Jones Pays
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Maxstud (affectionately): Get outta here, you little scamp.
Farotech (whining): Can't we get ice cream just this once?
Maxstud: Well, alright you little troublemaker.
I just cashed the check from Jones. $19.71. I’ll use it with my barber today. One final haircut from Jones!
[quote=GoldCaddy]I just cashed the check from Jones. $19.71. I'll use it with my barber today. One final haircut from Jones![/quote]
Did your barber take 60% off the top?
[quote=CIBforeveryone]
[quote=GoldCaddy]I just cashed the check
from Jones. $19.71. I’ll use it with my barber today. One final haircut from
Jones![/quote]
Did your barber take 60% off the top?
[/quote]
Did you also have to supply your own tissue paper fr around your neck?
(You do of course realize that this is only going to get worse!)
No doubt the barber argued that he is paying for the use of scissors and razors, and therefore you are actually getting quite a good deal.
PM PROMO UPDATE WIRE:
A JONES FA FROM IOWA MADE 60 REPEAT CONTACTS BETWEEN 4-9 PM TO WIN THE IPOD!
ALSO, HE MADE 31 REPEAT FACE TO FACE CONTACTS THIS SATURDAY MORNING !
Man, this guy makes me feel like crap. 60 repeat contacts in five hours on Tuesday? 31 face to face repeat contacts on Saturday morning? He must be a very fast talker/walker.
ADDENDUM: The May 5 Saturday Promo is called...no I'm not kidding...
THE REPEAT CONTACT FIESTA.
Yes, ladies and gentlemen, that is the firm we have grown to know and love.
I use to be a client of EDJ. I have moved since then and they have not contacted me. How do I go about getting my lunch money from Jones?
[quote=farotech]
PM PROMO UPDATE WIRE:
A JONES FA FROM IOWA MADE 60 REPEAT CONTACTS BETWEEN 4-9 PM TO WIN THE IPOD!
ALSO, HE MADE 31 REPEAT FACE TO FACE CONTACTS THIS SATURDAY MORNING !
Man, this guy makes me feel like crap. 60 repeat contacts in five hours on Tuesday? 31 face to face repeat contacts on Saturday morning? He must be a very fast talker/walker.
[/quote]
Don't sweat it, faro, this FA is lying. Check the FA's rankings in commissions, if EDJ provides that info. I'm betting you'll find that they rank near the bottom. If (and I mean if) they were able to actually accomplish this feat, they would be ranked near the top (and own a pair of red tights and a cape.)
31 repeat face to face contacts between 8 AM-12 PM. So 8 contacts per hour, or one contact every 7 minutes. Because contacts are supposed to last 5-7 minutes, that means that not only was every single person he doorknocked home, but that every single person he knocked was a repeat contact. If he knew 31 people on a set of three or four streets and jogged from house to house, he might have done it.
As for his 60 phone repeat contacts in four hours, that's doable if you talk very, very fast, or keep the conversations to: do you want this bond, no, click, do you want this bond, no, click...
The people in charge of these promotions have never worked in the field, so they assume that BS like this is true. Now the guy gets a free IPod.
Dont sweat it my brethren. He gets an Ipod so he can listen to 1.3 seconds of a song between contacts. Just think in 17 days he will actually get thru one song!!!
This is one of the weaknesses of the Jones system. Many newbies
confuse hard work with smart work. Lying about contacts (or talking to
500 people an hour) doesn’t really accomplish anything (except winning
an I-Pod.
[quote=bspears]Great post Max. As I mentioned in a thread a few
days ago or last week…A GP came to our Spring Regional to show all
the ins and outs of the money flow at Jones. Revenue sharing was
a very large part of the bottom line. I understand business
101…and I will agree Revenue sharing isn’t 100% profit…but it’s
damn close. If it wasn’t so important to the health of the
company…why don’t they say no and open the platform? We all know the
reason they won’t…because the more you have flowing to a few, albeit
ok funds, the more power you wield(sp) the more safe the kickbacks
become. [QUOTE]
Except that the franchise value of EDJ the company goes down since they become a one trick pony with a single bag of tricks.
And when GFA seriously lags the market for a few year’s there is going to be a storm of ACATs
Of couse the GP’s are addicted to that 90% gross margin income stream.
So change at EDJ is blindingly slow even if EDJ is giving up even
larger amounts of topline revenues and market opportunites.
Real HNW clients are going to bump up against the edges of EDJ’s platform real quick.
In the long run, I think that FA’s who are just mutual fund conduits
are going to lose out to RIA’s and FA’s who can manage money and have
an ownership stake in the business.
[QUOTE]Also, the cut of profits Lp vs Gp…is more 85% GP and
15% LP. The pure $'s grow every year…remember back when
they paid no LP but paid GP. Nice!! After pressure and a brokers
leaving…they ghost credited the LP.[/quote]
The solution to this would be to require the LP unit’s to get a certain
preferred return before the GP units got thier cut. Kind of like in a
private Equity deal.
LP’s get cash up to a hurdle rate,
GP’s get catch-up allocation
GP’s get 25% of the excess cash.
As for his 60 phone repeat contacts in four hours, that's doable if you talk very, very fast, or keep the conversations to: do you want this bond, no, click, do you want this bond, no, click...
Ha... that was the last straw for me when at Jones. It was exactly like that. I was at some mandatory meeting and Tom Bartow(sp?) was leading the meeting. He was supposed to be some sort of guru for cold calling, but to me he was a sawed off a-hole with a short guy complex.
I had a list of clients and good prospects to call. My procedure then and now was to call the client, make sure that they had some time, do some small talk (how's the kids, garden, job whatever going), have a laugh and then tell them why I was calling, give them some details on the investment idea and why I think it would fit into their portfolio or plan, why it would be a good investment for them. During and after the call, I would take some notes on what we had discussed, how much they wanted to buy, or why they didn't like the investment idea etc. Naturally this took a bit longer than "wanna buy a bond? no... click"
He pointed out that he didn't want us to put down the phone and we should take no more than 15 seconds on a call to determine if the prospect was going to buy or not and if not move on. He made an example of how badly I was doing (even though I had actually sold more of the product than anyone else that day.)
If I treated my clients that way or my prospects they would wonder if the body snatchers had taken over. I told I wasn't going to do business like that and didn't aspire to be like HIM.
I was gone within a few months and never felt better about myself.
[quote=Dust Bunny]
I was at some mandatory meeting and Tom Bartow(sp?) was leading the meeting. He was supposed to be some sort of guru for cold calling, but to me he was a sawed off a-hole with a short guy complex.
[/quote]
Tom Bartow...now there's a blast from the past!
Remember him handing out quarters every time you 'asked for the order'?
I was at one of those 'Top Gun' (or whatever it was called) sessions in St. Louis. He was trying to shove a quarter into my face while I was trying to close. After a few moments of that, I excused myself from the client for a second and told him to get out of my face while I was trying to make a living. The way the room gasped you'd have thought that I took a dump in the punchbowl.
Geez.
[quote=Starka]
Tom Bartow...now there's a blast from the past!
Remember him handing out quarters every time you 'asked for the order'?
I was at one of those 'Top Gun' (or whatever it was called) sessions in St. Louis. He was trying to shove a quarter into my face while I was trying to close. After a few moments of that, I excused myself from the client for a second and told him to get out of my face while I was trying to make a living. The way the room gasped you'd have thought that I took a dump in the punchbowl.
Geez.
[/quote]
OMG! I am rolling in my seat over here.