Setting Goals with Edward Jones

At least eleventy kabillion!

yeah, Joe!!

expectations should be very clear to you upon accepting the job. Talk w/your BM

If you don’t know what is expected of you at this point in the process, I doubt you’re gonna make it.

You need to know that at EDJ you will be limited in the type of business you can do.  You will do transactional business only.  Your opportunity to build a fee based practice are nil.

Also, you will be TOLD how to prospect and you will be tracked.

You sound like you have the desire to be in this business, do some more research and pick a better firm.

Wow, that's some great advice you got from these folks.  Vbrainy is correct to an extent with what he told you.  We (I'm a Jones guy) are taught how to prospect one way: doorknocking.  It works, but past your initial training no one really cares how to prospect as long as you do and you bring in new assets.  Your trainers will tell you how to doorknock.  Do what they tell you. 

You are going to do transactional business.  Fee based biz is coming around in the near future, maybe even before you get your CSD.  However, unless you are really good at gathering assets really quickly you're going to need to do transactional while building your fee based biz. 

As to your original questions.  It's not going to be as easy as #new clients x AUM = $$$.  Too many variables.  Your goals at Jones are 10 new accounts per month.  Maybe that's 3 new couples with IRAs and a joint account or it's 10 new DCA accounts for 10 new people.  Each new account should bring in new assets, let's say you bring in $7-10 million per year. 

Just to keep your job at Jones at the end of yr 1 you should have grossed about $25K.  End of year 2 is $75K gross.  End of yr 3 is $121K gross.  You keep just under 40% of the gross.  Plus new account bonus, milestone bonus, etc.  That's just the minimum.  Bring in the $7-10 mil per yr and you'll be above that. 

Right now to win the trips you need to gross $107,500 in a 6 month contest. 

Call you Regional Leader and ask him or someone else in your new region to have lunch with you to explain everything. 

Welcome to Jones.  Take half of what you read on this forum with a grain of salt. 

Thank you for the insightful feedback Spaceman Spiff.  People like you are one of the reasons I joined Jones.  Hopefully I'll soon be able to answer questions of others in my current position.  I'm looking forward to making a contribution to the firm.  Take care.

LKG1, Spiff is not quite accurate in his numbers.  You do not 'keep' just under 40% of your gross.  He forgot to mention that 100% of advertising comes out of your end.  Half of the postage comes out of your end, as well as half of the phone bill, if memory serves.  Health insurance comes out of, you guessed it, your end.  There's a major league haircut on annuities BEFORE your split.  Under the catch-all phrase, "Occupancy", anything other than rent and electricity is your problem.  A hefty chunk of your P&L is an assessment for your communications system.  In short, you should plan on 'keeping' around 20% of your gross, pre-tax. 

Spiff is correct when he says take what you hear with a grain of salt...but that applies to pro as well as con.  In the words of Ronald Reagan, "Trust.  But verify."

[quote=vbrainy]

You need to know that at EDJ you will be limited in the type of business you can do. You will do transactional business only. Your opportunity to build a fee based practice are nil.

Also, you will be TOLD how to prospect and you will be tracked.

You sound like you have the desire to be in this business, do some more research and pick a better firm.

[quote=Starka]

LKG1, Spiff is not quite accurate in his numbers. You do not ‘keep’ just under 40% of your gross. He forgot to mention that 100% of advertising comes out of your end. Half of the postage comes out of your end, as well as half of the phone bill, if memory serves. Health insurance comes out of, you guessed it, your end. There’s a major league haircut on annuities BEFORE your split. Under the catch-all phrase, “Occupancy”, anything other than rent and electricity is your problem. A hefty chunk of your P&L is an assessment for your communications system. In short, you should plan on ‘keeping’ around 20% of your gross, pre-tax.

Spiff is correct when he says take what you hear with a grain of salt…but that applies to pro as well as con. In the words of Ronald Reagan, “Trust. But verify.”

[quote=Incredible Hulk] [quote=Starka]

LKG1, Spiff is not quite accurate in his numbers.  You do not ‘keep’ just under 40% of your gross.  He forgot to mention that 100% of advertising comes out of your end.  Half of the postage comes out of your end, as well as half of the phone bill, if memory serves.  Health insurance comes out of, you guessed it, your end.  There’s a major league haircut on annuities BEFORE your split.  Under the catch-all phrase, “Occupancy”, anything other than rent and electricity is your problem.  A hefty chunk of your P&L is an assessment for your communications system.  In short, you should plan on ‘keeping’ around 20% of your gross, pre-tax. 

Spiff is correct when he says take what you hear with a grain of salt…but that applies to pro as well as con.  In the words of Ronald Reagan, “Trust.  But verify.”

The advertising is 1% of net commissions…I realized a few months ago in looking at my Earnings screen that that means it is the same as 2.5% gross.  So, really I start out at 37.5% and then start deducting postage, phone, et al–that’s not too bad because it doesn’t go up as you generate more gross (except indirectly a bit).  However, the 1% net doesn’t have a cap (that I know of).

I think it is capped, Cowboy, or at least it was at one time.  If memory serves, it was $250.

[quote=Incredible Hulk] [quote=Starka]

LKG1, Spiff is not quite accurate in his numbers.  You do not 'keep' just under 40% of your gross.  He forgot to mention that 100% of advertising comes out of your end.  Half of the postage comes out of your end, as well as half of the phone bill, if memory serves.  Health insurance comes out of, you guessed it, your end.  There's a major league haircut on annuities BEFORE your split.  Under the catch-all phrase, "Occupancy", anything other than rent and electricity is your problem.  A hefty chunk of your P&L is an assessment for your communications system.  In short, you should plan on 'keeping' around 20% of your gross, pre-tax. 

Spiff is correct when he says take what you hear with a grain of salt...but that applies to pro as well as con.  In the words of Ronald Reagan, "Trust.  But verify."

[/quote]

I 'keep' closer to 28%. At least that is a ball park number of what is deposited into my checking account. That is after a semi-healthy 401k contribution.[/quote]

You're doing well at controlling expenses, Hulk.  My point, however, is that you don't 'keep' 40%.  Dependent upon my monthly production of course, I average somewhere near 65%, pre-tax.  (Stronger months the percentage is higher, lower months, the number is weaker.)Arguably, I do spend more time on non-selling tasks that relate to owning a business.  But at the end of the day, at least to me, it's all about how much ends up in my account.

Boy, you all act like you get 100% payout with no expenses.  Give me a break.  If you are successful, as with Indies, wirehouses, regionals, etc., you will make good money.  It all comes out in the wash.  It doesn't matter who pays for toilet paper or 1% marketing.  It all balances out.  Jones has some things that others don't (i.e. profit bonuses, profit sharing, trips, etc.),  while others pay for some things that Jones charges you for. 

It's about how successful you are.  If you are crying about a few nickles and dimes here or there in this business, you will be sadly disappointed anywhere you go.

I am comparing apples to apples, Broker24.  My numbers are net of ticket charges, rent, occupancy, salary and benefits for assistants, etc.  Futher, most reputable firms do offer profit sharing. 

I'm not denigrating the success of anyone at any firm.  I'm merely refuting the claim that at Jones, one 'keeps' 40% of their gross.  No matter what you claim, that is not true.

[quote=Broker24]

Boy, you all act like you get 100% payout with no expenses.  Give me a break.  If you are successful, as with Indies, wirehouses, regionals, etc., you will make good money.  It all comes out in the wash.  It doesn't matter who pays for toilet paper or 1% marketing.  It all balances out.  Jones has some things that others don't (i.e. profit bonuses, profit sharing, trips, etc.),  while others pay for some things that Jones charges you for. 

[/quote]

I don't know about that, B24.  If Starka nets 30-40% more for selling the exact same product as a Jones broker that's more than a few nickles and dimes, wouldn't you agree?

I think we've lost sight of the fact that the newbie was asking questions about Jones, not whether or not he should go indy.  Payouts don't mean squat if you don't have the gross to begin with. 

LKG1, they are correct that there are expenses that come out before we get paid.  Sorry, my fault.  Should have used the word net instead of keep.   

There are quite a few expenses at Jones.  Some you control, some don't.  Be aware of them, but don't focus on them for a while.  Your goal at Jones, just like other places, is to become profitable.  Period.  Figure out what that is and shoot for that.  Once you get there, then you can focus on trimming the fat. 

I think Spiff just mailed it.  Jones seems to be a great place to start out in the business, and many Jones reps are vary successful spending their entire career there.

That was also the point I was making.  I know many very successful brokers that don't spend much at all.  They don't need to advertise, and they don't buy a lot of "stuff".  Yes, it is a good place to start, but it is also good if you become very successful because your bonuses get exponentially higher as your gross goes up beyond profitability.  I think where people get jaded is in that 3-5 year point when you are now making a living, but not that profitable yet (as bonuses don't yet kick in). 

Interestingly, we just had a regional meeting where the firms first $1M producer spoke.  He hit $1M in gross in his 4th year from scratch (he started about 20 years ago).  He was a $2M+ producer with $315M book when he went to STL 6 months ago.  The guys started at age 23.  Made $1M gross at age 27.  Gave away $50M in assets along the way.  I still can't figure out how he did it.

Make no mistake, B24, there’s more to that story.  I’m not saying that he didn’t work hard and smart, but he had a leg up somewhere.  They always do.

[quote=Starka]Make no mistake, B24, there's more to that story.  I'm not saying that he didn't work hard and smart, but he had a leg up somewhere.  They always do.[/quote]

Are you saying that every person who made a success of themselves had a leg up?

That's pretty cynical, don't you think?

Agreed.  I don’t really buy his story that he doorknocked non-stop for 4 years to get there.  When do you have time for appointments, client reviews, etc?  Too much production too quick.  BUT, point is he did most of the heavy lifting.

[quote=Devil’sAdvocate]

[quote=Starka]Make no mistake, B24, there's more to that story.  I'm not saying that he didn't work hard and smart, but he had a leg up somewhere.  They always do.[/quote]

Are you saying that every person who made a success of themselves had a leg up?

That's pretty cynical, don't you think?

[/quote]

Not cynical at all.  In fact, I'm glad you chimed in when you did, as you're a prime example of having a leg up.  That is, of course, assuming that what you've posted about your own remarkable success isn't just a pack of lies.

[quote=Starka][quote=Devil’sAdvocate]

[quote=Starka]Make no mistake, B24, there's more to that story.  I'm not saying that he didn't work hard and smart, but he had a leg up somewhere.  They always do.[/quote]

Are you saying that every person who made a success of themselves had a leg up?

That's pretty cynical, don't you think?

[/quote]

Not cynical at all.  In fact, I'm glad you chimed in when you did, as you're a prime example of having a leg up.  That is, of course, assuming that what you've posted about your own remarkable success isn't just a pack of lies.

[/quote]

And that leg up would be what?

[quote=Broker24]Agreed.  I don't really buy his story that he doorknocked non-stop for 4 years to get there.  When do you have time for appointments, client reviews, etc?  Too much production too quick.  BUT, point is he did most of the heavy lifting.[/quote]

Agreed.  He undoubtedly had access to doors that others didn't.  Of course, he must have known what to do after the introduction.

[quote=Starka]

[quote=Broker24]Agreed.  I don't really buy his story that he doorknocked non-stop for 4 years to get there.  When do you have time for appointments, client reviews, etc?  Too much production too quick.  BUT, point is he did most of the heavy lifting.[/quote]

Agreed.  He undoubtedly had access to doors that others didn't.  Of course, he must have known what to do after the introduction.

[/quote]

What does "access to doors" mean?

Starka:

Make no mistake, B24, there's more to that story.  I'm not saying that he didn't work hard and smart, but he had a leg up somewhere.  They always do.

-----------------------------------------

Unfortunately, I'd have to "ditto" Starka, as well. From my own personal experience, I have never met a big producer who "scratched and clawed" their way to the top. Oh sure, they were paraded around at meetings as some sort of wonderkins. But afterwards, get a few drinks in them, and they fess up that their daddy is a CPA who feeds them referrals or they "confiscated" a list of bank CD account holders (from when they worked at the bank) and called them "just before their CD matured". Both true stories, by the way.

Starka & doberman I feel the same way. As one old broker pal of mine told me; there’s always a story behind the story. <!–
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[quote=Devil’sAdvocate][quote=Starka]

[quote=Broker24]Agreed.  I don't really buy his story that he doorknocked non-stop for 4 years to get there.  When do you have time for appointments, client reviews, etc?  Too much production too quick.  BUT, point is he did most of the heavy lifting.[/quote]

Agreed.  He undoubtedly had access to doors that others didn't.  Of course, he must have known what to do after the introduction.

[/quote]

What does "access to doors" mean?

[/quote]

It means he was really tall and able to reach the door bell easier than others.  God!! you are annoying.

[quote=babbling looney][quote=Devil’sAdvocate][quote=Starka]

[quote=Broker24]Agreed.  I don't really buy his story that he doorknocked non-stop for 4 years to get there.  When do you have time for appointments, client reviews, etc?  Too much production too quick.  BUT, point is he did most of the heavy lifting.[/quote]

Agreed.  He undoubtedly had access to doors that others didn't.  Of course, he must have known what to do after the introduction.

[/quote]

What does "access to doors" mean?

[/quote]

It means he was really tall and able to reach the door bell easier than others.  God!! you are annoying.

[/quote]

But you feel compelled to respond?

Guys that hit 1mm production in 4 yrs had a leg up definitely. Maybe he
put himself in better position for it, so I’m taking anything away from
him, but come on, 1mm production from scratch. He must have had a rich
uncle or uncles. I heard about a guy at ML that got a 300mm 401k plan
from his uncle. And a couple years after that he was in Princeton
teaching new guys how to prospect and what not. I also heard about a
new guy at Jones that had a 350k month in his 6th month. That’s pretty
insane. He had a big whole life policy. Anyway, leg up or not its very
impressive. 

I’m not taking anything away either.  The sign says, “Free Lunch”, so you sit down and eat.  I certainly would jump on the opportunity as well.  What I don’t get, however, is why these guys have to crow about their own greatness.  They’ve been given a gift, yet don’t see it for what it is.

"Just to keep your job at Jones at the end of yr 1 you should have grossed about $25K.  End of year 2 is $75K gross.  End of yr 3 is $121K gross.  You keep just under 40% of the gross.  Plus new account bonus, milestone bonus, etc.  That's just the minimum.  Bring in the $7-10 mil per yr and you'll be above that"

Are these accurate production numbers for Jones? Seems like the guy at the Subway next door could gross more from meatball subs alone.

Grossing 25K in year 1 may be the required minimum, but I don’t know anyone that has hung on with numbers that low.  I could see that PACE through the first few months, but then the pace would have to pick up beyond that.  Most of the “strugglers” I have seen are at a pace of around 50-75K by the end of their first year.  After a few years, the required minimum is 14K gross per month permanently.  I think that equates to about break-even on the office.  The average I see in our region (most are in the biz 4-8 years) is around 18-25K per month.  I didn’t calculate that, it’s just based on what I observed on our regional performance chart.

Forget the money at Jones, just enjoy the state of the art technology and no email. If you live in a rainy region of ther United States you will have plenty of time to knock on doors because the satelite system will be down if the is a cloud in the way of the dish.

Had e-mail for some time now, and satellite is only for training/broadcast over private network.  We are on land-based broadband for I.T.  People, things are not as they used to be.  Get over it.

When are they going to get an equity dept that knows something about stocks?

[quote=Broker24]Had e-mail for some time now, and satellite is only for training/broadcast over private network.  We are on land-based broadband for I.T.  People, things are not as they used to be.  Get over it.[/quote]

how's the LP offering going?

LP offering is out already

[quote=Broker24]LP offering is out already[/quote]

 I bet you will get rich!!!!!

[quote=Broker24]LP offering is out already[/quote]

What do you mean by 'already'?  Wasn't that supposed to be out two years ago?

Don’t forget the diversification trips…they are awesome. nothing like being away from home listening to some punk that was handed a big book. Ignorance is bliss.

LP offerings came out last week and this week. According to my buddies still at Jones.  

The catch is .... it really is a reservation of sorts, until Jones actually decides how to pay out. So if you received some 3 years ago and/or this last week, Jones says they have the interest meter running and you will have earned that interest without the 25% deposit. You will be payed that interest upon deposit time. Which is when????????? Anyone know?

Edward Jones…The Dollar General of Wall Street"

I was told that EDJ has a broad band connection to the branches, my question is do the employees still have a $1300 communication fee on the P&L statement? I pay $55 per month. Edward Jones …The Best Sales Force in The World!

[quote=jonesescapee]I was told that EDJ has a broad band connection to the branches, my question is do the employees still have a $1300 communication fee on the P&L statement? I pay $55 per month. Edward Jones …The Best Sales Force in The World![/quote]

You haven’t been around in a while jonesescapee, did you just break out of the mental hospital?  You should really try and get back on your meds.

jonesescapee, what is your beef with jones? obviously your not with
them anymore, so why do you care? I don’t understand why you are still
talking about them even though your gone. Are you bored?, give it a
break. I have read all the posts and I know plenty of people with Jones
and those at other firms as well. You would think that at whatever
point your at, and age you are that you would be doing other things
perhaps more productive. 

[quote=Starka] 

Might help if Starka learned to spell, it’s edwardjones.com

What is the larger offense–not realizing that the letter D was omitted from Edwardjones.com or not knowing that the word “your” is not correctly used in the sneer, “…guess your incompetent.”

Both are offensive, but the latter is the larger offense.  However, you did not phrase your question in the form of a question.  That is, you did not put the “?” symbol at the end of the statement.  So, you too are offensive.  Those of us that have mastered the use of punctuation in the language (this thread obviously excluded) use those little marks to signify if we are asking, telling, exclaiming etc.

[quote=SA_Jim]Might help if Starka learned to spell, it's edwardjones.com[/quote]

The only time that matters to me is on the ACAT paperwork.  And even at that, as long as the losing firm is 0057, the spelling point is moot.

Anyway, thanks for playing.

[quote=Devil’sAdvocate]What is the larger offense–not realizing that the letter D was omitted from Edwardjones.com or not knowing that the word “your” is not correctly used in the sneer, “…guess your incompetent.”[/quote]

Actually it’s your continued presence that I find most offensive of all…

[quote=Cowboy93]Both are offensive, but the latter is the larger offense.  However, you did not phrase your question in the form of a question.  That is, you did not put the "?" symbol at the end of the statement.  So, you too are offensive.  Those of us that have mastered the use of punctuation in the language (this thread obviously excluded) use those little marks to signify if we are asking, telling, exclaiming etc.[/quote]

The irony of it all.  I love when Put/Newbie/Devil slings his holier than thou crap, only to make THE SAME TYPE OF MISTAKE.

Sad sack indeed.

jonesescapee, the WSJ said Weddle made 6.8mm last yr, does that piss you off?

  In some ways yes it does make me angry, envious..whatever.  They distribute info on a monthly basis about profit, bonus brackets, blah blah blah.  We still have inadequate technology, expensive healthcare costs and a huge number of segment 3 brokers on a tightrope, trying not to fail.  I look at my region numbers and count 19 of the 50+ offices being less than 30 months. The number of total offices in my region doesn't grow..just holds steady.  But superstar Weed dle can have a good time enjoying his 40 car garage why many hardworking individuals come and go through the system.  Throw as many as they can against the wall and hope enough stick!! Lovely!!   

I believe Weed dle is similiar to President Bush.  Bush has Iraq, where death is part of the equation of trying to reach a goal.  Weed dle has EDJs’ model of ruining many IR’s financial health before getting someone to stick in an office(goal).  Sacrifice many for the gain of a few…train, fail, move on. Train, fail, move on. Train, fail, move on…Train, fail, move on…Train and they finally stick.  Work a few years and move to Indy.  Train, fail, move on. Train, fail, move on!! They say Bush is out of touch…Weed dle is like the nut in North Korea…sitting in his big office surfing the web looking for cars to buy…while his sales staff is barely feeding itself and their families.  I would love to do a study on the negative financial impact this model has had on the many individuals who pass through this system!

[quote=bspears]

  In some ways yes it does make me angry, envious…whatever.  They distribute info on a monthly basis about profit, bonus brackets, blah blah blah.  We still have inadequate technology, expensive healthcare costs and a huge number of segment 3 brokers on a tightrope, trying not to fail.  I look at my region numbers and count 19 of the 50+ offices being less than 30 months. The number of total offices in my region doesn’t grow…just holds steady.  But superstar Weed dle can have a good time enjoying his 40 car garage why many hardworking individuals come and go through the system.  Throw as many as they can against the wall and hope enough stick!! Lovely!!   

bspears - I must have missed the stat about the entire brokerage industry having a much higher success rate with their new brokers.  The attrition rate for the industry is astronomical.  How much different would you like Jones to be?  And why is it Weddle's fault that so many people can't cut it in this business?   If the number of offices in your region were steadily climbing, would you be complaining about Jones putting too many offices in one area? 

I like seeing the profitability and bonus bracket numbers.  I don't pay attention monthly, but I do pay attention that last month of the trimester.  I'm excited we could get to the 50% bonus bracket this time.  More bonus for me!

I agree on the health care costs.  Way too high.  I've never really heard a good explanation other than we're brokers, we make more money than the home office people, so we should pick up a bigger part of the health care costs.  Well, they don't have to worry about brining in new assets every month to pay the bills.  Maybe we could just split it evenly.  Or maybe, the GPs could pick up a bigger chunk since they make way more than I do. 

"We still have inadequate technology"  - From a technology standpoint what would you like to do with your clients that you can't do now? 

EJ sucks!!

Any one who stays at Jones needs mental help…they are the worst company to work for! They will suck your life savings dry while promising you the world, they stink!

[quote=$$$$$]EJ sucks!![/quote]  - Nice.  That helped everyone a lot. 

[quote=jonesescapee]Any one who stays at Jones needs mental help...they are the worst company to work for! They will suck your life savings dry while promising you the world, they stink![/quote]

Why do you keep coming back to this board and constantly reminding yourself (and us) that you think Jones is the worst company to work for? I would think that if you hated it that much, you would do everything you could to forget about it.  You seem very bitter.  Why don't you just let it go.  

Had a funny thing happen this morning and this was the closest EDJ thread I could find.  My assistant got a phone call that started something like "this is John Public and I just left XYZ and wanted to ask how I roll my 401(K) over to my IRA.  My assistant, knowing John pretty well said something to the effect of "Well hi, John....where did you end up going to work?"

(uncomfortable pause)

"Well, this is actually Joe Rep (Edward Jones rep in the next town east), but I've got John's wife here in the office with me."

This rep has been with Edward Jones for more than ten years.  Note to new reps in the field...impersonating a client is illegal...and having the client's wife in the office when asking about the client's IRA doesn't make it any better.

Now, for the rest of you, especially those of you with Jones...do I bother with complaining to St. Louis about this?

[quote=Indyone]

Had a funny thing happen this morning and this was the closest EDJ thread I could find.  My assistant got a phone call that started something like "this is John Public and I just left XYZ and wanted to ask how I roll my 401(K) over to my IRA.  My assistant, knowing John pretty well said something to the effect of “Well hi, John…where did you end up going to work?”

(uncomfortable pause)

"Well, this is actually Joe Rep (Edward Jones rep in the next town east), but I've got John's wife here in the office with me."

This rep has been with Edward Jones for more than ten years.  Note to new reps in the field...impersonating a client is illegal...and having the client's wife in the office when asking about the client's IRA doesn't make it any better.

Now, for the rest of you, especially those of you with Jones...do I bother with complaining to St. Louis about this?

[quote=Indyone]

Had a funny thing happen this morning and this was the closest EDJ thread I could find.  My assistant got a phone call that started something like "this is John Public and I just left XYZ and wanted to ask how I roll my 401(K) over to my IRA.  My assistant, knowing John pretty well said something to the effect of “Well hi, John…where did you end up going to work?”

(uncomfortable pause)

"Well, this is actually Joe Rep (Edward Jones rep in the next town east), but I've got John's wife here in the office with me."

This rep has been with Edward Jones for more than ten years.  Note to new reps in the field...impersonating a client is illegal...and having the client's wife in the office when asking about the client's IRA doesn't make it any better.

Now, for the rest of you, especially those of you with Jones...do I bother with complaining to St. Louis about this?

Yes.  If he’s willing to do that he’s willing to do a lot more.  I’d  bet if he told you who he was up front and that the spouse was just inquiring about the necessary paperwork, your assistant would probably have done a fine job explaining the process.  What was he thinking!?  

I would absolutely make a couple calls. Thats illegal to impersonate a client. Kinda suggests that the wife either was unethical or an absolute moron as well by going along with it…

[quote=Spaceman Spiff]

bspears - I must have missed the stat about the entire brokerage industry having a much higher success rate with their new brokers.  The attrition rate for the industry is astronomical.  How much different would you like Jones to be?  And why is it Weddle's fault that so many people can't cut it in this business?   If the number of offices in your region were steadily climbing, would you be complaining about Jones putting too many offices in one area? 

I like seeing the profitability and bonus bracket numbers.  I don't pay attention monthly, but I do pay attention that last month of the trimester.  I'm excited we could get to the 50% bonus bracket this time.  More bonus for me!

I agree on the health care costs.  Way too high.  I've never really heard a good explanation other than we're brokers, we make more money than the home office people, so we should pick up a bigger part of the health care costs.  Well, they don't have to worry about brining in new assets every month to pay the bills.  Maybe we could just split it evenly.  Or maybe, the GPs could pick up a bigger chunk since they make way more than I do. 

"We still have inadequate technology"  - From a technology standpoint what would you like to do with your clients that you can't do now? 

[/quote]

Space,

Correct me if I'm wrong but isn't your bonus 50% of the profitablility of the office? Why not be indy, then the bonus is 100% of the profitablility of the office.

When I was at Jones, the one thing I always wanted to do was get a quote and place a trade on a cloudy day.  Oh the endless possiblilities those 25 calls could have brought, thank the good lord I wasn't in Seattle.

[quote=Spaceman Spiff]Yes.  If he's willing to do that he's willing to do a lot more.  I'd  bet if he told you who he was up front and that the spouse was just inquiring about the necessary paperwork, your assistant would probably have done a fine job explaining the process.  What was he thinking!?   [/quote]

I asked myself the same question.  That's the third bone-headed move I've come across with him.  He once sold a bond without permission for a client that was moving over and after some pressure from the client, he ate the loss.  A friend of mine said that he incorrectly transferred an IRA for a client's beneficiary, costing thousands in taxes...don't remember the particulars...I just remember that it was a bone-headed move.

As it was, my assistant told him that the client needed to call the contact at the former employer to get the paperwork sent, which is what she would have said regardless of who called, so he gained nothing by being cute.  I'd probably be doing him a favor by getting him slapped now before he does anything truly stupid that costs him his license...anyone have an EDJ compliance hotline number handy?

[/quote]

Space,

Correct me if I'm wrong but isn't your bonus 50% of the profitablility of the office? Why not be indy, then the bonus is 100% of the profitablility of the office.

When I was at Jones, the one thing I always wanted to do was get a quote and place a trade on a cloudy day.  Oh the endless possiblilities those 25 calls could have brought, thank the good lord I wasn't in Seattle.

[/quote]

At a very basic level you are correct.  But, correct me if I'm wrong, you don't get bonuses.  You get a higher payout. If we compared expenses maybe you don't keep all that much more than me.  I'm glad you are happy as an Indy and you feel your life and your checkbook is better now.  Congrats.  I don't leave because I like Jones.  Period.  You didn't for some reason.  Going indy isn't the answer to everything in this biz.  

Your pathetic attempt at humor about the satellite system was only moderately funny.  I think in 4 years in this office I've only lost my satellite connection a handful of times.  It has to be a pretty major storm for me to lose my connection.  If that's the best you've got, why don't you let me send you an EDJ recruiting kit.  I need a category for the diversification trip.   

I'd  bet if he told you who he was up front and that the spouse was just inquiring about the necessary paperwork, your assistant would probably have done a fine job explaining the process.  What was he thinking!?  

It isn't her IRA. She has no right to any information about it, even to the extent that there is an IRA.   If you don't talk to to the client directly then there should be no information of any kind given out.

[quote=Indyone]

[quote=Spaceman Spiff]Yes.  If he's willing to do that he's willing to do a lot more.  I'd  bet if he told you who he was up front and that the spouse was just inquiring about the necessary paperwork, your assistant would probably have done a fine job explaining the process.  What was he thinking!?   [/quote]

I asked myself the same question.  That's the third bone-headed move I've come across with him.  He once sold a bond without permission for a client that was moving over and after some pressure from the client, he ate the loss.  A friend of mine said that he incorrectly transferred an IRA for a client's beneficiary, costing thousands in taxes...don't remember the particulars...I just remember that it was a bone-headed move.

As it was, my assistant told him that the client needed to call the contact at the former employer to get the paperwork sent, which is what she would have said regardless of who called, so he gained nothing by being cute.  I'd probably be doing him a favor by getting him slapped now before he does anything truly stupid that costs him his license...anyone have an EDJ compliance hotline number handy?

[/quote]

Sounds like he's either desperate or stupid.  Maybe both.  Or he thinks that since he's been at it for 10 years, he's above the law.  I'd report a broker who tried that with me.  If  you're serious about actually reporting, PM me and I'll get you the numbers.

Things like that happen in every firm.  Those are the people that give this industry a bad rap.  Some firms have more or less "features", "products", "services", whatever, but they can't control individuals and their actions.  There are knuckleheads and great advisors at the best and worst firms.