When it comes time for LP, production wins.  Jones doesn't care how your book was built (or inherited).

But, when the RL asks him to get up and "say a few words" at a regional meeting, make sure you take a LOT of notes.

Hasn't anyone explained to you that AUM has nothing to do with LP.  You get LP based on profitability and volunteerism.  That's it.  If you don't have the profitability for your branch, they don't even look at your volunteer record BTW.  They just toss your name out of the hat.  Sucks, but that's the way it is. 

If you decide to move to another firm, remember that you aren't always going to get fair treatment there either.  It's the way the industry works.  You can whine about it or ignore it and just focus on your business.   

" I mean, won't EDJ try and keep him and his assets happy at Jones?  I told this to an ex-EDJ man.  He laughed a little and said, "when you start out at Jones, some get sucked and some get f**ked."  I've been thinking about what he said.  Do you know how I feel?  "

Moist?

Mr. A

[quote=Spaceman Spiff]

Hasn't anyone explained to you that AUM has nothing to do with LP.  You get LP based on profitability and volunteerism.  That's it.  If you don't have the profitability for your branch, they don't even look at your volunteer record BTW.  They just toss your name out of the hat.  Sucks, but that's the way it is. 

[/quote]

True, but it is kind of tough to run a profitable office without sufficient AUM.

Ed,

I can appreciate your situation, I've seen several similar situations, seg 3 in a year..new new, nope, knew the RL, inherited a 30MM office.  Tauted as the production superstar, while the hardest working new-new's are bombing out every other week. If your are new, work hard and avoid distractions, the opportunity you were given is decent and  it is a near miracle you made it into an office as a new new. CONGRATS!  Around the 3 year mark, if you are not content with being a Jones employee, revisit this forum, speak to some indys and get some valid input on the business.  GOOD LUCK

[quote=Spaceman Spiff]

Hasn't anyone explained to you that AUM has nothing to do with LP.  You get LP based on profitability and volunteerism.  That's it.  If you don't have the profitability for your branch, they don't even look at your volunteer record BTW.  They just toss your name out of the hat.  Sucks, but that's the way it is. 

If you decide to move to another firm, remember that you aren't always going to get fair treatment there either.  It's the way the industry works.  You can whine about it or ignore it and just focus on your business.   

[/quote]

NOT TRUE!  There were several brokers who were offered LP in 2003 who not only did not have profit, but were still in the red.  That is an absolute, undeniable FACT. 

The question from the original poster was basically, "Does the other guy get a free ride one time, or does his free ride go on forever?"  The answer, unfortunately, is that his free ride goes on at least until you surpass the "lucky" broker in AUM and production.  That may take you anywhere from 4-7 years from the sounds of it.  You have caught on very quickly that the LP carrot keeps getting dangled out in front of you.  What you will find out is that Jones can move that carrot anytime they like.  And, when you do finally get it--it really doesn't taste as great as they say.   

It’s easy to try to string all this together and come up with the Jones

conspiracy theories. The truth is, the way LP works is independant of

assets being assigned to offices, new brokers getting existing offices,

Goodknights, etc. The fact is, some get real, real lucky due to timing and

location. Others get real, real, real lucky to be the child of a big

producer. But at the end of the day, it just is what it is. Some will make

out better than others. Jones does not have some hidden back-room

agenda. Some are just lucky and some are not. And yes, the lucky ones

will get LP quicker, and achieve higher AUM, and higher income and all

that.



They are trying very hard to address the new/new thing (yes, very few

new/new’s really make it) by enhancing all of the various partnership and

Goodknight programs. Despite what people think, they are not interested

in hiring and firing. They really do want everyone to make it. But they

are also not going to tell new/new candidates, "hey, we don’t think you

should join our firm, 'cause it’s like, really really hard to make it in this

business."



It IS a hard business. Not everyone will make it (at any firm starting out).

In my opinion, that was made pretty clear before I started).



If you are not one of the “Chosen Ones” at ANY firm, just keep your head

down, work hard, soak up some good ideas from REAL top producers,

and your time will come eventually. It WILL take longer than being

handed something, but the fact is, not everyone is going to get it handed

to them.

<span =“bold”>EdJehovah-I am new/new as well.  And yes, this
does happen.  Has happened in my region already to a couple
guys.  I do feel Jones makes it very difficult to survive as
new/new, but I also think if it was easy, everyone would be doing
it.  I have two seg 5’s in my region who know little if anything
about investing, but their Dad was a big producer before them. 
Trust me, all the other FA’s know this and respect the success of
new/new guys.  Doesn’t make it any easier for us, but it happens
in every other profession too.

[quote=EdJehovah]  I'm a new/new at ED Jones: i'm a new broker, in a new office.  What I see now, is that another broker, same tenure, less productive, was given an office around the corner from me with 40 million in assets.  He is moving up the ladder quick.  Now everyone says, why isn't everyone like him, i.e. productivity.  He moves thru sales segments every four months, bonuses, trips, not to mention a great client base.  My concern is that EDJ dangles this hope of a Limited Partnership in front of us like a carrot.  But i'm starting to wonder, when the time comes, will they offer it to me, or to the guy with millions of extra assets?  I mean, won't EDJ try and keep him and his assets happy at Jones?  I told this to an ex-EDJ man.  He laughed a little and said, "when you start out at Jones, some get sucked and some get f**ked."  I've been thinking about what he said.  Do you know how I feel?  [/quote]

Welcome to the world of Edward Jones.  Don't ya love it.

[quote=Spaceman Spiff]

Hasn't anyone explained to you that AUM has nothing to do with LP.  You get LP based on profitability and volunteerism.  That's it.  If you don't have the profitability for your branch, they don't even look at your volunteer record BTW.  They just toss your name out of the hat.  Sucks, but that's the way it is. 

If you decide to move to another firm, remember that you aren't always going to get fair treatment there either.  It's the way the industry works.  You can whine about it or ignore it and just focus on your business.   

[/quote]

Fair treatment versus having EDJ screw you over are two totally different things.  I got so tired of hearing IR's who either took over a large office or were given one or a goodnight who took over a lot of assets, held up as the next god to worship.  Glad I'm gone.

Just took a big Weddle and it stunk!!!

[quote=Soothsayer][quote=Spaceman Spiff]

Hasn't anyone explained to you that AUM has nothing to do with LP.  You get LP based on profitability and volunteerism.  That's it.  If you don't have the profitability for your branch, they don't even look at your volunteer record BTW.  They just toss your name out of the hat.  Sucks, but that's the way it is. 

If you decide to move to another firm, remember that you aren't always going to get fair treatment there either.  It's the way the industry works.  You can whine about it or ignore it and just focus on your business.   

[/quote]

NOT TRUE!  There were several brokers who were offered LP in 2003 who not only did not have profit, but were still in the red.  That is an absolute, undeniable FACT. 

The question from the original poster was basically, "Does the other guy get a free ride one time, or does his free ride go on forever?"  The answer, unfortunately, is that his free ride goes on at least until you surpass the "lucky" broker in AUM and production.  That may take you anywhere from 4-7 years from the sounds of it.  You have caught on very quickly that the LP carrot keeps getting dangled out in front of you.  What you will find out is that Jones can move that carrot anytime they like.  And, when you do finally get it--it really doesn't taste as great as they say.   

[/quote]

Yep, your right about the LP.  I was one of them.  I wasn't red, but I wasn't profitable either.  However, I had just left the home office where I would have been offered my second round of LP.  Jones could have told me to forget it, but they didn't.  In fact the GP that called said they had several IRs that were in my position that they didn't want to forget about. 

You're also right that Jones can move the carrot whenever they choose.  They do run the company after all.  From what I have heard the profit numbers are somewhere in the $20's pretty consistently.  Yeah, it sucks to have a carrot that pays out somewhere between 15 and 20% annually.  The down side is that I can't buy more whenever I want.     

I'm not sure I get the free ride until you pass him thing you said.  If you get a $30 mill book handed to you then sit on it, it won't take long for a new guy to pass you in production or assets.  The "lucky" guy still has to work the book, ask for referrals, etc, or he'll starve too. 

In your first post, you said that you get LP based on profitability and volunteerism.  Since you had no profitability in 2003, can we now admit that was a false and misleading statement by the GPs prior to the offering. 

Let's do a little hypothetical.  Let's say Broker A has no profit (in the red as far as P/L, not production), but has volunteered his/her ass off.  Mentored, trained, #77, organizing regional events, etc., etc.  Broker B (who took over Daddy's book) never volunteers, not even a lick, but has a decent profit.  Broker C starts from scratch,has all the volunteerism of A, and the production and profit of B.  All are in the same region.  Who gets the most LP?  Careful how you answer Spiff.  It might me a trick question.

I think Spiff is in a unique situation. He came from the home office where

he had LP already. So they took into account his previous service, which

was under different criteria. I think it’s the right move.



As far as the a/b/c thing…good question. I am not up for LP yet, but I am

always curious exactly how the decide on it.



From what I understand, you generally have to be profitable, and then

they consider your volunteerism as far as amount is concerned. Of

course, I may be way off. That’s just what I have gathered from different

people.

I just left Jones recently.  I think that the LP 'carrot' is a subjective bunch of phooey.  Anyone out there know exactly how it is decided who gets LP and how much?  Of course not.  LP is simply an arbitrary way to reward the offices that are 'contributing' to there respective regions and whose broker is a 'good ole boy' in the region.  Profitability can be soooo controlled by the Jones bureaucracy... anybody really know exactly how your 'allocation' is figured?  $1,000 for 'technology' is but one example of the arbitrary expenses they tack on each branch.  I assure you....they'll award LP as they see fit and not by any metric that anyone in the field will ever truly understand.......and it's by design.  You can call it a conspiracy theory if you like, but you know it's true.

And these 'Good ole' Boys'................C'mon, you all knew/know them......the butt-kissers that come to the regional meetings and sit up front by the RL......try to answer questions to which they obviously don't know the answer......work their tails off for those regional 'awards' that don't amount to jack....etc.  These guys and gals are the folks that end up w/ partnerships and leadership roles and Jones makes sure of it.

Keep bustin' it at EDJ....win yourself a few more awards.....then look in the mirror in a few years and ask yourself a question.....Does anybody really give a $hit?  Hell no. 

EDJ SUCKS!

[quote=Soothsayer]

In your first post, you said that you get LP based on profitability and volunteerism.  Since you had no profitability in 2003, can we now admit that was a false and misleading statement by the GPs prior to the offering. 

Let's do a little hypothetical.  Let's say Broker A has no profit (in the red as far as P/L, not production), but has volunteered his/her ass off.  Mentored, trained, #77, organizing regional events, etc., etc.  Broker B (who took over Daddy's book) never volunteers, not even a lick, but has a decent profit.  Broker C starts from scratch,has all the volunteerism of A, and the production and profit of B.  All are in the same region.  Who gets the most LP?  Careful how you answer Spiff.  It might me a trick question.

[/quote]

My best guess is that Broker A would get passed over, simply because he doesn't have any profit.  In fact they would probably tell him to stop volunteering and working on making the office profitable.  Broker B would get considered, maybe given some, but not as much as Broker C. 

However, I'm sure you have a different answer based on something you experienced.  Otherwise you wouldn't have been dumb enough to put the question out there. 

[quote=Soothsayer]

In your first post, you said that you get LP based on profitability and volunteerism.  Since you had no profitability in 2003, can we now admit that was a false and misleading statement by the GPs prior to the offering. 

[/quote]

I like how you took part of my answer and twisted it to match your own opinion.  That was smooth. 

You missed the part where I said I just left the home office when the LP offering came out.  See, that's what I like about Jones.  They SHOULD have said, Spiff, thanks, but too bad.  But they DIDN'T.  Those evil GP's, always up to no good.   

Spiffy, you better wakeup.  You will never be a GP…you don’t have the arrogance to be part of the group.  Sorry, but I tried to let you down easy…what bond are you selling today?