Wow! That $U(Ks 

How long before you go indy?

Hey that looks like my check at Morgan except for one or two things…that is why this business is for idiots (me included).  I do live in CA. and I live in the negative every month, by far…  Like I said before all of my friends who have had any brains, including a couple doing 1,5000,000 gross have gotten out of this business and are absolutely killing it now…Anyone who can figure out how to do gross in this stupid industry has the smarts to make more doing something else (except me so far, but soon i hope).

I don’t thingk anyone pulling down 1.5 mill gross is leaving the biz dumba$$!!! You obviously don’t pull down much gross to begin with saying stupid things like the above.

They make a big deal about it so the RL can annouce it to all the noobs (and to your wife at summer regionals) to help digest the kool-aid.  Did you forget 1% oof net to fund the national advertsing, or do they not do that anymore?  That's even before you hit your net, they take the 1% out...GREAT FIRM! 

With all the revenue sharing dollars Jones gets, they should be sharing some with the IR's and pay 1/2 their health insurance.  I never got that...the IR and the BOA are BOTH considered employees--and they pay it (1/2) for the BOA? 

Now, as an employer--I pay all my assistants health insurance and we do a safe harbor 401k--but reading your post spike reminded me of one of the many reasons I left Jones.  What a poor place for a vet broker to be....

Jones sucks, but your math is a bit of a stretch.  If anything, it's an idictment of why any reasonable person would want to live in the state of California.  I figure it like this:

$10000 net (minus)

FICA & Medicare        &nbs p;  $800

Federal Withholding       $1500

State Income Tax          $0     (Yes, I live in one of THOSE states)

Health Insurance        &nb sp; $273  for my family of four, plus $480 to fully fund my Health Savings Account

401(k)                           $1250 (to max for the year)

Office Expense        &nbsp ;     $400 (I did it pre-tax, and had a hard time filling it up each month)

BOA         &nb sp;         &nb sp;        $0  (If they think it's better being a bank teller, them let 'em go)

EDJ 1% Advertising Pool  $100 (1% of net)

Net= $5193 after fulling funding your 401(k) and HSA for the year.  I had many net 10 months at Jones, and I never cashed a check net/net/net for less than 5K.  If you really cashed a $2800 check after netting 10, then you need to figure some things out--starting with which state you choose to reside in.  And please, save all the bullsh*t that all the big money is in California.  The reason people outside that state can actually invest is because they don't live there.

Soooth__

Ok, so I choose to live in California.  I have been in every state in the Union except Alaska and Montana.  I am a 5th generation San Diegan.  It's hard for me to choose to go to another state (Nevada) because my wife is from Northern Cal.  So I choose to have a $4000 mortgage and pay 9% state income tax. 

Because all of this is true, I realized that $2800 net/net/net every month was not my way of living.  When I was making $20k net per month at Jones I felt like I was finally living a life they were promoting.  The problem was I had to miss breakpoints, and sell Long Term Care Insurance in order to do $20k months. 

Jones is a great firm to start, but once you get your sea legs in the this business it makes no financial sense to stay at that firm.

what’s wrong with selling long term care ins.?

Sooth,



You are probably the one who should be dismayed by the math. 
Remember, you did $27,000 gross to get that $5,000 check!  Does
your BOA and rent cost $17,000 per month?  Are you making, what,
$10k in LP return/bonus a month?  With all due respect, you need
to take the blinders off and decide weather or not you can do the same
business without the “EDWARD JONES” brand.  If you can, the choice
is simple.  If you take care of your clients like I am guessing
you do, they are with you because they trust YOU, not because of
Jones. 



Respectfully,  Ready

[quote=Ready2Jump]Sooth,

You are probably the one who should be dismayed by the math.  Remember, you did $27,000 gross to get that $5,000 check!  Does your BOA and rent cost $17,000 per month?  Are you making, what, $10k in LP return/bonus a month?  With all due respect, you need to take the blinders off and decide weather or not you can do the same business without the "EDWARD JONES" brand.  If you can, the choice is simple.  If you take care of your clients like I am guessing you do, they are with you because they trust YOU, not because of Jones. 

Respectfully,  Ready
[/quote]

R2J-

I made that move years ago.  The bad taste from Jones still lingers in my mouth as well, and I'm the first to call a spade a spade on this board.  However, spreading half-truths does little to truly expose Jones.  Spiked said if he grossed $26-27K, then $2800 hit his checking account.  I said, "Bullsh*t!"  Jones sucks, but it doesn't quite suck that bad.  If what he is saying is true, that says as much about the state of California as it does about Jones.  Me, I'd summon a moving truck immediately.  You can always go back to visit Mommy and Daddy and take the kids to Disneyland some other time. 

But, then again, what else would you expect from a place where more than half the people voted for Diane Feinstein, Barbara Boxer, and Nancy Pelosi?  If Hillary were to become president, then I'm moving to Australia.  Do I sense Menotellname is about to join this thread? 

thanks for the candid posts, Sooth. I like this forum for candid posts like yours and many others, not crap that Spiked often sends off. Look what he did to his clients over and over again. I take everything he posts as a grain of salt. It is obvious that you can make more $$ as independent, but working as employee has advantages too. Not everyone sees $$ as the only motivator.

Sooth- I second peanuts sentiments. I have learned quite a bit from your perspective. Thanks.

I can reiterate my experience. 

$14k gross

$3000 Net to checking acct.  No 401k deduction.

That sux right there, I don't care who y'are (Larry the Cable Guy).

I would imagine it is more like 3300 net, but who’s counting. It is going to be that at basically every large firm. pay outs are usually around .4 to .45. It is not a Jones thing it is an industry thing. Also, the main problem are taxes, unfortunately it will probably get worse for everyone regardless of state over the next few decades.   

My state taxes in CA are pretty high.  $3300 net?  Where did you get that number?

R2J-

Peanut is right. Except at Jones my experience is 38.5% less 1% for the national advertising, 8-10% personal expenses that I can deduct but pay directly out of paycheck, 401K, HSA, and I am lucky if I bring home 50% of my net.

When I go indy, I expect 58-65% net which will result in a 20-25% difference even after the trimester bone. If I were to wait 5 more years to be a top producer, maybe then I would see 45% net. It is my belief that Jones is going to be sued for treating employees like independents. The line of employee/independent contractor are blurry at best. If I can be part of a class for overtime,it won't be long before we go after the mother ship for making us pay personally to market their name. Where is that Nevada lawyer?

[quote=Ready2Jump]

I can reiterate my experience. 

$14k gross

$3000 Net to checking acct.  No 401k deduction.

That sux right there, I don't care who y'are (Larry the Cable Guy).

[/quote]

I had a similiar gross last month and my net was similiar and I am putting 15% in 401K and 5% in Roth 401K. I am assuming the difference is taxes on both Fed and State?

IF your grossing 14K I hope your in your first year

noggin, plus unreimbursed expenses.

bankrep1, Outside of the bank world, $14k is not that bad.  My $14k is probably like your $25k.

AND I have to go find clients ON MY OWN... they don't just walk in.