Edward Jones Article WSJ
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I have been reading this post off and on since I started with Jones over three 3 years ago. These are some of the most real coments about EDJ, that I have every read. Weddel was on today, and his mantra was growth, growth growth. No real concern for seg 2 or 3 leaving. The growth team in our region is expecting 09 more to leave but who cares, there are 20 more newbies to take our place. For a firm who braggs about caring for the clients, it is the client who are hurt by FA's leaving. I am looking into options. There has got to be a better enviroment to do this job. So long to the volunteers who where interested in hiring me, but I went over 2 years before my field trainer called to see how I was doing? (like he really cared!!)
I think they should make it a “volunteer” mentor program, like field training is. We know how they love to help the new people
[quote=Spaceman Spiff]I agree with you, I think. Jones does a poor job of supporting what they have. Sure we have Segment leaders in our regions, but the vast majority of them are just looking for their next round of LP and couldn’t give a rip about helping the struggling folks succeed. There isn’t anyone in the firm whose only job is to help a guy who has been out for a while, but just not hitting seg 4 numbers, get to that point. Another FA isn’t going to do it. They’re too focused on their own numbers. The training folks are good, but only to a certain extent. The area teams are fine for what they do, which is mostly manage those people who are on goals. I think I’ve heard from my area person once in the last 2 years. And I think I called her.
I'm in a region of over 60 people. 20 of those 60+ are out under two years. We've got 16 people in our region who are below expectations. Two of those are vets who have been out for 10+ years. And instead of sitting down with those vets who aren't healthy and trying to either A) fix the problems or B) suggest an exit strategy we just keep hiring more people. We've got new people stepping all over each other trying to doorknock with 5 or 6 more new trainees studying right now. And as I was reading Jim Weddle's note to the firm this morning on cost cutting measures I couldn't help but chuckle that they're willing to put a cap on home office staff and hiring there, but not on hiring new FAs. I find it interesting, and somewhat troubling, that they would take a guy who has been out for say 5 years who's business is struggling (read not making the firm any money), put him on goals, and then replace him with a new guy straight from Eval/Grad. Seems to me a better way would be to spend a fraction of the money you would spend on hiring, training, and paying the new FA on the existing FA to see if you can get him profitable. Unless he is absolutely a lost cause it would be money well spent. Seems you've hit one of my hot buttons. [/quote] I was one of those struggling at jones. Was there for about 3 years. I was meeting or exceeding expectations most of the time. October and November did me in. They would not even consider past performance. I was replaced with a guy straight out of eval/grad. It makes absolutely no business sense what they are doing.The powers that be at stl said they where going to extend the legacy and goodnight program, also hold off on new store front to save money. This is a fancy way of saying they will be back filling offices. They really do only care about the seg 4 or 5 brokers, and the almighty new fa. That is their idea of growth. This is such a stupid 5 year plan. What is REALLY best for the client, the new fa or someone with 3 years experience? The seg 2-3 have absolutely no value to this company...this is crazy. If everyone is new who is mentoring or doing field training...the seg 4 or 5 have got to be sick and tired of "volunteering" when there own business if off.