Jones #1 again
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[quote=moneyadvisor]
I can't imagine indie is good for a newbie scratch broker.
[/quote]
It's not. I sure wouldn't recommend trying to go indy right out of the box. To begin with, RJ & LPL, two of the premier indy houses, absolutely would not take an indy without experience and a book. RJ will take newbies in their traditional employee channel, but not indy. Secondly, if you're brand new and an indy, who are you going to train under?
Get your experience at a firm with a good training program (and without a non-compete if you can full that off), and after a few years and at LEAST $20 mil AUM, then you can consider whether or not indy is the right move. Just don't drink too much Kool-Aid while you're in training.
[quote=7yrvet]
Can someone explain why folks can not get over EDJ. It is almost as if many are on a self-appointed crusade to take down the mother ship.
I admit EDJ isn't perfect. But please tell me one that is. Merrill, Morgan Stanley, UBS, SSB. Zacko and others will say the only way is theirs (indy). I say.....Can't we all just get along...
Let go and you will be happier.
[/quote]
7yr,
Some day the light will turn on for you as it did for me.
For a couple years I read what folks like Zacko and others posted as well as the respones from those like Big pay day. I was happy at Jones and took for granted what they told me. "This place is special, can not be duplicated..." yada, yada.
Then I started to realize that there was a lot of truth to what the exJonesers were saying. Slowly the lights came on and I realized what a bunch of crap the firm was shoveling.
If you follow the money you will eventually find the truth. At Jones the money flows to the GP's. If making 100-200k is the greatest thing that you ever imagined, the GP's have you right where they want you.
Ultimately, from rev sharing and preferred fund families, to lp offerings and div trips, the goal of the firm is to maximize GP returns, and allay IRs. This is the truth, and none of it benefits investors...that just pisses me off.
Granted the training is great, but what does Jones offer a veteran IR. No economies of scale like a wirehouse, and no inc payout like indy. Inflated overhead, limited products and resources for inflated costs.
exdrone
Newbie
Joined: July 01 2005
Posts: 18
WOW you nailed it...........................well said...Can't
Can't we just all get along.....
Priceless.....................WELL SAID:
exdrone
Newbie
Joined: July 01 2005
Posts: 18
Zacko, X, and other former EJ IRs,
Right on! I COULDN'T have said it any better!
EJ culture is nothing but crap.
I love being Indy
[quote=Player]Crap is still Crap, whatever you call it[/quote]
Speaking of crap. Do they still give out that award for 1st year reps who open 100 accts? I believe it was the "Prospecting Award" which consisted of a plaque with a tiny gold shovel on it.
Anyway, what they really should give new IR's is a a pair of boots, or better yet waders. Old 3Mil has a backhoe full of sh*t to sell you and that little shovel just aint gonna keep up.
The reason no new managing general partner has not been named is 3mill Hill is appealing the US attorneys settlement for him to leave!!!
How in the world would you know that. Either you are a traitor GP or you are only guessing…
Jones once had a GP named 3mil
Who could choose to go home or to jail
This choice was a chance
To finally take of his pants
And make 7ryvet bite the pillow
Unsung obviously has decided to take a shot as a poet. Sideways markets makes can scare some right out of the biz. In this case I would have to say that his/her day job might be in jeopardy.
[quote=7yrvet]How in the world would you know that. Either you are a traitor GP or you are only guessing.....[/quote]
Yes, old Doug "3 Mil" Hill is probably trying to buy himself out the the sh*t whole he and the Greedy GP's created....and 7yrvet you are as stupid as your quote that confirms it.
By the way 7yrvet whay are all of the vets leaving ? Does 7 Eleven have anything to do with why you use 7yrvet?
Player-
Your cognitivie abilities are improving ( a few less emoiticons). Player once again you tend to lose credibility when you say "All of the vets are leaving". I guess more than 1 equals "ALL" in your eyes.
You probably could use a remedial math course. Who knows maybe you could get some CE credits too.
[quote=7yrvet]
Player-
Your cognitive abilities are improving ( a few less emoiticons). Player once again you tend to lose credibility when you say "All of the vets are leaving". I guess more than 1 equals "ALL" in your eyes.
You probably could use a remedial math course. Who knows maybe you could get some CE credits too.
[/quote]
7yrvet, you are right, they are not ALL LEAVING, only the intelligent ones are leaving, and here's the reason why, they can do MATH, and they beleive in the TRUTH, not Kool Aid flavors,and they read the WSJ.....
Can you honestly come on hear and state AS a FACT, that I am not right that there are more experienced IR's LEAVING PERCENTAGEWISE AND NUMBERSWISE than at anytime in history of the Firm?
Now who has credibility?
7YRVET, You are a lame employee working for slave labor, you think you have it so good, because you don't have enough sense to do the math............You own nothing at Jones, your LP income when you die is gone to your survivors, what's up with that? GP's pick and choose............Boot Lickers get it ALL.
By the way, who controls your LP earnings, NOT YOU?
If, you are 50% the producer you claim to be, you only have to look at your own book and see the 20% of (YOUR COMMISSIONS) you are contributing to the GP's get 50% Plus payout, and Lp's get between 15% to 22%(of their own money), and you think you are coming out good on this?
Simple Math: 500K Gross X's .38 = $ 190K (Minus your expenses)
Best Bonus paid on your Profitability is nowhere near an additional 100K in your Pocket (20% of your 500K goes to you instead of to GP's & LP's) Now be HONEST, is that not better than you are getting? It's simple even for a girlie man like you.
Do you love Edward Jones more than your own FAMILY?
Do the MATH..........it's a NO BRAINER, why so many are leaving, even for you.
* Disclaimer: I am way to conservative on the net payout as an INDY showing only a 58% NET that is closer to 65 to 70% in my office, but 58% is higher than any Edward Jones IR has ever received from personal production, and that is a FACT!
I have done the MATH........wake-up DRONES & CLONES,
THE TRUTH WILL SET YOUR..F R E E ............
Player-
Were you able to find ltc insurance given the dementia you continue to display. Comparing the last two posts. Says it all.
If I leave 10-15% (according to Zacko,that is about the number)on the table, in my puny mathematical mind, its worth it.
Just wondering what will set you free from the emoticons and large caps. Valium,halcion, etc...
7yr,
Suppose you are JUST leaving 10-15% on the table, right now.
What about the % you are leaving on the table when you decide to retire with a 200+ million dollar book? Selling that book whether it be on fptransitions or not, is worth countless more $ than doing a 4 year "sunset" Jones phase out. In fact, a 200 mil book at Jones probably has trails in the $250,000 gross range. Why if I had that at Jones would I sunset anything??? I could work part time and make more money over more years than "sunsetting". See Jones hasnt figured it out, if you want to retire then you probably want out, period. You deserve to get a fair value for what YOU built, rather than just turning it over for some 4 year commission sharing thing. If Im going to work another 4 years, why should I share anything??? 70-30, 50-50, 30-70? So forget that and assume very few will do it over the next many years. So then what? Many Jones IRs will just "hang on" working less and less. See theres no incentive but to just hang on at Jones at that point. Is it really doing whats best for your clients when you're there 1 day a week? Is that good service?
Instead you sell your book, you do take on some personal financial risk. But when I do, Im gone.....on the golf course.....knowing I did the right thing for both my clients and my own well being. Im not hanging around another 4 years working and getting paid less each year. Who would do that?? If my successor fails to pay, I re-take over the assets. Not a preferred outcome but also not likely.
10-15% is what you're giving up today (in your own words), but you're giving up far more in the long run.
Jonzed
I never said it was perfect. No company is. I believe that there is so much ambiguiity when it comes to transitions out of the biz. For me, it's way down the road and I believe that things will continue to evolve, including the retirement/transition plan.
Bottom line, if more vets who produce leave because of it, we'll see more changes. If I did not have time, I would be more inclined to worry about this issue. Your point has merit. We should be rewarded for decades of hard work.
[quote=7yrvet]
Jonzed
I never said it was perfect. No company is. I believe that there is so much ambiguity when it comes to transitions out of the biz. For me, it's way down the road and I believe that things will continue to evolve, including the retirement/transition plan.
Bottom line, if more vets who produce leave because of it, we'll see more changes. If I did not have time, I would be more inclined to worry about this issue. Your point has merit. We should be rewarded for decades of hard work.
[/quote]
7yrvet, Thanks, your own words "We should be rewarded for decades of hard work." That is my whole point not the GP's but the hard working producing IR's in the field, not St Louis GP's.....and apparently you do agree with that?
When I realized I wasn't being told the TRUTH on the SEC investigation and potential findings, the numbers weren't adding up on compensation to GP's and to us IR's in the field. People were being made GP's that hadn't done crap for the FIRM, except who they knew, I said enough is enough and left.
From, what I can see and hear it has not changed at all.
Is it a FACT or NOT, there are more experienced IR's leaving than at any time in Edward Jones history?
If, anything I have said is untrue then tell me and everyone that is reading this the TRUTH, if you can?
Player, re-read your last few posts. You are starting to disagree with yourself…