BEST REGIONAL EVER!!!!!

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UNDERMINDED's picture
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-Guest speaker Tony Danza did a keg stand with my RL!
-Hooters catered!
 
-Crystal in the open bar!
 
-Jack Nicholson was staying in the same hotel, and I gave him my card when we were in the Jacuzzi!
 
-Meth lab bust in the GP's room!
 
-The wholesalers brought complementary Omaha Steaks gift certificates!
 
 
the only negative thing about the whole weekend is that I have to wait another YEAR before I can do it all over again.

UNDERMINDED's picture
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Forgot to mention......the JOURNEY COVER BAND!!!!!!!!!!
Geeze I'm just glad to see that Steve Perry found work!
 
The "Anywayyouwantit's" rocked by the way.

troll's picture
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Joined: 2004-11-29

This dude weirds me out.
 
end of story

MaryJL37's picture
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Joined: 2009-06-26

HAHAHA, that's hilarious...my regional was no where near as exciting...when are they gonna stop making us go to this crap?

Borker Boy's picture
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Joined: 2006-12-09

Probably the worst one I've attended. I'm just glad it was truncated by a day.
 
Every session turned into a discussion about how to move existing mutual fund clients into Advisory Solutions.

MaryJL37's picture
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Joined: 2009-06-26

maybe next year they can send us out camping, maybe toast a couple of marsh mellows around the fire, sing some camp songs, tell scary stories...now that would save the firm a couple of bucks instead of pushing for delayed quotes in the office...unbelievable...

voltmoie's picture
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Joined: 2008-11-05

My first meeting, was not impressed with the agenda or execution.  The people I met were great for the most part - willing to share and offer advice. Got nothing from the sessions though. Had hoped to walk away recharged .. just left tired.

Moraen's picture
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Joined: 2009-01-22

And so begins the exodus....

Spaceman Spiff's picture
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I don't think there will be an exodus because of the lack of quality of the regional meeting.  Sure, it was uninspiring, but not a reason for a mass exodus.  BTW, you're just one in a very long line of people predicting a mass exodus from Jones.  So far you folks have been about as accurate as an online psychic.   

Squash1's picture
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Joined: 2008-11-19

There will never be a mass exodus from Jones for a couple of reasons:

1. They hire so many damn people. They will have an FA in your office 3 minutes after you walk out the door(if he isn't waiting in the lobby already). Even if 20% of the firm left, there wouldn't be an empty office.

2. People are stupid. Some guys who are doing and will never due more than 300K at Jones(slackers as we like to call them) should leave and set up there own shop and get more money. But they either don't want to or don't care to(slackers again)

3. Tough to break away from the Jones model without reinventing your business. Jones does a great job of separating the clients from you and attaching them to Jones. They have great branding(because there are so many of them) and are in every town(starbucks/mcdonalds).

4. Most of them are genuinely happy with making $100-$175K. They never thought they would get there in the first place.

5. The good producers have been there for years and don't want to start over when they are nearing retirement.

6. That damn LP

FREE's picture
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Joined: 2005-03-05

  I remember back in 2000 celebrating 10000 office!!!!!! Wow. Now 12000 offices nine years later, sounds impressive! But you hire 100-200 new irs every month so 9yrs times 1500 per year =13500 ir hired over 9yrs. impressive %15 percent retention rate. Go green     

Squash1's picture
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I don't think there numbers are that far off from other places in terms of retention

B24's picture
B24
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Retention at any firm will never be that high.  At Jones, turnover will ALWAYS be high, because you will always have half the people leave in the first 3-6 months because (a) they can't pass their tests, and (b) they realize they didn't want to actually do this job (sell).  Those two things alone knock out half the people that leave in teh first few months.  It takes some people a bit longer to come to that realization, then a lot of people simply don't have the financial means to last as long as it takes (at any firm) to make it.  Then you have the people that get fired because they simply CAN'T make it work - they are either really bad at selling, have terrible personalities (prospects don't connect with them), or they simply don't want to work as hard as it takes to make it.  Then of course there are people that decide this firm is not for them, or they decide to go to another firm, whatever.
 
Bottom line, I don't think you can "blame" Jones (or any firm) for turnover.  Now matter how hard you try, a huge number of people will not make it from scratch in this business for all those reasons.  It's just like the failure rate in starting any new business from scratch.
 
The advantage the wirehouse firms have, is that they hire mostly transfer brokers that already "made it".  But they lose just as many to other firms as they hire, so it's sort of just a revolving door of front-end checks between the wirehouses.  Unfortunately, unless they ALL turn off that spigot, they will forever be paying front-end recruiting bonuses while watching others walk right out the other door to the other firms.  Not that Jones is "right" for growing organically.  I think the individual FA's get hurt worse in this environment versus the "front end check" world, because they are taking a leap of faith.  A 500K producer at Merrill isn't taking on too much risk going to Morgan.

Moraen's picture
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Spaceman Spiff wrote: I don't think there will be an exodus because of the lack of quality of the regional meeting.  Sure, it was uninspiring, but not a reason for a mass exodus.  BTW, you're just one in a very long line of people predicting a mass exodus from Jones.  So far you folks have been about as accurate as an online psychic.   

My prediction is only for the individuals on this site who have been so gung ho (the new guys), not in general. And I never predicted a "mass" exodus. Simply an exodus of a few. Blinders have been removed, time to take a look at what things are really like.

troll's picture
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Joined: 2004-11-29

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voltmoie's picture
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I have considered leaving, not because of product offering but lack of leadership and direction within my region. That and I share my "office" with hot wheels, talking donkey's, and all the other toys my kid has.  If I were not an indentured servant to Jones it would have been a done deal. But alas, they have me by the balls .. so I can either pay the 5-10k I'd pay to get out of jail free or plow that into the business and see how my perspective changes once I'm in a more professional atmosphere and actually have someone to get my damn paperwork filed.

CreditOnion's picture
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voltmoie wrote: But alas, they have me by the balls .. so I can either pay the 5-10k I'd pay to get out of jail free or plow that into the business and see how my perspective changes once I'm in a more professional atmosphere and actually have someone to get my damn paperwork filed.
 
BTW the 75K is negotiable. I have a close friend that left in his first quarter and just settled for a 2K payoff. He originally owed the entire 75K.

troll's picture
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jkl1v1n6's picture
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Wind,
 
Did they have you speak at the new IR break out session?  That's a serious question, I'm also dating myself, it's probably new FA session. 

troll's picture
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Moraen's picture
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They probably had him speak at one of the general sessions. Unless his RL has a nephew or son or niece or daughter that is doing not as well as wind.

jkl1v1n6's picture
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What I'm curious to know is if you ever heard this?
 
"Wind, Why don't you share with us what you are doing to make yourself so successful."
 
If you truly are so successful, which I have no reason to doubt that you are, that is something I would think they would want you to share. 
 
All you Jones newbies got screwed this year with the shortened and probably cheap version of the old summer regionals.  I used to have a lot of fun on those!  If only they wouldn't have made you go to the meetings.
 

troll's picture
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jkl1v1n6's picture
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Very humble response.  You are learning young Skywalker.

UNDERMINDED's picture
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Joined: 2008-10-14

wind is the New FA version of the Beatles.

MR.D's picture
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Wind's response carries a very different tone than the past, so maybe  he is being more realistic, or maybe the pipeline is starting to become more realistic. I hope it is just him, but reality will hit at some point.

voltmoie's picture
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wind3574 wrote: voltmoie wrote:d actually have someone to get my damn paperwork filed.

Amen....Sometimes I'm jealous of the guys opening 4-5 accounts per month.  They get an extra 6-7 hrs a week to prospect while I'm on the phone with St. Louis, faxing crap, or trying to figure out some crazy annuity someone just handed me.  

troll's picture
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troll's picture
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MaryJL37's picture
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i'm sure you can go load your admin off to your trainer/mentor's boa, trust me when i say most of them have all the time in the world...

voltmoie's picture
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What's your process for entertaining prospects?  How do you set it up?  Discuss during dinner?I've not jumped in this end of the pool yet.

Hey Kool-Aid's picture
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wind3574 wrote: jkl1v1n6 wrote: Wind,
 
Did they have you speak at the new IR break out session?  That's a serious question, I'm also dating myself, it's probably new FA session.  No, I haven't been out long enough to get any awards.
 
sorry...with your numbers you should be Rookie of the Year???....no?

BerkshireBull's picture
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Hey Kool-Aid wrote:wind3574 wrote: jkl1v1n6 wrote: Wind,
 
Did they have you speak at the new IR break out session?  That's a serious question, I'm also dating myself, it's probably new FA session.  No, I haven't been out long enough to get any awards.
 
sorry...with your numbers you should be Rookie of the Year???....no?He's got my vote

troll's picture
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MaryJL37's picture
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they gave awards to a couple of 'field trainers' in my region who did absolutely nothing for their trainees simply because they made it past eval/grad...even though they were changed out for new trainers after eval/grad...the awards carry a lot of significance apparently...

voltmoie's picture
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Awards mean jack .. net means everything.  

troll's picture
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MaryJL37's picture
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amen to that...otherwise they would have nailed me for attendance to segment trainings, QC meetings, and my half ass attendance at the regionals...exceeding is immunity...

voltmoie's picture
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Mary, are you Windy's mistress?  The ... gives you away.

Anonymous's picture
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wind3574 wrote:
 
I'm sure even you Independents have things you can't do, wish you could do, or wish you had, that Jones as a big company can do.
 
I just need to clarify something for you, and this is not EDJ bashing.  There is nothing, as in, not a SINGLE thing, that a big indy firm cannot offer that EDJ does offer.  Nothing.  Zero, nadda, zilch, zippo. 
 
Right down to the privately labelled EDJ money market (which is run by Federated, which anyone can get, under a different name).  Now, EDJ on the other hand, has access to fewer fund families than some of the major indies, can't do options, managed futures (or any futures for that matter), can't buy penny stocks, really has laughable flexibility in their fee platform, probably can't do many EIAs, can't take discretion in customer accounts, reps can't own their own RIA outside of EDJ, can't charge hourly/flat/project planning fees, umm I don't think you guys can do private equity, non-traded REITs(or any, for that matter), hedge funds...really, not supposed to be an EDJ bash. 
 
Note:  By "big indy firm" I mean RayJay, LPL, Cambridge, Commonwealth, or any of the major RIA custodians (TDA, Schwab, TradePMR, Scottrade, Fidelity, etc.). 

troll's picture
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ytrewq's picture
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Why am I doing this especially when I like iceco1d?
 
So are you saying all of these firms will front the money for an office build out?
They will hire and pay for an office staff?
They will sign an office lease (not you)?
They will offer ownership (with a cost) to you?
They will pay for all the costs of your licensing?
 
This is not a "subjective" question of the value of these things.  It is a question about the facts only.
 
you said "Nothing.  Zero, nadda, zilch, zippo."
 I don't think t is possible for any firms to be so identical that the above could be an accurate statement.
 
Not that this will matter to anyone but I have been doing this a long, long time and I have lost exactly no sleep because I could not:
Charge an hourly fee to take descretion to do a private equity deal in a non-publicly traded REIT off the coast of Venezuela while I was leveraging a hedge fund.
 
With all due respect ice are you telling me that this is part of your every day business?
If you controlled our "laughably flexible" fee based platform clients would be spiritually fullfilled?
 
When you took 1 benign sentence and turned it into a couple of paragraphs you know it was meant as a bash.
 
We are all in the same boat and rowing the same direction.  God Bless those of you who do these esoteric investments as part of your everyday business.  The direction of the stock market and interest rate fluctuations make my job hard enough as it is.
 
To quote Rodney King  "Can't we all just get along'?

Anonymous's picture
Anonymous

wind3574 wrote:For the record, I wasn't talking about what products that were offered, so your "non-bashing" isn't relevant here.
 
If that is the case, then it is my mistake in how I read your post.  My subsequent post was ONLY product related.  I interpreted your post to be insinuating that indy shops were more "mom & pop" (ish) and couldn't do certain things EDJ could do.
 
All channels and all firms have their competitive advantages (and disadvantages); if they didn't, they wouldn't be in business.
 
I'm talking about anything that keeps the business going. How about the EDJ Label?...
 
The EDJ label?  Please tell me this is a joke!  Nobody cares about your label as long as you AREN'T in the news for anything bad.
 
Some places don't have that to stand behind, how about the training?..Some places don't have as good of training,
 
That's one of EDJ's strongest points, no debate there.  Again, my post was geared towards products.
 
how about the camaraderie in alot of regions, some people like that to keep their lonley job social.
 
Seriously?  You are going to cite "camaraderie" as something EDJ offers?
 
There's alot more than WHAT we offer. So ya, your "non-bashing", which was bashing, was irrelevant..
 
No, it wasn't bashing.  I don't partake in the EDJ bashing around here.  I call it like I see it.  And I thought you were insinuating that EDJ offered products that the major indy shops don't, so I corrected you. 
 
I made no reference to training, licensing support, ownership potential, "good will" of the brand, or anything else.
 
Now that I think about it, my post was CLEARLY product-specific. 
 

Anonymous's picture
Anonymous

ytrewq wrote:Why am I doing this especially when I like iceco1d?
 
I'm not sure.  Why ARE you?
 
So are you saying all of these firms will front the money for an office build out?
 
No.  Can you point to the part in my post where I actually DID say that?  Like I told Windy, my post was clearly product-related (and that's because I took his post to be product related as well). 
 
They will hire and pay for an office staff?
They will sign an office lease (not you)?
They will offer ownership (with a cost) to you?
They will pay for all the costs of your licensing?
 
No, they won't do 1, 2 or 4 directly...but since you brought it up, with the double (plus) payout, you can do that on your own pretty easily.  As for #3 - every indy rep owns at very least, their book, if not their entire office.
 
This is not a "subjective" question of the value of these things.  It is a question about the facts only.
 
you said "Nothing.  Zero, nadda, zilch, zippo."
 I don't think t is possible for any firms to be so identical that the above could be an accurate statement.
 
In relation to PRODUCTS, it is accurate.
 
Not that this will matter to anyone but I have been doing this a long, long time and I have lost exactly no sleep because I could not:
 
 
Charge an hourly fee to take descretion to do a private equity deal in a non-publicly traded REIT off the coast of Venezuela while I was leveraging a hedge fund.
 
With all due respect ice are you telling me that this is part of your every day business?
 
No, not one bit.  Again, where in my post did I say that I did?  The point of my post, again, was to point out to Windy that if he was talking about product availability, that he was wrong.  I never said I use ANY of the products or services I listed.  I was making a point - which as I may have mentioned, was not intended to be a bash.  But, two Jonesies in a row seem to want to stuff it down my throat that it is/was a bash. 
 
If you controlled our "laughably flexible" fee based platform clients would be spiritually fullfilled?
 
Spiritually fullfilled?  Who gives a rats ass?  If I controlled ANY fee-based platform (including the one at my firm), it would SURELY allow reps to include individual stocks, bonds, options, CDs, VAs, ETFs, UITs, CEFs, and mutual funds, in the proportions THEY choose, with the rebalancing schedule/tolerances (or lack thereof) that THEY want, and for the fee THEY pick (within ethical floors & ceilings).
 
That being said, the platform at my own firm doesn't fit that description; nor did I allege that it did. 
 
When you took 1 benign sentence and turned it into a couple of paragraphs you know it was meant as a bash.
 
No, it wasn't.  Do you know me to have EVER participated in bashing either EDJ or Windy?
 
We are all in the same boat and rowing the same direction.  God Bless those of you who do these esoteric investments as part of your everyday business. 
 
Again, I don't for the most part either.  My point was related to product offerings.  Period.
 
The direction of the stock market and interest rate fluctuations make my job hard enough as it is.
 
To quote Rodney King  "Can't we all just get along'?
 
You can both probably recall, that at various times some of the wirehouse kool-aid drinkers like to cite the "limited product availability" at indy firms.  It seems as a stereotype fostered by the captive firms to make their reps belive that indy is an inferior channel.  And THAT is why I felt the need to post what I did.  It wasn't to bash EDJ.

voltmoie's picture
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Ice ... I think people care very much about the label when you are brand new.  It adds to your credibility early on. 

Anonymous's picture
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voltmoie wrote:Ice ... I think people care very much about the label when you are brand new.  It adds to your credibility early on. 
 
Then you are probably doing something wrong.  No offense.
 
They will care that you are with a real firm, and that you are not with Bernie.  They couldn't care less if it's ING, Edward Jones, or Raymond James.  If they've heard of the firm before, and the firm isn't imploding, they don't care.  Trust me.

voltmoie's picture
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No offense taken.  I've not sold under another brand so I can't comment on what people's reactions would be.  However I have met more than a few people that have done some research into EDJ and told me they did so.  What that means, I have no idea.  Not sure what I would be doing wrong.  I mention my firm once, at the door, and then it's the Voltmoie show.  EDJ is just a company I use to offer them products - it's my strategy.

ytrewq's picture
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ice,
Reread Winds 1 sentence quote (in your own post).  It had nothing to do with product.
I asked you questions.  You turned them in to accusations.  Read my post slowly.
If you don't give a rats ass then don't make hateful comments.
Again.  Product was not mentioned.  Product availabiltiy?
Why do you bring up all of us "kool aid" wirehouse people.  Indys' are Gods chosen people?  I did not bash.  You seem p!ssed off.  Why call me a "Jonesie"?  My post did not extoll the virtues of Jones.  As usual, words twisted and posts misread.  Please read exactly what I commented on....nothing more.

troll's picture
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voltmoie's picture
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You did get product specific dumbass.  First you said you said "I've seen alot of the crap that goes on at Jones..."Not being able to
sell certain investments that might be good for a client, Regional Pats
on the back" and i still think Jones is a great company."Then you said "I'm sure even you Independents have things you can't do, wish you could
do, or wish you had, that Jones as a big company can do. It's all
relevant to your company."You went product focused so don't bitch about ICE for correcting you. You want to talk about EDJ marketing capability, back office support, etc. , say it, but no chance you inferred it based on your initial product based knock on Jones.BTW Windy:  What does "relevant" to a company mean? Do you mean relative? 

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wind3574 wrote:Actually....Gross means everything...

 
Wind, what do you mean by that comment?

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