Gonna go out on a limb here.  “Ofcourse, I think they are misleading about their statistics.”  “That would pay our mortgage…”  My advice is please take the $50,000 and go away.  As a matter of fact, default on your mortgage and claim the lender was “misleading about their statistics.”  too.  The rest of us taxpayers will not come after you with a nonpayment (as opposed to noncompete).  Pretty lame that you start explaining your own poor financial planning with some excuse about “misleading statistics”.  Disgusting broken record.  My advice?  Try a tiny bit of personal responsibility.  Go away.

I don’t agree with him that they are misleading, but on the other hand they do float a giant “if” balloon… Some of those account bonuses they include are just stupid when I was there we had 6 people qualify for at least one( OUT OF MY WHOLE PDP CLASS)…



Why don’t you drop your production for a month and make them fire you… that is how a couple of guys in my training class got out of the contract

1 year out and < $1MM AUM is “above standard?”

ytrewq, that is a horrible post.  The person needs to take care of their family and obligations. That was a very rude post.  I will have to agree that Jones is a little misleading about its first year income possibilities.  Success really depends on if your handed a gift in a existing office with good assets. That is about what it takes to make it here. There will always be that miracle New New success story.  I wouldnt buy a damn thing from some Joker operating out of the trunk of his car or in the supply closet of some FA's office.  Let me tell you I was one of those jokers. My desk at my "Legacy Branch" faced the wall. 

covered calls,
Your post is the one that is horrible.  In fact, his post is rude, and yours is rude.  If you take a moment and think.
1:  It does not take a handout to succeed.  I am sure almost everyone here, myself included, was handed absolutely nothing.  It takes personal responsibility.

2:  My post was about “family obligations”.  I have a large sum of capital invested in EJ.  “Posting” for ways to screw me, EJ, and my family out of my very hard earned money p!sses me off.  There are many people on this site that have lost huge sums money invested in their firms for no fault of their own.  I would bet none of them appreciate people like you looking for ways to screw them just a little bit more.

3:  I have spent literally thousands of hours helping new FA’s get a start.  Thousands of hours that could have been spent with my own family.

You say yourself you were handed an office and yet you still try to act like you know what it is to build your own.  I am not your friend and I passed “3 years in” 16 years ago.  How in the hell are you going to move on to bigger and better things when you admit yourself you could not have done it if not for someone else’ hard work and generousity.   You wouldn’t want to “put in the effort” or “work 70 hours a week”?  You do not deserve to call yourself an Financial Advisor.  Move on to better things now.

This thread has to be a joke.  No institution, including a bank, is going to pay a broker with less than a million in assets 50k to move over…I don’t care if their balls are dipped in gold, it’s not going to happen.  Second, to think any firm pays you squat your first year or two, you must be an idiot.  Third, you should be bringing in more assets than a million in your first year, which tells me toughbiz doesn’t have much of a work ethic, considering the million is probably family.  I am so tired of these types of threads where “everything is someone else’s fault”, and “I shouldn’t take any blame even though I am a lazy dumbass”.  ToughBiz, just quit and save yourself from your own misery.

troll.

Unfortunately, it's tough to screen out the new hires based on "attitude" and "heart".  No matter how good or bad a firm is at hiring, there will still be many that are just not cut out to be FA's.  Whether it's here or Merrill or Morgan or indy, it's still essentially your own business to make or break.  Whether you get a W2, a 1099, or a K1, it's 100% up to you.  The only knock I would have against Jones (and other BD's), is that they probably don't adequately prepare potential new hires for the rigors and expense of the business.  Although Jones does put it out there, a lot of people that get hired are under the false assumption that this is an "occupation" that will give you a paycheck.  They should make it much more clear what the downside is, really just to weed out those that are not cut out for it, and save us the time, money, and effort of training them.  It's been 3+ years since I went through the research process for this career, so I don't remember exactly how Jones communicated it, but I will say I did all my own research and knew going in that you could make $0 or $1mm, and it was entirely up to you. 

I’ve just been hired at EDJ and there is no way that anyone walking into the position would have an over inflated idea on what makes a successful EDJ FA, what the initial earning potential would be or how much work is required.  They are pretty thorough in the hiring process before you even get your foot through the door of your final face-to-face interview.  <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />

If the poster is real ... go visit an FA in your area, buy them a coffee and ask what you are doing wrong.   It's your prospecting or your closing skills holding you back.   Also, if you are discouraged, is that coming across in your day to day consultations?  Clients smell fear and desperation.

Why leave as a failure?  Get out there and turn it around.

[quote=ToughBiz] I am with EJ and am currently in my first year. Ofcourse, I think they are misleading about their statistics. I am a new new. Anyway. I am not making what I thought I would first year and I have no more savings. I am above standard and still behind on bills. There is a bank who wants to pay me $50k to come over. That would pay our mortgage and bills.

ytrewq,

I wasnt calling you my friend.  Even though I dont see how you could say that I am not. If I saw you or your family in need of help I would lend it.  I also wasnt speaking of you when I mention three years in .  I am sorry to have offended you.    My opinion is that I dont think I would have spent thousands of hours training new FA's at the expense of my family.  I also dont think I would invest my money in the firm I work for unless I owned it outright. Those are strictly my opinions.  They are right or wrong depending on the individual. I do not need anyone to agree nor do I care.  I did not say that I wasnt willing to put in the effort. I said I would not be willing to put in the effort required to make it as a new new, especially without a salary after the first year.  It is difficult and takes extreme dedication. A price that I would not pay. I give the utmost respect to those who were given no handouts and made it even it was before there were 30 Jones offices within a 5 mile radius .  I would gladly give tough biz my office if he lived in my town if Jones would let me out of my contract.  I  can tell you I am not a troll.  I  admit I do hate the way this company operates and my opinion is  bias.

Hey Tough Biz, I will give you a tip. When you knock on doors and run into people who say they are  already with Jones. Say oh let me guess you like the American Funds. No doubt your advisor has been kind enough to show you how you can get into the  A share funds at up to half the upfront expense.  Really he hasnt. Wow I would love to tell you more about how it works.  I could come by another time or you would be welcome to come to

covered calls is not a troll he is a retard.  I apologize if I offended any retards by that comparison.  “dont think I would invest my money in the firm I work for unless I owned it outright”  What’s an ESOP dork?  Pretty much eliminates you working/investing in any publicly traded company in America.  Read you own posts again.  Contradicted yourself many times.

Ytrewq. do you know that you really are sort of an asshole?  What is your arguement. What do you mean when you say "what is an ESOP dork"?. Are you trying to tell me that ESOPs exist and I didnt know it?  I said that I would not invest in the brokerage I work for and that was my opinion.  If the company I work for gave me stock I would sell it at the right opportunity. If the company offered me partnership I had to pay for I probably would turn it down.  I said that was my opinion.    Yes, ytrewq, The word retard is offensive to me.  My daughter has mental retardation.   I dont see contradiction in my posts.  I see that they may be contraversial but not a contradiction.

Primo,  I never made it a point to  poach from others in my own firm.   I simply provide service and pricing that others are not willing to provide.  I run into many who are tired of paying the full 4-5% for managed mutual funds. It is mostly clients choice.  I wasnt this way originally until some  Seg 4 advisors poached my clients. I love  the 20 minute hows it going phone calls from fellow advisors that just before hanging up the phone give you the oh by the way a client of yours would like to switch over to me.  Get to the fucking point instead of wasting my time you greedy bastard.

Covered Calls. do you know that you really are sort of an asshole? 

yes sir

ToughBiz,

"I said I would not be willing to put in the effort required to make it as a new new, especially without a salary after the first year. It is difficult and takes extreme dedication."

I think you’ve just stated that you are much better suited for a 9-5 salaried (or hourly) desk job. It’s OK to admit this. Not everyone is cut out for building a business.



"I also admit I am dumb for signing the employment contract and working for a brokerage firm that doesnt offer options trading."

So you can’t make it because you can’t trade options? I can’t tell you how many times I see advisors fail because they can’t trade options…

FYI, don’t be deluded into thinking that every Merrill or Indy broker is trading options just because a few people talk about it on this website. There are a lot of good advisors on this site that will agree that they did not need options to become successful (especially in the early years).



"The barrier of entry was low and I fell for it. "

You’re certainly right there.



“They might need someone to not rip them off with 5% mutual funds and 3% bonds one day.   " your advisor told you that it would be prudent after 8 years of holding A shares to move to a new Advisory account” “Oh I thought you were kidding” “Let me show you how that math works out and how your advisor gets paid”     He put you in a VA because he “wanted to guarentee the income gap in retirement”. I dont even need to go on. "

So…A-shares are bad…Advisory accounts are bad…VA’s are bad… Oh, I get it, it’s just that all Jones advisors rip their clients off by switching them from A shares to VA’s or Advisory or bonds or something. Do I have it correct? Well how about this…stop worrying about all those criminal FA’s in your organization and just do your own thing. I’m sure they’ll all get arrested and barred from the industry soon enough.







Calls, guys like you come and go all the time. You’re a dime a dozen. It has nothing to do with Edward Jones. There are lackies at all firms. The difference is, the one’s that make it don’t come on here whining and crying. They keep working hard and make it work. Don’t blame Jones for your problems. Don’t blame the 20 other offices on your block, because Merrill, SB, and Morgan have offices down the street full of more advisors than Jones…and they’re not crying about the competition in the next cubicle.

Ive built a business and I am doing just fine.  I am not struggling to make it and have not been put in the position to have to make it as a new new for three years. I was very clear about that.  I certainly dont envy the position a new new is in by working out of the trunk of their car.  Your right  I am suited for a 9-5 desk job. A 9-5 commissioned desk job which is what I  have been doing for almost three years. 40-45  hours a week and enjoying my life.   I have made it without trading options.  I will say it is stupid to not have options and what makes you think I care how much everyone else uses them.   Its like not selling hammers at a hardware store.