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Apr 17, 2008 8:02 pm

I did receive the contract after the interview process. I understood the base, still didnt understand the commision at that point. I think what threw me off financially where the networking cost that I have paid. I was told by my field trainer when I started that we could use the 2K credit after Eval Grad to cover some of these cost. I think Jones does a great job setting the expectation for the actual labor involved, but not for the income. All they tell you during the interview process is 50-60k including the small base, I think they can do a better job describing the average commission over the first 4-6 months. I think where I went wrong was assuming I would have any out of pocket expenses besides fuel.

Apr 17, 2008 8:39 pm
 
Apr 17, 2008 8:50 pm

No need to appologize, I did ask questions throughout the interview process regarding the pay. Unfortunately, since the training and pay structure had just changed, the vets I spoke with could not answer my questions about what to expect the first few months after training. It wasnt until I met my field trainer, after I accepted employment, that I began to understand a little of what to expect. But even then I didnt factor in the out of pocket expenses. I should have spoken with some newer advisors before I accepted the offer.

Apr 17, 2008 9:37 pm

How much more money do you need to make every month to pay your bills? 

 
Apr 17, 2008 9:44 pm

[quote=Borker Boy]I believe “firm growth” being a category (and credit cards ) for winning a diversification trip is highly unethical. It causes FAs to recruit folks they otherwise would not have, and when you’re trying to win something, you tend to leave out most of the negatives.

  (Come to think of it, that sounds a lot like the conflict of interest with commission-based business! We're just chock full of conflicts!)[/quote]   I agree with you on the credit cards, but disagree with you on the firm growth.  Actually I disagree with the unethical term altogether.  I don't like it, but I don't believe it is unethical.  The reason is that at the end of the day the referring FA has almost ZERO impact on whether or not that recruit gets hired.  There are so many steps beyond the initial application that it almost doesn't matter.  We're just another source of leads for Hiring.  Just like monster.com.  The onus isn't on you as an FA to hire anyone.  That decision is made by HQ.  I never count on any of the leads I submit getting hired or filling a category for me. 
Apr 17, 2008 10:36 pm

[quote=thardy]
I think where I went wrong was assuming I would have any out of pocket expenses besides fuel. [/quote]

Just out of curiosity, about how much were those surprise out of pocket expenses (besides fuel)?  And how long did your 2k mailing allowance last?

Apr 17, 2008 11:37 pm

I have been out about 10 months and when I was going through the interview process I was told several times to make sure I had several months expenses saved because it would be tight for a while…that being said I made the +/- $50k my first year (including hourly study time)…and haven’t yet hit a new account bonus although I had 4 qualifying accounts twice.  I have hit the milestone bonuses which are much larger and most important IMO.  I don’t think i’ve paid much at all out of pocket since I started…but I am one of the “5 states”…so all my networking groups, cell phones, stamps etc are picked up by EJ.

Apr 17, 2008 11:55 pm

is this 75k fee something new?

The reason I am asking is because I was employed with Jones about 2 years ago and left before kwc.  Now I am rejoing the securities industry as a financial advisor in a role non sales related.

  Will I owe something or is this new?
Apr 18, 2008 12:39 am

[quote=Spaceman Spiff][quote=Borker Boy]I believe “firm growth” being a category (and credit cards ) for winning a diversification trip is highly unethical. It causes FAs to recruit folks they otherwise would not have, and when you’re trying to win something, you tend to leave out most of the negatives.

  (Come to think of it, that sounds a lot like the conflict of interest with commission-based business! We're just chock full of conflicts!)[/quote]   I agree with you on the credit cards, but disagree with you on the firm growth.  Actually I disagree with the unethical term altogether.  I don't like it, but I don't believe it is unethical.  The reason is that at the end of the day the referring FA has almost ZERO impact on whether or not that recruit gets hired.  There are so many steps beyond the initial application that it almost doesn't matter.  We're just another source of leads for Hiring.  Just like monster.com.  The onus isn't on you as an FA to hire anyone.  That decision is made by HQ.  I never count on any of the leads I submit getting hired or filling a category for me.  [/quote] I know Spiff may be surprised but I have to agree with him on this point. I did the initial interview for a kid and told the firm DO NOT hire this guy. They hired him and I got credit for a hire I told them not to make.......
Apr 18, 2008 1:00 am

It doesn’t suprise me at all to hear things like that.  When I was a trainer at the home office I often had a new FA come through my class that made me scratch my head.  I remember thinking 15,000 inquiries on the website every month, thousands of applications submitted, and this bone head is the best you can come up with? 

  So, noggin, how did that guy do?  Because invariably the person I thought that about in KYC was the guy that by PDP had left the rest of the class in the dust.  Told me that either I was a bad judge of character and talent, or it was a big benefit to be dumb as a box of rocks to be a Jones FA.  Let the flaming begin.   
Apr 18, 2008 1:15 am

I actually think that if used properly…the Jones credit card can be good…i have a 75 year old widow who had 9 cards with a 7k balance…averaging about 18% interest…I got her consolidated paying 2.9% for a year and 9.9% thereafter…she was in tears talking to me the next month, how I helped her so much…unfortuately, i’m guessing when you need 12 more to get a trip to Africa it might be incentive to give them to everyone you see.

Apr 18, 2008 1:16 am

[quote=financeguy]

is this 75k fee something new?

The reason I am asking is because I was employed with Jones about 2 years ago and left before kwc.  Now I am rejoing the securities industry as a financial advisor in a role non sales related.

Will I owe something or is this new?[/quote]   Have the names of our initial training classes changed drastically in the past couple years? I've seen two different people today refer to what used to be called Know Your Customer as "KWC."   Second, how in the heck does a person quit before KYC? You pass the 7 and 66 and then just turn in your stuff?   I remember wondering what the hell I'd gotten myself into during KYC, but the thought of quitting before the first training class never entered my mind.
Apr 18, 2008 1:20 am
Hey Kool-Aid:

I actually think that if used properly…the Jones credit card can be good…i have a 75 year old widow who had 9 cards with a 7k balance…averaging about 18% interest…I got her consolidated paying 2.9% for a year and 9.9% thereafter…she was in tears talking to me the next month, how I helped her so much…unfortuately, i’m guessing when you need 12 more to get a trip to Africa it might be incentive to give them to everyone you see.

  What is it, 18 to fill a category? I'd submit that for every one person you "help" by giving a credit card, 17 others get themselves into debt they'll probably never get out of.   Oh well, Jim's gotta get paid somehow.
Apr 18, 2008 1:27 am

sorry your right i quit right after kyc…i had forgotten the correct terminology

  but i dont remember there being any ramifications of quitting      
Apr 18, 2008 2:59 pm

I have spent between 150-200 per month on networking events. There are 3 organizations I want to join, that would be an additional $1000. I still have most of the 2k marketing credit. I get most of my marketing supplies for free from mutual fund wholesalers.

Apr 18, 2008 3:04 pm

I am considering that, or at least coming back into the industry when I am more financially stable. I got a call from ML, but with their recent troubles I wasnt sure if that was a good move.

Apr 18, 2008 5:43 pm

[quote=financeguy]sorry your right i quit right after kyc…i had forgotten the correct terminology

  but i dont remember there being any ramifications of quitting      [/quote]   They will come after you for the 75K. If the situation was different and they fired you, they wave the education expenses but since you quit .. they will and do come after you!   best of luck.
Apr 18, 2008 6:05 pm
Kind of weird someone like that would turn down ML.  And FWIW, the salary at ML has been extended to 3 years.  It's been extended precisely to keep promising trainees from starving out of the business.  It's the same reason the salaries at all the wirehouses run to 3 years now.       [quote=iceco1d][quote=thardy]I am considering that, or at least coming back into the industry when I am more financially stable. I got a call from ML, but with their recent troubles I wasnt sure if that was a good move.[/quote]   So lemme get this straight?  You like the biz.  You aren't terrible at prospecting.  You would like to "come back someday?"  The only reason you need to leave is because your aren't earning enough in the early period @ Jones...   So you got a call from Merrill, who would pay you $40K - $80K salary for up to 2 years, depending on what you bring to the table...has industry-leading training program, and you balking at...what exactly?    Pickup the phone, call ML back, and get on a different horse if one is offered![/quote]