I think it has everything to do with all of the changes we've seen the past couple of years. 

We've had no changes to compensation or perks, which I would assume means diversification trips, so there shouldn't; be any complaining about that.  Our benefits haven't changed fundamentally, except for the cost which has gone up every year I've been here.  So that's nothing new.  We have more products and services to offer clients with, in my opinion, plenty of service and sales support to back it up.  Those have been positive changes for our clients, but it does take away from the traditional EDJ culture.  When you start to resemble a wirehouse those folks who like the anti-wirehouse culture aren't going to give you really high marks.  Jones is changing, that's for sure.  People don't like change. 

The production requirements haven't even come into play yet.  They don't start until January.  They really shouldn't affect that much of the Jones population. But they weren't very well received.  The timing certainly could have been better.   

Was this the first year the survey was done online through the magazine's website?  In the past did you send out emails or paper surveys?  I'm just wondering if the way you did the survey had anything to do with the responses.  Because if you left it up to the people who are coming to your website to do the survey, you're probably not going to get the true feelings of the majority of Jones FAs.  I wouldn't really call the 20 or so folks on their way to the forums via the home page a true random sampling.   

Why not Spiff? You think only disgruntled employees visit the website? Or only disgruntled employees come back to the website after they get what they need?

I can't imagine an online survey having bias toward the disgruntled?

From what I have read, the production requirements only  affect a small number of FA's.  That could have an impact on the survey, but still, it's a small number of FA's.  And how many of those are responding to the survey?  Maybe, like I said, it has something to due with the unhappy ones voicing their displeasure.   

I have no axe to grind.  I don't work for Jones.  I never have.  I have nothing against them. 

What surprises me about people who knock on Jones knock on them like they are any different from any other financial institution. 

They hide information from their field?  Are you kidding me?  You think that MSSB and BofA/Merrill were upfront in their dealings?  Previously I worked for bank.  Talk about walking blind.  You never knew what direction the bank was going to take.  They were like lawyers.  Their lips were moving, they were lying. 

EJ doesn't provide leads lists to their field? Really? Who does? It sounds like Najee wanted a list of qualified investors without having to do any prospecting himself.  Assets, willingness to work with him etc.  Dude, if they had that they wouldn't need you!  They could get by with some other shmo.  No matter what firm we work for they expect us to have prospecting skills.  If we can't get the job done they will try to find someone who can.  A firms job is not to find assets and clients, its ours.  If we can't do it than we're not profitable. 

Advertising "we'll be there for your call?" Really? As another one of you said you're cold calling or on the course.  But, no matter what firm you're at you will answer that call ASAP because they are your client.  Maybe my MS broker turned down my invitation for him to be at my daughter's wedding and give a toast, is that all the sudden false advertising because of their commerical?  Give me a break!  Why doesn't your baby talk about the stock market!  We're going to arbitration.  It's a commerical. 

A lot of companies give you a cube instead of an office.  EJ I am sure has positives and negatives.  Don't be upset with a firm because it's not your exact model, didn't provide leads for you, or you couldn't make it.  Move on.  Your  old clients have.  You might as well too. 

"Maybe, like I said, it has something to due with the unhappy ones voicing their displeasure. "

Kaner, that's the second time you said this and it still makes no sense.

As Kristen said, the results are different than past surveys.

Her point is something has changed.  "Unhappy ones" could have "voiced their displeasure" in past suverys. They didn't.

Her question is, why are they now?

Flag - First she says the results are down "significantly."  Then in a later post she indicates, "the ratings the firm got weren't THAT much lower this year."  So, which is it?  If they were down significantly then there may be more to it. OTOH if they were more like her second comment, I would attribute it to the increase in production standards. 

 The small number of FA's who are effected by the increase may have never responded to the poll in the past.  And thus, are now more likely to indicate their displeasure.    I'm not trying to say I know this to be a fact, it's just my observation.

If thats the case then the IRs above the new levels not effected would more likely be glad EJ is raising the standards since it is likely going to help with LP/GP and Profit Sharing(if these are different things, I am not at Jones)

How about over dinner? Say my place around 8ish?

p.s. congrats on the promotion!

Obama takes the blame

This is JMO but at Jones our fixed income space is so limited it's probably impacted many vet advisors in a negative way.  Other firms seem to have more in the way of bonds, CDs, and fixed annuities and we are handcuffed to the Jolly Green Giant and his offerenings.  Tough to compete.

Also, fall regionals were cancelled and production quotas were raised.  At Jones, we are so decentralized it seems like we are on an island alone.  Culture is not built by yourself but with others. 

Of course maybe they are just unhappy with all the recruitment e-mails we get?

As for me, the firm is the same place it was when I joined.  No better, no worse.  Just know some guys have seen lots of changes and that makes it hard to stomach. I'm sure the LP calls have made the vets very very happy and if you did the results today they might be different.

[quote=SuperMan]

This is JMO but at Jones our fixed income space is so limited it's probably impacted many vet advisors in a negative way.  Other firms seem to have more in the way of bonds, CDs, and fixed annuities and we are handcuffed to the Jolly Green Giant and his offerenings.  Tough to compete.

Also, fall regionals were cancelled and production quotas were raised.  At Jones, we are so decentralized it seems like we are on an island alone.  Culture is not built by yourself but with others. 

Of course maybe they are just unhappy with all the recruitment e-mails we get?

As for me, the firm is the same place it was when I joined.  No better, no worse.  Just know some guys have seen lots of changes and that makes it hard to stomach. I'm sure the LP calls have made the vets very very happy and if you did the results today they might be different.

[/quote]

Fall Regionals were cancelled???????  I just back from mine.

As for the surveys, I would bet that the higher production standards may be playing a part. I have noticed that at our regional meetings there hasn't been as much enthusiasm. I think some FA's are having a hard time in this economy and that with the higher standards they are seeing the handwriting on the wall.

I haven't taken the survey, but I am quite happy with the direction EDJ is going. Since, I started with the firm in 05, there have been multiple changes and improvements. Financial Assessment Tools, New Bond Trading Platform, New Equity Trading Platform, Relationship Manager, Portfolio Builder, Advisory Solutions, etc......     I think Weddle is moving our firm in the right direction.

10-15 year guy who's used to be ok with a T12 in the ballpark of 200-250k is now feeling some heat under his seat.

FA86 please expound.

Simple, isn't it youngbuck? $18-20K a month doesn't cut it at Edward Jones anymore. Minimum standard moved up.

I'm guessing there's about 2000 advisors at Jones that are realistically semi-retired and not even working 30 hours. They are putting out $20K a month, keeping $80K, golfing a bunch and once a year combining their best months so they can get one div trip a year and take the wifey someplace special.

A nice gig if you can get it, but Jimbo Dub just put the cabosh on it. Which means EDJ is either going to replace 2000 vets or generate more income from existing resources.

Look, there are brokers out there who either joined the business in their late 40's or in their 50's and came to Jones because Bob their broker saw some potential in them and needed to qualify for the div trip. This guy (or gal) was happy grossing 15-20k a month and generally had things on autopilot. Sure they weren't cashing huge checks but life wasn't too bad. Now there's pressure. Some folks don't like it. I'm not saying Jones erred by going down this road but for those who flew under the radar doing so just got a little harder.

While I agree with you that some of those folks are a bit disenfranchised with the changes Jones is making to the performance standards, I also agree with Jones that there are a lot of reason why the standards needed to be raised.  Those guys who are  happy grossing $15K should seriously consider joining a local indy firm, getting the higher payout, and putting more money in their pocket for the small amount of work they want to do. 

I was around when the standard went from $15K to $18K.  Jones caught the same kind of flack back then too.  But you know what happened?  There was a little bit of turnover, but most of those guys that were flying just above that $15K number figured out a way to bump it up to $18K.  So now they're making an extra $14K year.  And they're probably not working much harder than they were before.  They'll figure out a way to get up to $20K again and they'll be making an extra $9600 a year.

The other way to look at this is to compare it to a normal job where there is a cost of living increase every year of let's say 3%.  How pissed off would you be at your employer if for the last 5 years they didn't give you a raise at all?  Most people would go find a different place to work.  Jones doesn't give us raises.  We give them to ourselves.  So, if you were doing $18K a month 4 years ago and you wanted to give yourself a cost of living raise every year, you'd be over $20K today.

I don't know about most people, but I didn't get into this gig because I liked a stagnant paycheck.  These last couple of years where I didn't go up that much on my 12 month gross were a little depressing.  I'm happy to say that this has not been one of those years.  I'm looking at about a 30% increase over last year.  I'd like to raise it again by 30% next year. 

So, while I can understand the frustration of being told what you're doing used to cut it, but isn't going to any longer, I just don't see how anyone can argue against making more money. 

.

[quote=N.D.]

How about over dinner? Say my place around 8ish?

p.s. congrats on the promotion!

[/quote]

ND, this is the Reg Rep Forum equivalent of a construction worker whistling at a woman passing by, and my guess is will prove about as effective. :)

[quote=American Flag]

[quote=N.D.]

How about over dinner? Say my place around 8ish?

p.s. congrats on the promotion!

[/quote]

ND, this is the Reg Rep Forum equivalent of a construction worker whistling at a woman passing by, and my guess is will prove about as effective. :)

[/quote]

haha yeah it was a no go... this time