Jones #1 again
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[quote=Bill Fakkland]You get a "heir" of respect? Does this mean you have a descendant of
respect? Or does this mean you are a complete moron who can't spell "air".
Even worse...you thought it was the right word. Do you breathe heir too,
idiot? Do you fly in a "heirplane'? Drive to the heirport?[/quote]
Ahhhh, another english major trying to make it in the business.
Before I left Jones I attended a MAP seminar put on by "the firm." MAP is the Jones separately managed account program.
In the words of the presenter, a Jones employee, "Cost is only a factor in the absence of value."
She then went on to talk about trading costs in M/F's and the great benefits and cost savings of SMA's. I was a little torqued that this was the first time I had heard of this(trading costs). But that's what Jones calls "Just in time training" or "We'll tell you what we want you to know in accordance with how it benefits the General Partners."
Most people at Jones think the fee based adviser does the same thing for his/her clients that an "IR" does for his. That is collect a couple thousand accts, park them in funds, re-balance annually with "Portfolio." There is simply no understanding of delivering a higher level of service. The kind you can when you have 100-200 households getting real financial planning and real attention.
I wouldn't pay a fee for annual "Portfolio" reviews either, and for that matter wouldn't be comfortable charging a fee for them.
Jones does not have the best products, tools, or support in the investment world, yet they charge their "IR's" a premium for what they get.
Exdrone you are so right. When I left EDJ, I quickly realized that I was totally clueless regarding how to manage money. Yes, I had become a very good salesperson but that's about it. I certaintly did not feel good about how Jones had me running things and I did not feel it was in my clients best interest.
In my years at The Dark Side, I averaged 14 new accounts per month! Now I am down to about two per month, yet I am bringing in more assets. CLients get very close attention and my days are so much more relaxed. I don't even have a prospect system anymore so no more spending my days calling people I didnt really know asking them to.. "with the money you have available I think you should buy this bond" crap. I'm embarrassed I was ever even there.
What a sleezy way to run a company. Even at that though I left in an honorble manner and never said a bad word about them. That's when their true colars really came out. My clients were lied to regarding my intentions and my character was attacked by everyone involved at Jones. Especially when a GPs relative was given my office. I guess they didn't mind my character when I more than once went to St Louis to help train new IRs. Then there was the Reg. Leader who tried with money to get my BOA to come back to help get the book of business that followed me to return to the dark side. She is still with me and doing great.
My life is so much better now and I never regret for a moment that I left that dirt bag of a company along with my LP. I cant say enough good things about having a fee based business. Yes the transition was difficult but I am delighted with my business now.
I recommend for anybody with enough assets to LEAVE EDJ now. It only gets harder as time passes. You will be on a NEVER ENDING TREADMILL as a transaction broker.
I love it…"if you have the money available mrs. 80 year old prospect, this muni bond maturing in 2130 paying 5%, That’s “TAX FREE”. In your tax bracket,…that’s like getting…23%…I think you should invest in this. I know, it does’nt mature for 125 years, but…it has an “estate” feature…hmmm, hmmm(picture ted knight in caddyshack asking danny if he want’s to come over on the day of the big party,…to cut his lawn) How would youuuuu, like to…buy a bond hmmmm, hmmmm.
We were so brainwashed.
When I think of EDJ now here are the things that come to my mind. Once a great company that lost its way. Unethical. Back stabbing. Cultish. Uninformed. Sales-gross driven. Behind the times. Bleeding of its best employees.
Catering to the uninformed by the uninformed. An organization of little scared young brokers scratching to survive. Low average production. Lack of experience. Bad for the investors. Give away your valuable time to work for free to get nonexistent LP. Crummy technlogy. Poor..no, terrible platform.
Malcom - I think it was a great thing at one time. But this wanting to have a Jones office on every corner idea sucks. The office I took over for them was in a horrible location, I was the 5th guy in 4 years to run it. They are just forcing this failed concept on the market place. What would be so wrong with being more careful and thought out. Maybe the one broker office is not a good idea, for some of the markets that they are going into. Let’s not forget…in the 80’s and 90’s you probably could throw a newbie in a strip mall, and sell investments. Not today.
Its about overall company revenue and market share. The poor newbe has no idea what's going on and how terrible the location is they are being sent to. The vets who train them know...St Louis knows.
Sure, go knock on doors in the area around your office! Eight other IRs have already knocked on those doors over the last 2 years but don't tell that to the unsuspecting new IR whos life has been turned upside down. Then they cant understand why they are struggling.
The Regional leader in my area didnt have one sticking office in his town of 40,000 until three years ago. The towns around him had offices less than a mile apart. Even now, he only has two other offices in his town.
I really feel sorry for many of these young men and women starting out over there. Sheep to slaughter. But who cares, there is always another one to throw against the wall to see if they stick.
Honest answer to this question Jones Clones. I have heard through several sources that some big time top hitters have left the firm over the past few months. I am hearing 90% of their book is following them within a short time frame. What is going on at cult firm?
They don't know...When someone leaves it gets hidden as well as be. When they do (rarely) recruit a broker....hell that's front page news.
I got 90% of my book 2 years ago and have never been happier since leaving Jones. MUCH better as an indy.
I asked this on another forum but I will ask it here to. I am just curious about this!
What is the quota for a new rep before Jones rents him/her a office?
What is the quota after they get there new office?
And how long before Jones gets rid of them for lack of production?
Just wondering because there seems to be so many empty offices around the country.
Truth, I would say that your comment has a lot of exaggeration to it. I do know most of the bigger hitters here and a few have left, not many. (less than 10 750k and up that I know of, same as any firm) A friend of mine left 6 months ago, 110mill book and he has taken less than 40%. Zacko took his 90% but we all know how. Brokers leave firms every day. Don’t read too much into it.
Guest1,
How on EARTH could somone only get 40%? I've never even heard of less than 60% for any move from Jones. My guess is he was not the orginal broker in the office and that he inherited it. either that or your information is incorrect. There is the possibility he was very lazy and unorganized--but 40% is soooooooooooo bad.
How did I get the 90%? Organized, planned, took staff with me, and worked ass off. Hardest working 30 days of my life by far...and I actually enjoyed the challenge. If you know something i don't--feel free to PM me.
I was in a bank program and I don't expect any less than 50%, which is 90% of what I want. Two months in, I'm at about 35%...
The other 40-50%...they can have...I'd rather prospect for real customers...no just jump through a bunch of hoops for short-term rate whores...
It's a bit different coming from a Jones office where YOU are the reason they have their account at the branch.
zacko-
I know of two in my state that got less than 40%. Both left within the last year. It does happen....As far as your 90%, well that is close to a record isn't it?
Maybe you should write a book. I am sure there are several on this forum that would read it with interest.
[quote=Indyone]
short-term rate whores...
[/quote]
Hahaha, you just described 50% of my book of business. I would slap them if I could.
GUEST 1-
I appeciate the answer. I know of 3 and you said around 10. So can we agree on say 8? How many $750K producers do you have? Because one point I will disagree wiith you on and you cannot win is your statement about Jones being just like all of the other wirehouses that lose big brokers. One goes to Merrill and one goes from Merrill to SB. They just replace each other. How many $750K brokers does Jones bring in from the outside? With really no managed money platform I really doubt a big hitter at a wirehouse is jumping with joy to come to Jones and sell American Funds. When 40%, 50% or whatever percentage we want to come up with that leaves a top producer's book takes many, many years for Jones to replenish.
Word on the Indy street or at least the street I am familiar with says the picking has been good at Jones and anticipates getting better.
Come on board before the train passes you buy.
[quote=7yrvet]
zacko-
I know of two in my state that got less than 40%. Both left within the last year. It does happen....As far as your 90%, well that is close to a record isn't it?
Maybe you should write a book. I am sure there are several on this forum that would read it with interest.
[/quote]
He did get 90%!!!!!