Edward Jones Performance Exception
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I was recently let go by Jones for not meeting performance goals. I was with jones for about 3 years. Most of my time i was meeting or exceeding expectations . My Fa development person told me I may be granted an “exception”. Well, I was not granted this exception . I was told by FA development that the Jones was being sued by some ex-employee’s for granting some FA’s exceptions and others not.
Any jones people know anything about this? Also, the whole situation of them letting you go is so unprofessional. Basically, I get a call from my FA development person (from Saint Louis) saying today is your last day. No call from human resources explaining the situation or what happens with medical benefits, etc. I was very surprised how jones treated me when I was struggling in a very difficult environment. I have been reading reading registered rep. for some time and always wondered why ex- jones people bashed the company so much. I think I found out why the hard way.Should have worked harder. Let me guess how your typical day went…Get in around 10am, read periodicals for an hour, take a 2 hour lunch, make a couple calls, shuffle paperwork, pick up dry cleaning, stop at craft store for wife, wonder why you got fired.
Wow, what a mean post. By the way nice picture. I will assume you are single. A guy pours out his heart in a very shitty economy and you tell him he doesnt work hard enough. What an ahole
Oh, I forgot…Make sure you blame someone else for not working hard enough. After all, it can’t be your own fault, can it?
Yeah but he didn’t tell the whole story… Jones puts you on goals first (4 month program, assuming you make the goal each month) so he couldn’t do the business.
The jones performance levels are really low when considering equivalents at wirehouses. You can't badmouth a company because you couldn't do the work(Rankstocks was mean, but probably wasn't far off).. Most of us make fun of Jones in jest.... Without them I wouldn't have gotten a start to where I am now...Yes I agree but it just seemed a bit harsh. And if I had that mug I definately wouldnt display it.
I was not bashing Jones although i was not happy with the way it was handled. Only trying to find out more information on this “performance exception rule”. Why do some people get it and others not?
Maybe you could explain your situation…
1. Were you on goals? If so how long did you make it? 2. If you weren't on goals because they(EDJ) didn't feel that you could make them, then your performance was really really bad and you have no gripe...What happens to your license when you get fired from EDJ? Yo paulie so sorry for what happened to you? I may be following you soon.
Rankstocks, tell us how you did it. selling mutual funds at 8%? Crazy markups on Lehman bonds or CMOs? Absorbing clients from failed brokers you wouldn't goodknight?
The same thing that happens if you get fired from anywhere else... You have a certain amount of time to move your licenses to a new firm. After a certain amount of time your licenses expire and you have to redo everything.
[quote=Swordoftruth]This guy is a cocky prick who deserves to get his head bashed in.
A typical cocky, soft, SOB. I would enjoy slamming his head into a while.
Cocky prick - f#ck you and your self righteous attitude.[/quote]
Ease up. The poor guy just got fired from EDJ.
[quote=yo paulie]I was recently let go by Jones for not meeting performance goals. I was with jones for about 3 years. Most of my time i was meeting or exceeding expectations . My Fa development person told me I may be granted an “exception”. Well, I was not granted this exception . I was told by FA development that the Jones was being sued by some ex-employee’s for granting some FA’s exceptions and others not.
Any jones people know anything about this? Also, the whole situation of them letting you go is so unprofessional. Basically, I get a call from my FA development person (from Saint Louis) saying today is your last day. No call from human resources explaining the situation or what happens with medical benefits, etc. I was very surprised how jones treated me when I was struggling in a very difficult environment. I have been reading reading registered rep. for some time and always wondered why ex- jones people bashed the company so much. I think I found out why the hard way. [/quote] In order for you to be terminated by Jones for performance issues you have to be put on goals, like someone else said before, and then hit your bogey every month until you get your butt off of goals. I realize that's a difficult task, but if you were only out 3 years or so, your monthly goal would have been somewhere between $12K and $13K GROSS to be hitting the minimum expectation. To be put on goals you have to be at 40% of that number, so that would mean that you were producing about $5200 GROSS or less a month. You had no bonuses, no salary, no extra Jones income coming in, plus they take out money for postage, advertising, etc, so you might have been taking home, being very generous, $1750 before taxes, insurance, et al. If you had Jones insurance, which is sounds like you did since you were lamenting the fact that HR didn't call you, you were probably paying several hundred dollars a month for it. You couldn't have been contributing to your 401K. And you were probably miserable because Jones was hounding you, you felt like a failure, and your spouse wasn't all that thrilled with your profession. Not to mention the fact that 18 of your 36 months were in a bear market. In my opinion, Jones did you a favor. I don't know your circumstances, but surely you can find a way to provide for your family better than you were while at Jones. Why would you want Jones to make an exception for you. As much as I hate to admit it here, I've been close to where you were. Not actually on goals, but I've been way too close for my comfort. Those are the times that you have to look yourself in the mirror and ask if you really want to be in this biz or not. I said yes, and got myself back to where I needed to be. It sucked, it was hard, but I got there quicker than I thought I would. It's amazing what just a little bit of work will do to your pipeline, your checkbook, and your psyche. My guess, you got yourself into a spiral that you couldn't pull out of. Too bad, but that's life. I'd got back to school and look at a different career choice if I were you.Class post, Spiff. ... Good luck, Paulie. Probably you could have succeeded in a different market environment. Probably you can succeed going forward in a different place if you can figure out some things. Or maybe this is the wrong field. ... Getting mad at Jones won't help. This is a tough business, like most.
Spiff–one of your best posts–Paulie…your license is good! Call LPL and come on over–you probably have just enough assets to come on–Jones will not hound you because they let you go and you have done enough to fulfill your training requirement.
Though I am a Indy--you really clear between 55 & 65% after expenses at LPL and other indy's...that is at your stage of assets. If you could even do 10k a month in production you could still clear about 60 to 70 a year! That should be enough for you to build your book. Whatever you should decide to do--don't wait too long. Good Luck and we know how hard it is to produce in a market like this--don't take Rankstocks to heart! He has to get his prostate checked![quote=Roadhard]Spiff–one of your best posts–Paulie…your license is good! Call LPL and come on over–you probably have just enough assets to come on–Jones will not hound you because they let you go and you have done enough to fulfill your training requirement.
Though I am a Indy--you really clear between 55 & 65% after expenses at LPL and other indy's...that is at your stage of assets. If you could even do 10k a month in production you could still clear about 60 to 70 a year! That should be enough for you to build your book. Whatever you should decide to do--don't wait too long. Good Luck and we know how hard it is to produce in a market like this--don't take Rankstocks to heart! He has to get his prostate checked! [/quote]If he could do 10k/month, he wouldn't be in this predicament.
[quote=Spaceman Spiff][quote=yo paulie]I was recently let go by Jones for not meeting performance goals. I was with jones for about 3 years. Most of my time i was meeting or exceeding expectations . My Fa development person told me I may be granted an “exception”. Well, I was not granted this exception . I was told by FA development that the Jones was being sued by some ex-employee’s for granting some FA’s exceptions and others not.
Any jones people know anything about this? Also, the whole situation of them letting you go is so unprofessional. Basically, I get a call from my FA development person (from Saint Louis) saying today is your last day. No call from human resources explaining the situation or what happens with medical benefits, etc. I was very surprised how jones treated me when I was struggling in a very difficult environment. I have been reading reading registered rep. for some time and always wondered why ex- jones people bashed the company so much. I think I found out why the hard way. [/quote] In order for you to be terminated by Jones for performance issues you have to be put on goals, like someone else said before, and then hit your bogey every month until you get your butt off of goals. I realize that's a difficult task, but if you were only out 3 years or so, your monthly goal would have been somewhere between $12K and $13K GROSS to be hitting the minimum expectation. To be put on goals you have to be at 40% of that number, so that would mean that you were producing about $5200 GROSS or less a month. You had no bonuses, no salary, no extra Jones income coming in, plus they take out money for postage, advertising, etc, so you might have been taking home, being very generous, $1750 before taxes, insurance, et al. If you had Jones insurance, which is sounds like you did since you were lamenting the fact that HR didn't call you, you were probably paying several hundred dollars a month for it. You couldn't have been contributing to your 401K. And you were probably miserable because Jones was hounding you, you felt like a failure, and your spouse wasn't all that thrilled with your profession. Not to mention the fact that 18 of your 36 months were in a bear market. In my opinion, Jones did you a favor. I don't know your circumstances, but surely you can find a way to provide for your family better than you were while at Jones. Why would you want Jones to make an exception for you. As much as I hate to admit it here, I've been close to where you were. Not actually on goals, but I've been way too close for my comfort. Those are the times that you have to look yourself in the mirror and ask if you really want to be in this biz or not. I said yes, and got myself back to where I needed to be. It sucked, it was hard, but I got there quicker than I thought I would. It's amazing what just a little bit of work will do to your pipeline, your checkbook, and your psyche. My guess, you got yourself into a spiral that you couldn't pull out of. Too bad, but that's life. I'd got back to school and look at a different career choice if I were you. [/quote] I agree with some of your comments. I am not mad at Jones, just disappointed in the process. Financially I was prepared for this job. Everybody says it takes a good 3- 5 years to get established in this business. I did good my first 2 years maintaining meet and exceed expectations. It really came down to that 4 month rolling average during the 4th quarter of 2008. Unfortunately I had several good months replaced with bad months at the end of 2008. I think we all remember October. I also was not well informed on what that 40% of standard number really meant (part my fault but wished it was explained before I hit that percentage). Trying to hit that bogey every month in a market thats tanking, makes the task a bit more difficult. The performance exception that I am talking about is not something new. Weddle even had it posted in one of his weekly comments. I still want to know why some people get the exception and others do not? I still have a problem on how it makes business sense to get rid of a segment 2 or 3 FA, who had good past performance only to be replaced by a brand new person straight out of training. They (STL) are only looking at your current rolling 4 months (during the worst market in a very long time). Anyway, I am done talking about this- time to move on to better things.I seriously doubt if LPL would take him at those levels. More and more, it is apparent that they are not really interested in small producers and I was told their target minimum was $30 million in assets and at least five years experience when I jumped, although they admitted some flexibility beyond that if an advisor showed good potential. Personally, I don’t want advisors that couldn’t cut it at Jones as I already pay enough for my E&O insurance.
I would call your local LPL branch and get a feel for what your options are. Remember you are a fully trained licensed broker that knows how to sell. Don’t let anyone tell you your career is over. Its actually up to you. We all have slumps we go through. Good Luck
I would agree that it doesn’t make sense at all. It isn’t going to cost Jones a penny more to keep you in that office than it does right now. I think you just got caught in the wrong place at the wrong time. You might also be the victim of a prick of an area partner. Some of them will work with you, some won’t. Ultimately they’re the ones who get to cut the strings on your Jones life. Fortunately for me, mine called me when I hit 50%.
I don't know about the exception to the rules. As far as I know once you hit goals, you either put up the numbers or get canned. No questions asked. At least that's the way it has worked in my region.