Jones Production
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[quote=Spaceman Spiff]
If you mean "relationship" as in already has an account with EDJ that they're transferring to your office, then it's not a new household now is it?
[/quote] Not exactly. What I mean is that if you open an account for a client who has an account anywhere in the country with Edward Jones, but they don't transfer it to you, the new account does not apply toward the bonus.The reason I posted the “new account” explanation is because this was not clearly explained to me when I was hired. I don’t mind them only counting households. But, they should say 5 HOUSEHOLDS, not 5 ACCOUNTS. Why is that so hard?
It's been seven years since I started with Jones, and they are STILL saying 5 ACCOUNTS gets a bonus, when that is not really what they mean. I think the definition of account is pretty standard, and if I open a Roth IRA, a rollover IRA, and a joint account, that is three accounts by anyone's definition. If you don't want to pay me based on that, that's fine, but don't mislead me.Semantics. You’re correct, they should change the name to reflect the true nature of the bonus. But at the end of the day it’s a semantics issue.
My guess is that it has to do with Ted Jones saying that if you could open 10 new accounts every month, you'd be successful. It's been a part of the Jones vernacular way too long for it to change now.You guys are waaay overthinking and waaaay over explaining all of this.
1: Noggin answered his question in his question. The reason they use an INCENTIVE is to INCENTIVIZE people to work harder and achieve more. Capitalism.
2: A FAIR wage compensates people based on what they produce. If they are paid more OR less than they produce it is UNFAIR. That pay comes from somewhere if they are not producing it themselves. Stockholders Partners or Taxpayers. Capitalism.
3: We had a donkey until bspears quit. (just kidding I think maybe :))
4: If I was Borker and I believed in reincarnation I would kill myself. Even if he came back as a turd it would be an improvement.
Indy,
I agree, they don't explain it at all. The first time that I heard "households" and minimum gross was when I was in St. Louis for training. Even then, before I knew just how difficult it would actually be, it sounded materially different than what was pitched. That said, I can't honestly say that it would have changed my mind, but for a firm that preaches honesty it is questionable.This is getting ridiculously stupid. Imabroker give me a break. EJ is trying to trick people to work for them by “pitching” a different definition of account? Listen to what you are typing. Lemme guess…If you were “told” the technical definition of an account or you were “told” you would one day be expected to have a minimum gross production, you would be much more successful today. Blame the man you loser.
I can’t say that Jones tricked me when I worked for them. They were very clear on most subjects less clear on others. It’s called a contract, you need to read it before you sign it.
After you have been there for 4-6 years if you want to organize your business differently, go do it. I did.... I am better for it and Jones is just fine without me.Oh no, ytrewq, you still have the donkeys…I know…cause I left mine. I remember him fondly, I named him Jim W…he used to shit all over the office.
Wow, I bet you're going to have a wonderful Christmas holiday with that attitude! All we are saying is that the definition of minimum account was never specifically defined until after the contract was signed. He also said that it wouldn't have affected his decision either way (me either). Calm down and re-read the posts before you freak out.This is getting ridiculously stupid. Imabroker give me a break. EJ is trying to trick people to work for them by “pitching” a different definition of account? Listen to what you are typing. Lemme guess…If you were “told” the technical definition of an account or you were “told” you would one day be expected to have a minimum gross production, you would be much more successful today. Blame the man you loser.
[quote=imabroker]Indy,
I agree, they don't explain it at all. The first time that I heard "households" and minimum gross was when I was in St. Louis for training. Even then, before I knew just how difficult it would actually be, it sounded materially different than what was pitched. That said, I can't honestly say that it would have changed my mind, but for a firm that preaches honesty it is questionable. [/quote] Ok...the following came directly from the website: "New Account BonusesIf you meet certain eligibility criteria, you may earn new account bonuses for the first 36 months after successful completion of study and initial training. These bonuses are designed to help support you while you get your business up and running. If eligible, you may receive a $500 lump sum bonus after you open your fifth qualifying account, a bonus of $100 per account when you open accounts 6-10, and a bonus of $200 per account when you open accounts 11 and above" When I was hired...I read this and said hmmmmmm...Mr. recruiter...what is a "qualifying account" and they told me...no surprises. I guess they just expect people to read and ask questions if they don't understand something. If they explained ad nauseum, every little detail of the compensation package, it would be a year before you could get through it and actually apply. Note...It doesn't say "open 5 accounts and get $500"...it says "qualifying"...if that doesn't make an intelligent applicant ask the question, then you deserve what you get!
Just a question, at other firms, doesn’t everyone think of “households” or “clients” when they think of accounts? I mean, maybe it’s just me, but I don’t get all crazy excited when I open 5 accounts for one family, versus one massive IRA for one single guy. This discussion is just spiraling out of control.
They also didn't identify their equity discount payout policy in the new-hire package, or the mutual fund breakpoint schedule. So if you are curious, you ask. Personally, when I read this the first time, I just ASSUMED that account meant "household". Otherwise, you would be getting new account bonuses for every damn household you open ("Hey, IRA for you, IRA for you, Roth for you, Roth for you, Joint for you, Single for you, and let's put 10K in each one").This is spiraling out of control.
If Jones would change their propaganda to read "households" instead of "accounts," then this whole discussion would never have happened. Is that so hard? Yes, you can ask questions. Yes, you can have people clarify. But when you can change ONE WORD, which would alleviate all of that, why don't you?You’re right, you can’t cure stupid. There should be no reason to change it, but for the stupid people.
Thanks B24, you’ve just shown your true colors (green). Maybe one day you’ll leave the mother ship and actually open your eyes. You’ll be kicking yourself for not doing it sooner.
if a new rep is starting out with nothing, $500 in one month is a good chunk of coin.
big difference between opening 2 roth's, 2 529's, a rollover, a couple term policies, AND walking out knowing you just got a little extra coin from the mother ship since your income is next to nothing! it should be households, period. it is not accounts. when you are BRAND new there is a huge difference. i realize to most of us it simply semantics, but when $500 can represent a 25% boost in your income in any 1 month, it is a valid criticism. why can't they simply change the wording?OK…if you want to get technical…they don’t say households because just because you open 5 households in a month doesn’t mean you get the bonus…the account has to either generate a $100 gross commission or be $10k AUM…That is why they use “Qualifying Account”…They could say “Qualifying Household”…but then i’m sure you’d find something else to bitch about. You see, haters will always find fault with those they hate.