Jones Production

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Mar 10, 2009 4:18 pm

Does anyone know the requirements for a third year jones broker (production)

Mar 10, 2009 4:58 pm

Have a pulse???  It’s based on a 4 month rolling average not a per year quota… So at 36 months it is probably $10K-12.5K… I know seg 3 is $15K…

Mar 10, 2009 6:13 pm

Right at 36 months your 4 month rolling needs to be $11,850 to be above the minimum expectations.  “Standard”, which is really where they want you to be, is somewere around $18K.  If you can keep it above that minimum line for your entire career, you’ll be a rock star for sure and maybe even RL/GP. 

Mar 10, 2009 7:21 pm

4 month rolling needs to be an average of $11,850 per month or total? If total that seems rediculously low for a guy in his 3rd year.

Mar 10, 2009 8:55 pm

The real requirement is to bring coffee to the RL when they ask for it. As long as you do that, you are golden.

Mar 10, 2009 9:05 pm

4 month rolling needs to be an average of $11,850 per month or total? If total that seems rediculously low for a guy in his 3rd year.

4 month average PER MONTH. And that's the minimum. Are you at Jones? If so, you obviously know the number. If not, why does the 3-year number matter?
Mar 10, 2009 9:09 pm

My guess is he is worried about the 3 year payback…

Mar 11, 2009 7:31 pm

HA. Not at all…just think that is rediculously low compared to the wires. At a wire that guy would have been a year ago.

Mar 11, 2009 7:40 pm

The fact that the standard is lower than the wirehouses is a good thing

if you are getting started in the business. Jones certainly is more

patient and gives newer brokers more time to get on their feet.

Mar 11, 2009 9:59 pm

And to put $11,850 into perspective, at an average of a 2.5% gross payout, $474,000 must be invested that month. We don't do the two year mega-salaries like the wires where guys can do C shares or fee based and build up their recurring revenue.  

New Jonesies need that upfront pop to pay their bills, and the majority of that $474K will have to be new money coming in.
Mar 11, 2009 10:14 pm

I started at a wire at age 23 with a 3 month salary of 3M…then straight commission… so i wouldnt generalize that everyone gets a 2 year salary. If anything i think weve seen that guys on salary are dispensable ie. Merrill…If Jones was public they would be in the low single digits. Has to be a tough sell to clients at 5.75 upfront…well at least you have that bond money coming due in 26 years.

Mar 11, 2009 11:09 pm

I have to tell you, not many people at Jones (at least not me) charge people 5.75%.  They are either using C or B shares or something else.  Personally, I haven’t charged someone 5.75% since my first 6 months.  In fact, I don’t think I’ve charged anyone more than 3.5% (100K breakpoint).

Mar 14, 2009 10:54 am

Very seldom do I sell an A share if a person is not getting a breakpoint. As for EDJ being in the single digits if they were public,

how do you know this? The firm hasn’t had the massive losses in subprime

that the big wirehouses have experienced.