[quote=EdJehovah]

Jones recently increased the gross production requirement 28.57% to $18,000 gross per/month.  The old bar was $14,000.  ($4000 increase divided by $14000 -old standard-  = 28.57%.

Depends on how you look at it...first rise in production in 10 years...considering inflation and annualizing this and the 28.57% drops to below 3%...depends on how you look at it.

What a slap in the face.  We new/news go to work and have a 28.57% increase in production requirement.   Koolaiders who inherited branches, got GOODKNIGHTS, or are one of the other Chosen few, couldn't care less.  They make far more than this anyway.  In fact, they probably like it, because there will be more failure at Jones, and thus more branch to branch transfer opportunities.

How much more net per month would you say a GKN Lev I make?  Aren't the minimum expectations higher to receive bonuses?

I'm doing the numbers (no breakpoints): $10,000 mutual fund sale = $500 dealer concession. 

$100,000 mutual fund sale = $5000 gross commission

I'm calculating $350,000 into mutual funds every month, no breakpoints, = $17,500 gross production *BELOW STANDARD*

I'm kind of following you, but I think this requirement is for broker's that have been in the game for a while and not new/new's.

And now I've gotten my Series 66 license, supposedly because we are going to offer a wrap, or % of AUM to offer.  ONE PERCENT of assets at that, per year.  I can't freakin live on 1% and hope to build.  I gotta sell something that pays me NOW.  I didn't have $50 million in assets given to me. 

Jones hasn't yet revieled the plan, but I'm guessing it will be unique and there will be some type of way for newbies to make it using this as part of their business building.

This is a blow to my morale, my enthusiasm, my feeling that I can be the ONE, the only one, the only new/new in my region to actually make it.

Think about where you are now and where you were when you began studying for the 7.  If you just hang in there you will make it.  Good luck to you.

I'm doing the numbers (no breakpoints): $10,000 mutual fund sale = $500 dealer concession. 

$100,000 mutual fund sale = $5000 gross commission

I'm calculating $350,000 into mutual funds every month, no breakpoints, = $17,500 gross production *BELOW STANDARD*

I'm kind of following you, but I think this requirement is for broker's that have been in the game for a while and not new/new's.

Unless things have very much changed since I was a Jones, the gross production requirements apply to everyone. New/new or GP's nephew.  There was no considerations given to demograpics, population size or anything else. Segment 3 quota was the same in
Beverly Hills as it was in Sandbox, Utah.  B Seg 1 produces X amount, Seg 2 XX amount and Seg 3 XXX amount.  You have a certain time frame to get to each segement and if you didn't you were subject to all kinds of "help".

Those figures sound about right except that not everyone gets mutual funds and with bonds paying 1 to 1.5% you need to move more like $500,000 each and every month to keep your head below the foxhole.   Not too hard in some locations, but really a bitch in small towns when you are also competing with other Jones brokers, independent firms and bank brokers.  Really hard for a new/new who hasn't built up a base of 20 million or more AUM.  Not so hard for the Goodnight who was handed the first 20 to 30 million.  It doesn't matter to Jones who you are.  Just produce.  

It doesn't matter to Jones who you are.  Just produce.  

And the same can be said of any firm.  Not just Jones. 

[quote=LKG1][quote=EdJehovah]

Jones recently increased the gross production requirement 28.57% to $18,000 gross per/month.  The old bar was $14,000.  ($4000 increase divided by $14000 -old standard-  = 28.57%.

Depends on how you look at it...first rise in production in 10 years...considering inflation and annualizing this and the 28.57% drops to below 3%...depends on how you look at it.

What the heck does he care about the 10 years he wasn't (t)here? Secondly, is this how Jones increases it's profitability, by upping the load on it's bottom producers? I mean, you're looking at an extra what 10% on $4,000? Are the majority of their producers going to be affected by this raise? If a guy is doing $20M/month, this is a nothingburger to him, right? So this is Jones pounding on the little guy. It's despicable!

What a slap in the face.  We new/news go to work and have a 28.57% increase in production requirement.   Koolaiders who inherited branches, got GOODKNIGHTS, or are one of the other Chosen few, couldn't care less.  They make far more than this anyway.  In fact, they probably like it, because there will be more failure at Jones, and thus more branch to branch transfer opportunities.

How much more net per month would you say a GKN Lev I make?  Aren't the minimum expectations higher to receive bonuses?

I'm doing the numbers (no breakpoints): $10,000 mutual fund sale = $500 dealer concession. 

$100,000 mutual fund sale = $5000 gross commission

I'm calculating $350,000 into mutual funds every month, no breakpoints, = $17,500 gross production *BELOW STANDARD*

I'm kind of following you, but I think this requirement is for broker's that have been in the game for a while and not new/new's.

And now I've gotten my Series 66 license, supposedly because we are going to offer a wrap, or % of AUM to offer.  ONE PERCENT of assets at that, per year.  I can't freakin live on 1% and hope to build.  I gotta sell something that pays me NOW.  I didn't have $50 million in assets given to me. 

Jones hasn't yet revieled the plan, but I'm guessing it will be unique and there will be some type of way for newbies to make it using this as part of their business building.

Fact of the matter is that everyone has this guy's same problem up front. He'll just have to do what all the others did, slam them into a 'A" share until they have $100m then move them over to the "fee based" product, cause then you got the $5m up front and you upped your trails from .25 to 1.00.

This is a blow to my morale, my enthusiasm, my feeling that I can be the ONE, the only one, the only new/new in my region to actually make it.

Think about where you are now and where you were when you began studying for the 7.  If you just hang in there you will make it.  Good luck to you.

You sound like a priest when someone has a crisis of faith. "Just pray harder and God will show you the way my son."

EdJehovah, Dude! This sux, there are no two ways about it! What you probably need most is a two weeks off (one week won't work because you'll spend the whole time worrying about work.) but I know that's not likely to happen. I know nothing about the Jones system so I can't talk to the idea of begging, buying assets from another branch. I guess if I were you, I'd start cold calling businesses in other cities. Pick a stock, pick a fund, pick a closed end stock fund and build a position in it, over the phone, with clients from someplace else if you have to. You get a good story and you tell it hundreds of times. worry about the relationship after you ring the cash register. Don't make it something that you are going to hold forever.

I know Jones advertises, buy and hold, but Hardee's advertises Paris Hilton eating a burger than weighs a significant percentage of her total body weight, AND she's washing a car! In all three cases "AS IF!"

You gotta do SOMETHING different from what you've been doing! This guy here feels like he's leading a lamb to the slaughter! "Just hang in there!" Up that's! It's like the poster of the two starving vultures "Patience my ASS! I'm gonna kill something!"

[quote=Whomitmayconcer][quote=LKG1][quote=EdJehovah]

Jones recently increased the gross production requirement 28.57% to $18,000 gross per/month.  The old bar was $14,000.  ($4000 increase divided by $14000 -old standard-  = 28.57%.

Depends on how you look at it...first rise in production in 10 years...considering inflation and annualizing this and the 28.57% drops to below 3%...depends on how you look at it.

What the heck does he care about the 10 years he wasn't (t)here? Secondly, is this how Jones increases it's profitability, by upping the load on it's bottom producers? I mean, you're looking at an extra what 10% on $4,000? Are the majority of their producers going to be affected by this raise? If a guy is doing $20M/month, this is a nothingburger to him, right? So this is Jones pounding on the little guy. It's despicable!

What a slap in the face.  We new/news go to work and have a 28.57% increase in production requirement.   Koolaiders who inherited branches, got GOODKNIGHTS, or are one of the other Chosen few, couldn't care less.  They make far more than this anyway.  In fact, they probably like it, because there will be more failure at Jones, and thus more branch to branch transfer opportunities.

How much more net per month would you say a GKN Lev I make?  Aren't the minimum expectations higher to receive bonuses?

I'm doing the numbers (no breakpoints): $10,000 mutual fund sale = $500 dealer concession. 

$100,000 mutual fund sale = $5000 gross commission

I'm calculating $350,000 into mutual funds every month, no breakpoints, = $17,500 gross production *BELOW STANDARD*

I'm kind of following you, but I think this requirement is for broker's that have been in the game for a while and not new/new's.

And now I've gotten my Series 66 license, supposedly because we are going to offer a wrap, or % of AUM to offer.  ONE PERCENT of assets at that, per year.  I can't freakin live on 1% and hope to build.  I gotta sell something that pays me NOW.  I didn't have $50 million in assets given to me. 

Jones hasn't yet revieled the plan, but I'm guessing it will be unique and there will be some type of way for newbies to make it using this as part of their business building.

Fact of the matter is that everyone has this guy's same problem up front. He'll just have to do what all the others did, slam them into a 'A" share until they have $100m then move them over to the "fee based" product, cause then you got the $5m up front and you upped your trails from .25 to 1.00.

This is a blow to my morale, my enthusiasm, my feeling that I can be the ONE, the only one, the only new/new in my region to actually make it.

Think about where you are now and where you were when you began studying for the 7.  If you just hang in there you will make it.  Good luck to you.

You sound like a priest when someone has a crisis of faith. "Just pray harder and God will show you the way my son."

EdJehovah, Dude! This sux, there are no two ways about it! What you probably need most is a two weeks off (one week won't work because you'll spend the whole time worrying about work.) but I know that's not likely to happen. I know nothing about the Jones system so I can't talk to the idea of begging, buying assets from another branch. I guess if I were you, I'd start cold calling businesses in other cities. Pick a stock, pick a fund, pick a closed end stock fund and build a position in it, over the phone, with clients from someplace else if you have to. You get a good story and you tell it hundreds of times. worry about the relationship after you ring the cash register. Don't make it something that you are going to hold forever.

I know Jones advertises, buy and hold, but Hardee's advertises Paris Hilton eating a burger than weighs a significant percentage of her total body weight, AND she's washing a car! In all three cases "AS IF!"

You gotta do SOMETHING different from what you've been doing! This guy here feels like he's leading a lamb to the slaughter! "Just hang in there!" Up that's! It's like the poster of the two starving vultures "Patience my ASS! I'm gonna kill something!"

MOST IMPORTANTLY ..THE BAR IS MOVING EVERYWHERE .. at where I am it is $500k for anybody to keep a job... so I understand.. you might need to buddy up ... that is all .. find someone who you can work an area together ..ect... just my 2 cents..

In this business, if you aren’t growing your assets at a 6M per year or greater, you starve anywhere not just Jones. Those are the facts and I challenge anyone to show me how a person can survive growing their business slower unless their velocity is well above 1%…

Jehovah, the bar gets raised for everyone, but it starts out lower than 18K

when you first start. I think it levels off at 18K around 56 months. This

minimum has always been set as sort of the threshold at which most

offices are profitable to Jones. And most offices I have seen need in the

area of 14-18K for profitability, so the new bar seems appropriate.



And of the transfer brokers I have talked to, most are shocked that Jones’

minimum is so low. Most of them were used to having to pull in at least

$7mm/yr in aum to survive the cut.



And hey, stop whining about everyone that has been handed books. In

my part of the country, the ONLY person that got handed a large book

was the RL’s son. And I don’t blame him for that. I will certainly want to

do that someday (instead of giving to someone else). We don’t have

enough offices to support lots of Goodknights or retirements yet. Yeah, a

few people have left, and there were a few million left over, but that’s it.

Almost everyone in my region started new/new or had a small GK

($5mm). However, I don’t think I would have joined Jones in a

compressed region. That’s just insane. I blame the knucklehead brokers

for not doing their homework on that one.

I wish I could have started in the PASS program in St Louis.  PASS means “I couldn’t or won’t do the work it takes to buid an office”…and just wait for the 3-7yr broker to leave and jump on that book!!  And then be praised for my business building knowledge, and my great depth of investment knowledge…  You realize with all the turnover…after about 3 years noone knows the guy took over a 40 million book,the new people think they just dk’d like they did, starved the first few years until the business feeds itself. You know, like the guy in Paducah, who now is in home office.  What a great producer he was…oh ya…he took over 100mil office.  EDJ SUCKS!!!  The secrets are slowly getting out…I had a wholesaler ask me why EDJ is losing so many producing brokers…I said…EDJ SUCKS!

[quote=EdJehovah]

Jones recently increased the gross production requirement 28.57% to $18,000 gross per/month.  The old bar was $14,000.  ($4000 increase divided by $14000 -old standard-  = 28.57%.

What a slap in the face.  We new/news go to work and have a 28.57% increase in production requirement.   Koolaiders who inherited branches, got GOODKNIGHTS, or are one of the other Chosen few, couldn't care less.  They make far more than this anyway.  In fact, they probably like it, because there will be more failure at Jones, and thus more branch to branch transfer opportunities.

I'm doing the numbers (no breakpoints): $10,000 mutual fund sale = $500 dealer concession. 

$100,000 mutual fund sale = $5000 gross commission

I'm calculating $350,000 into mutual funds every month, no breakpoints, = $17,500 gross production *BELOW STANDARD*

How in holy hell can you make it at ED Jones?  I haven't seen a bond paying 3% in inventory in weeks.  I'm a recent new/new who is commonly referred too as the community Jehovah's witness rep.  Ok, doesn't bother me, I actually like knocking on doors.  I liked it better when I was on salary, but it ain't that bad.  But does anyone out there have any freaking idea how many doors you have to knock on to find over $350,000 to invest each month?....EVERY MONTH!!!!!  Certainly no one working in St. Louis.  And if they did, they did it in some hoofprint town just outside BF Egypt.  We got more EDJ offices around here than we do KFC, Taco Bell, Pizza Hut's combined. 

And now I've gotten my Series 66 license, supposedly because we are going to offer a wrap, or % of AUM to offer.  ONE PERCENT of assets at that, per year.  I can't freakin live on 1% and hope to build.  I gotta sell something that pays me NOW.  I didn't have $50 million in assets given to me. 

This is a blow to my morale, my enthusiasm, my feeling that I can be the ONE, the only one, the only new/new in my region to actually make it.

Spiff, you are always upbeat and suckin off the man.  Any ideas on a sexual favor I can put on my St. Louis overhead to get me some instant free inherited AUM?  because otherwise, I think I am going the way of all other new/news at EDJ....somewhere....anywhere else. 

This business model does not work.  I'm on my fifth set of soles on my Johnston & Murphy's, and I have made it longer than any other new/new has in my region.  I am very new to this site, but almost immediately, I see what all the koolaid adds up to: Bullsh*t.

[/quote]

Hey, you are right.  It stinks, and they don't care about you.

YOU need to be at a place that you can build your practice the way you want.  The longer you stay, the more regret you will build up.

Make some calls, get moving.  Get thee to a decent firm.

I have said it before and I will say it again, NOONE leaves ML, SB, AGE, Wachovia, RJ and goes to EDJ or Ameriprise.

But, plenty leave EDJ and go to the firms above.

Heads up, because you have a transactional book, your book will be worth MUCH less to those other firms.  But, hey suck it up and make the move.  You must know you have to.

[quote=bspears]I wish I could have started in the PASS program in St Louis.  PASS means "I couldn't or won't do the work it takes to buid an office"...and just wait for the 3-7yr broker to leave and jump on that book!!  And then be praised for my business building knowledge, and my great depth of investment knowledge..  You realize with all the turnover...after about 3 years noone knows the guy took over a 40 million book,,,the new people think they just dk'd like they did, starved the first few years until the business feeds itself. You know, like the guy in Paducah, who now is in home office.  What a great producer he was...oh ya...he took over 100mil office.  EDJ SUCKS!!!  The secrets are slowly getting out...I had a wholesaler ask me why EDJ is losing so many producing brokers...I said......EDJ SUCKS![/quote]

Yeah, David Lane's career in the field was horrible.  Took over a $100 million book.  Grew it to over $300 million.  Goodknighted probably 10-15 people giving them all $10 million.  We now have close to a 7% market share in that area.  He sucked.   

7% market share in Paducah, KY?  Who the hell has the other 93%?

AMWAY has the other 93%…

The same kind of companies that split 96 or 97% market share in the rest of the country.  Banks mostly, then other wirehouses, regional firms, Indy's, insurance agents, no load fund companies, etc.  Our entire region is shooting for 4% market share this year.  For anyone to have a 7% market share in an area is huge.  You guys don't see those numbers at your firms?  

In my opinion bspears picked on the wrong guy to talk about taking over a book.  Yes, it was a big book, but how many other brokers would inherit a book like that then triple it? 

I liked that the RL's son in our region in NC took over a $10MM+ office and then was given $50MM by dad. He did work the book and make it through the seg's pretty quick.

The funny thing was when he was made the New IR Support Specialist and tried to tell all the new/new's what it took to start a new branch from scratch.

Lesson #1 - get adopted by RL...

That's the kink of slap in the face you get as a new/new.

 Space says how many people would triple it? Lets look at your Ica guide that I am sure you have at your finger tips-1990 ,$10409  year 2000 $47435 wow!!! I left out a few zeros. It was pretty easy in that decade. 

Lets see,I started from near scratch, 3.2mil in 2002, when I graduated a few weeks ago, I had 33 mil.  I guess I did better than David Lane…EDJ SUCKS!

You’re assuming A) every dollar he inherited stayed B) no one was taking income C) everything was reinvesting D) He never gave any away E) he never used any of it to buy life insurance, LTC, pay for school, etc.  I understand your arguement, but your logic is slightly flawed.  Your book doesn’t grow on average by the same amount as the market.  Yes, there was some market growth, but there was also a lot of new asset growth.  

 Yes I know its not $ for$. But what a decade to get 100mil-even half in funds would have 4 fold growth. I STARTED 1993 from scratch left in 05 with 175mill[took 95%]. Someday you will see the light!!

Free, He will never leave. He is scared his clients would not follow.  The ads EDJ’s runs keeps the clients there along with the grey walls and smattering of furniture they put into every single office.  Or maybe its the great wall art they provide.  But, it could be because Spiffy hasn’t learned to sell himself and not the mothership.  He is so drunk he speaks of EDJ’s in first person.  Its great to see people defending EDJ’s for a few months and then WHAM…they come on here and say “I’m outta here!”, “Freefromjones” etc…I know a few months from now Spaceman Spiff will be Blastoff Spiff to the independent model. Come home, were waiting.