and not where you graduated from. People skills are inherent and rules processes and theories are learned. Jones model embraces this and regardless of the prestige other firms think they have, look at all the financial trouble that “prestige” has cost them. I know its not as much the retail side of those firms but its crap to say that big schools and GPAs are success indicators.
I disagree that Jones embraces anything relating to learning actual financial or market theory. I spent three years there and can't say I was impressed with financial acumen of anybody outside of one Segment 5 guy.
[quote=Moraen] [quote=fa09]
We are salesmen with teams and technologies to do the theorizing for us. Hate to say it but its true. If you are someone with basic market knowledge and great people skills this is the career for you. Otherwise shut up and go get a calculator and a desk somewhere you will indeed fail at this career.
[/quote]Some people can be salesman and financial expert. That's a true financial advisor. [/quote] exactly, you need to be an expert to be a true financial ADVISOR. jones has very few true ADVISORS the majority of their workforce are salesman. obviously it works for them, i just dont see how they are the highest ranking firm when their employees are less knowledgeable than everyone else
I never said GPA and big schools were success indicators ( they arent). I said most Jones employees couldnt even get interviews at places like Barclays, ML, MSSB, etc....yet Jones is the highest ranking firm. It's kind of confusing.There are plenty of us who are financial experts on top of being salesmen. What I am saying is that people skills are the most important in this business and not where you graduated from. People skills are inherent and rules processes and theories are learned. Jones model embraces this and regardless of the prestige other firms think they have, look at all the financial trouble that “prestige” has cost them. I know its not as much the retail side of those firms but its crap to say that big schools and GPAs are success indicators.
its because at the drop of a hat we have the support of a home office of experts in every field to help advise us on the things we ourselves are not experts on or a particular situation that may throw us through a loop. Wirehouses don’t give any better product training than Jones does, although they may get more frequent lunches from wholesalers.
I happen to disagree with you on the interview thing. I don’t know of a BOM out there who wouldn’t give a current Jones fa an interview… the guys that failout even land jobs. Just ask Still@ or MBA2FA
its because at the drop of a hat we have the support of a home office of experts in every field to help advise us on the things we ourselves are not experts on or a particular situation that may throw us through a loop. Wirehouses don’t give any better product training than Jones does, although they may get more frequent lunches from wholesalers.
Drop of a hat? Really? You can pick up the phone and speak to an analyst (although I can't imagine why you'd want to speak to a Jones analyst)? The Chief Market Strategist? Other firms have access to their "experts" as well.
Also, how many times have you called the home office and gotten a different answer to your question? The joke in my old region was "call until you get the answer you want."
Experts indeed.
Jones is a great company. The average Jones advisor can get hired at a wirehouse AFTER they have Jones experience (and have already gotten all of their licenses.) I'm talking about the average new hire....the new guys getting hired at Jones wouldnt get interviews at a lot of firms (this is before working at Jones), they dont meet their requirements.I happen to disagree with you on the interview thing. I don’t know of a BOM out there who wouldn’t give a current Jones fa an interview… the guys that failout even land jobs. Just ask Still@ or MBA2FA
[quote=fa09] its because at the drop of a hat we have the support of a home office of experts in every field to help advise us on the things we ourselves are not experts on or a particular situation that may throw us through a loop. Wirehouses don’t give any better product training than Jones does, although they may get more frequent lunches from wholesalers.
Drop of a hat? Really? You can pick up the phone and speak to an analyst (although I can't imagine why you'd want to speak to a Jones analyst)? The Chief Market Strategist? Other firms have access to their "experts" as well.
Also, how many times have you called the home office and gotten a different answer to your question? The joke in my old region was "call until you get the answer you want."
Experts indeed.[/quote]
Ok so ur point is well taken. Jones hires idiots who couldn't possibly handle clients assets properly. As a former Jones employee I applaude your self awareness.
[quote=fa09]I happen to disagree with you on the interview thing. I don’t know of a BOM out there who wouldn’t give a current Jones fa an interview… the guys that failout even land jobs. Just ask Still@ or MBA2FA
Jones is a great company.
The average Jones advisor can get hired at a wirehouse AFTER they have Jones experience (and have already gotten all of their licenses.)
I’m talking about the average new hire…the new guys getting hired at Jones wouldnt get interviews at a lot of firms (this is before working at Jones), they dont meet their requirements.[/quote]
Jones does take more risk on new hires than some other firms. However they have a business model that allows them to do so and be profitable. They are willing to give hard working people a shot. I think their main requisites are a strong work ethic, with previous upward career mobility and be a fairly competent individual. The guy that makes it at Jones would have made it elsewhere the problem is they may not have given that person a shot. Fits into the whole firm model. We also take clients with lower net worths than many other firms would look at. It has served Jones pretty darn well in both aspects as the new fas who are successful tend to eat up the culture more and stay with Jones and the clients as their net worth increases do the same. Pretty simple but pretty ingenious as well.
[quote=Moraen] [quote=fa09] its because at the drop of a hat we have the support of a home office of experts in every field to help advise us on the things we ourselves are not experts on or a particular situation that may throw us through a loop. Wirehouses don’t give any better product training than Jones does, although they may get more frequent lunches from wholesalers.
Drop of a hat? Really? You can pick up the phone and speak to an analyst (although I can't imagine why you'd want to speak to a Jones analyst)? The Chief Market Strategist? Other firms have access to their "experts" as well.
Also, how many times have you called the home office and gotten a different answer to your question? The joke in my old region was "call until you get the answer you want."
Experts indeed.[/quote]
Ok so ur point is well taken. Jones hires idiots who couldn't possibly handle clients assets properly. As a former Jones employee I applaude your self awareness.[/quote]
Wasn't talking about the FAs dumbass. Was talking about the Wal-Mart rejects they hire at the home office. Not to mentions Jones hires all kinds of people as FAs, from teachers to engineers, from tractor salesmen to transfer brokers. Some of these people are very smart. Some... not so much.
It appears you fall in the latter category.
Being that the thread is about the people who are hired here I assumed you were speaking of those people. My mistake. I was however pointing out the irony in your overall negative reflection on the firm that helped you get where you are today. Your bitterness is sad.
fa09 - I’m actually not bitter. Jones is a great place to START. But it’s not what I was sold when I got hired. Plus, get a little more experience at the firm you are defending before you call into question my state of mind. We’ll see if you’re around to be fa12.
Having been one of those "Wal-Mart rejects" that was a home office employee, it's obvious to me that you really didn't know much about the home office, the hiring practices, or the quality of people that they hire. It's a big organization, and just like every big company, you're going to find the random person who just really shouldn't be left alone to fend for themselves. However, the majority of the home office employees are college grads (which is totally overrated, but at least shows you can stick with something long enough to complete the task). Here in the STL area, it's a bonus to have EDJ on your resume if you should decide to look for a job outside the cult, I mean firm. In this particular case, Moraen, your mouth is overreaching your brain. You really shouldn't talk like an expert on things that you obviously aren't. Unless, however, you are able to back up your statement with facts.
Wasn’t talking about the FAs dumbass. Was talking about the Wal-Mart rejects they hire at the home office. Not to mentions Jones hires all kinds of people as FAs, from teachers to engineers, from tractor salesmen to transfer brokers. Some of these people are very smart. Some… not so much.
It appears you fall in the latter category.
So the running joke is not true? You can call home office and NOT get a different response each time you call?
Plus the guy from Field Supervision who works at Wal-Mart? Come on Spiff. Not saying you were a Wal-Mart reject, but there are some pretty big IDIOTS at St. Louis Home office. Unless all of the sudden things have changed in two years.
Having been one of those "Wal-Mart rejects" that was a home office employee, it's obvious to me that you really didn't know much about the home office, the hiring practices, or the quality of people that they hire. It's a big organization, and just like every big company, you're going to find the random person who just really shouldn't be left alone to fend for themselves. However, the majority of the home office employees are college grads (which is totally overrated, but at least shows you can stick with something long enough to complete the task). Here in the STL area, it's a bonus to have EDJ on your resume if you should decide to look for a job outside the cult, I mean firm. In this particular case, Moraen, your mouth is overreaching your brain. You really shouldn't talk like an expert on things that you obviously aren't. Unless, however, you are able to back up your statement with facts. [/quote] Listen, I don't understand why people always call us a cult. I mean...geez. People get all bent out of shape because from time to time we sacrifice a virgin to the Ghost of Ted Jones, then call upon the spirit of Al McKenzie to aid us in the slaying of Merrill brokers. I guess people don't understand the meaning of the word 'cult'...[quote=Moraen]
Wasn’t talking about the FAs dumbass. Was talking about the Wal-Mart rejects they hire at the home office. Not to mentions Jones hires all kinds of people as FAs, from teachers to engineers, from tractor salesmen to transfer brokers. Some of these people are very smart. Some… not so much.
It appears you fall in the latter category.
You must have missed the part in my post where I mentioned people who shouldn't be left alone to fend for themselves. You are absolutely correct that there are some idiots at our home office, just like anywhere else. More than likely, including your own firm. However, 95% of the time our questions get answered to our satisfaction, our issues get resolved, and I have zero problems with the quality of people Jones hires at HQ. That other 5%, well let's just say I'm not shy about asking who their team leader is. I've never heard of an FSD who also works at WMT. If you have the time and inclination, some mind numbing job like WMT greeting might be therapeutical for some FSD who deals with us all day.So the running joke is not true? You can call home office and NOT get a different response each time you call?
Plus the guy from Field Supervision who works at Wal-Mart? Come on Spiff. Not saying you were a Wal-Mart reject, but there are some pretty big IDIOTS at St. Louis Home office. Unless all of the sudden things have changed in two years.
[quote=Spaceman Spiff]
I've never heard of an FSD who also works at WMT. [/quote] I agree with most of what you are saying Spiff, but i gotta say. My Development leader before PDP told me on multiple occassions of how she had an eye on my job, as well as worked at a clothing store in the mall.I totally understand why a woman, if she’s got the time and a shopping habit, would put in a few hours at the mall. Especially a clothing store. Heck, I’ve thought about putting in some hours at Lowes to support my own habit. When I was in the home office and didn’t have any kids, my wife and I would put in some hours at a store in the mall at Christmas, just for some extra cash in our pockets.
It didn't mean I was an inferior little worker bee, just that I had some time to do something like that and I was motivated enough by the extra cash to do actually do it.Don't forget the employee discount. Victoria's Secret employees get free bras when new ones are released (which is all the time) along with hefty discounts and you are the first ot have access to the sales. I've considered working there during the holidays the last few years. I easily drop $1000 there between the store and site around the holidays.
Well, i’d agree. Except that she told me she had the job because she couldn’t afford her bills with the one she had lol.
[quote=MsBroker]
I easily drop $1000 there between the store and site around the holidays.
[/quote] Does your husband know how good he has it (other than the massive spending)? I'm lucky if my wife doesn't wear sweatpants.Source URL:https://www.wealthmanagement.com/forums/rookies-trainees/jones-highest-ranking-firm-theyre-also