2 Years into Jones
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I am about to hit my 2 year mark with E/Jones. I believe I signed a 3 year commitment. How easy is it to transition to another house, preferedly independent? What has been your experiences getting away from Jones? They are OK as a company, but the “door-knocking” marketing plan is terribly outdated. Product mix is shoddy. Pay stinks. I would appreciate some insight.
I am sure if you send any of us a list of your clients and their accounts we can tell you how easy it will be to transition them!!
Seriously you have a year to get ready. We recently hired a Jones guy two years in. He was convinced that EJ would not bother him. Well they did. He is now out of the industry. So take some time and read all the old posts in this forum. Tons of great info!!I have considered the Indy route too. It’s not worth it to do it before you are past your 3 year anniversary. Like DeBolt said, get yourself geared up with clients that are loyal to you, not the firm, that way when you leave you have an easier transition.
And if you don't like doorknocking, don't. Do something else. Most people that are successful in this profession seem to do just fine having never knocked on a door, we don't need to be any different.Here I go defending jones again... So the real story is either A. You want more money or B. Your production isn't what they want. Everyone knows what jones does, basic product mix, doorknocking marketing(it does work by the way and is going to be the new thing with DNC and everyone calling the same businesses). So you should have gone somewhere else. Fact is you signed a 3 year deal($75K.. they will probably settle but not for less than $25K or so, unless you get fired). So come up with the cash or better yet, wait another year, and customize your business to move (hold stuff at fund company, start selling you over jones,). And last ROOGLEI am about to hit my 2 year mark with E/Jones. I believe I signed a 3 year commitment. How easy is it to transition to another house, preferedly independent? What has been your experiences getting away from Jones? They are OK as a company, but the “door-knocking” marketing plan is terribly outdated. Product mix is shoddy. Pay stinks. I would appreciate some insight.
Here I go defending jones again... So the real story is either A. You want more money or B. Your production isn't what they want. Everyone knows what jones does, basic product mix, doorknocking marketing(it does work by the way and is going to be the new thing with DNC and everyone calling the same businesses). So you should have gone somewhere else. Fact is you signed a 3 year deal($75K.. they will probably settle but not for less than $25K or so, unless you get fired). So come up with the cash or better yet, wait another year, and customize your business to move (hold stuff at fund company, start selling you over jones,). And last ROOGLE[/quote] and more than anything make sure that you get letters from transitioned clients that state that Jones defamed you (which they will - the home office AND the transition rep), pass them onto your attorney (you will need to hire one at this point if your new firm does not already provide you with one), and that $75k will get reduced to a laughable amount. we know from experience.[quote=52new]I am about to hit my 2 year mark with E/Jones. I believe I signed a 3 year commitment. How easy is it to transition to another house, preferedly independent? What has been your experiences getting away from Jones? They are OK as a company, but the “door-knocking” marketing plan is terribly outdated. Product mix is shoddy. Pay stinks. I would appreciate some insight.
I don’t understand the whole “they make me doorknock and this is ridiculous” argument. THEY DON’T CARE HOW YOU GET YOUR CLIENTS! So, however you plan on getting your clients somewhere else, just start doing it now!! I’m not saying don’t leave Jones, but for crying out loud, don’t blame them for not being able to get clients. My point is, if you have a better idea, then go implement it. I have not doorknocked since about my first 6 months, and I am doing just fine.
I agree with the whole product thing. If their managed money programs were a little more expansive, all would be well. But they're not. So be it.Thanks for the input. I don’t intend to leave before 3 years and am making transition plans now. Keep the good info coming. As far as door-knocking, I consider it a terrible waste of time and energy. Particularly in an urban area. I would never trust my money to someone who came door to door. It puts us in a weak position. I’m just suprised that Jones doesn’t have something else to offer. And I’m really not interested in hearing from another person in the training dept that never even had a license. The local Jones FA’s just want me to join their prayer group.
[quote=B24]I don’t understand the whole “they make me doorknock and this is ridiculous” argument. THEY DON’T CARE HOW YOU GET YOUR CLIENTS! So, however you plan on getting your clients somewhere else, just start doing it now!! I’m not saying don’t leave Jones, but for crying out loud, don’t blame them for not being able to get clients. My point is, if you have a better idea, then go implement it. I have not doorknocked since about my first 6 months, and I am doing just fine.
I agree with the whole product thing. If their managed money programs were a little more expansive, all would be well. But they're not. So be it.[/quote] Agreed. I can't stand people on this forum who work at jones who say oh well, this doesn't work and this sucks. You knew what you were getting when you signed up.(My kids even know you doorknock at EDJ). I would say 75% of people don't knock after first 6 months anyway.And those who continue to do so are either nuts or enjoy doing it.There is no way to know before hand whether or not Jones will come after you. If you have 25k or more in the bank I would say jump now. You can probably settle for less than 10k. It is also possible that they may not come after you at all. If you are lighting it up and bringing in tons of assets then going indy now is your best bet because you will make that money back over the next year.I am about to hit my 2 year mark with E/Jones. I believe I signed a 3 year commitment. How easy is it to transition to another house, preferedly independent? What has been your experiences getting away from Jones? They are OK as a company, but the “door-knocking” marketing plan is terribly outdated. Product mix is shoddy. Pay stinks. I would appreciate some insight.
Dude or Dudette, Send me a PM and I will help you with some ideas. NogginI am about to hit my 2 year mark with E/Jones. I believe I signed a 3 year commitment. How easy is it to transition to another house, preferedly independent? What has been your experiences getting away from Jones? They are OK as a company, but the “door-knocking” marketing plan is terribly outdated. Product mix is shoddy. Pay stinks. I would appreciate some insight.
Neither would I ...but about 50 clients (some darn good ones) of mine feel differently. Regardless (or is it Irregardless ), it does work...I suppose you would trust someone better that picked your name out of the phonebook or off a list and cold called you. Quite honestly, you sound like a troll who is just posting with a new name to bash Jones as an insider...puhhhhleeasssee....we've seen it all before! As several mentioned about...I only knocked for 5-7 months...I didn't love it but as a new Broker it got me a running start and a place to practice speaking to people about what I do. Not to mention, after several years, some of those small accounts with $50 DCA turned into high 6 low 7 figure accounts....not too shabby...I do feel that later in one's career it isn't the most productive prospecting technique, but a good way to break into the business if you have the stones!Thanks for the input. I don’t intend to leave before 3 years and am making transition plans now. Keep the good info coming. As far as door-knocking, I consider it a terrible waste of time and energy. Particularly in an urban area. I would never trust my money to someone who came door to door. It puts us in a weak position. I’m just suprised that Jones doesn’t have something else to offer. And I’m really not interested in hearing from another person in the training dept that never even had a license. The local Jones FA’s just want me to join their prayer group.
I doorknocked for a year. My biggest client came from it.. Yes it does suck and is a waste of time but it works. Now I dial because I find it easier to manage my book than doorknocking and the time it takes. I alienated everyone in my region, screw em they don't pay me.Thanks for the input. I don’t intend to leave before 3 years and am making transition plans now. Keep the good info coming. As far as door-knocking, I consider it a terrible waste of time and energy. Particularly in an urban area. I would never trust my money to someone who came door to door. It puts us in a weak position. I’m just suprised that Jones doesn’t have something else to offer. And I’m really not interested in hearing from another person in the training dept that never even had a license. The local Jones FA’s just want me to join their prayer group.
I guess if I were a 20 something with more time and energy than common sense and creativity, door knocking would be fine. I am not here to bash Jones. I am just not very impressed with the company or most of the advisors I have met. Ted had a great marketing plan. But it was developed back in the 60’s for the rural midwest and no competitors. He was against going into urban areas. What bothers me is that the GP’s were taught that system and can’t seem to come up with anything new. The failure of the British business shows how provincial the company is. Sorry if this hurts your feelings. I’ve been around a while and I will do what’s best for me.
What the hell does this have to do with you and your production ? Are you reading what everyone else is saying ? YOU DONT HAVE TO DOOR KNOCK. If you have other reasons to leave like payout then fine, but your reasons dont make sense.I guess if I were a 20 something with more time and energy than common sense and creativity, door knocking would be fine. I am not here to bash Jones. I am just not very impressed with the company or most of the advisors I have met. Ted had a great marketing plan. But it was developed back in the 60’s for the rural midwest and no competitors. He was against going into urban areas. What bothers me is that the GP’s were taught that system and can’t seem to come up with anything new. The failure of the British business shows how provincial the company is. Sorry if this hurts your feelings. I’ve been around a while and I will do what’s best for me.
Read the posts, jack. What I’m asking is how easy is it to transfer out, and what are the repercussions. Don’t bother to reply, if I wanted to be bitched at, I’d visit my mother-in-law.
I guess if I were a 20 something with more time and energy than common sense and creativity, door knocking would be fine. I am not here to bash Jones. I am just not very impressed with the company or most of the advisors I have met. Ted had a great marketing plan. But it was developed back in the 60’s for the rural midwest and no competitors. He was against going into urban areas. What bothers me is that the GP’s were taught that system and can’t seem to come up with anything new. The failure of the British business shows how provincial the company is. Sorry if this hurts your feelings. I’ve been around a while and I will do what’s best for me.
Seriously. Ron is right.
This may be a bit presumptuous, but if you can't think of other ways to prospect after two years, perhaps you are not cut out for the business, despite being around for a while. I don't know you, so that's not a concrete judgement, but you might want to think about that.
I spent three years at Jones, did NOT like doorknocking and refused to do it. Left because my investment and business philosophy did not mesh.
And your posts are also arguing the issues of Jones.
If you want to leave Jones, just leave. I know guys who left with one year left. They are fine. If you are a big producer and have a bunch of assets, they will come after you, but will settle more than likely.
The few firms I’ve talked to all were going to buy out my training costs. Have you talked to the new prospective firm(s)?
If you don't want to be bitched at don't make stupid comments. You did not simply ask how easy it is to transfer out. You threw in your expansive 2 years of experience. That makes you a judge of good products and proper ways to prospect. You are not impressed with Jones brokers? Big statement covering 10,000+ Advisors coming from a 2 year old. Quit now and save my Partnership returns. PS. The doorknocking excuse is old and everyone see through it.Read the posts, jack. What I’m asking is how easy is it to transfer out, and what are the repercussions. Don’t bother to reply, if I wanted to be bitched at, I’d visit my mother-in-law.
[quote=52new]Read the posts, jack. What I’m asking is how easy is it to transfer out, and what are the repercussions. Don’t bother to reply, if I wanted to be bitched at, I’d visit my mother-in-law.
If you don’t want to be bitched at don’t make stupid comments. You did not simply ask how easy it is to transfer out. You threw in your expansive 2 years of experience. That makes you a judge of good products and proper ways to prospect. You are not impressed with Jones brokers? Big statement covering 10,000+ Advisors coming from a 2 year old. Quit now and save my Partnership returns.
PS. The doorknocking excuse is old and everyone see through it.[/quote]
ytrewq - welcome back!
always great posts!