That’s your choice, I prefer them walking in.

Oh I would love for them to walkin.  I just don’t want to have to do $25k a month to make a living.

[quote=Ready2Jump]

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

[/quote]

Is this true?  I know at most wirehouses people net somewhere between 35-45% depending on production, bonuses, etc.  Do banks really have payouts that are much lower?

Bank payout ranges from 20-40% plus year end bonus 1-10% they don’t want people doing 14K a month.

[quote=spikedkoolaid]

$10,000 Net

$2800 w-2 Witholding

$200 Medicare

$1000 Family of four Insurance Premiums

$1000 401k

$1200    Expenses for the office: 1/2 phone bill, 1/2 postage, $250     seminar, $150 EDJ chachkeys, $300 Advertising, $150 misc

$750 State of California Withholding

$250 Bonus to BOA because Jones underpays their Sales Assistants.

$2800 NET/NeT/Net

And besides that you will be hit with the AMT!

Now you EDJ clones, please tell me, why does Jones makes such a big deal about a 10k net month?  I don't know about you but in California, $2800 net take home for a family of four with a mortgage is not a great lifestyle. 

Does everyone know that EDJ's 401k participation amongst IR's is less than 40%.  That's because nobody can afford to save any money.  They are all banking on the COME.  The carrot they dangle is so big!

[/quote]

do you still get a cheap plaque or a tee shirt for your first TEN NET MONTH?

Yep and the very personal congratulatory hand written note from the area leader. Ooooh.

And they are thinking, SUCKER!

PS-

The firm collects revenue sharing on the 401K also. Conflicts are everywhere if you look.

If Spiked is correct and only 40% of the sales force participates, then the doublespeak for reps is do as I say not as I do, because I can't afford to pay my bills and plan for my future..

Now isn't that interesting. Partners are taken care of. Peons are left pissing in the wind.

Another interesting yet stupid feature of the 401k program for the employees at Jones is that if you participate you can not purchase individual stocks in the plan. Maybe they are afraid the employees would buy and sell the stocks that Jones gives advice on…now that would be financial disaster!

So Peanut and Sooth,

It sounds like you agree with me but don't like the way I used to run my business at Jones.

Jones rewards mediocrity!  If you are doing $10k net you are doing $25k gross.  In California, especially, the bay area, San Diego, and L.A.  It's tough to live on $10 net a month.

$4000 mortgage

$1200 401k

$1200 Business Expenses

$3000 Taxes

$800 left over to go gambling! 

Peanut and Sooth, I choose to live in Cali!