Edward Jones Performance Exception

Should have worked harder.  Let me guess how your typical day went…Get in around 10am, read periodicals for an hour, take a 2 hour lunch, make a couple calls, shuffle paperwork, pick up dry cleaning, stop at craft store for wife, wonder why you got fired.

Wow, what a mean post. By the way nice picture. I will assume you are single. A guy pours out his heart in a very shitty economy and you tell him he doesnt work hard enough. What an ahole

Oh, I forgot…Make sure you blame someone else for not working hard enough.  After all, it can’t be your own fault, can it?

Yeah but he didn’t tell the whole story… Jones puts you on goals first (4 month program, assuming you make the goal each month) so he couldn’t do the business.

Yes I agree but it just seemed a bit harsh. And if I had that mug I definately wouldnt display it.

I was not bashing Jones although i was not happy with the way it was handled. Only trying to find out more information on this “performance exception rule”. Why do some people get it and others not?

Maybe you could explain your situation…

What happens to your license when you get fired from EDJ? Yo paulie so sorry for what happened to you? I may be following you soon.

Rankstocks, tell us how you did it. selling mutual funds at 8%?  Crazy markups on Lehman bonds or CMOs? Absorbing clients from failed brokers you wouldn't goodknight?

The same thing that happens if you get fired from anywhere else... You have a certain amount of time to move your licenses to a new firm. After a certain amount of time your licenses expire and you have to redo everything.

[quote=Swordoftruth]This guy is a cocky prick who deserves to get his head bashed in.



A typical cocky, soft, SOB. I would enjoy slamming his head into a while.



Cocky prick - f#ck you and your self righteous attitude.[/quote]


Ease up. The poor guy just got fired from EDJ.

[quote=yo paulie]I was recently let go by Jones for not meeting performance goals. I was with jones for about 3 years. Most of my time i was meeting or exceeding expectations . My Fa development person told me I may be granted an “exception”. Well, I was not granted this exception . I was told by FA development that the Jones was being sued by some ex-employee’s for granting some FA’s exceptions and others not.

Class post, Spiff. ... Good luck, Paulie. Probably you could have succeeded in a different market environment. Probably you can succeed going forward in a different place if you can figure out some things. Or maybe this is the wrong field. ... Getting mad at Jones won't help. This is a tough business, like most.

Spiff–one of your best posts–Paulie…your license is good!  Call LPL and come on over–you probably have just enough assets to come on–Jones will not hound you because they let you go and you have done enough to fulfill your training requirement.

[quote=Roadhard]Spiff–one of your best posts–Paulie…your license is good!  Call LPL and come on over–you probably have just enough assets to come on–Jones will not hound you because they let you go and you have done enough to fulfill your training requirement.

[quote=Spaceman Spiff][quote=yo paulie]I was recently let go by Jones for not meeting performance goals. I was with jones for about 3 years. Most of my time i was meeting or exceeding expectations . My Fa development person told me I may be granted an “exception”. Well, I was not granted this exception . I was told by FA development that the Jones was being sued by some ex-employee’s for granting some FA’s exceptions and others not.

I seriously doubt if LPL would take him at those levels.  More and more, it is apparent that they are not really interested in small producers and I was told their target minimum was $30 million in assets and at least five years experience when I jumped, although they admitted some flexibility beyond that if an advisor showed good potential.  Personally, I don’t want advisors that couldn’t cut it at Jones as I already pay enough for my E&O insurance.

I would call your local LPL branch and get a feel for what your options are. Remember you are a fully trained licensed broker that knows how to sell. Don’t let anyone tell you your career is over. Its actually up to you. We all have slumps we go through. Good Luck

I would agree that it doesn’t make sense at all.  It isn’t going to cost Jones a penny more to keep you in that office than it does right now.  I think you just got caught in the wrong place at the wrong time.  You might also be the victim of a prick of an area partner.  Some of them will work with you, some won’t.  Ultimately they’re the ones who get to cut the strings on your Jones life.  Fortunately for me, mine called me when I hit 50%. 

It makes perfect sense if you combine it with the xfer bonuses from your other post… They are replacing “maybe” producers, with “proven” producers at a level 2-3x that of a normal seg 2-3.

It even makes perfect sense if you exchange a “Not” producer with a “Maybe” producer.  No offense to paulie but 40% of what everyone already agrees are very low industry standards to begin with?  It is also a rolling 4 month average, not a rolling 4 day average.  It may be “tough” but it did not sneek up at night while you were sleeping.  It took a third of a year to hit 40%.  Plus Spiff don’t we have to pay a “minimum” wage now not to mention all the variable costs?  No matter how you do the math paulie costs more than $0.

Maybe you might recognize my photo.  It’s the CEO of Raymond James.

Should have worked harder.  Let me guess how your typical day went…Get in around 10am, read periodicals for an hour, take a 2 hour lunch, make a couple calls, shuffle paperwork, pick up dry cleaning, stop at craft store for wife, wonder why you got fired.

It is a tough situation.  But, we have to be honest with ourselves as well.  Sometimes it just isn’t going to work.  In regard to replacement with a eval/grad - no different that substituting in the back-up quarterback - same team (clients) maybe different attitude and fresh legs (for doorknocking.)

They did you a favor, bud… I would agree with calling an LPL recruiter to see if that is an option… I left EDJ on my own Seg 3 after 3 years and have had a much easier time now that I am not selling commissions.  I just netted more than my best gross year every at EDJ in my second year of indy… it is a different world over here…

Yo Paulie:

Who’s this James fellow you speak of?!?!?!

[quote=IndyEDJ]Yo Paulie:

In order for you to be terminated by Jones for performance issues you have to be put on goals, like someone else said before, and then hit your bogey every month until you get your butt off of goals.  I realize that’s a difficult task, but if you were only out 3 years or so, your monthly goal would have been somewhere between $12K and $13K GROSS to be hitting the minimum expectation.  To be put on goals you have to be at 40% of that number, so that would mean that you were producing about $5200 GROSS or less a month. 

I You might also be the victim of a prick of an area partner.  Some of them will work with you, some won’t.  Ultimately they’re the ones who get to cut the strings on your Jones life.  Fortunately for me, mine called me when I hit 50%. 

[quote=Spaceman Spiff]In order for you to be terminated by Jones for performance issues you have to be put on goals, like someone else said before, and then hit your bogey every month until you get your butt off of goals.  I realize that’s a difficult task, but if you were only out 3 years or so, your monthly goal would have been somewhere between $12K and $13K GROSS to be hitting the minimum expectation.  To be put on goals you have to be at 40% of that number, so that would mean that you were producing about $5200 GROSS or less a month. 

[quote=Spaceman Spiff]I You might also be the victim of a prick of an area partner.  Some of them will work with you, some won’t.  Ultimately they’re the ones who get to cut the strings on your Jones life.  Fortunately for me, mine called me when I hit 50%. 

Thing is if you’re getting in right now, it may be interesting for the first couple of years, but you’ve missed the big downturn (he says while crossing fingers and knocking on wooden desk).  I hit the field in Oct 02.  My clients didn’t know they could lose money for almost 5 years. 

Message to Yo Paulie:



Don’t be passive. If you think you can switch firms and fight for your clients - do it.



If you’re leaving the industry and have a friend at a different firm - make an arrangement

for the names of your clients, an endorsement from you, and negotiate so you get something

for your book besides a handshake. That transfer broker coming in don’t give a Rats but about

your client. He just wants to churn the book a bit for a paycheck.



Jones is a great firm. These days though there is so much nepotism and favoritism going on

that all that talk about the old days and how the old timers did it really doesn’t mean anything.

It’s meaningless chatter.



If this market has another down 20 some of these old timers that feel so smug right now may be

joining you - and perhaps tasting financial fear for themselves for the first time in a long time.



What the old timers won’t tell you is that they are all secretly happy that they didn’t hit a down 38% in

their third or fourth year of the business. From 1980 to 1999 was a unique period of time and a rather

rosy one to be a stock broker. Also, I’m tired of hearing about the crash of 1987. I don’t want to hear about it any more because it was a speed bump compared to this.

Paulie, I served as a RL/GP for several years and will tell you that the decision to make the exception, or not, was primarily mine. Your RL would have had a conversation with those in the region who spent the most time with you. Your production would not have been the only consideration. New accounts, new prospects (verified by those entered into the system), daily activities, etc. were all reviewed. It is not difficult to tell who is doing the right activities and who is not. The final conversation is between the RL and area leader, that is when the decision is made. The reason an exception would not have been made for you in my region is because the consensus was that you would continue to struggle, which does neither you or the company any good. This may not bring you peace with the decision, but it explains why it was made. Best wishes!

you are an absolute jackass!  The man is working his butt off trying to establish himself in this industry and you have to question his work ethic.  It’s morons like you that continue to give this profession a black eye

If your business is only transactional, like all newer jones fa are, then you are not being paid for calling all your clients over and over and over again. To tell them the buy and hold is the only way to go!  Is there any other way?

[quote=Spaceman Spiff] 

[quote=harris9]you are an absolute jackass!  The man is working his butt off trying to establish himself in this industry and you have to question his work ethic.  It’s morons like you that continue to give this profession a black eye[/quote]

Hey noob-

He didn’t question the guy’s work ethic.  He simply described the process Jones followed in making these decisions.  Sounds like a fair process to me, actually.

This is a business where ‘trying hard’ does not matter, only the final result.  Ink on paper.

It sucks when you end up on the short end of the stick whether by bad luck or bad work habits…but that’s how it is.

[quote=Soothsayer][quote=Spaceman Spiff] 

you are an absolute jackass!  The man is working his butt off trying to establish himself in this industry and you have to question his work ethic.  It’s morons like you that continue to give this profession a black eye

[quote=Soothsayer][quote=Spaceman Spiff] 

If your business is only transactional, like all newer jones fa are, then you are not being paid for calling all your clients over and over and over again. To tell them the buy and hold is the only way to go!  Is there any other way?

[quote=Squash1][quote=Soothsayer][quote=Spaceman Spiff] 

Spiff,

[quote=Spaceman Spiff][quote=Squash1][quote=Soothsayer][quote=Spaceman Spiff] 

I remember felling truly sorry at the summer regional awards banquet for the guys that didn’t get anything.  They had to sit there with their wives at their sides while everyone else was given something.  It’s one thing when it’s just the brokers but when you throw in the wives it’s just ugly. 

[quote=jkl1v1n6]

Spiff,

I remember felling truly sorry at the summer regional awards banquet for the guys that didn’t get anything.  They had to sit there with their wives at their sides while everyone else was given something.  It’s one thing when it’s just the brokers but when you throw in the wives it’s just ugly. 

[quote=jkl1v1n6]I remember felling truly sorry at the summer regional awards banquet for the guys that didn’t get anything.  They had to sit there with their wives at their sides while everyone else was given something.  It’s one thing when it’s just the brokers but when you throw in the wives it’s just ugly. 

I remember felling truly sorry at the summer regional awards banquet for the guys that didn’t get anything.  They had to sit there with their wives at their sides while everyone else was given something.  It’s one thing when it’s just the brokers but when you throw in the wives it’s just ugly. 

Is gross production 1% of new assets brought in that month? Bringing in new assets doesn’t mean squat. You’ve gotta sell them something.  

[quote=Borker Boy]Is gross production 1% of new assets brought in that month? Bringing in new assets doesn’t mean squat. You’ve gotta sell them something.  

[quote=Borker Boy]Is gross production 1% of new assets brought in that month? Bringing in new assets doesn’t mean squat. You’ve gotta sell them something.

[quote=Incredible Hulk] [quote=Potential] [quote=Borker Boy]Is gross production 1% of new assets brought in that month? Bringing in new assets doesn’t mean squat. You’ve gotta sell them something.   [/quote]

[quote=harris9]you are an absolute jackass!  The man is working his butt off trying to establish himself in this industry and you have to question his work ethic.  It’s morons like you that continue to give this profession a black eye

[quote=Spaceman Spiff][quote=Soothsayer][quote=Spaceman Spiff] 

HR, that opinion does NOT exist at Jones.  They believe (or at least act like) anyone that leaves ends up losing half their book because none of the clients could bear to leave Edward Jones.

[quote=HymanRoth] [quote=Spaceman Spiff][quote=Soothsayer][quote=Spaceman Spiff] 

[quote=LuvIndy][quote=Incredible Hulk] [quote=Potential] [quote=Borker Boy]Is gross production 1% of new assets brought in that month? Bringing in new assets doesn’t mean squat. You’ve gotta sell them something.   [/quote]

rankstock



why dont u STFU u tool.



u put ur loser pix in this place?



KMA u jerk



i wish u were here.   id like to just kick ur a^&

If you can’t handle the heat…well, you know the rest.

[quote=B24]HR, that opinion does NOT exist at Jones.  They believe (or at least act like) anyone that leaves ends up losing half their book because none of the clients could bear to leave Edward Jones.

[quote=ytrewq][quote=LuvIndy][quote=Incredible Hulk] [quote=Potential] [quote=Borker Boy]Is gross production 1% of new assets brought in that month? Bringing in new assets doesn’t mean squat. You’ve gotta sell them something.   [/quote]

Although it sounds enticing, I think I will pass on you kissing my ass.  Frankly, I am not sure why you even offered.  I sure did not ask you to kiss my ass.  Okay.  Enough on my ass and on to what I think was your point (You did not make it clear).

Iceco1d,

[quote=LuvIndy] [quote=ytrewq][quote=LuvIndy][quote=Incredible Hulk] [quote=Potential] [quote=Borker Boy]Is gross production 1% of new assets brought in that month? Bringing in new assets doesn’t mean squat. You’ve gotta sell them something.   [/quote]

[quote=ytrewq]Iceco1d,

[quote=Spaceman Spiff][quote=LuvIndy] [quote=ytrewq][quote=LuvIndy][quote=Incredible Hulk] [quote=Potential] [quote=Borker Boy]Is gross production 1% of new assets brought in that month? Bringing in new assets doesn’t mean squat. You’ve gotta sell them something.   [/quote]

You're right.  Jones does control what goes into Advisory Solutions.  The SMA managers control what happens with their money too. 

However, being the nice guy I am, I won't hold you to it.  Anyway, it's not Thursday and I'm not into that kind of thing any day but Thursday. 

Spiff, as has already been said, you are one of the most reasonable Jones dudes around. Keep a level head like you are and you will be in good shape.

We’ll agree to disagree on who owes you what in the ass-kissing department.

Jones will never have a full fee only platform b/c it would scare them to death that the client would have a deeper relationship w/ the broker than the firm. This would hurt Jones when brokers come and go.

I tend to think it would be because of the compliance issues associated with a full fee only platform.  A company like RJ or LPL knows that they are simply the back office and not truly responsible for their advisors.  They don’t have compliance officers on staff like non-indy B/Ds do. 

Hey , Me,too, I might follow you as well, coz they would probably put me into on-go basis.

Um…what?  Perhaps the Canadian to American translation didn’t come across so well.  Try again. 

[quote=Spaceman Spiff]I tend to think it would be because of the compliance issues associated with a full fee only platform.  A company like RJ or LPL knows that they are simply the back office and not truly responsible for their advisors.  They don’t have compliance officers on staff like non-indy B/Ds do. 

More Jones fables that the followers take as gospel.  Spiff (and other Jonsies who read this forum), let me say it one more time: “You don’t know what you don’t know!” 

[quote=noggin][quote=Spaceman Spiff]I tend to think it would be because of the compliance issues associated with a full fee only platform.  A company like RJ or LPL knows that they are simply the back office and not truly responsible for their advisors.  They don’t have compliance officers on staff like non-indy B/Ds do. 

Sorry, my bad.  My assumption, which was just that, not something Jones has ever told anyone, was that because you folks had to have your own person responsible for compliance in your office that there wasn't the huge field supervision team at LPL like we have at Jones.

[quote=Spaceman Spiff]

Sorry, my bad.  My assumption, which was just that, not something Jones has ever told anyone, was that because you folks had to have your own person responsible for compliance in your office that there wasn’t the huge field supervision team at LPL like we have at Jones.

RJ is the same way. Every annuity exchange is approved by someone in Compliance, often times after asking two or three followup questions. Mutual fund switches are often times questioned if the client signed form is different. If you are not OSJ, the difference is that compliance asks the OSJ, who then asks you. If you are OSJ, Hyman is correct that the firms need to supervise the supervisors.

[quote=B24]HR, that opinion does NOT exist at Jones.  They believe (or at least act like) anyone that leaves ends up losing half their book because none of the clients could bear to leave Edward Jones.

Clients may come and go as they please.  If I leave Jones, they will be saying WTF did he go?  I have to go with MY GUY, not some “replacement”.  I don’t want clients to think they are investing with JONES, I want them to think they are working with ME. 

sounds like B24 has been doing some research.  Good for you.

[quote=Spaceman Spiff]

B24, If a Jones (seg 2)  is put on goals and is let go…does the non-compete go away? Two from my class are going to go on goals this month. We where talking yesterday and they wondered if the non-compete goes away if they are “let go”. They are both in the last year of the non-compete. About 28K? thanks

I don’t know specifically.  All I know is, with a good attorney writing a letter to Jones ( as a response to their TRO), I don’t think “they” will have a problem.  It seems to me that a firm can’t fire you for underperformance, and then say, oh by the way, you can’t work anywhere else, either.

If they are let go then the non-compete does not apply.  Just what B24 said, Jones can’t have it every which way.

[quote=Soothsayer][quote=Spaceman Spiff]

[quote=Spaceman Spiff][quote=Soothsayer][quote=Spaceman Spiff]

If they are let go then the non-compete does not apply.  Just what B24 said, Jones can’t have it every which way.

I can tell you for a fact, Jones negotiates, jsut like all the other firms.  I know of specific cases where they actually negotiated a smaller settlement (a SMALL % of the original amount) as well as voiding the non-compete language.

I’m not doubting you at all. Frankly, when it comes to what they HAVE done vs. what they CAN do…I simply have no idea. Hell, I don’t even start till Monday, but I’m not going to have to worry about it cuz I’m gonna be a rock star!!!

I’m not doubting you at all. Frankly, when it comes to what they HAVE done vs. what they CAN do…I simply have no idea. Hell, I don’t even start till Monday, but I’m not going to have to worry about it cuz I’m gonna be a rock star!!!

I wonder if he realizes this is life not a video game.

All of the new people are "rock stars". Just like all the rock stars that are trying out for american idol!!! good luck to you!! I hope you have a lot of supplemental income and very little expenses.............that will make it much easier to stay a rock star!! Having to feed a family of three on one paycheck of 2k for 4 weeks can be a challenge if your transmissions goes out!! Once the salary goes away.....and it is all commision, it can be a challenge to be a rock star!!

I’ve worked for 100% commision most of my adult life, so I’m very comfortable with a fluctuating income. I’ve got a wife that makes decent money and no kids (just 3 dogs). Financially, I can weather the storm. 

That’s good. Too many are not really prepared to deal with the first years. If you can focus on your business growing, and have a plan it will be easier to be a rock star. I know a lot of very good men who have struggle with having a young family and a stay home mom…best of luck to you rockstar!!

[quote=Fud Box] Hell, I don’t even start till Monday, but I’m not going to have to worry about it cuz I’m gonna be a rock star!!! [/quote]

[quote=Fud Box] Hell, I don’t even start till Monday, but I’m not going to have to worry about it cuz I’m gonna be a rock star!!! [/quote]

Yo Paulie, you’re not alone. Don’t listen to these sycophantic, Kool-Aid drinking lemmings. They all work so damn hard. Bet they door-knocked their knuckles raw. Please. I had years of industry experience and a proven track record of production when I decided to make the courageous leap to Jones from a well known financial institution (they chased me for two months before I finally relented. The prospect of ‘owning my own business’ is what did me in). Raised just under $2 million from my bedroom in less than 4-months and was about 150% of standard in month 5 exceeding expectations when my RL threatened to fire me on the grounds that I was in violation of one of Sacred Tenets of Jones: The hallowed “3 Ps” - the participation “p” to be exact. Was not aware of the fact that the dialing-for-dollars workshops were absolutely mandatory since many regions don’t engage in them. Especially for a seasoned vet who not only made 300 dials a day for 4 yrs. back in the '80’s working for a large wirehouse, but also having conducted professional telephone workshops as a t & d consultant for my former employer. Oh well. Unbeknownst to me, my absence frosted the RL’s nuts. He called me and proceeded to run the gamut of insults, screaming that I was a failure, lacked judgment; was lazy, disorganized and that I disrespected him and the region. He punctuated the call by screaming that he had no confidence in my ability and then issued this ultimatum: I had one last chance to redeem myself or I’d be sorry. I was number 1 in my segment at the time of the call. Well, needless to say, my spirit was crushed and I felt demoralized. Thought I was doing everything right. My next meeting, the monthly mundane Saturday Morning sleeper for new FAs, was less than a week away. I had never missed a one. The day arrived and I was up at 4AM and out the door by 6 to anxiously drive over two hours to the meeting location (have these idiots ever heard of GoToMeeting?). I knew I was about to be confronted by the RL when I arrived and was stressed over this. The weather was treacherous - snow and wind and ice - yet the meeting was not called off. Ten miles shy of my final destination, my brand new car hit a patch of ice and went careening out of control. $6,000 worth of damage to my vehicle and sustained injuries to my back and neck pretty much dealt me the final blow. My production suffered as a result. I was restricted from travel and, under a physician’s orders, placed on disability. My percent of standard fell from 150 to 69 to 38. My RL made good on his threat. He contacted my DL, who was apprised of my condition and aware of my physical limitations. He knew how challenging it would be to reach the performance goal from the confines of my back brace, and placed me on the 4-month termination plan. Three weeks after my performance plan was put into effect, I received a call from my DL stating that he and the RL would soon be consider making an ‘employment decision’. The following morning, I attempted to initiate a $25k sell order for a client but was unable to do. I was denied access. Twenty mins later, I received a call from my DL. He was not sympathetic. I was terminated this morning. I contacted HR and they would not give me the time of day. The region is literally imploding under broken leadership. The RL fiddles while Rome burns. Go in peace and ask for the order. ,

The EDJ model is so very, very behind the times. There is only two groups that have any value to this company.  The most important group in the almighty seg 4/5 broker.  The second most important group is the new fa’s. That is the mantra, growth, growth growth. Not growth in experience, but new fa’s. Don’t worry your replacementS have already been hired. It is a hiring machine…Rock stars are everwhere waiting to door knock… One thing you said I do believe is true. They do yell at the other FA’s is amazes me how old fashion they are, It makes me wonder where HR is at any time? Best of luck to you…gotta love them, they really do care about one thing…themselves. They are not afraid to tell you they do not get paid to help you. You are right the home office has NO idea what is really going on in the region.

Yo Paulie, you’re not alone. Don’t listen to these sycophantic, Kool-Aid drinking lemmings. They all work so damn hard. Bet they door-knocked their knuckles raw. Please. I had years of industry experience and a proven track record of production when I decided to make the courageous leap to Jones from a well known financial institution (they chased me for two months before I finally relented. The prospect of ‘owning my own business’ is what did me in). Raised just under $2 million from my bedroom in less than 4-months and was about 150% of standard in month 5 exceeding expectations when my RL threatened to fire me on the grounds that I was in violation of one of Sacred Tenets of Jones: The hallowed “3 Ps” - the participation “p” to be exact. Was not aware of the fact that the dialing-for-dollars workshops were absolutely mandatory since many regions don’t engage in them. Especially for a seasoned vet who not only made 300 dials a day for 4 yrs. back in the '80’s working for a large wirehouse, but also having conducted professional telephone workshops as a t & d consultant for my former employer. Oh well. Unbeknownst to me, my absence frosted the RL’s nuts. He called me and proceeded to run the gamut of insults, screaming that I was a failure, lacked judgment; was lazy, disorganized and that I disrespected him and the region. He punctuated the call by screaming that he had no confidence in my ability and then issued this ultimatum: I had one last chance to redeem myself or I’d be sorry. I was number 1 in my segment at the time of the call. Well, needless to say, my spirit was crushed and I felt demoralized. Thought I was doing everything right. My next meeting, the monthly mundane Saturday Morning sleeper for new FAs, was less than a week away. I had never missed a one. The day arrived and I was up at 4AM and out the door by 6 to anxiously drive over two hours to the meeting location (have these idiots ever heard of GoToMeeting?). I knew I was about to be confronted by the RL when I arrived and was stressed over this. The weather was treacherous - snow and wind and ice - yet the meeting was not called off. Ten miles shy of my final destination, my brand new car hit a patch of ice and went careening out of control. $6,000 worth of damage to my vehicle and sustained injuries to my back and neck pretty much dealt me the final blow. My production suffered as a result. I was restricted from travel and, under a physician’s orders, placed on disability. My percent of standard fell from 150 to 69 to 38. My RL made good on his threat. He contacted my DL, who was apprised of my condition and aware of my physical limitations. He knew how challenging it would be to reach the performance goal from the confines of my back brace, and placed me on the 4-month termination plan. Three weeks after my performance plan was put into effect, I received a call from my DL stating that he and the RL would soon be consider making an ‘employment decision’. The following morning, I attempted to initiate a $25k sell order for a client but was unable to do. I was denied access. Twenty mins later, I received a call from my DL. He was not sympathetic. I was terminated this morning. I contacted HR and they would not give me the time of day. The region is literally imploding under broken leadership. The RL fiddles while Rome burns. Go in peace and ask for the order. ,

[quote=Soothsayer]If they are let go then the non-compete does not apply.  Just what B24 said, Jones can’t have it every which way.

C’mon Squash - have you forgotten the Jones recipe for success? Maybe what you need is a refresher course! 25 face-to-face contacts per day, 125 per week. Every dollar I have under management was achieved via a handshake. The phone gigs are billed as a ‘skill building exercise’ for those FAs who suffer from call reluctance or are underperforming. Regardless, to be insulted and threatened by you leader is just plain wrong. Nice try though.

[quote=MoneyNeverSleeps]Yo Paulie, you’re not alone…

…Go in peace and ask for the order. ,[/quote]

Maybe they let you go because you couldn’t find the Enter button on your keyboard?

I should have pressed the Escape key long ago.

Looks like many are going to be given the your career is over phone call. The little dots are dropping and the line is still climbing on the FA performance screen. The region is seeking to move out those who don’t drink the koolaide and replace them with the HUGE influx of ML/SB brokers who are waiting to get a EDJ office. They feel the NEW and IMPROVED transfer broker plan is having them flying to be a koolaide drinker. Replacing little dots with brokers who have assests is probably a faster track to profitability then door knocking. How many ML/SB are dying to move the EDJ? Do you know any?

I don’t know of a single ML/SB rep, and I know quite a few…perhaps only the desperate. Jones will hire just about any one with a pulse . I don’t think that a 40% payout or a 6 mutual fund company restriction will appeal to the ML/SB crowd, especially when they can take their big books to one of the many indy firms for a 80%-90% payout along with hundreds of investment options for their clients…Run away as fast as you can.

This news of waves on new transfer brokers is coming from  the inner circle. in our region.   In over 3 years I  have seen way more broker transfer out then have ever transferred in. 

Are you two talking to each other?  You should just PM each other…or maybe become friends on Facebook or Myspace or whatever that crap is you children do these days.

C’mon Squash - have you forgotten the Jones recipe for success? Maybe what you need is a refresher course! 25 face-to-face contacts per day, 125 per week. Every dollar I have under management was achieved via a handshake. The phone gigs are billed as a ‘skill building exercise’ for those FAs who suffer from call reluctance or are underperforming. Regardless, to be insulted and threatened by you leader is just plain wrong. Nice try though.

When I was in the biz years ago, $1.5M was an average month. You were probably in diapers at the time. And by the way, let’s get one thing straight: I make no excuses for myself. My production fell as a result of the injuries I sustained in an auto accident. I was actively selling for just three months prior to my accident and raised $2M just like that. Not too shabby. All accomplished while the economy was tanking. You’re right, it’s not hard at all. Furthermore, the threats of termination and insults came from the RL, not prospects. I’m no stranger to rejection. It’s the hallmark of this business. My only grievance is that my position was terminated only AFTER I was placed on disability. A disability I suffered as a consequence of traveling to a mandatory Jones event. No offer of medical leave until I heal, just the pink slip. While I was laid up, my RL did not so much as inquire as to the status of my condition. So allow me to summarize: You work at Jones, you get injured at Jones, you get fired at Jones. At least in this region, under the current broken leadership. The decreased production was a result of the injuries sustained, and they knew that. Beyond my control.



Working weekends is a good thing. I always have. Can be very productive. Good luck closing them.



By the way, Squash, I have just one honest question for you, since you seem like a smart guy: Keynes or Friedman?

First post, great forum. I can speak to all of those who have left Jones, or been fired. I did my 3 years and left the cult. Left after seeing several planners leave to go to Raymond James (including a regional Leader) and others to a bank to get a salary and free toilet paper. I left after building a 16 million dollar book and moved to a new town. Only mistake we made in the 3 years was the choice of town…we hated where we were living and couldn’t see ourselves living there the rest of our life. Good for business purposes but terrible for lifestyle. 16 million isn’t enough for Indy so working for a CU now in a major city.

I think it is great!  That is so true you have absolutely no value but a dot on a ever increasing line!!! I can also believe that no one ever called to check and see how you are doing after a car accident. My region only cares about a select few.  There are so many that never make it, the seg 4 and 5 are burned out being "pretend" field tranner and memtors.  They bring you into the "culture", then one day you wake up and see there is a life outside of Jones. There are 3 groups who do not make it. One does not do the work, 2 are hired and forgotten even though they have good numbers. The third last wake up and see the fake"culture". I am waking up, and I know things are better outside of the old fashion culture at Jones.  THAT is why there is a  5 year plan, to bring in  NEW FA's. No plan at all the fix their cult..oops I mean culture!! I really feel bad for the mentors and field trainers with this unending line of new fa's. Best of luck to you...with the 5 year plan you will need it! I have a freind who is doing her first legacy....she can't stand having to answer every little question, I told him good luck there are many more coming after that!!!

[quote=monopolybet]

I think it is great!  That is so true you have absolutely no value but a dot on a ever increasing line!!! I can also believe that no one ever called to check and see how you are doing after a car accident. My region only cares about a select few.  There are so many that never make it, the seg 4 and 5 are burned out being "pretend" field tranner and memtors.  They bring you into the "culture", then one day you wake up and see there is a life outside of Jones. There are 3 groups who do not make it. One does not do the work, 2 are hired and forgotten even though they have good numbers. The third last wake up and see the fake"culture". I am waking up, and I know things are better outside of the old fashion culture at Jones.  THAT is why there is a  5 year plan, to bring in  NEW FA's. No plan at all the fix their cult..oops I mean culture!! I really feel bad for the mentors and field trainers with this unending line of new fa's. Best of luck to you...with the 5 year plan you will need it! I have a freind who is doing her first legacy....she can't stand having to answer every little question, I told him good luck there are many more coming after that!!!

sorry, the fa is a female, the Legacy is a young man!! I can say I get way too worked up about the culture I signed up for!! oh well it's early.............have a great day!!

It’s interesting how some of the larger brokers almost seem to enjoy watching people wash out. Not all, but some of them seem to have this attitude.



I am on GOALS myself. I had a 250K proposal stall on me last month and I ended up on goals.



I’m past the anger point. Also, I take my share of the blame. I’ve made some mistakes. I haven’t done everything right. I think I mistakenly thought the branch was over the hump last year when the branch was running on all cylinders. Referrals were coming in, business was good, and the job for the first time was actually fun.



I had some burning resentments about the distribution of assets in the region. I’ve even let that go. Ok, so there was an asset lottery and we lost. It happens. It is frustrating to see others relaxed and comfortable when I know they might be enjoying some of the same benefits I have as a “new new”. I don’t believe the asset inheritors are necessarily better brokers. We were running a marathon and they stepped into an air conditioned limousine and got a ride to mile 15. In my region in the class of 2004 all the other rookies got big bites off of an inherited asset burrito. I got the skin flute instead. I could have used a seat at the table.



We can have the standard “didn’t do the work comments”. If I’m slacking like everyone says why am I so exhausted? I think constant worry and fear beat you down after a while. Why is it we worry so much about our clients but we treat ourselves as if we were bullet proof and ready for unlimited risk? I got to be honest, I’m burned out on the risk.



I made my first months hurdle on GOALS but now have a job offer on the table. It’s nothing glamorous but it will pay my bills and give me a fresh start somewhere else. The DILEMMA is a) Do I stay at Jones and risk getting fired if I miss a hurdle or b) Take the bill paying job and get on with my life.



If this were an ordinary environment I would be more inclined to slug my way through GOALS. I’ve overcome challenges in the past. I’ve been here 5 years. This is no ordinary environment. My nearest big city was called the poster child for the foreclosure crisis in the Wall Street Journal.



I’m leaning towards taking the job offer. I think getting terminated if I miss the cut would make it harder for me to find work in the future. It’s a hundred times preferable to make a switch on your own accord rather than be terminated. I think we all know with the current job market risking on unemployment now has a new meaning. Getting fired a couple years ago wasn’t as big of a deal - though it’s never pleasant.



For the self righteous guys, I feel like my own loyalty to the firm has bit my in the rear end. I had solid offers to jump ship from other firms when my numbers were good. And they have been good most of my career. I feel like I should have jumped ship, picked up a few assets, and looked out for number one. Now my loyalty has pushed me into this position where if I miss the cut I face a horrendous job market.



The unemployment road leads to where ? Possible foreclosure? Tapping retirement? Burning though savings? Stress at home with wife and kids?? Fooling around with COBRA to keep medical benefits? Losing things or cutting back an already lean budget?



Why not just take that crappy scenario off the table??



If I had a client and I had a magical investment that could make them a ton of money or possibly go to zero I would probably be hesitant to put many clients in that investment. Right now staying at Jones in this risky environment seems like that risky investment. I could work through GOALs and make a ton of money down the road. OR I could get fired and run a dangerous unemployment scenario.



I admire the guys who have made it. I was darn close. It’s frustrating to get so close and have it go bad. I fully admit my mistakes. I think there is a luck factor as well. This was a bad point in my career to have a replay of 1931. If I had got to Segment 4 or 5 first I would have been more ready for it. I think your book size and the percentage of assets annuitized has a lot to do with your books resiliency during a decline like this.



Good luck to all you guys.

I have said this ever since I have been with Jones. STL’s efforts/momentum is messed up. Their focus is bringing in new FA’s. the focus is to back-fill offices. They need to change and start looking at people who have proven they can do this job. To put a plan in place to help them get through to the next level. I too, agree some of the seg4/5 really enjoy seeing another one fail at Jones. In some weird way it makes them feel really good about themselves and what they have done . (They also forget about assests that where handed to them, they where) I wish I really knew where their assests came from.

Hi Ice,



I got 19 million under management. Most is transactional because I followed the Jones A share model most of my career. I do love my clients - like most of us. My book is pretty picked over. Out of my accounts maybe only 3% are inactive. We’ve looked for the obvious places to boost the numbers. I was up to 24 million last year before the wheels came off the economy.



I have a good friend who is with LPL and before I jump into the wholesaling GIG I will talk to him first.



I’ve already made the determination that if I do leave Jones I do so in a manner that is the least painful for my clients. I’m not going to blindside them.



It’s interesting because up till about 6 months ago I was honestly convinced that the Jones model was the best one to follow. Now, thanks to this market I am questioning “Buy and Hold”. Does a client really have to stay fully invested and take the full body blow of a serious bear market?? I know we can’t time it but…



They always say you don’t want to miss 10 of the markets best days or you cut your return in half??

What happens if you miss a few of the markets worst days?? It works in reverse as well.



My buddy at LPL has been talking to me about some of his options strategies which, though no cure all, have been taking the edge off this bear for some clients.



My won deal is that I’m in a new marriage. I have a strong urge to be the “provider”. You know the deal.



Thanks for your thoughtful reply.



Sword

Tough situation, Sword. Lot of us are sailing into that same sea. I would talk to your friend and listen to what Ice says, because it ain't going to calm down for a while.

ICE is right… I don’t understand why some people just don’t get this… Jones people are forgivable because they never get to interact with other brokers…

Sounds like good advice.



It’s time to have the serious conversation with my friend and put numbers on paper. About half of my assets are in funds. Maybe 55%. I do more stock, UIT, and bond business than most brokers in my category. I have a growing annuity slice as well.



I’m curious about one thing. I don’t know if anyone knows ?



Normally in UPTICK magazine they print the number of brokers meeting and not meeting expectations. Last issue they mysteriously didn’t print that information. Does anyone have any idea how many other brokers are in the same boat??



I heard Segments 2 and 3 are getting rocked. Looking at my own region I could count about 4 guys in my time range that had similar numbers. I even saw a few 7 and 8 year guys whose numbers looked pretty weak.



Annuitization was part of my long term plan. I would have moved with more urgency of course if I had foreseen the events of the past 12 months.

Sword,

I was also in the Jones class of 2004, can-sell-date of March '04.  AUM $18 mill, trailing 12 approx. $180K.  Started looking at LPL about 3 months ago, made a home office visit in the first couple weeks of December, jumped from the giant green ship 2 weeks ago.  It has been the busiest 2 weeks of my life, in the office at 7 am and not home until after 9 pm.  I have averaged about 7-8 appointments per day and so far only 1 client has flat out told me "no, I'm here because of Edward Jones".  I already have signed ACAT paperwork for 20 of my top 35 clients, and I just haven't been able to meet with the other 15 yet, but it's only a matter of time.  I took no info with me from Jones and all I did was send a "Tombstone" letter from LPL to my clients and they have been calling me to schedule appointments.  It is going better than I thought it would be going at this point.  I am talking about my potential strategy to manage money with the fee-based accounts at LPL, which by the way, start with a minimum investment of $25K, and all of my clients are interested, if it could help them down the road.  I am also my own OSJ and I started my own independent office.

He mentioned he had a friend who worked at LPL, I was assuming if his friend took 20% of his production(assuming he shares an office with the guy) then $5K should cover the rest…

Sounds like good advice.

It’s time to have the serious conversation with my friend and put numbers on paper. About half of my assets are in funds. Maybe 55%. I do more stock, UIT, and bond business than most brokers in my category. I have a growing annuity slice as well.

I’m curious about one thing. I don’t know if anyone knows ?

Normally in UPTICK magazine they print the number of brokers meeting and not meeting expectations. Last issue they mysteriously didn’t print that information. Does anyone have any idea how many other brokers are in the same boat??

I heard Segments 2 and 3 are getting rocked. Looking at my own region I could count about 4 guys in my time range that had similar numbers. I even saw a few 7 and 8 year guys whose numbers looked pretty weak.

Annuitization was part of my long term plan. I would have moved with more urgency of course if I had foreseen the events of the past 12 months.

[quote=Lapide]

Sword,

I was also in the Jones class of 2004, can-sell-date of March '04.  AUM $18 mill, trailing 12 approx. $180K.  Started looking at LPL about 3 months ago, made a home office visit in the first couple weeks of December, jumped from the giant green ship 2 weeks ago.  It has been the busiest 2 weeks of my life, in the office at 7 am and not home until after 9 pm.  I have averaged about 7-8 appointments per day and so far only 1 client has flat out told me "no, I'm here because of Edward Jones".  I already have signed ACAT paperwork for 20 of my top 35 clients, and I just haven't been able to meet with the other 15 yet, but it's only a matter of time.  I took no info with me from Jones and all I did was send a "Tombstone" letter from LPL to my clients and they have been calling me to schedule appointments.  It is going better than I thought it would be going at this point.  I am talking about my potential strategy to manage money with the fee-based accounts at LPL, which by the way, start with a minimum investment of $25K, and all of my clients are interested, if it could help them down the road.  I am also my own OSJ and I started my own independent office.

I just looked how our month ended in our region. Many are below the red line.  The growth teams already are expecting 18-25% to leave the culture.  But we all know they have all those recruits to back fill the offices.  The also have the “new”  transfer broker recruiting program.   Jones has all the bases covered. It is their plan, new trumps someone with experience. 

I once heard the term “HR department for the rest of the finance industry”!

That about it! It just the 3 years of your life you signed up for!!

Hank,

[quote=Lapide]Hank,

Can I count each contact made at the door as a door knock?

A qualified contact is defined as someone with whom you’ve had the opportunity to speak about financial matters or someone with whom you’ve presented an investment idea. The prospect should demonstrate, at the least, an interest in hearing from you again in the future.

I always loved the definition of a contact. So many people would have the door slammed in their face, write down the address and name from the mailbox, do a reverse lookup and consider it a contact. Then they wonder when they go back to eval grad and have an f-bomb dropped on them phoning these people. One guy had 600 prospects in the system and 300 phone numbers. One as a joke was Santa Claus. He never made it back to PDP.

So, Edward Jones is still hiring like crazy (just look on monster.com). They are willing to grow by hiring new people but are letting go the more established segment 2 and 3 who are struggling.

I agree with you, they are rather crazy about hiring. I heard from two newbies that they where told where to door knock or do a legacy with the seg 2 or seg 3 that was on the “not going to make it list” This is the MOST unprofessional practice I have ever heard of, but since HR is non-exhistant at jones they get away with all kinds of things.  It is awful, how the big guys sit around and discuss who they are are replacing with the newbies in front of  everyone. I look back and remember them talking about the “offices” that could be opening for me when I was new. Looking back it was just another empty promise. 

I miss the photo of Ted with the boxing gloves at every meeting.

I miss the tuna analogy to describe market volatility, or the cow one to describe long term bond interest. My favourite was the “1 in 4”. You take a brick and write “1 in 4” on it and leave it on your desk. When the client asks you say “every four years you’re going to feel like driving by my office and throwing a brick through the window. When you do, be sure to attach a cheque to the bottom”. My RL never did answer me when I asked if the cheque should cover the cost of the wndow

That is so good!! When I had a seg 4 tell me the tuna analogy I thought I would absolutely die!!! I wanted to ask if I should leave the tuna can open so the smell would give me plenty of opportunity to explain WHY I had a tuna can on my desk…really why not go all the way and have a full dead tuna lying on the desk, right in front of the two ugly green chairs!!! I am sure a dead tuna would help to improve their portfolio…maybe even motivate them to tie a check to the dead tuna…gotta love them jones boys!!

Oh, I forgot one of newest mutual fund analogy. It was a swim pool with lifeguards. The little life rings where the stocks, the lifeguard was the money manger. He was all powerful pulling little life rings in, so the little life rings must have saved them!!! this is a true story…there is an old hymn, throw out the lifeline someone is drifting away…I am sure the lifeline was a lovely shade of dark green…gotta them them jones boys and their stories

Jones is a multi-level marketing monster. It’s a volume business model where retention is not a high priority. All FAs are expendable regardless of segment. Jones is an equal opportunity employment terminator where the sacred ‘dot’ is the Holy Grail of job security. I recently met one Jones client who confided in me that his current Jones FA was the fourth he’s had in less than five years! He expressed his frustration and anger towards Jones for not supporting his third FA, who had been with Jones the longest and was struggling due to the recent market conditions. He had a great relationship with this particular FA. Sadly, he questioned the company’s judgement regarding such loose hiring and firing practices. He said that he felt as though he was truly not a valued customer but instead an account number with a dollar sign next to it. I think that fresh, naive recruits are the key to the company’s longevity. Why do you think that Jones does not require a college degree? The more applicants, the better. A new hire, properly indoctrinated, will pour his heart and soul into door-knocking and the Jones culture and work tirelessly until they experience burnout or until they finally gain enough industry experience to see the opportunities that await on the other side. For some folks, after a while the bloom comes off the rose. Advisors begin to recognize that Jones is not the best fit for them or their clients. The old-fashioned, folksy culture begins to lose its appeal. Newbies come to Jones as children of the industry full of blind faith. They are passionate, even zealous about the firm and its culture and are eager to begin the never ending journey toward financial independence and of fulfilling the dream of ‘running your own office’ . They are indoctrinated on a regular basis through incessant meetings, Ted-isms, product partner conference calls, dial-an-idea events, Thursday night promos, etc. The list goes on. And, like good little children, we believe all we’re told and never, ever do we question authority or procedure. Before too long, we may begin to feel as though something is missing. We feel as though we are trapped; boxed in. Just a dot on a grid far off in the midwest. That this whole thing is designed for most to fail. We begin to question…everything. Soon, the sobering reality hits home: There really is no place at Jones for independent thinking. But we begin to think for ourselves anyway…and that’s when we fail. In the end we find ourselves being ushered away, no longer welcome in the ‘family’. What about all our hard work? Our sweat equity? All the countless hours of sacrifice? But we were so close… Rest assured, all is well in the kingdom of Jones. The spirit of Ted will continue to live on in perpetuity. In a few weeks, a freshly minted newbie will be sitting in your chair, still wet behind the ears from eval grad, but full of zeal for all things Jones.   And he will inherit all our hard work and then add to it…In a year or two (if lucky), he will more than likely be forced to bequeath his entire inheritance to the next beneficiary. Wish him luck and tell him not to get too comfortable in that chair.

I had a partner tell me to use this response as a means of overcoming the objection, “I already have a broker (advisor)” or “I’m already working with someone.”



“Well, Mr. Prospect, I assumed that you already had an advisor, otherwise I wouldn’t be talking to you. Let me ask you, with whom do you currently do business?”



“Smith Barney.”



“That’s great. So tell me, where do you invest your real money?”   

One more to the “I already have an advisor”.

MoneyNeverSleeps (neither do edj seg 2's) I love that fact that I am leaving and I bought my own chair , I trashed all the ugly, ugly greens ones, so the new fa will have to stand!  I am going to a local bank that uses Raymond James.  What my question is, I was the 4th broker in 6 years, I too stayed the longest. I actually have done well. The top 20 clients in my office age mine. (The last two are brought in where 750k & 1.3 mil)   What do I say to clients.  I am leaving Jones because of the culture, also the process of how we are to build our business. (actuallly all the things you put in your post!)  I am in a small town, I have been networking, chamber involvement, Kawanis etc. When I did door knock, they would say things like, I met the other 3 brokers when are you leaving,  I will add your card to the pile...so I did not door knock at all. I would just like a salary, and still have a decent platform for my clients.

So what should I say to explain the change? thanks

So what should I say to explain the change? thanks

Jones is a multi-level marketing monster. It’s a volume business model where retention is not a high priority. All FAs are expendable regardless of segment. Jones is an equal opportunity employment terminator where the sacred ‘dot’ is the Holy Grail of job security. I recently met one Jones client who confided in me that his current Jones FA was the fourth he’s had in less than five years! He expressed his frustration and anger towards Jones for not supporting his third FA, who had been with Jones the longest and was struggling due to the recent market conditions. He had a great relationship with this particular FA. Sadly, he questioned the company’s judgement regarding such loose hiring and firing practices. He said that he felt as though he was truly not a valued customer but instead an account number with a dollar sign next to it. I think that fresh, naive recruits are the key to the company’s longevity. Why do you think that Jones does not require a college degree? The more applicants, the better. A new hire, properly indoctrinated, will pour his heart and soul into door-knocking and the Jones culture and work tirelessly until they experience burnout or until they finally gain enough industry experience to see the opportunities that await on the other side. For some folks, after a while the bloom comes off the rose. Advisors begin to recognize that Jones is not the best fit for them or their clients. The old-fashioned, folksy culture begins to lose its appeal. Newbies come to Jones as children of the industry full of blind faith. They are passionate, even zealous about the firm and its culture and are eager to begin the never ending journey toward financial independence and of fulfilling the dream of ‘running your own office’ . They are indoctrinated on a regular basis through incessant meetings, Ted-isms, product partner conference calls, dial-an-idea events, Thursday night promos, etc. The list goes on. And, like good little children, we believe all we’re told and never, ever do we question authority or procedure. Before too long, we may begin to feel as though something is missing. We feel as though we are trapped; boxed in. Just a dot on a grid far off in the midwest. That this whole thing is designed for most to fail. We begin to question…everything. Soon, the sobering reality hits home: There really is no place at Jones for independent thinking. But we begin to think for ourselves anyway…and that’s when we fail. In the end we find ourselves being ushered away, no longer welcome in the ‘family’. What about all our hard work? Our sweat equity? All the countless hours of sacrifice? But we were so close… Rest assured, all is well in the kingdom of Jones. The spirit of Ted will continue to live on in perpetuity. In a few weeks, a freshly minted newbie will be sitting in your chair, still wet behind the ears from eval grad, but full of zeal for all things Jones.   And he will inherit all our hard work and then add to it…In a year or two (if lucky), he will more than likely be forced to bequeath his entire inheritance to the next beneficiary. Wish him luck and tell him not to get too comfortable in that chair.

 - Can you guys come up with something original for the reasons you’re leaving Jones? 

Great post, Spiff!

Spiff, you almost sound like a normal person…I have not meet too many of those at Jones…I appreciate what you are saying. Yes networking is expensive, but so is door knocking if you are not getting any appointments… I just have the biggest issue with how jones brags and brags about the “culture” of caring, giving back because you where given too. THIS is a big lie. They should say we give back to certain new fa’s BUT NOT all new fa’s have a realtionship with a senior brocker. I think the good night is the best idea they have, being an isolated new new or taking over an office 2 weeks after you are out of KYC is a very lonely job…This may be excuses BUT they need to stop braging about the old culture that is not there today…I am realizing there are many other ways to help people and jones is not the only option…thanks for the honest, and fair post…

I don’t usually do this…but…I felt the need to help Edward Jones fill some of the (seemingly eccelerating) departing FA’s.  I think these two do know how to doorknock and will provide years of faithful and unrelenting work ethic for Edward Jones. 

Oh…and save the thank you’s, it all on me.  Just a little give back to the great training on how to approach a door…knock with a golf ball and to take two steps back…

Actually the culture you're talking about with GKN offices, legacy plans, office sharing for new/news, etc IS a newer part of the culture.  When Ted was around you started your own office in your own town, often miles away from anyone else.  You never went to meetings except the summer regional meetings, you never had call sessions, you didn't have a mentor. 

I think the people that fail out at Jones(because these  are who these people are, not those who leave on their own) aren’t fit for the job… “I want a better platform to manage clients portfolios, I hate doorknocking, I am sick, I can’t work more than 8 hours/day, They said I would make a lot of money, etc…”

I’m one who left on my own accord to a new city 12 hours away so I’m not dumb. Mid 20’s and a CFP with a degree in business from a major university. I agree with some things you say except for the assets. It’s a high cost business model; You can bring in all the assets you want, but if those things aren’t being re-invested, you’re screwed for your monthly bogey and trailer fees on A-shares aren’t going to cut it. How many times have you seen someone go to segment 3 with a 7 million dollar book and than they’re hailed as the almighty for 4 months until the big month drops of.I’ve heard of some talk that there will be a minimum asset number to graduate segments, though I can’t confirm that. My major issue isn’t even the nepotism that goes on as that is life and has been discussed on this forum at length. One guy took over 19 million 2.5 years ago and the book now sits at 18, but because he’s still relatively new, the quota is easy to achieve and he’s the one who tells all the newbies how to run their businesses. I’d take 19 million in a heart beat but be smart enough to keep my mouth shut and continue doing sudoku during market hours. In terms of my making fun of the analogies, it just happens to float my boat.

There is a lot of truth on who makes it at Jones. There are 4 left in my orginal class out of 13. Three of them are about to leave. The most sucessful of us  was given  a 30mil  office. They have hit every milestone, been on 3 trips and they are the poster boy for all new fa's to follow. The only other person who is making a living took over an office of 18mil. The moral of the story is if you are new with Jones hope and pray for getting an office with assest...better then 15 mil  would be a perfect start.  The last thing you want to do is be a new new, unless you have  no family, no life and NO expenses. If you can live off your parents for 3-4 years that would be great. If you have a family with a stay home mom. You need to have 3-4 years of reserves or have TOTAL expenses of less then 2k for a month. By total I mean, use the monthly budget sheet on the jones system and figure it out.  After 12 months when you salary goes away it is very difficult to live on 2-3k per month.  (Plus you will be under a non-compete for  the first 3 years so you are trapped until that goes away)

I’m supposed to start with Jones in 11 days and you guys are scaring the crap out of me.

I just called St. Louis to request a copy of my U-5. My experience since my termination has been upsetting. Those Jones FAs with whom you thought you shared a friendship will not accept my calls. I simply wanted to thank them for all their help over the past 13 mos. Also, my very own mentor will not return my call. All of my clients have been transferred to his branch I learned. My business telephone number, when dialed, now informs the caller that the number has been changed. The new number provided by the recording is that of my mentor. I discovered that I had two referrals attempt to contact my office this week and, unaware of the circumstances, called the new number referenced on the recording. Surprised that they reached another Jones FA and not me, they inquired as to my whereabouts. They were informed that I was no longer employed by Jones and were even encouraged, albeit unsuccessfully, by my mentor’s office, to open an account with him.



Everyone’s Jones experience is different and mine is certainly unique. I don’t want to dissuade anyone from making a decision based solely on what I’ve had to endure. All I can recommend is that you perform your due diligence. Find out all you possibly can about your proposed region and its leadership. Learn all you can. Knowledge is power. Then and only then roll the dice.







“Power corrupts; absolute power corrupts absolutely.” - Lord Acton

Again, my parting experience has been disturbingly impersonal and cold. It’s as if I never existed in the Jones world. One thing is for certain. An experience like this has a way of revealing to you a person’s true colors and their true motivation. For the first time you see them for who they truly are. It’s too bad, really.   

Potential, your chance of making it at Jones is about 1 in 10…not very good odds. Most of us who are lost somewhere in the system…called seg2 or seg3. The dots way ahead and way behind are numerous. The space in the middle is very thin.  Most of those are at around 50% of standard.  The other bad things is to not count on the new account bonus or the milestone bonus…they ARE not part of your pay. Most of us NEVER hit the new account bonus each month and for the milestone you must be at exceeding, (meeting at jones is actually failing)  It is when your salary goes away, you are trapped by a non-compete. Best of luck to you, maybe you are the one not the nine.

Also, my very own mentor will not return my call. All of my clients have been transferred to his branch I learned.

Potential–

[quote=MoneyNeverSleeps]Also, my very own mentor will not return my call. All of my clients have been transferred to his branch I learned.

ytrewq, what are you doing here…? Shouldn’t you be out “door-knocking”?

It is because all of the losers that fail then post all day whining how it was someone else’ fault bring the average down.  If you are retarded enough to listen to total strangers on the internet please quit now and save my capital.

There is one more assest gatherer, the one who builds and walks away taking all the clients that they want to work with.. This is one of the best plans...........I can't wait for my life after Jones. When you think of the average that is made at Jones, and how they lie to the new fa's. I have no idea how they get away with it. Potential....makes sure you come back in 2 or 3 years, after you have door knocked and door knocked and door knocked. good luck.

One of the most significant challenges of the Jones business model is that it's built around finding new money to invest every single month--and that's a daunting task even in good markets. 

I agree with Borker Boy, most of them are making way less  money. I have heard that some of them are pulling LP to make ends meet.  The newer fa’s are hurting really bad. January was a -1 growth for FA’s in per Weddle. That means a lot walk away and many where escorted to the door. The pressure is so great to constantly bring in new money.   They starve you at Jones. You can’t even put away like you tell your clients to do every day…gotta love Jones

No way! Jones reps starving!



The humanity!



I feel bad for them. Still have a few friends who are hanging out around there. Two asked if they could come work with me.



I hope some of you guys end up making it. Not as fun to bash Jones if there’s no Jones to bash.

I believe 40% of those accepting employment as Jones FA’s have been making it to segment 3, so 60% do not. I seem to remember average gross production at Jones is about $240K, which is substantially less than at the wirehouses. A brokerage is just a place for you to do business with clients. Firms (and managers) are not equal in their ability to help you do this. Sometimes one firm fits better for different people. You can’t rely just on the experiences of others. Few of your colleagues at any firm (or on this forum) will have strong feelings for you. The company line that constantly gets spun at every firm reminds me of politicians and their spin/campaign rhetoric. After a while it gets transparent. It is good to be aware of all of this from the beginning. Anyone who wants to build a career has to focus and work hard for oneself and one’s clients, particularly now. Who cares what others think or do, including at your own firm?

Butkus - Nice post.



That’s why it’s great to have your own firm! Incidentally, I do care what I think!

Potential,

[quote=ytrewq]It is because all of the losers that fail then post all day whining how it was someone else’ fault bring the average down.  If you are retarded enough to listen to total strangers on the internet please quit now and save my capital.

Interesting thread.



Most of the time I believe the guys who just say keep your head down and work hard. This has worked for me for over four years. There are some people who fail who are just whiners.



Let’s be honest. There are not normal times. The fear level with prospects is off the charts right now. What usually works is not bringing in the results it used to.



Part of the bitterness you are hearing on this board is frustration. The New News (go it alone brokers) feel somewhat singled out when most of the can look around in their region and count 6 to 12 asset inheritors who would be in the same boat if not for a St. Louis journal entry (gifting them clients). It is one thing to be out worked in honest and fair competition. Most of us would say, “God bless the victor”.



Being passed up by asset inheritors is much less satisfying. Maybe in the days of Ted Jones this was less common. One irritating aspect of this is how the firm has a blind spot towards asset inheritors and nepotism. They don’t see it. The firm pretends everyone starts from the same spot. This myth making is easy to abide by when things are going right. When you’re fighting to keep your dream alive it gets harder to be excited about the company myth. Fairness matters. Things don’t need to be totally fair but outright favoritism is hard to stomach.



So what we have is a great firm that presents itself as a pure meritocracy. In reality it is only a partial meritocracy. Breaks, luck, and politics play a role in the rise and fall of brokers every day.



Lets break it down further. Lets get into the agonizing details that makes people walk in front of trains or get crazy over this “job”.



This business is all about dynamics and momentum…



The business gets easier when you aren’t worried about losing your job all the time. It’s a lot like a baseball hitter trying too hard to hit home runs. Business is easy when you don’t need it. Also, the combination of quota pressure plus tight money is like the twin fangs on a cobra. I could easily handle to quota if I were paying my bills. I could easily handle the lack of money if my seat were secure.



Because of the psychological twist I venture to say the value of the assets that lucky brokers inherit is actually worth more than the dollar amount of the handoff. The trails help make each months quota more attainable. The reduction of fear pushes the broker towards the swagger and confidence needed to really be successful in this job.



Some brokers have offices in the midwest which hasn’t been hit too hard by the foreclosure crisis. Other brokers have offices in the heart of the foreclosure crisis and have actually been fighting this market for a year - not four months. Blanket quotas make sense during normal times. Even the most loyal company man brokers concede “these are not normal times”.



Lets go back to segment 3 now. You have guys who are maybe on their third, fourth, or fifth bad month. Money is tight. Pressure is on. Things like dry cleaning, business lunches, traveling to see clients, and the like costs money. You’ve probably been hand holding like a bastard trying to keep clients in the branch. Why are you breaking your neck trying to keep clients in the branch when the firm is about to stick a knife in your back?? No outreach. No acknowledgement of the market disaster. No acknowledgement of nepotism or unfairness in the region. Just a rusty blade stuck in your back at the bottom of the market.



Now lets add back in the asset inheritors, the family pressure, the vacation you haven’t had in two years, and the worst market since 1931. Some people are going to go down. Morale is at an all time low. The warts of the firm which are usually hidden by a rising market are exposed for all to see.



Jones is a great firm. Jones has some real ugly warts though. These warts are down right nasty and ugly. If they want to point out all the flaws of struggling brokers how can they not expect their own flaws to be exposed as well?



The nepotism and cronyism is rank. It blows. During normal times no one cares. This is called old fashioned freedom of speech. We’re all capitalists here. We’re free to speak our minds. I still like and respect Jones but these ugly warts are hard to look at for a sustained period.



I still like Jones a lot actually. You can love a firm but not love it’s flaws. That’s how I feel about Jones. I’d like to see them fully embrace the philosophy of their managerial mentor Peter Drucker. Let’s get rid of this nepotism and cronyism. Let’s level the playing field. Let’s be a pure meritocracy. Let’s give everyone the same race, the same distance, and the same finish line.



Real competition is the best thing in the world.

Ytrewq, I would respectfully disagree. In fact, this forum may very well be the best source of information for all prospective Jones candidates. I wish I was made aware of this bulletin before I took my first sip of Kool-Aid. Sometimes the truth hurts. I must say, ytrewq, that you have been less than sympathetic and even critical of your former comrades . Why is that? Jones may very well be your personal utopia - and it is for many - and that’s fine, but try to understand that the same may not hold true for all of us. Your unfair use of the word ‘losers’ demonstrates to me your inability to recognize the simple truth that there are two sides to every experience at Jones. I have enjoyed my fair share of success in this business, but not while with Jones. In fact, in my former life as a trader for a well known big board firm, my monthly compensation regularly exceeded the $30k mark, when $30k was really $30k. That was many moons ago, and most on this thread were probably in diapers. The point is, is that’s not the only measure of a person’s success. In fact, I’ve met many million-dollar producers who were still ‘losers’. I left that very lucrative career with its hefty paydays because I worked with a bunch of thieves and an unscrupulous principal. Time to move on. I may never see that kind of money again, and that’s ok. I’ve come to discover that the true measure of one’s career success is job satisfaction. Being happy doing what you’re doing, day in and day out and achieving a sense of reward and acknowledgement among one’s peers. A firm’s culture and leadership (at Jones, typically displayed - er, enforced - at the regional level) can make or break that ambition. An organization that is conducive to the success of its people creates a ‘friendly’ environment where the dignity, value, and worth of the employee (FA) is of foremost and even utmost concern. You are more than just a dot on a screen. Here’s a true statement: Happy workers happily produce. Remember that fear is not a great motivator. May I submit to you that I’ve met more incompetent buffoons and ‘office bullies’ who hold leadership roles while at Jones than anywhere else in my lengthy career? I’m not exaggerating here. We used to have a saying in T & D: Just because you can manage a book of business, it doesn’t mean you can manage people. It’s true that all firms have their faults; I’ve worked for some very well known names over the years. However, I have never encountered one the likes of Jones. Theirs is a culture and business model steeped in a set of draconian, antiquated rules and hokey recipes that may have served the FA well in 1922, but have failed countless more since. What company could ever survive and maintain a competitive industry advantage with a turnover rate as high as that of Jones? Think about this. Jones is a partnership, not a publicly held company. They keep a lot close to their vest. They can only tolerate an attrition rate of 70% thanks to the asset gathering efforts of those ‘new’ new FAs who invariably will burn out within 18-24 months. Any other firm would be out of business. Can someone tell me why all the high-flying Merrill, Lehman and Morgan, etc., guys aren’t rushing headlong to fill the numerous vacant Jones branch offices nationwide? I’ll tell you why. One word: prestige. Even though these firms have suffered a great deal as a result of poor risk management, they still command the one thing that has eluded Jones for time immemorial. With this privilege of being a registered representative comes a certain degree of prestige, as well as professionalism, would we not all agree? Can I confess that while at Jones I was NEVER treated like a true professional, most especially internally, and oftentimes was not taken seriously by those investors ‘in the know’ because I bore the Jones insignia. There came a point that I refused to lead with the Jones name, as I found it to be a liability rather than an advantage in building my clientele (Countless prospects had been approached by a Jones door-knocking Williy Loman at least twice or thrice before I came along peddling my wares, I was soon to discover). I began to think, "How professional and prestigious a reputation can this firm truly possess (as they falsely claim) when a good percentage of the local community had been approached at their front door by a traveling salesman, with golfball in hand, asking for the order? Oh no, yet ANOTHER Jones rep coming up my walkway. One thing is for certain, I was never mistaken for a Goldman Sachs broker, but countless times instead as a Morman, Jehovah’s Witness, and even once a Moonie. And, by the way, I’d be willing to put my resume and both my industry and academic experience up against anyone at Jones.



We may not always agree on this post, but this is the venue to respectfully and civilly communicate the free and open exchange of ideas and opinions, all based on very real personal experiences with Jones. We are simply victims of one of the most devious and ingenious marketing ploys perpetrated on an unsuspecting investment-career-seeking public. Ever.



Don’t shoot the messenger(s).    

Sword, your rant has some truth to it. The problem is, you can’t ask ANY investment firm to forego nepotism and cronyism. It’s what the industry is built on. Not that I like it. But what would people say if there was a statement made that “family of advisors are not allowed to inherit the book of their parent?” Oh that’s great. People complain right now that you can’t “sell” your book or let your family inherit it. Yet you want to outlaw nepotism. Can’t have it both ways.

Cronyism exists at every firm, and it has to. Otherwise, what, you can’t identify someone you like within the firm and invite them onto your team? If you outlawed cronyism and nepotism, everyone would start from scratch, and anyone retiring would just have to give up their books to, oh I don’t know, everyone in the office? Whoever?

I agree that nepotism and cronyism is painful to witness. But it’s the reality of the industry and world we live in. And it’s not just at Jones.

MoneyNeverSleep

who are u Ghandi?

stfu



get on the phone and call some strangers

Hey Square, is that you walkin’ up my driveway on this fine Saturday afternoon? What the hell you carryin’, boy? Is that a laptop strapped to your arm, or are you just happy to see me? I left some Kool-Aid for you in the breezeway.



Go knock on some doors, rookie.

B24,

I still like Jones a lot actually. – Sword

I agree the the vets and leaders at Jones are not leaders at all. They are arrogant, selfish and the rudest people I have ever worked with. When I started, they complained about the home office people. I have NEVER had anyone at home office be mean or rude. They have been nothing but helpful and professional.  They are surveyed and held accountable…

gotta love jones, coming soon to a hotel near you your spring regional.....can't wait...

hey, I heard they were cutting one of the one-day regionals out and shortening the summer regional.



Jonesers - any truth to this?



This is an awesome thread and Sword is incredibly polite. Can’t believe it really.



I think is was buyandhold who said that Jones hires idealistic people - I think he’s right. And it’s a huge letdown when you find out that nobody there is really looking out for your best interests. I can still see my old regional leader stuffing his face with bacon while he talks about how we should all be like his son-in-law (inheriting 40 mil). Funny thing was, that summer I was asked what I was doing to be so successful by other advisors and the newer guys asked me what they should do to get started - I told them to see if the regional leader had another daughter.



I think B24 is right that there is nepotism and cronyism everywhere. But I think it is much more prevalent at Jones than any other place.



I still have issues from being at Jones. Can’t get past the hate. I guess time will tell. It seems that bspears has settled down. Maybe every ex-Jones guy will get there.

hey, I heard they were cutting one of the one-day regionals out and shortening the summer regional.

Jonesers - any truth to this?

This is an awesome thread and Sword is incredibly polite. Can’t believe it really.

I think is was buyandhold who said that Jones hires idealistic people - I think he’s right. And it’s a huge letdown when you find out that nobody there is really looking out for your best interests. I can still see my old regional leader stuffing his face with bacon while he talks about how we should all be like his son-in-law (inheriting 40 mil). Funny thing was, that summer I was asked what I was doing to be so successful by other advisors and the newer guys asked me what they should do to get started - I told them to see if the regional leader had another daughter.

I think B24 is right that there is nepotism and cronyism everywhere. But I think it is much more prevalent at Jones than any other place.

I still have issues from being at Jones. Can’t get past the hate. I guess time will tell. It seems that bspears has settled down. Maybe every ex-Jones guy will get there.

Oh, no…another Kool-Aid drinker. What a shocker.

ytrewq…you are missing one BIG problem with not looking for your value or help from other FA’s at Jones. My issue is not so much that they lie, are the most selfish bunch of idiots. (Funny I can see my fat RL chewing his bacon and telling us all kinds of ways to build our business)

Um… I was recognized. Was actually asked to speak about what I was doing to be successful.



Some people have an inherent sense of fairness. And yes, I recognize that life isn’t fair, which is why I started and RIA. Which is also why I tripled the amount of assets under management that I had at Jones.



Let’s talk complaints then, the list could go on:



1) Outdated business model. Calling on 30-year crap bonds

2) Long-term investing - Not much long term investing going on - a whole lot of switching

3) Mentors who tell you that your clients can’t pay you enough for what you do

4) Mentors who tell you that you should switch your clients’ assets into new mutual funds (just like the old ones) because you “are responsible for everything in the branch”.

5) My complaint isn’t about the fact that he got an office of $40 mil - I would have done the same or more for my daughter - the complaint is that he is held up as an example of what to be and do, claiming that he doorknocks all of the time, when in fact, he is on the golf course with his father and brother in law. don’t claim shit that isn’t real.

6) The throw a broker at a wall till one sticks model of building assets for the firm.

7) The lies that are told at home office and in the field

8) The fact that the home office is filled with people who would have flunked out of my middle school

9) The fact that Jones thinks meeting and re-hashing the same old tired ass lines of how to garner business are productive, when I could be working.

10) The fact that the leaders at Jones tell you that you need to “invest in your business”, while offering little to no support

11) The fact that BOAs are picked from a cesspool of incompetence

12) The fact that the analysts at the firm got their CFA charter out of a crackerjack box because they know next to nothing about securities analysis.

13) The fact that I spent 3 years wasting my clients’ and my time building a business that takes from the middle class and gives to the General Partners.

14) The fact that Alan Skrainka is in fact, an idiot

15) The fact that Mario DeRose, is in fact, an idiot

16) The fact that Jim Weddle, is in fact an evil GENIUS!

17) The fact that they have a program to give FAILED brokers assets, when proven brokers who stay above 100% of standard get told that because the firm didn’t manage it’s business well enough, my bonus is lower.

18) The fact that leadership positions in the region go to people who are related to the regional leader, not because they truly are rock stars

19) The fact someone who inherited a $200 million dollar book from her daddy can presume to tell me that in order to get to Segment 4 I need to be knocking on more doors

20) The fact that that same person thinks so highly of her business acumen that she thinks four offices within half a mile of each other is a GOOD thing.

21) The fact the home office has the same business acumen.

22) The fact that the Goodknight program is designed to pass along problem clients to other newer brokers, resulting in a further reduction in service level when that broker washes out.

23) How about the fact that when they finally do come out with an advisory account, it’s crap

24) How about the fact that the investment advisory council who picks the investments are a bunch of idiots

25) The fact that the regional leader thinks he could touch my wife and was offended when I shoved him into a table.





How about I put up about 25 more tomorrow? My THERAPIST says it’s good to write it down. Thanks for the advice.



I can’t believe you asked me to post legitimate complaints. This board is full of them.

test

I remember when I found out what a turn ratio was. Our Health leader gave a presentation talking about if our turn ratio was below this so many years or assets into the business, than we were “under managing” our clients assets. Raised a few eyebrows there.

Lou - I need your therapist! Mine told me I should burn all of my Jones swag in a huge bonfire.

I wonder how many of us end up at a therapist…to wash the koolaide off and get rid  of the cult like effects.

The koolaide comes off pretty easy, it’s the hangover that takes forever.

To respond to the previous koolaid drinker’s comments, I did get recognized. Won the Ted Jones shovel thing, Partner’s award, Winner’s circle award, Regional leader’s award…I think there was another one but will have to check the fireplace. Wife got to go up to the front with me and get a picture with Ray Raley. I won a trip too. I remember being asked to tell everyone how I did it. I’m embarrassed to think about it now.

To respond to the previous koolaid drinker’s comments, I did get recognized. Won the Ted Jones shovel thing, Partner’s award, Winner’s circle award, Regional leader’s award…I think there was another one but will have to check the fireplace. Wife got to go up to the front with me and get a picture with Ray Raley. I won a trip too. I remember being asked to tell everyone how I did it. I’m embarrassed to think about it now.

Jealous? Umm…who’s AG Edwards

jealous of what, some douchebag that puts CFP after his name?



AGEDWARDS was the best firm that ever existed. I’m proud to have worked there. Guess that beats the shame you feel for your ex firm.

Existed as in past tense…hmmmmm

Lots of bolt tighteners in the auto industry might be saying the same thing

I manage over 175MM, I’m tightening plenty of bolts and will be for quite a while. Go sell a plan, planner.

Im as impressed with your AUM as you are with my sign-on name. How`s retention coming.

Retention is Friday, please try to pay attention. Didn’t you have to learn that to take your little quiz?

Retention packages don’t come up in the study material. I hear Edward Jones is hiring. You’ll help a vet get his 5000 new hire points towards a trip.

Does the fact that 98% of your potential clients don’t know what a SEE EF PEE is come up?

I’ll take the 240% upfront that I was offered if I move, thanks.

I see you’re relatively new to this forum and this topic has been discussed at length. See search button. There is another thread about CFP versus CFA. Read it.

I see you’re relatively new to this forum and this topic has been discussed at length. See search button. There is another thread about CFP versus CFA. Read it.

agedwards…nothing you said fit with the edj comments… go cfp on another post. We are very serious here discussing the wonderful experience in our 3 year sentence to jones…

Yes. I’ll ask though. Should I start my 25 daily complaints about Jones under a new topic, or just continue on this one? Seems appropriate to stay on this thread, but I won’t complain (hah!) about starting a new one.

It was so perfect it deserves a repeat performance on a new thread…I am sure 25 is just the begining of the weird world of edj

Here’s one for your list, Moraen:

[quote=Borker Boy] Here’s one for your list, Moraen:

[quote=Borker Boy]Here’s one for your list, Moraen:

[quote=B24] [quote=Borker Boy]Here’s one for your list, Moraen:

[quote=B24][quote=Borker Boy]Here’s one for your list, Moraen:

Hey Guys,



Good to see the thread fired up again. This thread is far more interesting than those boring retention bonus threads. I could care less if the fat cats get retention. I more into the idea that “we all share the pain”. Is that politically correct?? Probably not.



What a stupid day today was with the market down 250 and then down only 6. Days like today seem idiotic. A sudden mid-day plunge followed by a rumor and a little false hope. It reminds me of the book “The Great Crash”. All bear markets are exhausting but this one seems to be particularly so. It bothers me that the only thing that seems to help the market are rumors out of Washington. That’s not a good sign.



Someone said I was polite? Not on all my posts. I’m past the anger point and am in crisis management mode. I’m trying to keep my present job and get some options on the table in case it don’t work out. I have one solid option I’m working on but all companies are taking their time right now because there is so much competition for each job.



I got some good stuff in my Jones pipeline. Too bad the market seems intent on “retesting the lows”. I might still be able to close the business but I got to be honest, for me personally it’s a bad time for a retest.



Another Segment 3 broker in my region has been having migraines. This person is a first class individual who I highly respect. I think living under a sword starts to wear on you a while. There are a lot of us on goals. Some of us are fighting through it and meeting our quotas but the daily fear of losing the job doesn’t help.



I read about Rankstocks huge pipeline in another thread. Amazing. What has killed me is my referrals have dried up almost to zero. I’ve always had to prospect since day one but a referral once in a while really helps. In my state the Do Not Call list is getting brutal. We’re supposed to get stuff signed by prospects saying it’s ok to call them. I miss the days of grabbing a phone book and hammering out 100 calls.



I got to look at all this philosophically. If I go down I won’t hate Jones but being surrounded by asset inheritors was a bitter pill. I got to look at my tenure in it’s totality - not just isolate what happened during the financial crisis. The last four months is not what I’m all about. I refuse to let them define me by it.



I’m getting to the point where I might need to switch Jerseys even if my numbers are good. It’s no different than sports. You have a run at a team and then it’s time to move on. I got some good traction in my town but had too many tradespeople in my book and our town got rocked by the foreclosure crisis. My clients took April off from contributing to their IRAs so our year started bad and stayed bad. We’re right in the heart of the hurricane here.



I have a lot of small dillemas. Money is tighter than a witches you know what. I’m getting nickeled and dimed to death on small stuff. I tore a few shirts, I got an insurance license renewal etc. Jones acts like we got the eternal wallets or something. The health care is ridiculously expensive as most of you guys know already.



My motto is work hard but get some options on the table. It’s not easy to do while working full time. Also some clients seem to sense it. These really are insane times. We’re fools and idiots if we personalize all this. Our small individual offices are like rowboats in a typhoon. If Merrill and Lehman can go down - so can some of our small offices.



My loyalty to my clients is a hundred times more than my loyalty to Jones. jones is alright but they didn’t do anything special for me. I got the bare minimum. That doesn’t bother me but they can’t expect me to have the same loyalty as someone who got a sweetheart deal. Sometimes you got to jump to stay alive.



Good luck to all.



Sword.

Good luck sword, good post.

Funny thing, EDJ changes performance goals. Just maybe they read this thread!!

I really get a kick out of reading this thread - you sound like a bunch of chicks bitching about their ex-bf, man up and move on.  It’s obvious most of you never worked for a corporation before joining Jones.  That’s cool of course but don’t blame Jones for your experience … blame your lack of experience in joining Jones. 

[quote=voltmoie]I really get a kick out of reading this thread - you sound like a bunch of chicks bitching about their ex-gf, man up and move on.  It’s obvious most of you never worked for a corporation before joining Jones.  That’s cool of course but don’t blame Jones for your experince … blame your lack of experience in joining Jones. 

sword -



If you didn’t know, Jones reimburses the insurance license renewal fees. You need to check with Branch Acct or somebody in the insurance dept if you didn’t get reimbursed.



You are on your own for the shirts though…

[quote=voltmoie] I really get a kick out of reading this thread - you sound like a bunch of chicks bitching about their ex-gf, man up and move on. It’s obvious most of you never worked for a corporation before joining Jones. That’s cool of course but don’t blame Jones for your experince … blame your lack of experience in joining Jones.

“It’s a GREAT time to an Edward Jones financial advisor!” What line of crap are they selling their client’s these days? Hmmmm, let me guess: “At Edward Jones, we take a long, long, long, long, EXTREMELY long-term approach to investing.” I’ll bet the portion of my 401(k) that Obama hasn’t eaten that most Jones lemmings are reciting the Penny Pennington ‘Performane Equation’ ad nauseum: TxExO=P, over and over, again. God, I miss all the training propaganda, and especially the hamburger. You know, I’m so glad you brought that up…   

You have the best of both worlds.  The training and experience and NO possibility of being sued as you go forward.  The only thing that has changed is the algebra.  Now you get 85% instead of 38%, consider this a pay raise.  Jones is a great place for Jones but it’s a not-so-much-great-place for the IR.  You should send the guy who fired you a letter thanking him.

I have never seen so many people have such vitriol for a former employer as ex-Edward Jones employees do.

The funny thing is that in Eval/Grad they are telling newbies to ask prospects that already have an advisor the following… 

[quote=Moraen] [quote=voltmoie] I really get a kick out of reading this thread - you sound like a bunch of chicks bitching about their ex-gf, man up and move on.  It’s obvious most of you never worked for a corporation before joining Jones.  That’s cool of course but don’t blame Jones for your experince … blame your lack of experience in joining Jones. 

[quote=Borker Boy]I have never seen so many people have such vitriol for a former employer as ex-Edward Jones employees do.

[quote=voltmoie]

[quote=Moraen] [quote=voltmoie] I really get a kick out of reading this thread - you sound like a bunch of chicks bitching about their ex-gf, man up and move on. It’s obvious most of you never worked for a corporation before joining Jones. That’s cool of course but don’t blame Jones for your experince … blame your lack of experience in joining Jones.

[quote=Moraen] [quote=voltmoie]

[quote=Moraen] [quote=voltmoie] I really get a kick out of reading this thread - you sound like a bunch of chicks bitching about their ex-gf, man up and move on.  It’s obvious most of you never worked for a corporation before joining Jones.  That’s cool of course but don’t blame Jones for your experince … blame your lack of experience in joining Jones. 

I think it relates to the “cultic” nature of the firm. Internally it is constantly stressed that Jones is by far the best firm for clients and employees, and all other firms gouge the customer and pit advisors against one another. It seems to polarize people either strongly in favor of the firm or against it.

[quote=JAXSON] The funny thing is that in Eval/Grad they are telling newbies to ask prospects that already have an advisor the following…

I’d rather be a Fuller Brush Man than an Edward Jones financial advisor.

… well, we just moved on from the high school girls.

I’d rather be a Fuller Brush Man than an Edward Jones financial advisor.

“45 Brushes—69 Uses—Head to Foot—Cellar to Attic” - that’s why! Let’s see the Jones Investment Pyramid beat that.

[quote=Philo Kvetch] [quote=JAXSON] The funny thing is that in Eval/Grad they are telling newbies to ask prospects that already have an advisor the following… 

i'm sensing a feel, felt, found moment.

[quote=JAXSON][quote=Philo Kvetch] [quote=JAXSON] The funny thing is that in Eval/Grad they are telling newbies to ask prospects that already have an advisor the following… 

Yeah Yeah Yeah Philo apparently you haven't seen the ICA Guide chart it shows how just this one simple mutual fund has consistantly recovered from everything that the ol dirty market can throw at it.

ahhh…i sold cars once upon a time…heard that a lot (among other equally disturbing ways to describe ripping people off)…forgot about Step Brothers. Funny movie.

Yeah well you will find a lot of glorified used car salesmen in this business.

[quote=Philo Kvetch] [quote=JAXSON][quote=Philo Kvetch] [quote=JAXSON] The funny thing is that in Eval/Grad they are telling newbies to ask prospects that already have an advisor the following…

[quote=Philo Kvetch]

[/quote]

[quote=JAXSON]

[quote=Philo Kvetch]

[/quote]

nah I can google sh*t all day long…

In options trading, a long butterfly (sometimes simply butterfly) is a combination trade resulting in the following net positions:

all with the same expiration date. At expiration the position will be worth zero if the underlying is below X−a or above X+a, and will be worth a positive amount between these two values. The payoff function is shaped like an upside-down V, and the maximum payoff occurs at X (see diagram).

[quote=JAXSON] nah I can google sh*t all day long…

In options trading, a long butterfly (sometimes simply butterfly) is a combination trade resulting in the following net position:

all with the same expiration date. At expiration the position will be worth zero if the underlying is below X−a or above X+a, and will be worth a positive amount between these two values. The payoff function is shaped like an upside-down V, and the maximum payoff occurs at X (see diagram).

I am not stupid by any means, but I am lacking knowledge in this industry and want to learn as much as possible before I go Indy. I also really enjoy goofing off with you all on these posts!

I am not stupid by any means, but I am lacking knowledge in this industry and want to learn as much as possible before I go Indy. I also really enjoy goofing off with you all on these posts!

What is the “other site”, I am interested in learning as well.

I just left Jones after 7 yrs and wish I had done it sooner. They have a very expensive model that will only get more expensive as headquarters continues to grow. The new regs will have a very profound effect on their revenues and changing their age old business model will be a monumental task. I never saw  the son or daughter of a $100M plus office holder fail but I saw lots of scratch starters, that were good people fail? New news in this economy have very steep odds. If you can go independent, I would suggest that. You'll find the situation much better.

Can you tell us more about your situation?

What do you want to know?

[quote=phever]

I just left Jones after 7 yrs and wish I had done it sooner. They have a very expensive model that will only get more expensive as headquarters continues to grow. The new regs will have a very profound effect on their revenues and changing their age old business model will be a monumental task. I never saw  the son or daughter of a $100M plus office holder fail but I saw lots of scratch starters, that were good people fail? New news in this economy have very steep odds. If you can go independent, I would suggest that. You'll find the situation much better.

[/quote]

I hope these are just off the cuff remarks and not thought through opiniions.

So you think by adding to the home office space and people, that adds expense?  At which firm or industry is this not the case?

You think the new regs are going to have a profound effect on EDJ?  No kidding?  I guess they won't apply to the other firms... or your new shop.

Scratch starters at Jones fail more often than those handed assets?  You are really blowing my mind here.   FYI, new news have very steep odds in any economy, again regardless of firm.

And surely you don't thin that new news have better odds starting independent?

I thought only the smart brokers left EDJ....

Wow, who rained on your parade? I bet your customer service ratings are through the roof. Take a chill pill and drink some more kool aid.

[quote=phever]

What do you want to know?

[/quote]

Just curious how long you were at Jones, assets, production, where you went, how the transition went, the typical stuff.

I don't want to give out too much info because it is still a competitive situation and I know a lot of my former colleagues frequent this site. I would be glad to discuss at a later date. I don't want to bash Jones because they gave me the opportunity. I just never drank the kool aid and now know that there are a lot of other good firms out there that can be a much better fit if you want the independence that Jones touts. I opened an office very close to my old office.

Hulk wasn't spewing kool aid.  He was commenting on your assessment of EDJ. 

To further question your brilliant commentary:

The only time the HQ grows is when the FA number goes up.  There's a ratio they try to maintain between HQ and the field.  So, while you are technically correct that expenses will grow as HQ does, so will revenues as we add new FAs. 

Let's say the new regs do have an impact on the Jones business model.  The general consesus right now is that they won't, but that's another discussion.  If it does, it would more than likely force clients to use more Advisory Solutions or UMA type of accounts.  That would be a tremendous boost to the bottom line. 

I have seen sons and daughters of big brokers fail.  Some of them grew up with a silver spoon in their mouth and don't really know how to work.  The come in and try to take over a part of Daddy's book, and they fall flat on their face.  I've even seen it happen to GP's kids.  

If you think this economy has been harder on new/news than any other economy, then you haven't been paying much attention to the new/news in your region.  It sucks to be new in any economy.  When the market is going great, nobody wants to mess up a good thing, so they don't ACAT.  When it's bad, they're afraid to sell something in case that investment might come back up 1-2%.  People are dumb no matter what the environment.  Generally speaking, new/news haven't come to that realization yet. 

Independance is great.  From what I hear.  It comes with additional baggage that may or may not make it worth while for everyone.  I can see both sides of the coin.  Going independant is not the answer for everyone.

As far asthe "GP's kid" thing, the only experince I have with that is the son of a former GP in my region.  He got Goodknighted a very large book (I think he got around 40mm - his Dad still has his own book).  Yes, that can pretty much guarantee you success, but I must say that he is a great guy (he is in his late 30's, used to work for a major consulting firm), smart, modest, and a very hard worker.  Would he have succeeded without those assets? Who knows - his dad started from scratch 18 years ago (first FA in his state). But the point is, I have no real problem with it.  If I was the Dad, I would certainly want to hand off some/all of my book to my kids.  I assume he will get another big chunk of it when his dad retires eventually.

[quote=phever]

I don't want to give out too much info because it is still a competitive situation and I know a lot of my former colleagues frequent this site. I would be glad to discuss at a later date. I don't want to bash Jones because they gave me the opportunity. I just never drank the kool aid and now know that there are a lot of other good firms out there that can be a much better fit if you want the independence that Jones touts. I opened an office very close to my old office.

[/quote]

So that means you're NOT going to tell us your name?

[quote=Spaceman Spiff]

Independance is great.  From what I hear.  It comes with additional baggage that may or may not make it worth while for everyone.  I can see both sides of the coin.  Going independant is not the answer for everyone.

[/quote]

I believe that you should not go independent.....unless you know how to spell it.

I-N-D-E-P-E-N-D-E-N-T

phever,

 Congratulations on going indie! You will like it.

It is nice of you to thank EJ for the opportunity but they got paid very well for your time.

Now go get your clients!

Phever,

Good luck with going independent, keep us informed about how many clients followed you to the new shop. I think more and more Jones people like yourself will see the light by going independent or the RIA route. This also applies to the other wirehouses. I am sure Jones has a Newbie in your office trying to keep existing clients from leaving.

Phever:

Congratulations making your own way. You are right to bide your tongue; nothing gets gained by being here.

Sounds like Jones did right by you, Jones did right by me, and hopefully I did right by them in the manner I left them and while I was there. At least, that's my impression of what transpired. They made some "post-Jones" points to me, I tried to abide and play by the rules and they have given me absolutely no problems since.

Work your butt off, and in six months or a year I hope you'll have the time to let us know how you've done.