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2 Years into Jones

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Dec 23, 2009 2:39 am

 B24 didn’t get a huge book and as much as I hate Wind, he didn’t get a huge book either. I will agree that Jones advisors who retire should be able to sell their book to a new or current FA. I also agree that Jones should have a better system in place for assets that are handed out after a guy leaves.

Dec 23, 2009 3:15 am

[quote=Ron 14] B24 didn’t get a huge book and as much as I hate Wind, he didn’t get a huge book either. I will agree that Jones advisors who retire should be able to sell their book to a new or current FA. I also agree that Jones should have a better system in place for assets that are handed out after a guy leaves. [/quote]

Life isn’t fair. No one has been told since the 50s that life was fair.  Point is, that I believe Jones tells and/or leads their recruits to believe that everything at their firm is fair, and then they dump $10-20-50mil on one newbie and basically give him one of the greatest careers available while another guy whose in the same boat and doing the same work has a 90% chance he’ll not only end up out of this business but in doing so he’ll burn up tens of thousands of dollars and dig himself a huge hole trying to grab this dream that Jones keeps telling him is just a doorknock away.

You go to other companies and they’ll tell you to your face that everyone doesn’t get the same treatment.  Jones tells you that you will.

Dec 23, 2009 3:50 am

[quote=BerkshireBull] Most of the Jones arguments are simply characteristic of every firm in this industry. What is different about Jones is that their reps hand over books for nothing and then Jones Management gets to choose the winners and the losers. How is it fair that wind and B24 get huge books given to them and guys like Volt and still@jones get nothing? I don’t think anyone would have a problem if advisors at Jones had to shell out some money to BUY a book from a retiring or departing broker. Its that people get something for nothing that makes advisors mad and hurts morale.

[/quote]



Holy sh!t! Does somebody know something I don’t? Am I getting an early Christmas present? C’mon. Am I?



And by the way, I don’t think Windy got a huge book given to him either. I think he got like $1mm in an existing office. I don’t think that was his meal ticket.



One other thing, Jones advisors that inherit a retiring brokers book DO have to buy it you fukcnut. They pay like 150% of gross over 3 years (they pay 70% the first year, 50% the 2nd year, and 30% the 3rd year). And it gets paid directly to the departing FA. It’s right on Joneslink. And I don’t know here in this industry you pay for a departing broker’s book. It happens literally every day in wirehouses. That’s how most wirehouse brokers build their books, other than joining existing teams. Jones is NO DIFFERENT than any other firm in this industry with regards to inherited and abandoned books, other than in wirehouses, the branch manager decides who gets the books instead of the regional leader or someone in STL.



Seriously, before you post, just get at least one of your facts straight.

Dec 23, 2009 4:25 am

According to Jones employment contract, Jones owns all assets, and all customer information. They offer a pittance to retirees, but the FA does not “own” his book. Too much koolade will make you guys diabetic.

Dec 23, 2009 12:25 pm
52new:

I don’t give a sh-t what the analysts name is. It’s like wanting to know the make of the car that just ran you over. I’ve seen their recommendations since '08, and they suck. Yea, buy some more Bank of America.

  You got me on that one.  Bank of America was a pretty poor pick as a mutual fund.
Dec 23, 2009 1:11 pm

[quote=B24]



And by the way, I don’t think Windy got a huge book given to him either. I think he got like $1mm in an existing office. I don’t think that was his meal ticket.





[/quote]



He got six million given to him. He acts like it was nothing because his ego won’t allow him to admit it’s helped him.

Dec 23, 2009 1:12 pm

Big Cheese, I mean 52new. You are funny.

Dec 23, 2009 2:33 pm
mlgone:

Jones is for gay’s in the midwest


ARE U KIDDING ME? COULD U SURVIVE IN NYC??? I HAVE NEVER EVEN SEEN A JONES STATEMENT IN 10 YEARS???

  I think the only way a Jones office would work in NYC would be if the advisor acted like he worked for any other firm.   No DKing,  just cold calls etc.   I roomed with a NYC guy at PDP.  He said DKing in NYC was about as useful as a steak-knife made of cardboard.
Dec 23, 2009 2:52 pm
B24:

[quote=BerkshireBull] Most of the Jones arguments are simply characteristic of every firm in this industry.  What is different about Jones is that their reps hand over books for nothing and then Jones Management gets to choose the winners and the losers.  How is it fair that wind and B24 get huge books given to them and guys like Volt and still@jones get nothing?  I don’t think anyone would have a problem if advisors at Jones had to shell out some money to BUY a book from a retiring or departing broker.  Its that people get something for nothing that makes advisors mad and hurts morale.
[/quote]

Holy sh!t! Does somebody know something I don’t? Am I getting an early Christmas present? C’mon. Am I?

And by the way, I don’t think Windy got a huge book given to him either. I think he got like $1mm in an existing office. I don’t think that was his meal ticket.

One other thing, Jones advisors that inherit a retiring brokers book DO have to buy it you fukcnut. They pay like 150% of gross over 3 years (they pay 70% the first year, 50% the 2nd year, and 30% the 3rd year). And it gets paid directly to the departing FA. It’s right on Joneslink. And I don’t know here in this industry you pay for a departing broker’s book. It happens literally every day in wirehouses. That’s how most wirehouse brokers build their books, other than joining existing teams. Jones is NO DIFFERENT than any other firm in this industry with regards to inherited and abandoned books, other than in wirehouses, the branch manager decides who gets the books instead of the regional leader or someone in STL.

Seriously, before you post, just get at least one of your facts straight.

  I think that is one of the problems. Jones tries to ingrain in the Rep's Dna that they are different than every other firm out there. The fact is they are not that much different. They make political decisions regarding who gets inherited books and who doesn't. They pay about the same as wirehouses. They haircut on products just like wirehouses. They train a ton of people just like wirehouses. The difference is the wirehouse tells you that you are an employee, Jones tells you that you are family.....I find that at the least misleading.......
Dec 23, 2009 2:55 pm
hotair1:

[quote=B24]

And by the way, I don’t think Windy got a huge book given to him either. I think he got like $1mm in an existing office. I don’t think that was his meal ticket.


[/quote]

He got six million given to him. He acts like it was nothing because his ego won’t allow him to admit it’s helped him.

  Six million is nothing.  Even if the whole thing were in Advisory Solutions it wouldn't be enough to hit the numbers that Wind is hitting.  It's not enough for anyone to keep their family in food and clothing.    Unless you're talking about $20+ million books, then they're not big.  It's pretty rare for someone to inherit or buy or take over a career making book.  It does happen.  The guy who took over the lion's share of David Lane's book in Paducah, KY got handed just shy of $100 million.  In Alex's defense, he built his own book here, doing the dreaded doorknocking thing like everyone else, in the STL area before Jones just handed him David book and office.    In the brokerage business, $6MM or even $10MM is nothing.  It's just enough to make you think that you don't have to work as hard as the new guy because you've already got some clients.  I think in many cases it can be a hinderance more than a help. 
Dec 23, 2009 2:57 pm
imabroker:

20) Must post lengthy rebuttals to anyone criticizing the cult.  

  I knew that one was long, but I couldn't think of another way to respond to his points.  That and the caffeine and sugar from the Crown Candy box of chocolates my BOA gave me yesterday were the reason for the epic post.
Dec 23, 2009 3:11 pm

[quote=sharksandwich] [quote=Spaceman Spiff]

I react to all of you folks that call Jones a cult.  Mostly because I find the banter interesting, but some because I think you folks aren't fully able to support your position that it is a cult.  You don't want to debate it with me because you, unlike sharksandwich who did the best job of anyone I've had this discussion with, can't really debate the issues with fact and not opinion.[/quote]

I am not interested in debating you, Spaceman. Jones to me is a lot like my first girlfriend: I don't think about them much, they didn't screw me, and even though we went our separate ways, I hate to see them screwing other people. Today is really the most thought that I put into that place in years.

[/quote]   So, you're just interested in throwing out your opinion as fact, without having any real discussion about the inflammatory remarks about manipulation, lies, ruining of lives, deceit, and suppression of dissent.  At least we know where you stand.  You and 52 are two peas in a pod. 
Dec 23, 2009 3:21 pm

It is probably the same person…

Dec 23, 2009 5:06 pm

Spiffy…getting a little defensive aren’t you? Look all firms that covet their salesforce have some form of manipulative behaviors. Jones is no different. Don’'t you get tired of constantly beating the drums.

  It's the holidays.
Dec 23, 2009 5:26 pm

Don't you get tired of thinking about a firm you no longer have any association with? 

These guys come on here and write their little diatribes and then tell me that they don't want to debate with me.  Sissies.  I don't view giving a counterpoint as being defensive.  If they aren't open to debate or a challenge of their thoughts, then they shouldn't waste our time posting.   
Dec 23, 2009 5:40 pm

[quote=Spaceman Spiff]So, you’re just interested in throwing out your opinion as fact, without having any real discussion about the inflammatory remarks about manipulation, lies, ruining of lives, deceit, and suppression of dissent.  At least we know where you stand.  You and 52 are two peas in a pod.  [/quote]

Nah. I don’t want to debate this because I’ve seen this same topic beaten to death on this forum. It’s a circle jerk of an argument, and nobody wins. There is no point in arguing someone’s religion, and if I want to debate someone too deluded to realize they work for a commercial cult, I’ll go find me an Amway rep. I think you and I are going to have to agree to disagree

On a side note, since I posted here yesterday, I spoke with my former RL, who I am using for a reference for a position in the UK (where Jones doesn’t seem to be too popular nowadays). From when I started as one of the original Jones brokers in my city, where we all started from scratch because it is in Canada, and we had no benefit of inheriting books or Goodknight plans, more than 350 brokers have come and gone (out of about 35 offices). One original IR is left, and the attrition rate is around 98%. Besides the lone original IR who is left, the only guy to make it beyond three years is the guy who inherited my book and took over my office.

I think these numbers are typical of any city (not town. Jones kicks ass in small towns), but in the States they can give the illusion that the program “works if you work it” by propping some folks up with inherited assets and Goodnight plans.

Dec 23, 2009 6:29 pm

Spiffy-

  Why so testy? Go hug your family and fogetabout it. Figure out how your gonna cover your nut...that's more important than defending the firm from all of us who hate Jones sooooo much.   I have declared 2010 a year where there will be much less cheese on these forums and much more revenue in my company! It ain't worth it to debate the less fortunate. As my friend said so eloquently this past weekend at a party;   There is no such thing as winning only degrees of losing. That my friend sums it all up.   Happy holidays to all....
Dec 23, 2009 6:52 pm

As Dale Carnegie said, “nobody ever won an argument”.

It’s just so much fun!!!

Dec 23, 2009 7:38 pm

[quote=BigCheese]Spiffy-

  Why so testy? Go hug your family and fogetabout it. Figure out how your gonna cover your nut...that's more important than defending the firm from all of us who hate Jones sooooo much.   I have declared 2010 a year where there will be much less cheese on these forums and much more revenue in my company! It ain't worth it to debate the less fortunate. As my friend said so eloquently this past weekend at a party;   There is no such thing as winning only degrees of losing. That my friend sums it all up.   Happy holidays to all....[/quote]   Nut was covered about 3 weeks ago, so I have lots of time to be on here this week.  I'm at the office cleaning off my desk and I get distracted easily, thus the long and frequent posts.  I'm outta here at about 3:30 today and won't be back until Monday.    How boring would this place be if I just rolled over and didn't argue with all of you Jones haters?
Dec 24, 2009 5:59 pm

Best month ever in December. Merry Christmas!