Office In Transition "OIT" at Ed Jones
Does anyone know how much the OIT brokers at Eddy Jones make?
Depends. There are two types. One is a typical HQ associate that doesn’t travel at all. They make in the ballpark of $55K. I may be a little off on that one, but not too far.
Second is a pretty cool job if you are a single person who wants to see the country. Those OIT FAs travel the country trying to hold onto assets for EDJ when a big advisor leaves. You might be in MS today, IA for the next 3 weeks, then CA for the following 3 months, then NY for the next 6 weeks with one or two days home in the meantime. 99% travel. I have no idea how much they make, but it used to be 6 figures. Not a bad gig if you're single. Jones pays for lodging, rental car, meals, etc while you're on the road.Sweet gig if your fixed expenses at home are low (have roommates, live at home, cheap apt., etc.). It’s also a good deal for “empty nesters” that want to work & travel later in life. I see that a lot with our compliance/field supervision auditors. Not a great deal for people with families or a life.
Home office OIT is responsible for open offices of 25mm or less and is typically run through the Pass program now. They get to keep 10% of the gross for any transaction while the branch is assigned to them (Trails not included). The traveling OIT team used to make a six figures but Jones closed that up a few years ago and now it's purely salary for around $55,000 - $65,000/yr plus home office benefits
It would be tough for most people to bad mouth the departing rep when they do not even know that person!
What kind of a person could do that?The HQ associates that call from St Louis are terrible and have no idea what they are doing. They called some of my clients and ask some of the dumbest questions ever…
[quote=Greenbacks]It would be tough for most people to bad mouth the departing rep when they do not even know that person!
What kind of a person could do that? [/quote] How do you know they're badmouthing the departing rep? Jumping to conclusions aren't we?[quote=Spaceman Spiff]
How do you know they're badmouthing the departing rep? Jumping to conclusions aren't we?[/quote] Witnessed in person. One didn't even know who the beneficial owner of an UGMA account was. oit's usually insinuate that the rep left due to "irregularities" and "don't know where they went" even if in small towns the rep openned an office ACROSS (yes ACROSS) the street.The OIT reps that handle smaller books, like your office I’m guessing, probably don’t know where the other guy went. They have one job, that’s to service and retain clients for EDJ. I’ve never sat in on the phone calls with the OIT guys so I have no idea what else they say to the clients.
Now the ones who handle the larger more competitve offices probably do play hardball. Again, it's their job. Squash - what kind of dumbest questions ever did they ask?I have listened in on the Home Office OIT and I can tell you that it is NOT the “They left from irregularities” statement even if it were indeed true. The official line is “So and so has left the firm to pursue another opportunity.” They are not allowed to “Bash” the outgoing rep.
I also have a good friend in the Traveling Transition position and even in competitive situations, the irregularities line is rarely if ever used. Anyone that has ever worked at Jones knows that we are taught on day 1 to never dis the other broker and this holds true on the trasition side as wellYou guys are kidding yourselves. I respect Spiff a great deal, always honest and sees things from both sides, but this is not a universal truth. I have an office in a small town, stuck between 2 larger cities, and Ed Jones guys come and go (as do guys from every other brokerage) and I have clients all the time relaying the home office phone call they received from Jones. They are far and away the most timely and aggressive Home Office I know of when it comes to retaining assets.
They will not come right out and say so and so is a crook. But inuendos and what not are easy to perceive. A large Jones producer in my area went Indy 6 months or so ago, she had sued Jones during the prior year, and many of her clients who I knew personally had this info relayed to them from the Home Office. If the rep on the phone even mentions a "pending lawsuit," what is the client to believe? I do not think Jones does anything others do not, but they certainly participate.[quote=Spaceman Spiff]The OIT reps that handle smaller books, like your office I’m guessing, probably don’t know where the other guy went. They have one job, that’s to service and retain clients for EDJ. I’ve never sat in on the phone calls with the OIT guys so I have no idea what else they say to the clients.
Now the ones who handle the larger more competitve offices probably do play hardball. Again, it's their job. Squash - what kind of dumbest questions ever did they ask?[/quote] ooooooh good slam ss! a direct quote of yours is "I've never sat in on the phone calls with the OIT guys so I have no idea what else they say to the clients." but you'll make statement anyways? Spiffy you might recall from a pm I sent you I described what role I played at your firm. I heard with my own ears while observing their procedures, a couple of clients had even been kind enough to tape their conversations with oits and sent them in. Regardless of AUM all the oits play fast and free with the procedures. Salary has modified some of their bad habits but it continues...... I wonder why that is?You are so wrong that it's not even funny. First, for compliance reasons, the phone calls from the HQ OIT guys are recorded. You should recognize the compliance implications there. Can you imagine what an attorney would do if he found out that the OIT reps were badmouthing (slandering) the departing Jones reps? Can you comprehend the number of potential lawsuits there would be if those guys were allowed to even insinuate anything?
Second, what's in it for them? What is there to gain for those guys to bad mouth the departing FA? There's a lot more downside risk than upside risk. On the downside there's legal action and termination. On the upside there's...well, nothing. So why in the world would they put themselves at that risk? Now, those travelling OIT people probably have a different story. So let me see if I can play out how one of those conversations you might have taped goes. So I'm bspears, who just got fired for instituting a "No Panty Tuesday" rule in the office, at the bar on Sunday afternoon. One of my best clients walks in and says: Client: Hey, I got this letter that says you're no longer with EDJ. What's the deal? Spears: Well, it's a long story I say...but let's just say things didn't end well. Client: So, you got fired? It's OK you can tell me. Spears: Well...I don't want to get into it, but it's just not a friendly company. I'll get in touch with you Monday and we can talk about what to do with your account over there. I'll be starting my own office with LPL here in the near future. Client: Those idiots. You're the best thing that's happened to me since my third wife cheated on me with my dad. Who do I need to call to raise some cain? Spears: I don't really know, I'm just glad to be independant now and working for myself. I have so much more respect for myself now that I don't work for them any longer. Hey let me buy you a Shirley Temple. So, fast forward to Monday. Chip the OIT guy is in spears' old office making phone calls, when spears' client from Sunday walks in and demands to see the FA. Chip invites him into the office, offers him some coffee, and asks how he can be of service: Client: So, what kind of sorry company are you people running here? I talked with the best FA in the world, bspears, yesterday and he said you people fired him. Who are you? The guy who's gonna try and steal my money from him? Chip: Actually sir, my job is to service these accounts until we can find someone to replace Mr. Spears. I'm not aware of the specific circumstances of his departure, but I was told he left Edward Jones to pursue other opportunities. I'm not going to steal any money from Mr. Spears. My only job is to service your account and make sure you have all the information you need to decide whether or not you would like to continue working with Edward Jones or not. Client: So you people fired him, right? What kind of company are you? Not a friendly one for sure. Chip: Sir, again, I'm not aware of the specifics of the circumstances, but Mr. Spears has indeed left our company and we'll be finding a new FA for this office ASAP. Client: Quit dodging the question. Did you or did you not fire the best FA this town has ever seen? You did, didn't you. You idiots. What kind of second rate company do you run here? I'm moving my accounts as soon he get's his new office, the one right next door to the tatoo shop, all set up. Thanks for nothing. So, the point is, clients who are emotionally attached to their advisor, possibly even friends, can construe almost anything they want from the milktoast answer they're going to get from the OIT folks when asked why their advisor is no longer with EDJ. The fact that some of those clients might actually go as far as taping those conversations might lead me to believe they were asked to do it by the departing FA. Do you think those clients told the OIT FA that they were taping the conversation? Is that legal?boy have you got an imagination
and it seems you have time to write about it too.Yeah, it was a quiet afternoon. Too much caffeine.
What, no witty comebacks or rebuttals?Is the “no panty” rule, a company wide memo that goes out, like uptick live…?
It's only illegal to record a conversation that you're not a party to.
[quote=Spaceman Spiff]Yeah, it was a quiet afternoon. Too much caffeine.
What, no witty comebacks or rebuttals? [/quote] what's there to rebut? You just keep living in your own little private fantasy world of green. I especially loved your options fairy tale.WHAT THE HE LL.....You used my sacred name as fodder for your crazy story. Let me just say...I had a client after my move and after the 2nd person came through my office, make the statement.."You can't believe all the bad stuff she has said about you"...SO..I know and I will bet the vast majority of the departing reps have stories like this...so your bullshit story has absolutel no weight. Sorry...however, I did expect that from Jones. I was there when many left and just the badmouthing in the region was enough for me...you guys are pathetic.
bspears,
I hope you are not referring to me as I was not referring to you.spears - sorry to rattle your chain, but you were the best person I could think of yesterday to play the part of the poor downtrodden, beat upon, former EDJ guy. I guess I could have used noggin, but he and I haven’t traded as many jabs as you and I have. My sincere apologies for dragging your good name into this discussion.
Did your clients tell you exactly what the OIT person said about you? Care to share any of that with us or should we just leave it to our imaginations? cj - you must confusing me with B24, cause the only thing I did in that thread was to pull some quotes out of the Jones history book I've got in my office. Again, explain to me why in the world would a salaried person put themselves at risk, both of getting sued for slander and for losing their job with EDJ, to badmouth a departing FA? Explain to me while you're at it, why there aren't any slander suits involving departing FAs? If these rogue OIT FAs were out there doing what you folks are suggesting they are there would be dozens of lawsuits involving those FAs. We live in a litigous society. It doesn't take much to make people sue happy. Especially if you're already pissed at your previous employer. Why would they take the risk of ruining the Jones reputation in a small town in Indiana just to keep under $10 million in AUM from going to LPL? The lawsuit alone would kill the next Jones FA's possibility for success. It's just not worth it. So, if you've got some real stories to tell, like what the lady actually said, or what conversations you overheard while listening in to the HQ OIT phone calls, great. Post them. Otherwise this thread is just going to go on for days with us throwing jabs back and forth. We need better entertainment than that.ss
you ask "why" You live in own little green fantasy world, where the firm is good to it's people, never ever does wrong and discloses all. litigation costs money, the small AUMs doen't have that sort of money. why do oits risk reputation is small towns...cuz they ain't staying long. Head office is one thing for taping out-bound calls. Once the oit is in the small town that's a different story. you don't want to beleive, who says you have to? as far as your timeline or whatever you call it, you never heard of "spin doctors" sure the option players from waaaaaay back in your firms history probably didn't make money but when was that 10, 20, 30 or more years ago? What are the requirements for options/commodities trading? How much would it cost to change and maintain such a structure????Spiff, not trying to enter an argument that isn’t mine, but it is important to remember that when you are in the Jones machine and someone leaves, it is in the culture to treat them as the enemy. They do it with good intentions, but you can not deny that when someone leaves, it is natural to think badly of them when you are at Jones.
Passers have been treated extra well by EJ, so they are even more inclined to think this way. It is in their subconscious and they don't even know it.I know plenty of people who have left Jones and of them all I know of only one who I know personally was badmouthed after he left. He left with a chip on his shoulder and a sour grapes attitude, then started calling to recruit other EDJ FA’s to his new indy biz. More power too him, but he deserves whatever is said about him. As far as the other guys, most of us can barely keep all their names in our head, much less spend any time at all talking about them.
cj - you're logic is flawed. The only offices who get those travelling OIT people are big offices. Jones isn't going to send one of their few OIT folks to an office of $10 MM for two weeks. Those folks only go to offices of, I think, $25 MM plus. It might be $20 MM. So, those folks who leave ARE going to be able to afford a local attorney to file a slander case if they were so inclined. Most attorneys would work on a contingency of winning, so there might not be any money out of pocket for the departing FA. It would be relatively easy for any FA who left Jones to find a lawyer who would love to have a case like that on their books. Now, as far as the options thing goes. I'm not sure why you're harping on me about it. Perhaps your reading comprehension isn't so good. Or I've pushed enough of your buttons (which I'm pretty good at, just ask spears) that you're looking for any way you can to make me and Jones look silly. Here, I'll put it in big print so it's easier for you to see and maybe comprehend. I'll even make it green because I read once that green is easy on the eyes: cj - you must be confusing me with B24, cause the only thing I did in that thread was to pull some quotes out of the Jones history book I've got in my office. Now, if you're going to argue with me about some quotes in a book that answered the original posters questions, then you've got issues beyond my comprehension. I didn't write them, didn't edit them, just typed them as a I saw them. I don't honestly care if Jones allows us to use options or not. I know some guys who swear by them and some that wouldn't touch them with a ten foot pole. I'm apathetic to the issue (that means I don't care). I have enough trouble trying to figure out MPT, much less whether to straddle or spread, put or call, or bet red or black.Are you that naive to believe this doesn't go on Spiffy? My answer to the client about the badmouthing...was I don't care what they said. I just kept pulling money out of the office, another 61k last week. She stated I went to LPL to sell unsafe investments. It HAPPENS all the time. Now if the advisor been there for 6 months..sure...they probably don't sweat it...but I was in an office with 34mil and not only was it the OIT jerkwad...also the new new who came in to take my office, because she wasn't making it in another town, started the whole "why did he sell you that bond" to plant a seed of doubt on my abilitities to manage money. She lasted about 4 months...I've taken every account I wanted, now I get the ones who I don't , but don't have the balls to tell them no. This is not a pissing contest, this is reality, got it, reality. You will never know until you leave...and until you do, you don't know half of the shit your firm does.
spiffy
You live in own little green fantasy world, I hear Tinkerbell calling you.yeah, when i left the incoming rep who met with multiple clients of mine told them all to “be aware of the 1% fee this guy is going to try to start charging you…”
funny stuff.I had the same situation…OIT guy flown in from St. Louie, call team attack, GP calls to my larger clients, and finally the permanent guy calling my clients. I figured we each give it the old college try and the clients land where they want. When the permanent guy started slinging mud, I considered it a low blow. Not very professional. By the way, the rest of the folks in our region pretended like we (my wife and I) were dead. So much for the big happy green Kool Aid drinking family.
Piker - When you divorced yourself from the family, what did you expect to happen?
BTW, permanent guys don't play by the same rules as OIT guys. If I'm the guy who permanently took over your office, I'm probably not going to feel any compulsion to stick to some nice guy routine to keep the assets I was promised. In fact the more ACATs I see the more pissed off I'm going to get. That might make me start saying things I wouldn't normally say. I'm not saying it's right, just what I think might happen. Now if it was the OIT guy or the GP slinging mud, that's another story. ice - the thing I love about this forum is that on one thread you can be taking swings at each other and on another agreeing wholeheartedly about something else. I knew when I types spears name into the post that he'd come up swinging. I hadn't pushed his buttons in a while and it was getting pretty boring around here. We needed a good bar fight to keep it interesting. horse - And so did you start charging them a 1% fee?nope. they still sit in A shares unless they are clients who were more “active” while i was at Jones, which is very very few. my current business model is fee based, but i have not rolled A share people into a fee based model simply for the heck of it.
I met with a former AG Edwards employee yesterday who wants to roll her $200K 401(k) to me.
It's 100% invested in American Funds, but I'm almost positive Franklin Templeton will outperform American over the next decade or so.I would split the ticket…get more bang for your 2 minutes of work.
She's open to ideas, and I'm experiencing an internal battle between doing what's right versus what will help me keep my dot above the red line. I mean, come on, would a real salesman pass up the opportunity to gross $5500?
Damn I hate conflicts-of-interest. Hmmm.... I've got it! Advisory Solutions!!!!![quote=Borker Boy]I met with a former AG Edwards employee yesterday who wants to roll her $200K 401(k) to me.
It's 100% invested in American Funds, but I'm almost positive Franklin Templeton will outperform American over the next decade or so. [/quote She can roll it to you in cash, but buy American Funds at NAV. AF has that policy. I had a prospect in a similar situaiton, with a 500k rollover, and 25k of it in American Funds. Sharp guy. Figured out he could move his funds in the 401k entirely to American Funds, then roll it to me and build his portfolio with American Funds at NAV.spaceman sissy,
Could you clarify something for me? OIT's and GP aren't permitted to sling mud but those who permanently take over an office can.....and you would if too many ACATs came in? Tinkerbell is ready to take you to the lost boys and Peter Pan (you know the man child in green)That pretty much sums it up. It's the difference between being an FA for Jones and being a salaried employee of Jones. C'mon, surely your vast background in compliance has taught you that there is a difference. The new FA in the office doesn't have a team leader checking in on what's going on in that office. If an OIT guy is found to have been slinging mud like you say, then there's a pretty good chance he might not get to keep his job. If the new FA slings mud, he might not keep his reputation squeaky clean, but a TL isn't going to pull him aside one day and read him the riot act.
See, the OITs and GPs are acting as an extension of the firm. If I were the attorney handling the slander suit, I'd surmise that if those people are saying things like that, then Jones Companies, LLLP must be endorsing it. After all, those people derive their income and marching orders directly from EDJ HQ. So those people must simply be an extension of the corporation as a whole. If it's the local FA, Jones HQ can say that they can't control what the local FA says and in fact they don't agree with his statements and are disappointed that someone who they entrusted with such a great amount of responsibility would choose to conduct themselves in such a manner. I'm not attorney, but that's the way I would see it. Now me personally, I would like to believe that I would have a better grasp of my emotions if I were going into a competitive situation. I would like to believe that I would conduct myself in a more professional manner and not resort to mud slinging. I'll probably not have to ever deal with that particular situation though as I'm pretty well set in the office I'm in right now.[quote=Borker Boy]
You might want to brush up on the rules so you can get paid on your next rollover. Plan assets must be invested in the American Funds at the time of the rollover. If a distribution has already been taken from the plan, assets must have been invested in American Funds at the time of distribution. (NAV pricing will only be applied to those assets that were invested in American Funds in the shareholder’s retirement plan; assets not invested in American Funds at the time of distribution are not eligible for NAV pricing.) A copy of the participant’s most recent retirement plan account statement must be attached to the IRA application.[/quote] Borker: He moved all his investments in his 401k into Fundamental Investors(which was his only plan choice), THEN rolled it to me a day or two later and invested into a diversified blend of American Funds in an IRA with me .... at NAV. He has given me some referrals, probably out of shame, so at least I got something out of it.[quote=Spaceman Spiff]
That pretty much sums it up. It's the difference between being an FA for Jones and being a salaried employee of Jones. C'mon, surely your vast background in compliance has taught you that there is a difference. The new FA in the office doesn't have a team leader checking in on what's going on in that office. If an OIT guy is found to have been slinging mud like you say, then there's a pretty good chance he might not get to keep his job. If the new FA slings mud, he might not keep his reputation squeaky clean, but a TL isn't going to pull him aside one day and read him the riot act. You are correct there is a difference between jobs between being in head office and out in the field
See, the OITs and GPs are acting as an extension of the firm. If I were the attorney handling the slander suit, I'd surmise that if those people are saying things like that, then Jones Companies, LLLP must be endorsing it. After all, those people derive their income and marching orders directly from EDJ HQ. So those people must simply be an extension of the corporation as a whole. If it's the local FA, Jones HQ can say that they can't control what the local FA says and in fact they don't agree with his statements and are disappointed that someone who they entrusted with such a great amount of responsibility would choose to conduct themselves in such a manner. Yes this is what I have experience as well. I'm not attorney, but that's the way I would see it. No you are obviously not a lawyer Now me personally, I would like to believe that I would have a better grasp of my emotions if I were going into a competitive situation. I would like to believe that I would conduct myself in a more professional manner and not resort to mud slinging. I'll probably not have to ever deal with that particular situation though as I'm pretty well set in the office I'm in right now. [/quote] Yes one one hope you act professionally. Unfortunately there is a flaw in your understanding of of a few basic principles that are manditory in the the secruties industry. Anyone with a Series 7 license is required to act in the similar manner, whether they be in head office or in the field and are held accoutable by FINRA. As for handling a liable/slander suit as you suggest would open up the firm to an inquistion by FINRA. If the firm is not able to control a registered individual there is problem with "failure to supervise". If there are multiple occurance of such "mud-slinging" with consequences from HO then FINRA would investigate why the re-occurances. In either event the lawyer for the ex ej FA would be in the driver seat.Great, thanks for the compliance lesson. With the moniker you have, I would assume your grasp of all things compliance related would be better than mine. I would still assume that the two groups of people might have different compulsions for acting the way they would. Right or wrong.
that’s right spiff,
Can't argue with that type of logic. Why should the field concern themselves with trivial matters such as failure to supervise as that is a Head Office matter.Exactly. Compliance is retared anyway. Those people are all failed salesmen who hold grudges against the industry. That’s why we call them sales prevention. Every good salesman knows it is always easier to ask for forgiveness than permission. That’s how I run my business.
OK, this is my last post on this thread. It was fun for a while, now it's getting tedious.Source URL:https://www.wealthmanagement.com/forums/whats-firms/office-transition-oit-ed-jones