EDJ Overtime Settlement
I just received a “Consent-to-Join” Form for the class action minimum wage, overtime, etc. settlement. I am not in PA, CA, OH, or NY; therefore it says that I am eligible to collect compensation for the time worked for EDJ between 8/16/03 and 5/14/08. I started as a “new-new” with Jones in '99, and I am currently employed with them.
Just wondering if the Vets like Spiff, et al, received the same notice, and your opinions/actions on this topic. Part of me wants to file for whatever my share is; I only wish that doing so would lessen the attorneys take on this deal (no chance, they get 4.75 mill). Under II CLASS COUNSEL RECOMMENDS THE SETTLEMENT it states: "The law firms that represent the class recommend that you participate in the Settlement. In part, that is because the claims alleged in the Collective Action are novel and highly technical. For instance, there is no reported court decision that holds that stockbrokers are entitled to overtime pay. To the contrary, at least one US District Court and the US Dept of Labor have concluded that, in some cases, stockbrokers are NOT entitled to overtime pay under federal law. In other words, the claims alleged in the Collective Action are highly uncertain. Furthermore, even if the class obtained a favorable judgment in the US District Court for the Northern District of Ohio, that judgment would likely be tied up for several years on appeal. In light of the substantial risk that the class might not receive anything at all if the Collective Action proceeded to trial, Class Counsel believes that the Settlement is in the best interests of the Collective Action Class." Sounds like a plea to help THE ATTORNEYS to extort EDJ... Jones99I got it also. I am ignoring it. I don’t have time to worry about that kind of stuff.
After the $4.75 million to attorneys, $120,000 to the “head of the class”, $250,000 to administrators, etc., etc., there is about $13.8 million (give or take) to be shared by the class. If you choose to forego your share, that’s fine–more for me. To build on Babbling Looney’s analogy, if you divorced your now ex-wife, and then a court found that she owed you $5,000, would you take it? Of course you would! I can’t wait for the day to cash that check. I figure my share to be in excess of $2000. Hey, Eddie. Don’t be funny–just give me my money! BTW, Edward Jones sucks really, really hard. They’re about to swalllow, too.
I am with EJ in CA., and the consultant firm emailed me today that checks would be in the mail mid August.
Yeah baby! Consider it pay for all those hours volunteering. Yet thats why they cut our payout in Ca. - its just tougher to do biz in this state. See me grin on the way to the bank.Glad to hear EDJ has to pay up as well. AIG Retirement/Valic just had a similar case settle about 2 months ago in California.
I am not a lawyer, but I was advised to take the check. If you still have “issues” with with EDJ about overtime, salary, commissions, unfair employee practices, etc., usually these types of settlements will not ruin any future case you have against them.
I left Jones a few years ago so I certainly will take the check. If I were still there I would think long and hard about joining the suit. Don’t think for a second that The GPs won’t have a list of current FAs that joined the suit when it comes time for the next LP offering!
[quote=iceco1d]WTF is all of this overtime b.s. about? I agree with Soothsayer’s comparison; if it’s right there in front of your face, you might as well take it…but seriously? What crybaby a-hole started that mess?
In other news - B24, WHAT THE F&CK IS WITH YOUR NAME? I swear to god. Leave. Enough with the Broker# names, and then to thief an existing short-hand version? My god. [/quote] I guess my tagline didn't clarify it. I AM Broker24. My profile got all messed up, so instead of trying to fix it, I just set up a new one. Soooooo, B24=Broker24. I can't imagine I would be popular enough on a Broker website for someone to hijack my name....I’m still trying to figure out what to do on the issue. I haven’t taken the time to read the thing completely. Typically I ignore things like that. I feel a bit guilty taking the money from my own company. But, on the other hand, any dollar a current Jones FA takes is one more dollar that doesn’t go to all of you traitors, turncoats, and dissidents who left EDJ for Indyworld!
[quote=Effay]I am with EJ in CA., and the consultant firm emailed me today that checks would be in the mail mid August.
Yeah baby! Consider it pay for all those hours volunteering. Yet thats why they cut our payout in Ca. - its just tougher to do biz in this state. See me grin on the way to the bank.[/quote]I'm in CA too, but I haven't heard anything from the consulting firm. That would be great news!!
I personally thought the overtime law suit was dumb because we all knew when we got into this buisness that we were not paid hourly on a 9-5 job. However, I'm not about to turn down some extra money
[quote=iceco1d]
Hey now, that tagline wasn't there when I posted that!
[/quote] No worries.I’ve only been with Jones for a few years and I’ve concluded that in order to get ahead you need to look good to the man all of the time. At our regional, I had a conversation with my RL (also a GP) who told me that Jones saw this thing comming a few years ago, but waited for someone to force the issue because money was tight during the correction. He told me that legally Jones can’t hold it over our heads if we take the $$, but he said that it will be common knowledge among the GPs who took the $$ and who didn’t. His wink and nod told me everything I needed to know. I’m hoping to get my first LP and don’t want to end up on somebody’s s**** list. He said that after the attorneys get theirs, it will be nickels and dimes once it is all divided. Definitely not worth it for me.
[quote=jonesin]I’ve only been with Jones for a few years and I’ve concluded that in order to get ahead you need to look good to the man all of the time. At our regional, I had a conversation with my RL (also a GP) who told me that Jones saw this thing comming a few years ago, but waited for someone to force the issue because money was tight during the correction. He told me that legally Jones can’t hold it over our heads if we take the $$, but he said that it will be common knowledge among the GPs who took the $$ and who didn’t. His wink and nod told me everything I needed to know. I’m hoping to get my first LP and don’t want to end up on somebody’s s**** list. He said that after the attorneys get theirs, it will be nickels and dimes once it is all divided. Definitely not worth it for me.[/quote]
That seriously doesn’t make any sense at all. EDJ put $19 million into an account and part of it will be used to pay attorneys and expenses. The remaining money will be divided up by everyone who joined the class action through the mailing they sent out. So EDJ pays $19 million no more no less no matter who joins the class action, so if I’m Weddle I would want my current FAs to join. Might as well have the money go to people who are still with me then people who have moved on.
Of course it makes sense. I’ve got every legal right to the $$ as the next guy. But why would I sabatage my long term goals of LP for what is probably going to be chump change in comparison to LP returns. Besides, I knew what I was getting into when I joined, so it wouldn’t be the right thing for me to take the money. Don’t forget, Jones is being forced to OFFER it to us, not necessarily make sure it ends up in my paycheck. If Jim Weddle wanted me to have the money they would just mail a check. So don’t try to justify in your own mind taking the money because you can justify almost anything if you talked yourself into it. Think about all of those ethics videos they show us every year.
I sent mine in the mail today. Of course the GP’s are aware of who files, it’s just another in a long list of ways to keep the troops in order. I am thankful to be independent.
I, and several others, are current employees of Bank of America. We all happily collected our checks last month (mine was over $13K pre-tax). The amounts we received was higher than what was published in the initial “prospectus” Probably due to the lack of participants.
If I was an EDJ sales rep and wanting to further my career, I would not take the check. Big Brother is watching and the cult only wants the faithful. Why would I promote someone if I thought they were not fully committed to the “Organization”? By taking this check,you fall on the wrong side of the cult thought process…however…if you’re having a hard time making ends meet (ala Spiff), by all means, overnight the letter.
Maxstud is right–the 19 million is already drawing interest–Ed Jones has already paid the 19 million out. Jones is not going to hold this over your heads! If you don’t apply, then I at LPL, Spiffy’s Turncoat (Thank God), will receive part of your share–I appreciate the contribution you and the rest of the Jones FA, who will not apply, will make to my future retirement! Every penny helps!
Just to let all of you know--though I left Jones last year--I truely think this lawsuit was BS. We not only knew what we were getting into--we stayed on our own accord. That being said, I will take the check!I talked to the FA that recruited me (in another region) this morning and he told me that his RL was outright calling brokers in his region and asking them if they are taking the money. If Jones really didn’t care, then why the guilt trip? This just confirms my suspicion. I plan on being at this firm for a long time, so thanks, I’ll pass.
I agree with BL. I almost feel bad about taking the money.I personally thought the overtime law suit was dumb because we all knew when we got into this buisness that we were not paid hourly on a 9-5 job. However, I’m not about to turn down some extra money
Sorry for the triple post. Posting problems.
JONESIN, so you want to be there for a long time with big brother watching--see I don't care if LPL is watching--the client relationship belongs to me. But I do understand your position! By the way, I was at Jones for over 14 years before I got the message!
Sorry, being new and all I just don’t understand charging a company overtime for my own business. Just retired from the military and I guarantee THEY don’t pay a dime for overtime and I received zero benefit. At EDJ the harder I work the more I get paid. Not knocking you folks at all, just IMHO.
[quote=Catdaddy] At EDJ the harder I work the more I get paid. [/quote]
You must be paid differently than others because most FAs are paid according to results they get (production), not the effort they put in. Obviously there is a correlation between the two, especially in the early years when you have a small client base, but you’re in for a rude awakening if you think you can significantly increase your pay simply by working harder or longer.
[quote=Morphius] [quote=Catdaddy] At EDJ the harder I work the more I get paid. [/quote]
You must be paid differently than others because most FAs are paid according to results they get (production), not the effort they put in. Obviously there is a correlation between the two, especially in the early years when you have a small client base, but you’re in for a rude awakening if you think you can significantly increase your pay simply by working harder or longer.
[/quote] http://www.youtube.com/v/TROhlThs9qY&hl=en&fs=1
[quote=Morphius]
[quote=Catdaddy] At EDJ the harder I work the more I get paid. [/quote]You must be paid differently than others because most FAs are paid according to results they get (production), not the effort they put in. Obviously there is a correlation between the two, especially in the early years when you have a small client base, but you’re in for a rude awakening if you think you can significantly increase your pay simply by working harder or longer.[/quote]
Only an underachiever would believe that final comment.
OK tough guy. For you to read into my comment and insinuate that I don't know that it takes results to get ahead indicates your head is pretty far in a dark personal receptacle. But results don't come easy, they take hard work. That's all I was saying. If you think results come easy then maybe you are a master know it all who hasn't got the guts to face someone-you just like to throw snide comments. You want to punk me-try again with something a bit stronger. Last I looked that wasn't what this forum was about. Last time I checked, without hard work, results don't fall into your lap.[quote=Catdaddy] At EDJ the harder I work the more I get paid. [/quote]
You must be paid differently than others because most FAs are paid according to results they get (production), not the effort they put in. Obviously there is a correlation between the two, especially in the early years when you have a small client base, but you’re in for a rude awakening if you think you can significantly increase your pay simply by working harder or longer.
[quote=Catdaddy][quote=Morphius] [quote=Catdaddy] At EDJ the harder I work the more I get paid. [/quote]
You must be paid differently than others because most FAs are paid according to results they get (production), not the effort they put in. Obviously there is a correlation between the two, especially in the early years when you have a small client base, but you’re in for a rude awakening if you think you can significantly increase your pay simply by working harder or longer.
[/quote]
If that was what you were saying to say in the first place, why didn’t you actually SAY that in the first place? We’re not mind readers here.
But you’re still missing the point. If you had any actual experience in this business you might realize how common a misconception it is for new FAs to think that hard work is the key to their success.
It’s not. You don’t get any extra credit for degree of difficulty.
I can’t tell you how many rookies over the years I’ve seen flame out who worked extremely hard, but not smart. But they were too busy doing what they were doing - harder, faster, longer - when they should have used a fraction of that effort to think instead of just act. But having lost sight of their goals, they redoubled their efforts.
And if you’re so thin-skinned that you react like that when someone takes your words at face value and tries to warn you about repeating a very common mistake, you are in for a rude awakening in this business. Not everyone who corrects or criticizes you is your enemy.
Good luck to you.
I think every Jones IR would be making a HUGE mistake if they took the money from the settlement. Their RL would black list them, their hard drives would crash, their cars wouldn't start, their BOAs would be y and uncooperative, their dogs would get mange, their cats would become aloof. It would be catastrophic. And I would get more money.
I can only say what every other independent says who left Jones. LIFE IS GREAT!I read today that any amount that’s been set aside, but not “claimed”, will be added back to the firm’s earnings.
I read the same info about the unclaimed settlement $ being returned to Edward Jones earnings. There was an 800 number to speak directly to the firm handling the settlement, so I called. It is not like any class action settlement I have ever seen. The deadline to submit a request is Aug 16. The settlement firm collects these to verify those entitled to a claim. They meet with Jones, and I sure he said the courts, to determine the amount that the claimants in each class receive per month worked. That deadline is January 9th, 2009. At that time any residual left off the money set aside to pay the claims, that is not due to the claimants, IS returned to Jones.
He did make it sound like if we did not take the check, more $ would go back to Jones. It is also stated on the Jones FAQ that the firm WILL be provided with a list of everyone who makes a claim in this settlement.How did Jones get away with such a small settlement? Yesterday MS agreed to $50MM. UBS and SB paid out $90-$100MM each. Those new IR’s even got to work in real offices.
Jones with the “itinerant peddler” model and all the costs it lards up on newbies comes out of this with only a $19MM settlement?
Perhaps they had already heard about the other settlements we had to deal with and went easy on us. Or perhaps our attorneys are just better at their jobs than the ones at MS, UBS, and SB.
We'll never know for sure. The question is, how much of the $19 mil will actually be paid out? If the only people who file are the former EDJ guys, Jones will end up pocketing a large chunk of that $19 mil. Slick, huh?[quote=avise]How did Jones get away with such a small settlement? Yesterday MS agreed to $50MM. UBS and SB paid out $90-$100MM each. Those new IR’s even got to work in real offices.
Jones with the “itinerant peddler” model and all the costs it lards up on newbies comes out of this with only a $19MM settlement?
[/quote]
Maybe because of this, from Registered Rep:
"Morgan was the last among Merrill Lynch, UBS, and Smith Barney to
settle with its brokers nationally. (UBS and Smith Barney had paid its
brokers $89 million and $98 million respectively by mid 2006. Merrill’s
national amount was not disclosed.) Morgan’s late deal may have paid
off in dollars given that there has been a bump (or two) in the road in
the last two years since those firms settled.
December 2006, the same week Merrill’s national settlement was
announced, the Department of Labor, in response to a request by the
Securities Industry and Financial Markets Association, issued an
eight-page letter stating brokers are not entitled to overtime pay
after all."
Yeah, "Whoops, sorry about all that litigation. "
All I know is I sent out my letter of consent today. I can’t wait to get some green from the overtime lawsuit!
Miss J
Spiff…have you made up your mind on filing the form?
Just wondering, Jones99 By the way, when I started, Jones promised me a $1500 per month training SALARY for the first two months. Imagine my surprise when the first check was for only $1200 gross pay. I called HR to inquire about the discrepancy....since Jones put our official start date for our training class on July 5th, they felt justified in docking us for 6 days of pay based on a 30 day month. I suppose they did that to all training classes at the time, but it still pisses me off nine years later. Maybe I can get my $300 back if I file the request form.You mean they didn’t pay you for the days you hadn’t yet been working? Imagine that. The last company I worked for didn’t start paying me until my first day of work, either. Boy that pissed me off.
Okay let me understand. You are paid based on a 30 Day Month? The salary is 1500.00 per month.
1500 divided by 30 = 50.00 per day. You did not work six days in the month. 50.00 mulitpied by 6 = 300.00 1500 subtract 300 = 1200.00 is the amount paid. This is simple arithmetic. You are paid 30,000.00 per annum. You start the first of Feb/08 , does that mean on the 31/Dec/08 you are paid 30K , or does the employer have to add the month of January/08 that you did not work to pay you 30K???? Where were you taught basic arithmetic skills?Ice - not a Jones thing. New Math! If I don’t have a calculator or is more than the fingers on two hands I think perhaps APPLIED MATH. Something else that is really disconcerting these people are dealing with other people’s money!!!
[quote=Jones99]Spiff…have you made up your mind on filing the form?
Just wondering, Jones99 [/quote] I haven't had time to think about it in the last week. I've not had a good conversation about it with anyone in my region. So, I'm still undecided.[quote=Jones99]
By the way, when I started, Jones promised me a $1500 per month training SALARY for the first two months. Imagine my surprise when the first check was for only $1200 gross pay. I called HR to inquire about the discrepancy…since Jones put our official start date for our training class on July 5th, they felt justified in docking us for 6 days of pay based on a 30 day month. I suppose they did that to all training classes at the time, but it still pisses me off nine years later. Maybe I can get my $300 back if I file the request form.[/quote]It’s not about the math and pro rata payments. This is cheap and tacky. It’s a very Bush League attitude that I hope has been washed away from the much bigger, better-known Jones of today.
BTW: Regulators raided AG Edwards/Wachovia today: “Regulators from Missouri, Illinois, Massachusetts, New
Jersey, Pennsylvania and a sixth state that asked not to be
identified were part of the team entering Wachovia Securities’
headquarters, Missouri officials said.”
First of all I totally agree with AVISE, not about the math...just Bush League tactics to cut $30k off the training costs. To Mr. B24, you are using an incorrect analogy. Everyone in that training class had been through the Jones hiring process, drug testing, etc. Everyone in that class received all training and study materials by the 28th of June. By June the 5th, I had already finished the first three days of the study materials. Jones CHOSE our "official" start date of July 5th. They promised us TWO months of training salary (not pro-rated), and then they docked everyone $300. Even if, as you state, we weren't working before the 5th, we did work for Jones on the 5th....they docked us for 6 DAYS, not 4. Just an FYI.You mean they didn’t pay you for the days you hadn’t yet been working? Imagine that. The last company I worked for didn’t start paying me until my first day of work, either. Boy that pissed me off.
[quote=Spaceman Spiff] [quote=Jones99]Spiff…have you made up your mind on filing the form?
Just wondering,
Jones99
[/quote]
I haven’t had time to think about it in the last week. I’ve not had a good conversation about it with anyone in my region. So, I’m still undecided. [/quote]
Spiff- My perspective is… There is free money out there waiting for these former brokers to claim why wouldn’t you want some of the money if you are allowed to get it?? I don’t care if my regional leader is pissed or anyone else is pissed for that matter. I work here for myself and myself alone. If I can help people along the way great but at the end of the day I do what I must do to look out for myself and when i think of FREE money that may go to a segment of the firm and not me to that just don’t sit well. I want what should be mine.
I would fill out the consent form and mail it in. Question: Were you mad about the clients on your book that requested the mutual fund revenue sharing claim? No, neither was I… It didn’t come out of my commission and neither does this overtime lawsuit claim. The money is already sitting in a sub-account waiting for distribution. So bottom line- Just do it!
Miss J
MJ - Interesting perspective. I’ll have to make a decision soon. I think the overtime settlement just might be enough to buy a new plasma for the office. Hmm…
Jones99 - I'm having some difficulty figuring out your complaint about the paycheck. So, Jones says your official start date is July 5. That means you don't officially go on the payroll until July 5. However, you got the study materials about a week before you were officially supposed to start. Did the study schedule start before July 5 or did you just simply do some extra work before your official start date? My assumption would be that if you were supposed to contractually receive 2 months of $1500 a month salary for a total of $3000, then you have a right to expect a total of $3000. Now, it may turn out that you get $1200 in month one, $1500 in month two, and then $300 in month three. Jones can't just dock your pay. There would be so many HR complaints that the company would probably get shut down.Spiff-
Are the GP's implying that they are taking names? I thought the path Weddle took (at least what I heard in the California settlement from FA 's out here) was the high road. Telling reps that he would rather have FA's who still work at the firm get it rather than guys like me who left. Why would you even consider not taking the money?I think it’s just the stigma of taking a check like that. You know, the fear of the GPs knowing if you did or didn’t and somehow blackballing you when the next LP offering comes out. Now, in the verbage of the letter from the settlement attorneys it says that EDJ can’t hold it against you if you choose to participate.
The GPs aren't implying anything. They're not allowed to comment on the situation. If Weddle did say that, I would agree with him. If Jones is going to pay the money anyway, I'd just as soon have some of it hit my pocket rather than put that much more in yours. The other spin I've heard is that you, for instance, may only be eligible for say $1000. I may be eligible for $2000, but choose not to participate. In that instance, my $2000 stays in the coiffers and eventually funnels back to Jones. So, it's better for Jones if we don't take the checks. These are the conversations I have with myself while I'm driving home. The guy on one shoulder says take it or someone else will. The other says, no, be a good Jones guy and let them keep it. I would love to know for sure what happens to the money that a guy like me might not claim. Does it get split between everyone else who does participate or does Jones get to keep it.Spiff , I do think that your thought process is exactly what any employee would have regardless of the company. Always that sense of is this going to come back to haunt me?
Your response is an honest and fair comment.Spiffy, isn't it a sad day when Miss Jones has bigger cahones than you. She's saying f the man and give me some money. I do feel sorry for you and the fear you carry about being blackballed. I could care less what you do, I will get what I get. But, if I had to worry about how my allocation of LP may be affected because I chose to put some cash in my bank account , it would make me just a little pissed. But, how will you ever know. If you take the cash and get passed over or get very little LP...will you always be asking yourself about that decision.
I'd say...don't take it...forget about it...preach to others in your region about the perils of taking it. Do a broadcast about your decision and hell, write a letter to Weddle on your decision. CC your RL while your at it. You will reap greater benefits from not taking it than taking it. You and I know, Miss Jones will get spanked for taking the money.I think Miss Jones gets to pick her spanker…at least Jones is democratic about that…
Allllllllllrighty then...[I work here for myself and myself alone. If I can help people along the way great but at the end of the day I do what I must do to look out for myself and when i think of FREE money that may go to a segment of the firm and not me to that just don’t sit well. I want what should be mine.
Miss J
The paperwork said to have it notarized before sending it back, but there's no designated space for the notary or enough room on the document to notarize it. Hmmmm...
Spiff, I use to be a die-hard jones defender like yourself, (cansell 2000). In the last year I’ve really seen the true Jones colors (and it didn’t come from any insight on this site). Anyway, just having the torn thoughts about negative repercussions from the GP’s should let you know exactly where all FA’s stand at Jones in the eye’s of the GPs. We are their single profit source and are here only to produce, not to give our 2 cents worth on any topic that determines the direction of what is ultimately OUR business. I for one am taking the cash which will go towards my “100k going RIA fund”.
Now that I mull this thread a little further, I think Spiffy should take the check. Take the check just to show us the GP’s are great dudes and dudettes and will not care you’ve dipped into the fund. Show us there’s no repurcussions. Show us what a great family friendly the firm is. How the LP is awarded on merit, not if you raped the company coffers. Even though your hesitation tells us how scared shitless you are of your own firm. Do you think the goons will be knocking on your door at 11pm Thursday night, to send you a message. You should be proud…
I believe that every job application I've ever completed has had a section asking whether I've ever been a participant in a lawsuit. I've always proudly been able to skip that section and move on.
So, if I take the check and eventually go to work somewhere else, do I now get bogged down in explaining how I was involved in a lawsuit?Go to work for yourself and you won’t have to worry about job apps.
I agree with sithsayer, Spiffy.
This issue might be the best illustration of how management really feels about their FA's. The crap about FA's being their only revenue source is just plain bs. Just read the 10K and anyone with a brain could recognize the FA's are the fuel of the engine, not the engine. And the gas (as you stated somewhere else) can easily be replaced with less costly replacements. Dust off the resume, and start doing your due diligence. Maybe its indy, Jones is the best training for going indy, or maybe to a reputable wirehouse (I think there still are a few good ones). Whatever you decide, this is much much bigger decision than taking the check. If I were a GP and had a concious (I am not sure that's possible), I wouldn't be able to look myself in the mirror. What it really comes down to is integrity. If management really cared about its FA's, they would be encouraging you to take the money. Instead they disseminate through the regional leaders or their henchmen words of discouragement and concern. And if all you have is a few moments to think about this after a day of doorknocks or appts, you are seriously discounting your career by not dealing with the core issue. Can you trust them? Deep down you know the answer...YES, absolutely. LPL is an entity I use for back office support, no more no less. BSpears Investment office is where the GP, LP and IR work. I could care less what LPL thinks about me and as long as I run an ethical office (audits), do a minimal amount of business, they don’t care.
ice - I think you are on the right track, but just asking about the wrong type of companies. The indy guys have no real allegiance to their B/D. It is simply a means to an end. If LPL ticks them off, they can simply call Commonwealth.
The more I think about this thing, the more inclined I am to take the check. Mostly because I don't think that Jones is dumb enough to retaliate with those of us who might take the check. Can you imagine what kind of trouble the powers that be would be in if it were discovered that the amount of a future LP offering were lowered because someone chose to participate in this suit? I don't think it's worth the liability to them. Weddle and the rest of the GPs aren't officially allowed to comment on the suit, therefore we have received no official word on what we are to do with this suit. If I hadn't been in a meeting where it was brought up in front of my RL, I wouldn't have heard anything about it other than what I've been involved with here. There is an FAQ on our system that says that there won't be any repercussions if we join the suit. It says that they don't plan on showing management the list, so in theory they won't know who joined and who didn't.Just the fact that there are GP/RL’s calling or asking around to see if people are taking it, even if it is just one, makes me physically ill. Everyone at this firm constantly bends over backwards in the name of LP. BFD! Just for an 18% return over time? Wouldnt a 12% mutual fund, that is liquid, be a better choice considering the BS you can avoid? What am I missing?
Um…6% return for the rest of your life. Guaranteed 7.5% return, but historically the 18% is just about the right average.
To make the point clear, my own RL IS NOT calling around and asking. And I haven't received one phone call from a GP asking anything. Actually I think that if an RL is calling and asking, he's putting himself in harm's way and going against how the firm has said they are going to respond to this.[quote=Spaceman Spiff] Um…6% return for the rest of your life. Guaranteed 7.5% return, but historically the 18% is just about the right average.
My point exactly.
The indy guys have no real allegiance to their B/D. It is simply a means to an end. If LPL ticks them off, they can simply call Commonwealth.
Spiff- In theory we are free agents (as are our clients). Practically speaking unless LPL does something absoutely aggregious, it would be an absolute pain in the rear to move again. At least I have that option. Rather speculative on your part Mr. Spiffy, since you haven't been independent to make the assumption that Jones reps are more allegiant to their b/d than indy reps. Thanks for illustrating the difference between owning your own business and working as an employee for Jones. You can think anything you want about indy. Indy/LPL by every measure has been a better option for me. Is it perfect, hell no. But its the closest I have found in my 15 years in the industry.I'd have to agree here...it would be very foolish on Edward Jones' part to risk another class action for employee intimidation. Any RL or GP using such tactics is playing with fire in my opinion.To make the point clear, my own RL IS NOT calling around and asking. And I haven’t received one phone call from a GP asking anything. Actually I think that if an RL is calling and asking, he’s putting himself in harm’s way and going against how the firm has said they are going to respond to this.
Not likely, ICE.
I don’t know why the big discussion on this payout thing. I think the GP’s at Jones are probably putting much less thought into who takes it and who doesn’t, than most of us might think. I hear all these Jones conspiracy theories on this board, and to be honest, so few of them ever seem really grounded in reality. I can’t think of one conversation I have ever had or heard in my region regarding any of the B.S. that gets discussed on these forums. Strange.
you’re all chicken sh!ts!
I would suggest that B24 and some other members are correct in their observations as to GPs spending much time on the issue of " who is taking the payouts ". The reality is that ( from Canadian Legal Perspective ) that if any type of punitive action was taken against current employees it would put not only the GP but the company in an awkward position that may well find themselves before the Courts.
All that being said , in fairness to any current employee it would be a natural response to at least ponder the " politics " of the company and any implications to their careers.[quote=footsoldier] The indy guys have no real allegiance to their B/D. It is simply a means to an end. If LPL ticks them off, they can simply call Commonwealth.
Spiff- In theory we are free agents (as are our clients). Practically speaking unless LPL does something absoutely aggregious, it would be an absolute pain in the rear to move again. At least I have that option. Rather speculative on your part Mr. Spiffy, since you haven't been independent to make the assumption that Jones reps are more allegiant to their b/d than indy reps. Thanks for illustrating the difference between owning your own business and working as an employee for Jones. You can think anything you want about indy. Indy/LPL by every measure has been a better option for me. Is it perfect, hell no. But its the closest I have found in my 15 years in the industry.[/quote] I don't think anything about being indy. It doesn't fit for me, but that doesn't make it bad for you. I don't think I was that far off base in my assumption that the majority of Jones FAs have a stronger bond with Jones that you do with LPL. It doesn't say LPL on your door or as the main emphasis on your business card. We are just naturally more connected with Jones than you are with LPL. More of an arterial connection rather than a veinous one."More of an arterial connection rather than a veinous one. "
Huh? That is quite the analogy.Spiff-
Walk a mile in my shoes, then maybe you can make an educated statement. Until then, you are just adding to your 1000+ posts to reach a new high in communications. Maybe you will finally get the GP you so yearn for. You can't know until you have been there. Only those that have traveled through both can a balanced perspective. I have said it before, you only know what you know from Jones. That my fine EDJ rep is the final word of the day. By the way, prior to any communications today....I netted 20K (gross 23K). Had my best month ever in the biz and surpassed last years revenues already (my first year at LPL I netted more than I ever did at Jones). Recurring revenues now are 37%, and wow is it nice not to have pitch the product of the day.I still remember my stocks at Eval/Grad....Con Agra and yes World Com..... If you have some money available I recommend you buy some today.......ahh the good ol days. How bout the hamburger, they still teaching that too?Kudos Foot…I was worried about you. I figured since you left Jones you would be in soup kitchen lines and hawking watches at the local fair. Oh well, you’re probably the only ex joneser who has done well. Honestly, how can you look at yourself in the mirror with those numbers. I bet your success is do to wearing green underwear…come on fess up…
I still remember my stocks at Eval/Grad…Con Agra and yes World Com…
Hey!! Did we do eval grad together? WCOM at an all time high dont remember the price and HD at 55. I refused to sell WCOM, and told them so at the training, because I was personally pissed off at the company and had just canceled my service. The company was a piece of crap from the consumer's standpoint. Turned out to be a good thing.Yep, we’re still a pushin’ those products. I get a wire every afternoon encouraging me to join the latest PM Promo to try and sell something from whichever department’s hosting the dog and pony show that evening.
Geez...I just checked Merck. It was our stock to “call on” when I was in Eval/Grad over SIX years ago. It was over 60 when I was calling on it then, it’s now at 32! And that, ladies and gentlemen, is why I don’t recommend individual stocks to clients.
[quote=footsoldier]
By the way, prior to any communications today....I netted 20K (gross 23K). Had my best month ever in the biz and surpassed last years revenues already (my first year at LPL I netted more than I ever did at Jones). Recurring revenues now are 37%, and wow is it nice not to have pitch the product of the day.I still remember my stocks at Eval/Grad....Con Agra and yes World Com..... If you have some money available I recommend you buy some today.......ahh the good ol days. How bout the hamburger, they still teaching that too?[/quote] ...and my personal favorite,"WCOM was a good deal at 44 and is a steal at 27. You call everyone you sold this to and average down, NOW!" -GoneIndy02[quote=Borker Boy]Yep, we’re still a pushin’ those products. I get a wire every afternoon encouraging me to join the latest PM Promo to try and sell something from whichever department’s hosting the dog and pony show that evening.
Geez... [/quote] BB, Those silly Promo's and contests are really aimed at newbies. It helps them keep their activity up and stay connected. I don't know any vets that pay any attention to that stuff. Like I have said many times....take the good and leave the rest. Just cuz their offering you a turkey or something, doesn't mean you have to pay attention to it. I think those things are goofy as he!!, but I just ignore it. It could be worse, you could be at a firm where the stock price is down 60% and they are about to cut their dividend. I am sure those people are a little annoyed at their firm too.[quote=footsoldier]
By the way, prior to any communications today....I netted 20K (gross 23K). Had my best month ever in the biz and surpassed last years revenues already (my first year at LPL I netted more than I ever did at Jones). Recurring revenues now are 37%, and wow is it nice not to have pitch the product of the day.I still remember my stocks at Eval/Grad....Con Agra and yes World Com.....[/quote] Hey, foot, where did you finish in July? You mentioned that it was your best month in the biz. How good was it?Spiff-
I am sitting in a Starbucks in Kona, Hawaii sipping my morning coffee and didn't open rr forums this week until now. Have 9 family and friends here with me (by the way I am footing the bill too!). I did contact a couple of clients and conduct biz during the week of vacation. In answer to your question I netted after all expenses 40K in July. And here is the incredible part...looks like August will be better. Significantly. So many of my concerns about shutting down the office (my only staff is my wife, I thought I better take her with me) were non-issues. Simple voice mail message along with a letter that went out two weeks ago saying we would be gone for 8 days, and with internet definitely a non-issue. One client called my cell and other than that it was smoother than I ever dreamed. Handled all issues and clients I did contact thought I was the bomb just for calling, let alone handling their questions. Hey, could I be the next economic indicator! When I leave the market soars!!!Foot, just read your posting with some interest. My family and I just got back from Hawaii on the NCL cruise of the Islands so possibly ran into you somewhere. Did you stay or take the cruise for the week??
foot - congrats on a great month. If you would stay in HI for the next 6 month’s my clients would appreciate it.
Spiffy-
Funny you should mention staying in Hawaii. The wife and I discussed a couple of interesting possibilities, one including a longer stay next year. No worries about your clients unless they reside west of the Mississippi.That is the beauty of this job and fee based biz. You can take weeks off at a time if your clients will let you get away with it. I'm sure if you did it more than once or twice a year they might start to question it though.
95% of my clients are west of the Mississippi. Just west actually. Some of them can throw a rock and hit the Big Muddy.Spiff-
Less than half of my biz is fee based. I would love to see it end up at 80/20 for many reasons including extended vacations. I am becoming more value oriented to clients offering services that I am paid for. At Jones is was one and done, and on to the next. I know you have the option to change your biz and I would encourage you to move in that direction whether you stay or move on at some point. Unless you are a 5 hour plane ride to Hawaii away, in the words of the great proverb Ryan Seacrest (American Idol) you and your clients are safe.I fully intend to move my biz in that direction. I’ve done enough studying on the fee based platform we just launched to know that it is a great alternative to my traditional business, both for my clients and myself.
Oh yeah, I meant for you to stay in HI so the market will continue to go up. I'm not worrried at all about a guy from some no name, one man shop stealing my clients. How can you as the only guy in the office compete with me and the backing of the entire Green Machine?[quote=footsoldier]
Oh yeah, I meant for you to stay in HI so the market will continue to go up. I'm not worrried at all about a guy from some no name, one man shop stealing my clients. How can you as the only guy in the office compete with me and the backing of the entire Green Machine? The old me would have tried to take you on. The new regenerated me says its just not worth the effort to compete at your level. [/quote] Well how could you? Who would answer your phone? I couldn't resist.Ah grasshoppers. He who thinks his sh_t don’t stink, is destined to step in it.
Verizon my son....Does anyone know where I can find information about a similar case that settled in California about 3 months ago against AIG Retirement/Valic??
[quote=footsoldier]
Oh yeah, I meant for you to stay in HI so the market will continue to go up. I'm not worrried at all about a guy from some no name, one man shop stealing my clients. How can you as the only guy in the office compete with me and the backing of the entire Green Machine? The old me would have tried to take you on. The new regenerated me says its just not worth the effort to compete at your level. [/quote] Yeah, that's a smart move. Most people have found out that they can't compete at my level. Don't you have better things to do than to spend time while in Hawaii in a Starbucks posting on RR? I know they do a lot of surfing out there, but I figured they use a board, not a laptop. Go have some fun. We can verbally joust when you return.Spiff-
Thanks for the warning. And yeah I had alot better things to do most of the time, but once in a while I would sneak out for that little moment of peace I call nirvana, which is my business and I kept in touch . I did check the rr forums only once at the end of trip, but I did work throughout the week. And now that I am home I can tell you what a wonderful feeling of accomplishment knowning that I can plan, and fulfill a families dreams with an 8 day excursion worthy of any EDJ trip I ever went on. I can't deny that I was a little concerned that I couldn't compete with the Jones trips and my families expectations. I was wrong. We could pull off a first class trip and did. We many have paid a little more, but my kids saw first hand what the meaning of hard work and enjoying success appropriately is all about. Oh and Spiff, I have now imposed a minimum household of $500,000. I would not ever dream of taking any of your clients...Touche.
Welcome back.BTW-
This is the overtime thread so here goes the latest info...According to the settlement administrator Rust Consuling, the checks should be issued 60 days from the final hearing date which was June 27. I was suprised somewhat to find out the checks are being sent regular mail. Labor day seems like the date we ought to be celebrating!I received this paper work and planned to fill it out, but some how it got misplaced. I do remember seeing a website address in the materials. Can anyone look at theirs and tell me where i can find the form i need to fill out to join the suit. I want every free dollar i can have.
Checks have arrived today!!! Ahh the sweet sweet smell of money. Now, where did I leave that credit card bill?
DB - what did you get paid, and how many months working @ EDJ did you have on the form?
I received 20% percent more than they originally estimated. A year of college is now covered for the little one....
I consider this payback for all the friggin mentoring, training, handholding I did to make the RL look good at my expense. Karma.I just received the settlement check from the California EJ overtime settlement. Total received was $15k and change. Half was treated as damages for which I received a 1099. The other half was treated as wages fro which taxes were withheld and a W-2 was issued. Net received = $12k.
I don't have a complaint with EJ. They hired me, trained me, and fulfilled their contractual obligations. When I left early they sued me, we settled, life goes on. In my EJ region the GP and his "Management Team" were jerks. Region meetings were filled with frat house skits and constant propagandizing about our virtues. I left EJ because I was weary of apologizing to my wife for my meager paycheck. As an independent I made, in my first year, five times my best year at Jones. I feel blessed to be in this industry.GoldCaddy,
What was the monthly settlement figure they used to calculate your final tally? I've seen the range in the examples from Rust in the $400 per eligible month range. Just curious as to what I may be getting in the mail.There was no explanation regarding the method of calculation. The previous letter said I would receive about $13,750. Since my payment was much more either they sandbagged the estimate or fewer people participated.
I sent in my claim on 3-20-08 and haven’t seen a check yet I sure hope it comes soon. They said my award was about 14,000.
Babs-
They said 21.7 and I got 20% more.... The firm got spanked for a ridiculous law. They deserved it for other crap they pulled. Remember like all good companies they pay and admit no wrongdoing.are all of you california reps? i got a letter to return, but nowhere on it did it give me an estimate of my payment.
Me neither...are all of you california reps? i got a letter to return, but nowhere on it did it give me an estimate of my payment.
My letter (I am not California) mentioned something like $39/month as as estimate. So, I'm expecting less than $2,000.
Woo hoo!!! Net after taxes approx $15,800 Plus my commissions hit my account tomorrow, about 8K for the last week.
My husband really loves me !!! But what am I gonna do for him next week he says.According to now_indy’s information, and assuming 25% goes to taxes, you’d have to work for Jones for 45 years to net $15,800.
Just how old are you?Who cares how old she is?
What I want to know is exactly what you’re going to do for your husband next week? You’ve raised the bar pretty high this week! I hope you can deliver the goods, babs!
Borker,
Re: Babs settlement amount, you're confusing California with the other actions. Although the paperwork initially indicated $38.00 per month for those of us outside of CA etc. I would suspect it would be more than that. The reps in CA are going to receive considerably more per rep than those of us in say, MO.I've never had any complaining before....don't you worry about it. In Calif I guess we got a much higher payout per month than other States. One of the few times I'm actually glad to be under California laws. Worked out to something like $440 for each month worked.Who cares how old she is?
What I want to know is exactly what you’re going to do for your husband next week? You’ve raised the bar pretty high this week! I hope you can deliver the goods, babs!
anyone outside of CA get their checks yet?
I don’t think anyone outside CA is going to get the checks until early next year.
SayNo…What makes you say that? I understand that checks ought to be cut fairly soon. BTW, I am totally against frivolous lawsuits such as this. Unless of course I’m going to benefit financially then I’m all for it. Truthfully this is silly but, I did send in the paperwork…What’re you gonna do?
yeah sayno, where the heck you hear dat?
I called the Department that handles it, not at EDJ. The number was on the green form. They said that EDJ has already settled, they need to do one more final hearing. Then payments will be mailed 60-90 days after that unless their is any appeals which is unlikely. EDJ has already set aside 19 Million for it. Im not sure what the equals per broker who signed up minus attorney fees. Bottom line, don’t even look for it till spring time next year.
You bet I sent in the claim form.
I look forward to participating in future discussions on EJ. I've been reading them for years, but never bothered to join in. I will not be posting throughout the day, however. I'm not sure I feel safe posting them from the office.Regarding the company that is overseeing the NON-CALIFORNIA checks, they said March or April of 2009. If you call jones home office, class action settlements department, they will give you a number to call, and those people will verify they have gotten your submission and approx date they will send checks is March/April 2009
I think Overtime Settlement for most employees, is all the hours a person works over 40 in one work week. Overtime is supposed to be paid at time-and-a-half of an employee’s regular rate of pay. For example if you make an amount of money per hour, then he should be paid a little more per hour for all hours he works over 40 in a work week. That’s the simple and accurate way to understand the same.
Weird thing to respond to 5 years later…but yeah, I don’t know how it was set up before this lawsuit, if it truly was a minimum wage/overtime lawsuit, things haven’t changed at all. I know a guy there who figures it out right now to be at about 5 bucks an hour he’s putting in…
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