Edward Jones Behavioral Interview
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This is absolutely true. My mentor at Jones probably works 1200 hours per year at most. He’s never gonna be a top producer, but he is Seg5 and gets his share of 50K+ months.
His deal is that he is ONLY at work to work, he will leave the office if he is "done" for the day (which can often be noontime), and he does NOTHING that his BOA can do. He basically comes in, talks to clients and prospects, and goes home. That's it. He'll stay at work until midnight preparing for a big client meeting when he needs to, but then he'll have that one meeting the next day and go home. He does around 450K gross, all from referrals. $200K net working just about part-time. Now, contrast that with another guy in my region....works at least 70 hours a week. Usually in around 9:00, and never leaves until after 8:00. And works every Saturday. Been in the business 7 years. Is lucky to break $175K gross. I asked him once what he spends all his time doing, and he said "analyzing portfolios, preparing FAST reports, going through cost basis, looking for ways to improve client portfolios, researching the markets, etc." WTF? Nothing in there tells me you were talking to clients, calling prospects, cold calling, doing a seminar, attending a networking event, etc. He says "yeah, I need to do more of that stuff". OK. Glad I'm not your wife. You're an underpaid workaholic.[quote=Lawrence]5% make it 5 years - his numbers seem right on; although the early attrition seems a little steep.
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HI,
Thanks very much for this comment. It help me to think about my ideals.
Apart from that, this link below may be useful: Behavioral interview questions
Tks again and pls keep posting.
[quote=B24]This is absolutely true. My mentor at Jones probably works 1200 hours per year at most. He's never gonna be a top producer, but he is Seg5 and gets his share of 50K+ months.
His deal is that he is ONLY at work to work, he will leave the office if he is "done" for the day (which can often be noontime), and he does NOTHING that his BOA can do. He basically comes in, talks to clients and prospects, and goes home. That's it. He'll stay at work until midnight preparing for a big client meeting when he needs to, but then he'll have that one meeting the next day and go home. He does around 450K gross, all from referrals. $200K net working just about part-time.[/quote]That is some serious wisdom, right there. I'm only a Seg 2 and already have my day loaded with reports, BondNet, FAST analysis, clients dropping by to BS... That starts me on a new course, starting today.
[quote=B24]This is absolutely true. My mentor at Jones probably works 1200 hours per year at most. He's never gonna be a top producer, but he is Seg5 and gets his share of 50K+ months.
His deal is that he is ONLY at work to work, he will leave the office if he is "done" for the day (which can often be noontime), and he does NOTHING that his BOA can do. He basically comes in, talks to clients and prospects, and goes home. That's it. He'll stay at work until midnight preparing for a big client meeting when he needs to, but then he'll have that one meeting the next day and go home. He does around 450K gross, all from referrals. $200K net working just about part-time. Now, contrast that with another guy in my region....works at least 70 hours a week. Usually in around 9:00, and never leaves until after 8:00. And works every Saturday. Been in the business 7 years. Is lucky to break $175K gross. I asked him once what he spends all his time doing, and he said "analyzing portfolios, preparing FAST reports, going through cost basis, looking for ways to improve client portfolios, researching the markets, etc."WTF? Nothing in there tells me you were talking to clients, calling prospects, cold calling, doing a seminar, attending a networking event, etc. He says "yeah, I need to do more of that stuff". OK. Glad I'm not your wife. You're an underpaid workaholic.[/quote]
This is a terrific post... I must say I see myself in guy 2 to some extent.
However, there may be other factors present as well. Such as AUM and time in the business. Also, the last 7 years have been difficult years in this business.
Well, I should add something to my description above of my mentor. He is NOT a transactional broker. He does not spend all day calling client for orders. He typically gets one or two big referrals every month or two from either a close CPA friend or a client. Usually they are more complex cases involving estate issues, life insurance (for estate planning purposes), small company retirement plans (he has been doing a lot of DBP plans the past few years for 1099 consultants), etc. So in addition to recurring revenue and regular monthly transactions, he will book 20-30K in insurance and big investement cases. So his workload each month may consist of one or two big cases he is working on, and then just some regular client maintenance.
His only problem is that he lives and dies by that sword. He will have the occassional 15-20K month because he has no big case come in, and all he has is trails, recurring fees, some DCA stuff, and maybe a few transactions on mautring bonds, etc.
Part if his success in this is that he has positioned himself as the "big case" guy. His CPA buddy refers to a few wirehouse friends for regular "broker"-type clients, but when a complex case comes along, it always goes to him.
24, He sounds like a very smart guy, definitely a cut above. But I'll go out on a limb and guess that he started in the business prior to 1993 and that his AUM are 100m plus?
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24, He sounds like a very smart guy, definitely a cut above. But I'll go out on a limb and guess that he started in the business prior to 1993 and that his AUM are 100m plus?
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Seriously? He is doing 450K. He's not even close to 100mm (maybe 55mm). He started in 1999 and bounced from an insurance-based BD to AGE to Jones (all in 5 years). He brought MAYBE 5mm to Jones, took over about 15-20mm from a Jones office, and built it to 55mm in 5 years (giving away 10mm along the way). Most of his new assets came between 2007-2010 (ironically).
[quote=Moraen][quote=inlandTX][quote=Lawrence] [quote=inlandTX] HINT: Jones wants people who admit they don't always want to play nice with others. We're a one-guy-in-an-office kind of place, after all. [/quote]
I am always amazed that the Jones model works.
As a career changer, I could never work for Jones because I am certain I would fail. For me to get through each day, I need to be able to draw on the experience, comradery and synergy I get when I'm in my office and I see other people in the struggle.
I would agree with InlandTX that most Jones reps have either a social aversion...or, my opinion, they like to drink at work. Not that there's anything wrong with either - it's just not my style. [/quote]
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Sorry inLand. You are not your own boss. At least not until you get to Segment 4. And how many people are languishing in Segment 3?
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You are not your own boss at segment 4 either. You may not get hassled about your numbers but you still are expected to attend meetings and do the in-voluntary volunteering stuff.
I sort of disagree. Sincne we are W2 employees, we are employees without doubt. However, we really are our own "bosses". Yes, we have Field Supervision people, but they are simply there to make sure we don't fukc up. They don't care when we come or go or how we prospect.
We have plenty of people in our region that don't do ANY volunteering. Inlcuding me. I could even skip all teh silly meetings, and in fact, I often do. But I actually like some of the meetigns, because I am friends with a lot of them, so it's good to see them every month or so.
But unless I fukc something up compliance-wise, HR-wise, or stop making my numbers, there ain't jack-schit they can do to me about ANYTHING. Now, if some bad schit comes down (client complaints, my numbers deteriorate,etc.), chances are I would not have as much backing as if I were "fully engaged" in the region. But that would be my choice. I have NEVER heard of someone being fired (in the field) for anything other than an HR violation (secks in the office, abusing BOA, lying about reimbursements, whatever), a major compliance issue (and usually they will work with you if it was honest mistake and you don't lie about it), or missing your numbers. And 95% of the time it's the last issue (hitting numbers).
The first half of these post where great made me laugh out loud. Segment 4 here that just went Indy! Amazing what you see when the kool aid runs out....
[quote=dlc008]I really do wonder what is with all the d-bags here. [/quote]
This is the financial industry... We are all d-bags...