Any update on that LP offering?
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[quote=Guest1]CIB, here is the math. (numbers changed slightly to protect from the sleuths online)
gross 850,000
net 338,000
Bonus 129,000
P/S 9950
p/s excess 6160
483110/850000=56.8%
yes, subtract medical/out of pocket etc but I am still where I said I was. I did not include LP on which I have very little out of pocket expense on. LP for 2005 was over $40,000
Oh yeah, I can not sell my book. Look around, neither can most of you.
I am done.[/quote]
So, how's it feel to leave $100,000+ on the table every year?
...and yes I can sell my book...but I'm in no hurry...I'm young and having fun...
[quote=SonnyClips]Man I keep getting told I have a Goodknight and it has now been four months and it has not materialized. I hit the numbers that I was told had to be hit yet they still leave me out of the loop. It is as if after training and the can sell date any semblence of order just disappears. I am less than pleased with these developments. I wish I could have made my continuing with EDJ contingent on this so I could leave now.
If the lp is as nonchalant as this Goodknight has been good luck. I tend to think they forget they are fcuking with your money.[/quote]
Sorry to hear you're having to put up with that B.S. It's not just EJ my friend I had similar experiences at wires with unkept promises and changing standards. It's ultimately all about what benefits them.
Keep your head down and keep working. Best you can do is continue to build your pipeline and relationships in order to benefit you long term, and as well keep your profile good with the firm. Easier said than done, I know.
Hang in there.
[quote=Guest1]
CIB, here is the math. (numbers changed slightly to protect from the sleuths online)
gross 850,000
net 338,000
Bonus 129,000
P/S 9950
p/s excess 6160
483110/850000=56.8%
yes, subtract medical/out of pocket etc but I am still where I said I was. I did not include LP on which I have very little out of pocket expense on. LP for 2005 was over $40,000
Oh yeah, I can not sell my book. Look around, neither can most of you.
I am done.
[/quote]
Guest1...thanks for baring your soul. I worked from the "profit" number, though, because the profit sharing was expensed against you there. If you look at it from the OWNER's (GPs) side, it really seems they are getting a better deal than you (us). BTW, I've never considered selling the book an advantage to being Indy, it's more so the extra cash and freedom/control you get along the way.
"another point of view"..."I thank the writer"
CIB
Just got the copy of my old regions newsletter that they keep sending me for some reason. It just happens to have an update on the LP offering and addresses the new GP thing.
New Plans for LP Offering and GP Ownership in 2006.
The financial-services industry continues to wait for clear requirements regarding revenue sharing, service fees, and other revenues related to mutual funds. For Edward Jones, a clearer picture will allow the firm to estimate the impact of the requirements on future operations and the resulting effect on partnership and limited partnership offerings....
...If the industry requirements are favorable for proceeding, the offering will be made. If not, then a new LP bonus pool will be created that will include those who accepted the 2003 offer as well as those added in 2006. While it's speculative to estimate when an offer may be made, the goal is for the second half of the year....
...In addition, changes to general partner ownership were announced in December. General Partnership capital was transfered from existing and retiring partners to those whose ownership should increase due to increased responsibilities and to others who were invited to become general partners for the first time. Unlike a limited partnership offering, transferring GP capital from one person to another is not a securities offering because no new capital is raised.
Why did they explain that new GP ownership is not a securities offering? I left some parts out of the full article but nothing added clarity to this question. Am I reading too much into this, or is this Jones' subtle way of saying that they can't raise new capital? What will come of a firm with pending litigation with possibly disastrous results, that can't raise capital?
EX, the partnership only has 100 pieces that = 100%. The firm can not offer more than 100% thus no new offerings of GP, they only trade hands. The LP is a security offering. They could raise as much as they wanted too with a new LP offering. IRs are still buying.
Yes maybe IRs are still buying but you cant get a law firm to give a legal opinion on the lp offering that states its a good investment with all the pending litigation. Wake up!!!
[quote=FREE] Yes maybe IRs are still buying but you cant get a law firm to give a legal opinion on the lp offering that states its a good investment with all the pending litigation. Wake up!!![/quote]
This is basically what I was getting at. I get that the GP thing is not a security offering, but why isn't Jones going ahead with the LP offering. The notion that they can't do it because of uncertainty about M/F revenue sounds like pure bs. They are still opening offices and spending money in spite of "uncertainty" in industry. Aren't they really avoiding admitting that they cant do a securities offering because of pending legal issues related to Jones specifically and not the industry as a whole?
I think you also have to realize the GP has more liability than a LP so in order for some GP’s not to have resposibility when the state of CA makes its ruling they had to realocate the GP units. It also gives more power to some GP’s. over others.
[quote=Guest1]
CIB, here is the math. (numbers changed slightly to protect from the sleuths online)
gross 850,000
net 338,000
Bonus 129,000
P/S 9950
p/s excess 6160
483110/850000=56.8%
yes, subtract medical/out of pocket etc but I am still where I said I was. I did not include LP on which I have very little out of pocket expense on. LP for 2005 was over $40,000
Oh yeah, I can not sell my book. Look around, neither can most of you.
I am done.
[/quote]
Guest1, as usual you are full of crap, and you still can't add........
1. $ 850K (you didn't take my 100K bet?)
2. $ 338K = 40% (There are NO Jones IR's getting 40%, it is 38% (Does the word liar mean anything to you?) at 38% = $ 323 ?
3. Bonus 129K (This is 15% of your gross you are a liar, and anyone on here who has ever or is at Edward Jones knows it)
4. PS $ 9,950 That is probably the first honest thing you have written
I know of no Jones IR getting 56% if IR's received that much there would be nothing left for LP's and GP's so we all know this is total
I always said GUEST1 was a LIAR, and now you have proven it............
B U L L C R A P!
Limited products, aweful payout and overhead expenses, and now no financial planning(like there ever was any). Why would anyone who could afford to leave continue to stay?
Jones has handed any IR who has thought about leaving the perfect explanatin to their clients. Keep that compliance memo that says you can not advertise any kind of planning or hold yourself out as a financial planner. That is the best explanation for clients I have seen yet to explain why you left Jones.
Carpe Diem IR's !!!
Player, I understand that your bonuses were quite small while at EJ but that was due to your profit. Gross has little to do with the bonuses. It is all about the profit stupid. (That was for Lance)
[quote=Guest1]Player, I understand that your bonuses were quite small while at EJ but that was due to your profit. Gross has little to do with the bonuses. It is all about the profit stupid. (That was for Lance)[/quote]
So, let me understand. You are saying that it is possible to increase your profit without necessarily increasing your gross revenue? Does that mean that certain products give more profit/bonus to your branch than others? Are you making recommendations to your clients with this inherent conflict of interest?
In the words of your fallen comrade, 3 Mill Hill,"You are without a doubt the greatest salesforce in the world."
Ex, nice try. At this level of production yes you can enhance your profit. i.e. I have a rather large margin loan to a corporation, over 2mill that adds to the p/l. Are you still selling product?
[quote=Guest1]Ex, nice try. At this level of production yes you can enhance your profit. i.e. I have a rather large margin loan to a corporation, over 2mill that adds to the p/l. Are you still selling product? [/quote]
Hard to imagine there would be any decent sized corporation stupid enough to use a margin loan from EJ as a source of capital. I guess it goes to show you there are morons everywhere in this world......
[quote=Guest1]Ex, nice try. At this level of production yes you can enhance your profit. i.e. I have a rather large margin loan to a corporation, over 2mill that adds to the p/l. Are you still selling product? [/quote]
Did you realize that only $2/$1000 is credited to the P&L? What happens to the other 6+% that Jones gets?
Also don't you feel this does create a conflict of interest? Doesn't it encourage the IR to have a client take a line of credit rather than take a distribution of assets because he/she may get a bonus?? This is another WSJ article waiting to happen if you ask me.
[quote=Guest1]Ex, nice try. At this level of production yes you can enhance your profit. i.e. I have a rather large margin loan to a corporation, over 2mill that adds to the p/l. Are you still selling product? [/quote]
At that level of production almost any other firm would let you act as a financial advisor instead of an IR.
Carpe Diem IRs!!!
Guest1,
What about all your overhead? 1/2 postage 1/2 phone 25% 2nd BOA salary, advertisng etc..? And your bonus is TEMPORARY as it is based on firm profit.
Need to count it all!
I did and last year as an indy I was close to you in gross and came out to 65% net/net (plus tax benefits galore adds at least 15-20k) I don't count my free RJ stock either (up 50% last 12 months)
I have saved more money in the last 3 years as an indy than my previous ten at Jones. It's not intentional...it just happened. I live about the same lifestyle. Somehow, my takehome pay ends up net/net much higher than at Jones. Maybe the tax benefit's add up to much more? Maybe the Bush tax cut also helps...but Guest1, I think you need to re-add it again. And, this time count it all.
It's cool though--It's not ALL about the money. I'm sure the warm fuzzy feeling inside you get when watching a sexual harrassment or inclusion video at the summer regional makes it all come together for you. And your broad depth of product has to help as well.
Thank goodness for being indy--it really has been the best business move I have ever made BY FAR!
Hello I’m and ej rep and I sell “A” shares. Here’s your options mr. client, “a” share mutual funds or “a” share annuities. Buy and hold is the only way to lose your money and I’m so grateful for the 25 bps serivce fee so that I can service my 3500 clients. Is this a great company or what???