The Worm Is About To Turn. I Can Feel It
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Adios, Doug! Can anyone explain to me why he didn’t step down immediately once he had agreed to do so. It’s not like he was on the Jack Welch Farewell Tour after years and years of successful leadership and stewardship of a company. The guy was taken down in a scandal. I feel he was the fall guy for an industry practice that had gone on for years and years without a lot of scrutiny, but why hang around? So, you can lobby the new US Attorney in your district to get your old job back? Pathetic! All that crap about the search committee was just that–crap. What a colossal waste of firm time and money. You should have left the day you agreed to.
Totally agree with you Sooth on the search committee thing. This is classic Jones BS. Articles in the St Louis paper said the firm only looked at internal candidates, and most Jones insiders knew Weddle was getting the job. Bachman, whatever you think of him at least had a vision and could lead the firm. The rest of these clowns are just followers. They just repeat cr@p Bachman said 10-15 years ago.
As for Hill stepping down, I dont see how it matters. Seems like everyone is St Louis basically shares a brain...no new ideas in years. Weddle, Hill, whoever...what's the difference?
The amazing thing is many Firms are downsizing and they are aware of the fact there are just too many Advisor's out there. They are all drinking the same Kool Aid, Weddle is just a clone of Doug "3 Mil" Hill although he does have a lot more class thats for sure.
However, Jones keep stating they want market share, 25,000 IR's, what they really want is a Jones Office every 2 miles, young hard working door knocking IR's doing about 200 to 300K Gross commissions, causing no problems, drinking the Kool Aid sounding the company montra...........................
They really don't care if an IR leaves, they will just send in several newbie Ir's to keep the scraps and start over..........only with two offices instead of one..........it's called multiplication the Jones way
When was the last time Jones went after an experienced IR that leaves..........they don't and can't afford too...........they only go after the training expenses in the first 3 years......so if you have over 3 years and can produce over 250K you need to think about leaving...........sooner than later.......
"However, Jones keep stating they want market share, 25,000 IR's, what they really want is a Jones Office every 2 miles, young hard working door knocking IR's doing about 200 to 300K Gross commissions, causing no problems, drinking the Kool Aid sounding the company montra..........................."
This is absolutely true. Jones would rather have 2 brokers doing 250M each and drinking the Kool aid, rather than 1 doing 500M and running a good business.
[quote=Jonzed]
This is absolutely true. Jones would rather have 2 brokers doing 250M each and drinking the Kool aid, rather than 1 doing 500M and running a good business.
[/quote]Sounds like many banks, except for the door knocking.
What happened to Mike Holmes. He was in some article in either Money Magazine or Forbes talking about if you save your money correctly you can retire early like me. Some BS like that. The man was ripping in over $1 million per year doing nothing. But that is beside the point. Did he get fired? Maybe BPD/Webster/Answer will cover this.
Mike Holmes was caught lying to SEC and the US Attorney required his resignation with the $75 million settlment. So long Mike!