2 Years into Jones
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Damn, you ARE stupid!Ponzi scheme, an unsustainable investment. The only way to maintain the Jones partnership system is to keep growing and increase productivity per FA. The farther you are down the partnership ladder, the less likely you will ever see financial benefits from the scheme. At some point you saturate the market. Long before that, new FA’s will read the writing on the wall and split.
[quote=52new]Ponzi scheme, an unsustainable investment. The only way to maintain the Jones partnership system is to keep growing and increase productivity per FA. The farther you are down the partnership ladder, the less likely you will ever see financial benefits from the scheme. At some point you saturate the market. Long before that, new FA’s will read the writing on the wall and split. [/quote]
Say what?
Tell that to law and accountant partnerships that have been around for over a century.
You are badly in need of finance and economics classes.
Wow. Just… Wow!
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] Hey, that's my line. I'm glad you said it before me. 52 - doorknocking in a metro area doesn't work, huh? Then, I should stop? Cause I'm in a metro market (metro STL no less, talk about saturation) and EVERY TIME I get my butt out of my comfortable chair and go ring some doorbells, I get new clients. EVERY TIME. I think metro areas are perfect for doorknocking. It's just more convenient. See, there are 17,000 households in just my zip code alone. There are three similar zip codes within a 15 minute drive of my office. That's almost 50,000 households that I could visit. Not to mention the hundreds of businesses that there are within a few minutes of my office. The difference between me doorknocking and 10 other advisors cold calling is that I get to look them in the eye first and qualify them as good prospects or not from the get go. If I weren't in a metro area, in order to find 50,000 households I'd have to run all over the county. And I'm just simply too lazy to do that. Perhaps you have that same problem. Here are some other ideas for you if you don't want to doorknock: Seminars - Jones will cover up to $300 of your seminar costs every time you do one. Mass mail to your hearts content. Investment Classes - call your local library or community college and see if you can set up a series of investment classes there for the public. Chamber, Rotary, Lions, Kiwanis, etc - networking. Cold calling - if you think doorknocking sucks try getting hung up on 150 times a day. However, it's the way many people on this forum get their pipeline full. Newspaper ads - spend the money and wait for the phone calls Radio program - it works for a lot of people in the industry. But you're so new, you might not have the clout to pull it off. Referrals - if you've been in the work force for 30 years, you've got to have made friends along the way. Pick up the phone and ask them for help. Just sit in your office and wait for walk ins - this may be the approach you're using right now. You can tell us if it works or not. Whatever the route you choose, it will obviously be better somewhere other than Jones. Any of these approaches will obviously work better with a better product mix and better payout too. If only you had private placement REITS, equity indexed annuities, options, managed futures, or reverse derivitives, then you'd be all set. Good luck. You're going to need it.[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.
You are an idiot.. all firms use the same prospecting methods since the 60's... Calls/Doorknocking... Nothing has changed, there is no new way. And if you have been around a while then you look even dumber complaining about Jones because you should have known their methods.[quote=52new]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.
It does work by the way... Van Pearcy is probably a top 10 producer at RJ.. guess where he spent 7-10yrs... You aren't hurting feelings, no one cares about Jones here... By the way the financial services landscape in the UK is much different than here in a lot of aspects. "F&cking Dumb People Annoy Me"[/quote] I disagree. I have already posted several times that there is a lot of money to be made at the local gentlmans club handing out business cards. I haven't seen any other firm do that, I think that's pretty new.
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] Hey, that's my line. I'm glad you said it before me. 52 - doorknocking in a metro area doesn't work, huh? Then, I should stop? Cause I'm in a metro market (metro STL no less, talk about saturation) and EVERY TIME I get my butt out of my comfortable chair and go ring some doorbells, I get new clients. EVERY TIME. I think metro areas are perfect for doorknocking. It's just more convenient. See, there are 17,000 households in just my zip code alone. There are three similar zip codes within a 15 minute drive of my office. That's almost 50,000 households that I could visit. Not to mention the hundreds of businesses that there are within a few minutes of my office. The difference between me doorknocking and 10 other advisors cold calling is that I get to look them in the eye first and qualify them as good prospects or not from the get go. If I weren't in a metro area, in order to find 50,000 households I'd have to run all over the county. And I'm just simply too lazy to do that. Perhaps you have that same problem. Here are some other ideas for you if you don't want to doorknock: Seminars - Jones will cover up to $300 of your seminar costs every time you do one. Mass mail to your hearts content. Investment Classes - call your local library or community college and see if you can set up a series of investment classes there for the public. Chamber, Rotary, Lions, Kiwanis, etc - networking. Cold calling - if you think doorknocking sucks try getting hung up on 150 times a day. However, it's the way many people on this forum get their pipeline full. Newspaper ads - spend the money and wait for the phone calls Radio program - it works for a lot of people in the industry. But you're so new, you might not have the clout to pull it off. Referrals - if you've been in the work force for 30 years, you've got to have made friends along the way. Pick up the phone and ask them for help. Just sit in your office and wait for walk ins - this may be the approach you're using right now. You can tell us if it works or not. Whatever the route you choose, it will obviously be better somewhere other than Jones. Any of these approaches will obviously work better with a better product mix and better payout too. If only you had private placement REITS, equity indexed annuities, options, managed futures, or reverse derivitives, then you'd be all set. Good luck. You're going to need it. [/quote] Products don't make a difference, but I think you were being sarcastic.. If you have no prospects it doesn't matter.[quote=ytrewq][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.
Correct me if I'm wrong but don't all LPs get the same %payout as all other LPs? And don't all GPs get the same %payout as all other GPs? Also, don't all companies want to increase productivity and grow. What's the old saying... if your not growing, your losing? Also there is nothing Ponzi-esque about the Partnership structure. I buy in, they payout. If I want out, I get out. We've been doing it for over 20 years, and if it didn't work I'd be inclined to think that we would have imploded by now. Do me a favor, and fall down some stairs.Ponzi scheme, an unsustainable investment. The only way to maintain the Jones partnership system is to keep growing and increase productivity per FA. The farther you are down the partnership ladder, the less likely you will ever see financial benefits from the scheme. At some point you saturate the market. Long before that, new FA’s will read the writing on the wall and split.
You guys need to do some math. Ponzi scheme may be a strong statement, but it’s worth it if it gets your attention. Can Jones grow and succeed in a changing environment? And can it do so well enough to support 12000+ FA’s who will all want to be LP’s? How mant FA’s will be required to pay LP $$ with 12000 LP’s? Particularly with a 40 year old business plan, average products, and FA’s who start at 25k/year? Show me how that model won’t lead to a diminishing return? And what will the payout be to a non-LP FA? That money has to come from somewhere.
Jones’ business plan is not 40 years old. It’s about 2.5 years old (see the 5-year plan knucklehead).
All FA's will never be LP's. As long as there is turnover, not everyone will be LP's. I would say about 1/2 will be LP's at any given time. They will only continue to issue new LP shares as long as they want to grow. At some point, times will change, they might grow big enough, and LP just becomes a distribution of profits. Now, people will leave and retire, and Jones will have to pay their LP out to them. This will require them to issue new LP shares to recoup lost capital. It's finance 101 fukcnuts. They will reach critical mass where they are no longer starting guys from scratch (less then half start from scratch now). Inheriting offices, Goodknights, retirements, etc. The model works. But I know you know that and are just trying to bait all of us. In fact, I don't even think you work for Jones.Hey moron.. Not everyone gets LP.. You obviously aren't smart enough to figure this out. At law firms it is set up the same way. But not everyone makes partner, some leave when they realize they aren't going to make it, some get fired, some struggle along. EDJ is the sameway. LP/GP is based on profitablity of the firm(same with a law firm), so the idea behind making people partners is based on sustainable growth. With your example, of those 12,000 FAs, 25% will leave in the next three years(not knocking jones, industry average) when you leave you cash out your LP, so that goes back into the pot clearing the way for another "worthy" producer to get LP. It's not a ponzi moron.. It's the equivalent of getting stock options at a Wirehouse, except these are completely private and some would say not affected by stock market swings.. Exception is you can take stock with you, whereas LP you get paid out on. But what would you rather have in the past 3 years Citi Stock or EDJ LP... I would take LP... Full Disclosure: Used to work at EDJ, now indy, so I don't really care..You guys need to do some math. Ponzi scheme may be a strong statement, but it’s worth it if it gets your attention. Can Jones grow and succeed in a changing environment? And can it do so well enough to support 12000+ FA’s who will all want to be LP’s? How mant FA’s will be required to pay LP $$ with 12000 LP’s? Particularly with a 40 year old business plan, average products, and FA’s who start at 25k/year? Show me how that model won’t lead to a diminishing return? And what will the payout be to a non-LP FA? That money has to come from somewhere.
Two E/J kool-ade drinking morons. Too bad the company is full of idiots like you. A real embarrassment to the industry. LP just like a stock option program? Learn before you post moron! Stocks can be sold any day the market is open. Try to sell an LP! And if E/J’s goal is 12000 FA’s, that accounts for turnover jackass! That means 12000 FA’s who will expect an LP someday. Which will mean you need what 24000 FA’s to cover that cost. I see ponzi written all over that plan. The marketing plan is 40 years old f-ckwad. Still based on door-knocking. That’s all that is taught to new FA’s, who for the most part don’t belong in this industry. But what can you expect for 25k/year. Dipsh-ts!!! The fact that you company trolls keep responding to my posts shows just how truthfull they are. Merry Christmas and Happy Kwanza assholes!
Two E/J kool-ade drinking morons. Too bad the company is full of idiots like you. A real embarrassment to the industry. LP just like a stock option program? Learn before you post moron! Stocks can be sold any day the market is open. Try to sell an LP! And if E/J’s goal is 12000 FA’s, that accounts for turnover jackass! That means 12000 FA’s who will expect an LP someday. Which will mean you need what 24000 FA’s to cover that cost. I see ponzi written all over that plan. The marketing plan is 40 years old f-ckwad. Still based on door-knocking. That’s all that is taught to new FA’s, who for the most part don’t belong in this industry. But what can you expect for 25k/year. Dipsh-ts!!! The fact that you company trolls keep responding to my posts shows just how truthfull they are. Merry Christmas and Happy Kwanza assholes!
Dude, all of that age and experience gone to waste.
I am independent, as are most of the people responding to your posts. We don't like to defend Jones, but we equally do not like to see idiots post misinformation on the board.
Most new FA's don't belong in the industry? You are one of them.
It is not even close to the definition of a ponzi scheme. LP is an investment, and while it is not accurate to say it is like a stock, it is still an investment with value. People invest in real estate and you can't sell that to anyone any time the market is open.
Part of growing the number of FA's is increased market share, which will allow more sustained returns.
If you are independent and you have a partnership set up, partners will always earn greater returns for the work the bees do. It's how things work.
What do you want? A socialized brokerage firm that makes sure the GPs and LPs don't get any money so that the FA's who can't or won't try to make it like you can continue to NOT produce and fcuk up everything.
Two E/J kool-ade drinking morons. Too bad the company is full of idiots like you. A real embarrassment to the industry. LP just like a stock option program? Learn before you post moron! Stocks can be sold any day the market is open. Try to sell an LP! And if E/J’s goal is 12000 FA’s, that accounts for turnover jackass! That means 12000 FA’s who will expect an LP someday. Which will mean you need what 24000 FA’s to cover that cost. I see ponzi written all over that plan. The marketing plan is 40 years old f-ckwad. Still based on door-knocking. That’s all that is taught to new FA’s, who for the most part don’t belong in this industry. But what can you expect for 25k/year. Dipsh-ts!!! The fact that you company trolls keep responding to my posts shows just how truthfull they are. Merry Christmas and Happy Kwanza assholes!
So you're dumb AND drunk!!
Dear Moron, independent my ass. E/J troll is what you are. No independent gives a sh-t about Jones. Typical of that schlock house to ride these blogs worried about “mis” information, that happens to be true. You must be a Jones idiot because you don’t understand the math well enough to realize what a scheme LP is. It’s a way for the rich to get richer, while future FA’s have to work harder for less. And sooner or later the numbers won’t support the LP GP payout. Particularly in a fee for service universe that Jones can’t compete in. You may have been born stupid, and that’s not your fault. But a liar is by choice, so don’t lie about your lack of affiliation with Jones.
… whatever. You’re failing at Edward Jones; that’s all I know to give you the value you deserve.
Best of luck in your next job. Please leave soon.
Dear Moron, independent my ass. E/J troll is what you are. No independent gives a sh-t about Jones. Typical of that schlock house to ride these blogs worried about “mis” information, that happens to be true. You must be a Jones idiot because you don’t understand the math well enough to realize what a scheme LP is. It’s a way for the rich to get richer, while future FA’s have to work harder for less. And sooner or later the numbers won’t support the LP GP payout. Particularly in a fee for service universe that Jones can’t compete in. You may have been born stupid, and that’s not your fault. But a liar is by choice, so don’t lie about your lack of affiliation with Jones.
That's funny. If you do a search of my posts, you will find tirades against Jones as I left. You will also read about posts that I have made highlighting why Jones people should go indy. It also talks about the transition process, and I have aided others in the process.
I'm sorry that you could not succeed at Jones. Maybe someday you will go back to sweeping floors and be happy.
I would post my ADV, but I simply don't trust a failure.
The fact that you know absolutely nothing about finance, math or statistics speak volumes.
Seeing how you have never had LP at Jones I will explain it to you... Friend of mine left EDJ to join LPL, had $125K in LP.. Called home office 3 days before he resigned said he had cash problems need to liquidate LP..all of it.. Home office deposited the entire amount in his EDJ brokerage account within 3 days, then he resigned. I think we have covered this but... Outdated marketing plan?? What is the difference between a doorknock and a phone call script....NOTHING except where it is done. No firm has an updated marketing plan or else the failure rate wouldn't be what it is. So EDJ producers don't belong in the industry? And you got hired... They don't have the biggest producers but they do have their share, and some that have left after building a business at EDJ (The number 2 guy at RJ started at EDJ, The guy who founded Scottrade EDJ alum too.. oddly enough if you go back on a lot of peoples history you will find EDJ) I DON'T WORK THERE ASSHOLE....Two E/J kool-ade drinking morons. Too bad the company is full of idiots like you. A real embarrassment to the industry. LP just like a stock option program? Learn before you post moron! Stocks can be sold any day the market is open. Try to sell an LP! And if E/J’s goal is 12000 FA’s, that accounts for turnover jackass! That means 12000 FA’s who will expect an LP someday. Which will mean you need what 24000 FA’s to cover that cost. I see ponzi written all over that plan. The marketing plan is 40 years old f-ckwad. Still based on door-knocking. That’s all that is taught to new FA’s, who for the most part don’t belong in this industry. But what can you expect for 25k/year. Dipsh-ts!!! The fact that you company trolls keep responding to my posts shows just how truthfull they are. Merry Christmas and Happy Kwanza assholes!
Bullsh*t. Only a jones company troll would be this stupid.
Or only a failure two years into Jones could be as stupid as you.
It's ok buddy, we know.
Thy dirty toilets await sir. Gets to cleanin'!
Ok, it took a while but I'm calling BS on this guy. He's not a Jonesy, and probably not even a broker. He's a cancer to this forum.Bullsh*t. Only a jones company troll would be this stupid.
While I firmly believe that 52new is just trying to start an argument, I thought this post was worth some time to discuss. He's got a good point. Can Jones grow and succeed in a changing environment? Can we do it well? What will the payout to a non-LP FA be? Around 38%. Same as to a LP FA. Surely somewhere along the line someone has discussed payout vs LP/GP to you. I don't ever get my commissions confused with my LP. They are two completely different issues. One is how well I'm doing in my office, one is how well the company is doing as a whole. I believe that Jones can grow and succeed in a changing environment. It's been changing since the 1930's when we were just a thought in the head of Edward D. Jones. It has been and always will be a changing environment. A changing environment isn't an issue. Can we succeed? I believe that we can. Jones is trying, successfully I might add, to change the way the company makes money. It started years ago with MAP and has developed to Advisory Solutions. We have billions of dollars going into that program. All of it is recurring revenue. Greater recurring revenue than revenue sharing. I think it will become the major part of our revenue stream in the future. Advisory, or whatever reiteration comes next, can redefine a successful branch at EDJ. See, it used to be that you weren't REALLY successful until you had a $100MM branch. It takes most guys 10+ years to get to that bogey. A lot of those $100MM branches are doing about $40-$50K a month gross. I can do that with under $50MM in something like Advisory. So, from a pure revenue standpoint, the bigger Advisory gets, the more profitable Jones is. Our FAs do start with a roughly $25K a year salary. However, they add their commissions and bonuses to that and many of them are making $50K plus. Surely you know that the salary isn't the only income you make during your first few years. As to the average products comment - our average products are generally the same average products that most other firms have access to. With the exception of some alternative investments and options, we all fish in the same pond. I would imagine there have always been people like you around Jones. The guys who thought the firm wouldn't be able to continue functioning if we had 1000 or 5000 advisors. Where would the money come from to pay those 2000's LPs and GPs? Revenue. That's where it comes from. It will continue to work that way. The basic math is this: Revenue coming in - expenses going out = profit = LP and GP returns As long as there's more revenue coming in than expenses going out, which is generally the case, there will be money there for returns to partners. What else do you have to complain about?You guys need to do some math. Ponzi scheme may be a strong statement, but it’s worth it if it gets your attention. Can Jones grow and succeed in a changing environment? And can it do so well enough to support 12000+ FA’s who will all want to be LP’s? How mant FA’s will be required to pay LP $$ with 12000 LP’s? Particularly with a 40 year old business plan, average products, and FA’s who start at 25k/year? Show me how that model won’t lead to a diminishing return? And what will the payout be to a non-LP FA? That money has to come from somewhere.