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Jun 29, 2007 6:35 pm

" I  know this is hard work and I know great people who don't make it."

This is a lot of the issue here.  If you leave Jones, you just didn't make it, because it's hard work. These people who leave Jones, myself included, must have known it's hard work because we stayed in the industry.  If it was about hard work and not wanting to work hard then I sure wouldn't be here making a living.  I'd be living on a house boat on some nowhere lake drawing my pension check.

Stop believing that only those who stay at Jones are the only ones in this industry who work hard.  It just ain't so.

What exactly makes us the laughing stock or a "third-tier" brokerage?

The laughing stock is because everyone here who doesn't work for Jones can so easily get a rise out of a Jones guy or gal.  Also, knocking on doors may get you some clients but it sure doesn't win you any respect. Showing up on someones door step red faced and sweating is not the way I want my clients to remember me. Only a few believe Jones is third-tier, but that's their opinion, live with it.

But why are these individual instances used to make a broad generalization about EJ FAs being unsatisfied and our clients being shafted?

Generalizations are made about a lot of folks because of bad or good experiences.  I know an equal number of satisfied and dissatisfied Jones guys and gals.  Everyone I know who has left has never looked back and said man I screwed the pooch on that one.  Except BSpears who keeps begging Spiffy to take him back.  The people who have left have stayed gone and are glad they departed the mothership.  I don't think the clients generally are getting shafted other than the office that has a revolving door. A new FA every few months is not good for the clients and definitely not what they signed on for.

I won't blast you, I'll leave that to the more adolescent minded few.

Jun 29, 2007 7:07 pm

[quote=haidesu]Ok, yes it makes sense that some pople have bad experiences and that they reflect that into what they write.  My question is that this forum has a deep set disdain for EJ and it's not just ex-Jones people.  What exactly makes us the laughing stock or a "third-tier" brokerage.[/quote]

With a disclaimer of not having worked there and only getting information from here and a couple of Jones friends I speak with occasionally, here goes...

A lot of the disdain comes from those who have either left and had their eyes opened to what is possible beyond the green or those like me who have seen EJ brokers who are held up as community icons, sell entirely inappropriate investments to trusting clients.  I could go into more detail, but I've beat that horse plenty...just use the search function.  The amusement shared by former EDJ'ers comes mostly from some of the simplistic sales approaches used by Jones to teach those new to the business, such as the infamous hamburger.  I'm sure they work well for newbies, but they seem a little silly to some of the vets.  The lack of technology (and some of the awful office locations)compared to competitors are also points that detractors use to label Jones as "third-tier".

There are plenty of very worthy prospects who have done due diligence on Jones, seen the limited platform and product line, and simply moved on to someone else better suited to taking care of their needs.  Granted, these folks are not the majority of the investing public who simply need a few good funds, a basic investment strategy, and occasional simple advice (Yes, Mr. Clark, it would be a bad idea to withdraw from your IRA to pay for your daughter's wedding."), but they exist and you're lucky if you even see them.  Most would simply look at the converted filling station you have your office in and move on (and yes, I have a specific office not terribly far from me that is an actual converted gas station.  To be blunt, it looks like sh*t.)

I find all the surveys and awards suspect at best when stories are heard that amount to nothing more than stuffing the ballot box.  I don't know if it's true and frankly, I don't care.  It simply makes me take most surveys and awards with a grain of salt.  I would pay more attention to a survey that polled every advisor from a group of firms on the same subjects.  I would have a hard time believing that independents such as Commonwealth and LPL would fare poorly next to Edward Jones in such a poll.  I personally suspect that the simple truth is that EDJ has a much higher participation rate than competing firms due to encouragement.

In addition, many Average Joe clients at Jones would love their advisor even if they were being screwed...they simply trust and don't ask questions, whereas a $10 million dollar client at Merrill Lynch has high expectations about service, expertise, performance, etc., and is much less likely to completely trust the advisor and much slower to hand out praise and complete surveys about their advisor than Joe Public.  For them, high levels of service and expertise are simply expected and do not need be praised.

Hey, if it works for you, that's great.  Personally, I like the idea of having a more complex platform and much broader product line, even though a majority of my clients could probably get most everything they need from Edward Jones.  I've been in the business long enough to analyze more complex investment products, and I appreciate the opportunity to use them with my clients, even if only a handful need them.  Some of you prefer keeping it simple and appealing to the masses.  That's fine by me...just don't expect me to put much stock into surveys and awards which can be easily manipulated.

I hope that's "fair and balanced" enough to not offend everyone...you asked a question, and hopefully, I've shed a little light on the outside perspective...but I suspect it will be pretty difficult for you to fully comprehend some of the differences I've attemped to explain, without ever experiencing a firm other than Jones.  I wish you well...

Jun 29, 2007 8:13 pm

Yes, our limited platform prevents us from attaining many of those HNW clients who want those sexy investments they probably don't even need.  As far as the rankings go, it would be suspect if they just came from one source.  But its a bit difficult to rig rankings from 3 different sources, JD Power and Associates, BusinessWeek and SmartMoney to name a few. 

The rest of your comment does make sense.  Some office locations are just horrible and make us look bad.  Those people are just plain stupid to agree to open offices in those locations. 

Edward Jones isn't the only firm that has some bad apples that make inappropriate investment decisions for the clients. 

I can see why when you reach a certain level you start thinking about expenses and breakeven points and why you would want to go independent.

Jun 29, 2007 8:24 pm

[quote=haidesu]Well, this is my first time posting on here.  I've read a lot of things about Edward Jones, mostly bad obviously.  A lot of the people who post on here make broad generalizations over the firm because of their individual experiences. 
 
Here are a few broad generalizations to keep in mind about Edward Jones :
    1. EJ FAs recently ranked #1 in overall satisfaction by JD power and
        Associates.  Those that make it was EJ are apparently very
        satisfied (most of them). 

    2. Highest ranking brokerage in BusinessWeek, "Customer Service
        Champs".

    3. #1 2005' and 2006' for investor satisfaction with full service
        brokerage firms by JD Power and Associates.

    4. #1 brokerage by Forrester Research in being advocates for
       our clients. 

    5. #1 full service brokerage in 2005 and #3 in 2006 by smartmoney
        magazine.

For the most part Edward Jones does what is right for the clients.  We are not the sexiest firm out there. We don't get extraordinary returns in great markets but we definitely keep pace capturing a good percentage of the upswings.  When the market is down, we generally perform better and don't take as big a hit as the market. 

So again, can someone tell me why EJ is so bad? Our advisers are happy and our clients are happy.  What more can anyone ask for?

[/quote]

On a slightly different tack, I think the values at Jones are great, some really nice people work there. I would like to grow my practice a little by recruiting a nearby Jones rep to come over to my solo office.

If they could bring some assets, it would help pay their salary, and some sustainable prospecting and referrals could help grow the big picture.

So what payout rate would you ask for if, theoretically, you just moved as much as you could over, kept prospecting, and took some kind of draw against commission, say a minimumum of 3k per month, until things got settled?

Jun 29, 2007 8:30 pm

But its a bit difficult to rig rankings from 3 different sources, JD Power and Associates, BusinessWeek and SmartMoney to name a few. 

Nobody is saying that they are rigged.  It's just that the rankings have no meaning without understanding the methodology.  If there was a survey for the world's best hamburger, McDonald's would win handily.  It sure doesn't make it it the best burger.

Jul 2, 2007 9:23 pm

I was at Jones for three years. Started right out of college at 23 years old. Going through training I just thought it was the way you learned the business. Looking back at those days I just laugh. From practicing door knocking to the "hamburger" close. It was such a gag, however, I think it was good for someone like me with very little sales experience to go through and actually some of my best memories in this business were those early days in KYC, Eval-Grad (eventhough of the 12 in my immediate class i'm the only one still in the business!) 

I really have nothing new to add. I've just been reading posts on Jones for the past few months and finally felt like commenting. It's a great place to start, for some it's a great place to stay forever. For the clientele I am working with they just seemed to want a little more than what I had to work with at Jones. I really had no beef with Jones. The payout was fine at first, the profit sharing was ok, and I thought the trips were pretty cool (and so did my buddies I took along) I just think I was like alot of people and out grew Jones.

My problem with Jones didn't start until I left. The slandering of my name by my regional leader. The idiot that they actually put in front of my clients. The holier-than-tho attitude their representatives take. I read a comment earlier in this post where someone stated  "Yes, our limited platform prevents us from attaining many of those HNW clients who want those sexy investments they probably don't even need" I have a question, how the hell do you know what my clients need? That is such a Jones comment to make. If  you don't offer the product or don't understand the product (which is usually the case with most of you) then it is not appropriate for anyone and the person who does offer it and understand how to make it work in a clients portfolio is screwing them. Wow-kind of just all comes rolling out when you get typing.......I better go sit a couple plays out!

Jul 2, 2007 10:10 pm

Damn apex,  I’m trying to retire my bashing and then you come out and piss me off again.  I will say, you’re right on the money!!  I will hold back any comments…for now.

Jul 2, 2007 10:28 pm

What did they lie about? 

[quote=Dust Bunny]

But still no response has really made sense as to the overwhelming disdain

Well, here's my response. I disdain liars and doubletalkers.  EDJ lied to me and misrepresented what the business model would be like once I was actually in the office.  Everyone from the recruiter, to the regional leader lied. Later I found out that they used their insider status to hold off and give plum offices and goodnight programs to their own relatives who had never been in the industry instead of offering them to transfer brokers like myself.   They lied and hid the information that those offices were even available.  The profit and loss statement (ha...there's a joke) is made to be purposely obscure and difficult to figure out, another deception.  The push to recruit other patsies  ....I mean brokers... for a few points to get some stupid trip was distasteful.  

Running your own business, they say.  Well of course, that doesn't mean freewheeling and doing anything you want without compliance oversight.  But to me running my own business didn't mean being forced to go to regional and mini regional meetings, forced to do call sessions when I was well into the green revenue wise and all the other feel good do nothing meetings that wasted my time. 

Thankfully I wasn't pestered by wholesalers in the office, just on the phone, because my office was more rural.  But I also heard the revenue sharing pitch. which didn't make any difference to me in what products I offered.

[/quote]
Jul 3, 2007 12:26 am

To answer the original poster, the phrase “you don’t know what you don’t

know” comes to mind. And NO, I don’t have time to explain what you

don’t know. But since very few, if any, Jones FAs you know well have been

successful at other top brokerage firms, your/their view of things is quite

limited.



Imagine a small town far from a decent size town (say 50,000+ people) in

Wherever, USA where few people leave, and those that do, rarely come

back to live. That is sorta kinda where you “live” (hopefully you are

following that this is what we call a “metaphor”). Nothing wrong with the

town–clean, safe, friendly people, etc. But sometimes it is nice to

commute into the Big City if you want something you just can’t get in

small towns. You don’t have a car at EJ…just can’t get there from here. It

is in part because it is considered too dangerous to make that long trip

on the interstate (and back) by yourself in the dark.



For the extreme EJ-lover, the movie “The Village” comes to mind.

Jul 3, 2007 1:05 pm

The Village...great example!!

Jul 3, 2007 2:36 pm

[quote=Edward Pwns]

What did they lie about? 

[quote=Dust Bunny]

But still no response has really made sense as to the overwhelming disdain

Well, here's my response. I disdain liars and doubletalkers.  EDJ lied to me and misrepresented what the business model would be like once I was actually in the office.  Everyone from the recruiter, to the regional leader lied. Later I found out that they used their insider status to hold off and give plum offices and goodnight programs to their own relatives who had never been in the industry instead of offering them to transfer brokers like myself.   They lied and hid the information that those offices were even available.  The profit and loss statement (ha...there's a joke) is made to be purposely obscure and difficult to figure out, another deception.  The push to recruit other patsies  ....I mean brokers... for a few points to get some stupid trip was distasteful.  

Running your own business, they say.  Well of course, that doesn't mean freewheeling and doing anything you want without compliance oversight.  But to me running my own business didn't mean being forced to go to regional and mini regional meetings, forced to do call sessions when I was well into the green revenue wise and all the other feel good do nothing meetings that wasted my time. 

Thankfully I wasn't pestered by wholesalers in the office, just on the phone, because my office was more rural.  But I also heard the revenue sharing pitch. which didn't make any difference to me in what products I offered.

[/quote] [/quote]

Can't you read?

Jul 3, 2007 3:26 pm

So going to regional meetings and phone sessions was a result of EDJ lying to you.  Not taking over a $50 million office was EDJ lying to you.

I'm not disagreeing with your assertion that EDJ lies a lot, I was just curious as to specifics.

[quote=Dust Bunny][quote=Edward Pwns]

What did they lie about? 

[quote=Dust Bunny]

But still no response has really made sense as to the overwhelming disdain

Well, here's my response. I disdain liars and doubletalkers.  EDJ lied to me and misrepresented what the business model would be like once I was actually in the office.  Everyone from the recruiter, to the regional leader lied. Later I found out that they used their insider status to hold off and give plum offices and goodnight programs to their own relatives who had never been in the industry instead of offering them to transfer brokers like myself.   They lied and hid the information that those offices were even available.  The profit and loss statement (ha...there's a joke) is made to be purposely obscure and difficult to figure out, another deception.  The push to recruit other patsies  ....I mean brokers... for a few points to get some stupid trip was distasteful.  

Running your own business, they say.  Well of course, that doesn't mean freewheeling and doing anything you want without compliance oversight.  But to me running my own business didn't mean being forced to go to regional and mini regional meetings, forced to do call sessions when I was well into the green revenue wise and all the other feel good do nothing meetings that wasted my time. 

Thankfully I wasn't pestered by wholesalers in the office, just on the phone, because my office was more rural.  But I also heard the revenue sharing pitch. which didn't make any difference to me in what products I offered.

[/quote] [/quote]

Can't you read?

[/quote]
Jul 3, 2007 3:43 pm

Ok  since I'm really bored right now.

1. I would be running my own business.    My business model doesn't include going to time wasting meetings to hear crap that I already knew.  Mandatory meetings were not a part of the recruiting package or mentioned to me when I was investigating.  My model also doesn't include calling people on Saturdays and Sundays, in a boiler room atmosphere, to sell a bond that I wouldn't offer to a client sitting across from me at my desk.   My model didn't include being a recruiter for the firm.

2. There was no other option than to start a new/new office. As a transfer broker I was interested in starting with a larger book in addition to the clients that I brought with me. I had heard that there were possiblities.  The goodnight and open offices went to relatives and buddies of the RL.

3. P&L  and expenses lies The costs that were deducted from the P&L such as satellite, national advertising and the mechanics of the P&L, which are such that it is almost impossible to be profitable in the first couple of years, were hidden and glossed over when I asked about them.  The P&L is unlike anything I have ever seen, and I have seen a lot of profit and loss statements.

Jul 3, 2007 4:05 pm

Bunny,

The koolaid drinkers just can't phathom that the leadership would ever be less than truthful in any situation.  I agree on the P&L statement.  You could never earn a bonus unless you took over a substantial book when you started. Of course, those who were GP relatives and golden boys and girls were given the cream of the open offices.  We had a 50 mil office come open before I opened mine and I went to ask the RL about taking it and he said that it was given to someone coming in from outside the region.  It was never considered to offer it internally.

Of course there are the oppoortunities offered to a transfer broker under the cover of it's a large office, just to find out it's a competitive situation and the departing broker has already taken 2/3 of the book and the other surrounding EDJ guys have been busy pilfering what accounts they could.  Then the poor transfer broker arrives to a book that's 25% or less than what was promised.

No, they never withhold the truth.  They always take care of their only profit center, the IR or FA as they're now called.

Jul 3, 2007 4:35 pm

Since I'm bored too...the Jones world according to Spiffy

[quote=Dust Bunny]

Ok  since I'm really bored right now.

1. I would be running my own business.    My business model doesn't include going to time wasting meetings to hear crap that I already knew.  Mandatory meetings were not a part of the recruiting package or mentioned to me when I was investigating. -  Did you ask about mandatory meetings during your interview process?  My guess is no.  Probably for the same reason they didn't mention them.  When Jones was recruiting you and you were investigating them it wasn't important.  The New IR meetings and monthly call sessions are a little tedious, but the regional meetings are usually a nice weekend.  My model also doesn't include calling people on Saturdays and Sundays, in a boiler room atmosphere, to sell a bond that I wouldn't offer to a client sitting across from me at my desk. - There are only 2 firm sponsored Saturday call sessions, Shamrock Saturday and the Summer BBQ in August.  And those are optional.  Other than that any Saturday phone calls you would make would be of your own volition.  Everyone I've ever heard talk about starting a biz from scratch says that you should be working constantly for the first 2 years.  I think the Judge calls it the 500 day war.  Shame on Jones for trying to get you to work hard.  And I've never heard anyone tell anybody to make calls on Sunday.     My model didn't include being a recruiter for the firm. - So, don't.  Let the firm growth talk go in one ear and out the other.  Toss the materials they send in the mail.  Done. 

2. There was no other option than to start a new/new office. As a transfer broker I was interested in starting with a larger book in addition to the clients that I brought with me. I had heard that there were possiblities.  The goodnight and open offices went to relatives and buddies of the RL. - Were you a transfer broker that was worth offering additional assets?  I don't mean that as a slam on you, but from the Jones side of things, they have to choose how to best recruit.  If they can get you to open a new office, then fine.  They can use the larger office to recruit a larger transfer broker.  But I'm going to guess that nobody promised you that your were going to be offered a GKN or an open office with assets.  Just because you heard it was possible doesn't make it a lie when it doesn't happen to you.  The RLs have a process that they go through to assign open offices.  It's not just the good ol' boy network. 

3. P&L  and expenses lies The costs that were deducted from the P&L such as satellite, national advertising and the mechanics of the P&L, which are such that it is almost impossible to be profitable in the first couple of years, were hidden and glossed over when I asked about them.  The P&L is unlike anything I have ever seen, and I have seen a lot of profit and loss statements.  - Were they really hidden or did you just not know how to look at them?  If it bothered you that much there a dozen people in the home office who could have explained the whole thing to you.  Down to the pennies.

It is almost impossible to be profitable in the first couple of years.  I just got my first bonus check last year (my 4th year in the field.)  It doesn't mean Jones is trying to make it difficult for me to get the bonuses, that's just the way it is.  Actually, it pisses me off when I have friends in Podunk, MS tell me they are profitable grossing $18K/month.  It's because their occupancy is  $1000/month and mine is $2400/month.  I may have to get to $25K/month before my bonuses are worth anything.  Still, doesn't mean Jones lied about anything. 

[/quote]

OK, gotta get back to work. 

Jul 3, 2007 5:01 pm

[quote=Spaceman Spiff]

Since I'm bored too...the Jones world according to Spiffy

[quote=Dust Bunny]

Ok  since I'm really bored right now.

1. I would be running my own business.    My business model doesn't include going to time wasting meetings to hear crap that I already knew.  Mandatory meetings were not a part of the recruiting package or mentioned to me when I was investigating. -  Did you ask about mandatory meetings during your interview process?  My guess is no.  Probably for the same reason they didn't mention them.  When Jones was recruiting you and you were investigating them it wasn't important.  The New IR meetings and monthly call sessions are a little tedious, but the regional meetings are usually a nice weekend. 

Why would I ask them if I was going to be forced to attend a bunch of pointless meetings, when the entire mantra is you will be running your own business.  The regional meetings were a big suck up fest in remote locations hours and hours driving from my location.

My model also doesn't include calling people on Saturdays and Sundays, in a boiler room atmosphere, to sell a bond that I wouldn't offer to a client sitting across from me at my desk. - There are only 2 firm sponsored Saturday call sessions, Shamrock Saturday and the Summer BBQ in August.  And those are optional. 

Ha, maybe in your region.

 Other than that any Saturday phone calls you would make would be of your own volition.  Everyone I've ever heard talk about starting a biz from scratch says that you should be working constantly for the first 2 years. 

I wasn't starting from "scratch" even though the office was a new location.  I was a transfer broker from a bank platform and brought over 3 million in the first couple of weeks.

 I think the Judge calls it the 500 day war.  Shame on Jones for trying to get you to work hard.  And I've never heard anyone tell anybody to make calls on Sunday.    

My model didn't include being a recruiter for the firm. - So, don't.  Let the firm growth talk go in one ear and out the other.  Toss the materials they send in the mail.  Done. 

And erase the electronic messages and refuse to answer the phone when the RL would ask where are your names of prospects.  

2. There was no other option than to start a new/new office. As a transfer broker I was interested in starting with a larger book in addition to the clients that I brought with me. I had heard that there were possiblities.  The goodnight and open offices went to relatives and buddies of the RL. - Were you a transfer broker that was worth offering additional assets?  I don't mean that as a slam on you, but from the Jones side of things, they have to choose how to best recruit.  If they can get you to open a new office, then fine.  They can use the larger office to recruit a larger transfer broker. 

So it was better to give the goodnight program to the Regional Leaders dork brother who was just out of college and who had never had a job in his life?  Instead of to a career broker with assets that could be transfered and who knows the job.   Right no nepotism there.

 But I'm going to guess that nobody promised you that your were going to be offered a GKN or an open office with assets.  Just because you heard it was possible doesn't make it a lie when it doesn't happen to you.  The RLs have a process that they go through to assign open offices.  It's not just the good ol' boy network. 

Ha ha ha ha.....oh  you were serious?

3. P&L  and expenses lies The costs that were deducted from the P&L such as satellite, national advertising and the mechanics of the P&L, which are such that it is almost impossible to be profitable in the first couple of years, were hidden and glossed over when I asked about them.  The P&L is unlike anything I have ever seen, and I have seen a lot of profit and loss statements.  - Were they really hidden or did you just not know how to look at them?  If it bothered you that much there a dozen people in the home office who could have explained the whole thing to you.  Down to the pennies.

I was a commercial lending officer for many years.  I know how to read a profit and loss statement and I know when I see one that is hiding things and shuffiling the money around.  If I had seen a profit and loss statement from a real office, instead of the crap they tell your, before moving I would certainly have thought better of making the move.  My bad.  I admit I didn't do the due dilligance that I should have before making the move. 

It is almost impossible to be profitable in the first couple of years.  I just got my first bonus check last year (my 4th year in the field.)  It doesn't mean Jones is trying to make it difficult for me to get the bonuses, that's just the way it is.  Actually, it pisses me off when I have friends in Podunk, MS tell me they are profitable grossing $18K/month.  It's because their occupancy is  $1000/month and mine is $2400/month.  I may have to get to $25K/month before my bonuses are worth anything.  Still, doesn't mean Jones lied about anything. 

Gee I guess you are right.  Witholding and distorting information isn't actually lying.  

[/quote]

OK, gotta get back to work. 

[/quote]
Jul 3, 2007 6:19 pm

Babs - your experience with Jones and my experience with Jones must be completely different. 

Yeah, the regional meeting sucks.  Nice hotels, as much alcohol as you care to consume in the hospitality suite afterwards, free food, idea sharing with other FAs.  All that sucks.  I'm sure you never learned anything in any of the business meetings either. 

GKN plans are what they are.  The FA doing to GKN gets to choose his GKN partner.  Even if it's the RL's dork brother, as long as he can pass the S7 and other exams, he's going to get that spot. 

A career broker with $3 mil.  Seriously?  Bringing in $3 mil is nice, but it's not enough to nudge the meter in the recruiting office.  There are tons of $3 mil books out there.  Why did you think you were any more deserving of a big office than the next guy/girl.  Now if you had brought over $20 mil, you might have a case.

Nepotism is alive and well at Jones.  I've seen it before too.  Buddy of mine took over a $100 Mil office recently.  When I asked him about it he said he did enough brown nosing when he was in the home office that he figured that was what sealed the deal.  I'll bet that deal really pissed off a lot of folks in that region.  But that's politics.  Sucks if you're not the one on the receiving end. 

You really think that Jones tries to hide things and shuffle the money on the P&L statements?  With as many intelligent people as we have that look at those things every month I do find it hard to believe that Jones purposely tries to hide things.  Do you have any real examples of any inaccuracies you found or are you going on pure speculation?

See, this is what happens when two people on opposite sides of the fence get bored. 

Jul 3, 2007 7:02 pm

Let’s see Spiffy, Spring 2005, regional meeting. Area Leader was asked about the P/L along with the distribution of GP vs LP.  I won’t go into details, but the GP has been around since early 90’s, couldn’t even get close to detailing the breakdown on the P/L…I was more confused afterwards.  Spiffy, should a p/l be this difficult to comprehend?  Also, he quickly glossed over the 80% going to the 250 gps and the 20% going to the 5,000 LP’s in the ownership payouts.  I hope the guys in your region wake up and head indy, however, you should stay put…

Jul 3, 2007 7:21 pm

A career broker with $3 mil.  Seriously?  Bringing in $3 mil is nice, but it's not enough to nudge the meter in the recruiting office.  There are tons of $3 mil books out there

I said in the first two weeks of being at Jones I transferred over 3 mill from my previous BD.  I never said that was my entire book. That was the tip of the iceberg so to speak.  I was always in the green and have that stupid shovel among other prizes for production.

Now that I'm indy, I have more AUM than I ever had at Jones with less households.  I'm perfectly happy.  You also need to realize that I'm in the winding down part of my career and hope to retire in 8 to 10 years, unlike yourself who is probably in the beginning of yours.  So what I thought I was going to get from Jones, what they told me the business model would be like and what I actually got were completely different things.

 Do you have any real examples of any inaccuracies you found or are you going on pure speculation?

I never said it was inaccurate, just unlike any standard profit and loss statement that any business would use to accurately reflect income and expenses.  There are a lot of intelligent people who don't have a clue about business or how to correlate a P&L, income statement and balance sheet. 

Yeah, the regional meeting sucks.  Nice hotels, as much alcohol as you care to consume in the hospitality suite afterwards, free food, idea sharing with other FAs.  All that sucks.  I'm sure you never learned anything in any of the business meetings either. 

I've stayed in much nicer hotels and traveled a lot in my time, the food was adequate, the scotch wasn't all that great.  I never heard anything that I didn't already know at any of the meetings.  Some of the guys were pretty nice and we did share some good sales ideas (not product knowledge necessarily though).  Outside of the meetings, since I'm a female, I was basically excluded on social events, golf etc. with the guy reps.  The wives who are all younger and have children in tow didn't particularly want to socialize with me as a female Rep.  So I didn't fit in anywhere and basically was bored out of my mind. That's ok though, I really didn't want to mingle anyway. 

So, yes the meetings sucked.  I would have been better off spending my time in my own area socializing with prospects and clients or taking a three day weekend to decompress with my husband in a spa or other location of my choosing.

This isn't to say that the meetings and the whole Jones thing is bad.   It isn't bad.   It just wasn't for me......at all.

Jul 3, 2007 9:18 pm

Spiff/Dust Bunny,

You guys are funny.  Pretty entertaining stuff.  You both actually have good points.  BUT, I think the experience at Jones (similar to comparing different wirehouse branch offices) depends a lot on the region you are in.  I know I have mentioned this before, but I am in a great region - no call sessions, my New IR meetings used to be on Thursday nights at a restaurant (I am past that stage), and although the RL encourages growth - a lot - I don't think anyone is ever forced, coherced, or otherwise, to bring people in. 

Some people like the Regional Meetings.  Mine is fun - real nice resort, lots of things to do.  Very young region, lots of comradery.  We have several female brokers that are really tight with the group (most are over 50). 

I don't participate in any of those silly contests or call session things - I think that is rather goofy for a brokerage firm.  But they really do it for the newer people to get a solid footing in the business.  However, to Bab's point - I think they do a poor job of helping the transfer brokers along.  I don't think it is purposeful, I think their model just works better for new brokers.  If there is no office to take over, and no GK to be done (or the number of them are limited), they are sort of handcuffed in their current environment.  It's a shame, as I think the premise of the one-man office has merit for transfer brokers - if done correctly.

At this point in my career (just a few years in), I don't know what I would get out of being somewhere else.  But, I can see how some of the Jones shortcomings will get to me eventually.  I know what is out there, I think it will all depend how well I build my book, and how good the quality is.  Maybe I will be comfortable enough here and not need to move.  Who knows.