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A succession plan at Jones

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Jun 3, 2010 2:39 pm

There are a couple of legacy issue that needs to be asked:

1)  How "close" is the female rep with the RL or AL?

2)  Is she attractive?

Sure neither thing has any bearing,  but no matter what you claim it happens.

Jun 3, 2010 2:55 pm

Yeah, it does.  Often, it's more an issue of the RL or other leadership people being too big of a pu$$y to do anything about it.  That's one of the BIG drawbacks of the Jones "Family".  It's like your own family where everyone is too chicken to discuss Uncle Al's drinking problem at the family reunion, even though you all know it's a problem.

Jun 3, 2010 2:58 pm

Oh, and the fact that RL are not "technically" compensated is an issue.  Some see themselves as "mentors" and guidance for the region, while others see themselves as the "Boss".  Regional Leaders should be able to kick a$$ and take names (and not be producing reps).  I just think it's an unhealthy dual-role (unless they were strictly mentors and facilitators on top of their own businesses)

Jun 4, 2010 12:29 am

Spaceman, ND, B24, xej1984,

Thank you all for your input - very helpful to know this was the route I had to take on this and nobody at St. Louis dealt specifically with these issues.

I did speak with my RL today and faxed him my  documentation.  He was very professional and explained the process.  He thanked me for the detail and I think appreciated that this was not run of the mill whining about losing an account, but rather something that had started prior to my arrival and had been progressing over a year.

I have a meeting with him this next Wednesday to follow up after he and home office review some things.  I felt better when he said she had been made aware that when she decided to switch branches that there was documentation both verbal and by wire that her former book did not go with her----(which makes me wonder why something hasn't been done already, but hey, still glad I got this reported.)

In response to Spaceman & 1984: She is in mid thirties and quite attractive (Ellen Barkin in Sea of Love)---She worked in her ex-husband's Raymond James office until divorce about four years ago (he sold book)--She took over the Jones office where I am presently.  It had about 30mill at that time and she brought a 401k plan from R. James with over $50mill with her.  She lost the 401k in a little over a year and has basically complained about being too far away from her  old client base (ex-husbands) to generate much business. 

A Jones broker across the street from her ex-husband's old Raymond James office left or was fired (depending on whose telling the story) and now works for Wells Fargo.  --- That's how she wound up getting to transfer to a larger book (her home & old office are both in walking distance from EDJ branch)--Coupled with the fact that someone bought her line of BS that she would stick it to Raymond James, as she was a former "owner" of the building and real estate it sits on.  (She loves to tell everyone that line)

Since her move over half of her new Jones book is now at Wells Fargo & since January has started lose a ton to Raymond James.  This is the primary reason for the problem I have---Oh, also found out today that she  only had her Series 7 for her last 8 months at Raymond James--Her previous six years were as an assistant---She must have been damn good too.-----------Thanks guys.  Feel a lot better.

Jun 4, 2010 1:37 pm

It's a shame I don't believe in karma.  Seems like she's been lying about most things in her Jones life and is now paying the piper. 

Good luck with it.  It sounds like if she keeps going the way she is, she won't be a problem for you for very long. 

Jun 4, 2010 5:53 pm

chest rockwell

If this gal can work at the resturant that has a owl in it's logo and has good wings......she'll be around for longer than you think. If the RL or AL don't do anything about the "alledged" activities.......

Keep us posted

Jun 4, 2010 11:53 pm

xej1984,

You are a prophet.  You must be the guy who moved his book to cash in mid October '07 then went for broke in Ford common a year later.

My SEG 4 manager called me around 2 pm EST and made these paraphrased statements:::::::::

+ You did the right thing by going to your RL, I just wish you had done it sooner becasue we could have stopped this before it grew to such a problem.

+ We are aware of this rep's history and has also been reported more than once from other EDJ FA's

+ After a huge fight with the home office her block transfer was finally approved with the understanding that the clients included in the block transfer was it because she made the decision to abandon her old book and assume management of a branch with a larger book.  (She then expained that at Jones the book is not the property of the broker but rather is the sole property of Jones)

+ She then put your region's old RL under fire because her BOA faxed individual account transfers to his BOA  "which wound up in an admin stack that a RL must sign daily" under the premise that there were technology  problems with the block transfer that had to be signed individually by the RA.--(He signed them and was pissed due to the deception)--she was sent additional wires, and a phone call from both RL & home office as well as having to sign a document stating that she had been unconditionally warned and undertood to way Jones does business.

+ (After asking if she needed further documentation) She said NO. We have plenty to resolve this issue that will no longer haunt you

+We sincerely hope that this rare incident will not deter your significant progess nor your confidence in referring former collegues to Jones.

I felt good until about an hour later when the AL calledabout an hour later and informed me of these points (paraphrased)

+ Congratulations on your progess we are so happy with your decision to join the Jones family as a producing transfer. Were you aware that procuding transfers have a (ridiculously high % rate of success) compared to (a ridiculouly low % of success) for new hires and a (somewhere in betweeen % of success) for a goodnight?? if I understood him correctly.

+ We sincerely apologize for inconvenience you are currently experiencing and wanted you to know that actions such as this are taken very seriously by the home office and especially me----But due to the severity and unfortunately the consistentcy of these matters this must be handled in very careful manner.  (????)

+ With an advisor of your expericence and success I'm sure you understand that gaining or losing a few accounts could never make or break someone with your talent.  I have confidence that your progress will continue to flourish by running your practice the way you have demonstrated both here at Jones and with your former firm.

+ Thank you so much for your hard work and please do not hesitate to contact your SEG leader or RL should you have anymore issues with this matter which I sincerely doubt you will.----And don't forget to remind your friends in the business of the opportunities that Jones offers.

???----I guess I'll have to wait and see, but this conversation with the AL definately had a different tone than the previous two conversations with leadership and leads me to wonder that if incidents prior to my employment here about this lady are communicated makes me ponder the question---WHERE DOES THIS FIRM DRAW THE LINE?

Thanks again fellows.

Jun 5, 2010 11:17 am

Jun 5, 2010 2:12 pm

CR-

The GP's don't care who gets the business as long as it stays on a Jones statement. Then they get paid....you will find just like any other firm (beat you to it Spiff!) that you are nothing more than a descendant of Eli Whitney who invented interchangeable parts.

Having said that, your experience borders on sounding like sour grapes especially to those who start with nothing or 5-10M. As an independent advisor with LPL I scratch my head at why anyone would consider Jones as a transfer broker. Jones typically doesn't attract significant producers (because they aren't competitive), so I can only assume you were a marginal producer which is probably why you are challenged by this agressive FA who is taking back her relationships. I don't disagree wtih your premise that it isn't what you bought into, just that your expectations of an easy transition. You have received a heck of lot more than most, if it were me, I would take it personally and get some additional fire in my belly to show them they should have gone to bat for me, but in spite of them I have succeded. That's my defiiniton of karma Spiff.

Jun 6, 2010 9:36 pm

Thanks for the input B. Cheese.  You are right.  I am a middle of the road producer & have moved about 26 mill from my former book which represents almost half of it (I'll probably just move another 5). 

This really isn't sour grapes although it must sound that way.  Maybe I should just contact this lady and ask her exactly who she wants to take so I can not waste so much time attempting to contact / service them.  I've seen several of the accounts already (retirees taking distributions) drop about 18% May and that really sucks.  I feel bad for these people and I would much rather she transfer them as to see my name on their statements.  -- I do know that I have a fortunate situation and I really do like Jones. 

Regardless of my situation being a good one or my production level.  I've definately paid my dues in this business and know that you must draw the line somewhere when these issues arise.   Just to jump up, get mad and say "ILL TRIPLE THIS LADY'S YEARLY PRODUCTION THIS MONTH" is a bit sophmoric.--- I still don't regret my decision to join Jones and I'll just see how this thing gets handled.  Either way thank you all for your input.  ---And if someday I ever rise above mediocrity I'll make the switch to LPL (where the women are strong, the men are handsome and all the children are above average.)

Jun 7, 2010 2:53 am

You had me unitl you got to the handsome part...

Don't be suprised if management gives you the impression they care and then do nothing about it. After all what can they do, tell the clients to move back? That could jeopardize the relationship with Jones and the client which is far more important. I don't want to give you the impression that i agree with the FA who left, quite the contrary, I would side with you. After 9 years at Jones I left principally because I couldn"t trust management and I saw the inherit conflicts. Don't discount indiependence even now. It's hard work and almost 4 years into it, I am so glad that I left. And if you produce 250K or above, you are a contender.

Nothing wrong with loft goals and if you feel you are mediocre or your numbers are, maybe you need a little push like this FA who is stretching the rules. What could be wrong with tripling your biz?

Jun 9, 2010 4:23 am

Problem now resolved.  Was informed by RL today that last Thursday morning her official punishment was to apologize to me and another FA in our region and to pinky swear it would not happen again.  She instead, informed them that she would take her talents to Stifel Nicolaus.

She was clearly just a bad apple and rumor is  that she had going to interviews and actually holding a few of them in her (Jones) office since February according to her BOA.  Just glad this is over now and I can re-focus on the many positives.

Have an appointment Friday with one of the clients that she snatched and hopefully they will explain (without me asking) what she said to make them want to transfer so I'll better understand what has undoubtedly been communicated some others in the book.  Hopefully she didn't tell them I was a cross-dressing Satanic priest. 

Thank you all for your input and advice.

Jun 10, 2010 1:56 pm

She just gave you a fantastic call list.

Jun 11, 2010 6:12 pm

This means she will not stop poaching your clients. You better hang on tight now.