Performance a Must at Jones

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Mar 28, 2008 9:21 am

Again, more topic changing going on here. How freaking stupid are you people. Read my original post. What is it about? Use your dam head if you are going to be a smart azz and reply to this thread. READ THE ORIGINAL POST. WHAT IS THE MAIN POINT?

Mar 28, 2008 11:58 am

Your original post is wrong.  That’s why we are arguing.  You do not need to be above Meeting Expectations.  You need to be above Minimum.

Mar 28, 2008 2:54 pm

I think Oldguys point is that Jones dropped the “legal and ethical” portion of the wording, insinuating that profit is ALL that matters. 

For the record I have no dog in this race.


Mar 28, 2008 3:54 pm
oldguy:

Again, more topic changing going on here. How freaking stupid are you people. Read my original post. What is it about? Use your dam head if you are going to be a smart azz and reply to this thread. READ THE ORIGINAL POST. WHAT IS THE MAIN POINT?

  We got your main point.  Like B24 said, you were just wrong.  Let me explain myself so I don't come across (any more than usual) as stupid.   Jones has always said legal, ethical, profitable.  Ethics are somewhat difficult to mandate so they just make us take an ethics course every year.  I'm over simplifying, but you get the point, I hope.   Legal - Do something illegal and you get fined or fired.  That's an industry standard, sometimes out of Jones control.  It's always been that way.    Profitable - Yes, the minimum expectation line moved from $14K to $18K (see previous inflationary posts).  Does that mean that Jones is trying to squeeze out all those guys who have been out for 15 years grossing $15K a month.  Possibly.  Those branches aren't profitable to Jones.  The $18K a month figure is probably a little low if they wanted to make sure that every Jones office was going to be profitable long term.  It wouldn't suprise me if they moved it to $22-24K 10 years from now.  Fundamentally, nothing has changed at Jones.  You can be under the minimum expectations bar for months and nobody says a thing.  If you drop too far down they might put you on goals.   At that point it's a matter of getting your numbers or getting out.  But it's not an instant firing.  That's the way it's always been.    So, they're still using the legal, ethical, profitable line with us.  It fit 10 years ago, it fits now.
Mar 28, 2008 5:14 pm

Exactly, nothing has changed, the number has been pushed up for inflation. 

  (Although I have heard they are cracking down a little more on those who are actually below the line.)    
Mar 29, 2008 2:06 am

This thread has got to be the stupidest discussion I have ever seen.  Oldman, if you are spending time figuring out what to bitch about later, please make the topic at least relavent.  Maybe if you were making calls instead of posting on this forum, you might not have to worry about being below standard?

Mar 29, 2008 10:34 am

LOL…thanks for the advice.    

Apr 3, 2008 5:14 pm

Hello people. The writing is on the wall. Jones is going to be “with” somebody. Unfortunately the seller has to lie about selling or the sale will never happen. Company:“Hey Mr broker, come and work for us, and by the way we are selling out.” Broker:“Sounds great! Where do I sign up? I’ve always wanted to work for a company thats selling to another. Can you tell me what companies are interested so I can research them?”

Apr 3, 2008 5:33 pm

What are you talking about??

Apr 3, 2008 7:47 pm

Why?  That’s the big question.  Why would EDJ want to sell out to anyone?  Talk about a mass exodus.  The day Jones announces that they’re selling out to some big bank somewhere is going to be LPL and RayJay’s biggest days ever.  The one thing us cult members won’t stomach is some outsider pushing our buttons.  It would be the worst mistake a purchasing firm could make.  I can see it now…“Sure that’s a fair price for 10,000 FAs…wait, 8,000…hold on, 7,000…well crap, that’s not a good price at all.”

  Of course you're saying, but that what the guys at AGE said too.  We're not for sale.  Unless you are a publicly traded company who's shares were being purchased by a rival bank/brokerage firm and you were about to become a part of a hostile takeover.  Better to fall on your own sword than to be sliced and diced by someone else.   Exactly what writing is on the wall? 
Apr 3, 2008 8:17 pm

I did read in the WSJ about Amway wanting to expand it salesforce…could be a good fit. What if Amway bought EDJ’s…what would you do then Spiffy?  Don’t forget, LPL and Ray Jay have minimums on experience and production, so with the amount of turnover I would say 1/2 would be eligible and only the US reps…so what maybe 4000 would be eligible.

Apr 3, 2008 8:26 pm

Gosh…if they did get bought and all the EDJ’s reps left, Weddle would be on the phone to your or is it EDJ’s clients and bashing ole spiffy.  He left cause he wanted more commissions.  Spiffy didn’t like our conservative investments Ms Smith, so he decided to go somewhere where he could offer non conservative investments.  I can see it now…Spiff will be on here bitchin about Weddle bad mouthing him to HIS clients…ha…what a thought.  What comes around, goes around.

Apr 3, 2008 8:36 pm

[quote=Spaceman Spiff] Why? That’s the big question. Why would EDJ want to sell out to anyone? Talk about a mass exodus. The day Jones announces that they’re selling out to some big bank somewhere is going to be LPL and RayJay’s biggest days ever. The one thing us cult members won’t stomach is some outsider pushing our buttons. It would be the worst mistake a purchasing firm could make. I can see it now…“Sure that’s a fair price for 10,000 FAs…wait, 8,000…hold on, 7,000…well crap, that’s not a good price at all.”



Of course you’re saying, but that what the guys at AGE said too. We’re not for sale. Unless you are a publicly traded company who’s shares were being purchased by a rival bank/brokerage firm and you were about to become a part of a hostile takeover. Better to fall on your own sword than to be sliced and diced by someone else.



Exactly what writing is on the wall? [/quote]



What if Jones sold TO LPL or RayJay? Those would be the most likely suitors. Think about it. Who feeds the most advisors to LPL? The ole’ Green Recruiting Machine. It’s Like LPL’s own HR department. There is no other B/D that would even consider it (no other captive B/D anyway - possibly other indy B/D’s would, but most aren’t big enough to acquire Jones. Maybe an insurance company). The only other option would be that Jones goes public. But to be honest, I’m not sure what that would do for them, other than make the GP’s and LP’s filthy rich. It would not really solve anything for the growth of the firm. They have sufficient capital resources to help grow the firm right now - it’s more a matter of HOW they want to grow. Once they can increase retention, they can increase growth and profitability. My guess - nothing is changing with ownership in the next 10 years.
Apr 3, 2008 8:37 pm
indythankgod:

Hello people. The writing is on the wall. Jones is going to be “with” somebody. Unfortunately the seller has to lie about selling or the sale will never happen. Company:“Hey Mr broker, come and work for us, and by the way we are selling out.” Broker:“Sounds great! Where do I sign up? I’ve always wanted to work for a company thats selling to another. Can you tell me what companies are interested so I can research them?”



Name one legitimate reason (other than to just bash Jones) that Jones will be selling. Just one.
Apr 3, 2008 9:26 pm

Ineffecient capital business model

Apr 4, 2008 12:17 am

Wrong. You may be right that it is an inefficient capital business model. But that is a weakness of Jones, NOT a reason that someone would buy them. In fact, that is THE primary reason that Jones will NOT be acquired. Nobody wants to unwind 12,000 leases or take on the burden of re-assigning all of them to branch offices and risking the massive exodus of brokers at that point. And the model doesn’t fit any other firm other than indy B/D’s. I actually think Jones uses that portion of the business model to deflect suitors. The ONLY way it would work is if someone bought them with the udnerstanding that they may retain like 50% of the assets, and just try to absorb them into existing branches.



I’m, not defending anything about Jones’s business model. I am just stating that it is not a very attractive business to buy.

Apr 4, 2008 12:37 am

I’m sorry, I thought the question was why would Jones be selling, not why would anyone buy them.  And thank you for confirming it.  There is your one reason.

Apr 4, 2008 1:12 am

No one is stupid enough to acquire jones.  The only way they sell out is an IPO.  And if they ever do that will be the first stock I ever short. 

Apr 4, 2008 4:51 pm
Bluetang:

I’m sorry, I thought the question was why would Jones be selling, not why would anyone buy them.  And thank you for confirming it.  There is your one reason.

  Well, since Jones is highly profitable for the current owners, I don't know why an "inefficient capital business model" would be reason for them to sell.  You consider selling when your business is in great demand from other companies, or you are on the brink of collapse - neither of which is happening right now.  So I guess I am still confused.
Again, not defending Jones.  I just don't see the argument for selling (other than to go public).
Apr 4, 2008 5:41 pm

If Jones were concerned about the inefficient business model, which they aren't, they wouldn't sell out or go public to fix it.  That wouldn't fix a fundamental business model.  If it became so much of a concern that they wanted to fix it, they would simply develop a plan to do so.  For instance, they could fairly quickly move to a multi FA office system.  How many small towns out there have 2 or 3 FAs that could easily share one office, one assistant (who could get paid well to serve those FAs), one set of equipment, etc.  If they could just cut the cost of rent by 1/3, they'd save a ton of money.  But, the GP's would make more money, so there's one more thing for you guys to complain about.  That's just one example.  I'm sure the brilliant minds on this forum can tell Jones how to run a more efficient business.