Jones is the highest ranking firm, but theyre also
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There are plenty of us who are financial experts on top of being salesmen. What I am saying is that people skills are the most important in this business and not where you graduated from. People skills are inherent and rules processes and theories are learned. Jones model embraces this and regardless of the prestige other firms think they have, look at all the financial trouble that “prestige” has cost them. I know its not as much the retail side of those firms but its crap to say that big schools and GPAs are success indicators.
This is exactly what I'm trying to say. Of course we know this because we're in this business and didn't just graduate from college. The kid who started this forum doesn't because he, as Ron put it, is wet behind the ears. I know tons of guys who don't have college degrees in this business. I know one specifically who barely graduated from high school and he's producing over $800K He just knows how to relate to people and have them trust him with their money. Individuals I know who recently graduated college are feeling the hurt in this economy as their newly minted degrees aren't being put to work. And you still haven't answered the question: Are you even in this business? I think I already know this answer.There are plenty of us who are financial experts on top of being salesmen. What I am saying is that people skills are the most important in this business and not where you graduated from. People skills are inherent and rules processes and theories are learned. Jones model embraces this and regardless of the prestige other firms think they have, look at all the financial trouble that “prestige” has cost them. I know its not as much the retail side of those firms but its crap to say that big schools and GPAs are success indicators.
There are plenty of us who are financial experts on top of being salesmen. What I am saying is that people skills are the most important in this business and not where you graduated from. People skills are inherent and rules processes and theories are learned. Jones model embraces this and regardless of the prestige other firms think they have, look at all the financial trouble that “prestige” has cost them. I know its not as much the retail side of those firms but its crap to say that big schools and GPAs are success indicators.
I disagree that Jones embraces anything relating to learning actual financial or market theory. I spent three years there and can't say I was impressed with financial acumen of anybody outside of one Segment 5 guy.
[quote=Moraen] [quote=fa09]
We are salesmen with teams and technologies to do the theorizing for us. Hate to say it but its true. If you are someone with basic market knowledge and great people skills this is the career for you. Otherwise shut up and go get a calculator and a desk somewhere you will indeed fail at this career.
[/quote]Some people can be salesman and financial expert. That's a true financial advisor. [/quote] exactly, you need to be an expert to be a true financial ADVISOR. jones has very few true ADVISORS the majority of their workforce are salesman. obviously it works for them, i just dont see how they are the highest ranking firm when their employees are less knowledgeable than everyone else
I never said GPA and big schools were success indicators ( they arent). I said most Jones employees couldnt even get interviews at places like Barclays, ML, MSSB, etc....yet Jones is the highest ranking firm. It's kind of confusing.There are plenty of us who are financial experts on top of being salesmen. What I am saying is that people skills are the most important in this business and not where you graduated from. People skills are inherent and rules processes and theories are learned. Jones model embraces this and regardless of the prestige other firms think they have, look at all the financial trouble that “prestige” has cost them. I know its not as much the retail side of those firms but its crap to say that big schools and GPAs are success indicators.
its because at the drop of a hat we have the support of a home office of experts in every field to help advise us on the things we ourselves are not experts on or a particular situation that may throw us through a loop. Wirehouses don’t give any better product training than Jones does, although they may get more frequent lunches from wholesalers.
I happen to disagree with you on the interview thing. I don’t know of a BOM out there who wouldn’t give a current Jones fa an interview… the guys that failout even land jobs. Just ask Still@ or MBA2FA
its because at the drop of a hat we have the support of a home office of experts in every field to help advise us on the things we ourselves are not experts on or a particular situation that may throw us through a loop. Wirehouses don’t give any better product training than Jones does, although they may get more frequent lunches from wholesalers.
Drop of a hat? Really? You can pick up the phone and speak to an analyst (although I can't imagine why you'd want to speak to a Jones analyst)? The Chief Market Strategist? Other firms have access to their "experts" as well.
Also, how many times have you called the home office and gotten a different answer to your question? The joke in my old region was "call until you get the answer you want."
Experts indeed.
Jones is a great company. The average Jones advisor can get hired at a wirehouse AFTER they have Jones experience (and have already gotten all of their licenses.) I'm talking about the average new hire....the new guys getting hired at Jones wouldnt get interviews at a lot of firms (this is before working at Jones), they dont meet their requirements.I happen to disagree with you on the interview thing. I don’t know of a BOM out there who wouldn’t give a current Jones fa an interview… the guys that failout even land jobs. Just ask Still@ or MBA2FA
[quote=fa09] its because at the drop of a hat we have the support of a home office of experts in every field to help advise us on the things we ourselves are not experts on or a particular situation that may throw us through a loop. Wirehouses don’t give any better product training than Jones does, although they may get more frequent lunches from wholesalers.
Drop of a hat? Really? You can pick up the phone and speak to an analyst (although I can't imagine why you'd want to speak to a Jones analyst)? The Chief Market Strategist? Other firms have access to their "experts" as well.
Also, how many times have you called the home office and gotten a different answer to your question? The joke in my old region was "call until you get the answer you want."
Experts indeed.[/quote]
Ok so ur point is well taken. Jones hires idiots who couldn't possibly handle clients assets properly. As a former Jones employee I applaude your self awareness.
[quote=fa09]I happen to disagree with you on the interview thing. I don’t know of a BOM out there who wouldn’t give a current Jones fa an interview… the guys that failout even land jobs. Just ask Still@ or MBA2FA
Jones is a great company.
The average Jones advisor can get hired at a wirehouse AFTER they have Jones experience (and have already gotten all of their licenses.)
I’m talking about the average new hire…the new guys getting hired at Jones wouldnt get interviews at a lot of firms (this is before working at Jones), they dont meet their requirements.[/quote]
Jones does take more risk on new hires than some other firms. However they have a business model that allows them to do so and be profitable. They are willing to give hard working people a shot. I think their main requisites are a strong work ethic, with previous upward career mobility and be a fairly competent individual. The guy that makes it at Jones would have made it elsewhere the problem is they may not have given that person a shot. Fits into the whole firm model. We also take clients with lower net worths than many other firms would look at. It has served Jones pretty darn well in both aspects as the new fas who are successful tend to eat up the culture more and stay with Jones and the clients as their net worth increases do the same. Pretty simple but pretty ingenious as well.
[quote=Moraen] [quote=fa09] its because at the drop of a hat we have the support of a home office of experts in every field to help advise us on the things we ourselves are not experts on or a particular situation that may throw us through a loop. Wirehouses don’t give any better product training than Jones does, although they may get more frequent lunches from wholesalers.
Drop of a hat? Really? You can pick up the phone and speak to an analyst (although I can't imagine why you'd want to speak to a Jones analyst)? The Chief Market Strategist? Other firms have access to their "experts" as well.
Also, how many times have you called the home office and gotten a different answer to your question? The joke in my old region was "call until you get the answer you want."
Experts indeed.[/quote]
Ok so ur point is well taken. Jones hires idiots who couldn't possibly handle clients assets properly. As a former Jones employee I applaude your self awareness.[/quote]
Wasn't talking about the FAs dumbass. Was talking about the Wal-Mart rejects they hire at the home office. Not to mentions Jones hires all kinds of people as FAs, from teachers to engineers, from tractor salesmen to transfer brokers. Some of these people are very smart. Some... not so much.
It appears you fall in the latter category.
Being that the thread is about the people who are hired here I assumed you were speaking of those people. My mistake. I was however pointing out the irony in your overall negative reflection on the firm that helped you get where you are today. Your bitterness is sad.
fa09 - I’m actually not bitter. Jones is a great place to START. But it’s not what I was sold when I got hired. Plus, get a little more experience at the firm you are defending before you call into question my state of mind. We’ll see if you’re around to be fa12.
Having been one of those "Wal-Mart rejects" that was a home office employee, it's obvious to me that you really didn't know much about the home office, the hiring practices, or the quality of people that they hire. It's a big organization, and just like every big company, you're going to find the random person who just really shouldn't be left alone to fend for themselves. However, the majority of the home office employees are college grads (which is totally overrated, but at least shows you can stick with something long enough to complete the task). Here in the STL area, it's a bonus to have EDJ on your resume if you should decide to look for a job outside the cult, I mean firm. In this particular case, Moraen, your mouth is overreaching your brain. You really shouldn't talk like an expert on things that you obviously aren't. Unless, however, you are able to back up your statement with facts.
Wasn’t talking about the FAs dumbass. Was talking about the Wal-Mart rejects they hire at the home office. Not to mentions Jones hires all kinds of people as FAs, from teachers to engineers, from tractor salesmen to transfer brokers. Some of these people are very smart. Some… not so much.
It appears you fall in the latter category.
So the running joke is not true? You can call home office and NOT get a different response each time you call?
Plus the guy from Field Supervision who works at Wal-Mart? Come on Spiff. Not saying you were a Wal-Mart reject, but there are some pretty big IDIOTS at St. Louis Home office. Unless all of the sudden things have changed in two years.
Having been one of those "Wal-Mart rejects" that was a home office employee, it's obvious to me that you really didn't know much about the home office, the hiring practices, or the quality of people that they hire. It's a big organization, and just like every big company, you're going to find the random person who just really shouldn't be left alone to fend for themselves. However, the majority of the home office employees are college grads (which is totally overrated, but at least shows you can stick with something long enough to complete the task). Here in the STL area, it's a bonus to have EDJ on your resume if you should decide to look for a job outside the cult, I mean firm. In this particular case, Moraen, your mouth is overreaching your brain. You really shouldn't talk like an expert on things that you obviously aren't. Unless, however, you are able to back up your statement with facts. [/quote] Listen, I don't understand why people always call us a cult. I mean...geez. People get all bent out of shape because from time to time we sacrifice a virgin to the Ghost of Ted Jones, then call upon the spirit of Al McKenzie to aid us in the slaying of Merrill brokers. I guess people don't understand the meaning of the word 'cult'...[quote=Moraen]
Wasn’t talking about the FAs dumbass. Was talking about the Wal-Mart rejects they hire at the home office. Not to mentions Jones hires all kinds of people as FAs, from teachers to engineers, from tractor salesmen to transfer brokers. Some of these people are very smart. Some… not so much.
It appears you fall in the latter category.
You must have missed the part in my post where I mentioned people who shouldn't be left alone to fend for themselves. You are absolutely correct that there are some idiots at our home office, just like anywhere else. More than likely, including your own firm. However, 95% of the time our questions get answered to our satisfaction, our issues get resolved, and I have zero problems with the quality of people Jones hires at HQ. That other 5%, well let's just say I'm not shy about asking who their team leader is. I've never heard of an FSD who also works at WMT. If you have the time and inclination, some mind numbing job like WMT greeting might be therapeutical for some FSD who deals with us all day.So the running joke is not true? You can call home office and NOT get a different response each time you call?
Plus the guy from Field Supervision who works at Wal-Mart? Come on Spiff. Not saying you were a Wal-Mart reject, but there are some pretty big IDIOTS at St. Louis Home office. Unless all of the sudden things have changed in two years.
[quote=Spaceman Spiff]
I've never heard of an FSD who also works at WMT. [/quote] I agree with most of what you are saying Spiff, but i gotta say. My Development leader before PDP told me on multiple occassions of how she had an eye on my job, as well as worked at a clothing store in the mall.I totally understand why a woman, if she’s got the time and a shopping habit, would put in a few hours at the mall. Especially a clothing store. Heck, I’ve thought about putting in some hours at Lowes to support my own habit. When I was in the home office and didn’t have any kids, my wife and I would put in some hours at a store in the mall at Christmas, just for some extra cash in our pockets.
It didn't mean I was an inferior little worker bee, just that I had some time to do something like that and I was motivated enough by the extra cash to do actually do it.