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EJ Getting just like MER/MS

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Jul 31, 2008 4:26 pm

I think he misunderstood your post.  He doesn’t know that you’ve been gone from EDJ for more than two months like one of your posts/rants mentioned. 

Aug 1, 2008 1:52 am

[quote=bspears]

How can I be let go from my own business? I'm scared now...did I miss some meeting with myself....

[/quote] Are you kidding me? In my post I put in BOLD print that I was not saying you were let go. How did you miss take that?
Aug 1, 2008 12:43 pm

River,

Right after the "BOLD" your next sentence implies that he must have been let go because he hates Jones...I hate Jones, got them fined over $202 mil. and left on my own over 5 years ago.

Aug 1, 2008 2:06 pm

Thank God its Friday–after reading all this I need a drink!

  I was at Jones for 14 years  (Good and Bad) been at LPL 16 months (Good and ???). If you need to know the difference between being at Jones and being an Indy you can PM me.  I check my messages once a day.   Jones isn't a bad place and I have no bitter feelings at all.  Being an Indy is NOT for everyone!  It has its good points and not so good points too.   Now where did I sit that beer?
Aug 1, 2008 2:21 pm

Lets agree River King thinks its okay to get  info from forums…I disagree.  When I made the choice to leave the cult and move to Indy, it was ONLY after I watched several of my friends do it.  I watched, visited, looked at what assets they moved and found out for myself if it was for me.  Looked at inventory, their platform, hell even a friends commission statement. Its not that I wouldn’t take Roadhards advice or Indyone…but gosh dangit…I don’t know who the hell Roadhard is…when i think of Roadhard…I think of woody harrelsons landlady in Kingpin??..no offense

If you make a decision based on what I'm typing on this forum, sorry...but I think you need to think on your own.  Hell, when I read Borkers comments on another thread about being told x amount of assets and received x....well I shake my head and would have moved on asap, but thats me and not him. 
Aug 1, 2008 2:22 pm

[quote=uwec1986]

River,

Right after the "BOLD" your next sentence implies that he must have been let go because he hates Jones...I hate Jones, got them fined over $202 mil. and left on my own over 5 years ago.

[/quote]   So, does the fact that you got "got the ball rolling on RS" and got Jones fined $202 mil, but nothing has changed (except some extra trees get killed because of the stupid RS paperwork that prints with EVERY mfd trade) materially drive you nuts?  Are you going to try to figure out how much Jones will actually pay on the RS class action suit and then ammend your numbers?  There are a bunch of lazy people out there who won't go out of their way to give me their voucher for $6 for the next three years.  In the end all that money goes right back into the Jones checkbook.  Not to mention all those people (like Roadhard's clients) who got tagged as a Jones client, were given the vouchers, but can't use them.  Seems like the only money Jones is guaranteed to pay out are those clients who left Jones before the cutoff date.  At least they got a check in their mailbox.    All in all, at the end of the day, what is it exactly that you accomplished?
Aug 1, 2008 2:42 pm

Don’t forget that the attorney’s must have gotten about $100 mil…EJ won’t be getting that back.

  What I accomplished was exposing the out right hypocrisy of EJ.  1.  Lied to clients about their motivations (only provide info. to brokers from "the seven" because of Rev. Sharing), 2.  Printed a HUGE ad in the WSJ about how bad the other guys are.  3.  Created disincentives to FA's attempting to annuitize their business (lower payouts on c-shares).  4.  EJ takes .75 to 1.25% off the top of all VA purchases (I signed up for a 40% payout of the revenue not for 40% of what's left)   That's just a start but it looks like I win and it brings me great joy to think of the checks Jones sent me and all my clients.  You're a reasonable guy and you'll be free of Jones some day...I'm sure of it.
Aug 1, 2008 3:00 pm

THANKS, GUYS, FOR STOPPING THE PREVIOUS PISSIN MATCH!

I am one of those folks that uses this forum to gather data. I believe I can tell who is blowin smoke and who isnt.

My end analysis of Jones is in the post that started this thread.

Jones has changed, and is no longer as sanctimonious as we were under Bachman (and yes, Bachman and Hill painted HUGE targets on their own backs when they published the WSJ ad. Hill paid that tab, Bachman pretty much skated). Under Weddle, this firm is being ramped up to go SOMEWHERE...I am just not sure where. Regardless, we were so far behind our peers in technology that we need to update simply to stay competitive.

My time at Jones has been good, except for the last few years. So, the real reason for even messing with these forums is to get real, viable feedbacck from brothers and sisters in this Biz. For those of you that provide it, THANKS!

Aug 1, 2008 3:31 pm

[quote=bspears]Lets agree River King thinks its okay to get  info from forums…I disagree.  When I made the choice to leave the cult and move to Indy, it was ONLY after I watched several of my friends do it.  I watched, visited, looked at what assets they moved and found out for myself if it was for me.  Looked at inventory, their platform, hell even a friends commission statement. Its not that I wouldn’t take Roadhards advice or Indyone…but gosh dangit…I don’t know who the hell Roadhard is…when i think of Roadhard…I think of woody harrelsons landlady in Kingpin??..no offense

If you make a decision based on what I'm typing on this forum, sorry...but I think you need to think on your own.  Hell, when I read Borkers comments on another thread about being told x amount of assets and received x....well I shake my head and would have moved on asap, but thats me and not him.  [/quote]   It wasn't quite that simple. I told the hiring guy I'd take over the office, as long as they guaranteed I'd retain all of the accounts. (Or as many as were willing to wait for me to get licensed.) Jones told me that I would walk into $26 million, and I didn't know what else to do but trust them.   After I became licensed and "trained," I re-opened the office and discovered there was $15 million on the books. The FA that transferred to another office took numerous accounts with him--although he told me he wouldn't--and the Seg. 5 in town cherry-picked several out before I got into the office.   If I'd had a way to monitor what was going on, or even better, predict the future, I'd have never taken the job.    
Aug 1, 2008 3:37 pm

Borker Boy,

  Jones does make big claims to the new guy taking an office and I'm sorry they lied to you but $15 mil is about a 2 or 3 year head start...take it and run.
Aug 1, 2008 4:03 pm

That’s what I was told, but when a person takes over a book of CDs and A-shares, I have trouble seeing how it’s a legitimate 2-3 years head start.

  Trust me, I can't imagine having started as newnew (I wouldn't have), but taking over a $15 million book of money that's already invested isn't quite as glamorous as it may appear.
Aug 1, 2008 4:16 pm

So what was the feedback you received from home office when you discovered the missing or moved assets?  Sorry…if you don’t like it you can leave…its exactly what was said to a friend of mine who left a great position to take over a non competitive empty office.  1/2 of the assets moved to another office in town and when he tried to get them back…well…when he decided to solicit the clients who left to come back…he got a wonderful call from the RL…Effay…you say Weddle has changed things…but you say things have been good except the last few years…under Weddle??? hmmm

Aug 1, 2008 4:31 pm

The accounts were first moved to St. Louis, then picked through by the FA that transferred to another office, then co-mingled with a Seg. 5 in my town and picked through by him, and then transferred back to my office just before I got back from Eval/Grad.

When I asked HQ why I was missing $11 million in assets, I was told that it would "all work out in the wash."   I wasn't really sure what to do from there, but those assets never re-appeared on my book.    
Aug 1, 2008 4:34 pm

Borker Boy,

$15 mil no matter what it's invested in is a HUGE start so I suggest you stop whining and get to work on your mutual fund upgrade program.  The referrals alone could be huge too.  Trust me...you got a big gift!  Jones does suck for lying to you and you should be pissed about that but you can't do anything about it so go make some money.

Spears your comments are right on and I've seen the same thing happen here when another local office raided the one that left.  The new guy was promised $15 m and got $2 mil.
Aug 1, 2008 4:41 pm

In EJ’s defense…the clients did need to be serviced but they certainly could have found a way to keep the assets in the office.  I’m sure EJ knew that a good portion of the assets would be gone because they have done this in the past. 

  I suggest you get off this board, get to work learning the business and come back in 3 years when you can move to an independent platform without EJ charging you $75k in training fees.   Good luck
Aug 1, 2008 4:44 pm

Wait…let me step back for a second…this could not have happened…this is Jones we’re tallking about…

Unless you're prepared to move, I would take uwec's comments...15 mil isn't to bad..26mil would have been great..but 15 isn't chump change to start with...
Aug 1, 2008 6:13 pm

Hey, guys!
I went thru the same crap at Jones. Was supposed to take over 15 mn., bring same from my old firm, and the Jones broker took much of what he was supposed to leave to his new office - and he was given 75mn in a new city!! He is now a top producer.
 
It boils down to your RL, I think. Mine raised hell at the time, and so did the past RL. The SOB that took the assets was supposed to leave was not well liked in the region. But boy did he have some buddies in STL!, He ended up having to split commissions with me for 3 years on some key accounts.
 
WOULD THAT HAVE HAPPENED TODAY? Hell no!
If my RL(s) had not screamed bloody murder, the firm would have taken the “sorry, you are the new guy, deal with it” approach. Like they did with Borker.
 
And, Borker? Take ALL of the above comments to heart. You DID get a gift. Hope that Karma is in opreation, and get to work. Think of the referrals you’ll get from the A++ service you are going to provide!

 
 
Your situation further illustrates how EJ has changed with "Bryll Cream" at the helm.
UWEC is right on the money. Read, learn, and GTW
(get to work).
Aug 1, 2008 9:54 pm

I think most of our books adhere to the 80/20 principle.  So, if you are promised a $25mill office, and some vet gets to basically cherry pick off even $5mill (20%), that’s a massive drop in possible revenue seeing as how he probably took out 80% of revenue production.  Yeah, a $20mill office would have been great (I started new/new), but it is NOT what was promised.

Aug 2, 2008 8:31 pm

[quote=bspears]Lets agree River King thinks its okay to get  info from forums…I disagree.  When I made the choice to leave the cult and move to Indy, it was ONLY after I watched several of my friends do it.  I watched, visited, looked at what assets they moved and found out for myself if it was for me.  Looked at inventory, their platform, hell even a friends commission statement. Its not that I wouldn’t take Roadhards advice or Indyone…but gosh dangit…I don’t know who the hell Roadhard is…when i think of Roadhard…I think of woody harrelsons landlady in Kingpin??..no offense

If you make a decision based on what I'm typing on this forum, sorry...but I think you need to think on your own.  Hell, when I read Borkers comments on another thread about being told x amount of assets and received x....well I shake my head and would have moved on asap, but thats me and not him.  [/quote] bspears I think we agree on this more than you realise. As you stated you made the move after you watched friends, visited, and looked at everything. That is exactly what I was saying. Why not exam every piece of information you can when you're making a life changing move?
Aug 3, 2008 1:59 am
now_indy:

I think most of our books adhere to the 80/20 principle.  So, if you are promised a $25mill office, and some vet gets to basically cherry pick off even $5mill (20%), that’s a massive drop in possible revenue seeing as how he probably took out 80% of revenue production.  Yeah, a $20mill office would have been great (I started new/new), but it is NOT what was promised.

If you are going to get angry with jones over promises broken, get out the pepto-bismol.