Edward Jones - selection process
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I think we are might be overlooking his contribution abilities. If he was in fact a GP/RL, he has a lot of insight into the inner workings of EDJ. Maybe a former GP can finally confirm or deny all of the jabs that are thrown by a lot of ex-EDJ guys who have no real insight into the inner workings of EDJ.
I have questions that never seem to get answered around here. Some "need to know" type questions. For instance: What's the minimum buy in on GP? What's the return? Do you have to have all the cash up front or is it a loan like the LP? Do they continually offer you more like the LPs? Is Jim Weddle's hair real? Is there a secret handshake? Do you get separate newsletters in addition to Uptick that let you in on the secrets of the evil EDJ empire? I think if he can answer those type of questions, he may add some credibility to our otherwise, mostly, useless debates about EDJ. I say welcome.Spaceman-I can answer a few of your questions above.
1. minimum GP $125K 2. Return: 50-60% 3. Loans like LP 4. Firm keeps offering GP similar to LP 5. YES, but not his nose. 6. There's a secret "pinch"-don't ask me where. 7. Separate info-not necessarily mailings, but some. Hope this helps. Senior GP's are some of the highest paid advisors in ANY firm. Kinda surprises me that you didn't hear some of this after being in home office. Guess there was no need, but hope you get GP someday---you'd be good. Have a wonderful day![quote=donatello]Spaceman-I can answer a few of your questions above.
1. minimum GP $125K 2. Return: 50-60% 3. Loans like LP 4. Firm keeps offering GP similar to LP 5. YES, but not his nose. 6. There's a secret "pinch"-don't ask me where. 7. Separate info-not necessarily mailings, but some. Hope this helps. Senior GP's are some of the highest paid advisors in ANY firm. Kinda surprises me that you didn't hear some of this after being in home office. Guess there was no need, but hope you get GP someday---you'd be good. Have a wonderful day![/quote] Spiff, most of this is common knowledge (OK, I didn't know about the secret Pinch or the nose job). I'm surprised you weren't aware of it. I've seen GP returns published on JonesLink. And actually, the GP's are NOT among the highest paid in the industry. When you compare to Merrill, Morgan, etc, they are not even close (and I am referring to the GP returns, not the 150K salary or whatever it is). Also keep in mind, the GP's have to BUY all of their shares (even if it includes a loan), and also have a higher degree of liability to the firm than do public CEO's and Directors, etc., who are GIVEN stock options and grants, and have liability only to the extent of the shares owned. In other words, they hand you millions, and if you F'up and run the company into the ground, you are just fired (and typically walk away with millions in severance). At Jones (or any LLLP), you could be on the hook for a whole lot more.I have heard rumors about a lot of the GP info. I have always heard that the minimum is $500K. I know that they make loans like LP, because one of the local RL’s just became a GP and he had to borrow everything he could to make the downpayment. 50-60% returns are lower than what I’ve heard before.
My point was, if this guy was in fact a GP, then he would have all of that info first hand. He could shed some factual light on things rather than us continuing to put info out there based on what we've heard, second hand.I was talking to my BOA the other day about the irony of the fact that I can produce well below the minimum production requirements, bring home enough to live comfortably (remember, I’m a former police officer) but still get canned.
If I went independent, it would only be to work with a couple other advisors in a team-oriented environment and to not have to worry about keeping my dot above that damned red line. Besides, then I'd be able to sell those equity-indexed annuites and make 15% on every sale like the other guys in town![quote=Borker Boy]I was talking to my BOA the other day about the irony of the fact that I can produce well below the minimum production requirements, bring home enough to live comfortably (remember, I’m a former police officer) but still get canned.
If I went independent, it would only be to work with a couple other advisors in a team-oriented environment and to not have to worry about keeping my dot above that damned red line. [/quote]If you recognize the irony of allowing others to determine whether or not you can continue to earn a living doing what you do, and realize that there are viable alternatives, perhaps the real question you should be asking yourself is: isn't it ironic that you allow yourself to remain in such a situation?
Excellent point, Morph.
However, I have one more year until I'm out from under my little "training contract."Ah so. Pesky training contracts!
Just keep in mind - if push looks like it might come to shove - that generally speaking (I said “generally” not always) those payback amounts reduce on a pro-rata basis as the defined period expires and, even if you need to leave sooner, you can typically expect to pay some negotiated portion of that amount. Info to tuck away, just in case.
The buy in for STL partners was like you said but they were on you hard to pay the full amount up front if you were a RL. And Novick was after you to pay it off quick. Weddle’s hair is real and is nose after being detached from JB is clean at least He has on hell of a car collection. You were offered more GP in the field if your region was growing and you k… a lot of a… of the Area leaders. The latter had more weight than the former. Usually you got .02% of 1% of the firm but it usually equalled from 110k to 120k. Sometimes they would park GP in your account. Say someone left the firm you would get the earning and growth but the principle was subject to being moved to the next fair hair without reason. You still paid for it but was subject to buyback at their desire. While the loans, like lps, were very low rates, that is the only resemblance. You must pay it off quick. They would look at your account and tell you to sell your other investments and pay off GP if they
thought you had too much in your account. They do joke about a secrete hand shake but that is all urban ledgend. It is really a wink!! Point 7 is correct.Couiple other things. Sorry about the spelling in previous posting. I will try to do better. There really is two classes of GP’s The Field and STL. The STL partners did get a meger salary because they had no other income and no savings usually a middle level producer that had a specialized talent other than the ability to sell. Most of the field RL’s were producers. My last couple of years with gp, lp (that we got to keep) earnings, bonus and other benefits were near a million a year. That may not measure to mother merrill but where most Jones guys and gals lived we were the big dog in town. While I don’t dislike Jones, I left because of the pressure to sell the big 7 or 8 and the lack of full disclosure to clients and the B S politics has turned them into an also ran organization that has lost the culture and kept the cult. It was a great firm with Ted and John …no more… Now a flunked out broker turned Field Services Rep (compliance) is not my boss. While I never had a FS problem I sure resented their incompetence.
O-12: Geez. I thought I knew a bunch. You are the real deal. Glad you decided to post.
I was close in my numbers. My info was good. I was only talking about GP that was producer. I was told by GP in home office that there are more multi-millionaires in EDJ that any other firm in St Louis..possibly many large companies in many large cities. They would come out on top of every other firm in St Louis as far as top exec pay. There is not disclosure, and they don't have to.
Question...I'm right about the "pinch", huh? You pinched some, didn't you??? wink wink. (kidding)...but the B__tt Kssng was real....I saw it. Ugly! Not exclusive to EDJ, but really bad just the same. Glad you are free. Again, Really love those who go to the light. They are truly saved! Praise the Lord! Great info!0-12 - thanks for the detailed info. Even as an EDJ vet, I've never heard some of those details you shared.
D - Every year the St. Louis Post Disgrace publishes a list of the top paid execs of companies in STL. Weddle makes the list, as do a couple of other Jones GPs. Jones is one of the largest employers in the STL area, even without counting all of the FAs and their BOAs. But, if you find a list of the top paid execs in the financial services industry, with salaries, stock options, etc then you won't find a single EDJ name. If I were Jim, I might be a little jealous of some of the bonuses that those guys get. Jim is certainly well paid, but not in relation to some of the other CEOs in the industry. The politics game drove me nuts when I was in HQ. It's one of the reasons I decided to leave there and go to the field. Now if I need to kiss a butt it's because that butt has some money and immediate income for me attached to it.[quote=Spaceman Spiff]
Now if I need to kiss a butt it's because that butt has some money and immediate income for me attached to it. [/quote] Now, why did I think of Spitzer and his "dates" when I read that statement?[quote=doberman][quote=Spaceman Spiff]
Now if I need to kiss a butt it's because that butt has some money and immediate income for me attached to it. [/quote] Now, why did I think of Spitzer and his "dates" when I read that statement? [/quote] Took me a minute to realize you weren't slamming me.